TCREUR_Public/071004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, October 4, 2007, Vol. 8, No. 196

                            Headlines


A U S T R I A

ALPENHOTEL GARFRESCHA: Feldkirch Court Orders Business Shutdown
BHS LLC: Claims Registration Period Ends Oct. 16
BOF HANDELS: Claims Registration Period Ends Oct. 16
BONSTINGL BAU: Claims Registration Period Ends Oct. 22
DON MANFREDO: Claims Registration Period Ends Oct. 11

FILM- U. ZEITSCHRIFTENVERTRIEB: Claims Bar Date Ends Oct. 15
KALT & WARM: Claims Registration Period Ends Oct. 19
OFNER & MATAUSCHEK: Claims Registration Period Ends Oct. 20


B E L G I U M

NUANCE COMMS: Brings In Wes Hayden as Enterprise Unit President


D E N M A R K

KNOLL INC: Completes Acquisition of Edelman Leather


F R A N C E

ACXIOM CORP: Silver Lake and ValueAct Terminates Merger Deal
ACXIOM CORP: Cancelled Buyout Cues S&P to Retain Negative Watch
ACXIOM CORP: Charles Morgan to Retire as Chairman
ALCATEL-LUCENT SA: Board Affirms Support for CEO Patricia Russo
ALCATEL-LUCENT SA: Genesys Unit Names Paul Segre as Pres. & CEO

ALLIANCE ONE: Exchange Offer for 8-1/2% Senior Notes Expires
ALLIANZ GLOBAL: U.S. Court Sets Oct. 23 Chapter 15 Hearing
CINRAM INT'L: Subsidiary Acquires Vision Worldwide Management
EUTELSAT COMMS: Skylogic Bags Contract with Spanish Province
KAUFMAN & BROAD: Fitch Affirms BB- IDR; Resolves Watch Negative


G E R M A N Y

ARCHIDEE BAUTRAGER: Claims Registration Ends November 7
BACHL CARAVAN-VERTRIEBS: Claims Registration Ends Nov. 2
BAU + KONZEPT: Claims Registration Ends November 8
BREMER MOBILIEN: Claims Registration Ends November 7
DEILMANN-HANIEL GMBH: To Cease Operations by December 31, 2007

EUREGIT GMBH: Claims Registration Ends Nov. 2
GAIL GMBH: Claims Registration Ends Nov. 5
HOCH- UND TIEFBAU: Claims Registration Period Ends Nov. 13
HOT SPICE: Claims Registration Period Ends Nov. 7
IKB DEUTSCHE: Fitch Lowers Hybrid Debt Securities Ratings to BB-

MEGA HANDELS: Claims Registration Ends Nov. 5
NOELDNER TRANSPORTE: Claims Registration Ends November 8
PERLMUTT IMMOBILIEN: Claims Registration Ends November 7
RAMBACHER RESPONSE: Claims Registration Ends November 7
REHPLON GMBH: Claims Registration Ends November 5

SCHOPP ELEKTROTECHNIK: Claims Registration Ends November 5
SPECTRUM BRANDS: Closes US$225 Million Revolving Credit Facility
SPECTRUM BRAND: Fitch Rates US$225 Million Sr. Secured Loan at B
SUM VERTRIEBS: Claims Registration Period Ends Nov. 12
TD TELEPHON: Claims Registration Ends November 5

UVM METALLBAU: Claims Registration Period Ends Nov. 2


H U N G A R Y

AES CORPORATION: Plans to Construct 170 MW Wind Project in Texas
AES CORP: NY Attorney General Wants Greenhouse Risks Disclosed
FLEXTRONICS INT'L: Moody's Rates New US$1.75BB Term Loan at Ba1


I R E L A N D

GAP INC: Distributing US$0.08 Per Share Quarterly Dividend


I T A L Y

ALITALIA SPA: Board to Name Shortlisted Bidders October 8
ALITALIA SPA: Italy Vows to Welcome International Interests
ALITALIA SPA: Net Debt Up EUR55 Million by August 31, 2007
PARMALAT SPA: Sees Citigroup Trial Starting in March 2008


K A Z A K H S T A N

AGRAM LLP: Proof of Claim Deadline Slated for November 2
AGRO LEASING: Proof of Claim Deadline Slated for Nov. 9
AS-SAMAD LLP: Creditors Must File Claims November 2
AT CONSULTING: Claims Filing Period Ends November 6
BUSINESS ASSISTANCE: Creditors' Claims Due on November 6

EK TRUST: Claims Registration Ends November 6
INFORMATIVE-CONSULTING CENTRE: Creditors Must File Claims Nov. 9
INVEST CAPITAL: Proof of Claim Deadline Slated for November 6
KAMAZ LLP: Creditors Must File Claims Nov. 14
KAZLEGSNABSBYTTORG JSC: Claims Filing Period Ends November 9

KAZMUNAIGAS EXPLORATION: Top-Down Approach Cues S&P’s BB+ Rating
KRONOS-ENERGOSTROY: Claims Filing Period Ends Nov. 14
KULAGER DEVELOPMENT: Creditors' Claims Due on November 6
LUX STROY: Claims Registration Ends November 6
PAVLODARMETALLSNUB LLP: Claims Filing Period Ends November 6

SEUIR-2004 LLP: Creditors' Claims Due on November 2


K Y R G Y Z S T A N

ARSTANBUP LLC: Proof of Claim Deadline Slated for November 2


L U X E M B O U R G

EVRAZ GROUP: Hikes Highveld Steel Stake to 80.9%


N E T H E R L A N D S

HERMES XIV: Fitch Rates EUR18 Million Class E Notes at BB
X5 RETAIL: Postpones Secondary Offering for 2007
X5 RETAIL: Names Second Member of the Supervisory Board


P O L A N D

PRA INTERNATIONAL: Moody's Assigns B3 Corporate Family Rating
SCO GROUP: Section 341(a) Creditors Meeting Set for October 18
SCO GROUP: Court Approves Epiq Bankruptcy as Claims Agent


P O R T U G A L

COMPANHIA SIDERURGICA: Discussing Steel Project Plans with Gov’t
COMPANHIA SIDERURGICA: Free-On-Board Exports Rise to US$678 Mln


R U S S I A

ABAKAN-WAGON-STROY: Creditors Must File Claims by Nov. 15
DZHEMETE OJSC: Creditors Must File Claims by Oct. 15
EURO-ALLIANCE CJSC: Creditors Must File Claims by Nov. 15
EVRAZ GROUP: Hikes Highveld Steel Stake to 80.9%
FISH FACTORY: Creditors Must File Claims by Oct. 15

IZMAYLOVSKOE-1 OF KALACHINSKIY: Claims Filing Ends Nov. 15
IZOBILNENSKAYA MACARONI: Creditors Must File Claims by Nov. 8
KASTORENSKIY AGRO-SERVICE: Names P. Pozdnyakov to Manage Assets
SAKHALINS-GLAV-SNAB: Creditors Must File Claims by Oct. 15
SITRONICS JSC: Names Sergey Aslanyan President and CEO

SNEZHETOKSKAYA NIVA: Names V. Sutormin as Insolvency Manager
TALDINSKAYA FUEL-ENERGY: Asset Sale Slated for Oct. 17
TNK-BP INTERNATIONAL: S&P Rates Proposed US$8 Bln Loan at BB+
URAL LLC: Creditors Must File Claims by November 8
UST-KUBINSKOE LLC: Vologda Bankruptcy Hearing Slated for Dec. 25

VERKHNEURALSKIY TRADING: Creditors Must File Claims by Oct. 15
VESNYANKA OJSC: Creditors Must File Claims by Oct. 15
VILEGODSKAYA PRINTING: Creditors Must File Claims by Oct. 15
VIMPELCOM: Moscow Arbitration Court Affirms URS Acquisition


S P A I N

BANKINTER 15: Moody's Junks EUR25.5 Million Series E Notes
FTPYME BANCAJA 6: Fitch Junks EUR27 Million D Series Notes
SANTANDER HIPOTECARIO 4: Moody's Junks EUR14.8MM Series F Notes


S W I T Z E R L A N D

BIOMAX LLC: Creditors' Liquidation Claims Due October 25
CYBERCITY JSC: Zurich Court Starts Bankruptcy Proceedings
EUCOPRO LLC: Creditors' Liquidation Claims Due October 11
MALERGESCHAFT NUZZI: Creditors' Liquidation Claims Due Oct. 11
QUASAR SOFTWARE: Creditors' Liquidation Claims Due October 31

SCHWEMA LLC: Creditors' Liquidation Claims Due October 11
THELAWFIRM LLC: Creditors' Liquidation Claims Due December 15
WIDMER GARTEN: St. Gallen Court Starts Bankruptcy Proceedings
X-RITE INC: Moody's Holds Corporate Family Rating at B1
X-RITE INC: S&P Holds 'B+' Rating and Removes Negative Watch


T U R K E Y

YASAR HOLDING: Fitch Affirms B+ IDR; Changes Outlook to Negative


U K R A I N E

DTEK HOLDINGS: Fitch Assigns B+ IDR on Solid Credit Measures
KOZIATIN HOP: Claims Registration Deadline Ends October 5
MEGAPOLIS CJSC: Proofs of Claim Deadline Set October 5
NVP UKRAINIAN: Proofs of Claim Deadline Set October 5
ROSTAVITSA LLC: Proofs of Claim Deadline Set October 5

STIMUL PLUS: Creditors Must File Claims by October 5
SVITANOK LLC: Proofs of Claim Deadline Set October 5
UKRSOTSBANK JSCB: To Issue Up to US$600 million Bonds in 2008
VECTOR-SERVICE LLC: Proofs of Claim Deadline Set October 5

* Fitch Comments on Ratings Prior to Ukraine Elections


U N I T E D   K I N G D O M

ALLIANZ INSURANCE: U.S. Court Sets Oct. 23 Chapter 15 Hearing
BRUCE BOXES: Brings In Liquidators from Baker Tilly
DYNAMOTIVE ENERGY: Plans US$105-Mln Investment to Form Complexes
EURODRIVE CAR: Calls In Liquidators from Grant Thornton
FKI PLC: Moody's Cuts Rating to Ba3 on Weak Credit Metrics

GREYFRIARS INSURANCE: Court Sets Oct. 23 Chapter 15 Hearing
HEDDINGTON INSURANCE: U.S. Court Sets Oct. 23 Chapter 15 Hearing
INFOCELL TELECOM: Joint Liquidators Take Over Operations
ISOLD IT: Appoints David S. Merrygold as Liquidator
KLAUSSNER RETAIL: Taps Liquidators from DTE Leonard Curtis

KNOW HOW: Nigel Price Leads Liquidation Procedure
LEAR CORP: Names Matthew Simoncini as Chief Financial Officer
MITSUI SUMITOMO: U.S. Court Sets Oct. 23 Chapter 15 Hearing
NOVA CONTRACT: Hires Liquidators from Tenon Recovery
OCEAN MARINE: U.S. Court Sets Oct. 23 Chapter 15 Hearing

PLATT FURNISHINGS: Appoints J. M. Titley as Liquidator
REMY INT'L: Noteholders Support Prepackaged Reorganization Plan
SEA INSURANCE: U.S. Court Sets Oct. 23 Chapter 15 Hearing
SOVEREIGN INSURANCE (UK): Court Sets Oct. 23 Chapter 15 Hearing
WAUSAU INSURANCE: U.S. Court Sets Oct. 23 Chapter 15 Hearing

* Upcoming Meetings, Conferences and Seminars


                            *********

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


ALPENHOTEL GARFRESCHA: Feldkirch Court Orders Business Shutdown
---------------------------------------------------------------
The Land Court of Feldkirch entered Sept. 5 an order shutting
down the business of LLC Alpenhotel Garfrescha (FN 163074s).

Court-appointed estate administrator Patrick Piccolruaz
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. Patrick Piccolruaz
         c/o Dr. Stefan Mueller
         Bahnhofstrasse 8
         6700 Bludenz
         Austria
         Tel: 05552/62286
         Fax: 05552/62286-18
         E-mail: rae@piccol.vol.at

Headquartered in St. Gallenkirch, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No 13 S 44/07m).  Stefan
Mueller represents Mag. Piccolruaz in the bankruptcy
proceedings.


BHS LLC: Claims Registration Period Ends Oct. 16
------------------------------------------------
Creditors owed money by LLC BHS (FN 258912d) have until Oct. 16
to file written proofs of claim to court-appointed estate
administrator Helmar Feigl at:

         Dr. Helmar Feigl
         Preinsbacher Strasse 5
         3300 Amstetten
         Austria
         Tel: 07472/68 6 30
         Fax: 07472/63 3 48
         E-mail: rafeigl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Strengberg, Austria, the Debtor declared
bankruptcy on Sept. 5 (Bankr. Case No. 14 S 152/07d).


BOF HANDELS: Claims Registration Period Ends Oct. 16
----------------------------------------------------
Creditors owed money by LLC BOF Handels (FN 254595f) have until
Oct. 16 to file written proofs of claim to court-appointed
estate administrator Walter Kainz at:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 96 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Oct. 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 28 S 98/07a).


BONSTINGL BAU: Claims Registration Period Ends Oct. 22
------------------------------------------------------
Creditors owed money by LLC Bonstingl Bau (FN 290168v) have
until Oct. 22 to file written proofs of claim to court-appointed
estate administrator Elisabeth Hrastnik at:

         Dr. Elisabeth Hrastnik
         Hauptplatz 11
         Atrium
         Top 16 A
         7400 Oberwart
         Austria
         Tel: 03352/31375
         Fax: 03352/31375-16
         E-mail: dr.hrastnik@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 5 for the
examination of claims.

The meeting of creditors will be held at:

         Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Oberwart, Austria, the Debtor declared
bankruptcy on Sept. 6 (Bankr. Case No. 26 S 129/07h).


DON MANFREDO: Claims Registration Period Ends Oct. 11
-----------------------------------------------------
Creditors owed money by LLC Don Manfredo Musikproduktions (FN
154894k) have until Oct. 11 to file written proofs of claim to
court-appointed estate administrator Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Oct. 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 14 (Bankr. Case No. 5 S 97/07k).


FILM- U. ZEITSCHRIFTENVERTRIEB: Claims Bar Date Ends Oct. 15
------------------------------------------------------------
Creditors owed money by LLC Film- u. Zeitschriftenvertrieb (FN
120276b) have until Oct. 15 to file written proofs of claim to
court-appointed estate administrator Heimo Fresacher  at:

         Mag. Heimo Fresacher
         Herrengasse 1/4
         9400 Wolfsberg
         Austria
         Tel: 04352/367 11 11
         Fax: 04352/36711-12
         E-mail: rechtsanwalt@fresacher.at

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

The meeting of creditors will be held at:

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

Headquartered in Wolfsberg, Austria, the Debtor declared
bankruptcy on Sept. 6 (Bankr. Case No. 41 S 88/07z).


KALT & WARM: Claims Registration Period Ends Oct. 19
----------------------------------------------------
Creditors owed money by LLC Kalt & Warm Installationstechnik (FN
238764z) have until Oct. 19 to file written proofs of claim to
court-appointed estate administrator Stephan Kasseroler at:

         Dr. Stephan Kasseroler
         Lieberstrasse 3
         6020 Innsbruck
         Austria
         Tel: 0512/57 13 31
         Fax: 0512/57133199
         E-mail: office@kasseroler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:45 p.m. on Nov. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Wattens, Austria, the Debtor declared
bankruptcy on Sept. 5 (Bankr. Case No. 19 S 85/07h).


OFNER & MATAUSCHEK: Claims Registration Period Ends Oct. 20
-----------------------------------------------------------
Creditors owed money by LLC Ofner & Matauschek Kraft- Warme (FN
236884i) have until Oct. 20 to file written proofs of claim to
court-appointed estate administrator Axel Reckenzaun  at:

         Dr. Axel Reckenzaun
         Annenstrasse 10/I
         8020 Graz
         Austria
         Tel: 0316/71 33 53
         Fax: 0316-713353-30
         E-mail: office@boehm-reckenzaun.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Nov. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Gusswerk, Austria, the Debtor declared
bankruptcy on Sept. 6 (Bankr. Case No. 17 S 80/07v).


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


NUANCE COMMS: Brings In Wes Hayden as Enterprise Unit President
--------------------------------------------------------------
Nuance Communications Inc. has appointed Wes Hayden as its
president of the Nuance Enterprise division, effective
immediately.  In this newly created position, Mr. Hayden will be
responsible for managing strategy operations, marketing,
professional services and engineering, for Nuance’s Enterprise
products and solutions.  He will report to Paul Ricci, Nuance’s
chairman and CEO.

Mr. Hayden joins Nuance from his role as president and CEO of
Genesys Telecommunications Laboratories, Inc., a subsidiary of
Alcatel-Lucent.  Mr. Hayden’s previous experience includes
executive roles at Informix, Sun Microsystems, Digital Equipment
Corporation and Applied Data Research.

"Wes will be a tremendous asset to Nuance; his leadership,
vision, track-record and industry expertise make him an ideal
leader for our ambitious agenda," said Paul Ricci, chairman and
CEO of Nuance.  "Wes is widely respected as an executive with
solid enterprise-oriented solution skills and ability to foster
strong customer relationships.  With this appointment, we add
additional strength to our leadership team and enter 2008 with a
keen focus on aggressive growth and satisfying demand for Nuance
solutions around the world."

Mr. Hayden joins Nuance and its Enterprise division at a time
when the company has shifted its emphasis from point
technologies to integrated enterprise solutions that utilize
speech and are targeted at specific markets.  He is ideally
suited for this role, able to draw on a wealth of experience
having most recently led the transformation of Genesys into a
broader application and solution provider for the call center
industry.

"Nuance created a talent ensemble and solutions portfolio that
has the potential to serve the world’s consumers," said Mr.
Hayden, president, Nuance Enterprise Division.  "Nuance’s vision
for speech in the enterprise is more exciting today than ever
before and is embodied in the myriad breakthroughs it has
recently brought to customers and partners.  I am honored to
lead this organization, eager to work directly with our
customers and partners, embrace Nuance’s global agenda and lead
the team to a dynamic, promising future."

Mr. Hayden holds and M.B.A. from the Kellogg Graduate School of
Management at Northwester University and a B.S. from the
University of Illinois, Champaign-Urbana.  He currently serves
on the Board of Trustees for the Glenkirk Foundation in
Northbrook, Illinois and on the Board of Directors of the
International Women’s Democracy Center (IWDC) in Washington, DC.

In connection with the hiring of Mr. Hayden, Nuance made an
inducement grant of stock options and restricted stock in
accordance with NASDAQ Marketplace Rule 4350, with the approval
of the Compensation Committee of Nuance’s Board of Directors.
Mr. Hayden received an option to purchase 100,000 shares of
Nuance common stock, with an exercise price equal to the fair
market value of Nuance common stock on the date of grant.  Mr.
Hayden also received awards of restricted stock in the amount of
415,000 shares.  The stock options and 315,000 of the restricted
shares are subject to time-based vesting, with opportunities to
accelerate the vesting of 300,000 restricted shares based on the
achievement of performance targets.  The remaining 100,000
shares of restricted stock are subject to performance-based
vesting.  The vesting of all stock options and shares of
restricted stock is subject to Mr. Hayden’s continued employment
with Nuance.

                About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/--
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed US$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


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


KNOLL INC: Completes Acquisition of Edelman Leather
---------------------------------------------------
Knoll Inc. has completed the previously announced purchase of
Teddy and Arthur Edelman, Limited, purveyors of fine leathers to
the residential, hospitality, aviation and contract office
furniture markets.

Andrew B. Cogan, Knoll Chief Executive Officer, reiterated, "The
strategic acquisition of Edelman is consistent with our strategy
of building sales in our high design, high margin specialty
businesses, which appeal to both business buyers and consumers
worldwide.  Edelman's reputation in the design community for
unique leathers and its showroom network as well as its storied
history is highly complementary in terms of culture, customers,
markets and products."

Edelman Leather will continue to operate as an independent
company and will maintain its own headquarters and distribution
center in New Milford, Connecticut.  John Edelman will continue
to serve as President of Edelman Leather; John McPhee will
continue in his role as Edelman Leather's Chief Operating
Officer.  The business will operate under the name Edelman
Leather, LLC.

                      About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                        *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's US$200 million senior secured
revolver and US$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


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


ACXIOM CORP: Silver Lake and ValueAct Terminates Merger Deal
------------------------------------------------------------
Acxiom(R) Corporation has reached an agreement with Silver Lake
Partners and ValueAct Capital Partners LP to terminate the
acquisition of Acxiom by Axio Holdings, LLC, a company
controlled by Silver Lake and ValueAct Partners.  Acxiom, Silver
Lake and ValueAct Partners have signed a settlement agreement
pursuant to which Acxiom will receive US$65 million in cash to
terminate the merger agreement.

As reported in the Troubled Company on May 17, 2007, Silver Lake
and ValueAct Capital will acquire 100% of the outstanding equity
interests in the company in an all-cash transaction valued at
US$3 billion, including the assumption of approximately US$756
million of debt.

Under the terms of the agreement, Acxiom stockholders will
receive US$27.10 in cash for each outstanding share of stock.
This represents a premium of approximately 14% over the closing
share price on May 16, 2007, the last trading day before
disclosure of the agreement with Silver Lake and ValueAct
Capital with respect to the acquisition of the company and a
premium of approximately 20% per share over Acxiom's average
closing price per share during the 30 trading.

"Acxiom has been an industry leader for over three decades, and
we will continue to execute on our long-term strategy to remain
the market leader in database marketing, services and data
products,” Charles Morgan, Acxiom Chairman and Company Leader
said.  "While I am disappointed that we could not conclude the
merger, we have renewed energy and remain focused and committed
to delivering value for our shareholders and clients."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, France, Germany,  Australia and
China.


ACXIOM CORP: Cancelled Buyout Cues S&P to Retain Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P also placed the
'BB' senior secured debt ratings on CreditWatch with negative
implications, because the debt will no longer be refinanced as
part of the LBO financing.

The CreditWatch update follows the announcement that the
US$3 billion buyout by private-equity firm Silver Lake and hedge
fund ValueAct Capital has been canceled.  Additionally, the
company's chairman and CEO has announced his retirement.  The
company will receive US$65 million related to the termination of
the merger agreement, and it is expected to be substantially
more than any one-time expenses related to the merger agreement.

"Our review will focus on Acxiom's operating performance,
business strategy, management succession plans, and financial
policy," said Standard & Poor's credit analyst Phil Schrank.

Although Acxiom's current debt levels are moderate for the
rating, in the 2x area, the company has exhibited a much more
aggressive financial policy and could continue to pursue ongoing
acquisitions and share repurchases.  Additionally, Acxiom's
dissident shareholder, ValueAct Capital Partners L.P., retains
its seat on Acxiom's board, and could continue to pursue a more
aggressive shareholder oriented agenda.


ACXIOM CORP: Charles Morgan to Retire as Chairman
-------------------------------------------------
Charles Morgan, Acxiom(R) Corporation's Chairman and Company
Leader, will retire as Company Leader upon the selection of a
successor.

"For 35 years I have had the privilege of leading Acxiom as we
have created value for our shareholders, clients and
associates," Mr. Morgan said.  "I had been considering stepping
down as the leader of Acxiom and thought the completion of our
going-private transaction would be the natural time to begin an
orderly transition.  As Acxiom will now remain public it is the
right time for a change.  While I had been planning to retire
from Acxiom, I have agreed to stay as Company Leader during this
interim period."

The board disclosed that a search committee comprised of Halsey
Wise, Mack McLarty, Ann Die Hasselmo and Morgan has been formed
and a search will begin.  The search will include both internal
and external candidates.

"Charles Morgan is an outstanding leader," William T. Dillard,
II, Lead Director said.  "The Board is pleased that he will
continue to lead the company as we search for his successor.  We
are all very appreciative of his enormous contributions to the
success of the Acxiom.  We are working toward an ongoing role
for Charles, recognizing that much of the success of the Company
is attributable to his leadership, technological vision and his
direct relationship with many of the clients of the company.
His contributions to the entire industry over the last three
decades have been recognized by the recent announcement of his
induction to the Direct Marketing Association’s Hall of Fame for
2007."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, France, Germany, Australia and
China.

                         *    *    *

Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P also placed the
'BB' senior secured debt ratings on CreditWatch with negative
implications, because the debt will no longer be refinanced as
part of the LBO financing.



ALCATEL-LUCENT SA: Board Affirms Support for CEO Patricia Russo
---------------------------------------------------------------
Alcatel-Lucent S.A. says that recent reports in the news
concerning a board meeting have led to mischaracterized
interpretations and erroneous speculations.

While clearly disappointed in the most recent changes in the
company’s outlook, the Board supports [CEO] Patricia Russo and
the leadership team, and the efforts they are making to adapt
the company’s plans in light of this year’s developments.

The Board will review the plan to be developed by Management
during the next scheduled Board meeting on Oct. 30, 2007, prior
to the release of the third quarter results.

The Board reiterated its confidence in the strategic direction
taken with the merger of Alcatel-Lucent, the future potential of
the company and said it will continue to work with the company’s
leadership team to enhance value for shareholders, employees and
customers worldwide.

La Tribune, citing people privy to the matter, reports that a
split between the company's U.S. and French board members may
force out Ms. Russo and chairman Serge Tchuruk.

Former French Finance Minister Thierry Breton has been floated
as a possible replacement, but U.S. board members are opposing a
French control of the company.

                     About Alcatel-Lucent

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

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

                            *   *   *

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

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

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


ALCATEL-LUCENT SA: Genesys Unit Names Paul Segre as Pres. & CEO
---------------------------------------------------------------
Genesys Telecommunications Laboratories, an Alcatel-Lucent S.A.
company, has appointed Paul Segre, its current Chief Operating
Officer, has been appointed as president and CEO.

As a key member of the current management team, Mr. Segre has
played a major role in shaping its growth strategy over the past
five years.

As COO, Mr. Segre has served as a key architect of Genesys
strategy to expand its market footprint by developing Dynamic
Contact Center technology to enable enterprise to adapt to fast-
changing customer service environments. He has also championed
its increased investment in IP and voice self-service offerings
that extend communications beyond the contact center.

Mr. Segre joined Genesys in 2002 as the CTO, responsible for
product strategy and development, so his experience spans both
the product creation capabilities as well as the sales and
operations execution of the company. Before joining Genesys, he
was Vice President and General Manager of Alcatel's (now
Alcatel-Lucent) Wireline Access business unit, the leading
provider of next-generation Digital Loop Carrier products.
Previously, he held the position of Vice President and General
Manager of the Advanced Products Division for DSC (formerly
Digital Switch Corporation) and held various senior management
positions at AT&T in network management and workforce
management.

"Paul Segre is the natural choice to take Genesys to the next
level.  His leadership skills and experience with Genesys’
people and technology, its partners and customers will benefit
the entire organization," said Hubert de Pesquidoux, President,
Alcatel-Lucent Enterprise Business Group.

Wes Hayden, Genesys’ former CEO will join Nuance, as president
of a newly formed Enterprise Division.  As a result, Genesys and
Nuance expect to develop their existing partnership, in which
they jointly sell and implement customer service and speech
solutions.

"Genesys is just beginning to realize its full potential," Mr.
Segre said.  "Our core markets remain very healthy, with Genesys
expanding at more than twice the market growth rate.  And we are
gaining incredible traction for our strategy of creating a
unified platform for delivering rich customer experiences via
the web, voice or video across any device."

                     About Alcatel-Lucent

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

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

                            *   *   *

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

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

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


ALLIANCE ONE: Exchange Offer for 8-1/2% Senior Notes Expires
------------------------------------------------------------
Alliance One International, Inc.'s exchange offer for all of its
outstanding 8-1/2 % Senior Notes due 2012 expired at 5:00 p.m.
on Oct. 1, 2007.

On Aug. 30, 2007, Alliance One offered to exchange up to
US$150,000,000 aggregate principal amount of its 8-1/2% Senior
Notes due 2012 which have been registered under the Securities
Act of 1933, as amended, for a like principal amount of its
original unregistered 8-1/2 % Senior Notes due 2012.  The terms
of the exchange securities are identical in all material
respects to the terms of the original securities for which they
are being exchanged, except that the registration rights and the
transfer restrictions, applicable to the original securities are
not applicable to the exchange securities.

The exchange offer is made only pursuant to Alliance One's
prospectus, dated Aug. 30, 2007, which has been filed with the
Securities and Exchange Commission as part of Alliance One's
Registration Statement on Form S-4.  The Registration Statement
was declared effective by the Securities and Exchange Commission
on Aug. 29, 2007.

Copies of the prospectus and transmittal materials governing the
exchange offer may be obtained from the Exchange Agent, Deutsche
Bank Trust Company Americas, at:

     Deutsche Bank Trust Company Americas
     DB Services Tennessee, Inc.
     Reorganization Unit
     P.O. Box 305050
     Nashville, Tennessee  37211
     Telephone (800) 735-7777
     Fax (615) 835-3701

Based in Morrisville, North Carolina, Alliance One International
Inc. (NYSE: AOI) -- http://www.aointl.com/-- is a leaf tobacco
merchant.  The company has worldwide operations in Argentina,
Bangladesh, Brazil, Bulgaria, Canada, China, France,
Philippines, Malaysia, and Singapore.

                          *     *     *

Alliance One International Inc. continues to carry Moody's
Investors Service's B2 long-term corporate family rating,
B1 bank loan debt rating, B2 senior unsecured debt rating,
Caa1 subordinated debt rating, and B2 probability-of-default
rating.  The ratings outlook is stable.

The company also carries Standard & Poor's B+ long-term foreign
and local issuer credit ratings.  The ratings outlook negative.


ALLIANZ GLOBAL: U.S. Court Sets Oct. 23 Chapter 15 Hearing
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


CINRAM INT'L: Subsidiary Acquires Vision Worldwide Management
-------------------------------------------------------------
Cinram International Income Fund's indirect, wholly-owned
subsidiary, Cinram International Inc., has acquired
substantially all of the assets of Vision Worldwide Management,
LLC, a provider of outsourced Vendor Management Inventory (VMI)
services to the home entertainment industry.

"VMI and category management services are mission critical
elements of today's supply chain environment," said Cinram chief
executive officer Dave Rubenstein.  "Vision's solutions
represent a great fit with Cinram's logistic platform.  By
leveraging the systems and applications that Vision has
developed over the last decade, we will be able to deepen our
customer relationships and widen the breadth of our supply chain
offering to garner new business in the telecommunications, video
games and home entertainment industries."

Vision Worldwide Management, LLC is a privately-held company
based in Detroit, Michigan, with offices in Europe and
affiliated operations in Australia.  Under the terms of the
agreement, Cinram, through its operating subsidiaries, will
acquire Vision Worldwide's North American and European assets,
including its proprietary VMI systems and its existing contracts
for US$10 million in cash consideration.

Vision's solutions streamline processes by integrating point-of-
sale collection and processing procedures with a full array of
Electronic Data Interchange management services, which allows
customers to derive perpetual inventory levels, model stocking,
replenishment, store and product performance reporting as well
as other available analytical information and trending. Their
category management solutions encompass category-wide
forecasting, product mix analysis and recommendation,
replenishment, returns and all levels of vendor and/or product
performance reporting.  Vision also offers demand planning
software and detailed retail database management, including
store inventory and shipment history.

"Vision's team brings together a unique mix of information
technology, product distribution, retail operations, and
merchandising expertise which has been the cornerstone of its
success in the past, and which we expect will be an integral
part of Cinram's success going forward," concluded Mr.
Rubenstein.

                  About Cinram International

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in Canada, France,
U.K., Cinram International Inc. manufactures and distributes
pre-recorded DVDs, VHS video cassettes, audio CDs, audio
cassettes and CD-ROMs for motion picture studios, music labels,
publishers and computer software companies around the world.
The company has sales offices in Mexico.

                        *     *     *

Cintram International Income Fund carries Moody's B1 long-term
corporate family and bank loan debt rating.  Moody's said the
ratings outlook is stable.


EUTELSAT COMMS: Skylogic Bags Contract with Spanish Province
------------------------------------------------------------
Skylogic, the broadband affiliate of Eutelsat Communications has
been awarded a contract by the Diputacion Provincial de Zaragoza
to bring full broadband amenities to 120 communities in the
region of Saragossa in northern Spain.  Following a public
competitive tender Skylogic's D-STAR service was selected as the
satellite component of an extensive regional broadband programme
called Zaragoza Internet Provincial (ZIP).

The Zaragoza Internet Provincial programme was initiated to
facilitate access to new technologies for all municipalities in
the province and to provide citizens in all communities with
free broadband access to public service amenities and on-line
documentation.

Saragossa is the first region in Spain to initiate a universal
broadband programme mobilising multiple access technologies
including satellite.  Each Town Hall is equipped with Skylogic's
D-STAR two-way broadband system, which comprises a 96 cm antenna
and an indoor unit the size of DVD player.  The terminals
communicate through a satellite connection on Eutelsat's
ATLANTIC BIRD(TM) 1 satellite to Skylogic's teleport in Turin,
which has direct access to the Internet backbone.  The D-STAR
terminals are also connected to Wi-Fi hot spots in a number of
villages in order to extend Internet connectivity.

As part of a far-reaching information and education campaign, a
demonstration bus equipped with a D-STAR antenna, 16 PCs and
trained staff also toured the province to teach basic e-mail,
Internet and other ICT skills to the local population.

Juan Antonio Sanchez Quero, Manager of New Technologies at the
Diputacion Provincial de Zaragoza commented:  "A communication
link is now available to thousands of people who can benefit
from Internet access for e-mails, web-surfing and government
applications.  Satellite connectivity and Skylogic's D-STAR
product have enabled us to complete a universal broadband
programme without discriminating citizens located in rural
environments."

"We are very pleased to have won the confidence of the
Diputacion Provincial de Zaragoza," commented Arduino
Patacchini, Chairman of Skylogic.  "By deploying satellite and
terrestrial broadband technologies adapted to the location of
each community, the Saragossa region is demonstrating the most
efficient and cost-effective route for developing ICT skills for
all citizens throughout the region."

                       About Skylogic

Based in Turin, northwest Italy, Skylogic --
http://www.skylogic.com/-- operates one of the world's leading
satellite broadband IP platforms. Its operational centre,
SkyPark, is equipped to offer a complete range of broadband
services including content distribution, IP videostreaming,
business TV, maritime applications, teleconferencing, remote
control of installations, telemedicine, e-learning and Voice
over IP.  The teleport is connected by fibre to the Internet
exchange point in Turin and uses capacity on satellites in
Eutelsat's fleet in order to serve users in Europe, Asia, the
Americas and Africa. Skylogic's customers include businesses,
multinationals, government agencies and aid organisations.

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  One of
its worldwide operations is located in Brazil.  The Group is one
of the world's three leading satellite operators in terms of
revenues.  Its satellites are used for broadcasting nearly 1,800
TV and 900 radio stations to more than 120 million cable and
satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
Technology sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.

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

                                                Projected
                            Debt       LGD      Loss-Given
   Debt Issue               Rating     Rating   Default
   ----------               -------    ------  ----------
   Senior Unsecured
   Bank Credit Facility      Ba3        LGD4       55%


KAUFMAN & BROAD: Fitch Affirms BB- IDR; Resolves Watch Negative
---------------------------------------------------------------
Fitch Ratings has affirmed French housebuilder Kaufman & Broad
SA's Long-term Issuer Default rating and senior unsecured rating
at 'BB-' and removed them from Rating Watch Negative.  Fitch has
also affirmed KBSA's Short-term IDR at 'B'.  The Outlook for the
Long-term IDR is Stable.  Fitch has simultaneously withdrawn all
ratings of KBSA.  Fitch will no longer provide ratings or
analytical coverage of this issuer.

The resolution of the RWN follows the completion of a simplified
tender offer (offre publique d'achat simplifiee) by Financiere
Gaillon 8 SAS (FG8), an investment vehicle owned by private
equity group PAI Partners, for the remaining 49.7% free-float of
KBSA that it does not already own.  As a result of the tender
offer, FG8 now owns 79.5% of KBSA.

The ratings were put on RWN on July 11, 2007 to reflect the risk
of leverage increasing at KBSA should FG8 be successful in
acquiring at least 95% of KBSA.  A share ownership of this level
would result in full consolidation of KBSA with FG8, a more
highly levered entity.  However, FG8's ownership currently
remains below this threshold (79.5%), and therefore, KBSA
remains partially ring-fenced from FG8 within the new LBO
structure.  Given that the tender offer is complete and that
Fitch does not anticipate any further increases in FG8's level
of share ownership in KBSA, the RWN has been resolved and a
Stable Outlook assigned.

Nevertheless, were FG8 to achieve at least a 95% ownership in
the future, this action would likely lead to a material
weakening in KBSA's credit profile, with leverage increasing to
the same level as that of FG8 (estimated to currently be in
excess of 5x) from its current level of approximately 2.2x.


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


ARCHIDEE BAUTRAGER: Claims Registration Ends November 7
-------------------------------------------------------
Creditors of ARCHIDEE Bautrager GmbH have until Nov. 7 to
register their claims with court-appointed insolvency manager
Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Ulm
         Hall 103 (Eingang StA Abt. Strafvollstreckung)
         Olgastr. 107
         89073 Ulm
         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:

         Arndt Geiwitz
         c/o SKP Partnerschaftsgesellschaft
         Bahnhofstr. 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/97018-0
         Fax: 0731/97018-650,
         E-Mail: neu-ulm@skp-de.com

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

The Debtor can be reached at:

         ARCHIDEE Bautrager GmbH
         Attn: Gertrud Buck, Manager
         Bergweg 16
         89188 Merklingen
         Germany


BACHL CARAVAN-VERTRIEBS: Claims Registration Ends Nov. 2
--------------------------------------------------------
Creditors of Bachl Caravan-Vertriebs GmbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Dr. Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.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 Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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. Bruno M. Kuebler
         Laufertorgraben 4
         90489 Nuernberg
         Germany
         Tel: 0911/5694480
         Fax: 0911/5694489

The District Court of Fuerth opened bankruptcy proceedings
against Bachl Caravan-Vertriebs GmbH on Sept. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bachl Caravan-Vertriebs GmbH
         Stadelner Hauptstr. 140
         90765 Fuerth
         Germany


BAU + KONZEPT: Claims Registration Ends November 8
--------------------------------------------------
Creditors of Bau + Konzept GmbH have until Nov. 8 to register
their claims with court-appointed insolvency manager Matthias
Krayer.

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 Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am 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:

         Dr. Matthias Krayer
         Philipp-Reis-Strasse 7
         63110 Rodgau
         Germany
         Tel: 06106-696000
         Fax: 06106-696099

The District Court of Offenbach am Main opened bankruptcy
proceedings against Bau + Konzept GmbH on Sept. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bau + Konzept GmbH
         Schreberstrasse 48
         63069 Offenbach am Main
         Germany

         Attn: Svetlana Arndt, Manager
         Mittelseestr. 35
         63065 Offenbach am Main
         Germany


BREMER MOBILIEN: Claims Registration Ends November 7
----------------------------------------------------
Creditors of Bremer Mobilien Leasing GmbH have until Nov. 7 to
register their claims with court-appointed insolvency manager
Bernd Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Dec. 7, 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 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 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. Bernd Peters
         Am Wall 146
         28195 Bremen
         Germany
         Tel: 0421/24 40 09-0
         Fax: 0421/24 40 09-29

The District Court of Verden (Aller) opened bankruptcy
proceedings against Bremer Mobilien Leasing GmbH on Sept. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bremer Mobilien Leasing GmbH
         Lerchenstr. 14
         28832 Achim
         Germany

         Attn: Walter Schmalstieg, Manager
         28876 Oyten
         Germany


DEILMANN-HANIEL GMBH: To Cease Operations by December 31, 2007
--------------------------------------------------------------
Dortmund, Germany-based mining specialist Deilmann-Haniel GmbH
expects to close shop by Dec. 31, 2007, after it could no longer
obtain any more orders from its main client Deutsche Steinkohle,
Financial Times Deutschland reports.

Deilmann-Haniel intends to terminate the contract of its
remaining 300 employees.

However, Achim Thiele, the insolvency administrator for
Deilmann-Haniel, told Financial Times Deutschland efforts are
being made to find jobs for the remaining staff at other
companies.

According to Trade Paper, Deilmann-Haniel declared insolvency
after attempts to restructure the company failed.

The company's insolvency affected around 1,000 employees,
Financial Times Deutschland relates.

The District Court of Dortmund opened bankruptcy proceedings
against Deilmann-Haniel on June 1, 2007.


EUREGIT GMBH: Claims Registration Ends Nov. 2
---------------------------------------------
Creditors of EuRegIT GmbH have until Nov. 2 to register their
claims with court-appointed insolvency manager Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Dec. 10, 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Frankenstrasse 14-16
         52070 Aachen
         Germany
         Tel: 0241/5591310
         Fax: 0241/55913120

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

The Debtor can be reached at:

         EuRegIT GmbH
         Pascalstr. 15
         52076 Aachen
         Germany


GAIL GMBH: Claims Registration Ends Nov. 5
------------------------------------------
Creditors of Gail GmbH have until Nov. 5 to register their
claims with court-appointed insolvency manager Dr. Ralf
Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Dec. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 17
         St. Veit-Strasse 38
         56727 Mayen
         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. Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228/81 000-858
         Fax: 0228/81 000-820
         E-mail: rae-bonn@dhpg.de

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

The Debtor can be reached at:

         Gail GmbH
         Jahnstr. 13
         56751 Polch
         Germany


HOCH- UND TIEFBAU: Claims Registration Period Ends Nov. 13
----------------------------------------------------------
Creditors of Hoch- und Tiefbau GmbH "Lillihof" have until
Nov. 13 to register their claims with court-appointed insolvency
manager Dr. Karsten Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Karsten Foerster
         Herbert-Jensch-Str. 111
         15234 Frankfurt (Oder)
         Kazakhstan

The District Court of Frankfurt (Oder)opened bankruptcy
proceedings against Hoch- und Tiefbau GmbH "Lillihof" on
Sept. 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hoch- und Tiefbau GmbH "Lillihof"
         Fuerstenwalder Poststrasse 106
         15234 Frankfurt (Oder)
         Germany

         Peter Heinl, Manager
         Seelower –Strasse 33c
         15326 Lebus
         Germany


HOT SPICE: Claims Registration Period Ends Nov. 7
-------------------------------------------------
Creditors of HOT SPICE Medien GmbH have until Nov. 7 to register
their claims with court-appointed insolvency manager Stephan
Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 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 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:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against HOT SPICE Medien GmbH on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HOT SPICE Medien GmbH
         Pickhuben 5
         20457 Hamburg
         Germany


IKB DEUTSCHE: Fitch Lowers Hybrid Debt Securities Ratings to BB-
----------------------------------------------------------------
Fitch Ratings has downgraded IKB Deutsche Industriebank AG's
hybrid debt securities to Long-term 'BB-' from 'A'.  They remain
on Rating Watch Negative.  IKB is rated Long-term Issuer Default
'A+' with Stable Outlook, Short-term IDR 'F1', Support '1' and
Individual 'F'.  Its subordinated debt issues are rated 'A'.

The downgrade of the hybrid debt securities reflects Fitch's
conclusion that KfW's support (KfW owns 37.8% of IKB) extends to
IKB as an institution as a whole, and may not be available to
every class of liability, in particular junior subordinated
instruments.  In line with its methodology, Fitch has widened
the notching between IKB's support-driven Long-term IDR and the
Long-term rating for the hybrid debt securities.  The current
instrument ratings factor in the securities' level of
subordination as well as IKB's very weak standalone financial
strength.

The RWN status on IKB's hybrid securities reflects continued
uncertainty over the extent to which the hybrid securities will
be affected.  The RWN will be resolved once clarity is achieved
concerning how support to IKB as an institution extends to those
instruments.

IKB's Long- and Short-term IDRs and Support rating continue to
reflect the extremely high probability of support from KfW and
IKB's importance to German SMEs (Mittelstand), a key sector of
the German economy.  IKB's Individual 'F' rating reflects
Fitch's opinion that the bank would have defaulted if support
from KfW had not been received.  This view has been confirmed by
the bank in their interim report as of June 30, 2007.  Once
there is clarity on IKB's future financial profile, management
and business model, Fitch will review IKB's Individual rating.

IKB's hybrid capital instruments rated Long-term 'BB-' and on
RWN are:

   -- EUR75 million IKB Funding Trust I's perpetual notes

   -- EUR400 million Funding Trust II's perpetual notes

   -- EUR100 million IKB International SA's capital contribution
      certificates maturing in 2009

   -- EUR200 million Hybrid Raising GmbH's perpetual capital
      notes linked to a silent participation in IKB

   -- EUR200 million Capital Raising GmbH's perpetual notes
      linked to a silent participation in IKB

   -- EUR70 million IKB International SA's capital contribution
      certificates maturing in 2010

   -- EUR150 million Propart Funding Ltd's profit participation
      certificates maturing in 2015


MEGA HANDELS: Claims Registration Ends Nov. 5
---------------------------------------------
Creditors of Mega Handels- und Gastronomiegesellschaft mbH have
until Nov. 5 to register their claims with court-appointed
insolvency manager Sascha Khan.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 Flensburg
         Hall A 220
         Flensburg
         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:

         Sascha Khan
         Muehlenkamp 59
         22303 Hamburg
         Germany

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

The Debtor can be reached at:

         Mega Handels- und Gastronomiegesellschaft mbH
         Attn: Hans-Dieter Koch, Manager
         Junkerhohlweg 11
         24939 Flensburg
         Germany


NOELDNER TRANSPORTE: Claims Registration Ends November 8
--------------------------------------------------------
Creditors of Noeldner Transporte GmbH & Co. KG have until Nov. 8
to register their claims with court-appointed insolvency manager
Bernhard Schuering.

Creditors and other interested parties are encouraged to attend
the meeting at 3:10 p.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 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:

         Bernhard Schuering
         Eichenstrasse 77 a
         26131 Oldenburg
         Germany
         Tel: 0441 3618450
         Fax: 0441 36184520

The District Court of Oldenburg opened bankruptcy proceedings
against Noeldner Transporte GmbH & Co. KG on Sept. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Noeldner Transporte GmbH & Co. KG
         Attn: Jens Noeldner, Manager
         Am Fuchsberg 7 b
         27798 Hude
         Germany


PERLMUTT IMMOBILIEN: Claims Registration Ends November 7
--------------------------------------------------------
Creditors of Perlmutt Immobilien GmbH have until Nov. 7 to
register their claims with court-appointed insolvency manager
Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 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:

         Ruediger Bauch
         Sternstrasse 13
         D 06108 Halle
         Germany
         Tel: 0345/5200111
         Fax: 0345/5200066

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Perlmutt Immobilien GmbH on Sept. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Perlmutt Immobilien GmbH
         Lessingstr. 37
         06124 Halle
         Germany

         Attn: Arthur Meyer, Manager
         Saturnstr. 17
         74821 Mosbach
         Germany


RAMBACHER RESPONSE: Claims Registration Ends November 7
-------------------------------------------------------
Creditors of Rambacher Response Media GmbH have until Nov. 7 to
register their claims with court-appointed insolvency manager
Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Dec. 7, 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 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 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:

         Ralph Buenning
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Rambacher Response Media GmbH on Sept. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rambacher Response Media GmbH
         Attn: Gerd Juergen Roth, Manager
         Am Waldberg 6 c
         27711 Osterholz-Scharmbeck
         Germany


REHPLON GMBH: Claims Registration Ends November 5
-------------------------------------------------
Creditors of ReHplon GmbH have until Nov. 5 to register their
claims with court-appointed insolvency manager Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         Ground Floor
         Ritterstr.5 (Eingang Strohstrasse)
         Esslingen
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/252566-0
         Fax: 0711/252566-66

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

The Debtor can be reached at:

         ReHplon GmbH
         Attn: Hans-Dieter Kuenzel, Manager
         Reichstr. 12
         72622 Nuertingen
         Germany


SCHOPP ELEKTROTECHNIK: Claims Registration Ends November 5
----------------------------------------------------------
Creditors of Schopp Elektrotechnik GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager
Dr. Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 17
         St. Veit-Strasse 38
         56727 Mayen
         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. Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228/81 000-858
         Fax: 0228/81 000-820
         E-Mail: rae-bonn@dhpg.de

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

The Debtor can be reached at:

         Schopp Elektrotechnik GmbH
         Plaidter Str. 6a
         56299 Ochtendung
         Germany

         Attn: Felix Schopp, Manager
         Kanalweg 28
         56299 Ochtendung
         Germany


SPECTRUM BRANDS: Closes US$225 Million Revolving Credit Facility
----------------------------------------------------------------
Spectrum Brands, Inc., has closed a US$225 million asset-based
revolving credit facility with Goldman Sachs Credit Partners
L.P. and Wachovia Bank, National Association.  This revolving
credit facility, un-drawn at closing, is available to finance
seasonal working capital and other general corporate needs.
Borrowings against the facility will bear an interest rate of
225 basis points over LIBOR or 125 basis points over the Base
Rate as defined in the company's Senior Secured Credit Facility.

Concurrently, the company used US$200 million in cash on hand to
pay down the US$200 million Dollar Term B II Facility under its
Senior Secured Credit Facility.

                    About Spectrum Brands Inc.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (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 has approximately 8,400 employees worldwide.  The
company's European headquarters is located in Sulzbach, Germany.


SPECTRUM BRAND: Fitch Rates US$225 Million Sr. Secured Loan at B
----------------------------------------------------------------
Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's
new four-year, US$225 million senior secured asset-backed loan
facility priced at LIBOR +225 basis points.  The new facility
will replace the US$200 million LIBOR Term Loan B II that is
encompassed within the US$1.6 billion six-year Credit Agreement.

Specifically, the Term Loan B II facility will be repaid with
cash on hand reducing the company's total outstanding debt and
interest spread on the replacement by 175 basis points.

The ABL, which can be increased to US$300 million, is secured
primarily by inventory and receivables and will be used to fund
working capital requirements.  Liens on the collateral under the
ABL will be senior in priority to liens under the existing
credit agreement. Unused availability shall be no less than
US$25 million.

Fitch has also affirmed these ratings:

  -- Issuer Default Rating at 'CCC';
  -- US$1 billion term loan B at 'B/RR1';
  -- EUR350 million term loan at 'B/RR1';
  -- US$700 million 7.4% senior subordinated notes at
     'CCC-/RR5';
  -- US$2.9 million 8.5% senior subordinated notes at
     'CCC-/RR5';
  -- US$347 million 11.25% variable rate toggle senior
     subordinated notes at 'CCC-/RR5'.

The Rating Outlook is Negative.

The ratings reflect SPC's high leverage (Debt/EBITDA) of 11.7
times, weak operating performance, and low EBITDA interest
coverage of 1.2x for the last twelve months ending July 1, 2007.
Fitch recognizes that the metrics suffer from Home & Garden
being listed as a discontinued operation as that segment's
EBITDA is removed.  Management expects that Home & Garden will
generate US$50 million in EBITDA for 2007.  Pro-forma for this
amount, leverage remains high at around 10x.  SPC has
approximately US$2.5 billion in annual revenues with no organic
growth since fiscal 2004, declining EBITDA, and US$2.6 billion
in debt derived mainly from three major acquisitions since 2003.
The acquisitions were made to lessen its dependence on
batteries.

The negative outlook encompasses not only the deterioration in
financial and credit protection measures, but also the fact that
the business profile of the company is uncertain.  The company
is focused on asset sales and debt reduction with a public goal
of leverage under 6x.  To that end, Spectrum has two major
segments up for sale.  One of the segments is the previously
mentioned Home & Garden business which generated approximately
US$658 million in net sales and US$75 million of adjusted EBITDA
during the fiscal year ended Sept. 30, 2006.  In August 2007,
management announced that another segment is up for sale with
the goal to complete a transaction by the end of 2007.  It would
appear that if management meets its goal to sell either of these
two major assets, deliberate and positive strides could be made
to de-lever the business.

An additional concern however, is the potential for a poor
holiday season combined with the seasonal build-up of working
capital in the Home & Garden segment.  Barring major asset
sales, liquidity could be inadequate for the seasonal peak in
the February-April 2008 timeframe.  Historically, poor
performance and the need for external sources of funds can be
seen in the negative trend in cash flow.  Free cash flow last
peaked at US$163 million in the fiscal year ended Sept. 30, 2005
before declining to US$68 million in 2006.  Including the net
cash used by discontinued operations, for the last twelve months
ended July 1, 2007 free cash flow was a negative US$141 million.
The shortfall was funded by additional debt.

While the next six months will be closely monitored, it is noted
that the new ABL facility provides a level of financial
flexibility.  Additionally, on Sept. 28, 2007 the company
announced that it had signed a definitive agreement to sell the
Canadian division of its Home & Garden business segment.   The
sale is expected to close by Oct. 31, 2007 and the proceeds will
be used to reduce debt.

This segment had revenues of US$100 million but was not a profit
contributor.  Most importantly from a liquidity standpoint, the
sale of this division will reduce peak 2008 borrowing needs by
approximately US$45 million.  The ABL, reduced working capital
needs from the Canadian division sales, and the fact that
management has done a good job in reducing the company's cost
base provides a level of comfort in the short term.

Spectrum is a global branded consumer products company with
operations in seven product categories: consumer batteries; lawn
and garden; pet supplies; electric shaving and grooming;
household insect control; electric personal care products; and
portable lighting.


SUM VERTRIEBS: Claims Registration Period Ends Nov. 12
------------------------------------------------------
Creditors of SUM Vertriebs GmbH have until Nov. 12 to register
their claims with court-appointed insolvency manager Hermann
Berding.

Creditors and other interested parties are encouraged to attend
the meeting at 3:05 p.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 Delmenhorst
         Hall 2
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Hermann Berding
         Jammertal 1
         D 49661 Cloppenburg
         Germany
         Tel: 04471/91260
         Fax: 04471/82997

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

The Debtor can be reached at:

         SUM Vertriebs GmbH
         Berliner Str. 93 a
         27751 Delmenhorst
         Germany

         Attn: Andreas Lieb
         Twistringer Weg 1
         27793 Wildeshausen
         Germany


TD TELEPHON: Claims Registration Ends November 5
------------------------------------------------
Creditors of TD Telephon Discount GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager
Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 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. Hubert Ampferl
         Nymphenburger Str. 20
         80335 Munich
         Germany
         Tel: 089/3090586-0
         Fax: 089/3090586-10

The District Court of Munich opened bankruptcy proceedings
against TD Telephon Discount GmbH on Sept. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         TD Telephon Discount GmbH
         Attn: Frank Albers, Manager
         Vagtstr. 22 a
         28203 Bremen
         Germany


UVM METALLBAU: Claims Registration Period Ends Nov. 2
-----------------------------------------------------
Creditors of UVM Metallbau GmbH have until Nov. 2 to register
their claims with court-appointed insolvency manager
Wirtschaftspruefer und Steuerberater Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Wirtschaftspruefer und Steuerberater
         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

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

The Debtor can be reached at:

         UVM Metallbau GmbH
         Attn: Siegfried Sowa, Manager
         Henschelstr. 1 - 7
         32257 Buende
         Germany


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


AES CORPORATION: Plans to Construct 170 MW Wind Project in Texas
----------------------------------------------------------------
The AES Corporation said it plans to begin construction of
Buffalo Gap 3, a 170 megawatts expansion of its Buffalo Gap wind
farm near Abilene, Texas.  Once completed, the project will
increase capacity at Buffalo Gap to 524 MW, making it one of the
largest operating wind farms in the United States.  Commercial
operations are expected to begin mid-2008.  AES signed a seven-
year power purchase agreement to sell all of the electricity it
produces at the Buffalo Gap 3 wind generation facility to Direct
Energy, a subsidiary of Centrica plc.  Financial terms of the
agreement were not disclosed.

"This expansion underscores AES's ongoing commitment to
renewable energy," said Ned Hall, President, AES Renewable
Generation.  "With more than 1,000 MW of wind projects in
operation in the United States and another 4,000 MW in various
stages of development throughout the world, AES is well
positioned to meet growing demand for wind generated power."

"The Buffalo Gap 3 expansion will allow AES to continue
developing renewable energy sources in West Texas, benefiting
the local economy through the creation of new jobs and an
increased tax base," said Ryan Pfaff, Managing Director, AES
Wind Generation.  "We are also pleased to further expand our
relationship with Direct Energy, a world-class organization that
shares our commitment to the West Texas wind market."

AES purchased 74 Siemens model SWT-2.3-93 60 Hz wind turbine
generators for the Buffalo Gap 3 project.

"This expansion is consistent with AES's long-term goal to be a
major wind energy producer, and is part of our plan to more than
triple our wind-generated megawatts globally by 2011," said
William Luraschi, AES Executive Vice President and President of
Alterative Energy.  "As one of the cleanest, lowest-cost
renewables, wind generation will be an area of continuing focus
and priority for AES."

AES's Alternative Energy business comprises the company's
activities in wind generation, greenhouse gas emissions offset
projects, liquefied natural gas and other technologies.

AES entered the wind generation business in 2004.  The company's
wind development projects are located primarily in the United
States and Europe.  AES has plans to expand its wind business to
other countries where it does business, including countries in
Asia and Latin America.

                       About AES Corporation

Headquartered in Arlington, Virginia, AES Corporation (NYSE:
AES) -- http://www.aes.com/-- is a global power company.  The
company operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Specifically, it also has operations in
India.  Generating 44,000 megawatts of electricity through 124
power facilities, the company delivers electricity through 15
distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Fitch Ratings has affirmed AES Corporation's Issuer Default
Rating at 'B+', and assigned a short-term IDR of 'B'.


AES CORP: NY Attorney General Wants Greenhouse Risks Disclosed
--------------------------------------------------------------
Environment News Service reports that New York Attorney General
Andrew Cuomo has subpoenaed the AES Corporation, demanding that
the firm disclose the financial risks of its greenhouse gas
emissions to shareholders, specifically to the New York State
Common Retirement Fund.

Environment News relates that Mr. Cuomo also sent the subpoenas
to:

         -- Dominion Resources,
         -- Xcel Energy,
         -- Dynegy, and
         -- Peabody Energy.

Mr. Cuomo told Environment News that AES is among the US'
largest producers of greenhouse gas pollutants, including carbon
dioxide.

AES' 2006 Form 10-K filing with the U.S. Securities and Exchange
Commission failed to disclose projected emissions, nor evaluate
the effect of upcoming greenhouse gas regulations on the firm's
"financial picture," Environment News says, citing Mr. Cuomo.

Mr. Cuomo commented to Environment News, "Climate change is one
of the most pressing environmental challenges facing the world
today."  He reminded the executives that emissions from US power
plants "constitute 30% of total US carbon emissions."

"Regulation of greenhouse gas emissions on the state level
through the Regional Greenhouse Gas Initiative will begin,"
Environment News notes, citing Mr. Cuomo.

Mr. Cuomo told Environment News, "Any one of the several new or
likely regulatory initiatives for CO2 emissions from power
plants -- including state carbon controls, E.P.A.'s regulations
under the Clean Air Act, or the enactment of federal global
warming legislation -- would add a significant cost to carbon-
intensive coal generation.  Selective disclosure of favorable
information or omission of unfavorable information concerning
climate change is misleading."

                       About AES Corporation

Headquartered in Arlington, Virginia, AES Corporation (NYSE:
AES) -- http://www.aes.com/-- is a global power company.  The
company operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Specifically, it also has operations in
India.  Generating 44,000 megawatts of electricity through 124
power facilities, the company delivers electricity through 15
distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Fitch Ratings has affirmed AES Corporation's Issuer Default
Rating at 'B+', and assigned a short-term IDR of 'B'.


FLEXTRONICS INT'L: Moody's Rates New US$1.75BB Term Loan at Ba1
---------------------------------------------------------------
Moody's Investors Service confirmed the ratings of Flextronics
International, Ltd., with a negative outlook and assigned a Ba1
rating to the company's new US$1.75 billion delayed draw
unsecured term loan in response to the closing of the Solectron
acquisition.

The initial draw on the term loan (US$1.1 billion) will finance
the cash portion of the merger consideration.  Ratings confirmed
include the company's Ba1 corporate family rating and the Ba2
ratings on its senior subordinated notes.  At the same time,
Moody's upgraded Solectron's convertible senior notes and senior
subordinated notes to Ba2 from B3 and withdrew Solectron's B1
corporate family, B1 probability-of-default and SGL-1
speculative grade liquidity ratings.  These rating actions
conclude a review of Flextronics' and Solectron's ratings
initiated on June 4, 2007.

The Ba1 rating of the new unsecured term loan is consistent with
Moody's press release dated Sept. 19, 2007 in which a
provisional rating of (P)Ba1 was assigned to the proposed US$2.5
billion unsecured term loan pending closing of the Solectron
acquisition.  The total amount of the term loan has been reduced
to US$1.75 billion as the majority of Solectron shareholders
elected stock over cash.  The remaining US$650 million will be
drawn down and used to pay off Solectron debt over the next
several months.  The company has the option to redeem the US$150
million senior subordinated notes at the make-whole premium plus
accrued and unpaid interest in accordance with the indenture.
The holders of the US$450 million convertible notes have the
right to redeem the notes upon a change in control.  We expect
the process for redeeming the Solectron senior subordinated and
convertible notes to be completed by the end of 2007.  Upon
repayment of the notes in full, Moody's will withdraw the note
ratings.  To the extent that any stub notes remain outstanding,
they would likely be rated Ba2.

Flextronics' Ba1 corporate family rating reflects the company's
size and scale with combined revenue more than double that of
Jabil (its largest competitor in the North American market),
product and end market diversity, and reasonable credit metrics
with the expectation of improving cash flow generation and de-
leveraging.

The catalysts for EMS industry growth are largely attributable
to the overall increase in the electronics markets and the
outsourcing trends of OEMs, as well as the convergence of
similar capabilities of certain EMS companies with distributors
and ODM's.  Moody's believes that the acquisition of Solectron
will allow Flextronics to more effectively compete against the
major Asian providers on a global basis, most importantly Hon
Hai (Foxconn).  The combined company will not only be able to
generate significant production volumes at very low costs to
provide scalable economies for consumer markets, but also
manufacture highly-customized products in the networking,
communications, and computing markets.  In addition, Flextronics
will differentiate itself from its competitors through vertical
integration, breadth of service offerings, and geographic reach.

The rating also reflects risks associated with the volatility of
the EMS industry, exacerbated by client concentration and the
inherent challenges Flextronics will face in managing a global
business with revenue approximating US$30 billion.  Synergies
from the Solectron acquisition should be achievable given the
physical proximity of several key facilities to each other,
which provides an easier transition with facility closures, and
limited overlap between the various businesses and customers.
While it is expected that there will be a loss of some customer
accounts, due in part to customers' desire to find a second
source provider, there is limited overlap in the customer base.
Where there is overlap, there appear to be only a few business
lines where both Flextronics and Solectron provide the same type
of product or service.

The negative rating outlook for Flextronics reflects the near-
term integration and execution risks associated with the
Solectron acquisition as well as Moody's expectation that there
will continue to be pricing pressures from the OEM's.  The
ratings could be downgraded if there is a significant decline of
revenue or profitability or if the company is unable to generate
positive free cash flow on a sustained basis.

Flextronics' leverage is moderate on a reported basis with pro
forma total debt to CY 2008 EBITDA of 2.1x.  Moody's makes
further adjustments to this indebtedness with the inclusion of
operating leases and securitized accounts receivables, bringing
this adjusted pro forma debt to approximately US$4.5 billion
with leverage of around 3x.

Flextronics ratings assigned and confirmed:

   -- New US$1.75 billion Unsecured Term Loan due 2014 (of which
      US$1.1 billion is drawn), Ba1;

   -- Corporate Family Rating, Ba1;

   -- Probability-of-Default Rating, Ba1;

   -- US$400 million 6.25% Senior Subordinated Notes, due 2014,
      Ba2;

   -- US$400 million 6.5% Senior Subordinated Notes, due 2013,
      Ba2;

   -- US$8.2 million 9.875% Senior Subordinated Notes, due 2010,
      Ba2;

   -- Speculative Grade Liquidity Rating of SGL-1.

Solectron ratings upgraded:

   -- US$450 million 0.5% Convertible Senior Notes due 2034,
      Ba2;

   -- US$150 million 8.0% Senior Subordinated Notes due 2016,
      Ba2.

Solectron ratings withdrawn:

   -- Solectron Corporate Family Rating, B1;
   -- Solectron Probability-of-Default Rating, B1;
   -- Speculative Grade Liquidity Rating of SGL-1.

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.  Upon the merger with
Solectron, its focus will be primarily with telecommunications
equipment, enterprise and personal computing, and mobile and
consumer digital markets.  Flextronics has facilities in over 30
countries on four continents including Brazil, Mexico, Hungary,
Sweden, United Kingdom, among others.


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


GAP INC: Distributing US$0.08 Per Share Quarterly Dividend
----------------------------------------------------------
The Board of Directors of Gap Inc. voted a quarterly dividend of
US$0.08 per share payable on Oct. 30, 2007, to shareholders of
record at the close of business on Oct. 16, 2007.

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic inSoutheast Asia and the Middle East.

                           *   *   *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


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


ALITALIA SPA: Board to Name Shortlisted Bidders October 8
---------------------------------------------------------
Alitalia S.p.A.'s board of directors will meet Oct. 8, 2007, to
decide on a shortlist of possible buyers for the Italian
government's 49.9% in the carrier, Thomson Financial reports
citing sources closed to consortia preparing offer proposals.

Antonio Baldassarre, lawyer for one the interested consortia,
told Thomson Financial that potential bidders were given until
this time to submit their offers.

Thomson Financial suggests the shortlist of bidders might
include Air France-KLM, Deutsche Lufthansa AG and AirOne S.p.A.

Mr. Baldassarre revealed that his client consortium includes
local and foreign companies from the industrial and financial
sectors.  He added the consortium has sourced up to EUR3 billion
in funds to acquire Italy's stake and for further investments.

Mr. Baldassarre said the consortium plans to relaunch Alitalia's
international, long-range routes based on hubs at Fiumicino,
Rome and Malpensa, Milan airports.

                         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: Italy Vows to Welcome International Interests
-----------------------------------------------------------
The Italian government will not refuse offers from foreign firms
interested in acquiring its 49.9% stake in Alitalia S.p.A.,
various reports say, citing Prime Minister Romano Prodi.

"I'm not looking at whether the bidder is Italian or foreign,"
Mr. Prodi was quoted by Bloomberg News as saying.  "I want
Alitalia to be managed by a strong partner."

Mr. Prodi, Thomson Financial relates, denied rumors that
international interest for Alitalia is lacking.

As previously reported in the TCR-Europe, foreign firms Deutsche
Lufthansa AG, OAO Aeroflot and TPG Capital said they might
launch bids if the Italian government changes the sale
conditions.  Air France-KLM, meanwhile, said it would listen if
Alitalia make an approach.  Mr. Prodi, La Stampa says, is
reportedly backing Air France-KLM.

AirOne S.p.A., backed by Intesa Sanpaolo S.p.A., has restarted
talks to acquire Italy's stake in Alitalia.  According to
Finanza & Mercati, AirOne chief Carlo Toto has financial
commitments from Lehman Brothers, Nomura and Banca Monte dei
Paschi di Siena S.p.A.

Mr. Toto is also persuading local businessmen to join his
consortium, Thomson Financial 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: Net Debt Up EUR55 Million by August 31, 2007
----------------------------------------------------------
The Alitalia Group’s net debt as of Aug. 31, 2007, amounted to
EUR1.105 billion, showing an increase in net indebtedness of
EUR55 million compared to the situation on July 31, 2007.

This increase is mainly due to the typical seasonal effect as
observed in the previous years.

The net debt of the parent company Alitalia including short-term
net financial credits for subsidiaries on Aug. 31, 2007,
amounted to EUR1.093 million increasing EUR62 million (+6.0%)
compared to net debt as of July 31, 2007.

The Group’s cash-to-hand and short-term financial credits as of
Aug. 31, 2007, at the Group level and for Alitalia, amounted to
EUR522 million and EUR534 million respectively.  It should be
noted that as of Aug. 31, 2007, there were several leasing
contracts at the Group level (referring almost entirely to fleet
aircraft mostly held by the parent company amounting to
EUR86 million) whose capital share, including lease closure
value, amounted to EUR100 million (of which EUR12 million
represent the current capital share falling due within 12 months
of the reference date, with EUR10 million held by the parent
company).

By comparison, the same figure as of July 31, 2007, amounted to
EUR100 million (of which EUR13 million falling due in the 12
months from the reference date.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During August 2007, repayments were made of medium/long-term
financing amounting to EUR14 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Aug. 31, 2007, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Aug. 31, 2007,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to one
airport management company for disputed debts amounting to a
total of about EUR70 million as of Aug. 31, 2007.  Regarding
that, it should be pointed that during June 2007, it has been
formalized a transaction agreement, under implementation, which
settled the dispute.

In addition, regardless of the mentioned transaction agreement,
the decisions are still pending for the petitions filed by
Alitalia regarding:

   -- an injunction related to supposed different pricing
      policies has been issued by a carrier for EUR2.6 million;

   -- an other injunction has been issued by supplier of on-
      board movies by EUR1.2 million (2 decrees);

   -- a further injunction has been issued by an IT services
      supplier for about EUR812,000;

   -- an injunction has been issued by an Italian subsidiary of
      an air carrier Bankruptcy for EUR288,000;

   -- another injunction has been issued by a maintenance
      services supplier for EUR490,000;

   -- finally, there are injunctions issued by suppliers for a
      total of around EUR371,000 (13 decrees).

There are no other injunction orders or executive actions
undertaken by creditors notified as of Aug. 31, 2007, nor are
there any threats by suppliers to suspend operations.

Compared to the management figures as of June 30, 2007, the main
changes are due to:

   -- fair value in derivatives included with a positive value
      by EUR47 million;

   -- international accounting principles (IAS/IFRS) application
      on the medium/long-term indebtedness with a positive
      effect by about EUR51 million;

   -- negative effects of reclassifying certain assets for
      EUR49 million.

                         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.


PARMALAT SPA: Sees Citigroup Trial Starting in March 2008
---------------------------------------------------------
The trial against Citigroup for its involvement in Parmalat
S.p.A.'s bankruptcy proceedings should start around March 2008,
unless the U.S. group's time extension request is granted,
Parmalat attorney Nicola Palmieri said during the presentation
of the group's litigation timetable to analysts, AFX News
reported.

The presentation also revealed that the trial against Bank of
America and Grant Thornton should commence by the second or
third quarter of 2008.

The U.S. class action procedure should currently maintain the
same schedule as the one set out in the multidistrict
litigations against BofA and Grant Thornton, Mr. Palmieri told
AFX News.

"The class must first meet a set of criteria to get certified
... and there is a good chance they may not get this
certification," Mr. Palmieri told analysts, according to AFX
News.

Mr. Palmieri said he expects a decline on the legal expenses,
which in the first half totaled EUR31,900,000, starting from
2008, AFX News reported.

"In 2009 there should be a completely different picture because
only Italian cases will be involved and that (the costs) are
nothing like they are in the U.S.," Mr. Palmieri further told
AFX News.

           Motion to Dismiss Foreign Plaintiffs' Claims

Parmalat S.p.A. asked the Hon. Lewis A. Kaplan of the United
States District for the Southern District of New York to
dismiss, with prejudice, the claims asserted by the Foreign
Plaintiffs in the Third Amended Consolidated Class Action
Complaint, pursuant to Rule 12(c) of the Federal Rules of Civil
Procedure.

Peter E. Calamari, Esq., at Quinn, Emanuel, Urquhart, Oliver &
Hedges, LLP, in New York, tells Judge Kaplan that the Foreign
Plaintiffs' claims against Reorganized Parmalat pursuant to the
Securities Exchange Act can only be maintained if they can
overcome the general presumption that federal statutes do not
apply "extra-territorially."

To overcome that presumption, Mr. Calamari asserts, the Foreign
Plaintiffs must show that the wrongful conduct either occurred
in the United States, or had a substantial effect in the United
States or upon its citizens.

Mr. Calamari notes that the District Court had already dismissed
the claims asserted by the Foreign Plaintiff purchasers against
Grant Thornton, Deloitte & Touche, Bank of America, Citigroup,
Credit Suisse, and BNL.  In doing so, the District Court ruled
that the transactions forming the basis of the Foreign
Plaintiffs' allegations were overwhelmingly foreign.

Mr. Calamari says the District Court's ruling applies to the
claims asserted by the Foreign Plaintiffs against Reorganized
Parmalat.  Unlike the U.S.-based banks and auditors, the Old
Parmalat was an Italian company, and by definition, could not
have committed acts essential to the alleged fraud against
foreign purchasers outside of Italy.

Mr. Calamari contends that the Complaint asserts no domestic
conduct of Old Parmalat that relates to foreign purchasers.  Any
alleged conduct in the Unites States was incidental, and
therefore did not directly cause the losses of the Foreign
Plaintiffs, he maintains.

       Smith and Pappas Want to File 3rd Amended Complaint

Gerald K. Smith and G. Peter Pappas had asked the District Court
to reconsider its August 8 Order dismissing their Second Amended
Complaints to allow them to amend their pleadings and correct
the deficiencies described in the Order.

Messrs. Smith and Pappas asserted that the District Court had
overlooked facts alleged in the Second Amended Complaints, as
well as controlling law relevant to issues addressed in the
Order.  The plaintiffs added that the Order was the District
Court's first ruling on the sufficiency of their allegations,
hence, they should be granted leave to add the lacking
information.

However, Judge Kaplan dismissed the Reconsideration Motion as
without merit, and denied Messrs. Smith and Pappas leave to
amend their motion, stating that they had "more than sufficient
opportunity file sufficient complaints."

Judge Kaplan pointed out that the problems resulting in the
dismissal of the Second Amended Complaints should have been
apparent to the plaintiffs before they had filed their original
complaints.  They had not even indicated how they will cure the
deficiencies, Judge Kaplan noted.

Consequently, Messrs. Smith and Pappas ask the District Court to
alter its judgment and grant them leave to file Third Amended
Complaints, for basically the same relief as sought in their
Reconsideration Motion.

On the plaintiffs' behalf, Leo R. Beus, Esq., at Beus Gilbert
PLLC in Scottsdale, Arizona, asserts that the District Court
made errors of fact and of law in its analyses of the
Plaintiffs' claims with respect to issues of loss causation and
damages, and abused its discretion by dismissing the claims
without leave to amend.

Messrs. Smith and Pappas also seek to file certain documents
under seal, pursuant to an August 2005 Stipulated Protective
Order.  The documents include:

  (a) motion to alter or amend the judgment and other relief
      pursuant to Rule 59 of the Federal Rules of Civil
      Procedure;

  (b) declaration of Robert T. Mills, consisting of products
      of discovery, occurring since the filing of the Second
      Amended Complaints;

  (c) proposed Third Amended Complaint in Smith v. Bank of
      America, et al.; and

  (d) proposed Third Amended Complaint in Pappas v. Bank of
      America, et al.

Messrs. Smith and Pappas intend to submit those exhibits,
representing substantial discovery supporting their Complaints,
for the consideration of their Motion to Alter the District
Court's judgment.

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 91; http://bankrupt.com/newsstand/or 215/945-7000).


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


AGRAM LLP: Proof of Claim Deadline Slated for November 2
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Agram insolvent on Aug. 9.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office Three
         Valihanov Str. 149
         Semey
         East Kazakhstan
         Kazakhstan
         Tel: 8 777 213 83-80


AGRO LEASING: Proof of Claim Deadline Slated for Nov. 9
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Mts Agro Leasing insolvent.

Creditors have until Nov. 9 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


AS-SAMAD LLP: Creditors Must File Claims November 2
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP As-Samad insolvent on Aug. 6.

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

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


AT CONSULTING: Claims Filing Period Ends November 6
---------------------------------------------------
LLP At Consulting Group has declared insolvency.  Creditors have
until Nov. 6 to submit written proofs of claims to:

         LLP At Consulting Group
         1-1, Micro District Astana
         Taraz
         Jambyl
         Kazakhstan


BUSINESS ASSISTANCE: Creditors' Claims Due on November 6
--------------------------------------------------------
LLP Business Assistance Astana has declared insolvency.
Creditors have until Nov. 6 to submit written proofs of claims
to:

         LLP Business Assistance Astana
         Office 106
         Abai ave. 38
         Astana
         Kazakhstan


EK TRUST: Claims Registration Ends November 6
---------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Ek Trust Pv insolvent on July 11.

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

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


INFORMATIVE-CONSULTING CENTRE: Creditors Must File Claims Nov. 9
----------------------------------------------------------------
LLP Informative-Consulting Centre Kazakhstan-China Tian Ran Shen
& Super Natural Hand has declared insolvency.  Creditors have
until Nov. 9 to submit written proofs of claims to:

         LLP Informative-Consulting Centre
         Kazakhstan-China Tian Ran Shen & Super Natural Hand
         Seyfullin ave. 129/41-63
         Almaty
         Kazakhstan


INVEST CAPITAL: Proof of Claim Deadline Slated for November 6
-------------------------------------------------------------
LLP Microcredit Organization Invest Capital has declared
insolvency.  Creditors have until Nov. 6 to submit written
proofs of claims to:

         LLP Microcredit Organization Invest Capital
         Jeltoksan Str. 239-2
         Taraz
         Jambyl
         Kazakhstan


KAMAZ LLP: Creditors Must File Claims Nov. 14
---------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Firm Service Kamaz insolvent.

Creditors have until Nov. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Dostoyevsky Str. 72
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-91-97


KAZLEGSNABSBYTTORG JSC: Claims Filing Period Ends November 9
------------------------------------------------------------
JSC Kazlegsnabsbyttorg has declared insolvency.  Creditors have
until Nov. 9 to submit written proofs of claims to:

         JSC Kazlegsnabsbyttorg
         Sairamskoye Highway
         Shymkent
         South Kazakhstan
         Kazakhstan


KAZMUNAIGAS EXPLORATION: Top-down Approach Cues S&P’s BB+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Kazakhstan-based oil company JSC
KazMunaiGas Exploration Production.  The outlook is stable.

The rating is based on a top-down approach and is one notch
below that on KMG EP's 58% parent, 100% state-owned holding JSC
NC KazMunayGas (BBB-/Stable/--).  The ratings on the parent are
pegged to those on the Republic of Kazakhstan (foreign currency
BBB/Stable/A-3, local currency BBB+/Stable/A-2).  S&P assessed
KMG EP's stand-alone credit quality as 'BB'.

The rating on KMG EP is constrained by the absence of parental
guarantees on the company's debt and cross-default provisions in
the parent's debt, and by its substantial minority shareholding.

The 'BB' stand-alone credit profile reflects KMG EP's mature and
land-locked reserve base; relatively high cost position; and the
company's fairly aggressive financial policy marked by its
substantial appetite for acquisitions, which could result in
significant increases in debt.  Mitigating factors include KMG
EP's adequate profitability on the back of high oil prices and
exports and its net cash position.

"Standard & Poor's expects that KMG EP will remain a core
subsidiary of KMG and will continue to enjoy parental support,
notwithstanding the IPO minority stake," said Standard & Poor's
credit analyst Elena Anankina.  "As a result, we expect to
maintain a top-down rating approach."

The evolution of the rating on KMG EP will largely depend on the
evolution of KMG's credit quality, and, ultimately, on the
sovereign rating on Kazakhstan.  Upward rating potential could
result from a reduction in the rating differential between KMG
EP and KMG. This will depend on any strengthening of KMG EP's
stand-alone credit quality, which could come from additional
acquisitions as long as debt levels do not rise too
aggressively.  A strengthening of KMG's policy for supporting
strategic subsidiaries could also have a positive impact. We see
limited potential for rating downside.

The rating factors in the planned acquisitions of a 50% stake in
Karazhanbasmunai and a 33% stake in PetroKazakhstan from KMG
both transactions will be subject to the board's approval.  KMG
EP will be able to finance these transactions from its
substantial cash balances or with favorably structured long-term
loans.  The transactions will improve the company's business
profile by enhancing scale and diversification and will
facilitate access to low-cost, highly profitable operations with
some growth potential.


KRONOS-ENERGOSTROY: Claims Filing Period Ends Nov. 14
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Construction Company Kronos-Energostroy
insolvent.

Creditors have until Nov. 14 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Chasnikov Str. 55
         Micro District 23
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 25-47-06


KULAGER DEVELOPMENT: Creditors' Claims Due on November 6
--------------------------------------------------------
LLP Kulager Development has declared insolvency.  Creditors have
until Nov. 6 to submit written proofs of claims to:

         LLP Kulager Development
         Dostyk ave. 43
         Almaty
         Kazakhstan


LUX STROY: Claims Registration Ends November 6
----------------------------------------------
LLP Lux Stroy Service has declared insolvency.  Creditors have
until Nov. 6 to submit written proofs of claims to:

         LLP Lux Stroy Service
         Seyfullin Str. 103
         Karaganda
         Kazakhstan


PAVLODARMETALLSNUB LLP: Claims Filing Period Ends November 6
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Pavlodarmetallsnub insolvent on July 11.

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

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


SEUIR-2004 LLP: Creditors' Claims Due on November 2
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Seuir-2004 insolvent on Aug. 6.

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

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


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


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

         LLC Arstanbup
         Bakiyev Str. 27
         Djalal-Abad
         Kyrgyzstan
         Tel: (+996 3722) 2-08-22
              (+996 3722) 2-04-64
              (+996 3722) 5-41-17


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


EVRAZ GROUP: Hikes Highveld Steel Stake to 80.9%
------------------------------------------------
Evraz Group S.A. has executed the option to acquire the
remaining Credit Suisse shares in Highveld Steel and Vanadium
Corporation.

The consideration paid for the 24.9% stake is US$219 million.
Evraz now owns 80.9% of the entire issued share capital of
Highveld.

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


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


HERMES XIV: Fitch Rates EUR18 Million Class E Notes at BB
---------------------------------------------------------
Fitch Ratings has assigned final ratings to Holland Mortgage
Backed Series (Hermes) XIV's EUR2 billion floating-rate notes,
due November 2039:

   -- EUR500 million senior Class A1 mortgage-backed notes:
      'AAA'

   -- EUR1,398 million senior Class A2 mortgage-backed notes:
      'AAA'

   -- EUR16 million mezzanine Class B mortgage-backed notes:
      'AA+'

   -- EUR54 million mezzanine Class C mortgage-backed notes: 'A'

   -- EUR14 million junior Class D mortgage-backed notes: 'BBB+'

   -- EUR18 million subordinated Class E floating-rate notes:
      'BB'

Each rated class of notes in this transaction has a Stable
Outlook.

Hermes XIV is a securitization of Dutch residential mortgages
originated by SNS Bank N.V. (rated 'A+'/'F1'/Outlook Stable) and
its wholly-owned subsidiary BLG Hypotheekbank N.V.  The
portfolio consists of first-ranking fixed- and floating-rate
mortgages secured over residential properties located in the
Netherlands.

The ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure, the underwriting and servicing of SNS, the liquidity
facility, the guaranteed investment contract in place and the
interest rate swap provided and guaranteed by SNS.  At closing,
credit enhancement provided by subordination was 5.1% for the
Class A notes, 4.3% for the Class B notes, 1.6% for the Class C
notes and 0.9% for the Class D notes.  Like Hermes XIII, the
transaction does not benefit from a reserve fund; the credit
enhancement for each class of notes is provided by
subordination, as well as the 35bps excess spread paid under the
swap.


X5 RETAIL: Postpones Secondary Offering for 2007
------------------------------------------------
X5 Retail Group N.V. does not expect to undertake a secondary
offering this year.  The group's supervisory board supported the
management's view on the second offering.

The board will request the EGM of the group's shareholders to
delegate to the supervisory board the right to decide the issue
of up to US$1 billion in new equity during 2008.

"X5 Group intends to pursue a diversified financing strategy and
a secondary equity offering remains an option in the future.
Nevertheless, there is no compelling reason for us to launch a
Secondary Offering now, as we have the resources available to
finance previously reported expansion plans approved by the
Supervisory Board," Lev Khasis, Group CEO commented.

"The strong dynamics in EBITDA and net income growth gives
additional confidence in the Group’s ability to fund organic
growth and potential M&As without resorting to a Secondary
Offering in a near term future," Mr. Khasis added.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                            *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service changed the outlook on the B1 Corporate Family
Rating of X5 Retail Group N.V. to positive from stable.

At the same time, Standard & Poor's Ratings Services revised its
outlook on X5 Retail Group N.V. its subsidiaries to stable from
negative, reflecting expectations that X5's financial
performance will continue to improve.  At the same time, the
'BB-' long-term corporate credit rating was affirmed.


X5 RETAIL: Names Second Member of the Supervisory Board
-------------------------------------------------------
X5 Retail Group appointed Sept. 24, 2007, Carlos Criado-Perez as
second independent member of the supervisory board.

Mr. Criado-Perez is the executive president of Spanish retail
chain Dinosol Supermercados and has previously been chief
executive officer of U.K. supermarket chain Safeway Plc and
chief operating officer of Wal-Mart International.

"The appointment of a second independent director of the Group's
Supervisory Board will no doubt reinforce the investor community
confidence in our compliance with best international standards
of corporate governance.  Also, as the primary focus of our
further activities is the consolidation of the segmented Russian
retail market, we hope that attracting such a highly qualified
professional of international level will allow us to
successfully accomplish our aggressive expansion plans in the
Russian market," Lev Khasis, X5 Group CEO commented

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                            *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service changed the outlook on the B1 Corporate Family
Rating of X5 Retail Group N.V. to positive from stable.

At the same time, Standard & Poor's Ratings Services revised its
outlook on X5 Retail Group N.V. its subsidiaries to stable from
negative, reflecting expectations that X5's financial
performance will continue to improve.  At the same time, the
'BB-' long-term corporate credit rating was affirmed.


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


PRA INTERNATIONAL: Moody's Assigns B3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
to PRA International.

Moody's also assigned a B1 rating to the "first-out" portion of
the proposed senior secured credit facility, including the
revolver, and a B3 rating to the "last-out" portion of the
credit facility.  The outlook for the ratings is stable.  This
is the first time Moody's has assigned ratings to PRA.

The ratings are principally constrained by:

   (1) the significant levels of leverage and resulting weak
       credit metrics;

   (2) the potential for near-term operating volatility as a
       result of the company's on-going turnaround as well as
       cancellation risk inherent in the global contract
       research organization industry;

   (3) the limited track record of free cash flow generation and

   (4) the company's small scale and relatively modest
       competitive position against several much larger
       companies.  The ratings are also constrained by Moody's
       concerns about the company's liquidity profile as well as
       the expectation for limited recoverability of assets in a
       bankruptcy scenario.

Despite the above concerns, Moody's acknowledges several
positive trends at the company.  These include:

   (1) a new management team with solid industry and turnaround
       experience;

   (2) good opportunities for growth and margin expansion upon
       successful execution of the strategy;

   (3) positive industry growth trends and

   (4) early signs of positive momentum in the company's
       turnaround.

All ratings are subject to review of final documentation.

Ratings assigned:

PRA International:

  -- US$30 million senior secured revolving credit facility due
     2013; B1, LGD3, 35%;

  -- US$55 million senior secured first-out term loan due 2014;
     B1, LGD3, 35%;

  -- US$85 million senior secured last-out term loan due 2014;
     B3, LGD5, 71%;

  -- Corporate Family Rating: B3;

  -- Probability of Default Rating: B2;

Pharmaceutical Research Associates Group, BV:

  -- US$10 million senior secured revolving credit facility due
     2013; B1, LGD3, 35%

  -- US$115 million senior secured first-out term loan due 2014;
     B1, LGD3, 35%

  -- The outlook for the ratings is stable.

Headquartered in Reston, Virginia, PRA International --
http://www.praintl.com/-- is a global contract research
organization that assists pharmaceutical and biotechnology
companies in developing drug compounds, biologics, and drug
delivery devices and gaining necessary regulatory approvals.
Clinical trials and related services are conducted from offices
located all over the world including Argentina, Australia,
Belgium, Poland, India, Taiwan, among others.

The company generated gross revenues of approximately US$382
million (including US$43 million of reimbursed expenses) for the
twelve months ended June 30, 2007.


SCO GROUP: Section 341(a) Creditors Meeting Set for October 18
--------------------------------------------------------------
The United States Trustee for Region 3, Kelly Beaudin Stapleton,
will convene a meeting of creditors of The SCO Group Inc. and
its debtor-affiliates on Oct. 18, 2007, at 10:00 a.m., at Room
2112, 2nd Floor, J. Caleb Boggs Federal Courthouse, in
Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                     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., Laura Davis Jones,
Esq., and Rachel Lowy Werkheiser, Esq. of Pachulski, Stang,
Ziehl & Jones LLP represent the Debtors in their restructuring
efforts.  The Debtor's total assets were US$14,800,000 and its
total debts were US$7,500,000 as of Sept. 10, 2007.


SCO GROUP: Court Approves Epiq Bankruptcy as Claims Agent
---------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted SCO Group Inc. and its debtor-affiliates authority to
employ Epiq Bankruptcy Solutions LLC as their noticing, claims
and balloting agent.

As the Debtors' claims agent, Epiq is expected to:

    (1) prepare and serve required notices in these chapter 11
        cases, including:

        a) notice of the commencement of these chapter 11 cases
           and the initial meeting of creditors under section
           341(a) of the Bankruptcy Code;

        b) notice of any auction sale hearing;

        c) notice of the claims claims bar date;

        d) notice of objection to claims;

        e) notice of any hearings on a disclosure statement and
           confirmation of a plan of reorganization; and

        f) other miscellaneous notices to any entities, as the
           Debtors or the Court may deem necessary or
           appropriate for an orderly administration of these
           chapter 11 cases;

    (2) file with the clerk's office a certificate or affidavit
        of service that includes a copy of the notice involved,
        a list of persons to whom the notice was mailed and the
        date and manner of mailing, after the mailing of a
        particular notice;

    (3) maintain copies of all proofs of claim and proofs of
        interest filed;

    (4) maintain official claims registers, including, among
        other things, the following information for each proof
        of claim or proof of interest:

        a) the name and address of the claimant and any agent
           thereof, if the proof of claim or proof of interest
           was filed by an agent;

        b) the date received;

        c) the claim number assigned; and

        d) the asserted amount and classification of the claim;

    (5) assist the Debtors with administrative tasks in the
        preparation of their bankruptcy schedules and
        statements, including the creation and administration of
        a claims database based upon a review of the claims
        against the Debtors' schedules;

    (6) implement necessary security measures to ensure the
        completeness and integrty of the claims registers;

    (7) transmit to the Clerk's office a copy of the claims
        registers on a monthly basis, unless requested by the
        Clerk's office on a more or less frequent basis; or, in
        the alternative, make available the claims register
        on-line;

    (8) maintain an up-to-date mailing list for all entities
        that have filed a proof of claim, or proof of interest,
        or notice of appearance, which list shall be available
        upon request of a party in interest or the Clerk's
        office;

    (9) provide access to the public for examination of copies
        of the proofs of claim or interest without charge during
        regular business hours;

   (10) record all transfers of claims pursuant to Bankruptcy
        Rule 3001(e) and provide notice of such transfers as
        required by Bankruptcy Rule 3001(e);

   (11) comply with applicable federal, state, municipal, and
        local statutes, ordinances, rules, regulations, orders
        and other requirements;

   (12) provide temporary employees to process claims, as
        necessary;

   (13) provide balloting services in connection with the
        solicitation process for any chapter 11 plan for which a
        disclosure statement has been approved by the Court;

   (14) provide other claims processing, noticing and related
        administrative services as may be requested from time to
        time by the Debtors; and

   (15) promptly comply with further conditions and requirements
        as the Court may at any time prescribe.

Under the terms set forth in the standard bankruptcy agreement
between the Debtors and Epiq, the Debtor will pay US$25,000
retainer fee to Epiq.

Daniel C. McElhinney, the senior vice president and director of
Epiq, assures the Court that the firm does not hold any interest
adverse to the Debtors' estate and is a "disinterested person"
as defined in Section 101(14) of the Bankruptcy Code.

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., Laura Davis Jones,
Esq., and Rachel Lowy Werkheiser, Esq. of Pachulski, Stang,
Ziehl & Jones LLP represent the Debtors in their restructuring
efforts.  The Debtor's total assets were US$14,800,000 and its
total debts were US$7,500,000 as of Sept. 10, 2007.


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


COMPANHIA SIDERURGICA: Discussing Steel Project Plans with Gov’t
----------------------------------------------------------------
Companhia Siderurgica Nacional will discuss with Brazil's
Pernambuco state government plans for a new steel project,
Business News Americas reports, citing a government official.

BNamericas relates that Companhia Siderurgica head Benjamin
Steinbruch disclosed last month plans to construct a 4.5-
million-ton-per-year steel plant in northeast Brazil.  He didn’t
state a specific location for the project.

A government official tied to the state economic development
department told BNamericas that Companhia Siderurgica has asked
to meet with Pernambuco governor Eduardo Campos to discuss the
project.

"The state will only report its position on the project after
the meeting," the official commented to BNamericas.

As reported in the Troubled Company Reporter-Latin America on
Sept. 25, 2007, the Rio Grande do Norte state development
secretary Marcelo Caetano Rosado said that the state wants to
host Companhia Siderurgica's planned new steel mill.

Mr. Rosado told BNamericas that the state will make all
necessary efforts to be able to host the project.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


COMPANHIA SIDERURGICA: Free-On-Board Exports Rise to US$678 Mln
---------------------------------------------------------------
Companhia Siderurgica Nacional’s revenues from free-on-board
exports increased 63.3% to US$678 million in the first eight
months of 2007, compared to US$415 million in the same period in
2006, Business News Americas reports, citing the Brazilian
foreign trade ministry Secex.

Meanwhile, sales abroad by Brazilian steel producer
ArcelorMittal Belgo increased 2.2% to US$441 million through
August 2007, from August 2006.  Secex said that exports by
Espirito Santo state-based steel producer ArcelorMittal Tubarao
dropped 12% in value to US$727 million, compared to US$825
million, BNamericas states.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


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


ABAKAN-WAGON-STROY: Creditors Must File Claims by Nov. 15
---------------------------------------------------------
Creditors of OJSC Abakan-Wagon-Stroy (TIN 1901007910) have until
Nov. 15 to submit proofs of claim to:

         T. Kostyuk
         Insolvency Manager
         Post User Box 733
         Lenina Pr. 67
         Abakan
         665019 Khakasiya
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A74-691/2007.

The Debtor can be reached at:

         OJSC Abakan-Wagon-Story
         Cherygasheva Str. 126
         Abakan
         655017 Khakasiya
         Russia


DZHEMETE OJSC: Creditors Must File Claims by Oct. 15
----------------------------------------------------
Creditors of OJSC Dzhemete have until Oct. 15 to submit proofs
of claim:

         O. Denisov
         Temporary Insolvency Manager
         Post User Box 90
         Anapa
         353400 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene at 11:00 a.m. on
Nov. 20 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A32-13263/2007-1/380-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Dzhemete
         Sadovaya Str. 12
         Tsynobalka
         Anapskiy
         353421 Krasnodar
         Russia


EURO-ALLIANCE CJSC: Creditors Must File Claims by Nov. 15
---------------------------------------------------------
Creditors of CJSC Euro-Alliance (TIN6730053341) have until
Nov. 15 to submit proofs of claim to:

         S. Prudnikov
         Insolvency Manager
         Post User Box 98
         214031 Smolensk-31
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62-564/2007 (1304-N).

The Debtor can be reached at:

         CJSC Euro-Alliance
         ABK CJSC Ekosistemy
         Promzona SAES
         Desnogorsk
         216400 Smolensk
         Russia


EVRAZ GROUP: Hikes Highveld Steel Stake to 80.9%
------------------------------------------------
Evraz Group S.A. has executed the option to acquire the emaining
Credit Suisse shares in Highveld Steel and Vanadium Corporation.

The consideration paid for the 24.9% stake is US$219 million.
Evraz now owns 80.9% of the entire issued share capital of
Highveld.

                         About Evraz

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

                          *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


FISH FACTORY: Creditors Must File Claims by Oct. 15
---------------------------------------------------
Creditors of LLC Fish Factory have until Oct. 15 to submit
proofs of claim:

         V. Ryzhov
         Temporary Insolvency Manager
         Room 3
         Lenina Str. 101
         350033 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene on March 12,
2008 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A-32-12217/2007-38/360B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Fish Factory
         Shmidta Str 2
         Primorsko-Akhtarsk
         Krasnodar
         Russia


IZMAYLOVSKOE-1 OF KALACHINSKIY: Claims Filing Ends Nov. 15
----------------------------------------------------------
Creditors of CJSC Izmaylovskoe-1 of Kalachinskiy Region of Omsk
Region (TIN 5515011034) have until Nov. 15 to submit proofs of
claim to:

         K. Kiselevskiy
         Insolvency Manager
         13th floor
         K. Libknekhta Str. 35
         644043 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-1054/2007.

The Debtor can be reached at:

         K. Kiselevskiy
         Insolvency Manager
         13th floor
         K. Libknekhta Str. 35
         644043 Omsk
         Russia


IZOBILNENSKAYA MACARONI: Creditors Must File Claims by Nov. 8
-------------------------------------------------------------
Creditors of LLC Izobilnenskaya Macaroni Factory have until
Nov. 8 to submit proofs of claim to:

         S. Martynova
         Insolvency Manager
         Post User Box 1
         Nalchik-30
         Kabradino-Balkariya
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-125/07-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         S. Martynova
         Insolvency Manager
         Post User Box 1
         Nalchik-30
         Kabradino-Balkariya
         Russia


KASTORENSKIY AGRO-SERVICE: Names P. Pozdnyakov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Kursk appointed P. Pozdnyakov as
Insolvency Manager for CJSC Kastorenskiy Agro-Service.  He can
be reached at:

         P. Pozdnyakov
         Post User Box 16
         394038 Voronezh 10
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 35-8112/06 g.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kastorenskiy Agro-Service
         Kastornoe
         Kastorenskiy
         Kursk
         Russia


SAKHALINS-GLAV-SNAB: Creditors Must File Claims by Oct. 15
----------------------------------------------------------
Creditors of OJSC Sakhalins-Glav-Snab (TIN 6501038430, OGRN
1026500540725) have until Oct. 15 to submit proofs of claim:

         G. Grachev
         Temporary Insolvency Manager
         Apt. 31
         Makovskogo Str. 179
         Vladivostok
         690024 Primorye
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-59-2060/07 S7.

The Debtor can be reached at:

         OJSC Sakhalins-Glav-Snab
         Office 204525
         Karla Marksa Str. 16
         Yuzhno-Sakhalinsk
         Russia


SITRONICS JSC: Names Sergey Aslanyan President and CEO
-------------------------------------------------------
JSC Sitronics has appointed Sergey Aslanyan as president and
chief executive officer, with immediate effect.  Mr. Aslanyan
previously held the position of vice president for network and
information technology at Mobile TeleSystems OJSC.

"This new appointment reflects Sitronics position as a leading
domestic and international technology solutions provider,"
Denis Muratov, chairman of the board of directors of Sitronics,
commented.  "We have successfully expanded our operations, both
geographically into new markets and through the introduction of
new products and services, in order to provide highly
competitive solutions to an ever growing blue-chip customer
base.  Sergey Aslanyan is a highly experienced professional with
a successful track record.  His appointment is intended to
enable us to build even more effective relationships with our
various stakeholders, to streamline and further expand our
businesses, and to maximize the opportunities created by
Sitronics' market positions."

"This is a great opportunity to work with a highly professional
team to realize the company's significant potential.  Sitronics
has all the necessary resources to offer highly competitive and
customized technological solutions and, thereby, to consolidate
its leading position in the Russian technology industry and
expand its operations internationally," Mr. Aslanyan added.

Mr. Aslanyan has served as vice president for network and
information technology at Mobile TeleSystems OJSC since July
2006, prior to which he was MTS vice president for information
technology from December 2003.  Mr. Aslanyan worked as deputy
director of information technologies at TNK-BP Management
(formerly OJSC Tyumenskaya Oil Company) between 2001 and 2003,
having been a consultant at PriceWaterhouseCoopers from 1997
until 2001.  He graduated from Lomonosov Moscow State University
with a degree in mathematics, and is a member of the Russian
Advisory Committee of the Intel Corporation.

                        About Sitronics

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

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

                            *   *   *

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


SNEZHETOKSKAYA NIVA: Names V. Sutormin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Tambov appointed V. Sutormin as
Insolvency Manager for OJSC Snezhetokskaya Niva (TIN
6812004634).  He can be reached at:

         V. Sutormin
         Sovetskaya Str. 71
         Krasivoe
         Michurinskiy
         393760 Tambov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-951/07-18.

The Debtor can be reached at:

         OJSC Snezhetokskaya Niva
         Tambov
         Russia


TALDINSKAYA FUEL-ENERGY: Asset Sale Slated for Oct. 17
------------------------------------------------------
The insolvency manager, the bidding organizer for CJSC
Taldinskaya Fuel-Energy Company, will set with a repeated
auction for the company's properties at 10:00 a.m. on Oct. 17
at:

         50 Let Oktyabrya Str. 13
         650099 Kemerovo
         Russia

The company has set a RUR733,600 starting price for the
auctioned assets.

Interested participants have until Oct. 16 to deposit an amount
of RUR150,000 to:

         CJSC Taldinskaya Fuel-Energy Company
         Settlement Account 40702810126200100926
         Correspondent Account 30101810500000000641
         BIK 045004641
         TIN 4239005157
         Sibirskiy bank RF
         Novosibirsk
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager
         Studencheskaya Str. 1a
         Bolshay Talda
         Prokopyevskiy
         Kemerovo
         Russia
         Tel: (384-2)34-90-08, 34-93-90

The Debtor can be reached at:

         CJSC Taldinskaya Fuel-Energy Company
         Studencheskaya Str. 1a
         Bolshay Talda
         Prokopyevskiy
         Kemerovo
         Russia


TNK-BP INTERNATIONAL: S&P Rates Proposed US$8 Bln Loan at BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
senior unsecured debt rating to a proposed Eurobond to be issued
by TNK-BP Finance S.A. and guaranteed by TNK-BP International
Ltd. (BB+/Stable/B) under the group's increased US$8 billion
EMTN debt issuance program.

In light of the expected absence of material secured debt and
given the centralization of bank and capital market financing at
the offshore TNK-BP Finance funding vehicle, Standard & Poor's
equalizes the rating on TNK-BP's unsecured debt with the issuer
credit rating.

The debt program does not provide adequate negative pledge
provisions, which would limit the amount of secured and trade
finance debt the group or any of its operating subsidiaries
would be able to raise in the future.


URAL LLC: Creditors Must File Claims by November 8
--------------------------------------------------
Creditors of LLC Trading House Ural have until Nov. 8 to submit
proofs of claim:

         V. Ivanov
         Insolvency Manager
         Gaya Str. 23A
         460000 Orenburg
         Russia
         Tel/Fax: (3532) 78-38-44

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-5124/2007-14/6GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trading House Ural
         Apartment 419
         Chkalova Str. 32a
         460001 Orenburg
         Russia


UST-KUBINSKOE LLC: Vologda Bankruptcy Hearing Slated for Dec. 25
----------------------------------------------------------------
The Arbitration Court of Vologda will convene at 3:00 p.m. on
Dec. 25 to hear the bankruptcy supervision procedure on LLC UST-
Kubinskoe.  The case is docketed under Case No. A13-4709/2007.

The Temporary Insolvency Manager is:

         V. Babkov
         Post User Box 216
         Vologda
         Russia

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         LLC UST-Kubinskoe
         Yakovleva Str. 8
         Zadnee
         Ust-Kubinskiy
         Vologda
         Russia


VERKHNEURALSKIY TRADING: Creditors Must File Claims by Oct. 15
--------------------------------------------------------------
Creditors of OJSC Verkhneuralskiy Trading House have until
Oct. 15 to submit proofs of claim to:

         E. Boyarshinov
         Insolvency Manager
         Office 60
         Elkina Str. 96
         454048 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-1146/07-34-173.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Verkhneuralskiy Trading House
         Eremina Str. 43
         Verkhneuralks
         457670 Chelyabinsk
         Russia


VESNYANKA OJSC: Creditors Must File Claims by Oct. 15
-----------------------------------------------------
Creditors of OJSC Bryanskaya Garment Factory Vesnyanka have
until Oct. 15 to submit proofs of claim:

         S. Artamonov
         Insolvency Manager
         Post User Box 223
         241050 Bryansk
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09-4482/07-34.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Bryanskaya Garment Factory Vesnyanka
         Zaymishenskaya Str. 177a
         Zaymishe
         Klintsy
         Bryansk
         Russia


VILEGODSKAYA PRINTING: Creditors Must File Claims by Oct. 15
------------------------------------------------------------
Creditors of OJSC Vilegodskaya Printing-Works have until Oct. 15
to submit proofs of claim:

         Y. Pirogov
         Temporary Insolvency Manager
         Dzerzhinskogo Str. 70/1
         Plesetsk
         164260 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A05-4094/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Vilegodskaya Printing-Works
         Sovetskaya Str. 28
         Ilyinsko-Podomskoe
         Vilegodskiy
         165680 Arkhangelsk
         Russia


VIMPELCOM: Moscow Arbitration Court Affirms URS Acquisition
-----------------------------------------------------------
The Federal Arbitration Court of the Moscow District has
affirmed the December 14, 2006 ruling of the Moscow Arbitration
Court and the July 2, 2007 ruling of the Court of Appeals in
favor of OJSC Vimpel-Communications in the last remaining claim
by Telenor East Invest AS.

VimpelCom is satisfied with the order of the court which once
again denies Telenor's claim to invalidate the transaction
pursuant to which VimpelCom acquired CJSC Ukrainian Radio
Systems.

An appeal may be filed with the Supreme Arbitration Court.

As previously reported in the TCR-Europe on June 27, 2007, the
Court of Appeals has affirmed the Dec. 14, 2006 ruling of the
Moscow Arbitration Court in favor of Vimpelcom in one of the
claims filed by Telenor.

                    Supreme Court Ruling

In June 2007, the Supreme Arbitration Court of Russia has ruled
in favor of Vimpelcom in one of the three lawsuits filed by
Telenor.  The court's decision upheld the validity of the
September 2005 shareholder vote which approved the acquisition
of CJSC Ukrainian Radio Systems as an interested party
transaction.

The ruling is final and may not be appealed.

                         About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in the TCR-Europe on March 13, 2007, Moody's
Investors Service upgraded the corporate family and existing
bond ratings of Open Joint Stock Company Vimpel Communications
to Ba2 from Ba3.  Moody's said the outlook on the ratings is
stable.


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


BANKINTER 15: Moody's Junks EUR25.5 Million Series E Notes
----------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
seven series of notes to be issued by Bankinter 15 Fondo de
Titulizacion Hipotecaria, a Spanish Asset Securitization Fund
that has been created by Europea de Titulizacion, S.G.F.T, S.A.
Moody's has assigned these ratings:

   -- (P)Aaa to the EUR255 million Series A1 notes;
   -- (P)Aaa to the EUR853.4 million Series A2 notes;
   -- (P)Aaa to the EUR345.4 million Series A3 notes;
   -- (P)Aa3 to the EUR15.8 million Series B notes;
   -- (P)Baa2 to the EUR15.8 million Series C notes;
   -- (P)Ba3 to the EUR15 million Series D notes; and
   -- (P)C to the EUR25.5 million Series E notes.

According to Moody's, this deal benefits from strong features,
including:

   (1) basis swap by which the index reference rates on the
       assets are exchanged against the index reference rate on
       the notes;

   (2) a reserve fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) an 18-month artificial write-off mechanism;

   (4) the securing of 100% of loans by first lien residential
       mortgages; and

   (5) the quality of Bankinter as originator and servicer.

However, Moody's notes that the deal also has weaknesses,
including:

   (1) excess spread is very limited;

   (2) Pro-rata amortization of the B, C and D Series of notes
       leads to reduced credit enhancement of the senior class
       in absolute terms;

   (3) approximately 18% of the pool is comprised of second home
       loans.  These increased risks were have been factoring on
       the credit analysis.

This transaction marks the fiftieth time that Bankinter has
tapped the RMBS market.  The products being securitized are
first-lien mortgage loans granted to individuals, all of whom
will use these loans to acquire or refurbish properties located
in Spain.  All of the mortgage loans were originated by
Bankinter, which will continue to service them.

As of Oct. 17 2007, the provisional portfolio comprised 12,869
loans for a total amount of EUR1,970,168,420.  The current
weighted average LTV is 58.04%.  The average loan size is
EUR153,049.  The loans were originated between 2003 and 2006
with a weighted average seasoning of 18.07 months.  All the
loans are paid through monthly installments, which are debited
to accounts held by the debtors at Bankinter.

Moody's based the provisional ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) historical performance information;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the GIC account,
       the guaranteed excess spread, the reserve fund and the
       subordination of the notes; and

   (v) the legal and structural integrity of the transaction.

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.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (Oct. 15, 2050).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal on Series A1, A2, B,
C and D at par on or before the rated final legal maturity date,
and for ultimate payment of interest and principal at par on or
before the rated final legal maturity date on Series E.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (Oct. 15, 2050).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal on Series A1, A2, B,
C and D at par on or before the rated final legal maturity date,
and for ultimate payment of interest and principal at par on or
before the rated final legal maturity date on Series E.


FTPYME BANCAJA 6: Fitch Junks EUR27 Million D Series Notes
----------------------------------------------------------
Fitch Ratings has assigned final ratings to FTPYME Bancaja 6
Fondo de Titulizacion de Activos' notes totaling EUR1.027
billion, due in September 2045:

   -- EUR229.1 million Series A1 'AAA';
   -- EUR582.0 million Series A2 'AAA';
   -- EUR118.9 million Series A3(G): 'AAA';
   -- EUR47.5 million Series B 'A-';
   -- EUR22.5 million Series C 'BBB-';
   -- EUR27 million Series D 'CC'.

The final ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B and Class C notes,
as well as the repayment of principal at legal maturity.  The
final rating on the Class D notes is supported by the recovery
rate that noteholders are expected to receive during the life of
the transaction, which has been calculated on the basis of
principal and accrued interest amounts as a proportion of the
original Class D notes balance.

This transaction is a cash flow securitization of a
EUR1 billion static pool of loans granted by Caja de Ahorros de
Valencia Castellon y Alicante (rated 'A+/F1') to small and
medium-sized Spanish enterprises.  The Kingdom of Spain (rated
'AAA/F1+') will guarantee the ultimate payment of interest and
principal on the Class A3 (G) notes.

This is the sixth SME loan securitization transaction to be
brought to the market by Bancaja and shares similar structural
features and characteristics with the originator's previous SME
loan securitizations rated by Fitch in November 2006 and October
2005.  The issuer will be legally represented and managed by
Europea de Titulizacion SGFT, SA ('the Sociedad Gestora'), a
special-purpose management company with limited liability
incorporated under the laws of Spain.


SANTANDER HIPOTECARIO 4: Moody's Junks EUR14.8MM Series F Notes
---------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
eight series of residential mortgage-backed "Bonos de
Titulizacion de Activos" issued by Fondo de Titulizacion de
Activos Santander Hipotecario 4, a Spanish Asset Securitization
Fund created by Santander de Titulizacion, S.G.F.T, S.A.:

   -- Aaa to the EUR184.3 million Series A1 notes;
   -- Aaa to the EUR661,9 million Series A2 notes;
   -- Aaa to the EUR278 million Series A3 notes;
   -- Aa2 to the EUR20.9 million Series B notes;
   -- A1 to the EUR30.7 million Series C notes;
   -- Baa1 to the EUR27.1 million Series D notes;
   -- Ba2 to the EUR27.1 million Series E notes; and
   -- Ca to the EUR14.8 million Series F notes.

This transaction consists of the securitization of a pool of
first-lien residential mortgage loans originated and serviced by
Banco Santander, one of the leading Spanish banks and with a
proven track record in the securitization market.  All of the
loans comprising the collateral have a Loan-to-Value exceeding
80%.

The portfolio comprises 7,743 loans representing a provisional
portfolio of EUR1,363,120,908.  The collateral backing the notes
issuance is entirely made up of first lien residential
mortgages.  The loans were originated between 1993 and 2006 with
a weighted average seasoning of approximately 1.1 years.  The
original WALTV is 92.42%.  The current weighted average LTV is
91.61%. The pool is well diversified across Spain.

According to Moody's, this deal benefits from several strengths,
including:

(1) a swap agreement that fully hedge interest rate risk and
guarantees a 65-bp pa excess spread over senior costs;

(2) a reserve fund that is fully funded at closing;

(3) an 18-month artificial write-off mechanism to trap excess
spread; and

(4) the fact that 100% of the loans are secured by first lien
mortgages on residential properties.

However, Moody's notes that the deal also features a number of
credit weaknesses, notably:

   (1) the fact that the collateral comprises loans with an LTV
       of over 80%, which leads to a higher expected default
       frequency and more severe losses in case of defaults;

   (2) the absence of any information on the occupancy type of
       the property; and

   (3) the fact that, although the deferral of interest payments
       on each of Series B, C, D and E benefits the repayment of
       the series senior to each of them, it increases the
       expected loss on Series B, C, D and E themselves.  All of
       these increased risks were reflected in Moody's credit
       enhancement calculation.

Moody's has based its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure,

   (2) the transaction's structural protections, which include
       the subordination of the notes, the strength of the cash
       flows (including the reserve fund) and any excess spread
       available to cover losses,

  (3) the credit quality of the parties involved in the
      transaction.

The ratings address the expected loss posed to investors 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.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date on
Series A1, A2, A3, B, C, D and E, and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date on Series F.


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


BIOMAX LLC: Creditors' Liquidation Claims Due October 25
--------------------------------------------------------
Creditors of LLC Biomax have until Oct. 25 to submit their
claims to:

         Gloria Kundig
         Liquidator
         Nassackerstrasse 28
         8903 Birmensdorf
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Biomax
         Birmensdorf
         Dietikon ZH
         Switzerland


CYBERCITY JSC: Zurich Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Cybercity on Sept. 6.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Cybercity
         Schaffhauserstrasse 481
         8052 Zurich
         Switzerland


EUCOPRO LLC: Creditors' Liquidation Claims Due October 11
---------------------------------------------------------
Creditors of LLC EUCOPRO have until Oct. 11 to submit their
claims to:

         D. Bergamin
         Liquidator
         Laritschweg 2
         7310 Bad Ragaz
         Sarganserland SG
         Switzerland

The Debtor can be reached at:

         LLC EUCOPRO
         Bad Ragaz
         Sarganserland SG
         Switzerland


MALERGESCHAFT NUZZI: Creditors' Liquidation Claims Due Oct. 11
--------------------------------------------------------------
Creditors of LLC Malergeschaft Nuzzi have until Oct. 11 to
submit their claims to:

         Domenico Nuzzi
         Liquidator
         Ufmattenstrasse 2
         8303 Bassersdorf
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Malergeschaft Nuzzi
         Zurich
         Switzerland


QUASAR SOFTWARE: Creditors' Liquidation Claims Due October 31
-------------------------------------------------------------
Creditors of LLC Quasar Software Engineering have until Oct. 31
to submit their claims to:

         Michael Wymann
         Liquidator
         Hasenweid 14
         4600 Olten SO
         Switzerland

The Debtor can be reached at:

         LLC Quasar Software Engineering
         Olten SO
         Switzerland


SCHWEMA LLC: Creditors' Liquidation Claims Due October 11
---------------------------------------------------------
Creditors of LLC SCHWEMA have until Oct. 11 to submit their
claims to:

         Scharer Emil
         Liquidator
         Rosenbergstrasse 31
         9545 Wangi
         Munchwilen TG
         Switzerland

The Debtor can be reached at:

         LLC SCHWEMA
         Wangi
         Munchwilen TG
         Switzerland


THELAWFIRM LLC: Creditors' Liquidation Claims Due December 15
-------------------------------------------------------------
Creditors of LLC thelawfirm have until Dec. 15 to submit their
claims to:

         PD Dr. iur. Hardy Landolt, LL.M.
         Liquidator
         Ablaschstrasse 88
         8750 Glarus
         Switzerland

The Debtor can be reached at:

         LLC thelawfirm
         Oberurnen GL
         Switzerland


WIDMER GARTEN: St. Gallen Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC Widmer Garten-Technik on Aug. 14.

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

         Bankruptcy Service of St. Gallen
         Branch Kaltbrunn
         Heiner Scheuble
         8722 Kaltbrunn
         See-Gaster SG
         Switzerland

The Debtor can be reached at:

         JSC Widmer Garten-Technik
         Holzwiesstr. 45
         8645 Jona
         See-Gaster SG
         Switzerland


X-RITE INC: Moody's Holds Corporate Family Rating at B1
-------------------------------------------------------
Moody's Investors Service confirmed X-Rite, Inc.'s B1 corporate
family rating, affirmed the speculative grade liquidity rating
of SGL-1 and revised the outlook to negative in view of the
additional leverage and integration risk associated with the
company's recently announced acquisition of Pantone Inc., the
market leading color standards provider.  This concludes the
review for possible downgrade that was initiated in August 2007.

Simultaneously, Moody's assigned ratings to X-Rite's new bank
credit facilities, which consist of a US$250 million first lien
term loan (rated Ba3), US$40 million first lien revolver (Ba3)
(undrawn at closing) and US$125 million second lien term loan
(B3).  Net proceeds will be used to refinance the existing
credit facilities and fund X-Rite's purchase of Pantone for
US$180 million.  Once the refinancing is completed, Moody's will
withdraw ratings on the existing bank credit facilities.  The
assigned ratings are subject to review of final documentation
and no material change in the terms and conditions of the
transaction as advised to Moody's.

The confirmation recognizes the company's strong competitive
position with almost a 25% share of the US$1 billion global
colormetrics market.  It also recognizes good internal execution
on achieving cost synergies related to the Amazys acquisition
ahead of schedule as X-Rite exceeded its target range for the
twelve months ended June 30, 2007.  The company has realized
US$16.8 million or 67% of the planned US$25 million acquisition
synergies, increasing Moody's confidence that the remaining
US$8.2 million of cost synergies should be attained at least by
year end 2008.  The confirmation also factors in total Pantone
synergies, estimated to be US$13.6 million resulting in additive
adjusted EBITDA from Pantone of about US$19.5 million per annum.

The negative outlook reflects X-Rite's reduced financial
flexibility after nearly doubling gross debt to consummate the
acquisition resulting in pro forma debt to adjusted EBITDA of
5.3x (Moody's adjusted through June 30, 2007 on a post synergies
basis including expected cash outlays for restructuring and
integration expenses) compared to 3.8x (Moody's adjusted) at
present.  It also factors the risk associated with the
simultaneous integration of Pantone together with the ongoing
integration of Amazys.

Since Pantone is a small company and has limited operational
overlap with X-Rite, Moody's expects this integration to be less
involved compared to the Amazys combination.  Nonetheless,
management bandwidth will be stretched and the dual track
integration could act as a distraction, diverting resources away
from the technological innovation and product development that
is necessary to target the faster growth emerging segments of
the colormetrics market.  Moody's is also concerned that the
total expected cash outlay (roughly US$14 million) associated
with the remaining integration and consolidation of Amazys's
manufacturing activities and Pantone's integration over the next
12 -- 15 months, will negatively impact EBITDA and operating
cash flow.

X-Rite's B1 CFR is constrained by the company's:

   i. high financial leverage and weak credit protection
      measures pro forma for the Pantone acquisition;

  ii. declining free cash flow generation stemming from
      restructuring and integration costs associated with the
      July 2006 Amazys acquisition, delayed positive impact
      from acquisition cost synergies, one-time capex related
      to X-Rite's new headquarters and rising working capital;

iii. integration risk;

  iv. exposure to consumer end markets;

   v. potentially increasing competition longer term; and

  vi. limited asset protection from a very small base of pro
      forma tangible assets. The rating also acknowledges the
      company's increased scale and market leadership position
      in the niche colormetrics industry as well expanded
      growth opportunities in new and traditional markets
      afforded by the Pantone transaction.

It also recognizes the relatively stable competitive landscape
(notwithstanding potential threats from Internet-based color
management providers), mission-critical nature of its products
with high switching costs resulting in high stable gross margins
near 60%, historically consistent operating profitability,
propensity for positive free cash flow generation, large
installed customer base of 8,000 companies broadly diversified
across geographies and vertical markets and potential for
operating margin expansion via cost reductions and efficiency
improvements.

Moody's could stabilize the outlook upon accelerated achievement
of the planned cost synergies, higher than anticipated cost
synergies or reduced cash outlays resulting in EBITDA and free
cash flow generation above expected levels such that financial
leverage is reduced and total debt to EBITDA (Moody's adjusted)
is commensurate with the B1 rating.

In contrast, ratings could experience downward pressure if:

   i. expected cost synergies and integration plans do not
      materialize as intended;

  ii. the company is unable to reduce leverage due to lower
      than expected EBITDA, alternative uses of free cash flow
      other than debt reduction, negative free cash flow
      generation or further sizeable debt-funded acquisitions;
      or

iii. Moody's witnesses an erosion in the company's competitive
      position or product functionality due to under-investment
      in R&D, as evidenced by below market revenue growth,
      diminished pricing power, gross margin erosion or
      significant customer losses.

These new ratings/assessments were assigned:

   -- US$40 million Senior Secured First Lien Revolver due 2012
      -- Ba3 (LGD-3, 32%)

   -- US$250 million Senior Secured First Lien Term Loan due
      2012 -- Ba3 (LGD-3, 32%)

   -- US$125 million Senior Secured Second Lien Term Loan due
      2013 -- B3 (LGD-5, 85%)

These ratings/assessments will be withdrawn upon closing of the
new credit facility:

   -- US$40 million Senior Secured First Priority Revolver due
      2011 -- Ba3 (LGD-3, 34%)

   -- US$120 million Senior Secured First Priority Term Loan due
      2012 -- Ba3 (LGD-3, 34%)

   -- US$60 million Senior Secured Second Priority Term Loan due
      2013 -- B3 (LGD-5, 86%)

These ratings were confirmed:

   -- Corporate Family Rating -- B1
   -- Probability of Default Rating -- B1

This rating was affirmed:

   -- Speculative Grade Liquidity Rating -- SGL-1

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite serves
customers worldwide from its offices in China, Japan, Mexico,
Singapore, Germany, Switzerland, Italy, Russia, among others.

For the twelve months ended June 30, 2007, X-Rite's pro forma
revenue was US$281 million.


X-RITE INC: S&P Holds 'B+' Rating and Removes Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on X-Rite Inc. and removed the rating from
CreditWatch where it was placed with negative implications on
Aug. 24, 2007, following the announcement that it planned to
acquire unrated Pantone Inc. for US$180 million as part of a
US$415 million refinancing.  The outlook is stable.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to Grand Rapids, Michigan-based X-Rite's
secured financing.  The first-lien facilities, consisting of a
US$40 million five-year revolving credit agreement and a
US$250 million term loan, are rated 'BB-', with a recovery
rating of '2', indicating the expectation for substantial (70%-
90%) recovery in the event of a payment default.  Standard &
Poor's also assigned its 'B' rating to the company's US$125
million six-year second-lien term loan.  The '5' recovery rating
reflects the expectation for modest (10%-30%) recovery in the
event of a payment default.  S&P will withdraw its ratings on
the company's existing bank debt concurrent with the closing of
the financing.

"The ratings on X-Rite reflect its relatively narrow business
profile in two related niche markets, the challenge of executing
a second major integration in less than two years, and its high
leverage," said Standard & Poor's credit analyst Bruce Hyman.
"These factors are offset partially by a leading position in its
markets, high barriers to entry, and success in
integrating its competitor, Amazys, since the acquisition."

Debt is substantial, US$375 million, or more than one year's
revenues, and pro forma debt to adjusted EBITDA was about 6.3x
at June 30, 2007.  Only modest acquisitions are expected in the
future, and the company is expected to use future free moderate
cash flows to repay term debt. Deleveraging is more likely to
reflect EBITDA growth.

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite serves
customers worldwide from its offices in China, Japan, Mexico,
Singapore, Germany, Switzerland, Italy, Russia, among others.


===========
T U R K E Y
===========


YASAR HOLDING: Fitch Affirms B+ IDR; Changes Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has changed Turkish company Yasar Holding A.S.'s
Outlooks for its Long-term foreign and local currency Issuer
Default ratings to Negative from Stable.  At the same time,
Fitch affirmed Yasar's Long-term foreign and local currency IDRs
at 'B+' and downgraded its National Long-term IDR to 'A-(tur)'
from 'A+(tur)'.  The Outlook for the National Long-term IDR is
Negative.

Fitch has also affirmed financing subsidiary Troy Capital S.A.'s
EUR200 million foreign currency long-term unsecured notes at
'B+'/'RR4'.  These notes benefit from upstream guarantees from
seven of Yasar's subsidiaries, including five of its six
Istanbul-listed subsidiaries, which currently account for 79% of
consolidated assets and 81% of consolidated revenues.  As such,
the notes are structurally pari passu with unsecured debt at the
group's subsidiaries.

The Negative Outlook and the downgrade of the National IDR
reflect weaker-than-expected operating performance since the
rating was initiated in June 2006 and moderately constrained
liquidity over the near-term.  The affirmations reflect Yasar's
diverse range of products in food, beverages and paint, as well
as strong market shares within particular product categories in
Turkey.  In addition, the company enhanced its financial profile
with a major refinancing completed in 2006.  These factors are
balanced against competitive pressures from international food
and paint companies and exposure to fluctuations in the New
Turkish Lira.

Yasar strengthened its balance sheet in 2006 by obtaining new
unsecured long-term financing to repay high interest rate,
partially secured YTL-denominated short-term loans and deferred
trade payables.  This refinancing improved Yasar's liquidity and
lengthened its debt maturity profile, though the company retains
significant foreign exchange risk on unhedged debt positions.
Fitch is concerned that the debt incurrence covenant in the Troy
Capital S.A. notes currently constrains the group from
increasing debt by more than EUR30 million (YTL53 million),
which limits a key external source of liquidity over the near
term.  Improving earnings trends suggest that this constraint
will be alleviated in 2008.

Yasar's operating performance trailed Fitch's expectations in
2006, as revenues grew 13.8% to YTL1.47 billion, but the
operating margin narrowed slightly to 6.4% from 6.5%.  The
decline in profitability reflected heightened competition in the
dairy segment and weak sales trends in the paint segment.  In
addition, a sharp increase in financial expenses due to higher
debt and foreign exchange losses left the company in a net loss
position for the year.  The company's operations have begun to
recover in first half of 2007, with revenues up a solid 24.9%,
and the operating margin at 9.2% versus 8.2% in first half of
2006.

Yasar's credit measures weakened in 2006, with adjusted net
debt/EBITDAR increasing to 4.4x from 4x in 2005, while
EBITDAR/net interest plus rents declined to 2x from 2.5x.  Yasar
intends to accumulate cash to help repay its major debt
maturities in 2011 (EUR200 million) and 2013 (EUR119 million),
though there are no sinking fund provisions that require this.

Yasar is an Izmir, Turkey-based holding company engaged in the
food and beverage, paint, tissue and services sectors.  The
company enjoys leading market shares in UHT milk, spreadable
cheese, charcuterie and frozen meals as well as in metal paints,
car refinishes, automotive OEM and printing inks.


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


DTEK HOLDINGS: Fitch Assigns B+ IDR on Solid Credit Measures
------------------------------------------------------------
Fitch Ratings has assigned DTEK Holdings Limited a Long-term
Issuer Default rating of 'B+', a Short-term IDR of 'B' and a
National Long-term 'AA-(ukr)' rating.  The Outlooks for the
Long-term IDR and National Long-term rating are Stable.

The ratings reflect DTEK's high level of vertical integration,
its low cost production and solid credit metrics.  DTEK's 100%
self-sufficiency in thermal coal for energy generation provides
stability in fuel deliveries and limits the company's exposure
to price volatility on the coal market.  Furthermore, DTEK is
well positioned on the cost curve compared with other Ukrainian
energy generating companies, prompted by a high degree of
vertical integration and successful implementation of an
efficiency improvement program.

In addition, the company compares favorably to its international
peers due to solid credit metrics.  Although DTEK somewhat lags
behind its peers based on profitability, with fiscal year 2006
EBITDAR margin of 23.8% versus an average EBITDAR margin of
37.5% for international peers, it still has relatively good
profitability.  DTEK's gross leverage (measured as total
adjusted debt/operating EBITDAR) stood at 0.7x in 2006 versus an
average of 2x for its peers.  The company intends to increase
indebtedness to optimize its capital structure and to finance
its investment and expansion strategy.  The resulting leverage
target that it anticipates of 3x will still remain comparable to
that of international peers.

Ukraine's coal and energy markets are highly regulated by the
government.  In Fitch's view, although DTEK, as a private
company, is well positioned to leverage the liberalization of
Ukraine's coal and energy industries, the privatization of these
markets entails execution risks.  At the same time, the
financing of the company's intensive capital expenditure program
is partly predicated upon improved regulatory conditions, namely
higher tariffs.  Moreover, Fitch notes a concentrated customer
base of DTEK's distribution companies, with a strong focus on
large coal and metallurgical enterprises.  The company's plants
also have lower thermal efficiency than its international peers
and its plants are dated, with equipment inherited from the
Soviet era.  However, these factors also represent an
opportunity as they provide headroom for further efficiency
improvements.

Fitch notes the evolving nature of corporate governance at DTEK,
with further enhancements necessary to adhere to best
international corporate governance practices.  In addition, the
ratings reflect political risks inherent in the Ukrainian
business environment, in particular uncertainty surrounding the
recent elections.

The Stable Outlook reflects Fitch's expectations of the
company's ability to maintain its solid credit profile, despite
an anticipated intensive investment program.


KOZIATIN HOP: Claims Registration Deadline Ends October 5
---------------------------------------------------------
Creditors of Agricultural LLC Ukrainian Hop Technical Service
Agricultural Subsidiary Company Koziatin Hop (code EDRPOU
32215708) have until Oct. 5 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 10/176-07.

The Debtor can be reached at:

         Agricultural LLC Ukrainian Hop Technical Service
         Agricultural Subsidiary Company Koziatin Hop
         Cosmonauts Str.
         Koziatin District Signal
         24145 Vinnica
         Ukraine


MEGAPOLIS CJSC: Proofs of Claim Deadline Set October 5
------------------------------------------------------
Creditors of CJSC Megapolis (code EDRPOU 30524234) have until
Oct. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/493-b.

The Debtor can be reached at:

         CJSC Megapolis
        Pobeda Avenue 67
         03062 Kiev
         Ukraine


NVP UKRAINIAN: Proofs of Claim Deadline Set October 5
-----------------------------------------------------
Creditors of LLC NVP Ukrainian Transport Sale (code EDRPOU
34392147) have until Oct. 5 to submit written proofs of claims
to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B-39/143-07.

The Debtor can be reached at:

         LLC NVP Ukrainian Transport Sale
         Poltavsky Shliakh Str. 190/3
         Kharkov
         Ukraine


ROSTAVITSA LLC: Proofs of Claim Deadline Set October 5
------------------------------------------------------
Creditors of LLC Agricultural Firm Rostavitsa (code EDRPOU
30088613) have until Oct. 5 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 5/363-07.

The Debtor can be reached at:

         LLC Agricultural Firm Rostavitsa
         Kondratsky Str. 32
         Koziatin
         22100 Vinnica
         Ukraine


STIMUL PLUS: Creditors Must File Claims by October 5
----------------------------------------------------
Creditors of LLC Stimul Plus (code EDRPOU 32731294) have until
Oct. 5 to submit written proofs of claim to:

         Natalie Sedova
         Temporary Insolvency Manager
         40 years of Soviet Ukraine Str. 60-a
         69035 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed as
16/167/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Stimul Plus
         Dobroliubov Str. 3
         69006 Zaporozhje
         Ukraine


SVITANOK LLC: Proofs of Claim Deadline Set October 5
----------------------------------------------------
Creditors of LLC Svitanok (code EDRPOU 31609879) have until
Oct. 5 to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 4/284.

The Debtor can be reached at:

         LLC Svitanok
         Ruchki
         Gadiatsky District
         37300 Poltava
         Ukraine


UKRSOTSBANK JSCB: To Issue Up to US$600 million Bonds in 2008
-------------------------------------------------------------
JSCB Ukrsotsbank plans to issue a US$500 million-US$600 million
five-year Eurobond in the first quarter of 2008, Business News
Europe reports.

Ukrsotsbank's loan will be issued in time for its planned
US$99 million (UAH500 million) capital increase next year, after
Italian bank Unicredit S.p.A. completes its acquisition of the
Ukrainian company.

As reported in the TCR-Europe on July 11, 2007, UniCredit has
agreed to acquire 95% of Ukrsotsbank's shares for US$2.07
billion in cash.

Headquartered in Kiev, Ukraine, JSCB Ukrsotsbank --
http://www.usb.com.ua/-- provides banking services in three
principal sectors: retail business, corporate business, and
finance-institutional business.

                            *   *   *

As reported in the TCR-Europe on Aug. 17, 2007, Fitch Ratings
upgraded Ukraine's Ukrsotsbank Long-term Issuer Default rating
to 'B' from 'B-' and maintained the Rating Watch Positive
status.  Other ratings were affirmed at Short-term IDR 'B',
Individual 'D' and Support Rating Floor 'B-'.  The Support
rating of '5' remains on Rating Watch Positive.

As reported in the TCR-Europe on July 10, 2007, Moody's
Investors Service placed on review for possible upgrade the Ba1
local currency long-term debt rating of Ukrsotsbank, the D- bank
Financial Strength rating, the Aa1.ua National Scale Rating and
the Ba3 long-term debt rating of the bank's loan participation
notes.

Moody's said that the bank's B2 long-term foreign currency
deposit rating was affirmed, with positive outlook, as it
remains constrained by Ukraine's B2 country ceiling for such
deposits.


VECTOR-SERVICE LLC: Proofs of Claim Deadline Set October 5
----------------------------------------------------------
Creditors of LLC Firm Vector-Service (code EDRPOU 24670314) have
until Oct. 5 to submit written proofs of claims to

         Eugene Sevostianov
         Liquidator
         Universitetskaya Str. 9
         61003 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B-31/110-07.

The Court is located at:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Firm Vector-Service
         Tselinogradskaya Str.50-G
         61202 Kharkov
         Ukraine


* Fitch Comments on Ratings Prior to Ukraine Elections
------------------------------------------------------
Fitch Ratings has commented ahead of parliamentary elections in
Ukraine that the country's strong economic performance supports
the sovereign ratings in a time of political uncertainty.  The
emergence of a strong pro-business government could see
political risk ease.  Ukraine is rated Long-term foreign current
Issuer Default rating 'BB-' with Positive Outlook, Long-term
local currency IDR 'BB-' with Positive Outlook, Short-term IDR
'B' and Country Ceiling 'BB-'.

Ukraine's economy continues to perform strongly, growing 7.5% in
the first eight months of 2007 year-on-year.  Booming
consumption and solid business investment are driving growth,
fuelled by rising incomes, fast-growing bank credit and high
steel prices.  Fitch projects a moderate current account deficit
of 3% in 2007, up from 1.5% of GDP in 2006, but expects 2007's
CAD to be more than covered by equity FDI inflows.  The strength
of capital inflows saw official reserves rise to US$27 billion
by July 2007, further supporting external liquidity and the
UAH's peg to the US$ at 5.05.  The sovereign was a net public
external creditor to the tune of 8% of GDP at end-2006.

Public finances are strong, with general government debt of 15%
at end-2006 well below the 'BB' range median of 39%. Fitch
projects a fiscal deficit of 2.8% of GDP for 2007, with a
further US$1 billion of Eurobond issuance from Ukraine before
the end of 2007 despite recent market turmoil, following
successful issues by sub-investment-grade sovereigns Ghana
('B+'/Outlook Positive) and Turkey ('BB-'/Outlook Stable) in
September.

A pick-up in inflation partly mars the economic picture, with
prices rising 14.2% in the year to August.  While the risks
posed by double-digit inflation to sustainable growth should not
be discounted, Fitch notes that higher utilities and food prices
have propelled the rise in overall inflation in 2007, after a
37% hike in the price of imported gas in January 2007 and the
summer drought.  The authorities' tools for combating price
pressures are limited by the commitment to the UAH's peg, which
Fitch expects to be sustained at least through the forthcoming
period of post-election coalition-building.  Booming bank credit
growth (76% in the year to June 2007) and fast-rising bank
external debt draw attention to weaknesses in the financial
system, which continues to weigh on the ratings.

Early parliamentary elections are the latest act in the
political drama that has taken place in Ukraine since the Orange
Revolution of late 2004.  Fitch notes the potential for event
risk in connection with the elections, particularly as Ukraine's
constitutional arrangements lack clarity and broad support.  The
elections could be followed by a lengthy period of fractious
coalition-building, as happened after the March 2006 ballot.
However, the agency regards all three major parties in Ukraine's
political set-up as broadly pro-business, to varying degrees,
and pro-WTO entry.

"The emergence of a pro-business government with a commitment to
structural reform would diminish the weight of political risk in
the sovereign credit profile and boost the salience of the
strong economy and public finances," says Andrew Colquhoun,
Director in Fitch's Sovereigns Group.


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


ALLIANZ INSURANCE: U.S. Court Sets Oct. 23 Chapter 15 Hearing
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


BRUCE BOXES: Brings In Liquidators from Baker Tilly
---------------------------------------------------
Lynn Robert Bailey and Guy Edward Brooke Mander of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of Bruce Boxes Ltd. on Sept. 21 for the creditors' voluntary
winding-up procedure.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         City Plaza
         Temple Row
         Birmingham
         B2 5AF
         England


DYNAMOTIVE ENERGY: Plans US$105-Mln Investment to Form Complexes
----------------------------------------------------------------
Dynamotive Energy Systems Corporation has submitted documents to
the Government of Corrientes detailing plans to invest
approximately US$105 million to develop two self-contained
biofuel-to-electricity complexes in this northeastern province
of Argentina.

Each complex will be comprised of a 15.7-megawatt electricity-
generating station powered by the majority of the fuel output of
two 200-ton-per-day modular plants producing BioOil(R) biofuel
from wood waste and residues from nearby forests and other
biomass residue.  Excess BioOil produced at these facilities
will be sold into commercial and industrial fuel markets.

Dynamotive said sites for the two complexes -– to be located
approximately 500 miles from Buenos Aires, in Virasoro and Santa
Rosa -– are being secured by the Province of Corrientes.  The
company said the projects will proceed promptly once existing
10-year agreements-in-principle are finalized for the needed
supply and cost of the biomass raw materials, and for the
pricing structure of the electricity to be produced and
transmitted to nearby industry and communities from the
complexes.  Other similar projects are being planned for
additional locations in Corrientes, in Argentina, and elsewhere
in Latin America, Dynamotive said.

Development and construction of the complexes will be
implemented by Dynamotive, jointly with TECNA, a major Argentine
engineering firm, and financing will be provided by a group of
banks and other private sources.  When fully operational late
next year, the complexes will have available approximately
340,000 dry tons of biomass annually, providing opportunity for
further expansion.

The announcement was made in the city of Gobernador Virasoro by
Vice President Raul Parisi of Dynamotive Latinoamericana and
Governor Arturo Colombi of Corrientes Province, at a gathering
that included city and provincial officials, including Mayor
Rodolfo Fernandez and members of the provincial and local
cabinets.

Governor Colombi stated: "Dynamotive’s proposed investment
reflects strong support for the progress we are making in
Corrientes toward economic growth and environmental protection,
two goals to which we are all committed."

Mr. Parisi of Dynamotive commented: "Working with the Governor,
the Mayor and other officials in developing these biomass-to-
energy facilities will provide us with an attractive business
opportunity, as well as foster progress in the region with
widespread positive impact on the provincial economies, the
local job market and the environment."

Andrew Kingston, chief executive officer of Dynamotive, said,
"We are moving forward with these projects in Argentina because
the need and the economics are compatible with our corporate
growth goals, and they reflect how Latin America is helping to
lead the biofuel revolution.  We are honored to be enabling this
major step toward sustainability and to provide opportunity for
economic growth in the region.  We look forward to developing
future plants here and elsewhere in Argentina and South
America."

Mr. Kingston continued, "Dynamotive’s proprietary fast-pyrolysis
technology is a proven and cost-effective method of turning
agricultural and forest residues into renewable fuel and
electric power.  Furthermore, we have pioneered our technology
as a readily transportable series of modules that can create
such biofuel-to-electricity complexes virtually anywhere in the
world."

Dynamotive said a joint focus of the development of the
complexes is to tackle environmental issues arising from vast
stockpiles of decomposing wood waste and substantially increase
electricity-generating capacity in this forested region of
Argentina.

The above transactions are subject to negotiation of definitive
agreements and to securing sufficient capital.  Accordingly
there can be no certainty in respect of the Company’s ultimate
participation rights in the project, nor of actual completion of
them at this time.

                       About BioOil(R)

BioOil(R) is an industrial fuel produced from cellulose waste
material.  When combusted it produces substantially less smog-
precursor nitrogen oxides emissions than conventional oil as
well as little or no sulfur oxide gases, which are a prime cause
of acid rain. BioOil(R) and BioOil Plus(TM) are price-
competitive replacements for heating oils #2 and #6 that are
widely used in industrial boilers and furnaces.  They have been
EcoLogo certified, having met stringent environmental criteria
for industrial fuels as measured by Environment Canada’s
Environmental Choice Program.  BioOil(R) can be produced from a
variety of residue cellulosic biomass resources and is not
dependent on food-crop production.

                  About Dynamotive Energy

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider
headquartered in Vancouver, Canada, with offices in the USA, UK
and Argentina.  Its carbon/greenhouse gas neutral fast pyrolysis
technology uses medium temperatures and oxygen-less conditions
to turn dry waste biomass and energy crops into BioOil(TM) for
power and heat generation.  BioOil(TM) can be further converted
into vehicle fuels and chemicals.

                    Going Concern Doubt

BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of
Dynamotive Energy Systems Corp.'s consolidated financial
statements for the years ended Dec. 31, 2006, and 2005, in
accordance with Canadian reporting standards which do not permit
a reference to conditions and events casting substantial doubt
about the company's ability to continue as a going concern when
these are adequately disclosed in the financial statements.

Dynamotive Energy incurred a loss of US$14.3 million for the
year ended Dec. 31, 2006.  The company's ability to continue as
a going concern is dependent on achieving profitable operations,
commercializing its BioOil production technology and obtaining
the necessary financing in order to develop this technology.


EURODRIVE CAR: Calls In Liquidators from Grant Thornton
-------------------------------------------------------
Neil Tombs and Michael O'Connor of Grant Thornton U.K. LLP were
appointed joint liquidators of Eurodrive Car Rental Ltd. on
Sept. 15 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         Enterprise House
         115 Edmund Street
         Birmingham
         B3 2HJ
         England


FKI PLC: Moody's Cuts Rating to Ba3 on Weak Credit Metrics
----------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Ba2 the
Corporate Family Rating and the long-term senior unsecured
rating of FKI plc.  The outlook on all ratings has been changed
to stable from negative.

The rating action has been triggered by FKI's inability to
achieve the thresholds set for the Ba2 rating category and
Moody's concern that the negative factors impacting FKI's
results during 2006/7 might continue to weigh on the company's
performance.

The rating action reflects the fact that FKI was not able to
visibly improve key credit metrics to sustainable levels
commensurate with a Ba2 rating as cautioned in our press release
dated February 7.  Despite strong performance at Lifting
Products and Services and a higher operating profit at Energy
Technology, FKI's key financial metrics were merely stable year-
over-year due to reduced activity in the US housing and airport
markets, higher raw material prices and the translation effect
from a weakening US-Dollar.  Full year performance during
financial year 2006/07 (ending March 31) showed a reduced EBITA-
margin of 7.5% (FY 2005/06: 7.8%).  While cash leverage slightly
improved to 12.3% (retained cash flow to net debt), free cash
flow generated was negative resulting in a ratio -8.3% when
comparing to debt.  Net debt was merely stable at around GBP500
million, the reduction in gross debt having been mirrored in a
reduction of cash and cash equivalents, therefore the leverage
reduction based on gross debt to debt/EBITDA of 4.7x (2005/06:
5.2x) turned into an increase to 3.7x (from 3.5x) on a net debt
basis.

Moody's takes note that FKI has been able to extend its
revolving credit facility for another two years in the amount of
GBP120 million with increased covenant headroom.  However, the
debt maturity profile remains imbalanced, with the EUR600
million bond maturing in 2010 requiring to be refinanced by new
debt should the portfolio realignment not generate sufficient
funds from the sale of the Logistex and Hardware business until
that time.

The stable outlook reflects Moody's expectation that the
positive trends - as indicated in the company's recent trading
update for the first six months of fiscal year 2007/08 - seen in
Lifting Products and Services as well as in Energy Technology
should be strong enough to balance lower contributions from FKI
Logistex and Hardware.  Going forward Moody's would expect to
see an improvement of free cash flow to debt coverage to
increase above 3% (2006/07: -8.3%), EBIT/Interest Expense to
remain above 2.25x (2006/07: 2.4x) and net debt to EBITDA
leverage to remain below 4x (2006/07: 3.7x).

Downgrades:

   * Issuer: FKI plc

   -- Probability of Default Rating, Downgraded to Ba3 from Ba2;

   -- Corporate Family Rating, Downgraded to Ba3 from Ba2;

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
      from Ba2.

Outlook Actions:

   * Issuer: FKI plc

   -- Outlook, Changed To Stable From Negative

The last rating action for FKI has been on Feb. 7, 2007, when
Moody's downgraded FKI's ratings to Ba2 with a negative outlook.

FKI, headquartered in Loughborough, England, is an international
engineering group active in four specialized business areas: FKI
Logistex, Lifting Products & Services, Hardware and Energy
Technology.  The group generated revenues of GBP1,331 million
from continuing operations in fiscal year 2006/07.


GREYFRIARS INSURANCE: Court Sets Oct. 23 Chapter 15 Hearing
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


HEDDINGTON INSURANCE: U.S. Court Sets Oct. 23 Chapter 15 Hearing
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


INFOCELL TELECOM: Joint Liquidators Take Over Operations
--------------------------------------------------------
Kevin Anthony Murphy of Chantrey Vellacott DFK LLP and William
John Turner of BDO Stoy Steward LLP were appointed joint
liquidators of Infocell Telecom Ltd. (formerly Plaxten Ltd.) on
Sept. 9 for the creditors' voluntary winding-up proceeding.

Mr. Murphy can be reached at:

         Chantrey Vellacott DFK
         Russell Square House
         10-12 Russell Square
         London
         WC1B 5LF
         England

Mr. Turner can be reached at:

         BDO Stoy Steward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England


ISOLD IT: Appoints David S. Merrygold as Liquidator
---------------------------------------------------
David S. Merrygold of PKF (U.K.) LLP was appointed liquidator of
Isold IT Essex Ltd. on Sept. 25 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         PKF (U.K.) LLP
         16 The Havens
         Ransomes Europark
         Ipswich
         Suffolk
         IP3 9SJ
         England


KLAUSSNER RETAIL: Taps Liquidators from DTE Leonard Curtis
----------------------------------------------------------
A. Poxon, P. Reeves and J. M Titley of DTE Leonard Curtis were
appointed joint liquidators of Klaussner Retail Ltd. on Sept. 22
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury
         Lancs
         BL9 8AT
         England


KNOW HOW: Nigel Price Leads Liquidation Procedure
-------------------------------------------------
Nigel Price of Moore Stephens LLP was appointed liquidator of
Know How (U.K.) Ltd. on Sept. 12 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


LEAR CORP: Names Matthew Simoncini as Chief Financial Officer
-------------------------------------------------------------
Matthew J. Simoncini has been appointed as Lear Corporation's
chief financial officer, effective immediately, reporting to
Lear Vice Chairman James H. Vandenberghe.

Daniel A. Ninivaggi, Lear Executive Vice President, General
Counsel and Chief Administrative Officer, will continue to
oversee Corporate Development and Strategic Planning activities.

Most recently, Mr. Simoncini served as senior vice president of
Global Finance and chief accounting officer where he was
responsible for Lear's worldwide operational finance and
accounting.  Prior to this position, he served as vice
president, Operational Finance since 2004, during which time he
was responsible for Lear's divisional finance organization.  He
also served as the chief financial officer of Lear's Europe,
Asia and Africa operations from 2001-2004.

"Matt has done an outstanding job in a wide variety of key
finance and accounting roles, and his promotion to chief
financial officer is well deserved," said Bob Rossiter, Lear
Chairman, CEO and President.  "His business skills, operational
knowledge and broad financial experience make him the perfect
candidate to lead the Finance function.  I look forward to
working with him to further strengthen Lear's financial position
and continue to reposition our company for future success."

In addition to his qualifications with Lear, Simoncini served in
a variety of senior finance positions for United Technologies
Automotive, which Lear acquired in 1999.  He began his career in
1985 with Deloitte & Touche after earning a bachelor's degree
from Wayne State University in Detroit.  He is a Certified
Public Accountant and a member of the Michigan Association of
Certified Public Accountants.

                         About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2007,
Moody's Investors Service affirmed Lear Corporation's Corporate
Family Rating of B2 with a stable outlook.  Ratings on the
company's term loan of B2 and on its unsecured notes of B3 were
similarly affirmed but with slight revisions to their respective
LGD point estimates.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services raised its corporate credit
rating on Lear Corp. to 'B+' from 'B' and removed the ratings
from CreditWatch with positive implications where they were
placed on July 17, 2007.  The outlook is negative.


MITSUI SUMITOMO: U.S. Court Sets Oct. 23 Chapter 15 Hearing
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


NOVA CONTRACT: Hires Liquidators from Tenon Recovery
----------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Nova Contract Services Ltd.
on Sept. 24 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Richmonds House
         White Rose Way
         Doncaster
         DN4 5JH
         England


OCEAN MARINE: U.S. Court Sets Oct. 23 Chapter 15 Hearing
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


PLATT FURNISHINGS: Appoints J. M. Titley as Liquidator
------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Platt Furnishings Ltd. on Sept. 24 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


REMY INT'L: Noteholders Support Prepackaged Reorganization Plan
---------------------------------------------------------------
Remy International Inc. has received overwhelming acceptance of
its prepackaged plan of reorganization and will proceed to
promptly commence voluntary proceedings under Chapter 11 of the
U.S. Bankruptcy Code to seek confirmation of the plan.
Specifically, in excess of 99.9% in dollar amount and 98.1% in
number of holders of 8-5/8% Senior Notes and 100% in dollar
amount and 100% in number of holders of 9-3/8% Senior
Subordinated Notes and 11% Senior Subordinated Notes that voted
on the prepackaged plan, voted to approve the plan.

As reported in the Troubled Company Reporter on Aug. 2, 2007,
the key elements of the prepackaged plan include:

   * Repayment of the Company's secured creditors in full.

   * Raise US$85 million in preferred equity through a
     backstopped rights offering to be made to holders of the
     company's Senior Notes and Senior Subordinated Notes.

   * Total debt reduction of US$360 million through:

     -- Exchange of the company's US$145 million of existing
        8-5/8% Senior Notes for US$100 million of New Third-Lien
        Notes and US$45 million in cash (plus an amount of cash
        equal to the accrued but unpaid interest through the
        filing date (estimated to be US$10 million) and up to
        US$2 million of new preferred stock in respect of post
        petition interest).  In addition, these noteholders
        will receive a US$10 million consent fee for agreeing to
        the overall restructuring.

     -- Reduction of the company's unsecured debt obligations
        by US$315 million by converting the 9-3/8% Senior
        Subordinated Notes and 11% Senior Subordinated Notes
        into 100% of the common equity of the reorganized
        company.

     -- Cancellation of all of the company's existing equity
        interests.

"We are extremely pleased with the overwhelming support we
received from our noteholders and we are working expeditiously
to initiate our prepackaged chapter 11 filing as planned," John
Weber, President and CEO, said.

                   About Remy International Inc.

Headquartered in Anderson, Indiana, Remy International Inc. --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Brazil
and Korea.
                          *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2007,
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.


SEA INSURANCE: U.S. Court Sets Oct. 23 Chapter 15 Hearing
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


SOVEREIGN INSURANCE (UK): Court Sets Oct. 23 Chapter 15 Hearing
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


WAUSAU INSURANCE: U.S. Court Sets Oct. 23 Chapter 15 Hearing
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. Eastern Time on Oct. 23,
2007, to consider the Chapter 15 petitions filed by PRO
Insurance Solutions, Ltd., as foreign representative of the
these debtors:

   1. Greyfriars Insurance Co., Ltd.
   2. Sovereign Insurance (U.K.), Ltd.
   3. Allianz Insurance, P.L.C.
   4. Heddington Insurance (U.K.), Ltd.
   5. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
   6. The Ocean Marine Insurance Co., Ltd.
   7. Oslo Reinsurance Co. (U.K.), Ltd.
   8. The Sea Insurance Co., Ltd.
   9. Tokio Marine Europe Insurance, Ltd.
   10. Wausau Insurance Co. (U.K.), Ltd.
   11. Allianz Global Corporate & Specialty (France)

Responses to the petition are due no later 4:00 p.m., Eastern
Time on Oct. 16, 2007.

The Debtors underwrote insurance and reinsurance business in
pooling arrangements through Willis Faber(Underwriting
Management) Ltd. and its affiliates.  They underwrote risks
until the end of 1991, when they ceased accepting new businesses
and went into run-off.

Lawyers at Chadbourne & Parke, L.L.P. in New York City represent
the Foreign Representative in these cases.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).  The Debtors, with
certain other insurance companies, underwrote insurance and
reinsurance business in pooling arrangements through Willis
Faber (Underwriting Management) Ltd. and affiliates.  The group
underwrote risks until the end of 1991, when they ceased
accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

June 19-21, 2008
  ALI-ABA
     Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
        Drafting, Securities, and Bankruptcy
           Omni Hotel, San Francisco, California
              Contact: http://www.ali-aba.org/

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

July 10-13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com;
              http://researcharchives.com/t/s?20fa

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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