TCREUR_Public/071005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, October 5, 2007, Vol. 8, No. 197

                            Headlines


A U S T R I A

APG PROJEKTMANAGEMENT: Claims Registration Period Ends Oct. 23
BVS LLC: Claims Registration Period Ends Oct. 24
DE MATTEIS: Claims Registration Period Ends Oct. 25
INOVAT LLC: Claims Registration Period Ends Oct. 24
SANLI BAU: Claims Registration Period Ends Oct. 23

TWS AUTOHANDEL: Vienna Court Orders Business Shutdown
VASS LLC: Vienna Court Orders Business Shutdown
YUSUF YIGIT: Claims Registration Period Ends Oct. 25


B E L G I U M

KENDLE INTERNATIONAL: Names Ken Hintze as Vice President


F I N L A N D

NVIDIA CORP: S&P Affirms BB- Corp. Rating with Stable Outlook


F R A N C E

BOWNE & CO: Earns $15.7 million in Second Quarter Ended June 30
DELPHI CORP: U.S. Trustee Adds SABIC to Creditors Committee
SOLECTRON CORP: Flextronics Deal Cues Fitch to Withdraw Ratings


G E R M A N Y

ALLEXPORT HANDELSGESELLSCHAFT: Creditors' Claims Due November 1
AQWA GMBH: Claims Registration Ends October 16
BACHL CARAVAN: Claims Registration Period Ends Nov. 2
BADERSTUDIO ZINGST: Claims Registration Ends October 29
BETEILIGUNGSGESELLSCHAFT PAUL: Claims Registration Ends Nov. 1

CC PERION: Creditors Must File Claims by November 1
CHRYSLER LLC: September 2007 U.S. Sales Down 5%
DAN WITT: Claims Registration Period Ends November 14
DITMAR SEBECZEK: Claims Registration Ends October 29
DURA AUTOMOTIVE: Gets Court Nod to Submit Plan to Creditors

EHK BETEILIGUNGS: Claims Registration Ends Oct. 17
FERIENDORF AM VATTERODER: Claims Registration Ends Nov. 1
GERVES BAUTRAGER: Claims Registration Ends October 29
GM-ABBRUCH: Claims Registration Ends Oct. 18
HERFEI SPIELTREFF: Claims Registration Period Ends Nov. 16
PARKLAND GMBH: Claims Registration Period Ends Nov. 16

PLANBAU GMBH: Claims Registration Period Ends Nov. 16
RESTAURANT BRUENGER: Creditors Must File Claims by October 30
RUDOLF MATZKE: Claims Registration Ends Oct. 15
SCHIEDER-MOEBELWORK: Berggruen Buys Large Chunk of Assets
WILFRIED FROHBERG: Claims Registration Period Ends Nov. 1

ZUELPICHER REISEBUERO: Claims Registration Ends October 26


I R E L A N D

FREESTAR TECHNOLOGY: Auditor Raises Going Concern Doubt


I T A L Y

ALITALIA SPA: Aeroflot Denies Possible Rebid for Italy's Stake
DANA CORP: Appaloosa Re-Affirms Investment Bid; Sends Final Deal
DANA CORP: Eyes Entry of Mexican Unit Restructuring Process
M. FABRIKANT: Files Joint Chapter 11 Plan of Liquidation
PARMALAT SPA: Settles Case vs. GKB AG for EUR20.75 Million

PARMALAT SPA: Settles Case vs. Calyon for EUR2.63 Million
PARMALAT SPA: Judge Doubts EUR2.1 Billion Claim Against Banks
PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures


K A Z A K H S T A N

AKTOBE STANKAL: Proof of Claim Deadline Slated for Nov. 9
AKTOGAI TRANSPORT: Creditors Must File Claims Nov. 9
BANK TURANALEM: Sovereign Ratings Cue S&P to Amend Outlook
CAPITAL REAL: Claims Filing Period Ends Nov. 9
EURASIAN BANK: Standard & Poor's Changes Outlook to Positive

EURASIA INSURANCE: Sovereign Ratings Cue S&P to Change Outlook
GORIZONT LLP: Creditors' Claims Due on November 9
JARKEN LLP: Claims Registration Ends November 9
KONYSBAYEV LLP: Creditors Must File Claims November 9
KRASNY KUT: Claims Filing Period Ends November 9
PRIDE INTERNATIONAL: Earns US$146.1 Million in Second Quarter


K Y R G Y Z S T A N

SOLMAN LLC: Creditors Must File Claims by November 2


L U X E M B O U R G

TNK-BP FINANCE: Issuing Over US$500 Million Debt for Parent


P O L A N D

AUTOCAM CORP: Weak Performance Cues Moody's to Hold B3 Rating
SCO GROUP: Taps Berger Singerman as General Counsel
SCO GROUP: Promotes Sandy Gupta to President of SCO Operations


R U S S I A

BOROVICHSKIJ FEED: Court Names Nichkov A.V. as Liquidator
BUIAVTOTRANS OJSC: Creditors Must File Claims by Oct. 22
CHAPAEV FISH FARM: Asset Sale Slated for October 23
FOOD COMPLEX: Creditors Must File Claims by Oct. 22
HEATING SYSTEMS: Creditors Must File Claims by Nov. 22

KUBAN' CJSC: Bidding Deadline Slated for October 17
ROSSIYA INSURANCE: Fitch Rates Financial Strength at B+
SISTEMA JSFC: Buys 10% Stake in Shyam Telelink for US11.4 Mln
TNK-BP HOLDING: Issuing Over US$500 Million Debt
TRANSSIBERIAN REINSURANCE: Fitch Affirms B+ IFS Ratings

VIMPELCOM: Telenor Ends Legal Row with Alfa's Altimo Over URS
WALLING PLANT OJSC: Asset Sale Slated for October 25


S P A I N

ACXIOM CORP: Expects Improved Second Quarter Financial Results
GRUPO LLANERA: Files for Bankruptcy Protection in Valencia


S W E D E N

FLEXTRONICS INT'L: Fitch Affirms 'BB+' Issuer Default Rating


S W I T Z E R L A N D

CONFECOL JSC: Creditors' Liquidation Claims Due October 12
FRAG FINANZRATGEBER: Creditors' Liquidation Claims Due Nov. 7
GRAPHIS KARTOGRAPHIE: Court Starts Bankruptcy Proceedings
HI METAL: Zug Court Starts Bankruptcy Proceedings
KONSTANTI & PARTNER: Creditors' Liquidation Claims Due Oct. 31

PETROPLUS INT'L: Creditors' Liquidation Claims Due Oct 12
VIROOS LLC: Creditors' Liquidation Claims Due October 10
YASODI JSC: Creditors' Liquidation Claims Due October 12


T U R K E Y

PETROL OFISI: Fitch Holds BB- IDR on Strong Fin'l. Performance


U K R A I N E

BANK FORUM: To Secure US$90 Million Syndicated Loan
BUILDING REPAIR: Proofs of Claim Deadline Set October 5
CARDINAL RESOURCES: Delays Interim Results Ending June 2007
DRUZHBA LLC: Creditors Must File Claims by October 5
IVANO-FRANKOVSK FURNITURE: Proofs of Claim Deadline Set Oct. 5

KMB-1 LLC: Proofs of Claim Deadline Set October 5
KREONIS LLC: Proofs of Claim Deadline Set October 5
MALVA LLC: Creditors Must File Claims by October 5
RAILROAD CAR: Proofs of Claim Deadline Set October 5
SCHUCHENETSKOE LLC: Proofs of Claim Deadline Set October 5


U N I T E D   K I N G D O M

ADVANCED MARKETING: Plan Confirmation Hearing Set for Nov. 15
ADVANCED MARKETING: Court Okays Baker Taylor Settlement Pact
AFRICAN TRACKWOODS: Brings In Liquidators from Wilkins Kennedy
CABLE & WIRELESS: Unit Launches Network Operations Center
CAMBRIDGE BUILDING: Joint Liquidators Take Over Operations

COTT CORP: S&P Revises CreditWatch to Negative from Developing
COWPER LAWRENCE: Claims Filing Period Ends November 2
FIORI – LEEDS: Calls In Liquidators from Tenon Recovery
FORD MOTOR: Overall September 2007 Vehicle Sales Decline by 21%
FORK TRUCK: Bibby Factors Taps Begbies Traynor as Receivers
GENERAL MOTORS: September 2007 Deliveries Up 4%

GROUND ZERO: David Elliott Leads Liquidation Procedure
GUILDER GRAPHICS: Taps Liquidators from Smith & Williamson
INNER COMPASS: Appoints Liquidators from Tenon Recovery
INTERNATIONAL RECTIFIER: Alex Lidow Steps Down as CEO & Director
INTERNATIONAL RECTIFIER: Discloses Key Internal Initiatives
MICRON TECH: Posts US$320 Million Net Loss in Year Ended Aug. 30

MYLAN LABS: Acquires Generics Business of Merck KGaA
MYLAN LABS: Appoints Didier Barret as President of EMEA
NASDAQ STOCK: Completes Sale of 28% LSE Stake to Borse Dubai
NASDAQ STOCK: Buying Boston Stock Exchange for US$61 Million
NASH FINCH: Moody's May Cut B2 Rating After Review
QUALITY ASSURED: Names M. C. Bowker Liquidator

SMURFIT KAPPA: Fitch Affirms BB- IDR on Strong Performance
SOLO CUP: Hires Scott Advertising as Creative Agency
TIME SAVERS: Claims Filing Period Ends October 26
US ENERGY: Lenders Extend Credit to Meet Capital Deficiencies
W. A. WILLSON: Claims Filing Period Ends October 31

* BOOK REVIEW: Mergers and Acquisitions

                            *********

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


APG PROJEKTMANAGEMENT: Claims Registration Period Ends Oct. 23
--------------------------------------------------------------
Creditors owed money by LLC APG Projektmanagement (FN 247172p)
have until Oct. 23 to file written proofs of claim to court-
appointed estate administrator Christian Ebmer at:

         Mag. Christian Ebmer
         Schillerstr. 12
         4020 Linz
         Austria
         Tel: 65 69 69
         Fax: 65 69 69-60
         E-mail: office@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Sept. 5 (Bankr. Case No. 38 S 48/07y).


BVS LLC: Claims Registration Period Ends Oct. 24
------------------------------------------------
Creditors owed money by LLC BVS (FN 136687k) have until Oct. 24
to file written proofs of claim to court-appointed estate
administrator Eva Riess at:

         Dr. Eva Riess
         c/o Mag. Nikolaus Vogt
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01 33
         Fax: 402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 4 (Bankr. Case No. 2 S 117/07d).  Nikolaus Vogt
represents Dr. Riess in the bankruptcy proceedings.


DE MATTEIS: Claims Registration Period Ends Oct. 25
---------------------------------------------------
Creditors owed money by KEG De Matteis (FN 235832m) have until
Oct. 25 to file written proofs of claim to court-appointed
estate administrator Gerhard Stauder at:

         Mag. Gerhard Stauder
         c/o Dr. Georg Kahlig
         Siebensterngasse 42
         1070 Vienna
         Austria
         Tel: 523 47 91
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 8 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 Sept. 5 (Bankr. Case No. 5 S 105/07m).  Georg Kahlig
represents Mag. Stauder in the bankruptcy proceedings.


INOVAT LLC: Claims Registration Period Ends Oct. 24
---------------------------------------------------
Creditors owed money by LLC Inovat (FN 255062t) have until
Oct. 24 to file written proofs of claim to court-appointed
estate administrator Walter Kainz at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Nov. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 5 (Bankr. Case No. 2 S 118/07a).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


SANLI BAU: Claims Registration Period Ends Oct. 23
--------------------------------------------------
Creditors owed money by KEG Sanli Bau- & Handels (FN 273599b)
have until Oct. 23 to file written proofs of claim to court-
appointed estate administrator Katharina Pitzal at:

         Mag. Katharina Pitzal
         c/o Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 6 S 106/07s).  Hannelore Pitzal
represents Mag. Katharina Pitzal in the bankruptcy proceedings.


TWS AUTOHANDEL: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Sept. 3 an order shutting down
the business of LLC TWS Autohandel (FN 176454t).

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

The estate administrator can be reached at:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55-33
         E-mail: Hoedl@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 22 (Bankr. Case No 28 S 95/07k).


VASS LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Sept. 3 an order shutting down
the business of LLC Vass (FN 284875i).

Court-appointed estate administrator Stefan Jahns 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. Stefan Jahns
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 532 17 11
         Fax: 532 17 11 11
         E-mail: kanzlei@jahns.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 22 (Bankr. Case No 28 S 96/07g).


YUSUF YIGIT: Claims Registration Period Ends Oct. 25
----------------------------------------------------
Creditors owed money by KEG Yusuf Yigit (FN 268072z) have until
Oct. 25 to file written proofs of claim to court-appointed
estate administrator Andrea Simma at:

         Dr. Andrea Simma
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 8 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 Sept. 5 (Bankr. Case No. 5 S 104/07i).


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


KENDLE INTERNATIONAL: Names Ken Hintze as Vice President
--------------------------------------------------------
Kendle International has appointed Ken Hintze, PhD, as Vice
President, Global Clinical Safety and Pharmacovigilance.  Dr.
Hintze will lead the continued growth and development of
Kendle's global clinical safety and pharmacovigilance business,
including safety services in support of Phase I-IV trials as
well as stand- alone safety projects.  Dr. Hintze most recently
was Senior Director, Global Clinical Safety and
Pharmacovigilance and has been instrumental in advancing
Kendle's safety organization to the global resource it is today.

"Patient safety remains among our highest priorities at Kendle,"
noted Melanie Bruno, PhD, Vice President, Global Regulatory
Affairs and Quality.  "With increasingly complex safety
regulations worldwide, our global network of experts ensures
both regulatory compliance as well as patient health and
welfare.  We are very pleased to have Dr. Hintze in this
important global role and look forward to his ongoing leadership
and expertise as we focus on meeting our customers' needs for
high-quality safety services."

With more than 100 safety experts based in nine locations
worldwide, Kendle offers a globally connected network of safety
experts experienced in working within the regulatory
requirements of any country.  The company's safety organization
develops risk management plans, coordinates global
regulatory reporting -- including Suspected Unexpected Serious
Adverse Reaction reports as well as periodic reports -- and
performs endpoint adjudication utilizing a new proprietary
electronic endpoint adjudication system that increases both
speed and accuracy.  The organization is proficient in the full
spectrum of safety database systems and can maintain databases
internally or within a customer's system via secure connections.
The Safety organization works closely with Kendle's Medical
Affairs group in reviewing adverse events to provide customers
with comprehensive medical monitoring and safety services.

Dr. Hintze brings nearly 30 years of safety and regulatory
experience to this position.  He joined Kendle in 2002 following
23 years at Procter & Gamble in various safety roles involving
pharmaceutical and consumer products, including Section Manager,
Information Systems and Data Management and North America
Product Safety Surveillance; and Section Manager, Global
Corporate Toxicology and Consumer Health and Safety Affairs.
Dr. Hintze earned Doctorate and Master of Science degrees in
pharmacology/toxicology from the University of Iowa and a
Bachelor of Science in chemistry from Iowa State University.  He
is a member of numerous medical and scientific societies,
including the Society of Toxicologists.  Dr. Hintze is a widely-
published author, as well as an accomplished speaker presenting
at numerous professional conferences and symposia.  He is based
in Cincinnati and reports to Dr. Bruno.

                         About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) --
http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, Europe,
Asia/Pacific, Africa and Latin America.  In the Asia Pacific,
Kendel maintains operations in Australia, China, and India.  In
Europe, Kendle maintains operations in Belgium, France, Germany,
Italy, Netherlands, Spain, and the United Kingdom.

                        *     *     *

As of July 3, 2007, the company carried Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  Moody's said the outlook was stable.

In addition, the company also carried Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook was
stable.


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


NVIDIA CORP: S&P Affirms BB- Corp. Rating with Stable Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Nvidia Corp. to positive from stable, following several quarters
of strong operating performance despite the acquisition of a key
competitor by Advanced Micro Devices Inc.  The corporate credit
rating is affirmed at 'BB-'.

"The ratings reflect a narrow business profile, frequent product
introductions, and challenges to expand the company's graphics
technology to new applications," said S&P's credit analyst Lucy
Patricola.  "These are offset only partially by the company's
strengthening market share and strong operating performance."
Nvidia had US$127.7 million of lease-adjusted debt outstanding
as of July 29, 2007, and no funded debt.

Nvidia competes in a small subsegment of the semiconductor
industry, designing graphics processors used in desktop and
notebook computers and handheld devices.  The components are
sold to consumers, as an add-in card, to computer OEMs, or in
partnership with Intel or AMD for an integrated chipset.

Profitability is strong and improving with increased volumes.
EBITDA margin was 23% for the July quarter, up from 18%-20%.
Profitability should be sustained in the near-to-intermediate
term, based on expectations of a continued strong share in the
high performance segment.

The company's leverage is very light for the rating, with debt
to EBITDA of less than 1.

Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq:
NVDA) -- http://www.nvidia.com/-- creates innovative, industry-
changing products for computing, consumer electronics, and
mobile devices.  The NVIDIA(R) graphics processing unit and
media and communications processor brands include NVIDIA
GeForce(R), NVIDIA GoForce(R), NVIDIA Quadro(R), and NVIDIA
nForce(R).  These product families are transforming visually-
rich applications such as video games, film production,
broadcasting, industrial design, space exploration, and medical
imaging.  The company has offices throughout Asia, Europe, and
the Americas including Brazil, Argentina, Finland, France, U.K.,
Hong Kong, China, Japan, Russia, among others.


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F R A N C E
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BOWNE & CO: Earns $15.7 million in Second Quarter Ended June 30
---------------------------------------------------------------
Bowne & Co. Inc. reported net income of $15.7 million in the
second quarter ended June 30, 2007, compared with net income of
$6.2 million for the same period ended June 30, 2006.  Income
from continuing operations increased to $15.8 million from
$10.2 million reported in the 2006 period.

Revenue was $261.9 million in the second quarter of 2007,
compared to $260.3 million in 2006.  Gross margin improved to
38.2% from 36.0% in the second quarter of 2006.

Net income was $26.4 million for the six months ended June 30,
2007, compared to $7.8 million reported in the 2006 period.
Income from continuing operations increased to $25.9 million
from $11.6 million in 2006.

For the six months ended June 30, 2007, revenue was
$473.5 million, up 2% from $466.0 million reported in the first
six months of 2006.  Gross margin improved to 38.5% from 35.2%
in the first half of 2006.

David J. Shea, Bowne chairman, president and chief executive
officer, stated, "We are pleased with our strong second quarter
and year-to-date performance.  These results reflect our ongoing
commitment to execute on our strategic initiatives and enhance
operating efficiencies.  The improvement in margins and
increased profitability are especially noteworthy, as well as
the significant growth in non-transactional revenue.  Year-to-
date total revenue from continuing operations is the highest
since 2000.  We are optimistic about the remainder of 2007 and
anticipate we will be in the upper end of the EPS guidance
previously provided."

John J. Walker, senior vice president and chief financial
officer, added, "Our commitment to improving operating
efficiencies and reducing our overall cost structure is
evidenced by the recent consolidation of our leased space at 55
Water Street in New York City.  This action will save the
company approximately $50 million over the remaining 19-year
lease term."

Restructuring, integration and asset impairment charges totaled
$7.9 and $10.0 million for the 2007 second quarter and year-to-
date respectively, compared to $6.1 and $10.2 million in the
comparable 2006 periods.  Year-to-date 2007 charges include
facility exit costs and asset impairment charges of
approximately $5.7 million related to the consolidation of the
company's leased space at 55 Water Street in New York City and
severance, integration and facility costs related to the
integration of the St Ives Financial business.

At June 30, 2007, the company's consolidated balance sheet
showed $537.5 million in total assets, $275.5 million in total
liabilities, and $262.0 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?23f1

                            Cash Flow

For the six months ended June 30, 2007, cash and marketable
securities declined $37.5 million from year-end 2006, reflecting
the funding of $18.7 million in stock repurchases, $12.6 million
for acquisitions, $10.9 million in capital expenditures,
including $2.9 million related to the consolidation of the 55
Water Street facility, and the normally high seasonal working
capital usage in the period.

The company has no borrowings outstanding under its $150 million
five-year senior, unsecured revolving credit facility.

                     Share Repurchase Program

In the 2007 second quarter, the company spent $5.7 million
repurchasing 333,980 shares of its common stock at an average
price per share of $17.20.  During the six months ended June 30,
2007, the company repurchased 1.2 million shares of its common
stock for $18.7 million at an average price of $16.01.  From
December 2004, the inception of the company's share repurchase
program, through June 30, 2007, Bowne has spent approximately
$164.0 million to repurchase 11.0 million shares at an average
price per share of $14.89.  As of Aug. 8, 2007, $29 million of
its share repurchase authorization remained.

                      About Bowne & Co. Inc.

Headquartered in New York City, Bowne & Co. Inc. (NYSE: BNE)
-- http://www.bowne.com/-- provides financial, marketing and
business communications services around the world.  Bowne has
3,200 employees in 60 offices around the globe, including
France, Germany, Italy, Hongkong, Singapore, Japan, Argentina,
Brazil and Mexico.

                          *     *     *

Bowne & Co. Inc. still carries Moody's 'Ba3' corporate family
rating which was affirmed last January 2007.  The outlook
remains positive.


DELPHI CORP: U.S. Trustee Adds SABIC to Creditors Committee
-----------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, has appointed
SABIC Innovative Plastics as a member of the Official Committee
of Unsecured Creditors of Delphi Corp. and its debtor-
affiliates.  Electronic Data Systems Corp. and General Electric
Company are no longer Committee members.

The Creditors Committee now consists of:

  1. SABIC Innovative Plastics
     9930 Kincey Avenue
     Huntersville, North Carolina
     Attention: Valerie Venable
     Tel: (704) 992-5075

  2. Tyco Electronics Corporation
     60 Columbia Road
     Morristown, New Jersey
     Attention: MaryAnn Brereton
     Tel: (973) 656-8365

  3. IUE-CWA
     2360 W. Dorothy Lane, Suite 201
     Dayton, Ohio
     Attention: Lauren Aspland
     Tel: (937) 294-7813

  4. Capital Research and Management Company
     11100 Santa Monica Blvd., 15th Floor
     Los Angeles, California
     Attention: Michelle Robson
     Tel: (310) 996-6140

  5. Wilmington Trust Company, as Indenture Trustee
     Rodney Square North, 1100 North Market Street
     Wilmington, Delaware
     Attention: Steven M. Cimalore
     Tel: (302) 636-6058

  6. Freescale Semiconductor, Inc.
     6501 William Cannon Drive West, MD: OE16
     Austin, Texas
     Attention: Richard Lee Chambers, III
     Tel: (512) 895-6357

                          About Delphi

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.

(Delphi Bankruptcy News, Issue No. 87 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLECTRON CORP: Flextronics Deal Cues Fitch to Withdraw Ratings
---------------------------------------------------------------
Fitch Ratings has upgraded and withdrawn these Solectron
Corporation ratings following its acquisition by Flextronics
International Ltd. (Flextronics; rated 'BB+'):

  -- Issuer Default Rating to 'BB+' from 'BB-';
  -- Senior unsecured debt to 'BB+' from 'BB-';
  -- Subordinated debt to 'BB-' from 'B+'.

The rating action resolves Solectron's Rating Watch Positive
status.

Fitch has withdrawn all of the ratings for Solectron, including
its senior secured bank facility rating which was previously
affirmed at 'BB+', based on the expectation that Flextronics
will redeem all outstanding obligations of Solectron following
the close of its acquisition which occurred on Oct. 1, 2007.
The final ratings for Solectron reflect the equivalent ratings
for Flextronics.


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


ALLEXPORT HANDELSGESELLSCHAFT: Creditors' Claims Due November 1
---------------------------------------------------------------
Creditors of Allexport Handelsgesellschaft mbH have until Nov. 1
to register their claims with court-appointed insolvency manager
Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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:

         Walter Broehan
         Muehlenstr. 56
         23552 Luebeck
         Germany

The District Court of Leubeck opened bankruptcy proceedings
against Allexport Handelsgesellschaft mbH on Sept. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Allexport Handelsgesellschaft mbH
         Attn: Hans-Joachim Mierau, Manager
         Sophienstr. 5
         23560 Luebeck
         Germany


AQWA GMBH: Claims Registration Ends October 16
----------------------------------------------
Creditors of AqWa GmbH KompetenzCentrum Trinkwasserhygiene have
until Oct. 16 to register their claims with court-appointed
insolvency manager Dr. Stephan Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Schlegel
         Hauptstrasse 336
         65760 Eschborn
         Germany
         Tel: 06173/9394-0
         Fax: 06173/9394-20

The District Court of Darmstadt opened bankruptcy proceedings
against AqWa GmbH KompetenzCentrum Trinkwasserhygiene on
Sept. 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         AqWa GmbH KompetenzCentrum Trinkwasserhygiene
         Schulstrasse 22 A
         64859 Eppertshausen
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Dec. 17, 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
         Room 216
         II Dienstgebaude
         Baumenstrasse 28
         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 Nuremberg
         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


BADERSTUDIO ZINGST: Claims Registration Ends October 29
-------------------------------------------------------
Creditors of Baderstudio Zingst Vertriebs-GmbH have until
Oct. 29 to register their claims with court-appointed insolvency
manager Nild Eggers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Nild Eggers
         Lange Strasse 50
         18311 Ribnitz-Damgarten
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Baderstudio Zingst Vertriebs-GmbH on Sept. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baderstudio Zingst Vertriebs-GmbH
         Attn: Ina Lachelt, Manager
         Boddenweg 8
         18374 Zingst
         Germany


BETEILIGUNGSGESELLSCHAFT PAUL: Claims Registration Ends Nov. 1
--------------------------------------------------------------
Creditors of Beteiligungsgesellschaft Paul Koerner mbH have
until Nov. 1 to register their claims with court-appointed
insolvency manager Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Luebeck
         Hall E3
         Burgfeld 7
         23568 Luebeck
         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:

         Walter Broehan
         Muehlenstr. 56
         23552 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Beteiligungsgesellschaft Paul Koerner mbH on Sept. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Beteiligungsgesellschaft Paul Koerner mbH
         Attn: Philip Harland, Manager
         Halert Ort 7-11
         23568 Luebeck
         Germany


CC PERION: Creditors Must File Claims by November 1
---------------------------------------------------
Creditors of CC Perion GmbH have until Nov. 1 to register their
claims with court-appointed insolvency manager Jochen Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Jochen Wagner
         Goldknopfgasse 2
         85049 Ingolstadt
         Germany

The District Court of Ingolstadt opened bankruptcy proceedings
against CC Perion GmbH on Sept. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         CC Perion GmbH
         Am Eichelanger 6
         85053 Ingolstadt
         Germany

         Attn: Klaus Nuerck, Manager
         Australias 74
         85100 Rhodos
         Germany


CHRYSLER LLC: September 2007 U.S. Sales Down 5%
-----------------------------------------------
Chrysler LLC reported U.S. sales for September 2007 of 159,799
units; down 5% compared to September 2006 with 168,888 units
sold.  All sales figures are reported as unadjusted.

“With the overall industry down versus September 2006, Chrysler
retail sales remain strong,” Darryl Jackson, Vice President –
U.S. Sales, said.  “Our fleet sales continue to trend down more
than 20 percent driving the overall sales decrease for the
month.  This is directly in line with our plan to reduce daily
rental fleet during the second half of the year.”

Chrysler brand car sales were led by Sebring Sedan which posted
sales of 4,418 units and Sebring Convertible which finished the
month with sales of 1,639 units.  Chrysler Aspen sales rose 8
percent versus August 2007 with 3,875 units.

Jeep(R) brand sales were down 11% year-over-year with retail
sales up and fleet down driven by planned fleet reductions,
while Wrangler posted gains.  Jeep Wrangler and Wrangler
Unlimited posted sales of 8,605 units, up 71% versus September
2006.

Dodge brand sales increased 5% over last year led by Dodge Ram
which posted a gain of 20%.  The all-new Dodge Nitro was up 2%
over August 2007.

“Our sell down on 2007 models is going very well and in October
we will continue to offer aggressive lease and retail payments
for our customers,” Michael Keegan, Vice President – Volume
Planning and Sales Operations said.  “We will extend the 0% APR
offering for 60 months on more 2007 models through the end of
the month.”

Chrysler finished the month with 450,733 units of inventory, or
a 71-day supply.  Inventory is down by 15% compared to September
2006 when it was at 533,220 units.

                       About Chrysler LLC

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

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

                          *    *    *

As reported in the Troubled Company Reporter-Europe on Oct. 2,
2007, Standard & Poor's Ratings Services placed its corporate
credit ratings on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC on CreditWatch with positive implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) $10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
$10 billion first-lien term loan now consists of a $5 billion
"first-out" tranche and a $5 billion "second-out" tranche, so
the aggregate amount of first-lien debt remains unchanged.

Accordingly, S&P assigned a 'BB-' rating to the $5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the $5 billion "second-out" first-lien
term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

As previously reported, Moody's Investors Service has affirmed
Chrysler Automotive LLC's B3 Corporate Family Rating, and the
Caa1 rating of the company's $2 billion senior secured, second
lien term loan in connection with Monday's closing of
DaimlerChrysler AG's sale of a majority interest of Chrysler
Group to Cerberus Capital Management LLC.


DAN WITT: Claims Registration Period Ends November 14
-----------------------------------------------------
Creditors of DAN WITT Prasentationstechnik GmbH have until
Nov. 14 to register their claims with court-appointed insolvency
manager Ralph Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ralph Schmid
         Duelmener Str. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

The District Court of Muenster opened bankruptcy proceedings
against DAN WITT Prasentationstechnik GmbH on Sept. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DAN WITT Prasentationstechnik GmbH
         Ruebenkamp 4
         59399 Olfen
         Germany

         Bettina Daniel, Manager
         Horn-Westerwinkel 16
         59387 Ascheberg
         Germany


DITMAR SEBECZEK: Claims Registration Ends October 29
----------------------------------------------------
Creditors of Ditmar Sebeczek Gesellschaft fuer angewandte
Informatik und Bauwesen mbH have until Oct. 29 to register their
claims with court-appointed insolvency manager Klaus Regeling.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Klaus Regeling
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228/81000-56
         Fax: 0228/81000820

The District Court of Bonn opened bankruptcy proceedings against
Ditmar Sebeczek Gesellschaft fuer angewandte Informatik und
Bauwesen mbH on Sept. 18.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Ditmar Sebeczek Gesellschaft fuer angewandte
         Informatik und Bauwesen mbH
         Attn: Ditmar Sebeczek, Manager
         Rehefeld 40
         53757 Sankt Augustin
         Germany


DURA AUTOMOTIVE: Gets Court Nod to Submit Plan to Creditors
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved DURA Automotive Systems Inc.'s Disclosure Statement,
solicitation procedures and creditor ballots.  In a hearing that
took place yesterday, Oct. 3, 2007, the U.S. Bankruptcy Court
for the District of Delaware determined that DURA's Disclosure
Statement contains the necessary information to enable creditors
to vote on DURA's Plan of Reorganization.

In addition, the Official Committee of Unsecured Creditors
supports confirmation of DURA's Plan and has filed a statement
urging creditors to vote to accept the Plan.

"This favorable Court decision and support from the Committee
for
our plan to reorganize the Company, paves the way for DURA to
exit Chapter 11 this year as planned," said Larry Denton,
Chairman and Chief Executive Officer of Dura Automotive Systems.

"We are looking forward to completing the legal process and
focusing all of our resources on innovation and execution of our
financial and operational strategy to aggressively compete and
grow in the global automotive marketplace."

The Plan and Disclosure Statement provide details on how DURA
intends to treat claims against the Company and emerge from
Chapter 11 protection in the fourth quarter of 2007.  The
Court's approval of the Disclosure Statement enables DURA to
begin sending its Plan of Reorganization and Disclosure
Statement to creditors to obtain their vote on the Plan.  The
ruling allows DURA's balloting agent to soon begin distribution
of ballots and accompanying support materials to parties
eligible to vote to accept or reject the Plan.

The Court also set Nov. 26, 2007, as the hearing date for Plan
confirmation.  Once the Plan is confirmed and administrative
procedures are completed, DURA will officially emerge from
Chapter 11.

DURA was advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

                      About DURA Automotive

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

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

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

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


EHK BETEILIGUNGS: Claims Registration Ends Oct. 17
--------------------------------------------------
Creditors of EHK Beteiligungs GmbH have until Oct. 17 to
register their claims with court-appointed insolvency manager
Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 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 Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Rolf Rattunde
         Neumarktstr. 2c
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against EHK Beteiligungs GmbH on Sept. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EHK Beteiligungs GmbH
         Ihnestr. 5
         58540 Meinerzhagen
         Germany


FERIENDORF AM VATTERODER: Claims Registration Ends Nov. 1
---------------------------------------------------------
Creditors of Feriendorf am Vatteroder Teich GmbH have until
Nov. 1 to register their claims with court-appointed insolvency
manager Stephan Poppe.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Stephan Poppe
         Emil-Eichhorn-Str. 1
         06114 Halle
         Germany
         Tel: 0345/530490
         Fax: 0345/5304926

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Feriendorf am Vatteroder Teich GmbH on
Aug. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Feriendorf am Vatteroder Teich GmbH
         Teich 11
         06343 Vatterode
         Germany


GERVES BAUTRAGER: Claims Registration Ends October 29
-----------------------------------------------------
Creditors of Gerves Bautrager- und Baubetreuungsgesellschaft mbH
have until Oct. 29 to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.

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

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 405
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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. Jan Markus Plathner
         c/o Rae Brinkmann und Kollegen
         Lyoner Strasse 14
         60528 Frankfurt/Main
         Germany
         Tel: 069/9623340
         Fax: 069/96233422

The District Court of Giessen opened bankruptcy proceedings
against Gerves Bautrager- und Baubetreuungsgesellschaft mbH on
Sept. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gerves Bautrager- und Baubetreuungsgesellschaft mbH
         Friedrichstrasse 30
         35469 Allendorf/Lda.
         Germany

         Attn: Hans-Juergen Schomber, Manager
         Loehrbachsgraben 26
         35469 Allendorf/Lda.
         Germany


GM-ABBRUCH: Claims Registration Ends Oct. 18
--------------------------------------------
Creditors of GM-Abbruch GmbH have until Oct. 18 to register
their claims with court-appointed insolvency manager Klaus
Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen am Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         Germany

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

The insolvency manager can be reached at:

         Klaus Loeffler
         Welschgasse 3
         D 67227 Frankenthal
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against GM-Abbruch GmbH on Sept. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GM-Abbruch GmbH
         Mohrengasschen 2
         67227 Frankenthal
         Germany


HERFEI SPIELTREFF: Claims Registration Period Ends Nov. 16
----------------------------------------------------------
Creditors of HERFEI Spieltreff 2 GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Markt 1
         28195 Bremen
         Germany
         Tel: 0421/178765
         Fax: 0421/1787665

The District Court of Syke opened bankruptcy proceedings against
HERFEI Spieltreff 2 GmbH on Sept. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HERFEI Spieltreff 2 GmbH
         Lange Str. 1 a
         27211 Bassum
         Germany

         Attn: Gustav Goerke, Manager
         Freistr. 8
         27243 Harpstedt
         Germany


PARKLAND GMBH: Claims Registration Period Ends Nov. 16
------------------------------------------------------
Creditors of Parkland GmbH Bautzen have until Nov. 16 to
register their claims with court-appointed insolvency manager
Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rainer M. Bahr
         Obergraben 10
         01097 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Parkland GmbH Bautzen on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Parkland GmbH Bautzen
         Attn: Peter Fleischer, Manager
         Singwitzer Weg 2
         02692 Preuschwitz
         Germany


PLANBAU GMBH: Claims Registration Period Ends Nov. 16
-----------------------------------------------------
Creditors of PlanBau GmbH Schlierbach have until Nov. 16 to
register their claims with court-appointed insolvency manager
Frank Raff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 11, 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 Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         PlanBau GmbH Schlierbach
         Attn: Carmen Grois, Manager
         Gartenstr. 9
         73728 Schlierbach
         Germany


RESTAURANT BRUENGER: Creditors Must File Claims by October 30
-------------------------------------------------------------
Creditors of Restaurant Bruenger in der Woerde GmbH have until
Oct. 30 to register their claims with court-appointed insolvency
manager Restaurant Bruenger in der Woerde GmbH.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Restaurant Bruenger in der Woerde GmbH on Sept. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Restaurant Bruenger in der Woerde GmbH
         Herforder Str. 14
         32130 Enger
         Germany


RUDOLF MATZKE: Claims Registration Ends Oct. 15
-----------------------------------------------
Creditors of Rudolf Matzke GmbH Beton- und Kunststeinwerk i.L.
have until Oct. 15 to register their claims with court-appointed
insolvency manager Christoph Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         Germany

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

The insolvency manager can be reached at:

         Christoph Wagner
         Waltherstr. 9
         97074 Wuerzburg
         Germany
         Tel. 0931/30408790

The District Court of Wuerzburg opened bankruptcy proceedings
against Rudolf Matzke GmbH Beton- und Kunststeinwerk i.L. on
Sept. 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Rudolf Matzke GmbH Beton- und Kunststeinwerk i.L.
         Rothoferstr. 17 a
         97228 Rottendorf
         Germany


SCHIEDER-MOEBELWORK: Berggruen Buys Large Chunk of Assets
---------------------------------------------------------
Schieder Moebel Holding GmbH is set to sell two subsidiaries,
Austria-based Schieder Europa Holding and Liechtenstein-based
Internationale Moebel Selection, and several Polish factories to
Berggruen Holdings for an undisclosed amount, Frankfurter
Allgemeine Zeitung says in a report carried by the Financial
Times.

According to the report, the deal is expected to close in mid-
November and will save 3,600 jobs at the bankrupt furniture
maker.

The German daily suggests that US-German investor and art
collector Nicolas Berggruen is estimated to pay a high double-
digit figure in millions of euros for the subsidiaries, which
have reportedly registered profits for the last few years.

                      About Schieder Moebel

Headquartered in Herford, Germany, Schieder Moebel Holding GmbH
-- http://www.schieder.com/-- was one of the leading furniture
designers and manufacturers in Europe.  The company has 41
production plants and employs 11,000 people worldwide, 9,000 of
which are in Poland.  It had turnover of EUR950 million in the
financial year 2005/06.

Schieder applied for insolvency proceedings at the District
Court of Detmold on June 22, 2007, after incurring debts of
nearly EUR300 million due to high capital costs.


WILFRIED FROHBERG: Claims Registration Period Ends Nov. 1
---------------------------------------------------------
Creditors of Wilfried Frohberg Sanitar und Heizung GmbH Potsdam
have until Nov. 1 to register their claims with court-appointed
insolvency manager Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Wilfried Frohberg Sanitar und Heizung GmbH Potsdam on
Sept. 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wilfried Frohberg Sanitar und Heizung GmbH Potsdam
         Attn: Uwe Franzke, Manager
         Kanal 9
         14469 Potsdam
         Germany


ZUELPICHER REISEBUERO: Claims Registration Ends October 26
----------------------------------------------------------
Creditors of Zuelpicher Reisebuero GmbH have until Oct. 26 to
register their claims with court-appointed insolvency manager
Dirk-Henning Toennesmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Nov. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall W 1.26
         First Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dirk-Henning Toennesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen
         Germany
         Tel: 02251/65081-22
         Fax: 02251/65081-25

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

The Debtor can be reached at:

         Zuelpicher Reisebuero GmbH
         Attn: Hans Joachim Moehrke and Felix von
         Gymnich Graf Beissel, Managers
         Koelnstr. 54
         53909 Zuelpich
         Germany


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


FREESTAR TECHNOLOGY: Auditor Raises Going Concern Doubt
-------------------------------------------------------
New York-based RBSM LLP raised substantial doubt about FreeStar
Technology Corp.'s ability to continue as a going concern after
auditing the company's financial statements for the year ended
June 30, 2007.  The auditor said the company is experiencing
difficulty in generating sufficient cash flow to meet its
obligations and sustain its operations.

                           Name Change

On July 10, 2007, FreeStar Technology's board of directors
approved a proposed amendment to the company's Articles of
Incorporation to change its name to Rahaxi, Inc.  The board has
recommended that the company shareholders adopt the name change
amendment.  It also directed the company to take appropriate
action to obtain shareholder approval of the name change
amendment.

"Though our Finnish subsidiary, Rahaxi Processing Oy, we believe
that 'Rahaxi' has a valuable, established brand name in our core
markets in the Scandanavian region.  We believe that in this
region, Rahaxi conveys quality, innovation and reliability to
our customers," Freestar Technology President and CEO Paul Egan
said.

"We believe that the Rahaxi brand is a valuable asset, and that
by changing FreeStar\u2019s name to Rahaxi, we can maximize the
goodwill associated with Rahaxi and uniformly brand our products
in our other markets," Mr. Egan added.

                           Financials

For the year ended June 30, 2007, the company reported a
$16,305,197 net loss on $3,780,335 of total revenues, as
compared with a $13,999,773 net loss on $2,097,749 of total
revenues for the year ended June 30, 2006.

At June 30, 2007, FreeStar Technology's balance sheet showed
$8,617,035 in total assets, $2,949,518 in total liabilities,
$184,008 in minority interest, and $5,667,517 in total
stockholders' equity.

The company's balance sheet at June 30, 2007, showed strained
liquidity with $2,466,845 in total current assets available to
pay $2,765,510 in total current liabilities.

           Acquisition of Project Life Cycle Partners

On Nov. 21, 2006, the company has acquired 50% of the
outstanding capital stock of Project Life Cycle Partners, Ltd.,
a technology-consulting firm located in Dublin, Ireland.  PLC
Partners is a niche project consulting firm specializing in the
management and implementation of information systems projects.
PLC Partners has international experience within the financial
services sector.

Total consideration for the transaction was $1,000,000,
consisting of $200,000 cash and 2,222,222 shares of the
company's common stock, valued at $0.36 per share based upon a
30-day average closing price per share. The company also assumed
50%, or approximately $132,000, of PLC's liabilities at the date
of acquisition. The company may be required to issue additional
shares, capped at a maximum of an additional 50%, if, on the
one-year anniversary of the acquisition, the 30-day average
closing price per share of the company's stock is less than
$0.36.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?23f5

FreeStar Technology Corp. (OTCBB: FSRT) --
http://www.freestartech.com/and http://www.rahaxi.com/--
provides electronic payment processing services, including
credit and debit card transaction processing, point-of-sale
related software applications and other value-added services.
The company, which was incorporated in Nevada, has principal
offices in Dublin, Ireland.  The company also has offices in
Helsinki, Finland; Stockholm, Sweden; Geneva, Switzerland; and
Santo Domingo, the Dominican Republic.


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


ALITALIA SPA: Aeroflot Denies Possible Rebid for Italy's Stake
--------------------------------------------------------------
OAO Aeroflot will not relaunch its bid to acquire the Italian
government's 49.9% stake in Alitalia S.p.A., Business News
Europe reports citing general manager Lev Koshlyakov.

Mr. Koshlyakov was reacting to a La Republica report that quoted
him as saying that Russian carrier may offer more than US$1
billion for Alitalia.

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

As reported in the TCR-Europe on Oct. 2, 2007, Aeroflot said it
would relaunch its bid to acquire Italy's stake in Alitalia if
the sale conditions are favorable.

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

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

                         About Alitalia

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

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


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

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

The improvements and modifications are:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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


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

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

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

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

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

                          About Dana Corp.

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

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

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

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

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

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


DANA CORP: Eyes Entry of Mexican Unit Restructuring Process
-----------------------------------------------------------
In July 2006, Spicer S.A., de C.V., a Mexican joint venture
between Dana Corp. and DESC S.A. de C.V., was dissolved, and the
Debtors acquired 100% ownership of certain of the subsidiaries
of Spicer Mexico.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Debtors' Disclosure Statement explaining their Plan of
Reorganization provides that a critical part of their
restructuring plan has been to optimize their manufacturing
footprint so as to minimize costs, Ms. Ball notes.  A critical
focus of these efforts is the movement to low cost manufacturing
operations, a significant block of which are in Mexico.  The
various transactions involved in the Mexican Affiliate
Restructuring will allow the Debtors to increase their
production of low-cost goods in Mexico and provide a tax-
efficient structure for the production of those goods.

The Debtors project that the Mexican Affiliate Restructuring
will:

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

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

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

Accordingly, the Debtors seek the U.S. Court Bankruptcy Court
for the Southern District of New York's authority to enter into
the Mexican Affiliate Restructuring process.

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

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

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

                          About Dana Corp.

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

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

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

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

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

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


M. FABRIKANT: Files Joint Chapter 11 Plan of Liquidation
--------------------------------------------------------
M. Fabrikant & Sons Inc., its debtor-affiliate, Fabrikant-
Leer International Ltd., the Official Committee of Unsecured
Creditors, and Wilmington Trust Company delivered to the
United States Bankruptcy Court for the Southern District of
New York their joint chapter 11 plan of liquidation and an
accompanying disclosure statement explaining that plan.

The Plan provides for the liquidation of the assets of the
Debtors' estates, including the investigation and prosecution of
certain causes of action, by two liquidating trusts to be formed
pursuant to the Plan and related liquidating trust agreements.

                          Plan Funding

On May 29, 2007, the Debtors obtained Court authority to sell
certain of their inventories to Surya Capital LLC for
$10.4 million and six remaining lots of assets to Wilmington for
$38.5 million.

The Surya and Wilmington asset sale agreements closed on June 1,
2007, and July 12, 2007, respectively.

The Debtors also obtained Court approval on July 10, 2007, to
sell two life insurance policies owned by MFS for Charles
Fortgang and Marjorie Fortgang.  Each policy provided for a
payment of $4 million to MFS upon the death of each respective
insured.  MFS paid annual premiums on the Charles Fortgang
policy in the amount of $136,922 per year, and on the Marjorie
Fortgang policy in the amount of $88,087 per year.  The
surrender value of each policy was zero dollars on account of
surrender charges that would have to have been paid by the
policy holder upon surrender of each policy.

To capitalize on the policies, the Debtors hired Melville
Capital, a life settlement broker, to sell the policies.
Melville had estimated their value at approximately $1.3 million
to $1.75 million in the aggregate.

To date, no closing on the sale of the policies has taken place.
At first, Charles and Marjorie Fortgang, whose lives are insured
by the policies, refused to execute the necessary consents to
transfer the Debtors’ interests in the policies to the
prospective purchaser.  After negotiations among the Debtors,
Charles and Marjorie Fortgang, and the Plan Proponents, the
Fortgangs agreed to sign the necessary documentation only if the
proceeds from the sale of the policies are escrowed and that the
Debtors, the Committee and Wilmington agree not to pursue the
funds in the escrow before Sept. 15, 2007.  In an effort to
facilitate the sale of the policies and to avoid costly and
potentially protracted litigation with the Fortgangs over the
issue, the Debtors and the Plan Proponents agreed to this
arrangement.

Further, under the "sweep" provisions of the Court's final order
on the Debtors' use of their lenders' cash collateral,
Wilmington has collected numerous cash sweeps throughout the
course of the Debtors' cases aggregating approximately
$33,000,000.

                       Treatment of Claims

Under the Plan, holders of Administrative Ex1pense Claims,
Priority Tax Claims, Professional Fee Claims, and Other Priority
Claims will receive payments in full, in cash.

Holders of Allowed Class 3 Claims will receive any of these
alternative treatments, at the election of a shared assets
trustee:

     a) payment in full in cash;

     b) unaltered legal, equitable and contractual rights to
        which the claim entitles the holder;

     c) treatment pursuant to Section 1124(2) of the Bankruptcy
        Code; or

     d) transfer and surrender of all collateral securing the
        Claim.

Holders of Class 4 Unsecured Claims and Class 5 Unsecured Claims
will receive pro rata distribution from the proceeds of any and
all claims or causes of action of the Debtors, the estates, or
the Committee, against third parties.

Claims under both classes will also receive pro rata
distribution from the proceeds of any claims and causes of
action of the Debtors, the estates, or the Committee against the
Debtors' original lenders, which include ABN Amro Bank N.V.,
Antwerpse Diamantbank N.V., and Bank of America, N.A.

Holders of Current Lender Claims will receive pro rata
distribution from the proceeds of any and all claims or causes
of action of the Debtors, the estates, or the Committee, against
third parties.

The current lenders are successors in interest to the original
lenders under an intercreditor agreement dated Jan. 13, 2006,
among the original lenders and JPMorgan Chase Bank, N.A. as
collateral agent.

The current lenders would ordinarily be entitled to assert a
claim for adequate protection arising out of the use of their
cash collateral throughout the course of the Debtors' cases.
However, the Plan settles the adequate protection claim by:

   -- providing for priority payment in full of all professional
      fees and expenses incurred by Wilmington, on behalf of the
      Current Lenders, throughout the course of the Debtors'
      cases; and

   -- payment out of the net proceeds of a shared assets trust.

Class 6 Claims, which consists of all interests in any of the
Debtors, and all claims arising from rescission of a purchase or
sale of those interests, or for damages arising from a purchase
or sale, are not entitled to any distribution under the Plan.

A full-text copy of the Joint Chapter 11 Plan of Liquidation is
available for a fee at:

   http://www.researcharchives.com/bin/download?id=071003212249

A full-text copy of the Disclosure Statement explaining that
Joint Plan is available for a fee at:

   http://www.researcharchives.com/bin/download?id=071003212044

                     About M. Fabrikant

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells diamonds and jewelries.
Established in 1895, the Company is one of the oldest diamond
and jewelry wholesaler in the world, including Japan, Canada,
China, Thailand, Israel, Belgium and Italy.  The company and its
affiliate, Fabrikant-Leer International Ltd., filed for chapter
11 protection on Nov. 17, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-12737).  Mitchel H. Perkiel, Esq., Lee W. Stremba, Esq., and
Paul H. Deutch, Esq., at Troutman Sanders LLP represent the
Debtors in their restructuring efforts.  Alan Kolod, Esq.,
Lawrence L. Ginsberg, Esq., and Christopher J. Caruso, Esq., at
Moses & Singer LLP serve as counsel to the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million.


PARMALAT SPA: Settles Case vs. GKB AG for EUR20.75 Million
----------------------------------------------------------
Parmalat S.p.A. disclosed that the action for restitution and
damage compensation filed against Graubuendner Kantonalbank AG
was settled out of court in consideration of the payment of
EUR20.75 million by GKB.

This settlement agreement applies to challenges raised by
Parmalat with regard to payments made by the Parmalat Group
before December 2003 within the context of financial
transactions executed by Parmalat now in Extraordinary
Administration and various parties in Italy and abroad through
the conduit of a former GKB employee and to damage claims
arising from GKB’s alleged involvement in financial transactions
to which Bank of America was also a party.

Parmalat has agreed to desist from the action it filed before
the Court of Parma and from any other action against GKB, but
the parties reserve the right to continue pursuing legal and any
other actions against any other party who is not covered by the
abovementioned settlement agreement.

Both parties have expressed their satisfaction with this
settlement.

                          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 SPA: Settles Case vs. Calyon for EUR2.63 Million
---------------------------------------------------------
Parmalat S.p.A communicates that the revocatory action filed by
Parmalat against Calyon -- now Credit Agricole Indosuez S.A. --
has been settled with the commitment of Calyon to pay to
Parmalat the amount of around EUR2.63 million and with the
renounce to the right to file claims with Parmalat bankruptcy
and, finally, with the set off of the expenses.

                          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.


                          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 SPA: Judge Doubts EUR2.1 Billion Claim Against Banks
-------------------------------------------------------------
Parma-based Judge Giampaolo Fabbrizzi has expressed doubts on
the validity of Parmalat S.p.A.'s EUR2.1 billion damages claim
against creditor banks Deutsche Bank, JP Morgan, Credit Suisse,
UBS, Banca Akros and Merrill Lynch, Il Sole 24 reports.

Parmalat alleged that the banks contributed to its collapse.
However, Judge Fabbrizzi noted that Parmalat would find it
difficult to claim damages for an occurrence to which it had
itself contributed.

The banks' lawyers have argued that Parmalat chief executive
Enrico Bondi cannot sue for "abusive recourse to credit," citing
a ruling in a separate case.

The court will hear the case Nov. 26, 2008.

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 $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 SPA: Plans Expansion Via Acquisitions & Joint Ventures
---------------------------------------------------------------
Parmalat S.p.A. said that is ready to expand its dairy business
through acquisitions and joint ventures, with approximately
EUR570,000,000 in cash to finance the transactions, AFX News
reported, citing a report from Il Sole 24 Ore based on documents
produced during the Sept. 14, 2007, presentation of the
company's first half results to financial analysts.

Pursuant to the documents, Parmalat's expansion strategy will
enable it to "increase scale, improve mix and gain (a) position
in emerging markets."

"Today we have extraordinary income coming from litigations, but
we have to look at the phase when we will only have our
operational income," Dr. Enrico Bondi, Extraordinary
Administrator of Parmalat Finanziaria S.p.A., et al., told
analysts, according to AFX News.

For the period ending June 30, 2007, Parmalat made
EUR278,300,000 from settlements, helping the company reach the
end of the first half with net cash of EUR570,200,000, AFX News
disclosed.

"We are looking at developing countries.  A good opportunity
could be sub-Saharan Africa and other emerging markets," Dr.
Bondi told analysts, according to AFX News.

Dr. Bondi, however, noted that any settlement should:

   (i) preserve Parmalat's strong financial structure;

  (ii) avoid dilutive impacts in terms of valuation and
       profitability; and

(iii) preserve the company's capacity to distribute a dividend.

"I hope to be able to do something respecting these guidelines,
otherwise I think it will be difficult [to do anything]," Dr.
Bondi said, according to AFX News.

Dr. Bondi added that Parmalat is in the "study process," and the
"timing for any transaction is difficult to forecast."

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 $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
===================


AKTOBE STANKAL: Proof of Claim Deadline Slated for Nov. 9
---------------------------------------------------------
CJSC SP Aktobe Stankal Traks Service has declared insolvency.
Creditors have until Nov. 9 to submit written proofs of claims
to:

         CJSC SP Aktobe Stankal Traks Service
         Turgenev Str. 104/1-32
         Aktobe
         Aktube
         Kazakhstan


AKTOGAI TRANSPORT: Creditors Must File Claims Nov. 9
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Aktogai Transport Kompaniyasy Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


BANK TURANALEM: Sovereign Ratings Cue S&P to Amend Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Bank
TuranAlem to stable from positive.

At the same time, the 'BB/B' counterparty credit ratings on BTA
were affirmed.

These rating actions reflect the diminished likelihood of
upgrades under the current adverse international and domestic
financial environment in the Republic of Kazakhstan (foreign
currency, BBB/Watch Neg/A-3; local currency, BBB+/Watch Neg/A-
2).

"This follows the placement of the sovereign credit ratings on
CreditWatch with negative implications due to growing concern
about the more adverse international financial environment,
which affects Kazakhstan through the very substantial external
financing needs of the domestic banking system," said Standard &
Poor's credit analyst Mr. Magar Kouyoumdjian.

"Given the government's supportive attitude toward the banking
system, as well as some selective sectors such as construction,
this increases the likelihood of realization of contingent
liabilities on the sovereign.  Furthermore, economic slowdown
through reduced bank financing could affect the government's
fiscal prospects," added Mr. Kouyoumdjian.

Although economic and bank fundamentals still remain strong,
liquidity has come under pressure due to the heavy reliance of
banks on external financing.  The longer the tightening of
global liquidity persists, the greater the refinancing risk to
Kazakh banks.  Kazakh banks have so far weathered the current
liquidity tightening environment.  They have overcome the
immediate impact of the global liquidity squeeze through
adequate asset liability management, strong shareholder and
government support, as well as some successful rollovers of
debt.

However, the slowdown in financing of the real economy by the
banking system will have a cooling effect on economic growth and
lead to increased levels of problem loans.  Such a slowdown
would reveal the true extent of asset quality problems.

Although a moderation in credit growth was overdue, things are
likely to get worse before they get better.  "Although Standard
& Poor's is currently not taking any further rating actions on
private Kazakh commercial banks, we will continue to carefully
watch the ongoing liquidity pressures in the banking system, as
well as pressure on the bank's financial stability emanating
from any strong uptick in asset quality problems due to the
cooling of the economy," added Mr. Kouyoumdjian.


CAPITAL REAL: Claims Filing Period Ends Nov. 9
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Company Capital Real Estate (RNN 600400061706)
insolvent on Aug. 17.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Esenberlin Str. 115a
         Almaty
         Kazakhstan
         Tel: 8 (7273) 17-89-19
              8 777 233 19-63


EURASIAN BANK: Standard & Poor's Changes Outlook to Positive
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on JSC
Eurasian Bank to stable from positive.

At the same time the 'B/B' counterparty credit ratings on
Eurasian Bank were affirmed.

These rating actions reflect the diminished likelihood of
upgrades under the current adverse international and domestic
financial environment in the Republic of Kazakhstan (foreign
currency, BBB/Watch Neg/A-3; local currency, BBB+/Watch Neg/A-
2).

"This follows the placement of the sovereign credit ratings on
CreditWatch with negative implications due to growing concern
about the more adverse international financial environment,
which affects Kazakhstan through the very substantial external
financing needs of the domestic banking system," said Standard &
Poor's credit analyst Magar Kouyoumdjian.

"Given the government's supportive attitude toward the banking
system, as well as some selective sectors such as construction,
this increases the likelihood of realization of contingent
liabilities on the sovereign.  Furthermore, economic slowdown
through reduced bank financing could affect the government's
fiscal prospects," added Mr. Kouyoumdjian".

Although economic and bank fundamentals still remain strong,
liquidity has come under pressure due to the heavy reliance of
banks on external financing.  The longer the tightening of
global liquidity persists, the greater the refinancing risk to
Kazakh banks.  Kazakh banks have so far weathered the current
liquidity tightening environment.  They have overcome the
immediate impact of the global liquidity squeeze through
adequate asset liability management, strong shareholder and
government support, as well as some successful rollovers of
debt.

However, the slowdown in financing of the real economy by the
banking system will have a cooling effect on economic growth and
lead to increased levels of problem loans.  Such a slowdown
would reveal the true extent of asset quality problems.

Although a moderation in credit growth was overdue, things are
likely to get worse before they get better.  "Although Standard
& Poor's is currently not taking any further rating actions on
private Kazakh commercial banks, we will continue to carefully
watch the ongoing liquidity pressures in the banking system, as
well as pressure on the bank's financial stability emanating
from any strong uptick in asset quality problems due to the
cooling of the economy," added Mr. Kouyoumdjian.


EURASIA INSURANCE: Sovereign Ratings Cue S&P to Change Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Eurasia Insurance Co. to stable from positive.

At the same time the 'B' long-term counterparty credit rating on
Eurasia Insurance were affirmed.

These rating actions reflect the diminished likelihood of
upgrades under the current adverse international and domestic
financial environment in the Republic of Kazakhstan (foreign
currency, BBB/Watch Neg/A-3; local currency, BBB+/Watch Neg/
A-2).

"This follows the placement of the sovereign credit ratings on
CreditWatch with negative implications due to growing concern
about the more adverse international financial environment,
which affects Kazakhstan through the very substantial external
financing needs of the domestic banking system," said Standard &
Poor's credit analyst Mr. Magar Kouyoumdjian.

"Given the government's supportive attitude toward the banking
system, as well as some selective sectors such as construction,
this increases the likelihood of realization of contingent
liabilities on the sovereign.  Furthermore, economic slowdown
through reduced bank financing could affect the government's
fiscal prospects," added Mr. Kouyoumdjian".

Although economic and bank fundamentals still remain strong,
liquidity has come under pressure due to the heavy reliance of
banks on external financing.  The longer the tightening of
global liquidity persists, the greater the refinancing risk to
Kazakh banks.  Kazakh banks have so far weathered the current
liquidity tightening environment.  They have overcome the
immediate impact of the global liquidity squeeze through
adequate asset liability management, strong shareholder and
government support, as well as some successful rollovers of
debt.

However, the slowdown in financing of the real economy by the
banking system will have a cooling effect on economic growth and
lead to increased levels of problem loans.  Such a slowdown
would reveal the true extent of asset quality problems.

Although a moderation in credit growth was overdue, things are
likely to get worse before they get better.  "Although Standard
& Poor's is currently not taking any further rating actions on
private Kazakh commercial banks, we will continue to carefully
watch the ongoing liquidity pressures in the banking system, as
well as pressure on the bank's financial stability emanating
from any strong uptick in asset quality problems due to the
cooling of the economy," added Mr. Kouyoumdjian.


GORIZONT LLP: Creditors' Claims Due on November 9
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Gorizont insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Micro District Turkestan, 9/1
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 52-19-32


JARKEN LLP: Claims Registration Ends November 9
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Jarken insolvent on Aug. 23.

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

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


KONYSBAYEV LLP: Creditors Must File Claims November 9
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Konysbayev insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Micro District Turkestan, 9/1
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 52-19-32


KRASNY KUT: Claims Filing Period Ends November 9
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Krasny Kut insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


PRIDE INTERNATIONAL: Earns US$146.1 Million in Second Quarter
-------------------------------------------------------------
Pride International Inc. reported a 115% improvement in net
income for the second quarter of 2007, to $146.1 million,
compared to net income of $67.8 million for the corresponding
three months in 2006.  Second quarter 2007 results included
gains totaling $8.8 million resulting primarily from the sale of
a land rig located in Russia.  Revenues for the second quarter
of 2007 totaled $791.2 million, compared to revenues of $616.5
million during the second quarter of 2006.

For the six months ended June 30, 2007, net income was
$247.8 million, on revenues of $1.50 billion.  The results
compared to net income of $138.3 million, on revenues of
$1.18 billion for the comparable six months in 2006.  Results
for the six months ended June 30, 2006, include after-tax gains
totaling $19.0 million relating to the sale of assets.

Louis A. Raspino, president and chief executive officer of Pride
International Inc., stated, "Our record second quarter results
were driven by strong operating performance with our fleet of
deepwater and midwater floaters combined with continued average
daily revenue improvements from contract rollovers.  Following
the excellent operating results of first quarter 2007, we
continued in the second quarter with excellent utilization,
uptime, cost control, and shipyard performance, while achieving
21% and 36% average daily revenue increases in our deepwater and
midwater fleets, respectively."

Raspino added, "Partially offsetting these results was our U.S.
Gulf jackup fleet, which experienced lower utilization and lower
average daily revenues in the quarter due to reduced activity,
combined with an increase in out-of-service time as we prepared
to relocate the Pride Oklahoma and Pride Mississippi to the
stronger market in Mexico.

"From a macro perspective, strong global demand for energy is
fueling our customers' continued growth in E&P spending,
particularly in the deepwater.  As part of our stated strategy
to further grow our significant deepwater presence, we recently
committed to the construction of an ultra-deepwater drillship
and acquired a second ultra-deepwater drillship in the early
stages of construction.  When combined with the acquisitions of
our partners' interest in two deepwater joint ventures, we have
now invested or committed over $2 billion toward our deepwater
growth strategy.  We are confident that the favorable conditions
in the deepwater sector will persist for quite some time,
producing attractive opportunities for deepwater drilling rigs,
especially ultra-deepwater rigs of the caliber we are adding to
our fleet," said Raspino.

Capital expenditures for the six months ended June 30, 2007,
were $207 million.  Since the close of the second quarter, the
company made initial capital expenditures of approximately $210
million related to the commitment to construct an ultra-
deepwater drillship and the acquisition of another ultra-
deepwater drillship in the early stages of construction.  As a
result of these drillship projects, the company has revised its
expected 2007 capital expenditures to an estimated $790 million.
Total debt at June 30, 2007 was $1.29 billion, resulting in a
debt-to-total-capitalization ratio of approximately 31%.

At June 30, 2007, the company's consolidated balance sheet
showed $5.30 in total assets, $2.03 billion in total
liabilities, $333.2 million in deferred income taxes, $30.7
million in minority interest, and $2.91 billion in total
stockholders' equity.

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

               About Pride International

Headquartered in Houston, Pride International Inc. (NYSE: PDE)
-- http://www.prideinternational.com/-- provides onshore and
offshore drilling and related services in more than 25
countries, operating a diverse fleet of 280 rigs, including two
ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups,
16 tender-assisted, barge and platform rigs, five managed and
217 land rigs.  The company also has two ultra-deepwater
drillships under construction with expected deliveries in 2010.
The company maintains worldwide operations in France, Mexico,
Kazakhstan, India, and Brazil, among others.

                      *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2007,
Fitch Ratings affirmed Pride International Inc.'s Issuer Default
Rating at 'BB'.  The Rating Outlook is Stable.


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


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

         LLC Solman
         Kuiruchuk Str. 167
         Kok-Djar
         Bishkek
         Kyrgyzstan


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


TNK-BP FINANCE: Issuing Over US$500 Million Debt for Parent
-----------------------------------------------------------
TNK-BP Holding Ltd., through its TNK-BP Finance S.A. unit, is
issuing more than US$500 million of bonds this month and has
hired Credit Suisse Group and UBS AG to organize and manage the
debt offering, Bloomberg News report citing a source at the
Swiss bank.

According to Bloomberg, citing a source privy to the issue, TNK-
BP will offer the debt in two parts in a private placement:

   -- 5.5-year notes that may be priced to yield between 345 and
      360 basis points more than U.S. Treasuries of similar
      maturity; and

   -- 10.5-year debt that may be priced to yield between 350 and
      365 basis points more than U.S. Treasuries of similar
      maturity.

UBS AG will manage the issue to investors in Europe and the
U.S., Bloomberg News relates citing its source.

Meanwhile, TNK-BP chief executive Robert Dudley said proceeds
from the issue will be used to repay loans maturing by the end
of the year and finance its operation, Business News Europe
reports.

                          About TNK-BP

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

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

                            *   *   *

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


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


AUTOCAM CORP: Weak Performance Cues Moody's to Hold B3 Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Autocam Corporation's
Corporate Family Rating of B3 and changed its outlook to
negative from stable.

The rating action considers the company's continuing weak
performance, despite the benefits of recent operational and
financial restructuring initiatives, and the potential for
financial metrics to remain below expectations into the first
half of 2008.

Since implementing a debt restructuring in February 2007,
Autocam has been pursuing operational changes designed to reduce
costs and enhance earnings and cash flow generation.  However,
the company is behind schedule in restructuring its operations,
particularly with respect to its French unit where the launch of
several new products has required incremental staffing and
caused other operating inefficiencies.  The company anticipates
that restructuring initiatives will improve performance in the
French operations over the coming months and facilitate stronger
results.  However, in the absence of such improvement the
ratings would be subject to downgrade, leading to the outlook
revision to negative.

Despite a nearly 50% reduction in debt achieved through the
February debt restructuring, Autocam's leverage remains high and
interest coverage is less than one time due to operating margins
that are meaningfully lower than originally anticipated.  Free
cash flow has also been negative as seasonal working capital use
of cash has coincided with low earnings and ongoing
restructuring payments.  The weak operating results have eroded
the cushion in the calculation of the company's financial
covenants under its bank credit facility, and absent operating
improvements it may become necessary for the company to
negotiate waivers or amendments in order to continue to have
access to the revolver and maintain sufficient liquidity over
the near term.

The negative outlook considers the company's weak financial
performance and the potential for the rating to be downgraded in
the absence of a near term improvement in financial metrics.
The rating would also be subject to downgrade if persistent
negative free cash flow or covenant violations under the bank
facility were to result in any erosion of the company's
liquidity profile.

The rating outlook could be stabilized if restructuring
initiatives being pursued facilitate an improvement in margins
and cash flow and support interest coverage being sustained
above 1x.

Headquartered in Kentwood, Michigan, Autocam Corp. --
http://www.autocam.com/-- is a manufacturer of extremely close-
tolerance precision machined, metal alloy components and sub-
assemblies used primarily for performance and safety critical
automotive applications. LTM 6/30/07 revenues were approximately
US$370 million. The company has operations located in North
America, France, Poland, Brazil and China.


SCO GROUP: Taps Berger Singerman as General Counsel
---------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the United States
Bankruptcy Court for the District of Delaware for authority to
employ Berger Singerman P.A. as their general counsel, nunc pro
tunc to Sept 14, 2007.

Debtors selected the firm because the firm's attorneys are
qualified to practice in this Court and are qualified to advise
the Debtors on their relations with, and responsibilities to,
the creditors and other interested parties.

As the Debtors' general counsel, Berger Singerman will:

   a) advise the Debtors with respect to its powers and duties
      as debtors-in-possession and the continued management of
      their business operations;

   b) advise the Debtors with respect to their responsibilities
      in complying with the United States Trustee's Operating
      Guidelines and Reporting requirements and with the rules
      of the Court;

   c) prepare motions, pleadings, orders, applications,
      adversary proceedings, and other legal documents necessary
      in the administration of the cases;

   d) protect the interests of the Debtors in all matters
      pending before the Court; and

   e) represent the Debtors in negotiations with their creditors
      and in the preparation of a plan.

The firm's professionals billing rate are:

     Professional                     Hourly Rate
     ------------                     -----------
     Paul Steven Singerman, Esq.         $475
     Arthur J. Spector, Esq.             $450

     Associate Attorneys              $250 - $370
     Legal Assistants/Paralegals       $75 - $160

The firm disclosed that on Sept. 4, 2007, and Sept. 12, 2007,
Berger Singerman received retainers of $50,000 and $375,000,
respectively, in connection with Debtors' chapter 11 cases.

Arthur J. Spector, Esq., a shareholder of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate, and that the firm is a "disinterested
person" as that term is defined under Section 101(14) of the
Bankruptcy Code.

Mr. Spector can be reached at:

   Arthur J. Spector, Esq.
   Berger Singerman P.A.
   350 E. Las Olas Boulevard, Suite 1000
   Fort Lauderdale, Florida 33301
   Tel.: (954) 713-7511
   http://www.bergersingerman.com/

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 Chapter 11 protection on
Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337).  As of
Sept. 10, 2007, the Debtors' reported total assets of
$14,800,000 and total debts of $7,500,000.


SCO GROUP: Promotes Sandy Gupta to President of SCO Operations
--------------------------------------------------------------
The SCO Group, Inc. has promoted Sandy Gupta to President of SCO
Operations Inc., effective immediately.  Mr. Gupta will continue
to report to Darl McBride, President and CEO of The SCO Group.

"With Sandy's extensive UNIX technical background and vision for
our SCO Mobile products, he will be able to laser-focus on
product deliverables and customer needs," Mr. McBride said.  "We
have a number of key technologies coming out in the next couple
of quarters that will drive value for our customers; Sandy's
focus will be a win-win for them.  Those expanding their IT
infrastructure into the mobile space will see a solid solution
in SCO Mobile Server, with its UNIX technology backbone.
Customers simply needing updated core SCO UNIX technology will
have greater capabilities as well as future mobile plug and play
functionality."

The SCO Group entered the high-growth mobile market several
years ago and according to IDC's 2007 Worldwide Mobile
Middleware Forecast* it has recently moved into the leadership
quadrant with other mobile technology leaders.

Most recently, Sandy Gupta was Chief Technology Officer and
General Manager for The SCO Group.  Prior to that, he held a
number of senior positions, including VP of SCO Engineering and
Senior Director of UNIX Engineering while working for the SCO
Murray Hill office in New Jersey.  Mr. Gupta joined SCO in 1996
with the ISV engineering group.  During this time, Mr. Gupta
worked with strategic ISV partners -- including Progress,
Oracle, Computer Associates and others -- on their ports to SCO
UNIX platforms.  Mr. Gupta then moved to the SCO UK escalations
group and led the 24x7 enterprise escalations engineering team.
He also led the SCO eCommerce and Web Services initiative in
2003.

Before joining SCO, Mr. Gupta worked for Fujitsu ICL in the
United Kingdom. During this engagement, Mr. Gupta contributed
tremendous effort to the core kernel team at ICL that oversaw
the reference port and device driver development of UNIX System
V on the SPARC platform. Prior to this experience, Gupta started
his career as an intern scientist at Indian Space and Research
Organization.

"After having worked at SCO for over a decade, I am thrilled to
better serve our customers and partners in this new capacity,"
Mr. Gupta said.  "As our primary focus, we will strengthen and
expand our UNIX product offerings to our partners and
reinvigorate our channels in doing so.  The SCO UNIX partner and
customer ecosystem has also represented a great channel to
launch SCO Mobile products and services complementary to the
core UNIX products."

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 Chapter 11 protection on
Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337).  As of
Sept. 10, 2007, the Debtors' reported total assets of
$14,800,000 and total debts of $7,500,000.


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


BOROVICHSKIJ FEED: Court Names Nichkov A.V. as Liquidator
---------------------------------------------------------
The Arbitration court of Novgorod appointed Nichkov A.V. as
Competitive proceedings manager for Borovichskij Feed Factory
OJSC replacing Egorin S.JU.  He can be reached at:

         Nichkov A.V.
         Competitive Proceedings Manager
         POB 1085
         150054 Yaroslavl'
         Russia

The Arbitration court of Novgorod commenced competitive
proceedings against the company.  The case is docketed under
Case No. A44-840/2006-4к.

The Debtor can be reached at:

         Nichkov A.V.
         Competitive Proceedings Manager
         POB 1085
         150054 Yaroslavl'
         Russia


BUIAVTOTRANS OJSC: Creditors Must File Claims by Oct. 22
--------------------------------------------------------
Creditors of Buiavtotrans OJSC have until Oct. 22 to submit
proofs of claim to:

         Belkov E.V
         Competitive Proceedings Manager
         POB 1858
         153000 Ivanovo
         Russia

The Arbitration court of Kostroma commenced competitive
proceedings against the company after finding it insolvent on
Sept. 5.

The Court will convene at 2:50 p.m. on Dec. 13 to hear the
company's competitive proceedings.  The case is docketed under
Case No. A31-3395/2007-21.

The Debtor can be reached at:

         Buiavtotrans OJSC
         Obezdnoj proezd 15
         Buj
         Kostroma
         Russia


CHAPAEV FISH FARM: Asset Sale Slated for October 23
---------------------------------------------------
The liquidator for Production Agricultural Cooperative Chapaev
Fish Farm Semenyak A.N. will open with a repeated public auction
for the company's properties at 11:00 a.m. on Oct. 23 at:

         Schmidt str. 2
         Primorsko-Akhtarsk
         Krasnodar krai
         Russia

The company has set a RUR11,260,800 starting price for the
auctioned assets.

Interested participants have until Oct. 17 to deposit an amount
equivalent to 10% of the starting price to:

         Production Agricultural Cooperative Chapaev Fish Farm
         Settlement Account 40702810753170004017
         Correspondent Account 30101810400000000713
         Taxpayer ID 2347001117
         Uralsib-Yugbank OJSC
         Krasnodar
         Russia

Bidding documents must be submitted to:

         Apartment 21
         Sverdlikova str. 57 A
         St. Kanevskaya
         Krasnodar krai
         Russia
         Tel: 8-86164-7-20-99


FOOD COMPLEX: Creditors Must File Claims by Oct. 22
---------------------------------------------------
Creditors of Food Complex ALLC have until Oct. 22 to submit
proofs of claim to:

         Belkov E.V.
         Competitive Proceedings Manager
         POB 1858
         153000 Ivanovo
         Russia

The Arbitration court of Kostroma commenced competitive
proceedings against the company after finding it insolvent on
Aug. 28.

The Court will convene at 2:15 p.m. on Dec. 13 to hear the
company's competitive proceedings.  The case is docketed under
Case No. A31-3395/2007-21.

The Debtor can be reached at:

         Food Complex ALLC
         Zavodskaya Str. 49
         Pavino village
         Kostroma
         Russia


HEATING SYSTEMS: Creditors Must File Claims by Nov. 22
------------------------------------------------------
Creditors of Municipal Unitary Enterprise Heating Systems have
until Nov. 22 to submit proofs of claim to:

         Zjurin A.G.
         Competitive Proceedings Manager
         Krasnaya Str. 6
         350063 Krasnodar
         Russia

The Arbitration court of Krasnodar krai commenced competitive
proceedings against the company after finding it insolvent on
Sept. 3.  The case is docketed under Case No. A-32-2574/
2007-27/264-Б.

The Debtor can be reached at:

         Municipal Unitary Enterprise Heating Systems
         October str. 279
         St. Otradnaya
         352290 Krasnodar
         Russia


KUBAN' CJSC: Bidding Deadline Slated for October 17
---------------------------------------------------
The liquidator for Kuban' CJSC, will open a public auction for
the company's common stock at 2:00 p.m. on Oct. 23 at:

         Apartment 513
         Krasnaya 180
         Krasnodar
         Russia

To be auctioned are the common stock owned by of the JSC
SberBank, at par value of RUR3 in the quantity of 35,000.  The
starting price is RUR105,000.  The Bid increment is RUR1,000.

Interested participants have until Oct. 17 to deposit an amount
equivalent to 20% of the starting price to:

         CJSC Kuban'
         Settlement Account 40702810653170003972
         Correspondent Account 30101810400000000713
         Taxpayer ID 2346000382
         KPP 234601001
         BIK 043207798
         OJSC JSCB URALSIB-YugBank
         South-west branch

Bidding documents must be submitted to:

         Apartment 513
         Krasnaya 180
         Krasnodar
         Russia
         Tel: (861) 259-52-85


ROSSIYA INSURANCE: Fitch Rates Financial Strength at B+
-------------------------------------------------------
Fitch Ratings has assigned Rossiya Insurance Company an
International Insurer Financial Strength rating of 'B+' and a
National IFS rating of 'A- (rus)'.  The Outlooks for both
ratings are Stable.

The ratings reflect Rossiya's good underwriting profitability,
strong obligatory reinsurance program, the relatively good
quality of its investment portfolio and broad regional network.
On the other hand, the ratings take into account Rossiya's
relatively low capital adequacy and challenges related to
further expansion in the corporate property and casualty
insurance segment.  They also factor in a highly competitive
environment in motor insurance and Rossiya's underdeveloped
corporate governance standards.

Following the changes in the ownership structure and management
team in third quarter of 2005, Rossiya underwent significant
restructuring aimed at restoring the financial health of the
company.  New management reviewed underwriting policy,
restructured the portfolio, purchased comprehensive obligatory
reinsurance protection largely placed with strong international
reinsurers, changed investment policy and wrote off bad debts.
These measures resulted in an improvement of the combined ratio
to an excellent 88.9% in 2006 from 114.3% in 2005, reflecting
declines in loss, commission and expense ratios.  The management
expects that the company will continue to write profitable
business in 2007 with the first half of 2007 combined ratio of
93.2% supporting this expectation.

Rossiya underwrites all major non-life insurance lines,
including property insurance (49% of gross premiums written in
2006), motor insurance (34%), accident and health (8%), marine
and cargo (5%), and others (4%). Its property portfolio is not
well-diversified, but these risks are largely ceded to
reinsurers and have little impact on the company's net technical
underwriting result.  Further diversification and expansion of
the corporate property and casualty portfolio represents one of
the most significant challenges to the company.  The management
expects that Rossiya's motor portfolio will grow more rapidly
than the property line in the next two to three years, thus
exposing the company's pricing to the pressure of high
competition in this segment.

New shareholders of Rossiya have demonstrated their commitment
to support the development of the company through capital
injections in 2006.  They plan to provide further capital in
2007-08. At the same time, Fitch believes that insufficient
transparency of Rossiya's corporate governance might delay
targeted achievement of sustainable growth and diversification
of the portfolio.

Established in 1991 and headquartered in Moscow, Rossiya has 45
branches and 161 regional agencies and employs 1,927 people.
Rossia is majority-owned by asset management company Trustkom.
As at end-2006, Rossiya had total assets of RUB6.9 billion and
gross premiums written of RUB6.5 billion.


SISTEMA JSFC: Buys 10% Stake in Shyam Telelink for US11.4 Mln
-------------------------------------------------------------
JSFC Sistema acquired a 10% stake in Shyam Telelink Ltd., an
Indian telecommunications operator, for a cash consideration of
US$11.4 million.

The company intends to increase its stake in Shyam Telelink Ltd.
to 51% after receiving approval from the Foreign Investment
Promotion Board (FIPB) of India.  Upon receipt of this approval,
the overall value of the deal may reach US$58.1 million.

Shyam Telelink Ltd. obtained a unified license to provide fixed-
line and cellular services to corporate and residential
customers in the Indian state of Rajasthan with a population of
approximately 62 million people.

The company also controls 100% of the local internet service
provider Shyam Internet Ltd. Shyam Telelink owns a developed
telecommunications infrastructure which includes 4,000
kilometers of fiber-optic lines.

"The acquisition of the stake in Shyam Telelink is in line with
our strategy to enter rapidly developing markets and further
integrate Sistema in the global business community.  We consider
India as one of the most attractive markets with a high growth
potential. We are pleased to be the first Russian company to
enter the Indian telecommunications sector," Alexander
Goncharuk, president and CEO of Sistema, commented.

                         About Sistema

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

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

                        *     *     *

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

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


TNK-BP HOLDING: Issuing Over US$500 Million Debt
------------------------------------------------
TNK-BP Holding Ltd., through its TNK-BP Finance S.A. unit, is
issuing more than US$500 million of bonds this month and has
hired Credit Suisse Group and UBS AG to organize and manage the
debt offering, Bloomberg News report citing a source at the
Swiss bank.

According to Bloomberg, citing a source privy to the issue, TNK-
BP will offer the debt in two parts in a private placement:

   -- 5.5-year notes that may be priced to yield between 345 and
      360 basis points more than U.S. Treasuries of similar
      maturity; and

   -- 10.5-year debt that may be priced to yield between 350 and
      365 basis points more than U.S. Treasuries of similar
      maturity.

UBS AG will manage the issue to investors in Europe and the
U.S., Bloomberg News relates citing its source.

Meanwhile, TNK-BP chief executive Robert Dudley said proceeds
from the issue will be used to repay loans maturing by the end
of the year and finance its operation, Business News Europe
reports.

                          About TNK-BP

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

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

                            *   *   *

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


TRANSSIBERIAN REINSURANCE: Fitch Affirms B+ IFS Ratings
-------------------------------------------------------
Fitch Ratings has affirmed Transsiberian Reinsurance
Corporation's International Insurer Financial Strength rating at
'B+' and National IFS rating at 'A-(rus)'.  The Outlooks for
both ratings are Stable.

The ratings reflect Transsib Re's good operating performance,
regional diversification, improved credit quality of the
company's investment portfolio, experienced management and
prudent reserving.  Offsetting these positive factors is the
relatively rapid growth of NWP volumes in relation to the growth
of net capital and surplus, together with relatively high local
reinsurance sector risks.  Fitch notes, however, that the
increase in retention reduces Transsib Re's exposure to
reinsurance credit risk.

Profitability remains consistently good and resulted in a strong
return on equity in 2006 of 28.7% (2005: 30.1%).  The combined
ratio was an impressive 88.6% (2005: 89.6%), reflecting a sharp
reduction in the expense ratio and level of incurred losses
alongside an increase in the level of acquisition costs relative
to net premium volumes.

In first half of 2007, the combined ratio increased to 95.6%.
Transsib Re has improved the credit quality of its investment
portfolio although it has experienced a fall in the investment
yield to 6.4% (11% in 2005).  The company remains constrained by
the limited, yet growing, investment opportunities on the
Russian stock and bond markets.

Transsib Re has increased its retention of premiums written to
49% in 2006 from 28% in 2005.  Fitch believes that while this
strategy may benefit the company's earnings, the major challenge
for Transsib Re is to manage its capital base in line with the
growth in net premiums.  During 2006, retained earnings were
offset by greater capital requirements resulting from increased
retention.  However, Transsib Re's statutory capital increased
to 1.7x the minimum required from 1.6x in 2005.

Reserving accuracy appears high and incorporates a margin above
the actuarially verified best estimate.  Nevertheless, the
reinsurance portfolio is inherently volatile, which presents
challenges in establishing appropriate reserve levels.  Fitch
expects Transsib Re to continue to record moderate, but
profitable, premium growth while managing net retention in line
with capital requirements.

Transsib Re was established in 1992 and shareholding control now
rests with the management.  It has four offices in Russia and
underwrites business all across the CIS.  It has also recently
opened a branch office in the Czech Republic.  It is ranked
among the top five Russian specialised reinsurers both in terms
of gross premiums written and equity. At fiscal year 2005, its
GPW and net assets stood at RUB1.1 billion (US$41.1 million) and
RUB206 million (US$6.4 million), respectively.  Transsib Re has
a relatively widely spread shareholding structure and employs 59
staff.


VIMPELCOM: Telenor Ends Legal Row with Alfa's Altimo Over URS
-------------------------------------------------------------
Telenor East Invest AS has put an end to its long-running legal
dispute with Alfa Group's telecom arm Altimo over OJSC Vimpel-
Communications' acquisition of CJSC Ukrainian Radio Systems,
according to published reports.

"After pondering the futility of our legal efforts, we have
decided to let things rest," Anna Ivanovna-Galitsina, Telenor's
director of communications, was quoted by the Moscow Times as
saying.

However, Telenor told Reuters that it will continue to seek
legal redress in other disputes with Altimo relating to
Kyivstar.

Both VimpelCom and Altimo welcomed Telenor's decision.

As previously reported in the TCR-Europe on June 13, 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 URS as an interested party transaction.

In 2005, VimpelCom bought URS for US$231 million.  Telenor
sought to invalidate the purchase, arguing that the price was
excessive and that it already had a presence in Ukraine via
Kyivstar, Telegeography relates.

Alfa Group is a majority of VimpelCom while Telenor has a
blocking stake in the company.

                        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.


WALLING PLANT OJSC: Asset Sale Slated for October 25
----------------------------------------------------
Tact Plus LLC, bidding organizer for Walling Plant OJSC, will
open a public auction for the company's properties at 11:00 a.m.
on Oct. 25 at:

         Uralskaya str. 134
         Krasnodar
         Russia

The company has set a RUR17 million starting price for the
auctioned assets.

Interested participants have until Oct. 22 to deposit an amount
of RUR3.4 million to:

         Walling Plant OJSC
         Settlement Account 40702810900220000046
         Correspondent Account 30101810200000000722
         Taxpayer ID 2353003183
         KPP 235301001
         CB Kuban' Credit LLC
         Timashevskiy
         Russia

Bidding documents must be submitted to:

         Uralskaya str. 134
         Krasnodar
         Russia


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


ACXIOM CORP: Expects Improved Second Quarter Financial Results
--------------------------------------------------------------
Acxiom Corporation expects improved revenue, income from
operations and net income in its second fiscal quarter ended
Sept. 30, 2007 compared to its first fiscal quarter ended
June 30, 2007.

Acxiom’s revenue in the first quarter was $338.2 million; its
income from operations was $4.1 million and its net income was a
loss of $11.5 million.  The diluted loss per share of $0.15
included the impact of $20.6 million, in unusual expense items,
net of income tax effect.

The unusual items in the first quarter included costs related to
the then-pending transaction with Silver Lake and ValueAct
Capital of $15.1 million, which were non-deductible for tax
purposes, and $5.5 million predominantly related to the write-
off of certain long-term assets related to an amended contract.
These items reduced first-quarter net income by approximately
$18.5 million and diluted earnings per share by $0.24.

“Our forecast for the second half of the fiscal year is for
improved results compared to the first half of the year,”
Charles D. Morgan, Acxiom Company Leader and Chairman of the
Board stated.  “Also, I should note that the $65 million we
expect to receive related to the termination of the merger
agreement will be substantially more than any one-time expenses
related to the merger agreement.”

“Acxiom is a leader in database marketing services and data
products,” Mr. Morgan concluded.  “Our technology, solid
financial position, strong client relationships and dedicated
associates will ensure that we remain the market leader.”

The company plans to disclose second quarter financial results
on Oct. 24, 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, Spain, Australia
and China.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
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.


GRUPO LLANERA: Files for Bankruptcy Protection in Valencia
----------------------------------------------------------
Grupo Llanera filed for bankruptcy protection at the Commercial
Court of Valencia on Oct. 2, 2007, due to substantial liquidity
constraints, Spanish daily El Pais said in a report carried by
the Financial Times.

A spokesman for the company said it was unable to pay short-term
loans to finance long-term investments in land it planned to
develop for residential use, Jason Sinclair writes for Dow Jones
Newswires.

According to Ambrose Evans-Pritchard of the Telegraph, the
builder was unable to reach an agreement with Lehman Brothers
and other banks on a refinancing deal, amid concerns on the
global credit crunch triggered by the subprime mortgage crisis
in the United States.

At the end of 2006, Llanera reported EUR746 million in
liabilities and EUR70 million in equity.  It posted a EUR40.6
million profit on EUR418.6 million in turnover last year.  FT
relates that Bancaja and Banco de Valencia holds a EUR301
million claim against the developer, while Lehman Brothers holds
a EUR148.3 million claim.

Headquartered in Valencia, Spain, Grupo Llanera --
http://www.grupollanera.com/-- is multi-service group dedicated
to the building, town planning and real estate management.  The
company, founded by Fernando Gallego in 1988, initially
developed real estate properties in the Valencia region mainly
in the building and industrial sectors.


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


FLEXTRONICS INT'L: Fitch Affirms 'BB+' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has completed its review of Flextronics
International Ltd. following the company's acquisition of
Solectron Corp. and resolved Flextronics' Rating Watch Negative
status by affirming these ratings:

  -- Issuer Default Rating at 'BB+';
  -- Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.  The
Rating Outlook is Negative.

Fitch's action affects approximately $5.4 billion of total debt
including the revolving credit facility.

The Negative Outlook reflects:

  -- Integration risks inherent in an acquisition of this
     size, with the combined company expected to generate in
     excess of $30 billion in annual revenue, particularly
     in an industry that is dependent on seamless day-to-day
     execution.

  -- The risk of customer loss following the acquisition of
     Solectron, although Fitch expects this risk to be
     manageable.

  -- Historically volatile free cash flow combined with
     relatively high leverage adds risk to the expectation
     that Flextronics will be able to reduce leverage in the
     near term in line with expectations.

The ratings reflect these expectations:

  -- Flextronics has significant opportunity to decrease costs
     and improve cash flow pro forma for its acquisition of
     Solectron.

  -- Flextronics will continue to outgrow its North American
     peers and gain global market share.

  -- Pro forma free cash flow in excess of $500 million which
     will be utilized to repay debt over the next several years
     in addition to making small acquisitions.

  -- Pro forma leverage of approximately 2.7 times (x), which
     is expected to decrease to 2x or below within 2 years.

  -- The global competitive environment remains challenging,
     which could negatively affect profitability and free cash
     flow expectations.

Credit strengths include:

  -- Flextronics' competitive advantage in its scale and scope
     of operations;

  -- Strong execution track record as evidenced by the
     company's peer leading metrics including return on
     invested capital of 10.4% and cash conversion cycle days
     of 13.

  -- High working capital nature of the business, which
     represents an additional source of liquidity in business
     downturns.

Credit concerns include:

  -- Near-term integration risks;

  -- Difficult competitive environment which has pressured
     profitability across the industry;

  -- Potential for future acquisitions to have a negative
     impact on the expected repayment of debt;

  -- Customer concentration risk as the top 10 customers
     represent approximately 60% of total revenue.

Flextronics acquired Solectron for $3.6 billion in total
consideration.  Approximately $2.5 billion of that consideration
was paid in Flextronics stock with the remaining $1.1 billion
paid in cash.  Additionally, Flextronics will redeem Solectron's
existing debt totaling approximately $675 million.  Flextronics
is utilizing a $1.9 billion senior unsecured term loan which
matures in 2014 to cover the cash expense of the acquisition and
debt redemption.

The downgrade of the subordinated notes from 'BB' to 'BB-'
reflects the issuance of senior unsecured debt where previously
all of Flextronics' outstanding debt was subordinated.  Fitch
estimates pro forma leverage (total debt/operating EBITDA) to be
2.7x and interest coverage (EBITDA/interest expense) at
approximately 4.8x including the EBITDA contribution from
Solectron for its latest 12 month period ended June 1, 2007.
After adjusting for off-balance sheet debt and operating leases,
Fitch estimates pro forma adjusted leverage (total adjusted
debt/ operating EBITDAR) to be 3.8x.

Pro forma for the close of the transaction, liquidity is
expected to be solid with approximately $1.4 billion in cash and
a fully available $2 billion senior unsecured revolving credit
facility which matures in 2012.  Additionally, Flextronics
utilizes a $750 million accounts receivable securitization
program which provides additional liquidity, of which $538
million was outstanding on June 29, 2007, for which the company
received $416 million of cash proceeds with the remaining
balance representing Flextronics' investment participation in
the program.

Total debt, pro forma for the close of the acquisition, is
expected to be approximately $3.4 billion, consisting of
$1.9 billion in a senior unsecured term loan B which matures in
2014, $195 million in 0% junior subordinated convertible notes
which mature in 2009, $500 million in 1% convertible
subordinated notes which mature in 2010, $400 million in 6.5%
senior subordinated notes which mature in 2013, and $400 million
in 6.25% senior subordinated notes which mature in 2014.  In
addition to the $416 million in cash proceeds from outstanding
receivables under Flextronics' $750 million accounts receivable
securitization facility, which Fitch includes in its calculation
of adjusted debt, Flextronics also utilizes one-time sales of
accounts receivable which, as of June 29, 2007, represented an
additional $443 million in off-balance-sheet debt.

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.


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


CONFECOL JSC: Creditors' Liquidation Claims Due October 12
----------------------------------------------------------
Creditors of JSC Confecol have until Oct. 12 to submit their
claims to:

         Dr. Marco Jagmetti
         Liquidator
         Advocacy Lenz & Staehelin
         Bleicherweg 58
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Confecol
         Zug
         Switzerland


FRAG FINANZRATGEBER: Creditors' Liquidation Claims Due Nov. 7
-------------------------------------------------------------
Creditors of JSC FRAG FinanzRatgeber have until Nov. 7 to submit
their claims to:

         Richard Mathey
         Liquidator
         Badenerstr. 78
         8004 Zurich
         Switzerland

The Debtor can be reached at:

         JSC FRAG FinanzRatgeber
         8004 Zurich
         Switzerland


GRAPHIS KARTOGRAPHIE: Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Oerlikon-Zurich commenced bankruptcy
proceedings against JSC Graphis Kartographie Verlags on Sept. 5.

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

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Graphis Kartographie Verlags
         Bahnhaldenstrasse 7
         8052 Zurich
         Switzerland


HI METAL: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Hi Metal Trading on Aug. 28.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Hi Metal Trading
         Alpenstrasse 12
         6304 Zug
         Switzerland


KONSTANTI & PARTNER: Creditors' Liquidation Claims Due Oct. 31
--------------------------------------------------------------
Creditors of LLC Konstanti & Partner have until Oct. 31 to
submit their claims to:

         Skarlakidis Catina
         Liquidator
         Hohrainstr. 4
         8157 Dielsdorf
         Switzerland

The Debtor can be reached at:

         LLC Konstanti & Partner
         Dielsdorf
         Switzerland


PETROPLUS INT'L: Creditors' Liquidation Claims Due Oct 12
---------------------------------------------------------
Creditors of JSC Petroplus International Trading have until
Oct. 12 to submit their claims to:

         Dr. Willi Dietschi
         Advocacy Reber Rechtsanwalte
         Dufourstrasse 43
         Mail box 926
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Petroplus International Trading
         Zug
         Switzerland


VIROOS LLC: Creditors' Liquidation Claims Due October 10
--------------------------------------------------------
Creditors of LLC Viroos have until Oct. 10 to submit their
claims to:

         Feldstrasse 2
         8853 Lachen
         Switzerland

The Debtor can be reached at:

         LLC Viroos
         8853 Lachen
         Switzerland


YASODI JSC: Creditors' Liquidation Claims Due October 12
--------------------------------------------------------
Creditors of JSC Yasodi have until Oct. 12 to submit their
claims to:

         Peter Reiners
         Liquidator
         JSC Swicor
         Vorstadt 32
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Yasodi
         Zug
         Switzerland


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


PETROL OFISI: Fitch Holds BB- IDR on Strong Fin'l. Performance
--------------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Petrol Ofisi A.S.'s
Long-term local and foreign currency Issuer Default ratings at
'BB-'.  Fitch has also upgraded POAS's National Long-term rating
to 'AA- (tur)' from to 'A+(tur)'.  The Outlooks on all ratings
are Stable.  Fitch has also affirmed the senior unsecured rating
on the US$175 million notes of POAS's 100%-owned and guaranteed
subsidiary, PO Oil Financing Ltd, at 'BB-').

The ratings reflect the company's strong operational and
financial performance in 2005-06, marked by its ongoing debt
reduction.  The ratings also incorporate POAS's free cash flow
generating capacity, despite rising capital expenditure
requirements.

POAS's EBITDA margin stabilized at 4.4% in fiscal year 2006
(4.7% at first half of 2007), compared with 4.2% in fiscal year
2005, and is strong by industry standards.  Full retail market
liberalization after January 2005 resulted in a steep increase
in distribution margins (about 22% for gasoline and 35% for gas
oil on average for 2006) to levels above the EU average.  POAS
is likely to retain its profitability, given its nationwide
network and strong leadership in the diesel market, which
contributes 60% to its gross profit.

The key factors supporting POAS's ratings are its leading
domestic market position despite rising competition from the
Shell-Turcas JV, and Lukoil (especially in diesel, retail and
wholesale markets), its sizeable network and storage capacity,
and its economies of scale and competitive advantages on direct
fuel imports.  The interest in the Georgian oil distribution
market, as well as the partnership with Petropars and OMV to
jointly participate in the bidding round of the Iran Exploration
and Development Tender may be cited as fresh evidence that
management is looking to build on its local experience in
neighboring markets.

POAS's net debt declined to US$225 million at fiscal year 2006
from US$610 million at fiscal year 2005 due to healthy operating
cash flow generation and an increase in payable days.  At end-
first half of 2007, POAS had a net debt position of
US$437 million, up from US$288 million at first quarter of 2007,
due to payments of US$200 million related to tax investigation
issues.  Net debt to EBITDA remains strong, at 0.5x at fiscal
year 2006, but increased to 1x at end-June 2007 due to the tax
penalty.  Fitch notes that POAS has some headroom to increase
leverage up to 1.5x-2x and maintain its current ratings. The
establishment of a new refinery in the medium- to long-term
could jeopardize POAS's leverage target, depending on the extent
of financial support from its shareholders.  Fitch would treat
this potential investment as event risk.

In line with its strategy of becoming a vertically integrated
regional energy player, POAS applied to EMRA to build a refinery
in Ceyhan, the energy hub of the region.  POAS's subsidiary was
awarded the preliminary license in June, and Fitch expects the
company's feasibility study to be completed in November 2007.
Fitch estimates that the refinery, with a planned capacity of 10
million tons per year, will cost a minimum of US$4 to US$5
billion, to be completed by 2012.

Fitch notes that POAS's two major shareholders are likely to
contribute most of the project's funding, mitigating financial
risks for POAS.  The remaining project costs will be funded from
the company's operating cash flow and from external debt.  The
rising costs of refinery construction, the long-term outlook for
refinery margins and the long construction period to 2012 are
key factors that the agency will evaluate if a final investment
decision is taken.

POAS is the largest wholesale and retail fuel distributor in
Turkey, commanding 34% and 26% market shares in key segments of
diesel and gasoline sales, respectively.  The company runs a
nationwide dealer network of around 3,500 stations.


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



BANK FORUM: To Secure US$90 Million Syndicated Loan
---------------------------------------------------
Bank Forum JSC plans to get a syndicated loan of up to US$90
million, Business News Europe reports, citing a bank
representative.

According to the report, the bank is due to sign the credit
agreement this week.

Bank Forum initially took a US$60 million loan with Fortis,
Bayern LB and Commerzbank as organizers, BNE relates.

                      About Bank Forum

Headquartered in Kyiv, Ukraine, Bank Forum JSC --
http://www.forum.com.ua/en/-- currently ranks among the top 10
largest banks in the country.  As of June 30, 2007 reported
unaudited IFRS total assets of UAH9.4 billion (US$1.86 billion)
and net profit of UAH10.2 million (US$2 million).


BUILDING REPAIR: Proofs of Claim Deadline Set October 5
-------------------------------------------------------
Creditors of LLC Building Repair Delivery (code EDRPOU 32462437)
have until Oct. 5 to submit written proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 7/139-07.

The Debtor can be reached at:

         LLC Building Repair Delivery
         Levanevsky Str. 12
         40004 Sumy
         Ukraine


CARDINAL RESOURCES: Delays Interim Results Ending June 2007
-----------------------------------------------------------
Cardinal Resources Plc announced on Oct. 1, 2007, a delay in
release of its interim results for six months ended
June 30, 2007.

The company has requested suspension of its shares to trading on
the AIM until it can both clarify its financial position and
publish its interim results.

On Sept. 18, 2007, Cardinal said that refinancing discussions
continue and cash flow remains very tight.

The company has now received a proposal from Silver Point
Capital LP, its main provider of finance to include the possible
purchase of the company's assets.

In addition, another potential provider of finance has made
proposals to the company which is in course of amendment to
include the restructuring of the Company's balance sheet, the
underwriting of an institutional private placement or the
purchase of all of the company's assets.

It has not yet been possible to conclude negotiations with
either party or reach agreement on acceptable terms that the
board of Cardinal could recommend to shareholders.

The absence of agreement and with uncertainty over the source of
short or medium term funding, caused the delay of the company's
interim results.

Headquartered in Kiev, Ukraine, Cardinal Resources Plc --
http://www.cardinal-uk.com/-- is an independent oil and gas
company engaged in acquisition, development, production and
exploration of oil and natural gas properties in Ukraine, where
it has held interests since 1995.

Formerly known as Carpatsky Petroleum Corporation, a publicly-
traded corporation listed in Canada, Cardinal Resources plc was
created in April 2004 as the vehicle to restructure Carpatsky
and exploit the full potential of its assets.

Cardinal was admitted to the Alternative Investment Market (AiM)
of the London Stock Exchange in April 2005.  The company has
operations in London, and Houston.


DRUZHBA LLC: Creditors Must File Claims by October 5
----------------------------------------------------
Creditors of LLC Agricultural Firm Druzhba (code EDRPOU
31092479) 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 supervision
procedure on the company.  The case is docketed as B-24/154-07.

The Debtor can be reached at:

         LLC Agricultural Firm Druzhba
         Soviet Str. 61
         Staroverovka
         Novaya Vodolaga District
         Kharkov
         Ukraine


IVANO-FRANKOVSK FURNITURE: Proofs of Claim Deadline Set Oct. 5
--------------------------------------------------------------
Creditors of OJSC Ivano-Frankovsk Furniture Factory (code EDRPOU
00274329) have until Oct. 5 to submit written proofs of claim
to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B-7/198.

The Debtor can be reached at:

         OJSC Ivano-Frankovsk Furniture Factory
         Levinsky Str. 1
         76014 Ivano-Frankovsk
         Ukraine


KMB-1 LLC: Proofs of Claim Deadline Set October 5
-------------------------------------------------
Creditors of LLC Guaranty Building KMB-1 (code EDRPOU 30554337)
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 23/612-b.

The Debtor can be reached at:

         LLC Guaranty Building KMB-1
         Polupanov Str. 16
         Kiev
         Ukraine


KREONIS LLC: Proofs of Claim Deadline Set October 5
---------------------------------------------------
Creditors of LLC Kreonis (code EDRPOU 331423975) 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 B 11/277-07.

The Debtor can be reached at:

         LLC Kreonis
         Naberezhnaya Str. 25
         Jurievka
         Kievo-Sviatoshynsky District
         Kiev
         Ukraine


MALVA LLC: Creditors Must File Claims by October 5
--------------------------------------------------
Creditors of LLC Malva (code EDRPOU 31104007) have until Oct. 5
to submit written proofs of claim to:

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

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company.  The case is docketed as 11/B-936.

The Debtor can be reached at:

         LLC Malva
         Borschov
         48700 Ternopol
         Ukraine


RAILROAD CAR: Proofs of Claim Deadline Set October 5
----------------------------------------------------
Creditors of Konotop State Railroad Car Repair Plant (code
EDRPOU 14014046) have until Oct. 5 to submit written proofs of
claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 898-7/25.

The Debtor can be reached at:

         Konotop State Railroad Car Repair Plant
         Novikov Square 2
         Konotop
         41780 Sumy
         Ukraine


SCHUCHENETSKOE LLC: Proofs of Claim Deadline Set October 5
----------------------------------------------------------
Creditors of LLC Schuchenetskoe (code EDRPOU 31684940) 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 10/215-07.

The Debtor can be reached at:

         LLC Schuchenetskoe
         Schuchintsy
         Zhmerinka District
         23144 Vinnica


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


ADVANCED MARKETING: Plan Confirmation Hearing Set for Nov. 15
-------------------------------------------------------------
The Honorable Christopher S. Sontchi of the U.S. Bankruptcy
Court for the District of Delaware has set a hearing on Nov. 15,
2007, to consider confirmation of the Second Amended Joint Plan
of Liquidation filed by Advanced Marketing Services Inc. and its
debtor-affiliates and the Official Committee of Unsecured
Creditors.

Objections to the Plan, if any, must be submitted by November 6.

As reported in the Troubled Company Reporter on Sept. 28, 2007,
the Court had approved the Disclosure Statement describing the
Plan.  At the September 26 hearing, Judge Sontchi found that the
Disclosure Statement, as amended, contains "adequate
information" as required by Section 1125 of the Bankruptcy Code.

Judge Sontchi said at the hearing that creditors whose debt is
not backed by collateral will be paid from $0.29 to $0.42,
according to Bloomberg.

Pursuant to the Court-approved Disclosure Statement, the
unsecured creditors, which are owed between $29,000,000 and
$36,000,000, and all others who receive only partial payment of
what they are owed, are allowed to vote on the Liquidating Plan
before the Court decides whether it should be confirmed.  In
addition, secured creditors, whose debts are guaranteed by
collateral, will be paid in full.  Unsecured creditors of PGW
will be paid in full on debts up to $11,000,000.

The funds to be used to pay AMS' debts will come from the sale
of most of the Debtor's assets to its competitor, Baker &
Taylor, Inc., according to Bloomberg.

Baker & Taylor agreed in March to buy the AMS assets for
$20,000,000 in cash, plus an amount to be based on the value of
the AMS debts and book inventory.  Baker & Taylor has paid
$57,800,000 under its original Asset Purchase Agreement with
AMS.

The Debtors and the Committee also delivered at the September 26
hearing a copy of their Second Amended Plan of Liquidation and
accompanying Disclosure Statement to add specific provisions
with respect to the Reclamation Claims and the 20 Day
Administrative Claims filed against AMS, which are allowed as
Administrative Claims pursuant to Sections 502 and 503 of the
Bankruptcy Code and Rule 9019 of the Federal Rules of Bankruptcy
Procedure.

A blacklined copy of the Second Amended Liquidating Plan is
available for free at http://researcharchives.com/t/s?23c4

A blacklined copy of the Second Amended Disclosure Statement is
available for free at http://researcharchives.com/t/s?23c5

The Second Amended Liquidating Plan provides that each of those
claims may be reduced dollar for dollar for returns of goods up
to a certain current amount reflecting the goods in possession
of the Debtors at or about the time of the report for each
claim.

A schedule of the Reclamation Claims and their approved current
amounts is available at no charge at:

             http://researcharchives.com/t/s?23c6

Judge Sontchi has directed the creditors to submit their votes
on the Plan by November 6.

Creditors whose claims are being objected to are not eligible to
vote unless such objections are resolved in their favor or, the
claims are temporarily allowed by the Court for the purpose of
voting to accept or reject the Plan.

The Plan Proponents believe that the Liquidating Plan is in the
best interests of the creditors and is fair and equitable, and,
accordingly, are encouraging the creditors to vote in favor of
the Plan.

Curtis R. Smith, Chief Executive Officer of AMS, stated in Court
filings that upon entry of the Plan Confirmation Order, the cash
and assets of the Deferred Compensation Trust will be
transferred to Reorganized AMS and will become property of the
AMS estate and available for distribution to holders of Allowed
Unsecured Claims against AMS.  Individuals who contributed to
the Deferred Compensation Plan will be treated as holders of
Unsecured Claims against AMS.

William C. Sinnott of Random House Inc., Chairman of the
Creditors Committee, added that on or before the Plan's
substantial consummation, the Plan Proponents may file with the
Court certain agreements or other documents as may be necessary
or appropriate to effectuate and further evidence the terms and
conditions of the Plan.

                     About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than $100 million.
(Advanced Marketing Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


ADVANCED MARKETING: Court Okays Baker Taylor Settlement Pact
------------------------------------------------------------
The Honorable Christopher S. Sontchi of the U.S. Bankruptcy
Court for the District of Delaware issued a final order
approving the settlement agreement between Advanced Marketing
Services, Inc., and Baker and Taylor, Inc.

Under the Settlement Agreement, Baker & Taylor will pay AMS
$6,050,000, and deliver to the Debtor $1,750,000 of specific
inventory.

Judge Sontchi has extended until Oct. 31, 2007, the terms of the
Transition Services Agreement, pursuant to which AMS will pay
Baker & Taylor $4,250,000 as a one-time payment that nets all
amounts due to either party under the TSA through and including
October 31.

Baker & Taylor agreed to promptly pay AMS the net amount of
$1,800,000 by wire transfer, consisting of the $6,050,000 APA
payment, less the $4,250,000 TSA payment.

As reported in the Troubled Company Reporter on March 23, 2007,
Baker & Taylor, completed the acquisition of the wholesale
operations of Advanced Marketing.  Baker & Taylor's acquisition
includes Advanced Marketing assets through which it distributes
bestsellers, children's books, culinary titles, reference works,
and other books to membership warehouse clubs.  Baker & Taylor
also acquired Advanced Marketing's wholesale distribution
operations in the United Kingdom and in Mexico.

As reported in the Troubled Company Reporter on July 24, 2007,
the Debtors asked the Court to compel Baker & Taylor, Inc., to
pay the remaining $6,216,222 due under their Asset Purchase
Agreement.

Under the agreement, the purchase price was to be paid in three
installments:

  -- on the closing date, $20,000,000 plus certain additional
     sums, including 33.3% of the "Combined APG/AR Price";

  -- 30 days after the closing date, 33.3% of the Combined
     APG/AR Price; and

  -- 60 days after the Closing Date, 33.4% of the Combined
     APG/AR Price, minus $1,000,000.

Pursuant to the terms of the APA, the amount of the Final
Payment should have been $10,350,632.  However, B&T paid only
$4,134,410 on May 18, 2007, leaving the $6,200,000 shortfall.

AMS disclosed that it tried many times to persuade B&T to pay
what it owes, B&T continues to withhold the amount.

To justify its refusal to pay, B&T has relied on unfounded and
patently erroneous interpretations of the Purchase Agreement.
B&T has insisted it is entitled to $2,043,969 held by AMS in its
ban account at the time of closing, on the ground that any funds
deposited in the account on or after 12:01 a.m. on March 19,
2007, belong to B&T.

AMS contends B&T's position is false.  AMS points out the
Purchase Agreement provides that any cash in its bank accounts
prior to 2:00 p.m. on March 19, 2007, belongs to it.  The
parties did not agree to an earlier or later date, AMS says.

                     About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than $100 million.
(Advanced Marketing Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


AFRICAN TRACKWOODS: Brings In Liquidators from Wilkins Kennedy
--------------------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of African Trackwoods
(U.K.) Ltd. on Sept. 20 for the creditors' voluntary winding-up
proceeding.

Mr. Kirkpatrick can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         Berkshire
         RG1 2SB

Mr. Stevens can be reached at:

         Wilkins Kennedy
         Gladstone House
         77/79 High Street
         Egham
         England


CABLE & WIRELESS: Unit Launches Network Operations Center
---------------------------------------------------------
Cable & Wireless' Barbados subsidiary has launched a
US$5-million network operations center in Barbados to monitor
its 14 units throughout the Caribbean, according to a report by
the Trinidad Guardian.

The Guardian notes that the center is in Wildey.  It will check
global interconnection and allow management of network resources
across the Caribbean.

Business News Americas relates that the center will have over 30
workers, who have undergone special training to monitor service.

Cable & Wireless Barbados' center will collaborate with its
Jamaican counterpart will collaborate to provide redundancy and
service continuity 24/7, The Guardian states.

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CAMBRIDGE BUILDING: Joint Liquidators Take Over Operations
----------------------------------------------------------
Robert Horton and Roger Tulloch of Smith & Williamson Ltd. were
appointed joint liquidators of Cambridge Building Services Ltd.
(formerly Leabrand Ltd.) on Sept. 15 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         No.1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey
         GU1 4RA
         England


COTT CORP: S&P Revises CreditWatch to Negative from Developing
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on Toronto-based beverage provider Cott Corp. to
negative from developing.

The ratings were placed on CreditWatch developing on April 16,
2007, following Cott's decision to explore its possible
participation in industry consolidation.  The change in the
CreditWatch placement results from Cott having made no
significant progress in this regard, even though management
continues to consider this option.

"The CreditWatch negative placement follows Cott's announcement
that it expects substantially lower operating income in 2007
compared with 2006," said Standard & Poor's credit analyst Lori
Harris.  "The effects of volume declines in key carbonated soft
drink markets and of higher raw material costs have precipitated
this revision to operating income," Ms Harris added.
Furthermore, the company remains stressed as reflected by the
weaker-than-expected financial performance in the second quarter
ended June 30, 2007.  Despite largely flat revenues for the
quarter, reported operating income dropped 35% during this time
compared with second-quarter 2006.  Moreover, gross margin
declined to 12% for the second quarter, from 14.4% for the same
period in 2006, because of higher ingredient, packaging, and
plant-related costs.

Standard & Poor's is concerned about the drop in 2007 operating
income and the uncertainty related to the magnitude of the
decline.  S&P will meet with Cott's senior management to discuss
the company's expected performance for 2007 as well as its
ongoing business and financial strategies.

                      About Cott Corp.

Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT;
TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavoured mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.


COWPER LAWRENCE: Claims Filing Period Ends November 2
-----------------------------------------------------
Creditors of Cowper Lawrence Construction Ltd. have until Nov. 2
to send in their full names, their addresses and descriptions,
full particulars of their debts and claims, and names and
addresses of their solicitors (if any) to:

         Patrick Ellward
         Liquidator
         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham
         NG7 6NX
         England

Dilip K. Dattani and Patrick Ellward of Tenon Recovery were
appointed joint liquidators of the company on Sept. 21 for the
creditors' voluntary winding-up proceeding.


FIORI – LEEDS: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Fiori - Leeds Ltd. on
Sept. 24 for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


FORD MOTOR: Overall September 2007 Vehicle Sales Decline by 21%
---------------------------------------------------------------
Demand continues to grow for Ford Motor Company’s all-new and
redesigned crossover vehicles, even as overall sales declined in
September 2007.

Total September sales were 189,863, down 21% compared with a
year ago.  Sales to daily rental companies were down 62% and
sales to individual retail customers were down 15%.

Ford, Lincoln and Mercury’s all-new and redesigned crossover
utility sales were up 96% in September and up 52% year-to-date
-– the largest increase of any major manufacturer.

“We continue to be encouraged by customers’ strong response to
our new products, which we’re launching with high quality,” Mark
Fields, president, The Americas, said.  “Demand for our new
crossovers continues to grow and contributes to our efforts to
stabilize U.S. retail market share.”

In September, Ford Edge sales were 11,632 and Lincoln MKX sales
were 3,805.  Both new crossovers achieved their highest retail
sales month to date.  The Edge and Lincoln MKX were introduced
in December 2006 and already are among the best sellers in the
mid-size and premium CUV segments.

Sales for the redesigned 2008 model Ford Escape and Mercury
Mariner crossovers were higher in September.  Escape sales were
11,132, up 10%, and Mariner sales were 2,699, up 4%.

The Lincoln brand posted its 12th month in a row of higher
retail sales.  In September, total Lincoln sales were up 33%
(retail up 40%).  Year-to-date, total Lincoln sales were up 15%
(retail up 17%).  Lincoln’s rebound reflects the new Lincoln MKX
crossover, the new Lincoln MKZ sedan (up 25% in September) and
the redesigned Navigator (up 38% in September).

“We’re building a strong foundation for future growth at
Lincoln,” Mr. Fields said.  “This is the early phase of an
aggressive plan to restore Lincoln as America’s choice for
luxury vehicles.”

Land Rover’s September sales were 4,190, up 21%, reflecting the
addition of the all-new LR2 crossover.  Land Rover sales were up
8% year-to-date.

                       About Ford Motor

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

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

                          *     *     *

In a TCR-Europe report on Oct. 2, 2007, Standard & Poor's
Ratings Services has placed its long-term corporate credit
ratings on Ford Motor Co. and related entities on CreditWatch
with positive implications.  The short-term 'B-3' ratings are
not on CreditWatch.

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


FORK TRUCK: Bibby Factors Taps Begbies Traynor as Receivers
-----------------------------------------------------------
Bibby Factors Manchester Ltd. appointed G.N. Lee and P. Stanley
of Begbies Traynor joint administrative receivers of Fork Truck
Supermarket Ltd. (Company Number 03872112) on Sept. 20.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

Headquartered in Manchester, England, Fork Truck Supermarket
Ltd. -- http://www.theforktruck.com/-- sells, repairs, hires
service and transport facilities.


GENERAL MOTORS: September 2007 Deliveries Up 4%
-----------------------------------------------
General Motors Corp. dealers in the United States delivered
337,640 vehicles in September, up 4% compared with a year ago.
The company's 255,274 retail deliveries were up more than 7%.

For the second consecutive month GM bucked industry trends, led
by brisk retail sales of full-size trucks, mid-utility
crossovers, the Cadillac CTS and Chevrolet Cobalt.

"Our market share performance of more than 25% over the last
quarter demonstrates strong consumer acceptance of our new
products and the continued progress we've made in our North
America turnaround strategy," Mark LaNeve, GM North America vice
president, Vehicle Sales, Service and Marketing, said.  "Our
industry-leading truck lineup continued its strong performance,
and we were particularly pleased by our performance in passenger
cars, led by the fuel-efficient Chevy Cobalt and all-new
Cadillac CTS.  The CTS had its best-ever September performance
with more than 5,400 vehicles sold, a testament to the power of
the all-new model."

The company continues transforming its North American business
with overall incentive spending flat compared with a year ago.
September inventories were down about 100,000 vehicles to
approximately 900,000 vehicles.  Fleet deliveries were down, as
planned, by more than 6%.

"Our retail share, which has been stable for two years, improved
in Q3 with all three months solid from a share standpoint," Mr.
LaNeve added.  "For the second consecutive month, we posted good
retail volume despite a challenging industry.  To build on that
retail strength, we're gearing up for the all-new Chevrolet
Malibu launch later this month and are encouraging folks to try
our pickups and SUVs as part of the Truck Month sales event."

Cadillac CTS total sales surged ahead 74%, compared with year-
ago performance, due to the strength of the all-new CTS, now in
showrooms.  GMC Acadia, Saturn OUTLOOK and Buick Enclave
together had total sales of nearly 13,000 vehicles, pushing the
significant increase in GM's mid-crossover segment.  Total sales
of the fuel-efficient Cobalt were up more than 35% compared with
last September.

Other vehicles with retail sales increases, compared with year-
ago levels, include: Chevrolet Aveo, Impala, Silverado, Tahoe,
Suburban, HHR and Equinox; Saturn AURA and VUE; GMC Sierra,
Yukon and Yukon XL; Cadillac Escalade; Pontiac G5, G6 and
Torrent; Buick Lucerne and Saab 9-3.

An increasing number of consumers cite warranty coverage as a
reason for buying a new GM vehicle.  GM's 5 Year/100,000 Mile
Powertrain Limited Warranty continues to be a better choice for
customers.  GM's coverage focuses on the complete ownership
experience and includes other provisions that competitors do not
offer, including transferability to the next owner, more
complete coverage of parts, and coverage for new and certified
used vehicles.  In addition, GM offers superior complementary
programs, such as courtesy transportation and roadside
assistance.

"GM provides the best coverage in the industry and takes care of
the vehicle and the owner like no other vehicle manufacturer,"
Mr. LaNeve added.

                     Certified Used Vehicles

September 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,118
vehicles, down 10.5% from last September.  Total year-to-date
certified GM sales are 402,191 vehicles, up 2% from the same
period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used vehicle brand, posted 36,206 sales,
down 9% from last September.  There was one less selling day
than last September.  Year-to-date sales for GM Certified Used
Vehicles are 353,600 vehicles, up 4% from the same period in
2006.

Cadillac Certified Pre-Owned Vehicles posted September sales of
3,038 vehicles, down 20% from last September.  Saturn Certified
Pre-Owned Vehicles sold 1,173 vehicles in September, down 21%.
Saab Certified Pre-Owned Vehicles sold 564 vehicles, down 26%,
and HUMMER Certified Pre-Owned Vehicles sold 137 vehicles, up
22%.

"Through September, GM Certified Used Vehicles continues to lead
the manufacturer-certified category, with year-to-date sales up
4% from last year's industry-leading annual sales results," Mr.
LaNeve said.  "GM Certified customers enjoy the certified
segment's broadest selection of vehicles from the largest dealer
network, backed by a fully transferable
5-year/100,000-mile powertrain limited warranty, the best
coverage of any full-line automaker."

   GM North America September and 3rd Quarter 2007 Production

In September, GM North America produced 323,000 vehicles
(118,000 cars and 205,000 trucks).  This is down 64,000 units or
16% compared with September 2006 when the region produced
387,000 vehicles (161,000 cars and 226,000 trucks).  Production
totals include joint venture production of 15,000 vehicles in
September 2007 and 22,000 vehicles in September 2006.

GM North America built 1.020 million vehicles (367,000 cars and
653,000 trucks) in the third-quarter of 2007.  This is down
30,000 vehicles or 3% compared with third-quarter of 2006 when
the region produced 1.050 million vehicles (417,000 cars and
633,000 trucks).  The third-quarter 2007 production decline
versus last month's guidance is largely due to the recent UAW
work stoppage in the U.S. Additionally, GM North America's 2007
fourth-quarter production forecast is unchanged at 1 million
vehicles (334,000 cars and 666,000 trucks).  In the fourth-
quarter of 2006 the region produced 1.107 million vehicles
(446,000 cars and 661,000 trucks).

                      About General Motors

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

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Fitch Ratings has affirmed and removed the Issuer Default Rating
and debt ratings of General Motors from Rating Watch Negative
following the announcement that GM has reached an agreement on a
new contract with the United Auto Workers.   Fitch currently
rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior
unsecured 'B- /RR5'.  GM's Rating Outlook is Negative.

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

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


GROUND ZERO: David Elliott Leads Liquidation Procedure
------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
Ground Zero (AV) Ltd. on Sept. 20 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


GUILDER GRAPHICS: Taps Liquidators from Smith & Williamson
----------------------------------------------------------
Anthony Murphy and Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of Guilder
Graphics Ltd. on Sept. 13 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         No.1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey
         GU1 4RA
         England


INNER COMPASS: Appoints Liquidators from Tenon Recovery
-------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Inner Compass International Ltd. on Sept.
22 for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


INTERNATIONAL RECTIFIER: Alex Lidow Steps Down as CEO & Director
----------------------------------------------------------------
International Rectifier Corporation announced the resignation of
Dr. Alex Lidow as chief executive officer and as a director,
effective immediately.

Don Dancer continues as International Rectifier's acting chief
executive officer.  Mr. Dancer has served in that position since
Aug. 28, 2007.

The board of directors has engaged Korn/Ferry International
(NYSE:KFY) to conduct a search for Dr. Lidow's permanent
replacement.  The search is being led by Dr. James Plummer,
Chairman of the Corporate Governance and Nominating Committee.

Don Dancer, International Rectifier's acting chief executive
officer, said, "We want to thank Alex for his contributions to
the company. During his tenure, he led the pioneering power
MOSFET technology, which drove the adoption of power management
across broader end use applications.  His focus on power
management helped to solidify International Rectifier as a
leader in the industry.  Alex has also encouraged the next
generation of technology professionals who will continue to
create and provide our customers with innovative products."

"I have appreciated the opportunity to serve International
Rectifier as a Director and CEO the last 12 years," said Dr.
Lidow.  "International Rectifier and the power management
industry have a bright future, and I believe the company will
continue to deliver enormous value to the companies it serves
and end-users by helping to reduce global energy consumption and
improving energy efficiency."

Dr. Lidow will receive accrued salary, bonus and vacation
through the date of his departure.  He will be entitled to
exercise his vested options for an additional eighteen months,
or 90 days following the date on which the company becomes
current in its SEC financial reports, whichever is later.  The
company has agreed to vest all of Dr. Lidow's options that had
not already vested.

International Rectifier Corporation -- http://www.irf.com/--
(NYSE:IRF) is a world leader in power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.   Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


INTERNATIONAL RECTIFIER: Discloses Key Internal Initiatives
-----------------------------------------------------------
International Rectifier Corporation announced these initiatives:

   -- Shifted reporting of the internal audit function to the
      Audit Committee of the board of directors and the general
      counsel.

   -- Appointed a lead independent director.

   -- Appointed a Special Committee of the board to advise and
      support the acting chief executive officer.

   -- Evaluated independent third party consulting firms to
      document and assess the design effectiveness of processes
      and controls.

   -- Revamped the company's hotline process and placed it under
      the internal audit function.

   -- Changed reporting relationships at the company's Japan
      subsidiary to improve oversight of the subsidiary.

   -- Added interim processes to help assure adherence to proper
      revenue recognition policies at the Japan subsidiary.

The company expects to continue to assess and improve its
internal controls and corporate governance environment.

Jack Vance, International Rectifier's lead independent director,
said, "During this period of transition for the company, the
Audit Committee and I are working diligently to bring the
internal accounting investigation to a resolution.  We are also
taking steps to implement meaningful changes to our internal
controls and governance policies.  Going forward, we will
continue to work with Don Dancer, International Rectifier's
acting chief executive officer, as well as our executive
leadership team and our employees to help ensure that our
company continues to create the products and deliver the level
of service our customers have come to expect of International
Rectifier."

Previously, the Board of Directors designated a Special
Committee, comprised of independent directors of the company, to
advise and support the company's acting chief executive officer.
The committee is chaired by Dr. Vance, former senior partner of
McKinsey & Co.  The other members include:

   * Mr. Robert Attiyeh, former chief financial officer of AMGEN
     Inc.;

   * Dr. Philip M. Neches, former chief technology officer of
     Teradata Corporation, NCR Corporation, and the AT&T
     Multimedia Products and Systems Group;

   * Dr. James Plummer, Dean of Engineering at Stanford
     University; and

   * Dr. Rochus Vogt, retired provost of the California
     Institute of Technology.

International Rectifier Corporation -- http://www.irf.com/--
(NYSE:IRF) is a world leader in power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.   Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


MICRON TECH: Posts US$320 Million Net Loss in Year Ended Aug. 30
----------------------------------------------------------------
Micron Technology Inc. reported results of operations for its
2007 fiscal year and fourth quarter, which ended Aug. 30, 2007.

For the fourth quarter of fiscal 2007, the company incurred a
net loss of US$158 million on net sales of US$1.4 billion, which
compares to a net loss of US$225 million on net sales of US$1.3
billion for the third quarter.  For the 2007 fiscal year, the
company incurred a net loss of US$320 million on net sales of
US$5.7 billion, which compares to net income of US$408 million
on net sales of US$5.3 billion for the prior fiscal year.

The company's fourth quarter and fiscal year 2007 results were
heavily influenced by industry supply/demand dynamics that
depressed average selling prices for memory products.  The
company's net sales for the fourth quarter of fiscal 2007
increased 11 percent compared to the third quarter primarily as
a result of higher megabit sales of memory products.  Compared
to the prior quarter, fourth quarter megabit sales increased
approximately 25 percent and 60 percent for DRAM and NAND Flash
memory products, respectively, while average selling prices for
both DRAM and NAND Flash memory products decreased approximately
15 percent.  Sales of NAND Flash include sales from the
company's consolidated NAND Flash manufacturing joint venture
(IM Flash) to the company's joint venture partner at long-term
negotiated prices approximating cost.  The results for the
fourth quarter include a charge of US$20 million to write down
the carrying value of work in process and finished goods
inventories of memory products to their estimated fair market
values.

Sales of CMOS image sensors in the fourth quarter of fiscal 2007
increased approximately five percent compared to the third
quarter primarily as a result of higher average selling prices
reflecting the company's shift in mix to higher megapixel
products.

The company's manufacturing operations achieved noticeable scale
improvements in 2007, with wafer production increasing in excess
of 20 percent over fiscal 2006.  The company's cost of goods
sold per megabit decreased in the fourth quarter of fiscal 2007
compared to the third quarter by approximately 10 percent and 40
percent for DRAM and NAND Flash memory products, respectively.
These cost reductions were achieved through improved
manufacturing efficiencies and the production of significantly
more NAND Flash wafers.

During the fourth quarter of fiscal 2007, the company began
executing initiatives to drive greater cost efficiency and
revenue growth.  The company recorded a restructure charge in
the fourth quarter of US$19 million comprised primarily of
employee severance and related costs resulting from a reduction
in the company's workforce in the quarter.  The company
continues to pursue opportunities to lower its overhead costs
through the utilization of partnerships and other outside
relationships.  Selling, general and administrative expenses in
the fourth quarter include increased costs associated with the
company's outstanding legal matters.

The company had capital expenditures of approximately US$850
million and US$4 billion, including expenditures by its joint
ventures during the fourth quarter and 2007 fiscal year,
respectively, and ended the fiscal year with cash and investment
balances of US$2.6 billion.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's USUS$1.1 billion convertible senior notes due
2014.


MYLAN LABS: Acquires Generics Business of Merck KGaA
----------------------------------------------------
Mylan Labs has completed its acquisition of Merck KGaA's
generics business (Merck Generics) to become one of the largest
quality generics and specialty pharmaceuticals companies in the
world.  Mylan and Merck KGaA initially announced the signing of
a definitive agreement under which Mylan would acquire Merck
Generics for EUR4.9 billion (US$6.8 billion) in an all-cash
transaction on May 12, 2007.

Robert J. Coury, Mylan's Vice Chairman and Chief Executive
Officer said, "The new Mylan now has all of the critical
attributes we need to ensure future success and deliver powerful
growth.  We have enhanced scale and stability, a truly global
reach, vertical and horizontal integration, and breadth and
depth in our management team.  Most importantly, we have a
common purpose and dedication to executing on our strategy and
delivering superior shareholder returns."

The new Mylan is the third largest generic company worldwide
that employs more than 11,000 people and has a global presence
in more than 90 countries.  Mylan's broad product offering now
includes more than 570 products and the world's second largest
portfolio of active pharmaceutical ingredients with 126 U.S.
drug master files.  Mylan has a powerful global pipeline with
more than 255 applications or dossiers pending regulatory
approval.  The new Mylan will benefit from substantial
operational efficiencies and economies of scale from increased
sales volumes and its vertically and horizontally integrated
platform.  Dey, Mylan's specialty pharmaceuticals business,
brings additional exciting and diversified opportunities through
its existing strengths in the respiratory arena.

Mr. Coury continued, "The scale of the new Mylan is evident in
every area of our business: we have scale in our geographic
reach, scale in R&D, scale in manufacturing, scale in API, scale
in our combined product portfolio, and scale in our global
commercial footprint.  We will leverage this scale to drive
operational efficiencies and extract synergies from our combined
company, while attracting exciting new opportunities.  We have
also created an extremely well balanced and diversified company,
with significantly reduced risks related to any one particular
market or product.  Importantly, we will also ensure that we
retain the qualities that customers around the world have come
to expect from both Mylan and Merck Generics.

"The Merck Generics business is even stronger than we expected
and, through the integration planning, we have confirmed that we
truly share a common culture and values centered on quality,
integrity, reliability and service.  I am thrilled to welcome
Merck Generics nearly 5,000 employees to the new and expanded
Mylan family.  After months of careful preparation, we have hit
the ground running with the integration of our businesses and I
am delighted that we will be operating as a single, integrated
company from day one."

Mylan also announced that the company will change its name from
Mylan Laboratories Inc. to Mylan Inc. to better reflect the
broader scope of its business.  The company also confirmed that
it has changed its financial year to begin reporting on a
calendar year basis.

                  About Mylan Laboratories

Mylan Laboratories Inc. (NYSE: MYL) -- http://www.mylan.com/--
is a global pharmaceutical company with market leading positions
in generic pharmaceuticals, transdermal technology and unit dose
packaged products.  Mylan operates through three principal
subsidiaries: Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.

                        *     *     *

Moody's Investor Services placed Mylan Laboratories Inc.'s
probability of default and long-term corporate family ratings at
"Ba1" in May 2007.


MYLAN LABS: Appoints Didier Barret as President of EMEA
-------------------------------------------------------
Mylan Inc. has appointed Didier Barret to the position of
President, EMEA (Europe, Middle East and Africa) following the
completion of Mylan's acquisition of Merck's Generics Group.

At Merck Generics, Mr. Barret most recently served as Region
Director, EMEA, reporting to the Chief Executive Officer.  He
was promoted to that position in 2004 following his role as Area
Director for Southern Europe, where he was responsible for
France, Belgium, Italy, Spain and Portugal.  He established
Merck Generics' first operations in France in 1995, growing the
business to exceed euro 341 million in sales by 2006.  Prior to
this, Mr. Barret held several positions within Merck's branded
division, including sales and marketing in the UK and France.

Mylan Vice Chairman and CEO Robert J. Coury commented:  "We are
very pleased to welcome Didier to the senior leadership team at
Mylan.  He is a phenomenal operator and leader, having created
Merck Generic's business in France literally from nothing to
becoming the strong and growing business it is today.  Under his
leadership of the EMEA region since 2004, growth from operations
in these territories has been extremely impressive, at around
12% annual compound growth.  As we take our place as a global
leader in the generics and specialty pharmaceutical industry,
Didier will play a key role in ensuring that we maximize our
many opportunities for growth and success moving forward in the
EMEA region."

Mr. Barret said:  "I am very excited to be part of the new
Mylan.  There is a real cultural fit between our organizations
and the new management team under Robert is very much operating
with a unified vision.  Together, our combined company is truly
a world leader in our industry, with the depth and scale in
terms of product portfolio and pipeline, as well as
manufacturing and R&D, to provide our customers, and ultimately
patients, with the best quality products and service available.
I look forward to being a part of Mylan's future success.  I
also want to take the opportunity to thank my teams in EMEA for
their hard work and the contributions each has made to the
success of our business to date and for their commitment to
making the new Mylan even more successful in the future."

                  About Mylan Laboratories

Mylan Laboratories Inc. (NYSE: MYL) -- http://www.mylan.com/--
is a global pharmaceutical company with market leading positions
in generic pharmaceuticals, transdermal technology and unit dose
packaged products.  Mylan operates through three principal
subsidiaries: Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier
of unit dose pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.

                        *     *     *

Moody's Investor Services placed Mylan Laboratories Inc.'s
probability of default and long-term corporate family ratings at
"Ba1" in May 2007.


NASDAQ STOCK: Completes Sale of 28% LSE Stake to Borse Dubai
------------------------------------------------------------
Nasdaq Stock Market Inc., through its wholly-owned subsidiary
Nightingale Acquisition Limited, completed on Sept. 25, 2007,
its previously-announced sale of 28% of the share capital of the
London Stock Exchange Group plc to Borse Dubai Limited for about
$1.6 billion in cash.

On Sept. 28, 2007, Nasdaq used about $1.1 billion of the
proceeds from this transaction to repay in full and terminate
these agreements:

   i. the Amended and Restated Credit Agreement, dated as of
      May 19, 2006, by and among, Nasdaq as borrower, the
      lenders party thereto and Bank of America, N.A., as
      administrative agent, swingline lender and issuing bank
      and

  ii. the Amended and Restated Term Loan Credit Agreement,
      dated as of May 19, 2006, by and among, Nasdaq as
      borrower, Nightingale, as additional borrower, the
      lenders party thereto and Bank of America Bridge LLC, as
      administrative agent.

In conjunction with the termination of the credit agreements,
Nasdaq also terminated these additional agreements, which had
never become effective:

   i. the Credit Agreement, dated as of November 20, 2006,
      among Nasdaq and the other parties thereto,

  ii. the Term Loan Credit Agreement, dated as of November 20,
      2006, among Nasdaq, Nightingale and the other parties
      thereto and

iii. the Bridge Loan Agreement, dated as of November 20, 2006,
      among Nasdaq, Nightingale and the other parties thereto.

The terms and conditions of the November credit agreements are
set forth in Nasdaq’s Form 8-K dated Nov. 27, 2006.

                     About NASDAQ Stock

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

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Moody's Investors Service placed the Ba3 corporate family rating
of Nasdaq Stock Market Inc. on review for upgrade.

As reported also in the Troubled Company Reporter on
Oct. 2, 2007, Moody's Investors Service withdrew its ratings on
The Nasdaq Stock Market Inc.'s $750 million Six Year Senior
Secured Term Loan, $335 million Six Year Senior Secured Term,
and the Five Year$75 million Senior Secured Revolving Credit
Facility.  The credit facilities have been repaid and
terminated.


NASDAQ STOCK: Buying Boston Stock Exchange for US$61 Million
------------------------------------------------------------
The Nasdaq Stock Market, Inc. entered into a definitive
agreement to acquire the Boston Stock Exchange, including the
holding company, the Boston Equities Exchange, the Boston Stock
Exchange Clearing Corporation, and BOX Regulation.  Along with
these businesses, NASDAQ will acquire a Self-Regulatory
Organization license for trading both equities and options.

NASDAQ's acquisition of the BSE Group is valued at approximately
US$61 million.

NASDAQ will not acquire an interest in the Boston Options
Exchange from the BSE.  However, a regulatory framework for the
BOX market will remain in place.  NASDAQ, through BOXR, will
operate the regulatory services provider to the BOX, which is an
options trading facility of the BSE.  NASDAQ and BOX are
discussing a plan regarding the future regulatory structure for
BOX.

"NASDAQ is very focused on meeting the needs of its customers,”
Bob Greifeld, President and Chief Executive Officer of NASDAQ,
said.  “This transaction provides added liquidity, new trading
choices and an enhanced competitive market environment.
NASDAQ's acquisition of the BSE will expand NASDAQ's execution
offerings, and deliver user and investor benefits consistent
with our Brut and INET acquisitions.

"We believe a second exchange license in both equities, and in
the future options, will provide market structure flexibility as
we continue to deliver on our mission of being the number one
trading platform in the transactions business."

Upon approval of the transaction, NASDAQ will have the ability
to offer a second quote within the U.S. equities marketplace.
NASDAQ anticipates operating the BSE using its INET trading
system.

Additionally, subject to SEC approval, NASDAQ anticipates
utilization of the BSE Clearing Corporation.

"This deal will allow our customers to better execute their
trading strategies,” NASDAQ Executive Vice President of
Transaction Services, Chris Concannon commented.  “From critical
trading functionality, to crossing products, and risk management
offerings, NASDAQ's second quote in NASDAQ, NYSE and AMEX-listed
securities will arm our diverse customer base with more choices
and competitive pricing options.  Additionally, we are
optimistic that the clearing business will provide valuable
benefits for both NASDAQ and our customers over time."

As previously noted, NASDAQ anticipates organically launching
The NASDAQ Options Market, a price/time priority options market
in December 2007, subject to SEC approval.

The transaction is subject to SEC approval and approval by BSE
members.  NASDAQ & BSE's board of directors have approved the
transaction, which is expected to close by early first quarter
2008.  It is anticipated that the transaction will be accretive
to NASDAQ shareholders within 12 months from closing.

                          About BSE

Founded in 1834 as the third oldest exchange in the U.S., the
Boston Stock Exchange –- http://www.bostonstock.com/-- has,
from its beginnings, played a vital role as an exchange within
the strongest capital market system in the world.

                        About NASDAQ Stock

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

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2007,
Moody's Investors Service withdrew its ratings on The Nasdaq
Stock Market Inc.'s $750 million Six Year Senior Secured Term
Loan, $335 million Six Year Senior Secured Term, and the Five
Year $75 million Senior Secured Revolving Credit Facility.  The
credit facilities have been repaid and terminated.  However, the
Ba3 Corporate Family Rating remains on review for upgrade.

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Standard & Poor's Ratings Services placed its ratings on The
Nasdaq Stock Market Inc, including its 'BB' long-term
counterparty credit rating, on CreditWatch Positive, after
Nasdaq disclosed that it is selling the bulk of its investment
in the London Stock Exchange PLC to Borse Dubai, and using the
proceeds to pay down rated term loans.


NASH FINCH: Moody's May Cut B2 Rating After Review
--------------------------------------------------
Moody's Investors Service placed the ratings of Nash Finch's
Corporate Family Rating of B2 under review for possible
downgrade.

This follows the issuance on September 27th by certain hedge
funds of a default notice, claiming that Nash Finch was in
breach of a covenant within its senior subordinated convertible
notes due 2035.  Specifically, the notice claims that the
company was in breach of section 4.08(a)(5) of the indenture,
which provides for an adjustment in the conversion rate on the
notes in the event Nash Finch increases its dividend.

Nash Finch believes it made all required adjustments to the
conversion rates on the notes following a recent dividend
increase, and is disputing the claim that a default has
occurred.  The company has filed a petition in Hennepin County
District Court in Minnesota asking the court to determine that
Nash Finch has properly adjusted the conversion rate on the
Notes.

On Oct. 2, 2007, Minnesota court issued a temporary restraining
order enjoining the note holders from accelerating the debt, and
extending the cure period (during which Nash Finch can rectify
the default should it be required to do so) until ten days
following the court's final ruling on the merits of the case.

While there is no immediate effect on the cash position or
liabilities of the company, the notice of default raises the
risk that -- if the case is not dismissed or if the default is
not cured quickly after the court's final ruling -- that the
notes could be put back to the company or that cross default
provision in the company's bank credit facilities could be
triggered.

In the event that the issue is resolved in Nash Finch's favor
with no adverse effect on the credit or liquidity of the
company, Moody's expects that it would confirm the company's
existing ratings. Moody's notes that the company has stated in
their press release should the court rule in the hedge fund's
favor, they would cure the default by adjusting the conversion
rate.

Ratings placed under review for possible downgrade:

   -- Corporate family rating at B2;

   -- Probability of default rating at B2;

   -- US$125 million senior secured revovling credit at B2;

   -- US$175 million senior secured term loan B at B2;

   -- US$322 million convertible senior subordinated notes due
      2035 at Caa1.

Based in Minneapolis, Minnesota Nash Finch --
http://www.nashfinch.com/-- is one of the leading food
distribution companies in the United States.  Nash Finch's core
business, food distribution, serves independent retailers and
military commissaries in 31 states, the District of Columbia,
Europe, Cuba, Puerto Rico, the Azores and Egypt.  The Company
also owns and operates a base of retail stores, primarily
supermarkets under the Econofoods, Family Thrift Center, and Sun
Mart trade names.


QUALITY ASSURED: Names M. C. Bowker Liquidator
----------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Quality Assured Windows Ltd. on Sept. 26 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


SMURFIT KAPPA: Fitch Affirms BB- IDR on Strong Performance
----------------------------------------------------------
Fitch Ratings has affirmed Smurfit Kappa Acquisitions' Long-term
Issuer Default rating at 'BB-' and changed the Outlook on the
Long-term IDR to Positive from Stable.  This action follows the
continued strong performance from the group since the upgrade of
the Long-term IDR to 'BB-' from 'B+' in March 2007.  Fitch has
also affirmed Smurfit Kappa Funding's senior notes due 2012 at
'BB' and has simultaneously withdrawn this rating, following the
substantial prepayment of this instrument.  All other instrument
ratings are affirmed.

"The success of the IPO and the prepayment of EUR1.3 billion of
non-shareholder debt significantly reduced Smurfit Kappa Group's
leverage and increased financial flexibility, driving the
upgrade to 'BB-' in March of this year," says Michelle De
Angelis, Senior Director in Fitch's Leveraged Finance team in
London.  "Subsequently, Smurfit Kappa Group's results at first
half of 2007 demonstrated a third successive quarter of EBITDA
margins greater than 14%, faster than anticipated achievement of
synergies in the combined business, and net leverage further
reduced to 3.6x, all of which support momentum towards a
possible upward movement in the IDR."

Smurfit Kappa Group's reported synergy benefits reached
EUR146 million on a run rate basis at first half of 2007,
equivalent to an EBITDA margin improvement of over two
percentage points.  Thus, Fitch views improvements in EBITDA
since first quarter of 2006 as being the result not only of
supply-demand balance improvements (i.e. cycle-driven), but also
of fundamental cost structure changes, which should support
margins in the event of a future cycle of over-supply when
producers will have reduced pricing power compared to today.

Although the final redemption of the 2012 senior notes was
funded through additional drawings under the senior bank
facilities, future permanent debt prepayment or reduction from
internally generated cash flow could provide further impetus for
a future upgrade of the IDR, as well as consistent conservative
financial management of the company with net leverage
consistently within the 3-3.5x range.  The company has publicly
stated it expects to reduce net leverage further to below its
3.25x target by year-end.

Additionally, while conditions in the European paper packaging
market are expected to remain benign for the short- to medium-
term, supported by the current supply-demand balance and the
lack of substantial additional capacity coming on line until
2009-2010, the agency will continue to monitor these factors, as
well as future demand growth and the effectiveness of the
pricing pass-through to corrugated containers, which typically
lags paper price increases.  Any eventual upgrade of the IDR
will therefore also be contingent on Fitch's satisfaction with
SKG's ability to maintain a degree of financial flexibility
consistent with a higher rating through any future pricing
cycle.  In addition, Fitch would view favorably positive free
cash flow generation with proceeds applied to debt reduction,
and a moderate dividend strategy going forward, such that the
company is not re-leveraged to fund payouts to shareholders.

SKG Instrument ratings summary:

   -- Smurfit Kappa Acquisitions' senior secured facilities:
      affirmed at 'BB+'

   -- Smurfit Kappa Treasury Funding's guaranteed debentures due
      2025: affirmed at 'BB+'

   -- Smurfit Kappa Funding's senior subordinated notes due
      2015: affirmed at 'B+'


SOLO CUP: Hires Scott Advertising as Creative Agency
----------------------------------------------------
Solo Cup Company has appointed Scott Advertising as its creative
agency of record for its foodservice marketing and advertising
following an extensive agency review.

"Solo is stepping up its efforts to support its products and
brand with a full complement of marketing tools," said Malcolm
Simmonds, Solo's senior vice president of foodservice sales and
marketing.  "Scott Advertising has an impressive track record in
foodservice and we look forward to a successful collaboration."

As Solo's foodservice marketing agency of record, Scott will be
responsible for developing integrated marketing programs across
various media.  The agency will focus primarily on leveraging
Solo's unique value proposition and on supporting the company's
distribution and foodservice operating partners.

Founded in 1940, Milwaukee-based Scott Advertising is a full-
service advertising agency with clients ranging from foodservice
to sporting goods to business and industry.

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, Canada, United Kingdom,
Mexico, Panama and the United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Fitch Ratings has affirmed the ratings for Solo
Cup Company as:

  -- Issuer default rating (IDR) 'B-';
  -- Senior secured first lien term loan 'B+/RR2';
  -- Senior secured revolving credit facility 'B+/RR2';
  -- Senior subordinated notes 'CCC/RR6'.


TIME SAVERS: Claims Filing Period Ends October 26
-------------------------------------------------
Creditors of Time Savers Ltd. have until Oct. 26 to send their
full names, address and descriptions, full particulars of their
debts or claims, and the names and addresses of their Solicitors
(if any) to:

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

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Sept. 21 for the creditors' voluntary winding-up
procedure.


US ENERGY: Lenders Extend Credit to Meet Capital Deficiencies
-------------------------------------------------------------
U.S. Energy Systems, Inc., disclosed arrangements with lenders,
deferring obligations, and provided an update on its
restructuring plans.

                       Lender Arrangements

The company disclosed that it has now successfully entered into
arrangements with its lenders to fund short-term operating and
capital requirements and to defer certain obligations.  One of
the company's senior lenders has extended additional credit to
USEY to enable the company to meet certain working capital
deficiencies.  In addition, the company's existing lenders have
now agreed to allow the company to draw down funds from
restricted reserves to pay for certain operational and capital
expenditures approved by the lenders in connection with the UK
operations.

The company's lenders have now made funds available to allow the
company to perform scheduled maintenance at the Knapton power
plant and to undertake repairs at one of the UK gas wells.  As
previously reported, one of the producing wells did not return
to production after it was shut down for collection system
repairs.  As a result of this shortfall in the production of
gas, the power plant is producing at approximately 20% below its
generating capacity, causing a reduction in revenues of
approximately $13,000 per day.  A workover of the well is needed
to bring the well back into production. As previously disclosed,
management estimates that this workover will cost approximately
$1,000,000 and take 6 to 8 weeks from commencement to complete.
There can be no assurance that the initial workover will be
successful.  If it is not successful, more expensive procedures
may be required to bring the well back to production.

The company's lenders have also made funds available to allow
the company to continue a 3D seismic study of its UK gas reserve
structures.  The field work for the seismic study is expected to
be completed shortly, and analysis of the field data is expected
to be completed by January 2008.  When complete, the 3D seismic
study will provide the company's management with additional
guidance regarding the optimal location of additional wells
needed to monetize the gas identified in the reserve reports,
which are expected to be updated before the end of the year.

In addition, the company's lenders have given USEY relief from
capital contribution requirements under the UK financing
arrangements.  The company previously reported in the Troubled
Company Reporter on Sept. 5, 2007, that it had insufficient
funds to make certain required payments that were due beginning
in September 2007.  Under a recent amendment to the UK financing
documents, the company's lenders have permitted the company to
defer these capital contributions so that they are not due until
Nov. 30, 2007.  Because the Company continues to be in non-
monetary default under the UK financing arrangements however, it
is required to pay interest at the default rate under the UK
financing arrangements.  This results in an additional monthly
interest payment equal to approximately $220,000, of which
approximately $92,000 is rolled up into principal under the
terms of the UK financing documents.

Notwithstanding the stabilizing steps disclosed, the company has
a continuing requirement to effect a refinancing or other
financial restructuring, which may require sales of assets or
raising additional capital which could be significantly dilutive
to existing shareholders.  In addition, the company's continuing
non-compliance with certain of its non-monetary obligations
under the UK financing arrangements permits the financing
parties to declare a default and accelerate the indebtedness and
foreclose on the collateral; as such, additional defaults could
occur in the future.  The failure to obtain additional financing
or to restructure the existing indebtedness could result in the
lenders foreclosing on the assets securing the indebtedness
and/or bankruptcy or insolvency proceedings.

                    Personnel Appointments

The company disclosed the appointment of Joseph P. Reynolds as
Chief Executive Officer and President of USEY and as Chief
Executive Officer of the company's UK subsidiary (UKES).  Mr.
Reynolds, who has over 30 years of experience in the energy
industry, has held operations and management positions with
Occidental Petroleum, Tenneco Gas/El Paso, Enron and Unocal.

During his long and distinguished career in the energy sector,
Mr. Reynolds has developed and managed international midstream
and downstream oil and gas facilities, as well as LNG, chemical,
and power generation projects, including renewable energy
projects.  He has been responsible for overseeing the
development, financing and management of greenfield facilities
and acquisitions, and the development of new technology,
including heavy oil extraction, shale oil, ethanol and biomass.
He holds an MBA from Durham University UK and a BS from the
University of Alabama in petroleum/chemical processing.  Mr.
Reynolds also attended Teesside University (Polytechnic) UK,
studying Electrical/Control Engineering.  He is a registered
professional engineer in Europe, a Chartered Chemical Engineer
and a Chartered Scientist in the UK.

The company also reported senior level management promotions in
its U.S. Energy Biogas (USEB) subsidiary.  Richard J. Augustine,
who has been serving as President of USEB, was appointed the
subsidiary's Chief Executive Officer.  Mr. Augustine will also
retain his position as Vice President at USEY.  Steven
Laliberty, currently serving as Vice President of Operations for
USEB, succeeds Mr. Augustine as President of USEB.  With a
combined 35 years of experience in the landfill gas sector,
Messrs. Augustine and Laliberty have expertise in all aspects of
the business, including operations, development and financings,
as well as the monetization of tax credits and the sale of
carbon credits and renewable energy credits.

                      Restructuring Update

The company noted that these new appointments come as USEY moves
on to the next stage in its restructuring process.  At UKES Mr.
Reynolds succeeds Grant Emms, who has resigned as CEO.  Mr. Emms
is working with potential investors who are engaged in
discussions with the Company regarding a purchase of the
company's UK assets.  At USEY Mr. Reynolds succeeds Richard
Nevins, who had been serving as interim Chief Executive Officer.
Under Mr. Nevins' leadership the Company has been in discussions
with its lenders to stabilize its position through restructuring
existing indebtedness and accessing restricted cash reserves and
cash available from subsidiaries that is currently restricted by
the financing arrangements of the subsidiaries.

                Review of Strategic Alternatives

"With our progress over the past few weeks and the cooperation
we have earned from our lenders, we believe USEY now has the
opportunity to improve the value of our assets and move forward
in evaluating all of the Company's strategic alternatives," the
Board of Directors stated.

The Board is currently assessing how best to maximize the
enterprise value of the company for the benefit of shareholders.
As previously reported, it entered into a Letter of Intent for
the sale of USEB and is now evaluating additional proposals with
respect to USEB.  The Board also is exploring a range of
strategic alternatives for the company's UK assets.  It is in
discussions with investors and strategic partners who could
provide USEY with capital, expertise and resources to further
develop the UK assets, and it also is engaged in discussions
regarding the sale or partial sale of the UK assets.
Additionally, the Board is analyzing a number of
recapitalization and merger proposals at the parent level.
Although the company can furnish no assurance that it will be
able to restructure existing indebtedness, raise additional
capital or otherwise obtain funding for future operations and
capital expenditure requirements, the Board said that it will
continue to review all of USEY's long-term strategic options.

                     Nasdaq Listing Status

The company also disclosed that it failed to file its Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31,
2007 and June 30, 2007 by the deadlines of Sept. 21 and 28, 2007
as required by the terms of a decision by the NASDAQ Listing
Qualifications Panel.  USEY has submitted a request to the
NASDAQ Panel for a further extension of time to file these
reports.  There can be no assurance that the NASDAQ Panel will
grant any further extension and consequently that the company's
shares of common stock will remain listed on The NASDAQ Stock
Market.

In addition, USEY disclosed that on Oct. 1, 2007, it received a
letter from the NASDAQ Stock Market notifying the company of its
non-compliance with Marketplace Rule 4310(c)(4), because for 30
consecutive business days, the bid price of the company's common
stock had closed below the minimum $1.00 per share requirement
for continued listing.  In accordance with Marketplace Rule
4310(c)(8)(D), the company has been provided 180 calendar days,
or until March 31, 2008, to regain compliance.  If, at anytime
before March 31, 2008, the bid price of the company's common
stock closes at $1.00 per share or more for a minimum of 10
consecutive business days, Nasdaq will provide written
notification that USEY complies with the Rule.  If compliance
with this Rule cannot be demonstrated by March 31, 2008, Nasdaq
will determine whether the company meets The Nasdaq Capital
Market initial listing criteria as set forth in Marketplace Rule
4310(c), except for the bid price requirement.  If it meets the
initial listing criteria, Nasdaq will notify the company that it
has been granted an additional 180 calendar day compliance
period.  If the Company is not eligible for an additional
compliance period, Nasdaq will provide written notification that
the company's securities will be delisted.  At that time, the
company may appeal Nasdaq's determination to delist its
securities to a Listing Qualifications Panel.

                    About U.S. Energy Systems

U.S. Energy Systems, Inc. -- http://www.useyinc.com/-- (Nasdaq:
USEY) owns of green power and clean energy and resources.  USEY
owns and operates energy projects in the United States and
United Kingdom that generate electricity, thermal energy and gas
production.

The company has a 100% interest in U.S. Energy Biogas Corp.,
which owns and operates 23 landfill gas to energy projects in
the United States, 20 of which produce electricity and three of
which sell landfill gas as an alternative to natural gas.  The
company also has a 100% interest in Plymouth Envirosystems,
Inc., which owns a 50% interest in Plymouth Cogeneration Limited
Partnership.  Plymouth Cogeneration Limited Partnership owns and
operates a combined heat and power plant in Massachusetts that
produces 1.2MWs of electricity and 7 MWs of heat.  The company
further has a 79% interest in GBGH, LLC, which owns energy
assets and mineral rights in the United Kingdom including a 42MW
gas-fired power plant and gas licenses for approximately 100,000
acres of onshore natural gas properties and mineral rights in
North Yorkshire, England.  GBGH is the parent company of UK
Energy Systems, LTD.

                       Bankruptcy Warning

As reported in the Troubled Company Reporter on Sept. 5, 2007,
U.S. Energy Systems, Inc., on June 25, 2007, said that, absent a
refinancing, the raising of additional capital or other
financial restructuring, the company would be unable, as early
as August 2007, to meet operating requirements and certain
contractual obligations as they become due.  In addition, the
company further indicated that it had insufficient funds to make
certain required capital contributions required under the UK
financing arrangements between September and December of 2007.

The failure to obtain such funds is likely to result in USEY
filing for protection in the U.S. under Chapter 11 of the
Bankruptcy Code and its subsidiaries being forced to enter
bankruptcy administration in the UK.


W. A. WILLSON: Claims Filing Period Ends October 31
---------------------------------------------------
Creditors of W. A. Willson Ltd. have until Oct. 31 to send their
full names, address and descriptions, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         Simon Paterson
         Liquidator
         Moore Stephens LLP
         First Floor
         Victory House
         Chatham Maritime
         Kent
         ME4 4QU
         England

Simon Paterson of Moore Stephens LLP was appointed liquidator of
the company on Sept. 26 for the creditors' voluntary winding-up
procedure.


* BOOK REVIEW: Mergers and Acquisitions
---------------------------------------
Editor:     Michael Keenan and Lawrence J. White
Publisher:  Beard Books
Hardcover:  368 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587981874/internetbankrupt

Mergers and Acquisitions edited by Michael Keenan and Lawrence
J. White is an excellent chronicle of the diversity of
perspectives, disciplines, arguments, and conclusions concerning
mergers and acquisitions extant in the 1980s.

Following an active decade of mergers and acquisitions, in
January 1981 the Salomon Center for the Study of Financial
Institutions at New York University held a conference to explore
a wide range of issues concerning mergers and acquisitions.

Participants included academics, lawyers, government regulators,
security-industry representatives as well as representatives
actively involved in the merger process.

A product of the conference, this book encompasses theoretical
questions concerning mergers and acquisitions, legal and social
concerns, and mergers in the context of corporate strategic
planning.


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *