TCREUR_Public/071010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, October 10, 2007, Vol. 8, No. 201   

                            Headlines


A U S T R I A

EVERGREEN LLC: Feldkirch Court Orders Business Shutdown
EXQWERT LLC: Vienna Court Orders Business Shutdown
HERZOG & PARTNER: Claims Registration Period Ends Oct. 15
HOFFI TRANSPORT: Claims Registration Period Ends Oct. 15
M.PUFF AKTIVPUTZ: Creditors' Meeting Set for Oct. 16

NUTRADE LLC: Vienna Court Orders Business Shutdown
OK VISION: Claims Registration Period Ends Oct. 12
TOURISMUS & FREIZEITPARKS: Claims Registration Ends Oct. 15


D E N M A R K

POLYONE CORP: Will Pay US$15.2MM Remediation Charge in 3rd Qtr.


F R A N C E

ARVINMERITOR: Negative Cash Flow Cues Fitch to Cut Low-B Ratings
DELPHI CORP: Disclosure Statement Hearing Moved to October 25
DELPHI CORP: Initiates 707 Adversary Cases Under Seal
SMOBY-MAJORETTE: Faces Compulsory Administration


G E O R G I A

* S&P Puts Positive Outlook on Georgia's Strong Economic Growth


G E R M A N Y

B.B.C. CUSTOMER: Claims Registration Ends November 19
BANDOSZ TROCKENBAU: Claims Registration Ends Nov. 16
BAUUNTERNEHMEN K: Claims Registration Period Ends Nov. 6
CHRYSLER LLC: UAW Strike Deadline Looms, Contract Talks Stall
D. DAVIDS TIEFBAU: Claims Registration Ends November 2

DESIGNPROMOTION GMBH: Claims Registration Period Ends Oct. 31
DMT VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Nov. 15
EM-BE VOLKSHAUS: Claims Registration Ends November 20
ESTATE GERMANY: Moody's Rates EUR39.9 Mln Class E Notes at Ba2
FAHRZEUGTEILE HAMBURG: Claims Registration Ends November 16

GENECRAFT GMBH: Claims Registration Ends November 2
GROOS SPORTHALLEN: Claims Registration Ends November 5
HAMMER & NAGEL: Claims Registration Ends November 14
HANSISCHE GILDENDRUCKEREI: Claims Registration Ends November 14
HEIMELEKTRIK-BERGFELDE: Creditors Must File Claims by November 6

IRSV MARKETING: Claims Registration Ends Nov. 15
KOGLER TRANSPORT: Claims Registration Ends November 5
MS-DIVISION GMBH: Claims Registration Period Ends Nov. 5
MTU AERO: Signs Contract with Norwegian Air Shuttle
NDL BETEILIGUNGS: Claims Registration Period Ends Oct. 29

OMEGA HOTELS: Claims Registration Period Ends Nov. 7
OPTIC MUELLER: Claims Registration Ends November 14
PETERS GMBH: Claims Registration Period Ends Oct. 26
POWER CONCERTS: Creditors Must File Claims by November 5
PRO CONCEPT: Claims Registration Ends November 16

PROPEX INC: High Leverage Cues Moody's to Cut Rating to Caa1
PROPEX INC: Operating Conditions Cue S&P to Watch B- Ratings
SCHWARZ & VOGEL: Claims Registration Ends November 16
W + H MASSIVHAUS: Claims Registration Period Ends Nov. 2
SMART EVENTS: Claims Registration Ends Nov. 15
STAHL SYSTEMLOGISTIK: Claims Registration Period Ends Oct. 25

VAN HOI: Claims Registration Ends Nov. 15
ZG DRUCKVERTRIEB: Claims Registration Ends November 1


H U N G A R Y

HERTZ CORP: Fitch Affirms BB Issuer Default & Debt Ratings


I R E L A N D

DISCUS FUND: Restructures Due to Sentinel's Bankruptcy


I T A L Y

ALITALIA SPA: Names Six Suitors for Italy's 49.9% Stake


K A Z A K H S T A N

ACTION-UNICOM LLP: Proof of Claim Deadline Slated for November 9
ANTI FIRE: Creditors Must File Claims November 9
BATYS KURYLYS: Claims Filing Period Ends November 9
BUSINESS LOGISTICS: Creditors' Claims Due on November 9
ENGINEER-CONSULTING LLP: Claims Registration Ends November 9

KORNEYEV & K LLP: Proof of Claim Deadline Slated for November 9
NUR OIL: Creditors Must File Claims November 9
REM-INTERSERVICE LLP: Claims Filing Period Ends November 9
SCANDINAV LLP: Creditors' Claims Due on November 9
UK PROFSPETSCOMPLEX: Claims Registration Ends November 9


K Y R G Y Z S T A N

PANTECH & QURITEL-FEZ: Creditors Must File Claims by November 9


L U X E M B O U R G

EVRAZ GROUP: Board Declares US$4.80 per Share Interim Dividend


N E T H E R L A N D S

BAUSCH & LOMB: WP Prism Deal Cues Moody's B2 Rating


P O L A N D

NETIA SA: Novator Informs Stake Exceeds 29% Voting Limit
NETIA SA: Introduces Lower Fixed-to-Mobile Rates


P O R T U G A L

INTERTAPE POLYMER: Raises US$62.9MM from Common Shares Offering
KNOLL INC: Moody's Withdraw Ba3 Corporate Family Rating


R U S S I A

CHERNOERKOVSKAYA PMK: Asset Sale Slated for Oct. 30
CONSTRUCTION MATERIALS: Asset Sale Slated for Nov. 14
EVRAZ GROUP: Board Declares US$4.80 per Share Interim Dividend
INT'L PAPER: Completes US$620MM Joint Venture with Ilim Holding
KUPINSKIJ OJSC: Creditors Must File Claims by Nov. 29

MY BANK: Moody's Upgrades Ratings to B3/E+/Baa3.ru
NOVOSIBIRSKIJ OJSC: Creditors Must File Claims by Oct. 29
ORLOVSKIJ LLC: Creditors Must File Claims by Oct. 29
PETUSHKI INTERLES: Creditors Must File Claims by Nov. 29
REGIONGASNEFTESTROY LLC: Court Starts Bankruptcy Supervision

REGIONNEFT' LLC: Creditors Must File Claims by Oct. 29
ROSNEFT OIL: Board Approves Bond Issue & Adjusts Business Plan
SISTEMA: Asks Morgan Stanley to Reconsider Sky Mobile's Sale
VIMPEL-COMMUNICATIONS: Earns US$359.3 Million in Second Quarter
VORONEZHSKAYA LLC: Bankruptcy Hearing Slated for Dec. 27

YUZHURALSTROY LLC: Creditors Must File Claims by Oct. 29


S W I T Z E R L A N D

AKTIUM EQUITY: Creditors' Liquidation Claims Due October 17
BOTTGER (SWITZERLAND): Creditors' Liquidation Claims Due Oct. 17
EDELFLOR JSC: Thurgau Court Closes Bankruptcy Proceedings
HEUSCHER-HAUSTECHNIK: Claims Registration Period Ends October 15
IT PROJECT: Schwyz Court Closes Bankruptcy Proceedings

LANESTRA JSC: Creditors' Liquidation Claims Due October 15
OERTIG BLUMENIMPORT: Creditors' Liquidation Claims Due Oct. 15
ROHRER HEIZUNG: Creditors' Liquidation Claims Due October 15
SCHREIBER + FRITSCH: Creditors' Liquidation Claims Due Oct. 15
SQUEEZE LLC: Claims Registration Period Ends October 14


U K R A I N E

INTERTOP CJSC: Creditors Must File Claims by October 11
KHRESCHATYK BANK: Moody's Lifts Deposit Rating to B2
MILLENIUM MUSIK: Creditors Must File Claims by October 11
ORION LTD: Creditors Must File Claims by October 11
POTENTIAL-KIEV LLC: Creditors Must File Claims by October 11

SBS LTD: Creditors Must File Claims by October 11
SOFT SERVICE: Creditors Must File Claims by October 11
TOP INTERTAINMENT: Creditors Must File Claims by October 11
UKRAINIAN ENERGY: Creditors Must File Claims by October 11
VINETALON LLC: Creditors Must File Claims by October 11

VINNICA-FARM LTD: Creditors Must File Claims by October 11


U N I T E D   K I N G D O M

ABSOLUTE CAPITAL: Restructuring Five Equity Funds
ALL TRADESPAY: Brings In Liquidators from Mazars
ALLIANCE BOOTS: Responds to S&P Rating Action
AVENDIS GLOBAL: Brings In Liquidators from BDO Stoy Hayward
BEAR STEARNS: Court Directs Liquidators to Make US$8 Mln Deposit

BEAR STEARNS: U.S. Prosecutors Conduct Probe on Funds' Collapse
DURA AUTOMOTIVE: Plan Confirmation Hearing Set for November 26
ELITE FLOORING: M. C. Bowker Leads Liquidation Procedure
EMI GROUP: Converts US$243 Million Guaranteed Bonds
FGX INT'L: S&P Affirms B Ratings; Changes Outlook to Stable

HASBRO INC: Paying US$0.16 Per Share Dividend on Nov. 15
KITFORM LTD: Calls In Liquidators from Moore Stephens
KOOCA LTD: Taps Liquidators from Tenon Recovery
NASH FINCH: Court Grants TRO Enjoining Senior Noteholders
PATHFINDER ESTATES: Appoints Liquidators from BDO Stoy Hayward

REFCO INC: Court Junks Appeal on Sphinx-Refco Creditors Deal
REMY WORLDWIDE: Files Pre-Packaged Bankruptcy in Delaware
REMY WORLDWIDE: Case Summary and 30 Largest Unsecured Creditors
SAMSONITE CORP: Pending CVC Deal Cues S&P to Retain Neg. Watch

                            *********

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


EVERGREEN LLC: Feldkirch Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Feldkirch entered Sept. 11 an order shutting
down the business of LLC Evergreen (FN 259990p).

Court-appointed estate administrator Dieter Helbok 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. Dieter Helbok
         Kirchplatz 11/1
         6973 Hoechst
         Austria
         Tel: 05578/77722
         Fax: 05578/77722-4
         E-mail: d.helbok@vol.at
        
Headquartered in Riezlern, Austria, the Debtor declared
bankruptcy on Sept. 7 (Bankr. Case No 14 S 36/07t).


EXQWERT LLC: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Sept. 10 an order shutting
down the business of LLC EXQWERT (FN 269041z).

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

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


HERZOG & PARTNER: Claims Registration Period Ends Oct. 15
---------------------------------------------------------
Creditors owed money by LLC Herzog & Partner Immobilientreuhand
(FN 142256a) have until Oct. 15 to file written proofs of claim
to court-appointed estate administrator Martin Mutz at:

         Mag. Martin Mutz
         Gabelsbergerstrasse 5
         9020 Klagenfurt
         Austria
         Tel: 0463/591 638
         Fax: 0463/591638-20
         E-mail: martin.mutz@wmwp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Oct. 22 for the
examination of claims.

The meeting of creditors will be held at:

         Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Sept. 11 (Bankr. Case No. 41 S 91/07s).  


HOFFI TRANSPORT: Claims Registration Period Ends Oct. 15
--------------------------------------------------------
Creditors owed money by LLC Hoffi Transport (FN 112833g) have
until Oct. 15 to file written proofs of claim to court-appointed
estate administrator Paul Wachschuetz at:

         Dr. Paul Wachschuetz
         Postgasse 6/IV
         9500 Villach
         Austria
         Tel: 04242/28896
         Fax: 04242/28896-6
         E-mail: rajw@inode.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Oct. 22 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on Sept. 12 (Bankr. Case No. 41 S 92/07p).  


M.PUFF AKTIVPUTZ: Creditors' Meeting Set for Oct. 16
----------------------------------------------------
Creditors owed money by LLC M.Puff Aktivputz (FN 179304h) are
encouraged to attend the creditors' meeting at noon on Oct. 16.

The creditors' meeting will be held at:

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

Headquartered in St. Veit an der Glan, Austria, the Debtor
declared bankruptcy on Sept. 12 (40 S 49/07g).  Christian
Kleinszig serves as the court-appointed estate administrator of
the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Christian Kleinszig
         Unterer Platz 11
         9300 St. Veit/Glan
         Austria
         Tel: 04212/2040
         Fax: 04212/28122
         E-mail: office@kleinszig-puswald.at


NUTRADE LLC: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Sept. 10 an order shutting
down the business of LLC NUTRADE (FN 225372f).

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

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


OK VISION: Claims Registration Period Ends Oct. 12
--------------------------------------------------
Creditors owed money by LLC OK Vision Naturhaus (FN 265184b)
have until Oct. 12 to file written proofs of claim to court-
appointed estate administrator Edwin Stangl at:

         Mag. Edwin Stangl
         Allerheiligengasse 10
         2700 Wiener Neustadt
         Austria
         Tel: 02622/84 7 14
         Fax: 02622/84 7 14-22
         E-mail:  e.stangl@stangl-ferstl.com   

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

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Sept. 11 (Bankr. Case No. 10 S 90/07z).  


TOURISMUS & FREIZEITPARKS: Claims Registration Ends Oct. 15
-----------------------------------------------------------
Creditors owed money by LLC Tourismus & Freizeitparks (FN
241908y) have until Oct. 15 to file written proofs of claim to
court-appointed estate administrator Gunter Huainigg at:

         Mag. Gunter Huainigg
         Dr. Franz Palla-Gasse 21
         9020 Klagenfurt
         Austria
         Tel: 0463/599 399, 512 889
         Fax: 0463/599 399-15
         E-mail: office@hdp-law.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 22 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt-Viktring, Austria, the Debtor
declared bankruptcy on Sept. 11 (Bankr. Case No. 41 S 90/07v).


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


POLYONE CORP: Will Pay US$15.2MM Remediation Charge in 3rd Qtr.
---------------------------------------------------------------
PolyOne Corporation said Friday that it will take a special
charge in the third quarter of 2007 for remediation costs at a
site located in Calvert City, Kentucky.

PolyOne has been informed of rulings by the United States
District Court for the Western District of Kentucky on several
pending motions in the case of Westlake Vinyls Inc. v. Goodrich
Corporation, et al., which has been pending since 2003.  The
Court held that third-party defendant PolyOne must pay the
remediation costs at the former Goodrich Corporation (now
Westlake Vinyls, Inc.) Calvert City facility, together with
certain defense costs of Goodrich Corporation.  The rulings also
provided that PolyOne can seek indemnification for contamination
attributable to Westlake.

The environmental obligation at the site arose as a result of an
agreement by PolyOne's predecessor, the Geon Company, at the
time of its spin-off from Goodrich Corporation in 1993, to
indemnify Goodrich for environmental costs at the site.  Neither
PolyOne nor the Geon Company ever owned or operated the
facility.  Subject to the indemnification and other potential
recovery rights discussed below, PolyOne will make a good faith
payment of certain past remediation invoices.  PolyOne currently
estimates that the negative impact on third-quarter 2007 net
income for this payment will be a special charge of
approximately US$15.2 million.

In addition, as a result of the rulings in the litigation, in
accordance with U.S. generally accepted accounting principles,
PolyOne will adjust its environmental reserve from US$59.0
million at June 30, 2007, a portion of which already relates to
the Calvert City site.  The uncertainty associated with the
litigation does not make it possible to conclusively determine
what PolyOne's environmental reserve will be upon resolution of
the case, but PolyOne will increase the reserve in the third
quarter of 2007, resulting in a charge of approximately US$18.7
million (after tax) in the third quarter for remediation costs.  
Should the rulings stand, PolyOne expects that the annual
additional cash cost for this remediation will be approximately
US$1.5 million to US$2.0 million.

PolyOne retains the right to appeal the decisions in this case,
will vigorously pursue insurance proceeds and reimbursement for
costs incurred to the extent attributable to actions or inaction
by Westlake and will challenge amounts that PolyOne believes
were improperly invoiced by Goodrich Corporation.  PolyOne
intends to decrease the environmental reserve in future periods
upon receipt of recoveries from Westlake, applicable insurance
policies or other sources.

                       About PolyOne Corp.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
- -- http://www.polyone.com/-- is a leading global provider of   
specialized polymer materials, services and solutions.  PolyOne
has operations in North America, Europe, Asia and Australia, and
joint ventures in North America and South America. The company
maintains operations in China, Colombia, Thailand, Singapore,
Belgium, Denmark, France, the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Fitch Ratings upgraded PolyOne Corporation's Issuer Default
Rating to 'BB-' from 'B', Senior unsecured debt and debentures
to 'BB-' from 'B+/RR3', and rating outlook to stable.


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


ARVINMERITOR: Negative Cash Flow Cues Fitch to Cut Low-B Ratings
----------------------------------------------------------------
Fitch Ratings downgraded its ratings on ArvinMeritor as:

   -- Issuer Default Rating to 'BB-' from 'BB';
   -- Senior secured revolver to 'BB' from 'BB+'
   -- Senior unsecured notes to 'B+' from 'BB-'

The rating outlook is negative.  Including the undrawn portion
of the secured revolver, about US$2.2 billion of debt is
affected by these actions.

Fitch's downgrade reflects continuing and expanded negative cash
flow, and the associated balance sheet erosion.  Fitch expects
negative free cash flow to persist through at least the first
half of ARM's fiscal 2008, and the timing and extent of a
reversion to positive free cash flow remains uncertain.
Improvement in operating performance will depend on the pace and
strength of a rebound in the truck market, as well as the
success of restructuring efforts in the low-margin light vehicle
systems segment.

For the last twelve months ended June 30, ARM's free cash flow
(excluding receivable securitizations and factoring from
operating cash flow) was negative US$334 million, including a
non-recurring working capital adjustment associated with a
divestiture and a voluntary pension contribution.  Negative cash
flow was financed in part by proceeds from asset sales.

The company also increased utilization under an accounts
receivable (A/R) Expectations of continued weakness in operating
performance caused ARM to obtain an amendment to its fixed
charge coverage ratio for the fiscal fourth quarter, continuing
through fiscal 2008.

The ability to return to positive free cash flow in 2008 remains
uncertain and any improvement in the balance sheet is expected
to be limited.  Further pressuring operating cash flow will be a
continued high level of restructuring outflows and higher
capital expenditures.  LTM capital expenditures were US$118
million, representing 1.5% of sales.  ARM's capital investment,
as a percent of revenues is one of the lowest among the
automotive suppliers covered by Fitch.  

Given the company's level of capital investment relative to its
peers, Fitch is concerned additional expenditures may be needed,
potentially constraining the company's ability to generate Free
Cash Flow.  Incremental capital investment is likely needed to
improve CVS Europe operating efficiency, expand LVS overseas
manufacturing, fund incremental restructuring efforts, and to
invest in supplier parks required at automakers' facilities as
well as a reduction in new vehicle life cycles.  Financial
support to stressed Tier II and Tier III suppliers can also
require capital investment.

Weakness in the housing market could extend the current cyclical
trough and mute the expected upswing in Class 8 truck demand
ahead of more stringent 2010 diesel emission regulations.  In
addition, inefficiencies in CVS Europe operations have arisen
due to higher than expected demand.  ARM was unable to
capitalize on higher volumes and suffered higher costs for
premium freight, higher cost sources of supply and customer late
penalties.  Fitch expects inefficiencies to continue well into
fiscal 2008 and ARM is likely to increase investment to improve
operating flexibility.

ARM has demonstrated improvement in LVS profitability, although
margins remain modest.  Any improvement will be derived largely
from restructuring programs, as margins remain under pressure
from significant exposure to the Detroit Three, annual
contractual pricedowns, higher raw material costs and costs
related to a financially strained automotive supply base.

Cash flow has been impacted by a working capital outflow of
included in fiscal year-to-date discontinued operations cash
flow of negative US$118 million.  The company expects to recoup
about
US$40 million in the first quarter of fiscal 2008 from cash
purchase price adjustments.  In addition, ARM made substantial
pension contributions during fiscal 2007, including a
significant discretionary payment to its UK plan.  With the
improved funded status, pension contributions will be reduced
going forward.

ARM maintains adequate liquidity and has no major debt
maturities until after 2010.  Fitch calculates, at the end of
the fiscal third quarter, liquidity was US$1.3 billion,
including US$870 million available under a revolving credit
facility, US$178 million in available securitization and US$284
million in cash and cash equivalents.  However, coverage and
leverage ratios have eroded.  For the LTM as of June 30,
Operating EBITDA to gross interest expense was 2.8x versus 2.9x
at the end of fiscal 2006.  Over the same time period, total
debt to operating EBITDA was 3.8x compared with 3.3x, while
total adjusted debt to operating EBITDAR climbed to 4.9x from 4x
at fiscal year end, reflecting higher accounts receivable
financing.


DELPHI CORP: Disclosure Statement Hearing Moved to October 25
-------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York moved the hearing to consider
approval of the disclosure statement explaining Delphi Corp.'s
plan of reorganization to Oct. 25, 2007, The Associated Press
reports.

Delphi asked the Court at a hearing on October 3 to defer ruling
on the adequacy of the disclosure statement to give the company
time to negotiate for financing to fund the plan, AP says.

Delphi Chairman Robert Miller said the company is very close to
securing a financing deal to fund its chapter 11 plan, The Wall
Street Journal reports.  Mr. Miller noted that the turmoil in
credit markets that created financing difficulties for the
company appeared to be settling down, the Journal says.  "I am
confident that we will get the funding put together very
shortly," Mr. Miller said.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, told the Court at a hearing
Wednesday that the funding may be less than the US$7.1 billion
originally sought.

Mr. Butler also told Judge Drain the Plan will undergo "laser-
like, focused amendments" which may affect creditor recoveries,
the Journal says.

Delphi expects to have a financing commitment letter by the end
of the disclosure hearing, Bloomberg News relates.

Mr. Miller expects the company to emerge from bankruptcy by the
end of the year.

                          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
US$11,446,000,000 in total assets and US$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. 88 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


DELPHI CORP: Initiates 707 Adversary Cases Under Seal
-----------------------------------------------------
Delphi Corp. has initiated 707 adversary cases against suppliers
and other business contacts before the U.S. Bankruptcy Court for
the Southern District of New York.

Delphi initially filed:

    * 440 lawsuits on Sept. 28, 2007,
    * 137 lawsuits on Sept. 29, and
    * 130 lawsuits on Sept. 30.

All of the adversary complaints have been filed under seal.

The Debtors obtained permission in August to file the lawsuits
secret.  The Debtors want to keep the actions secret to avoid
"unnecessarily alarming potential defendants."  The Debtors had
pointed out they have worked to preserve and repair their
business relationship with many of the potential defendants and
have negotiated or regained favorable credit terms with many
suppliers and are continuing to do so.

The Debtors had estimated that they may have more than 11,000
potential preference claims arising from transfers totaling
US$5,800,000,000 without taking into account potential defenses.  
According to John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, the Debtors'
counsel, the constructively fraudulent transfer reach-back
period, made applicable by Section 544(b) of the Bankruptcy Code
and state law, is generally six years under the law of Michigan
and New York.  With a company of Delphi's size, there are
literally hundreds of thousands of transactions that occurred
during those constructively fraudulent transfer reach-back
periods, Mr. Butler had said.

Mr. Butler also had noted that the Debtors initially do not
intend to pursue avoidance actions in light of their anticipated
reorganization.  However, as a precautionary measure, the
Debtors must preserve the actions in some manner, he said.

The Court had granted a temporary stay of the adversary
proceedings.  The stay would continue until the earlier of
service of process and further Court order.  During the stay,
the Debtors may amend their complaint, and after notice to the
statutory committees, dismiss it.

The docket for the adversary proceedings have likewise been
sealed.

The Debtors won't pursue any preference action against an entity
if the aggregate value of transfers to, or for the benefit of,
that entity is less than US$250,000 in value.  If the preference
action is against an insider or involves a person or transaction
associated with the U.S. Securities and Exchange Commission
investigation of the Debtors, the Debtors may also abandon the  
actions after notice to the Statutory Committees.  If a
Statutory Committee objects within 10 days after service of the
notice, the Debtors would bring the matter before the Court for
a ruling on whether the proposed abandonment satisfies Section
554(a) of the Bankruptcy Code.

The Debtors may abandon these categories of preference actions:

  * payments to parties with a secured or priority interest in
    the payments;

  * union dues;

  * pension plan contributions;

  * payments required under the terms of collective bargaining
    agreements;

  * payments to reimburse employee business expenses;

  * ordinary course wages, salaries, and employee benefits;

  * payments required by a garnishment to satisfy third-party
    judgments and obligations;

  * contributions to charitable organizations; and

  * payments to foreign suppliers, shippers, insurance
    providers, and utilities.

For purposes of identifying and preserving potential fraudulent
transfer claims, the Debtors considered merger and acquisition
deals at or exceeding US$20,000,000; transfers to Delphi's board
of directors or strategy board members other than for
compensation or ordinary-course expense reimbursements; unusual
securities transactions; dividend distributions to 5%
shareholders; and Delphi's financially troubled supplier
program.

                          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
US$11,446,000,000 in total assets and US$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).


SMOBY-MAJORETTE: Faces Compulsory Administration
------------------------------------------------
The Commercial Court of Lons-le-Saunier might place Smoby-
Majorette under compulsory administration after buyer MGA
Entertainment failed to pay the EUR11 million it pledged to
invest in the company, Le Figaro says in a report carried by the
Financial Times.

According to Catherine Genisson of Les Echos, MGA's debt
restructuring negotiations with Smoby's creditor banks recently
fell through, and Smoby's public prosecutor and the
administrators doubted MGA's plans for restructuring the
company.

On May 18, 2007, MGA, having exercised the purchase option
conferred on it by the Breuil and Moquin families, became the
main shareholder of the Smoby Group, with 55.5% of the capital
and 70.5% of the voting rights.

The Management Board now consists of Eric Villette (President)
and Thierry Louis (Managing Director).  The priority is now for
MGA to come out of the current Safeguard Procedure and is to
secure the level of year end sales.

                           About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,  
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005.


=============
G E O R G I A
=============


* S&P Puts Positive Outlook on Georgia's Strong Economic Growth
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Government of Georgia to positive from stable, on strong
economic growth prospects despite a challenging external
environment.  

At the same time, Standard & Poor's affirmed its 'B+' long-term
and 'B' short-term foreign and local currency sovereign credit
ratings on Georgia, and also affirmed its 'BB' transfer and
convertibility assessment on the sovereign.

"The outlook revision reflects Georgia's strong economic growth
in 2007, which has exceeded our expectations that were dampened
by the trade embargo imposed by Russia in 2006," said Standard &
Poor's credit analyst Trevor Cullinan. "In practice, Georgia's
GDP growth is estimated to have accelerated above 10% in 2007,
on the back of the successful diversification of its exports
markets.  This, along with the government's continued drive to
improve the market orientation of its institutional framework
and business environment, reduce corruption, and strengthen the
legal system, improves Georgia's growth prospects."

Even so, the ratings are constrained by a narrow economic
structure and geopolitical risks, including the tense
relationship with the Russian Federation (foreign currency
BBB+/Stable/A-2, local currency A-/Stable/A-2, national scale
ruAAA), which further aggravates Georgia's weak external
indicators.  As a consequence, we expect the current account
deficit to widen to 17% of GDP in 2007 and to remain at this
level between now and 2010.

Georgia's monetary environment is also a weakness, with
inflation expected to remain above 8% in 2007 as a result of the
continued rapid expansion in domestic credit and strong capital
inflows.  Meanwhile, the near doubling of financial sector
external debt in 2007, to 10% of GDP from a very low base, also
raises questions about the asset quality of the rapidly growing
commercial banking system.

"Georgia's credit profile would gain further support if the
interaction of fiscal and monetary policy were to maintain
inflation below double digits," added Mr. Cullinan. "Conversely,
slippage on this front, or a further widening in external
balances absent significant foreign direct investment financing
would put downward pressure on the ratings.  Such pressure would
also arise from an increase in general government debt financing
after 2007, given the significant slowdown in privatization
proceeds from next year."


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


B.B.C. CUSTOMER: Claims Registration Ends November 19
-----------------------------------------------------
Creditors of B.B.C. Customer Care GmbH have until Nov. 19 to
register their claims with court-appointed insolvency manager
Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Strasse 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 opened bankruptcy proceedings
against B.B.C. Customer Care GmbH on Sept. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         B.B.C. Customer Care GmbH
         Leipziger Chaussee 191 g
         06112 Halle
         Germany

         Attn: Joerg Bordt, Manager
         Tieckstrasse 4
         Leipzig
         Germany


BANDOSZ TROCKENBAU: Claims Registration Ends Nov. 16
----------------------------------------------------
Creditors of Bandosz Trockenbau GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Bandosz Trockenbau GmbH on Sept. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bandosz Trockenbau GmbH
         Proepstingstr. 1
         59065 Hamm
         Germany


BAUUNTERNEHMEN K: Claims Registration Period Ends Nov. 6
--------------------------------------------------------
Creditors of Bauunternehmen K. Fritsch GmbH have until Nov. 6 to
register their claims with court-appointed insolvency manager
Matthias Lechleitner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Matthias Lechleitner
         Franz-Mehring-Strasse 15
         08058 Zwickau
         Germany
         Tel: (03 75) 211 857 0
         Fax: (03 75) 211 857 28
         E-Mail: zwickau@scharl-schenk-scheuffler.de  

The District Court of Chemnitz opened bankruptcy proceedings
against Bauunternehmen K. Fritsch GmbH on Sept. 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauunternehmen K. Fritsch GmbH
         Attn: Kathrin Fritsch, Manager
         Jacobusstrasse 31
         08132 Muelsen St. Jacob
         Germany


CHRYSLER LLC: UAW Strike Deadline Looms, Contract Talks Stall
-------------------------------------------------------------
The United Auto Workers union's deadline to rally against
Chrysler LLC draws near as contract negotiations between the
parties stall over wages, health care and other issues, various
papers report citing sources familiar with the matter.

As reported in yesterday's Troubled Company Reporter, Chrysler
has until 11 a.m. today, Wednesday, Oct. 10, 2007, to close its
contract negotiations with the UAW, otherwise 49,000 union
members will hold a strike against the company.

Chrysler employees, sources say, are wary of the track record of
new owner Cerberus Capital Management LP, who have less
experience with the UAW.

As previously reported, Cerberus Capital doesn't want to be
burdened with the cost of transferring retiree health care
administration to the UAW.

Chrysler indicated that it opts to use more convertible bonds,
and less cash in a union-administered fund, the Wall Street
Journal relates.  The company is also reluctant to agree to a
deal preventing outsourcing jobs to UAW workers and committing
product lines beyond the next contract.

Various papers report that the car maker is likely to displace
1,500 non-union workers, probably through early retirement or
buyout offers.  The lay-offs add to the 11,000 hourly and 2,000
salaried jobs Chrysler had planned to cut over three years,
before it was bought by private-equity firm Cerberus Capital
Management LP from DaimlerChrysler AG nka Daimler AG.

In February 2007, DaimlerChrysler intended to cut 10,000 factory
jobs and shut down at least two plants at Chrysler Group to
return the U.S.-based division to profitability, Reuters reports
citing the Detroit News as its source.  According to the report,
a hidden restructuring plan called
"Project X" aims to transform Chrysler into a smaller, more
efficient automaker.

                     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.

                          *    *    *

On Oct. 1, 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.

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.


D. DAVIDS TIEFBAU: Claims Registration Ends November 2
------------------------------------------------------
Creditors of D. Davids Tiefbau GmbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany
         Tel: 0381/49170
         Fax: 0381/491749

The District Court of Rostock opened bankruptcy proceedings
against D. Davids Tiefbau GmbH on Sept. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         D. Davids Tiefbau GmbH
         Attn: Dieter Davids, Manager
         Kirschenallee 23
         18279 Lalendorf/OT Vietgest
         Germany


DESIGNPROMOTION GMBH: Claims Registration Period Ends Oct. 31
-------------------------------------------------------------
Creditors of designpromotion GmbH have until Oct. 31 to register
their claims with court-appointed insolvency manager Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against designpromotion GmbH on Sept. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         designpromotion GmbH
         Attn: Kai-Uwe Stuellgens, Manager
         Marienstr. 5
         45476 Muelheim an der Ruhr
         Germany


DMT VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Nov. 15
-------------------------------------------------------------
Creditors of DMT Verwaltungsgesellschaft mbH & Co. Immobilien KG
have until Nov. 15 to register their claims with court-appointed
insolvency manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 12:35 p.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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         Germany

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

The insolvency manager can be reached at:

         Berthold Brinkmann
         Freiligrath Str. 1
         18055 Rostock
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against DMT Verwaltungsgesellschaft mbH & Co.
Immobilien KG on Sept. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DMT Verwaltungsgesellschaft mbH & Co. Immobilien KG
         Woldeforster Str. 5
         17109 Demmin
         Germany


EM-BE VOLKSHAUS: Claims Registration Ends November 20
-----------------------------------------------------
Creditors of EM-BE Volkshaus GmbH have until Nov. 20 to register
their claims with court-appointed insolvency manager Marco
Kuhlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstr. 6
         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:

         Marco Kuhlmann
         Osnabruecker Strasse 7
         32312 Luebbecke
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against EM-BE Volkshaus GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EM-BE Volkshaus GmbH
         Attn: Fred Meier-Boeke, Manager
         Uffler Str. 21
         32479 Hille
         Germany


ESTATE GERMANY: Moody's Rates EUR39.9 Mln Class E Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the notes issued by Estate Germany 2007-I Limited:

   -- Aaa to the EUR500,000 Class A+ Floating Rate Credit Linked
      Notes due May 2064;

   -- Aaa to the EUR68,500,000 Class A Floating Rate Credit
      Linked Notes due May 2064;

   -- Aa2 to the EUR95,700,000 Class B Floating Rate Credit
      Linked Notes due May 2064;

   -- A2 to the EUR60,700,000 Class C Floating Rate Credit
      Linked Notes due May 2064;

   -- Baa2 to the EUR45,600,000 Class D Floating Rate Credit
      Linked Notes due May 2064; and

   -- Ba2 to the EUR39,900,000 Class E Floating Rate Credit
      Linked Notes due May 2064.

Moody's has not assigned a definitive rating to the Class F
Notes of Estate Germany 2007-I Limited.

In addition, Moody's Investors Service assigned this definitive
rating to a Credit Default Swap between Hypo Real Estate Bank AG
(A2, P-1) and a third party in connection with the notes issued
by Estate Germany 2007-I Limited:

   -- Aaa to the EUR1,947,276,790 Senior Credit Default Swap due
      May 2064.

In this transaction, Hypo Real Estate Bank AG transfers the
credit risk of 4,861 small commercial mortgage loans granted to
approximately 1,708 borrowers to investors.  The reference
portfolio has a total volume of Euro 2.28 billion.  HRE
transfers the senior portion of the portfolio's credit risk via
a credit default swap to a third party, while the junior portion
of the risk is transferred to Estate Germany 2007-I Limited via
a loss guarantee.  Estate Germany hedges itself through the
issuance of credit-linked notes to investors.  The proceeds from
the issuance of the Notes are invested in HRE Public Sector
Pfandbriefe (Aaa), which will serve as note collateral.

In Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par on or before
the rated final legal maturity date.  Moody's ratings address
only the credit risks associated with the transaction; other
non-credit risks have not been addressed, but may have
significant effect on yield to investors.


FAHRZEUGTEILE HAMBURG: Claims Registration Ends November 16
-----------------------------------------------------------
Creditors of Fahrzeugteile Hamburg Import-Export GmbH have until
Nov. 16 to register their claims with court-appointed insolvency
manager Peter-Alexander Borchardt.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against FAHRZEUGTEILE HAMBURG IMPORT-EXPORT GmbH on Sept. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FAHRZEUGTEILE HAMBURG IMPORT-EXPORT GmbH
         Attn: Lina Briedeline & Algimantas Briedelis, Managers
         Scharlbarg 29
         21149 Hamburg
         Germany


GENECRAFT GMBH: Claims Registration Ends November 2
---------------------------------------------------
Creditors of GeneCraft GmbH have until Nov. 2 to register their
claims with court-appointed insolvency manager Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 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 Muenster
         Meeting Hall 112 B
         Ground Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Lorisch
         Kurt-Schumacher-Str. 48
         45699 Herten
         Germany
         Tel: 02366/10820
         Fax: +492366108282

The District Court of Muenster opened bankruptcy proceedings
against GeneCraft GmbH on Sept. 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GeneCraft GmbH
         Attn: Dr. Dimitri Plachov, Manager
         Raiffeisenstrasse 12
         59348 Luedinghausen
         Germany


GROOS SPORTHALLEN: Claims Registration Ends November 5
------------------------------------------------------
Creditors of Groos Sporthallen- und Fertigbau GmbH have until
Nov. 5 to register their claims with court-appointed insolvency
manager Helmut Eisner.

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

The meeting of creditors will be held at:

         The District Court of Crailsheim
         Hall 113
         Ground Floor
         Schillerstrasse 1
         74564 Crailsheim
         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. Helmut Eisner
         Josef-Schmitt-Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/2065
         Fax: 09343/3833

The District Court of Crailsheim opened bankruptcy proceedings
against Groos Sporthallen- und Fertigbau GmbH on Sept. 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Groos Sporthallen- und Fertigbau GmbH
         Attn: Hans-Otto Gutekunst, Manager
         Boxberger Str. 33
         97980 Bad Mergentheim
         Germany


HAMMER & NAGEL: Claims Registration Ends November 14
----------------------------------------------------
Creditors of Hammer & Nagel GmbH have until Nov. 14 to register
their claims with court-appointed insolvency manager Gert
Freydag.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Dec. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Gert Freydag
         Speersort 4-6
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Hammer & Nagel GmbH
         Attn: Marc-Oliver Michel & Dr. Werner Mueller, Managers
         Laufgraben 37
         20146 Hamburg
         Germany


HANSISCHE GILDENDRUCKEREI: Claims Registration Ends November 14
---------------------------------------------------------------
Creditors of Hansische Gildendruckerei Kruemmel & Co. GmbH have
until Nov. 14 to register their claims with court-appointed
insolvency manager Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Dec. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Hansische Gildendruckerei Kruemmel & Co. GmbH on
Sept. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hansische Gildendruckerei Kruemmel & Co. GmbH
         Attn: Klaus Richter, Manager
         Bramfelder Strasse 119a
         22305 Hamburg
         Germany


HEIMELEKTRIK-BERGFELDE: Creditors Must File Claims by November 6
----------------------------------------------------------------
Creditors of Heimelektrik-Bergfelde Bau GmbH have until Nov. 6
to register their claims with court-appointed insolvency manager
Steffi Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Dec. 6, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Steffi Radack-Mueller
         Franzoesische Strasse 9-12
         10117 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Heimelektrik-Bergfelde Bau GmbH  on Sept. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heimelektrik-Bergfelde Bau GmbH
         Lehnitzstr. 49
         16562 Bergfelde
         Germany


IRSV MARKETING: Claims Registration Ends Nov. 15
------------------------------------------------
Creditors of IRSV Marketing GmbH have until Nov. 15 to register
their claims with court-appointed insolvency manager Rolf G.
Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Dec. 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf G. Pohlmann
         Rosental 6
         80331 Munich
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

The District Court of Munich opened bankruptcy proceedings
against IRSV Marketing GmbH on Sept. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         IRSV Marketing GmbH
         Johann-Karg-Str. 30
         85540 Haar-Salmdorf
         Germany


KOGLER TRANSPORT: Claims Registration Ends November 5
-----------------------------------------------------
Creditors of Kogler Transport GmbH have until Nov. 5 to register
their claims with court-appointed insolvency manager Klaus
Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz
         Germany
         Tel: (03 71) 47 29 90
         Telefax: (03 71) 472 99 50
         E-mail: ra_siemon_ch@t-online.de

The District Court of Chemnitz opened bankruptcy proceedings
against Kogler Transport GmbH on Sept. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kogler Transport GmbH
         Attn: Manfred Kogler, Manager
         Gewerbegebiet Sued 16
         09405 Gornau
         Germany


MS-DIVISION GMBH: Claims Registration Period Ends Nov. 5
--------------------------------------------------------
Creditors of MS-Division GmbH have until Nov. 5 to register
their claims with court-appointed insolvency manager Markus
Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Dec. 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Markus Neumann
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against MS-Division GmbH on Sept. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MS-Division GmbH
         Bielefelder Str. 121
         33818 Leopoldshoehe
         Germany

         Attn: Andreas Rischer, Manager
         Remser Weg 12a
         33428 Harsewinkel
         Germany


MTU AERO: Signs Contract with Norwegian Air Shuttle
---------------------------------------------------
MTU Maintenance Zhuhai has signed a contract with Norwegian Air
Shuttle for the maintenance of CFM56-3 engines.  The five years
contract includes 44 engines powering Boeing 737-300 aircraft
operated by the airline and is worth in excess of EUR90 million.

“We are proud to welcome Norwegian Air Shuttle as a new
customer,” MTU Aero Engines President and CEO Commercial
Maintenance Bernd Kessler noted.  He continued: "MTU is pleased
to be in a position to partner the airline with our world class
facility in Zhuhai and the local support of our Hannover
facility.  Norwegian Air Shuttle continue to demonstrate
significant expansion in the European market and we are
confident that both partners will grow together and develop a
successful long term relationship.“

Norwegian Air Shuttle Technical Director, Bjorn Ivar Aarseth
commented: “We know MTU as a very professional and customer
focused organization and are confident that we have reached a
very cost effective solution together with them.  We are looking
forward to a friendly and professional relationship in the years
to come.”

Norwegian Air Shuttle is a Low Cost Carrier based in Oslo,
Norway, and was founded in 1993.  The airline operates within
Norway, Europe, Russia and CIS serving 82 routes carrying over
five million passengers in 2006.

MTU Maintenance Zhuhai, a joint venture of MTU Aero Engines and
China Southern Airlines, is China’s largest maintenance shop.  
It focuses on the repair of V2500 and CFM56 engines. In addition
to the CFM56-3, also the CFM56-5B and CFM56-7 have been included
in the portfolio.  MTU Aero Engines is Germany's leading engine
manufacturer and ranks among the global players in the industry.
In the commercial domain, it is the world's largest independent
provider of engine maintenance services.  Having established a
leading position in engine technology, MTU excels in low-
pressure turbines, high-pressure compressors, engine control
units, and in manufacturing and repair techniques.

Headquartered in Munich, Germany, MTU Aero Engines --
http://www.mtu.de/-- develops, manufactures, markets, and  
repairs commercial and military engine modules and components
for aircraft engines and industrial gas turbines.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Moody's Investors Service upgraded the Corporate Family Rating
of MTU Aero Engines Holding AG to Ba1 from Ba2; the outlook was
changed to stable.


NDL BETEILIGUNGS: Claims Registration Period Ends Oct. 29
---------------------------------------------------------
Creditors of NDL Beteiligungs GmbH have until Oct. 29 to
register their claims with court-appointed insolvency manager
Andre Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Justizzentrum Magdeburg
         Breiter Weg 203-206
         39104 Magdeburg
         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:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany
         Tel: 0391/7324630 o. 39
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de  

The District Court of Magdeburg opened bankruptcy proceedings
against NDL Beteiligungs GmbH on Sept. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NDL Beteiligungs GmbH
         Attn: Dirk Loges, Manager
         Stadtfeld 6
         39167 Irxleben
         Germany


OMEGA HOTELS: Claims Registration Period Ends Nov. 7
----------------------------------------------------
Creditors of OMEGA Hotels GmbH have until Nov. 7 to register
their claims with court-appointed insolvency manager Dr.
Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th. Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Koeln  
         Germany
         Tel: 99 22 30-0
         Fax: +4922199223035

The District Court of Cologne opened bankruptcy proceedings
against OMEGA Hotels GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         OMEGA Hotels GmbH
         Innere Kanalstr. 15
         50823 Koeln
         Germany
         
         Attn: Michael Bauer, Manager
         Hildebrandstr. 33
         76227 Karlsruhe
         Germany


OPTIC MUELLER: Claims Registration Ends November 14
---------------------------------------------------
Creditors of Optic Mueller & Scholten GmbH have until Nov. 14 to
register their claims with court-appointed insolvency manager
Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Dec. 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Andreas Amelung
         Im Mediapark 6 B
         50670 Cologne
         Germany
         Tel: 57437910
         Fax: +4922157437938

The District Court of Cologne opened bankruptcy proceedings
against Optic Mueller & Scholten GmbH on Sept. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Optic Mueller & Scholten GmbH
         Attn: Werner Mueller-Steffens, Manager
         Merowingerstr. 16
         50677 Cologne
         Germany


PETERS GMBH: Claims Registration Period Ends Oct. 26
----------------------------------------------------
Creditors of Peters GmbH have until Oct. 26 to register their
claims with court-appointed insolvency manager Reiner Linck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         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:

         Reiner Linck
         Paulstrasse 44
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Peters GmbH
         Attn: Mathias Peters, Manager
         Robert-Koch-Strasse 8 b
         18059 Rostock
         Germany


POWER CONCERTS: Creditors Must File Claims by November 5
--------------------------------------------------------
Creditors of Power Concerts Tourneen GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager
Jochen Zaremba.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         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 Zaremba
         Waisenhausgasse 3-4
         92224 Amberg
         Germany

The District Court of Amberg opened bankruptcy proceedings
against Power Concerts Tourneen GmbH on Sept. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Power Concerts Tourneen GmbH
         Rote-Kreuz-Str. 10
         93133 Burglengenfeld
         Germany


PRO CONCEPT: Claims Registration Ends November 16
-------------------------------------------------
Creditors of Pro Concept GmbH have until Nov. 16 to register
their claims with court-appointed insolvency manager Konrad
Menz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall  103
         Olgastr. 107
         89073 Ulm
         Germany

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

The insolvency manager can be reached at:

         Konrad Menz
         c/o Derra, Meyer & Partner
         Frauenstr. 14
         89073 Ulm
         Germany
         Tel: 0731/92288-0
         Fax: 0731/9228888

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

The Debtor can be reached at:

         Pro Concept GmbH
         Hindenburgring 31
         89077 Ulm
         Germany

         Attn: Manfred Hausner, Manager
         Fahreweg 9
         89233 Neu-Ulm
         Germany


PROPEX INC: High Leverage Cues Moody's to Cut Rating to Caa1
------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Propex Inc.'s to Caa1 from B2, reflecting very high leverage
in recent quarters and expectations of very weak internal cash
flow generation in relation to debt obligations in the near
term.  The outlook for the ratings, which had been negative
since January 2007, is stable.

Moody's took these rating actions:

   -- Downgraded the Corporate Family Rating to Caa1 from B2;

   -- Downgraded the Probability of Default Rating to Caa1 from
      B2;

Downgraded to B2 (LGD2, 29%) from Ba3 (LGD 3, 30%) the senior
secured credit facilities consisting of a US$50 million revolver
due 2011, and the original US$260 million term loan due 2012;

Downgraded to Caa2 (LGD 5, 81%) from Caa1 (LGD 5, 82%) the
US$150 million senior unsecured notes due 2012;

The ratings outlook is stable.

The stable outlook reflects the high likelihood of a continuing
core level of demand for the company's products, company's
leading position in its markets, indications of progress with
cost cutting efforts and the company's relatively low capital
expenditure requirements in the medium term.

The downgrade reflects Moody's expectation of weak interest
coverage at least through 2008 (defined as EBITDA less capital
expenditures divided by interest expense) in line with the Caa1
rating category and long-term structural industry trends which
include overcapacity and competitive pressures.  The ratings
also take into account the long-term effects of the backward
integration into carpet backing by the larger carpet
manufacturers that took place in 2005 and 2006.  These longer
term threats are exacerbated by cyclical but ongoing weakness in
residential construction and its effect on demand for carpet
backing and other end products, potential for adverse raw
material fluctuations and the need for error-free execution to
navigate this period.  Propex's ratings are supported by
leadership positions in its principal markets and aggressive
moves to cut costs.

Notwithstanding the company's likely non-compliance with
financial covenants as of Sept. 30, 2007, Moody's believes that
covenant relief will be provided by the lender group at levels
which recognize current cyclical weakness in the company's
principal end markets and the temporary nature of some of the
expense drivers.  Failure to obtain such relief will result in
an immediate downgrade.

The Speculative Grade Liquidity Rating was also downgraded to
SGL-4 from SGL-2, subject to covenant relief.

Based in Gronau, Germany and Gyor, Hungary, Propex International
-- http://www.geotextile.com/europe/-- is recognized as an   
internationally leading manufacturer of carpet backings,
geotextiles and composite sheets.  Strict manufacturing
specifications, quality control monitoring and laboratory
testing ensure our products consistently meet or exceed European
standards.  

Based in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- manufactures primary   
and secondary carpet backing.  The company also manufactures and
markets woven and nonwoven polypropylene fabrics and fibers used
in geosynthetic and a variety of other industrial applications.  
Revenues for the 12 months ended July 1, 2007 were US$685
million.


PROPEX INC: Operating Conditions Cue S&P to Watch B- Ratings
------------------------------------------------------------
Standard & Poor's Services placed its 'B-' corporate credit and
its senior secured and senior unsecured ratings on Chattanooga,
Tenn.-based Propex Inc. on CreditWatch with negative
implications.

"The CreditWatch listing reflects ongoing concerns that
difficult operating conditions are likely to forestall Propex's
ability to meaningfully improve its highly leveraged financial
profile," said Standard & Poor's credit analyst Henry Fukuchi.

Recent operating challenges at a key production facility, weak
residential construction activity and the possibility for
further declines in the domestic housing markets could cause
earnings and cash flow to deteriorate to a level inconsistent
with the current ratings.  In addition, Propex announced that it
is unlikely to be in compliance with the financial covenants
contained within its credit agreement as of the reporting date
for its Sept. 30, 2007, quarter end.  While Propex's liquidity
position is bolstered by decent cash balances and credit
facility availability, the probably of a covenant violation is a
concern.

"We expect that Propex will take steps to negotiate relief so
that it will preserve acceptable liquidity while it implements
plans to restore operating results to acceptable levels," Mr.
Fukuchi said.  "We will resolve the CreditWatch upon indication
that the risk of covenant violations has been addressed and
after reviewing the company's prospects for improving its sub
par financial profile.  Further indication that weak operating
results will extend into 2008 or failure to obtain covenant
relief could result in a downgrade this year."

Propex is a leading producer of polypropylene fabrics and fibers
used in primary and secondary carpet backing, among other
things.

Based in Gronau, Germany and Gyor, Hungary, Propex International
-- http://www.geotextile.com/europe/-- is recognized as an  
internationally leading manufacturer of carpet backings,
geotextiles and composite sheets.  Strict manufacturing
specifications, quality control monitoring and laboratory
testing ensure our products consistently meet or exceed European
standards.  Outside of the U.S., Propex International operates
in U.K., Germany, France and The Netherlands.

Propex Inc. -- http://www.propexinc.com/-- manufactures primary  
and secondary carpet backing.  The company also manufactures and
markets woven and nonwoven polypropylene fabrics and fibers used
in geosynthetic and a variety of other industrial applications.  


SCHWARZ & VOGEL: Claims Registration Ends November 16
-----------------------------------------------------
Creditors of Schwarz & Vogel GmbH have until Nov. 16 to register
their claims with court-appointed insolvency manager Konrad
Menz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Nov. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Memmingen
         Meeting Hall 103
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         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:

         Konrad Menz
         Frauenstr. 14
         89073 Ulm
         Germany
         Tel: 0731/92288-0
         Fax: 0731/9228888

The District Court of Memmingen opened bankruptcy proceedings
against Schwarz & Vogel GmbH on Sept. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schwarz & Vogel GmbH
         Attn: Schwarz Heinz, Manager
         Dorfstr. 10
         86842 Tuerkheim-Irsingen
         Germany


W + H MASSIVHAUS: Claims Registration Period Ends Nov. 2
--------------------------------------------------------
Creditors of W + H Massivhaus GmbH have until Nov. 2 to register
their claims with court-appointed insolvency manager Henning
Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         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:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden
         Germany
         Website: http://www.hww-kanzlei.de    

The District Court of Dresden opened bankruptcy proceedings
against W + H Massivhaus GmbH on Sept. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         W + H Massivhaus GmbH
         Industriestrasse A11
         01612 Glaubitz
         Germany


SMART EVENTS: Claims Registration Ends Nov. 15
----------------------------------------------
Creditors of SMART events GmbH have until Nov. 15 to register
their claims with court-appointed insolvency manager Jana
Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:32 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse. 54
         50676 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against SMART events GmbH on Sept. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SMART events GmbH
         Theodor-Heuss-Ring 23
         50668 Cologne
         Germany


STAHL SYSTEMLOGISTIK: Claims Registration Period Ends Oct. 25
-------------------------------------------------------------
Creditors of Stahl Systemlogistik und Service GmbH have until
Oct. 25 to register their claims with court-appointed insolvency
manager Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Nov. 8, 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Stahl Systemlogistik und Service GmbH on Sept. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stahl Systemlogistik und Service GmbH
         Ringbahnstrasse 17
         41460 Neuss
         Germany


VAN HOI: Claims Registration Ends Nov. 15
-----------------------------------------
Creditors of van Hoi GmbH Asiatische Feinkost have until Nov. 15
to register their claims with court-appointed insolvency manager
Maximilian Breitling.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Maximilian Breitling
         Rottmannstr. 11a
         80333 Munich
         Germany
         Tel: 089/5427300
         Fax: 089/5427301593

The District Court of Munich opened bankruptcy proceedings
against van Hoi GmbH Asiatische Feinkost on Sept. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         van Hoi GmbH Asiatische Feinkost
         Westendstrasse 146 c/o Francis van Hoi
         80339 Munich
         Germany


ZG DRUCKVERTRIEB: Claims Registration Ends November 1
-----------------------------------------------------
Creditors of ZG Druckvertrieb Brandenburg GmbH have until Nov. 1
to register their claims with court-appointed insolvency manager
Hort Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.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 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:

         Hort Piepenburg
         Berliner Strasse 32
         14467 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against ZG Druckvertrieb Brandenburg GmbH on Sept. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ZG Druckvertrieb Brandenburg GmbH
         Templiner Strasse 19
         14473 Potsdam
         Germany

         Attn: Stefan Kerweit, Manager
         Grabenstrasse 4
         14943 Luckenwalde
         Germany


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


HERTZ CORP: Fitch Affirms BB Issuer Default & Debt Ratings
----------------------------------------------------------
Fitch Ratings has affirmed these ratings:

The Hertz Corporation

-- Issuer Default Rating at 'BB';
-- Senior secured revolving facility at 'BBB';
-- Secured term facility at 'BBB-';
-- Letter of credit facility at 'BBB-';
-- Senior unsecured debt at 'BB-';
-- Subordinated Debt at 'B+';

The Rating Outlook has been revised to Positive from Stable.

The affirmation of Hertz's ratings reflects:

-- Strength of the company's market position in the airport
    car rental and commercial equipment markets and ability and
    experience in managing through cyclicality and seasonality
    inherent in car and equipment rental sectors;

-- Ample liquidity to support growth;

-- Limited financial flexibility as a primarily secured
    borrower;

-- Weak capitalization/Lack of tangible equity.

The Positive Rating Outlook reflects the improvements in
operating performance, cash flow available to repay debt and
collateral coverage since being spun-off from the Ford Motor
Company in late 2005.

Key drivers for a ratings upgrade include the expectation that
management's strategy to grow revenue, improve operating
efficiency and offset rising fleet costs will continue to
generate sustainable operating performance improvement and
cashflow to further delever the company.

Further improvements in cash flow available for debt repayment
or strengthening of collateral coverage may result in upward
notching of individual ratings from their current levels
relative to Hertz's IDR, including equating the senior unsecured
debt rating with the IDR.

Negative rating factors include any significant operating cash
flow deterioration and weakening of the company's financial
profile resulting from either a cyclical downturn or exogenous
events that restrict or inhibit travel.

Fitch has also affirmed and withdrawn these ratings:

The Hertz Corporation

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Finance Centre Plc

-- Issuer Default Rating (IDR) at 'BB';
-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Australia Pty

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Canada Ltd.

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B'.

The commercial paper ratings have been withdrawn as no
commercial paper is expected to be outstanding.  Withdrawal of
the Hertz Finance Centre Plc ratings reflects full repayment of
debt.

Headquartered in Park Ridge, New Jersey, Hertz Corp. --
http://www.hertz.com/-- is a car rental company that operates  
from approximately 7,600 locations in 145 countries worldwide.
Hertz also operates an equipment rental business, Hertz
Equipment Rental Corporation, offering a diverse line of
equipment, including tools and supplies, as well as new and used
equipment for sale, to customers ranging from major industrial
companies to local contractors and consumers through more than
360 branches in the United States, Canada, France, and Spain.

Hertz has operations in the Philippines, Hungary, and Peru,
among others.


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


DISCUS FUND: Restructures Due to Sentinel's Bankruptcy
------------------------------------------------------
Discus Fund Limited will undergo restructuring as a result of
the chapter 11 bankruptcy filing of Sentinel Management Group,
Inc., the cash manager of Discus Master Limited, on Aug. 17,
2007.

On Aug. 20, 2007, the U.S. Securities and Exchange Commission
alleged that Sentinel defrauded its clients by improperly
commingling, misappropriating and leveraging their securities
without their knowledge in violation of the Investment Advisers
Act of 1940.  The assets of the Master Fund held at Sentinel are
now illiquid and are of an uncertain value.  Those assets were
valued at approximately US$407 million prior to the bankruptcy
of Sentinel.

                         The Master Fund

The restructuring objective is to isolate the claims that the
Master Fund has against Sentinel or otherwise in connection with
the Sentinel bankruptcy including any reserves for liabilities
and expenses in a "side pocket" to enable the Master Fund and
the Fund to meet redemption requests in cash on the balance of
their liquid assets and in non-redeemable shares of the side
pocket representing the Illiquid Assets.  Its objective is also
to restore the liquidity of the Fund as of Oct. 1, 2007.

The Master Fund has asked its shareholders (including the Fund)
to approve a capital restructuring whereby certain of its
existing shares will be redeemed and in return it will issue
shares in a new class of non-redeemable Class S Shares in
proportion to each Master Fund shareholder's exposure to the
Illiquid Assets through its existing holdings of Master Fund
shares.

The Illiquid Assets will be separated from the remaining liquid
assets of the Master Fund by the use of asset allocation
provisions in the Memorandum and Articles of Association of the
Master Fund and the Illiquid Assets will be represented by the
Class S Shares of the Master Fund.

                           The Fund

The Fund will be restructured as follows:

    * The Fund will transfer its new Class S Shares in the
      Master Fund into a side pocket holding vehicle, Discus   
      Non-US Side Holdings Limited (DSH), in return for the
      issue of non-voting participating non-redeemable Class S
      Shares, which would have the same character as the Class S
      Shares in the Master Fund.  

      DSH is a newly incorporated special purpose company
      limited by shares established under the laws of the BVI to
      hold the Class S Shares.

    * The Fund will hold the voting non-participating shares of
      DSH and will be the sole director of DSH.

    * Upon any redemption of shares in the Fund, the current
      shareholders in the Fund will receive a combination of
      cash, representing the liquid assets in which they are
      interested, and non-voting participating non-redeemable
      Class S Shares of DSH representing the Illiquid Assets.

    * New subscriptions will not be accepted into the Fund.

The NAV calculation process is not expected to vary from what is
disclosed in the Fund's Offering documents in respect of the
liquid assets.  The Class S Shares of DSH will be attributed to
the Fund's share classes in proportion to each share classes'
exposure to the Illiquid Assets as of Aug. 1, 2007, the last
Dealing Date prior to the Sentinel bankruptcy filing and such
allocation will not be varied thereafter:

    * The Fund's NAV will be calculated in accordance to the
      Offering documents and the NAV variation corresponding to
      the liquid assets over the period will be allocated to the
      various Share Classes,

    * The value of the Class S Shares of DSH attributable to
      each class of shares will be estimated at each Valuation
      Date by the board of directors and such estimate shall be
      used to calculate the Fund's NAV.

    * The total NAV of each Feeder's Share Class will be the sum
      of its liquid and illiquid assets as calculated above,

    * The Investment Advisor incentive fee will apply to the sum
      of (i) the  carry forward loss generated by the marking of
      the Illiquid Assets to zero, plus (ii) the trading P&L due
      to the performance of the liquid assets, plus  (iii) the
      P&L due to the appreciation of the Illiquid Assets,

      Should an investor redeem, the investor will receive its
      proportionate share of the DSH' Shares, which will not
      bear any further management or incentive fee,

    * Furthermore, the Investment Advisor to the Fund has agreed
      to reduce by 50% its management fees on the Fund until the
      carry forward loss is recouped by either trading or
      recovery of the Sentinel assets.

The Directors of the Fund also disclosed that, with effect from
Sept. 28, 2007, HSBC Institutional Trust Services (Ireland)
Limited has been appointed as a Custodian to the Fund, pursuant
to a Custody Agreement, between the Fund and the new Custodian.

The Custodian is a private company limited by shares,
incorporated in Ireland on Nov. 29, 1991, and is ultimately a
wholly owned subsidiary of HSBC Holdings plc.  The main activity
of the Custodian is to provide trustee and custodial services
for investment funds such as the Fund.  As at June 30, 2007 the
Custodian had in excess of approximately US$52 billion in assets
under custody.

The Custodian will provide safe custody for the Class S Shares
in DSH.

It is not anticipated that the Custodian will appoint sub-
custodians.

The new Custodian will receive a fee from the Fund of US$15,000
per annum.

The Custodian shall not be indemnified for any such losses which
arise as a result of its fraud, negligence or willful default in
the performance of its duties.  The Custodian Agreement between
the Fund and the Custodian shall continue in force until
terminated by either the Fund or the Custodian giving to
the other ninety (90) days' written notice.  This Agreement may
however be terminated without regard to the ninety (90) days'
written notice if a) either party shall commit a breach of the
terms of the Agreement which, if capable of remedy, shall not
have been remedied within thirty (30) calendar days after the
service of written notice requiring it to be remedied; b) either
party shall go into liquidation (except for a voluntary
liquidation for the purposes of reconstruction or amalgamation
upon terms previously approved in writing by the non-defaulting
party) or a receiver or examiner is appointed to such party or
upon the happening of a like event, whether at the direction of
an appropriate regulatory agent or court of competent
jurisdiction or otherwise; or c) either parties' authorization
is revoked.


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


ALITALIA SPA: Names Six Suitors for Italy's 49.9% Stake
-------------------------------------------------------
Maurizio Prato, chairman of Alitalia S.p.A., informed the Board
of Directors that the company has established contacts, through
the financial advisor Citi, with a significant number of
financial and industrial subjects, both European and non-
European.

Following the analysis of the industrial advisor Roland Berger,
the Board has resolved to carry out discussions to assess the
interest of:

   -- OAO Aeroflot,
   -- Air France-KLM,
   -- AP Holding S.p.A.,
   -- Cordata Baldassarre,
   -- Deutsche Lufthansa AG,
   -- TPG Capital.

Alitalia said it intends to complete such discussions in the
shortest possible timeframe.

                         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.


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


ACTION-UNICOM LLP: Proof of Claim Deadline Slated for November 9
----------------------------------------------------------------
LLP Action-Unicom has declared insolvency.  Creditors have until
Nov. 9 to submit written proofs of claims to:

         LLP Action-Unicom
         Tauelsizdik Str. 44
         Taldykorgan
         Almaty
         Kazakhstan


ANTI FIRE: Creditors Must File Claims November 9
------------------------------------------------
LLP Anti Fire Prevention and Training has declared insolvency.  
Creditors have until Nov. 9 to submit written proofs of claims
to:

         LLP Anti Fire Prevention and Training
         Third Floor
         Trade Centre Trnava
         Micro District 4
         Aksai
         Burlinsky District
         West Kazakhstan
         Kazakhstan
         Tel: 7 571 481 30-44


BATYS KURYLYS: Claims Filing Period Ends November 9
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Batys Kurylys Holding insolvent.

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

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


BUSINESS LOGISTICS: Creditors' Claims Due on November 9
-------------------------------------------------------
LLP Business Logistics Legal Agency has declared insolvency.  
Creditors have until Nov. 9 to submit written proofs of claims
to:

         LLP Business Logistics Legal Agency
         Aiteke bi Str. 202
         Almaty
         Kazakhstan


ENGINEER-CONSULTING LLP: Claims Registration Ends November 9
------------------------------------------------------------
LLP Corporation Engineer-Consulting has declared insolvency.  
Creditors have until Nov. 9 to submit written proofs of claims
to:

         LLP Corporation Engineer-Consulting
         Klara Tsetkin Str. 76-3
         Almaty
         Kazakhstan


KORNEYEV & K LLP: Proof of Claim Deadline Slated for November 9
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Korneyev & K insolvent on Aug. 20.

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

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


NUR OIL: Creditors Must File Claims November 9
----------------------------------------------
LLP Company Nur Oil has declared insolvency.  Creditors have
until Nov. 9 to submit written proofs of claims to:

         LLP Company Nur Oil
         Edilbayev Str. 60
         Kyzylorda
         Kazakhstan


REM-INTERSERVICE LLP: Claims Filing Period Ends November 9
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Rem-Interservice insolvent on Feb. 14.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Room 17
         Tolstoy Str. 59
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 311 250 35-81


SCANDINAV LLP: Creditors' Claims Due on November 9
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Scandinav insolvent.

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

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


UK PROFSPETSCOMPLEX: Claims Registration Ends November 9
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Uk Profspetscomplex insolvent on Aug. 20.

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

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


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


PANTECH & QURITEL-FEZ: Creditors Must File Claims by November 9
---------------------------------------------------------------
LLC Pantech & Quritel-Fez Bishkek (INN 02112200510039) has
declared insolvency.  Creditors have until Nov. 9 to submit
written proofs of claim to:

         LLC Pantech & Quritel-Fez Bishkek
         Mir Ave. 303
         Kyrgyzstan
         Tel: (0-543) 912-600
              (0-502) 202-554


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


EVRAZ GROUP: Board Declares US$4.80 per Share Interim Dividend
--------------------------------------------------------------
Evraz Group S.A.'s Board of Directors declared an interim
dividend for the first six months of 2007 of US$4.80 per common
share, or US$1.60 per GDR payable before Dec. 19, 2007, to
shareholders on the share register record date of Oct. 19, 2007.

Holders of the Company's GDRs may contact The Bank of New York
as depositary for the related GDRs record date and payment date.

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


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


BAUSCH & LOMB: WP Prism Deal Cues Moody's B2 Rating
---------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
to WP Prism LLC.  It is Moody's understanding that at the close
of the transaction, WP Prism LLC will merge into Bausch & Lomb
Incorporated, which will be the surviving entity.  

Concurrently, Moody's also assigned ratings to the proposed
senior secured credit facilities, proposed senior unsecured
notes, proposed senior unsecured PIK toggle notes, and proposed
senior subordinated notes.  Additionally, Moody's assigned a B2
Probability of Default Rating and an SGL-2 Speculative Grade
Liquidity Rating. The outlook for the ratings is stable.

Proceeds from the proposed credit facilities, proposed senior
unsecured notes, proposed senior unsecured PIK toggle notes, and
proposed senior subordinated notes, along with cash equity from
Warburg Pincus and some BOL existing cash, will be used to
complete the acquisition of BOL by WP for a total consideration
of $4.7 billion including about $785 million of existing debt.

Moody's continued the review for possible downgrade of Bausch &
Lomb Incorporated's existing ratings with the expectation that
they will be withdrawn at the close of the transaction if
substantially all existing debt is paid.

The B2 Corporate Family Rating acknowledges the pro forma high
leverage, pro forma negative free cash flow for the ratings
horizon, litigation risk stemming from tax and product recall
matters, and the highly competitive industry.  Pro forma for the
Warburg Pincus transaction adjusted debt to EBITDA will be about
7 times for the last twelve months ended June 30, 2007.

Sidney Matti, analyst, stated that, "Moody's does not expect
BOL's leverage to decline materially over the intermediate term
as the company continues to embark on smaller acquisitions as
well as incur costs associated with both tax and product
liability litigation."  Additionally, Moody's anticipates that
free cash flow to adjusted debt will remain negative over the
ratings horizon because of increased interest costs and weaker
operating performance stemming from the recall of the
MoistureLoc product in 2006.

The B2 Corporate Family Rating also considers BOL's strong brand
equity, geographic and product diversity and its relative size
within the eye care industry.  Moody's notes that BOL has a
significant presence outside the U.S. with over 55% of the
company's revenues being generated in foreign jurisdictions.
Additionally, the company has an extensive product portfolio
with a presence in the major segments of the eye care industry.
The geographic and product portfolio provides the company with
diversity to its revenues and operating performance.  At
US$2.4 billion in revenues for the last twelve months ended
June 30, 2007, the company is one of the largest players within
the eye care industry.

The stable ratings outlook anticipates the company will continue
to experience improving operating performance driven by the
introduction of new products and growth within the eye care
segment driven by favorable demographic trends as well as the
adoption by end users of newer technology.  Additionally, the
rating outlook incorporates Moody's expectation that the company
will continue its acquisition strategy over the near term.  
However, Moody's anticipates that the company will undertake
smaller acquisitions over the ratings horizon.

The SGL-2 speculative grade liquidity rating reflects a good
liquidity profile comprised of Moody's expectation for stable
cash flow generation coupled with cash on hand, availability
under the US$500 million proposed senior secured revolving
credit facility and the covenant-lite structure of the senior
secured credit facilities.

Ratings are subject to review of final documentation.

These ratings were assigned to Bausch & Lomb Incorporated:

   -- B2 Corporate Family Rating;

   -- B2 Probability of Default Rating;

   -- SGL-2 Speculative Grade Liquidity Rating;

   -- B1 rating (LGD3/35%) on a US$500 million Senior Secured
      Revolver;

   -- B1 rating (LGD3/35%) on a US$1,100 million U.S. Senior
      Secured Term Loan;

   -- B1 rating (LGD3/35%) on a US$300 million Delayed Draw Term
      Loan;

   -- Caa1 rating (LGD5/86%) on US$400 million Senior Unsecured
      Notes;

   -- Caa1 rating (LGD5/86%) on US$175 million Senior Unsecured
      PIK Toggle Option Notes; and

   -- Caa1 rating (LGD6/95%) on US$175 million Senior
      Subordinated Notes.

These rating was assigned to Bausch & Lomb B.V.:

   -- B1 rating (LGD3/35%) on a US$575 million European Senior
      Secured Term Loan.

These Bausch & Lomb Incorporated ratings remain on review for
possible downgrade and will be withdrawn at the close of the
transaction:

   -- Ba1 Corporate Family Rating;

   -- Ba1 Probability of Default Rating;

   -- Ba1 rating on US$133.2 million Senior Unsecured Notes due
      2007;

   -- Ba1 rating on US$50 million Senior Unsecured Notes due
      2008;

   -- Ba1 rating on US$160 million Senior Unsecured Convertible
      Notes due 2023;

   -- Ba1 rating on US$0.4 million Senior Unsecured Debentures
      due 2026; and

   -- Ba1 rating on US$66.4 million Senior Unsecured Debentures
      due 2028

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company has operations in Australia, Brazil,
China, Mexico, the Netherlands, Spain, among others.  For the 12
months ended June 30, 2007, the company reported US$2.4 billion
in revenues.


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


NETIA SA: Novator Informs Stake Exceeds 29% Voting Limit
--------------------------------------------------------
Netia SA (WSE: NET), Poland’s largest alternative provider of
fixed-line telecommunications services, received a notification
from Novator Telecom Poland II S.a.r.l., with its seat in
Luxembourg, 560 A, rue de Neudorf, L-2220 Luxembourg informing
that Novator exceeded the 29% threshold of the aggregate number
of votes at Netia’s General Meeting of Shareholders.

According to the notification, as a result of purchases of Netia
shares effected on the Warsaw Stock Exchange from May 21, 2007
to Sept. 25, 2007, as of Sept. 28, 2008 Novator holds
113,941,170 Netia shares, representing 29.27% of Netia’s share
capital and entitling the holder thereof to exercise 113,941,170
votes, which represents 29.27% of the total number of votes at
Netia’s General Meeting of Shareholders.

Prior to the above transactions, Novator held 106,047,505 Netia
shares, which represented 27.25% of Netia’s share capital, and
was entitled to 106,047,505 votes, representing 27.25% of the
total number of votes at Netia’s General Shareholder Meeting.

                          About Netia

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

                          *     *    *

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


NETIA SA: Introduces Lower Fixed-to-Mobile Rates
------------------------------------------------
Netia S.A. introduces new lower prices for fixed-to-mobile
connections in all new tariff plans for both individual and
business clients.  The price for a one-minute connection to
Orange, Era and Plus GSM networks is PLN0.51 (PLN 0.62 inclusive
of VAT).  The price for a connection to the Play network is
PLN0.68 (PLN0.83 inclusive of VAT).

“Netia lowers its FtM rates for all individual and business
clients.  We have taken this decision because we know that these
connections are of great importance to our clients, especially
from SOHO and SME sectors.  In accordance with our strategy,
small and medium-sized companies are our key clients and we plan
to significantly increase their number,” says Mr. Piotr Czapski,
Strategy and Business Development Director.

                          About Netia

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

                          *     *    *

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


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


INTERTAPE POLYMER: Raises US$62.9MM from Common Shares Offering
---------------------------------------------------------------
Intertape Polymer Group Inc. raised a total of US$42,165,060 and
CDNUS$20,620,699 in its rights offering.  Based on current
exchange rates, this represents total proceeds of approximately
US$62.9 million.

As a result, Intertape is issuing an aggregate of 17,969,388
common shares, at issue prices of US$3.44 and CDNUS$3.61 per
share.  There are 58,956,328 Intertape common shares issued and
outstanding.  

The net proceeds from the rights offering will be used to reduce
its long-term debt.

"We are pleased with the support shown by our shareholders,"
Melbourne F. Yull, Intertape's executive director, stated.  "We
believe the success of the rights offering clearly reflects the
support of our shareholders for the policies and priorities we
have outlined.  We are committed to enhancing the value of
Intertape for all of its shareholders by executing our business
plan."

Based in Montreal, Quebec and Sarasota/Bradenton, Florida,
Intertape Polymer Group Inc. (NYSE,ITP; TSX: ITP.TO) --   
http://www.intertapepolymer.com/-- develops and manufactures  
specialized polyolefin plastic and paper-based packaging
products and complementary packaging systems for industrial and
retail use.  The company employs approximately 2,100 employees
with operations in 17 locations, including 13 manufacturing
facilities in North America, one in Portugal and in Mexico.

                          *     *     *

On Sept. 10, 2007, Standard & Poor's placed Intertape Polymer
Group Inc.'s long term foreign and local issuer credit ratings
at 'B-'.


KNOLL INC: Moody's Withdraw Ba3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service withdrew the ratings of Knoll, Inc.
for business reasons, because Knoll has no rated debt
outstanding.

This rating was withdrawn:

   --  Corporate family rating of Ba3

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal, Singapore, among others.
Revenue for the LTM ended June 2007 approximated US$1 billion.


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


CHERNOERKOVSKAYA PMK: Asset Sale Slated for Oct. 30
---------------------------------------------------
Homutov D.V., Competitive proceedings manager of
Chernoerkovskaya PMK OJSC, will open a public auction for the
company's properties at 3:00 p.m. on Oct. 30 at:

         Apartment 2
         Kubanskaya Naberezhnaya Str. 100
         Krasnodar

The company has set a RUR8,280,780 starting price for the
auctioned assets.

Interested participants have until Oct. 26 to deposit an amount
of RUR1 million to:

         Individual Enterpreneur Homutov D.V.
         Settlement Account 40802810800440004090
         Correspondent Account 30101810300000000978
         OJSC Bank of Moscow
         Krasnodar
         Russia

Bidding documents must be submitted to:

         Apartment 2
         Kubanskaya Naberezhnaya Str. 100
         Krasnodar
         Tel: (861) 268-35-37

The Debtor can be reached at:

         Chernoerkovskaya PMK OJSC
         Melioratorov Str. 2
         Petrovskaya St.
         Slavyanskij raion
         Krasnodar krai
         Russia


CONSTRUCTION MATERIALS: Asset Sale Slated for Nov. 14
-----------------------------------------------------
The Competitive proceedings manager of Construction Materials
Integrated Plant CJSC, will open a public auction for the
company's properties at 10:00 a.m on Nov. 14 at:

         Octyabr'skaya Str. 43
         Armavir
         Krasnodar krai
         Russia

The starting price for the auctioned assets are:

   -- Lot#1 starting price is RUR2,183,825.
   -- Lot#2 starting price is RUR1,049,610.
   -- Lot#3 starting price is RUR74,732.

Interested participants have until 5:00 p.m. on Nov. 9 to submit
their bidding documents and to deposit an amount equivalent to
5% of the starting price to:

         Octyabr'skaya Str. 43
         Armavir
         Krasnodar krai
         Russia
         Tel: (586137) 4-78-00


EVRAZ GROUP: Board Declares US$4.80 per Share Interim Dividend
--------------------------------------------------------------
Evraz Group S.A.'s Board of Directors declared an interim
dividend for the first six months of 2007 of US$4.80 per common
share, or US$1.60 per GDR payable before Dec. 19, 2007, to
shareholders on the share register record date of Oct. 19, 2007.

Holders of the Company's GDRs may contact The Bank of New York
as depositary for the related GDRs record date and payment date.

                         About Evraz

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

                           *   *   *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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


INT'L PAPER: Completes US$620MM Joint Venture with Ilim Holding
---------------------------------------------------------------
International Paper and Ilim Holding S.A. have completed the
formation of a 50:50 joint venture.  To form the joint venture,
International Paper purchased 50% of Ilim Holding S.A., for
approximately US$620 million.  

The joint venture will operate as Ilim Group.  The deal received
approval from the Russian Federal Antimonopoly Service in June
and the partners signed a definitive agreement for the deal in
August.
    
"The formation of this 50:50 joint venture is a real strategic
milestone for International Paper," John Faraci, International
Paper chairman and chief executive officer, said.  "Both parties
bring important strengths and expertise to the JV, and we are
very positive about the future success of this new partnership."
    
"We are very pleased to begin our partnership with Ilim and work
together to continue to grow this business," Mary Laschinger,
International Paper senior vice president and president of IP
Europe, said.  "We believe the joint venture has all the
ingredients needed for success: good
management, talented, hard-working employees, a solid asset base
with improvement potential, and strong supply positions in high-
growth markets."
    
"We are opening a new page in the history of Ilim Group and the
entire Russian pulp and paper industry," Zakhar Smushkin,
chairman of Ilim Group, said.  "We have formed an alliance that
is unprecedented in our sector and will become the center of
dynamic growth of the entire Russian forest products industry.  
This is a response to global market challenges and the appeals
from the Russian President and the government of the Russian
Federation."

"The company's products will be able to meet the demand of the
growing Russian market for high-quality paper and packaging
products and also resolve the import replacement problem," said
Mr. Smushkin.  "In five years' time, every fourth sheet of paper
and every third corrugated box in the Russian market
will be produced by our company."
    
A key element of the joint venture strategy is a long-term
investment program in which the joint venture will invest,
through cash from operations and additional debt, approximately
US$1.5 billion in Ilim's four mills over approximately five
years.  

This investment in the Russian pulp and paper industry will
upgrade equipment, increase production capacity and allow for
new high-value uncoated paper, pulp and corrugated packaging
product development.
    
The pulp and paper mill that International Paper owns and
operates in Svetogorsk, in Russia's Leningrad region, will not
be owned by the joint venture and will continue to operate as
part of IP's European Papers business.  Similarly, Ilim Pulp's
wood products enterprises will not be integrated into the joint
venture; instead they will be combined to create Russia's
largest wood products holding company.
    
             Board of Directors and Management Team
    
The joint venture has formed a new board of directors which
includes four members each from Idba Empire Beef &
Redistribution Companylim and International Paper. Board members
from International Paper are: (i) Mary Laschinger, senior vice
president and president, IP Europe; (ii) Cato Ealy, senior vice
president, corporate development; (iii) Richard Phillips,
retired senior vice president, technology; and (iv) Dwight Van
Inwegen, chief financial officer, IP Europe.

Ilim is represented by the Ilim Pulp shareholders Boris
Zingarevich, Mikhail Zingarevich, and Leonid Erukhimovich, well
as Zakhar Smushkin, who will also chair the board of directors.
    
Paul Herbert, former International Paper senior vice president,
was named the joint venture's chief executive officer.

Ilim Group's full management team consists of:
    
   -- Sergey Kostylev, deputy CEO (formerly of Ilim)
   
   -- Alexandr Pozdnyakov, deputy CEO, managing director, Ilim
      West (formerly of Ilim)
    
   -- Brian McDonald, deputy CEO, managing director, Ilim East
      (formerly of International Paper)
    
   -- Yuri Aivazov, deputy CEO, managing director, corrugated
      box business (formerly of Ilim)
   
   -- Alexandr Emdin, deputy CEO, chief financial officer
      (formerly of Ilim)
    
   -- John Rankin, deputy CEO, managing director, manufacturing
      and investments (formerly of International Paper)
    
   -- Yuri Masiyansky, chief administration and human resources
      director (formerly of Ilim)
    
   -- Alexandr Bass, chief managing director, supply chain
      (formerly of Ilim)
   
   -- Viktor Atamanov, managing director, strategic planning
      and marketing (formerly of Ilim)
    
   -- Alexei Lomko, general counsel and central legal (formerly
      of Ilim)
    
   -- Alexandr Khromov, managing director, security (formerly
      of Ilim)
    
   -- Elena Konnova, public relations director (formerly of
      Ilim)
    
   -- Dmitry Chuiko, government relations director (formerly of
      Ilim)
    
   -- Igor Tyukov, board of directors administration officer
      (formerly of Ilim)
    
                        About Ilim Group
    
Ilim Group -- http://www.ilimgroup.com/-- was registered in St.  
Petersburg on Sept. 27, 2006.  In 2007, the Group was joined by
Kotlas Pulp and Paper Mill, Bratsk Pulp and Containerboard Mill
and Ust-Ilimsk Pulp and Paper Mill as the mills were converted
to a single share.  On July 2 Ilim Group started its activities
as a unified company.  Production assets of the Group are
structured on the production and geographical basis and include
these business units: SevCBP (Northern Pulp and Paper
Production), SibCBP (Siberian Pulp and Paper Production),
Consumer Packaging and Corrugated Packaging.  The company also
includes centralized service providers to the Group's branches
and subsidiaries.

                    About International Paper

Headquartered in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is an  
uncoated paper and packaging company with primary markets and
manufacturing operations in North America, Europe, Russia, Latin
America, Asia and North Africa.  International Paper employs
approximately 54,000 people in more than 20 countries, and
serves customers worldwide.  

                         *     *     *

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  The rating
still holds to date with a stable outlook.


KUPINSKIJ OJSC: Creditors Must File Claims by Nov. 29
-----------------------------------------------------
Creditors of Meat-Processing Plant Kupinskij OJSC have until
Nov. 29 to submit proofs of claim to:

         Petrov A.V.
         Competitive proceedings manager
         Office 316
         Nemirovicha-Danchenko Str. 165
         630087 Novosibirsk
         Russia

The Arbitration court of the Novosibirsk commenced competitive
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-17159/05- 10/297.

The Court is located at:

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

The Debtor can be reached at:

         Meat-Processing Plant Kupinskij OJSC
         Mira Str. 65
         Kupino
         Novosibirsk
         Russia


MY BANK: Moody's Upgrades Ratings to B3/E+/Baa3.ru
--------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of My Bank Group (former Commercial Bank "Gubernsky") to
E+ from E and its long-term deposit rating to B3 from Caa1.

The short-term deposit rating is affirmed at Not Prime.  The
outlook on all of My Bank Group's ratings is now stable. At the
same time, Moody's Interfax Rating Agency has upgraded My Bank
Group's long-term national scale credit rating to Baa3.ru from
Ba1.ru. Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings reflect My Bank Group's global default and loss
expectation, while the Baa3.ru national scale rating reflects
the standing of the bank's credit quality relative to its
domestic peers.

Moody's said the upgrade reflects the strengthening business and
financial profile of My Bank Group on the back of the ongoing
implementation of its new development strategy and the strong
and proven commitment of the bank's owner to its future growth.
The rating agency has noted the positive shift towards a
conventional banking model with a greater emphasis on retail
services and an improved diversification of both the loan
portfolio and the funding base, as well as the reduced though
still significant reliance on non-recurring sources of income.
Although a series of capital injections by the shareholder in
2006-2007 has improved My Bank Group's capitalization, Moody's
notes that the bank's capital will require additional injections
given the current rapid development phase and the low internal
capital generation capacity that lags behind the asset growth.

Moody's stated that the positive factors which prompted the
ratings upgrade are somewhat offset by My Bank Group's still
modest franchise value and the challenges the bank faces in
maintaining consistently higher recurring earnings and greater
efficiency.  Additionally, the new management team, although
comprising experienced senior managers, still has to prove its
effectiveness, while the bank's aggressive development strategy
is associated with increased operational risks and may result in
a deterioration in financial fundamentals and market
positioning.

My Bank Group is headquartered in Moscow, Russian Federation,
and is comprised of three banks. The group reported total
consolidated assets of US$265 million (2005: US$146 million) and
total equity of US$31 million (2005: US$13 million) under IFRS
as at Dec. 31, 2006.


NOVOSIBIRSKIJ OJSC: Creditors Must File Claims by Oct. 29
---------------------------------------------------------
Creditors of Forest Company Novosibirskij OJSC have until
Oct. 29 to submit their proofs of claim.

The Interim Manager is:

         Lebedev S.V.
         Office 310
         Kamenskaya 64a
         630091 Novosibirsk
         Russia

The Arbitration court of Novosibirsk will convene at 9:30 a.m.
on Jan. 23, 2008 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. А45-10342/
07-43/57.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Room 912
         Kirova Str. 3
         Novosibirsk
         Russia

The Debtor can be reached at:

         Forest Company Novosibirskij OJSC
         1st Chulymskaya Str. 112/1
         Novosibirsk
         Russia


ORLOVSKIJ LLC: Creditors Must File Claims by Oct. 29
----------------------------------------------------
Creditors of Combine Harvester Plant Orlovskij LLC have until
Oct. 29 to submit proofs of claim to:

         Churkina I.N.
         POB 2
         394038 Voronezh
         Russia

The Arbitration court of the Orel will convene at 2:00 p.m. on
Jan. 16, 2008 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. А48-3087/07-16Б.

The Court is located at:

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

The Debtor can be reached at:

         Combine Harvester Plant Orlovskij LLC
         Kromskoye Shosse 3
         302042 Orel
         Russia


PETUSHKI INTERLES: Creditors Must File Claims by Nov. 29
--------------------------------------------------------
Creditors of Petushki Interles OJSC have until Nov. 29 to submit
proofs of claim to:

         Office 98
         Baturina Str. 28
         600017 Vladimir
         Russia

The Arbitration court of Vladimir commenced competitive
proceedings on the company.  The Court appointed Nikitina L.A.
as Competitive proceedings manager.  The case is docketed under
Case No. A11-1828/
2007-K1-60Б

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         Petushki Interles OJSC
         Pokrovskij Pr. 17-a
         Petushki
         Vladimir
         Russia


REGIONGASNEFTESTROY LLC: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration court of Tomsk commenced bankruptcy supervision
procedure on Holding Company RegionGasNefteStroy LLC.  The case
is docketed under Case No. А67-3176/07.

The Interim Manager is:

         Pisarenko I.V.
         Kommunisticheskaya Str. 21
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         Holding Company RegionGasNefteStroy LLC
         Gagarina Str. 7
         634050 Tomsk
         Russia


REGIONNEFT' LLC: Creditors Must File Claims by Oct. 29
------------------------------------------------------
Creditors of Regionneft' (Regionoil) LLC have until Oct. 29 to
submit their proofs of claim.

The Interim Manager is:

         Lyashko Yu.D.
         1st May Str. 26
         Voronezh
         Pavlovsk
         Russia

The Arbitration court of Belgorod will convene at 10:00 a.m. on
Jan. 16 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. А08-2280/07-2б-11.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia
         Tel: 8 (47362)-24-701

The Debtor can be reached at:

         Regionneft' (Regionoil) LLC
         Narodnaya Str. 78
         Belgorod
         Russia


ROSNEFT OIL: Board Approves Bond Issue & Adjusts Business Plan
--------------------------------------------------------------
OAO Rosneft Oil Co.’s Board of Directors approved the future
issue of RUR45 billion non-convertible interest-bearing bonds.

The bond issue is planned to consist of three tranches of
RUR15 billion each, two of which will be of five-year maturity
and the third of which will be of seven-year maturity.

Gazprombank, VTB and Troika Dialog will act as the organizers
for the bond issues.  The Company plans to use the funds raised
through the bond issue to refinance its existing debt
obligations into longer term maturities and to further diversify
its debt portfolio.

                2007 Business Plan Adjustments

The Board of Directors also considered adjustments to the
Company’s business plan for 2007.  These adjustments are
necessary due to the Company’s expansion following a number of
acquisitions in the first half of 2007, as well as higher growth
rates in production at a number of oilfields.

The corrected version of the business plan anticipates oil
production in 2007 totaling 100.6 million tons, an increase of
24.5% over the previous year.  This figure includes 100% of
production at Polar Lights and Udmurtneft, 100% of
Samaraneftegaz production beginning June 1, 2007, as well as
100% of production at Tomskneft for June 2007 and 50% of
Tomskneft’s production from July 1, 2007.

This growth will be attained both through an increase in
production at pre-acquisition assets -— from 90.1 million tons
per the original business plan approved last December to 91.2
million tons -— and through the contribution of production from
the assets acquired in 2007 -— 9.4 million tons from the moment
of their inclusion in the Company’s business plan.  Excluding
the effect of acquisitions completed in 2007, production growth
compared to 2006 is projected at 12.9%.

The new business plan also anticipates an increase in oil
refining by 43%, a twofold increase in retail sales of petroleum
products and a 25% increase in tax payments.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum  
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                            *   *   *

As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.


SISTEMA: Asks Morgan Stanley to Reconsider Sky Mobile's Sale
------------------------------------------------------------
JSFC Sistema has called on Morgan Stanley to consider whether it
is appropriate for it to manage the sale of Sky Mobile's assets,
launched in September 2007, which are under serious dispute and
subject to pending international litigation.

Sistema disclosed that its mobile telecommunications subsidiary
Mobile TeleSystems (MTS), had warned Telenor, the Norwegian
telecoms company, and Vimpelcom, the Russian mobile
telecommunications operator, with respect to Vimpelcom's
potential acquisition of Sky Mobile.

Sistema stated that MTS issued its warning based on the fact
that in its view Sky Mobile incorporates the misappropriated
assets of Kyrgyztan's market leading mobile telephone operator,
Bitel LLC.

According to Sistema, MTS entered into agreements to acquire a
51% interest in Bitel in 2005.  Bitel's interests were seized
and transferred by entities controlled by Altimo, and virtually
all of Bitel's assets were subsequently transferred to Sky
Mobile in 2006.

As a recent decision by a tribunal of the London Court of
International Arbitration demonstrates, the interests in Bitel
were never transferred to KMIC.  In addition, the LCIA
tribunal's decision did not order the transfer of Bitel's
interests to KMIC, Altimo or any other entity.

In light of this, there is no legal basis for any of the
subsequent transfers to other purported purchasers of Bitel.
Therefore the purported transfer of Bitel's assets and brand to
Sky Mobile is also without any legal basis.  Accordingly, any
purchaser of Sky Mobile or its assets will be purchasing the
assets without any legal basis and will face significant legal
risks.

MTS through its subsidiaries has also brought a claim in the
Isle of Man against, among others, Altimo and Sky Mobile, over
the wrongful appropriation of Bitel and the laundering of the
Bitel assets to Sky Mobile.

It follows that any subsequent purchasers of Bitel's interests
and/or assets cannot have any rights with respect to ownership
interest in Bitel or its assets.  The purchase of such interests
and/or assets is therefore fraught with material legal risks
related to litigation.

"We find it highly surprising that a company whose assets were
obtained in an illegitimate manner can be offered for sale by
such major and well-respected international investment bank as
Morgan Stanley.  Interestingly, this same investment bank
offered MTS the opportunity to buy back the assets that have
been misappropriated from it.  We urged Vimpelcom, Telenor and
others to consider carefully whether participating in a tender
of this nature is proper," 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 of Oct. 10, 2007, Sistema carries Moody's Investors'
Service's B1 long-term corporate family rating and probability
of default rating, Standard & Poor's BB- issuer credit rating
with positive outlook and Fitch Ratings' BB- issuer default
rating with stable outlook.


VIMPEL-COMMUNICATIONS: Earns US$359.3 Million in Second Quarter
---------------------------------------------------------------
OJSC Vimpel-Communications revealed its financial and operating
results for the quarter ended June 30, 2007.

Net operating revenues reached a record high US$1.717 billion in
the second quarter, a year-on-year increase of 53.1% and a
quarter-on-quarter increase of 15.4%.

OIBDA reached a record high US$896.8 million, a year-on-year
increase of 59.7% and a quarter-on-quarter increase of 17.0%.

OIBDA margin reached 52.2%, including 53.4% in Russia and 53.7%
in Kazakhstan.

Net income totaled a record high US$359.3 million, a year-on-
year increase of 84.3%.

Operating cash flow reached a record high US$695.6 million, a
year-on-year increase of 61.7%.

MOU and ARPU grew sequentially in all markets, including 12.8%
ARPU growth in Russia.

"It was another very strong quarter for VimpelCom," Alexander
Izosimov, Chief Executive Officer of VimpelCom, said.  "The
Company achieved all-time records in key financial parameters:
revenue, OIBDA, net income and operating cash flow.  The
strength of our business was further supported by growth of
operating parameters, including ARPU and MOU simultaneously in
all the markets where we operate.  This further validates our
belief in the high growth potential of the CIS which is becoming
an increasingly important part of our business."

"We are also pleased to note that our OIBDA grew at a remarkable
pace of almost 60% year-on-year.  Moreover, the fact that our
OIBDA grew faster than revenues illustrates that we continue to
gain efficiency.”

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(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.  The group wholly
owns Mobitel in Georgia.

                            *   *   *

As of Oct. 8, 2007, OJSC Vimpel-Communication carries Ba2
Corporate Family, Probability-of-Default and Senior Unsecured
Debt Ratings from Moody's Investors Service.

The company also carries BB+ long-term corporate credit rating
from Standard & Poor's Ratings Services.


VORONEZHSKAYA LLC: Bankruptcy Hearing Slated for Dec. 27
--------------------------------------------------------
The Arbitration court of the Voronezh will convene at 10:00 a.m.
on Dec. 27 to hear the bankruptcy supervision procedure on Milk
Company Voronezhskaya LLC.  The case is docketed under Case No.
А14-5455-2007 29/7б.

The Interim Manager is:

         Feoktistov E.I.
         POB 813
         Belgorod-1
         Russia
         Tel: (4722) 333-450

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         Milk Company Voronezhskaya LLC
         Irkutskaya Str. 1-б
         Voronezh
         Russia


YUZHURALSTROY LLC: Creditors Must File Claims by Oct. 29
--------------------------------------------------------
Creditors of YuzhUralStroy LLC have until Oct. 29 to submit
proofs of claim to:

         POB 220
         Ufa
         450080 Buryatia
         Russia

The Arbitration court of the Chelyabinsk commenced competitive
proceedings until Nov. 22 against the company after finding it
insolvent.  The case is docketed under Case No. A76-10422/
2007-48-185.

The Competitive proceedings manager is:

         Fazlyev A.A.
         Dobrolyubova Str. 6
         Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         YuzhUralStroy LLC
         Pervomayskij Township
         Russia


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


AKTIUM EQUITY: Creditors' Liquidation Claims Due October 17
-----------------------------------------------------------
Creditors of JSC Aktium Equity Partners have until Oct. 17 to
submit their claims to:

         JSC Gestinor
         Liquidator
         Chollerstrasse 35
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Aktium Equity Partners
         Zug
         Switzerland


BOTTGER (SWITZERLAND): Creditors' Liquidation Claims Due Oct. 17
----------------------------------------------------------------
Creditors of JSC Bottger (Switzerland) have until Oct. 17 to
submit their claims to:

         Peter K. Kraus
         Liquidator
         JSC Revitrag Treuhand
         Metallstrasse 9a
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Bottger (Switzerland)
         Zug
         Switzerland


EDELFLOR JSC: Thurgau Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Thurgau entered Sept. 10 an order
closing the bankruptcy proceedings of JSC Edelflor.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Edelflor
         Bahnhofstrasse 1
         8572 Berg TG
         Switzerland


HEUSCHER-HAUSTECHNIK: Claims Registration Period Ends October 15
----------------------------------------------------------------
The Bankruptcy Court of Niederglatt in Zurich commenced
bankruptcy proceedings against LLC Heuscher - Haustechnik on
Aug. 8.

Creditors have until Oct. 15 to file their written proofs of
claim.

The Bankruptcy Service of Niederglatt can be reached at:

         Bankruptcy Service of Niederglatt
         8172 Niederglatt
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Heuscher - Haustechnik
         Bachelweg 8
         8155 Niederhasli
         Dielsdorf ZH
         Switzerland


IT PROJECT: Schwyz Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of March in Schwyz entered Sept. 11 an
order closing the bankruptcy proceedings of LLC IT Project
Consulting.

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         LLC IT Project Consulting
         Herrengasse 5
         8853 Lachen
         March SZ
         Switzerland


LANESTRA JSC: Creditors' Liquidation Claims Due October 15
----------------------------------------------------------
Creditors of JSC Lanestra have until Oct. 15 to submit their
claims to:

         Edwin Weibel
         Liquidator
         Stockenstrasse 18
         8903 Birmensdorf
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Lanestra
         Zug
         Switzerland


OERTIG BLUMENIMPORT: Creditors' Liquidation Claims Due Oct. 15
--------------------------------------------------------------
Creditors of JSC Oertig Blumenimport have until Oct. 15 to
submit their claims to:

         JSC T&O Treuhand & Organisation
         Liquidator
         Burghofstrasse 21
         8105 Regensdorf
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         JSC Oertig Blumenimport
         Opfikon
         Bulach ZH
         Switzerland


ROHRER HEIZUNG: Creditors' Liquidation Claims Due October 15
------------------------------------------------------------
Creditors of LLC Rohrer Heizung + Bad have until Oct. 15 to
submit their claims to:

         JSC Pyrateam Treuhand
         Liquidator
         Bernstrasse 183
         4852 Rothrist
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC Rohrer Heizung + Bad
         Frick
         Laufenburg AG
         Switzerland


SCHREIBER + FRITSCH: Creditors' Liquidation Claims Due Oct. 15
--------------------------------------------------------------
Creditors of JSC Schreiber + Fritsch have until Oct. 15 to
submit their claims to:

         JSC MBT Baumann Treuhand
         Liquidator
         Muhlemattstrasse 25
         4104 Oberwil
         Switzerland

The Debtor can be reached at:

         JSC Schreiber + Fritsch
         Buren SO
         Switzerland


SQUEEZE LLC: Claims Registration Period Ends October 14
-------------------------------------------------------
The Bankruptcy Court of Thalwil in Zurich commenced bankruptcy
proceedings against LLC Squeeze on June 28.

Creditors have until Oct. 14 to file their written proofs of
claim.

The Bankruptcy Service of Thalwil can be reached at:

         Bankruptcy Service of Thalwil
         Oliver Speich
         8800 Thalwil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Squeeze
         Im Loorain 36
         8803 Ruschlikon
         Horgen ZH
         Switzerland


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


INTERTOP CJSC: Creditors Must File Claims by October 11
-------------------------------------------------------
Creditors of CJSC Intertop (code EDRPOU 24592241) have until
Oct. 11 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 under Case No. 15/173-b.

The Debtor can be reached at:

         CJSC Intertop
         Novozabarskaya Str. 2/6
         04074 Kiev
         Ukraine


KHRESCHATYK BANK: Moody's Lifts Deposit Rating to B2
----------------------------------------------------
Moody's Investors Service upgraded Khreschatyk Bank's long-term
global local currency and foreign currency deposit ratings to B2
from B3.

Moody's affirmed the E+ bank financial strength rating and the
Not-Prime short-term deposit ratings.  All global scale ratings
now have a stable outlook.

At the same time, the rating agency upgraded Khreschatyk's
national scale rating to A3.ua from Baa1.ua.

According to Moody's, the rating upgrades reflect Khreschatyk's
ability to continue to pursue organic growth despite changes in
its ownership structure that have resulted in the dilution of
the share of City of Kyiv -- formerly its main shareholder and
the main business and funding provider -- to less than 25%.

Moody's also notes the bank's improved risk profile.  Other
positive rating drivers include adequate financial fundamentals,
including improved capitalization and historically good asset
quality to date, as well as improving retail franchises
supported by ongoing geographical diversification.

However, the ratings remain constrained by the bank's restricted
franchise with limited prospects for improvement in the nearest
term, decreasing though still high concentrations on both sides
of the balance sheet, its fairly underdeveloped corporate
governance standards characterised by the bank's complex
ownership structure as well as historically modest efficiency
and profitability indicators.

Headquartered in Kyiv, Ukraine, Khreschatyk reported total
assets of US$816 million and shareholders' equity of US$123
million under IFRS accounts (reviewed by auditors) as at
June 30, 2007.


MILLENIUM MUSIK: Creditors Must File Claims by October 11
---------------------------------------------------------
Creditors of LLC Millenium Musik (code EDRPOU 30313564) have
until Oct. 11 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 under Case No. 43/180.

The Debtor can be reached at:

         LLC Millenium Musik
         Kurenevskaya Str. 2-b
         04073 Kiev
         Ukraine


ORION LTD: Creditors Must File Claims by October 11
---------------------------------------------------
Creditors of LLC Orion Ltd. (code EDRPOU 20116609) have until
Oct. 11 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 under Case No. 5/508-07.

The Debtor can be reached at:

         LLC Orion Ltd.
         Kievskaya Str. 32
         Strizhavka
         Vinnica
         Ukraine


POTENTIAL-KIEV LLC: Creditors Must File Claims by October 11
------------------------------------------------------------
Creditors of LLC Business Concern Potential-Kiev (code EDRPOU
30979851) have until Oct. 11 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 under Case No. 43/349.

The Debtor can be reached at:

         LLC Business Concern Potential-Kiev
         Obolon Avenue 23-a
         04205 Kiev
         Ukraine


SBS LTD: Creditors Must File Claims by October 11
-------------------------------------------------
Creditors of LLC SBS Ltd. (code EDRPOU 31521454) have until
Oct. 11 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 under Case No. 23/133-b.

The Debtor can be reached at:

         LLC SBS Ltd.
         Skliarenko Str. 5
         04073 Kiev
         Ukraine


SOFT SERVICE: Creditors Must File Claims by October 11
------------------------------------------------------
Creditors of LLC Soft Service Obolon (code EDRPOU 31119626)have
until Oct. 11 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 under Case No. 24/320-b.

The Debtor can be reached at:

         LLC Soft Service Obolon
         Heroes of Stalingrad avenue, 16-b
         04205 Kiev
         Ukraine


TOP INTERTAINMENT: Creditors Must File Claims by October 11
-----------------------------------------------------------
Creditors of LLC Top Intertainment (code EDRPOU 21701623) have
until Oct. 11 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 under Case No. 43/145.

The Debtor can be reached at:

         LLC Top Intertainment
         Krasnykh Kazakhov Avenue 21
         04073 Kiev
         Ukraine


UKRAINIAN ENERGY: Creditors Must File Claims by October 11
----------------------------------------------------------
Creditors of LLC National Energetical Company Ukrainian Energy
Resource (code EDRPOU 32915260) have until Oct. 11 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 under Case No. 43/348.

The Debtor can be reached at:

         LLC National Energetical Company
         Ukrainian Energy Resource
         Obolon Avenue 23-a
         04205 Kiev
         Ukraine


VINETALON LLC: Creditors Must File Claims by October 11
-------------------------------------------------------
Creditors of LLC Vinetalon (code EDRPOU 30006153) have until
Oct. 11 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 under Case No. 5/516-07.

The Debtor can be reached at:

         LLC Vinetalon
         Lenin Str. 52
         Sokirintsy
         Vinnica
         Ukraine


VINNICA-FARM LTD: Creditors Must File Claims by October 11
----------------------------------------------------------
Creditors of LLC Vinnica-Farm Ltd. (code EDRPOU 20117951) have
until Oct. 11 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 under Case No. 5/514-07.

The Debtor can be reached at:

         LLC Vinnica-Farm Ltd.
         Berezina
         Vinnica
         Ukraine


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


ABSOLUTE CAPITAL: Restructuring Five Equity Funds
-------------------------------------------------
Absolute Capital Management Holdings Limited has identified five
equity funds for restructuring to enable the orderly management
and sale of illiquid assets and that the remaining three equity
funds will continue broadly as before.

Redemptions have been suspended on:

   -- Absolute European Catalyst Fund Limited,
   -- Absolute Octane Fund Limited,
   -- Absolute Return Europe Fund Limited and
   -- Absolute East West Fund Limited

and for their associated limited partnership feeder funds.

Circulars proposing the previously announced restructuring of
the funds' portfolios/share classes to create side pockets.  
Under each restructuring proposal sent to shareholders,
investors were asked to agree to:

   (i) the amendment to the funds' organizational documents and
       offering terms to create the side pockets,

  (ii) a 12 month lock-in on both the liquid and illiquid/side
       pocket share classes,

(iii) the amendment to the method of calculation of the funds'
       net asset values to provide for the re-pricing of
       illiquid assets by reference to external valuation
       opinion where appropriate, and

  (iv) that for purposes of calculating the 20% performance fee
       going forward, the funds' high water marks will be reset
       to the net asset values of the liquid portfolios as at
       the date of implementation of the restructuring.  
       Investors will be requested to return the circulars
       indicating their consent to the proposal by Oct. 12,
       2007.  Any fund which does not receive the consent of
       66.6% of investors (by net asset value) will be placed
       into voluntary liquidation.

ACMH management has held informal discussions with a large
number of investors representing a significant proportion of
assets under management, and is pleased to report that such
investors' initial responses to the proposal have been positive.

Absolute Activist Value Fund Limited

By its current offering terms, this fund provides semi-annual
liquidity on six months' notice in respect of redemptions, and,
unlike the above funds, its organizational documents and
offering terms currently provide for side pockets for illiquid
investments.  The fund will transfer its illiquid portfolio
assets to a side pocket and issue side pocket shares to
investors.  Investors will be requested to consent to the
rescheduling of the Jan. 1, 2008 and July 1, 2008 redemption
days to Nov. 1, 2008, the amendment to the method of calculation
of the fund's net asset value on the basis described, and the
reset of the fund's high water mark in respect of its liquid
portfolio as at the date of its portfolio transfer.

Absolute Germany Fund Limited and Absolute India Fund Limited

Reviews of these funds' portfolios have been completed and the
level of illiquid assets has been confirmed at 2% and 5%,
respectively.  Unfortunately due to the instability and loss of
investor confidence caused by Florian Homm's sudden resignation,
these funds have experienced high levels of redemption requests
and will therefore suspend redemptions for the Oct. 1, 2007 and
Nov. 1, 2007 dealing days.  The funds' portfolio managers
(Stefan Heieck and Frank Siebrecht for the Absolute Germany
Fund, Omar Aouane and Jens Peters for the India Fund) have
reacted quickly to the events of this week and have converted a
significant portion of the funds' assets to cash.  This being
the case, it has been determined to suspend redemptions so as to
avoid the funds incurring extraordinary trading losses from
having to liquidate further positions to meet short term
redemption requests.  ACMH anticipates that these funds will
reopen to subscriptions/redemptions in not more than 8 weeks.  
At such time, appropriate measures will be implemented to ensure
that subscribing/remaining investors are not prejudiced opposite
redeeming investors as regarding these funds' small illiquid
positions.

Absolute Large Cap Fund Limited

This fund's portfolio is highly liquid.  After discussions with
its portfolio managers (Antonio Porsia, Gianrito Nicodemo and
Alessandro Chiarini), ACMH has determined that no restrictions
on redemptions are needed as the fund will be able to meet
redemption requests in the normal course.  ACMH and the fund's
directors have agreed that investors who submitted redemption
requests for the Absolute Large Cap Fund in response to this
week's events will be permitted to withdraw such requests.

It should be emphasized to investors in the emerging market
credit funds advised and managed respectively by its
subsidiaries Argo Capital Management Limited and Argo Capital
Management (Cyprus) Limited that such funds have always operated
independently of ACMH's equity funds.  The Argo group, based in
the U.K. and Cyprus, has separate portfolio advisory/management
teams, risk control/reporting and external service providers
from ACMH's equity fund business.  While Florian Homm previously
carried the title of Co-Chief Investment Officer, he had no
responsibility for, or involvement with, the Argo funds
whatsoever.  The Argo group's investment decisions are made by
its investment committee, which is headed by its Chief
Investment Officer, Andreas Rialas.  Argo Capital Management
Limited is regulated by the U.K. Financial Services Authority
and Argo Capital Management (Cyprus) Limited is regulated by the
Cyprus Securities and Exchange Commission. The transaction
agreements by which ACMH acquired the Argo group provide that
Argo is to be managed under a "principle of autonomy" from ACMH,
and in this regard the Argo group's original principals retain a
veto over changes to operational and management matters
affecting the Argo group and have remained 'controllers' of Argo
U.K. and Argo Cyprus for regulatory purposes.


ALL TRADESPAY: Brings In Liquidators from Mazars
------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of All Tradespay & Management Ltd. on Sept. 26
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


ALLIANCE BOOTS: Responds to S&P Rating Action
---------------------------------------------
In response to Standard & Poor's latest rating actions on the
company, Alliance Boots plc said it opted, as a private firm,
not to provide the extensive information on its financial and
operational results requested by the ratings agency to continue
its surveillance on the ratings.

Alliance Boots adds that it is trading well ahead of its
expectations and the Board is satisfied that the company has the
financial resources to meet its needs.

                      About Alliance Boots

Headquartered in London, United Kingdom, Alliance Boots Plc --
http://www.allianceboots.com/-- operates as a high street
retailer, pharmacist and pharmaceuticals wholesaler.

The company operates in the U.K., Norway, The Netherlands,
Ireland, Italy Switzerland, Czech Republic, France, Russia,
Spain, Germany and Thailand.

                            *   *   *

As reported in the TCR-Europe on July 19, 2007, Moody's
Investors Service downgraded the long term unsecured rating of
Alliance Boots plc to B2 from Baa2.  The rating remains on
review for possible downgrade, where it was placed on March 13,
2007.  A Corporate Family Rating for Alliance Boots has been
assigned at B1 and is also on review for possible downgrade.

The TCR-Europe reported on Sept. 7, 2007, that Standard & Poor's
Ratings Services’ 'BB-' long-term corporate credit rating on
U.K.-based health-and-beauty retailer and wholesaler Alliance
Boots PLC remains on CreditWatch with negative implications
where it had originally been placed on March 12, 2007.

The CreditWatch placement followed the take-over bid by Kohlberg
Kravis Roberts & Co., a private-equity firm, and Stefano
Pessina, the executive deputy chairman of Alliance Boots.


AVENDIS GLOBAL: Brings In Liquidators from BDO Stoy Hayward
-----------------------------------------------------------
Glen Trenouth of BDO Tortuga and Malcolm Cohen of BDO Stoy
Hayward LLP have been appointed jointly and severally the Joint
Provisional Liquidators of Avendis Global Fund Ltd. in the Grand
Court of the Cayman Islands on Sept. 6, 2007.

All queries concerning the Company or any of the Funds should be
directed to:

         Mr. Malcolm Cohen
         BDO Stoy Hayward LLP
         8 Baker Street
         London
         W1U 3LL
         England
         Tel: +44 207 486 5888
         Fax: + 44 207 487 3686
         E-mail: Malcolm.cohen@bdo.co.uk

On Aug. 17, 2007, the Board of Directors of the Company said
that they intend to suspend calculation of the NAV and NAV per
share and to suspend all subscriptions and redemptions into or
out of Avendis Enhanced Income Fund (with effect from July 31,
2007/Aug. 1, 2007 until at least Sept. 30, 2007/Oct. 1, 2007.

This decision which has been taken following a General Meeting
with the shareholders of the Fund, the Directors and the
Investment Manager.

The Fund's portfolio has suffered from liquidity pressure since
the beginning of this year and, as a result has not been able to
pay redemptions when due.  This situation has been exacerbated
by the recent sub-prime related tight credit environment.


BEAR STEARNS: Court Directs Liquidators to Make US$8 Mln Deposit
----------------------------------------------------------------
The Hon. Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York issued on September 26, 2007, a
written order staying enforcement of an earlier decision denying
the requests of Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund,
Ltd., for protection under Chapter 15 of the Bankruptcy Code,
pending the Funds' appeal from that ruling.

For the stay to take effect, Judge Lifland directed Simon Lovell
Clayton Whicker and Kristen Beighton, the Bear Stearns Funds'
official liquidators, to deposit, with the Court's registry or
in separate bank accounts for each of the Debtors, US$4,000,000
into each Foreign Debtor's depository.

After collection of any proceeds of currently-uncollected
receivables and the liquidation of other assets located in the
United States, Judge Lifland said those U.S. Proceeds will be
deposited into each Funds' Depositories; provided that any
Proceeds (i) from receivables or other assets located outside
the United States or (ii) by operation of the cash management
system of any creditor or financial institution that have only
transitory contact with accounts located in the United States as
an administrative matter or through a clearing process, will not
be required to be deposited in the Depositories.

The Foreign Representatives are not prevented from acting in
their official capacity to pursue and liquidate assets located
in the United States or elsewhere.  The Foreign Representatives
may seek modification of the Stay Order, or ask to remove or
withdraw the U.S. Proceeds deposited, or required to be
deposited, in the Depositories.  

In the event that Judge Lifland's Decision denying the Funds'
Chapter 15 request is affirmed on appeal, the Foreign
Representatives may remove or withdraw any funds held in the
Depositories.

In the event of any conflict between the terms of the Stay Order
and any order or directive issued by the Grand Court of the
Cayman Islands, the Foreign Representatives will notify the
Bankruptcy Court of any conflict and thereafter submit a
proposal for the coordination of the Bankruptcy Court and the
Grand Cayman Court in resolving any conflict.
               
Judge Lifland said that the Stay applies in all respects to any
funds deposited in the Depositories.

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

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

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or  
215/945-7000).


BEAR STEARNS: U.S. Prosecutors Conduct Probe on Funds' Collapse
---------------------------------------------------------------
The U.S. Attorney's office in Brooklyn, New York, has launched a
criminal investigation into Bear Stearns High-Grade Structured
Credit Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund,
Ltd., The Wall Street Journal said, citing people familiar with
the matter.

The U.S. Attorney's office, according to the Journal, asked for
information related to the Funds, whose collapse cost
approximately US$1,600,000,000.  The Journal said the
investigation is still in its early stages and no subpoenas have
been issued yet.

Bear Stearns Cos. is also already under an investigation by the
U.S. Securities and Exchange Commission, the Journal related.

Christopher Clark, Esq., at Dewey & LeBouef, LLP, a defense
attorney not involved in the case, told the Journal that
criminal probes into the trading practices of hedge funds are
rare and cases are difficult to prove.  

"It's a tough case to make unless they have turned up some sort
of malfeasance," the Journal quoted Mr. Clark as saying.  "The
law assumes the investors are sophisticated and understand the
risks.  This was clearly a high-risk investment strategy."

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

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

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or  
215/945-7000).


DURA AUTOMOTIVE: Plan Confirmation Hearing Set for November 26
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set a
hearing on Nov. 26, 2007, to consider confirmation of the Plan
of Reorganization filed by DURA Automotive Systems Inc. and its
debtor-affiliates.

The the Court, on Oct. 3, approved the adequacy of the
Disclosure Statement explaining the Debtors' Plan.

A full-text copy of the Amended Plan is available for free at:

               http://ResearchArchives.com/t/s?2411

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 US$1,993,178,000 in total assets
and US$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).


ELITE FLOORING: M. C. Bowker Leads Liquidation Procedure
--------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of Elite
Flooring Systems Ltd. on Sept. 28 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


EMI GROUP: Converts US$243 Million Guaranteed Bonds
---------------------------------------------------
EMI Group Finance (Jersey) Limited announced Oct. 8, 2007, that
all of the outstanding US$243,343,000, 5.25% guaranteed
convertible bonds due 2010 have been converted in accordance to
the terms and conditions of the bonds.

The bonds were guaranteed by EMI Group Ltd. (fka. EMI Group Plc)
and Capitol Records, Inc. and convertible into 5.25%
exchangeable redeemable preference shares of EMI Group Finance
(Jersey) Ltd., which are immediately exchangeable for ordinary
shares in EMI Group Ltd.

The bonds will be delisted from the London Stock Exchange and
there are no further bonds outstanding.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

   -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
      the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on :

   (i) the new entity's capital structure and financial policies

  (ii) the relative position of the rated instruments within the
       new capital structure and their relative ranking amongst
       each other and relative to other classes of debt (to the
       extent they remain outstanding) and

(iii) the outlook for the global music markets and the
       company's operational plans.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


FGX INT'L: S&P Affirms B Ratings; Changes Outlook to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its ratings outlook
on Smithfield, R.I.-based optical accessories designer and
marketer FGX International Inc. to stable from negative.  At the
same time, Standard & Poor's affirmed its ratings on the
company, including the 'B' corporate credit rating.

"The outlook revision reflects the company's improving operating
trends and credit protection measures," said Standard & Poor's
credit analyst Susan Ding. Sales for the six months ended June
20, 2007, increased by 29%, reflecting growth in both sunglasses
and optical readers.  The company is also benefiting from a
better product mix and cost controls, resulting in improved
margins.  Leverage has also declined.  Total debt to EBITDA was
4.2x, down from a high point of 5.4x at the end of fiscal 2005.

FGX is the holding company that owns the FosterGrant and
Magnavision businesses.  The company enjoys significant market
share in the sunglass and nonprescription reading glass segments
of the mass channel, and is the largest supplier of popular-
priced eyewear (US$30 retail and less).  Because both brands are
mature, FGX acquired several other new brands (both owned and
licensed) that will provide entry into the premium-priced
segment of the market through the specialty and department store
channels.

"We expect the company to improve financial measures and reduce
leverage as it grows," said Ms. Ding.

FGXI has a strong international presence, with over 15% of its
net sales coming from international markets including the UK,
Canada, and Mexico.  They have over 180 employees working for
FGX outside the United States.


HASBRO INC: Paying US$0.16 Per Share Dividend on Nov. 15
--------------------------------------------------------
Hasbro Inc.'s Board of Directors has declared a quarterly cash
dividend of US$0.16 per common share.  The dividend will be
payable on Nov. 15, 2007, to shareholders of record at the close
of business on Nov. 1, 2007.

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family  
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, Mexico, the United Kingdom, among
others.

                       *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


KITFORM LTD: Calls In Liquidators from Moore Stephens
-----------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Kitform Ltd. on Sept. 24 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


KOOCA LTD: Taps Liquidators from Tenon Recovery
-----------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Kooca (U.K.) Ltd. on
Sept. 26 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Europarc Innovation Centre
         Innovation Way
         Grimsby
         N E Lincs
         DN37 9TT
         England


NASH FINCH: Court Grants TRO Enjoining Senior Noteholders
---------------------------------------------------------
The Hennepin County District Court in Minnesota granted Nash
Finch Company a temporary restraining order preventing and
enjoining certain hedge funds who are beneficial owners
purporting to hold at least 25% of the aggregate principal
amount of the Nash-Finch Senior Subordinated Convertible Notes
due 2035 from declaring an acceleration of any debt due under
the Indenture governing the Notes while the litigation is
pending.

The Order also tolls the 30-day cure period, during which Nash
Finch may cure the alleged default under the Indenture, should
the Court determine that a default has occurred. The restraining
Order will remain in effect until 10 days after the Court
reaches a decision on the underlying dispute as to whether the
Trustee should execute the Supplemental Indenture submitted by
the company and whether the company's adjustment to the
conversion rate was done in accord with the terms of the
Indenture.

"We appreciate the Court's decision to issue a temporary
restraining order which preserves the status quo, and we look
forward to demonstrating to the Court the Company properly made
the required adjustment to the conversion rate on the Notes
after the Company increased the amount of the quarterly dividend
paid to our shareholders," Bob Dimond, Executive Vice President
and CFO of Nash Finch, said.

      Senior Notes Conversion Rate Determination Request

As reported in the Troubled Company Reporter on Oct. 5, 2007,
Nash Finch filed a petition on Sept. 26, 2007, asking the
Hennepin County District Court to determine that Nash Finch
properly adjusted the conversion rate on its Senior Subordinated
Convertible Notes due 2035 after Nash Finch increased the amount
of the dividends it paid to its shareholders.

                       Notice of Default

On Sept. 10, 2007, Nash Finch received a purported notice of
default, which was subsequently reissued on Sept. 27, 2007, to
correct a procedural defect in the initial notice, from certain
hedge funds who are beneficial owners purporting to hold at
least 25% of the aggregate principal amount of the Notes.  The
hedge funds alleged in the notice that Nash Finch was in breach
of Section 4.08(a)(5) of the Indenture which provides for an
adjustment of the conversion rate on the Notes in the event of
an increase in the amount of certain cash dividends to holders
of Nash Finch's common stock.  As previously reported, if the
Court determines the hedge fund's assertion to be correct, Nash
Finch would cure the default by making an upward adjustment in
the conversion rate of 0.4307 shares per US$1,000 bond.

                       About Nash Finch

Headquartered in Minneapolis, Minnesota, Nash Finch Company
(NASDAQ:NAFC) -- http://www.nashfinch.com/-- distributes food   
products.  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(R), Family
Thrift Center(R) and Sun Mart(R) trade names.


PATHFINDER ESTATES: Appoints Liquidators from BDO Stoy Hayward
--------------------------------------------------------------
M. J. Chadwick and Graham Randall of BDO Stoy Hayward LLP were
appointed joint liquidators of Pathfinder Estates Ltd. on for
the creditors' voluntary winding-up procedure proceeding.

The company can be reached at:

         Pathfinder Estates Ltd.
         BDO Stoy Hayward LLP
         Connaught House
         Alexandra Terrace
         Guildford
         Surrey
         GU1 3DA
         England


REFCO INC: Court Junks Appeal on Sphinx-Refco Creditors Deal
------------------------------------------------------------
The United States Court of Appeals for the Second Circuit on
Friday rejected an appeal by certain investors and the Joint
Official Liquidators of SPhinX Managed Futures Fund SPC from a
lower court ruling approving a deal between Refco creditors and
SPhinX.

A three-man panel upheld a November 2006 order of the U.S.
District Court for the Southern District of New York affirming a
ruling of the U.S. Bankruptcy Court for the Southern District of
New York approving the settlement of a preference action
initiated by the Official Committee of Unsecured Creditors on
behalf of Refco Capital Markets, Ltd., against SPhinX.

The Second Circuit held that investors at SPhinX have no
standing to contest the settlement, and that Kenneth M. Krys and
Christopher Stride, the Cayman Islands liquidators for SPhinX,
are precluded from appealing the settlement.

Prior to Refco's collapse in October 2005, directors at SPhinX
had hired PlusFunds Group, Inc., a registered investment
advisor, to manage SPhinX in exchange for management fees.  The
Investors alleged that PlusFunds in turn hired Refco Alternative
Investments to oversee Refco-related investments for SPhinX.  
According to the Investors, RAI regularly executed trades for
Sphinx, as directed by PlusFunds, and oversaw its margin cash.

The Investors further alleged that RAI, at PlusFunds' direction,
caused SPhinX's excess margin cash to be invested in accounts at
RCM.

On October 10, 2005, Refco Inc., announced it had discovered a
substantial, previously undisclosed liability that caused a
crisis of confidence in RCM's ability to accommodate client
withdrawals.  On October 17, Refco and certain of its affiliates
sought bankruptcy protection.

Five days prior to the bankruptcy filing, US$312,046,266 in
funds were transferred from the SPhinX accounts at RCM to its
affiliate Refco LLC, and ultimately to accounts held on behalf
of the cells at Lehman Brothers.

The Investors alleged that the transfer was made at the behest
of PlusFunds CEO Chris Sugrue, who, the Investors said,
maintained previously undisclosed allegiances to Refco.

On December 16, 2005, the Committee commenced an adversary
proceeding to recover the transfer made to the cells.  

SPhinX argued it was inequitable to allow RCM to recover the
entire US$312,000,000 because RCM and its non-debtor affiliates
had abused the bankruptcy process to the detriment of SPhinX.

At the close of discovery in April 2006, and on the eve of an
argument on the Committee's request for summary judgment, the
Committee and SPhinX agreed to settle.  SPhinX agreed to return
US$263,000,000 to the RCM estate and waive any claim against RCM
related to the transfer, including any claim pursuant to Section
502(h) of the Bankruptcy Code.

The Investors called the "worse-than-losing" Settlement a result
of an "incestuous relationship" between Refco, PlusFunds, and
SPhinX.  The Investors said SPhinX agreed to return all but
about 15% of the purported preference and to abandon any future
claims against the RCM estate arising from the transfer at
issue.

The Committee responded that the settlement was fair given the
weakness of SPhinX's defenses, and the cost, expense, and delay
associated with further litigating the legal and factual issues
in the adversary proceeding.

The Committee justified the inclusion of the Section 502(h)
waiver in the Settlement as reasonable, because: (1) in order to
assert a claim pursuant to Section 502(h), SPhinX would have
been required to repay the full amount of the transfer, which
SPhinX contended it could not do consistent with Cayman law, (2)
Sphinx, unlike other creditors of the RCM estate, would recover
on its related claims against RCM immediately through the
Settlement and did not have to wait for a plan of
reorganization, and (3) even if SPhinX satisfied the requirement
for making a Section 502(h) claim by returning the entire amount
of the transfer, plus interest, other parties may have sought to
equitably subordinate SPhinX's claim against RCM.

Under Section 502(h) of the Bankruptcy Code, a claim of a
transferee of an avoidable transfer will be disallowed if the
transferee does not pay the owed amount or turn over the
property as required under the Bankruptcy Code.

Bankruptcy Judge Robert D. Drain approved the Settlement as
being in the best interests of the Refco Debtors, their estates
and creditors.  Judge Drain held that the Investors lacked
standing to object because they were not a "party in interest"
under Section 1109(b).  The Bankruptcy Court held as a matter of
law that the Settlement affected the Investors as equity holders
in SPhinX only indirectly.

The District Court agreed, finding that the Investors were "not
directly and adversely affected pecuniarily by the challenged
ruling of the Bankruptcy Court because they do not hold a direct
interest in the Debtor."

On appeal, the Second Circuit said the Investors cannot claim
that they seek to enforce any rights distinct from those of
SPhinX as a creditor and a defendant in an adversary proceeding.  
The Second Circuit said SPhinX is a single legal entity, and
that the individual cells are not legally separate entities from
SPhinX.  By investing in SPhinX, the Investors placed control of
their funds entirely within the hands of the SPhinX directors or
managers acting on the directors' behalf.  Only SPhinX, the
Second Circuit held, not individual Investors, or even Investors
as a group, could assert a claim against the Refco estate, and
only SPhinX was permitted to negotiate a settlement with the
Committee.

                         About Refco Inc.

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

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

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/   
or 215/945-7000).


REMY WORLDWIDE: Files Pre-Packaged Bankruptcy in Delaware
---------------------------------------------------------
Remy Worldwide Holdings, Inc., on Monday said that in response
to the overwhelming support received for its previously
announced prepackaged plan of reorganization from holders of its
8-5/8% Senior Notes, 9-3/8% Senior Subordinated Notes and 11%
Senior Subordinated Notes, the company has elected to commence
voluntary proceedings for itself and its domestic subsidiaries
under chapter 11 of the U.S. Bankruptcy Code to seek
confirmation of the plan.

The company filed its voluntary chapter 11 petitions and plan of
reorganization in the U.S. Bankruptcy Court for the District of
Delaware in Wilmington.

Specifically, in excess of 99.9% in dollar amount and 98.1% in
number of holders of Senior Notes and 100% in dollar amount and
100% in number of holders of Subordinated Notes that voted on
the prepackaged plan, voted to approve the plan.

"[Mon]day's action enables us to efficiently restructure our
debt and create a capital structure that will provide a
foundation for future profitability," said John Weber, Remy's
Chief Executive Officer.  "Over the last several months, we have
worked closely with our stakeholders to develop and now
implement our plan to position Remy to meet the challenges of
our industry."

During the reorganization process, which is expected to conclude
within 60 days, Remy will continue normal business operations.  
The company anticipates that it will receive court authority to
pay employee wages and benefits without interruption and
continue to pay trade creditors and suppliers in the ordinary
course of business.  Remy's international operations are
excluded from the filing and will not be directly affected.

The key elements of the prepackaged plan include:

    -- Repayment of the company's secured creditors in full.

    -- Raise $85 million in preferred equity through a
backstopped
       rights offering to be made to holders of the Company's
       Senior Notes and Senior Subordinated Notes.

    -- Total debt reduction of $360 million through:

        * Exchange of the Company's $145 million of existing
          8-5/8% Senior Notes for $100 million of New Third-Lien
          Notes and $45 million in cash (plus an amount of cash
          equal to the accrued but unpaid interest through the
          filing date (estimated to be $10 million) and up to
          $2 million of new preferred stock in respect of
          postpetition interest).  In addition, these
          noteholders will receive a $10 million consent fee for
          agreeing to the overall restructuring.

        * Reduction of the company's unsecured debt obligations
          by $315 million by converting the 9-3/8% Senior
          Subordinated Notes and 11% Senior Subordinated Notes
          into 100% of the common equity of the reorganized
          company.

    -- Cancellation of all of the Company's existing equity
       interests.

As previously disclosed, Remy has obtained a binding commitment
from Barclays Capital, the investment banking division of
Barclays Bank PLC, to provide debtor-in-possession financing for
up to $225 million and up to $330 million of long-term exit
financing.

"This is excellent news for our customers, suppliers and
employees worldwide because it paves the way for a promising
future for Remy and its long-term viability," said Mr. Weber.  
"We are extremely grateful for the support of all of our
constituents and look forward to completing our financial
restructuring in the coming months."

Headquartered in Anderson, Indiana, Remy Worldwide Holdings,
Inc. acts as a holding company of all the outstanding capital
stock of Remy International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and  
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.


REMY WORLDWIDE: Case Summary and 30 Largest Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: Remy Worldwide Holdings, Inc.
             2902 Enterprise Drive
             Anderson, IN 46013

Bankruptcy Case No.: 07-11481

Debtor-affiliates filing separate Chapter 11 petitions:

    Entity                                     Case No.
    ------                                         --------
    Ballantrae Corporation                         07-11482
    HSG I, Inc.                                    07-11483
    HSG II, Inc.                                   07-11484
    International Fuel Systems, Inc.               07-11485
    iPower Technologies, Inc.                      07-11486
    M. & M. Knopf Auto Parts, L.L.C.               07-11487
    Marine Corporation of America                  07-11488
    NABCO, Inc.                                    07-11489
    Power Investments Marine, Inc.                 07-11490
    Power Investments, Inc.                        07-11491
    Powrbilt Products, Inc.                        07-11492
    Publitech, Inc.                                07-11493
    Reman Holdings, L.L.C.                         07-11494
    Remy Alternators, Inc.                         07-11495
    Remy India Holdings, Inc.                      07-11496
    Remy International, Inc.                       07-11497
    Remy International Holdings, Inc.              07-11498
    Remy Korea Holdings, LLC                       07-11499
    Remy Logistics, L.L.C.                         07-11500
    Remy Powertrain, L.P.                          07-11501
    Remy Reman, L.L.C.                             07-11502
    Remy Sales, Inc.                               07-11503
    Remy, Inc.                                     07-11504
    Unit Parts Company                             07-11505
    Western Reman Industrial , Inc.                07-11506
    Western Reman Industrial, LLC                  07-11507
    World Wide Automotive, L.L.C.                  07-11508
    World Wide Automotive Distributors, Inc.       07-11509


Type of business: Remy Worldwide acts as a holding company of
                  all the outstanding capital stock of Remy
                  International Inc.  Remy International
                  manufactures, remanufactures and distributes
                  Delco Remy brand heavy-duty systems and Remy
                  brand starters and alternators, locomotive
                  products and hybrid power technology.  The
                  company also provides a worldwide components
                  core-exchange service for automobiles, light
                  trucks, medium and heavy-duty trucks and other
                  heavy-duty, off-road and industrial
                  applications.  Remy has operations in the
                  United Kingdom, Mexico and Korea, among
                  others.  See http://www.remyinc.com/

Chapter 11 Petition Date: October 8, 2007

Court: District of Delaware (Delaware)

Debtors' Counsel: Douglas P. Bartner, Esq.
                  Fredric Sosnick, Esq.
                  Michael H. Torkin, Esq.
                  Shearman & Sterling LLP
                  599 Lexington Avenue
                  New York, NY 10022
                  Tel: (212) 848-4000
                  Fax: (212) 848-7179
                  http://www.shearman.com/

Debtors' Co-Counsel: Pauline K. Morgan, Esq.
                     Edmon L. Morton, Esq.
                     Kenneth J. Enos, Esq.
                     Young Conaway Stargatt & Taylor, LLP
                     The Brandywine Building
                     1000 West Street, 17th Floor
                     Wilmington, DE 19801
                     Tel: (302) 571-6600
                     Fax: (302) 571-6600
                     http://www.ycst.com/

Debtors' Claims Agent: Kurtzman Carson Consultants LLC
                       2335 Alaska Avenue
                       El Segundo, CA 90245
                       Tel: (866) 381-9100

Special Corporate Counsel: Greenberg Traurig, LLP

Auditor: Ernst & Young, LLP

Restructuring Advisor: AlixPartners, LLC

At Sept. 30, 2006, Remy International's balance sheet showed:

Total Assets: $919,736,000

Total Debts:  $1,265,648,000

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
U.S. Bank N.A.                Bond Issuance         $165,000,000
60 Livingston Avenue
St. Paul, MN 55107-2292
Tel: (651) 495-3959
Fax: (651) 495-8100
Attn: Timothy Sandell

U.S. Bank N.A.                Bond Issuance         $150,000,000
60 Livingston Avenue
St. Paul, MN 55107-2292
Tel: (651) 495-3959
Fax: (651) 495-8100
Attn: Timothy Sandell

The Bank of New York          Bond Issuance         $145,000,000
2 north LaSalle Street
Suite 1020
Chicago, IL 60602
Tel: (312) 827-8548
Fax: (312) 827-8542
Attn: Linda Garcia

U.S. Custom and Border        Promissory Note         $7,279,286
Protection
Revenue Division
6650 Telecom Drive
Indianapolis, IN 46278

Attn: Robert B. Hamilton
      Director

Bocar S.A. de C.V.            Trade                   $3,452,641
Cruz Verde NO 169-1A
Mexico City, DF 04330
Tel: (+52) 722 279-6600
Fax: (+52) 555 422-2434
Attn: Raymundo Rodriguez

REA Magnet Wire Inc.          Trade                   $2,751,713
3600 East Pontiac Street
Ft. Wayne, IN 46803
Tel: (260) 421-7452
Fax: (260) 421-7349
Attn: Mike Hughes

A&E Auto Electric             Trade                   $2,246,049
P.O. Box 5418
Spartanburg, SC 29304
Tel: (864) 463-3257
Fax: (864) 464-7333
Attn: Nicole Miller

Osar (Italy)                  Trade                   $1,720,719
One Technology Ct.
Turin, Italy 10070
Tel: (390) 1192-41078
Fax: (390) 1192-41097
Attn: Paolo Salvi

Kolektor Group                Trade                   $1,686,398
Vaolkova 10
5280 Idrija
Idrija 29644
Tel: (412) 279-2980
Fax: (864) 409-8781
Attn: Rok Vodnik

Sankaku (Xiamen)              Trade                   $1,570,019
Auto Parts
NO 58-26 Wenyuan Road
Xiamen X 361004
Tel: 011-865922044010
Attn: Crystal Hu

Wells Manufacturing Corp.     Trade                   $1,526,938
26 South Brooke Street
Fond Du Lac, WI 54936-0070
Tel: (920) 929-6263
Fax: (920) 922-3585
Attn: Pedro Vila

Auto Electric Suppliers       Trade                   $1,514,492
3233 Commerce Parkway
Miramar, FL 33025
Tel: (800) 327-2258
Fax: (954) 435-0028
Attn: Mike Clausman

American Auto Parts           Trade                   $1,403,171
7007 North Austin Avenue
Niles, IL 60714-4601
Tel: (847) 647-7090
Fax: (847) 647-7581
Attn: Julie O'Reilly

Monopac SD                    Trade                   $1,272,675
17502 Jalan 4
Selangor, Malaysia
Tel: (60-3) 6318-6200
Fax: (60-3) 6138-6206
Attn: Danny Ng
      Gary Barut

Electro-Motive Diesel         Trade                   $1,208,085
P.O. Box 70530
Chicago, IL 60673
Tel: (800) 255-5355
Fax: (708) 387-6626
Attn: Tim Standish

Wetherill Associates Inc.     Trade                   $1,175,825
P.O. Box 827063
Philadelphia, PA 19182-7063
Tel: (800) 877-3340
Fax: (800) 948-6121
Attn: Sandy Huggens

Actron Technology Corp.       Trade                   $1,158,502
1F, No 12, Sec2
Nan-Kan Road
Luchu Hsiang
Taoyuan, Taiwan ROC
Tel: (886-3) 311-5555
Fax: (886-3) 311-9977
Attn: Jessie Chen

Lone Star Container           Trade                   $1,153,997
700 North Wildwood Drive
Irving, TX 75061
Tel: (972) 579-1551
Fax: (972) 554-6081
Attn: Jerry Hardison

Korea Delphi Automotive       Trade                     $990,981
Systems
408-1 ma Buk-Ri
Guseong-Eup
Youngin-Si
Gyeonggi-Do 449912
Tel: (82-3) 189-98612
Fax: (82-2) 761-9494
Attn: Ws Kang

Industrias Kirkwood           Trade                     $955,608
Calle 4 Norte No. 100
Ampliacion Parque
Toluca De Lerdo,
Mexico 50200
Tel: (52) 722 265-7564
Fax: (52) 722 265-7569
Attn: Norma Medina

BPS - Allied Parts            Trade                     $891,300
1122 Milledge Street
East Point, GA 30344
Tel: (404) 559-8571
Fax: (404) 559-8584
Attn: Jerry Boles

Quality Parts Supply          Trade                     $733,746
15844 South Interstate
Highway 35
Bruceville, TX 76630
Tel: (254) 857-4629
Fax: (254) 857-3527
Attn: Pat Patton

Caterpillar, Inc.             Trade                     $680,018
100 northeast Adams Street
Peoria, IL 61629
Tel: (309) 675-5592
Fax: (309) 675-9135
Attn: Mary Buck

Swift Transportation          Trade                     $608,761
2200 South 75th Avenue
Phoenix, AZ 85043
Tel: (602) 269-9700
Fax: (623) 907-7503
Attn: Ginnie Henkels

Hitachi Metals America        Trade                     $608,009
2101 South Arlington
Heights Road, Suite 116
Arlington Heights, IL 60005
Tel: (847) 364-7200
Fax: (847) 364-7279
Attn: Heather Kozlowski

Industrial Molding Corp.      Trade                     $603,539
616 East Slaton Road
Lubbock, TX 79404
Tel: (806) 474-1066
Fax: (806) 474-1168
Attn: Paula Olbham

HTG - Tiffin                  Trade                     $603,125
1988 County Road #593
Tiffin, OH 44883
Tel: (419) 447-2221
Fax: (419) 447-2842
Attn: Betty Hall

S&S Enterprises               Trade                     $584,854
(c/o Simmons)
3rd Floor Froebel Center
90-2
Seoul 135-10
Tel: (822) 501-2848
Fax: (956) 712-1409
Attn: Ben Lee
      Andrea Kim

Andra, LLC                    Promissory Note         Not Stated
714 East 8th Street
Anderson, IN 46012
Mobile: (765) 621-1053
Office: (765) 644-2803
Residence: (765) 649-2701
Fax: (765) 644-6675
Attn: William Surbaugh

Eagle I, LLC                  Promissory Note         Not Stated
714 East 8th Street
Anderson, IN 46012
Mobile: (765) 621-1053
Office: (765) 644-2803
Residence: (765) 649-2701
Fax: (765) 644-6675
Attn: William Surbaugh


SAMSONITE CORP: Pending CVC Deal Cues S&P to Retain Neg. Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Mansfield, Massachussetts-based luggage manufacturer Samsonite
Corp, including the 'BB-' corporate credit rating, would remain
on CreditWatch with negative implications, pending completion of
the company's acquisition by CVC Capital Partners, which is
expected to close in the fourth quarter of calendar 2007.  
Samsonite had reported debt outstanding of about US$553 million
at July 31, 2007.
     
The company was initially placed on CreditWatch on July 5, 2007,
following the announcement that Samsonite had entered into a
written consent and voting agreement to be acquired by CVC
Capital Partners for about US$1.7 billion in cash, including the
assumption of debt.  Samsonite recently disclosed that total
funded debt outstanding at the close of the transaction
is expected to be about US$1.3 billion.  The transaction is
still subject to receipt of regulatory approval, as well as
satisfaction of other customary closing conditions.
     
Samsonite's pro forma capital structure has not yet been
finalized and details about the financing have not been
disclosed.  However, based on the company's expectation that
funded debt will total about US$1.3 billion at the close of the
transaction, Standard & Poor's believes credit measures will
weaken substantially from current levels, including the
potential for leverage to be well over 8x.
     
"As a result, we expect that Samsonite's ratings will be lowered
to the 'B' category," said Standard & Poor's credit analyst
Christopher Johnson.
     
To resolve the CreditWatch, Standard & Poor's will meet with
management to discuss the financing of the planned transaction
and the company's operating trends.  The company's expected very
high debt leverage and operating strategy after the transaction
will be key areas of focus.

Based in Mansfield, Massachusetts, Samsonite Corporation (OTC
Bulletin Board: SAMC.OB) -- http://www.samsonite.com/--
manufactures, markets and distributes luggage and travel-related
products.  The company's owned and licensed brands, including
Samsonite, American Tourister, Trunk & Co, Sammies, Hedgren,
Lacoste and Timberland, are sold globally through external
retailers and 284 company-owned stores.  Executive offices are
located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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