TCREUR_Public/071011.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, October 11, 2007, Vol. 8, No. 202

                            Headlines


A U S T R I A

AIRCOMPOWER ENERGIETECHNIK: Court Orders Business Shutdown
ANNEMARIE & FRANZ: Claims Registration Period Ends Oct. 22
BONSTINGL BAU: Eisenstadt Court Orders Business Shutdown
GEOMECHANIK LLC: Ried im Innkreis Court Orders Business Shutdown
KALT & WARM: Innsbruck Court Orders Business Shutdown

PRO-DOMO NEDIC: Claims Registration Period Ends Oct. 22
ROSEMARIE UND HELMUT: Linz Court Orders Business Shutdown
ZIKOLI LLC: Claims Registration Period Ends Oct. 16


B E L G I U M

AVNET INC: Closes Acquisition of Magirus Infrastructure Division


F R A N C E

HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion
SPANSION INC: Inks Definitive Contract with Saifun Semiconductor


G E R M A N Y

CHRYSLER LLC: Inks Tentative Pact on New Labor Contract w/ UAW
CHRYSLER LLC: Third Quarter Sales Increase by 10% in 2007
COMPLICE GMBH: Claims Registration Ends October 31
DOMIZIL CONZEPT: Claims Registration Ends Oct. 30
ENGLERT BAU: Claims Registration Ends November 2

GOETZ KRUEGER: Claims Registration Ends Oct. 29
HANIDO TRANSPORT: Claims Registration Period Ends Nov. 10
HEROS GROUP: Court Rejects Appeal After Chairman Misses Deadline
HR-INSPIRED GMBH: Claims Registration Period Ends Oct. 30
ISOFIRE GMBH: Claims Registration Period Ends Nov. 13

KURKLINIK VICTORIA: Claims Registration Period Ends Oct. 25
LAUKEMANN GMBH: Claims Registration Period Ends Oct. 30
LET'S BUY: Claims Registration Ends Oct. 25
MESSEBAU SCHLEY: Claims Registration Ends November 2
NRG ENERGY: Earns US$149 Million in Second Quarter Ended June 30

NOWOTEL.DE BETEILIGUNGS: Creditors' Meeting Slated for Nov. 20
OMEGA HOTELS: Claims Registration Period Ends Nov. 7
OTTENEDER BAU: Claims Registration Ends November 2
PARKETT POPIELA: Claims Registration Period Ends Oct. 31
PROSIEBENSAT.1 MEDIA: Cartel Office Closes Fine Payment Case

REINIGUNG DIENSTLEISTUNG: Claims Registration Ends October 30
STUTH BAMBERG-HALLSTADT: Claims Registration Ends Oct. 17
WEINBRENNER UMFORMSYSTEME: Claims Registration Ends November 2
WOHNBAU STADLER: Claims Registration Ends October 30
WSF ANLAGEN: Claims Registration Period Ends Nov. 12


H U N G A R Y

AES CORP: Prices US$2 Billion Private Debt Placement
AES CORP: Moody's Rates Proposed US$500MM Sr. Unsec. Notes at B1
AES CORP: S&P Affirms BB- Credit Ratings with Stable Outlook
AES CORP: Fitch Rates US$500 Million Senior Notes at BB


I T A L Y

GOODYEAR TIRE: Extends Procurement Outsourcing Deal with ICG
IMAX CORP: Will Restate Financial Records on Real Estate Leases


K A Z A K H S T A N

AKRIHIN OJSC: Proof of Claim Deadline Slated for Nov. 16
AMINA LLP: Creditors Must File Claims Nov. 16
ARYSTANDY JSC: Claims Filing Period Ends Nov. 21
BANK TURANALEM: Completes US$750 Million Bond Securitization
BANK TURANALEM: EGM Absentee Voting Deadline Slated for Nov. 20

BESTAU-M LLP: Creditors' Claims Due on Nov. 20
BURSHYK LLP: Claims Registration Ends Nov. 21
ISTOK LLP: Proof of Claim Deadline Slated for Nov. 21
KAZAKH AGRARIAN: Sovereign Ratings Cue S&P’s BB+ Credit Ratings
KAZKOMMERTSBANK JSC: Acquires 50% Stake in IC East Capital Ltd.
KAZPOST JSC: Sovereign Ratings Cue S&P’s BB+ Credit Ratings

MORTGAGE GUARANTEE: Sovereign Ratings Cue S&P’s BB Ratings
PANORAMA PLUS: Creditors Must File Claims Nov. 20
VOSTOKURKOLLEGIYA LLP: Claims Filing Period Ends Nov. 20


K Y R G Y Z S T A N

CASTER COMPANY: Proof of Claim Deadline Slated for November 9
GOLD HOLDING: Creditors Must File Claims by November 9


N E T H E R L A N D S

FOOT LOCKER: S&P Cuts Ratings to BB on Low Operating Performance
SYNIVERSE TECH: Bags Saudi Telecom Anti-Fraud Contract
WEIGHT WATCHERS: June 30 Balance Sheet Upside-Down by US$991,266
X5 RETAIL: To Create Store Franchising Joint Venture in Russia


P O R T U G A L

BEARINGPOINT INC: Bags US$14.1-Mil. Contract from Calif. Agency
COMPANHIA SIDERURGICA: In Talks with Pernambuco Over Concession


R U S S I A

GENERAL INSURANCE: Creditors Must File Claims by October 29
GENERAL INSURANCE: Bankruptcy Hearing Set for March 11, 2008
INDUSTRY INVESTMENT: Asset Sale Slated for October 31
KOMSOMOL'SKIJ LLC: Bankruptcy Hearing Slated for Jan. 1, 2008
KRASAVINSKIJ OJSC: Creditors Must File Claims by Nov. 29

KURAGINSKIJ MEZHHOZYASTVENNYJ: Claims Filing Period Ends Nov. 29
MOBILE TELESYSTEMS: Moody's Lifts Corporate Family Rating to Ba2
NOVOCHERKASSKNEFTEMASH: Court Hearing Slated for Feb. 6, 2008
PKF KOMPLEKTSTROYSERVICE: Asset Sale Slated for October 30
RUSSIAN STANDARD: Fitch Downgrades IDR to BB- on Lower Margins

SEVERNAYA LLC: Creditors Must File Claims by Nov. 29
SIBIRSKIJ RODNIK: Asset Sale Slated for Oct. 31
SIBPLAST CJSC: Creditors Must File Claims by Oct. 22
SIBSOL' INTEGRATED: Asset Sale Slated for November 16
SISTEMA JSFC: Earns US$877.1 Million for First Half 2007
TSIMLYANSKAYA CARPET: Creditors Must File Claims by Nov. 29

VERHOYANSKIJ SUE: Creditors Must File Claims by October 29
VOLZHKO-KAVKAZSKAYA: Bankruptcy Hearing Slated for Jan. 15, 2008
X5 RETAIL: To Create Store Franchising Joint Venture in Russia


S P A I N

BANKINTER 15: Moody's Junks EUR25.5 Million Series E Notes
GRUPO LLANERA: Drops Expansion Plans Due to Bankruptcy Filing


S W I T Z E R L A N D

FIM JSC: Creditors' Liquidation Claims Due December 12
GARAGE GEMPELER: Creditors' Liquidation Claims Due October 31
HERCULES INC: Earns US$34.5 Mln in Second Quarter Ended June 30
I-GRA LLC: Creditors' Liquidation Claims Due October 31
INTELSA JSC: Creditors' Liquidation Claims Due October 17

KRIEBEL IT CONSULTING: Creditors' Liquidation Claims Due Oct. 25
MK PICA: Creditors' Liquidation Claims Due October 31
MR PROJEKTE: Creditors' Liquidation Claims Due October 31
PETROS CITY: Creditors' Liquidation Claims Due October 31
PURPOSE HOLDING: Creditors' Liquidation Claims Due October 31

SCHMUTZ JSC: Creditors' Liquidation Claims Due October 19


U K R A I N E

AFFINIA GROUP: Closes Indiana Manufacturing & Packaging Assets
BALAKRON LLC: Creditors Must File Claims by October 12
BK SVITIAZ: Creditors Must File Claims by October 12
HOME TEXTILE: Creditors Must File Claims by October 12
KATERINOPOL AGRICULTURAL: Creditors Must File Claims by Oct. 12

KUYBISHEV AGRICULTURAL: Creditors Must File Claims by October 12
MILKO: Creditors Must File Claims by October 12
PROFI BUSINESS: Creditors Must File Claims by October 12
REFERENCE LLC: Creditors Must File Claims by October 12
VIRGO-2005: Creditors Must File Claims by October 12

YUNIPERUS-LUX: Creditors Must File Claims by October 12


U N I T E D   K I N G D O M

ALLSTAR QUALITY: Brings In Liquidators from BDO Stoy Hayward
BUDGET LEASING: Calls In Liquidators from Menzies
CONSTELLATION BRANDS: Earns US$72.1 Million in Second Quarter
DKD CONTACT: Brings In Administrators from KPMG
ERINACEOUS GROUP: Consensus Business Group May Make an Approach

GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified
GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom
HEALM ENGINEERING: Joint Liquidators Take Over Operations
HEALTHY COMPUTING: Names Keith Aleric Stevens Liquidator
KITCHEN MARKET: Taps Liquidators from BDO Stoy Hayward
MAGENTA ONE: Hires Liquidators from Smith & Williamson

MILLENNIUM BUILDERS: M. H. Abdulali Leads Liquidation Procedure
REFCO INC: Customers Sue Thomas H. Lee & Other Former Directors
REMY WORLDWIDE: Gets Interim Court OK on US$160 Million DIP Loan
RENTAL XPRESS: Taps Liquidators from Chantrey Vellacott DFK
SEA CONTAINERS: Wants to Allocate Funds to Two Non-Debtor Units

SHARPTONE LTD: Appoints Liquidators from Menzies
SKYEPHARMA PLC: Names Jeremy Scudamore Non-Executive Director
TEAM GROUP: Joint Liquidators Take Over Operations
VONAGE HOLDINGS: Requests Rehearing of Verizon Patent Decision

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AIRCOMPOWER ENERGIETECHNIK: Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Korneuburg entered Sept. 13 an order shutting
down the business of LLC AirComPower Energietechnik (FN
244440x).

Court-appointed estate administrator Kurt Schick 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. Kurt Schick
         c/o Mag. Thomas Stenitzer
         Bahnstrasse 1 A
         2130 Mistelbach
         Austria
         Tel: 02572/320 20-0
         Fax: 02572/320 20 32
         E-mail: kanzlei-laa@ra-stenitzer.at

Headquartered in Mistelbach an der Zaya, Austria, the Debtor
declared bankruptcy on Aug. 17 (Bankr. Case No 36 S 106/07s).
Thomas Stenitzer represents Mag. Schick in the bankruptcy
proceedings.


ANNEMARIE & FRANZ: Claims Registration Period Ends Oct. 22
----------------------------------------------------------
Creditors owed money by LLC Annemarie & Franz Schneider (FN
78317y) have until Oct. 22 to file written proofs of claim to
court-appointed estate administrator Guenther Hoedl at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at
                 RA_Simma@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 11 (Bankr. Case No. 38 S 50/07s).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


BONSTINGL BAU: Eisenstadt Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Eisenstadt entered Sept. 13 an order shutting
down the business of LLC Bonstingl Bau (FN 290168v).

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

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


GEOMECHANIK LLC: Ried im Innkreis Court Orders Business Shutdown
----------------------------------------------------------------
The Land Court of Ried im Innkreis entered Sept. 10 an order
shutting down the business of LLC Geomechanik (FN 81326y).

Court-appointed estate administrator Monika Holzinger
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. Monika Holzinger
         Stadtplatz 36
         5280 Braunau/Inn
         Austria
         Tel: 07722/83 4 00
         Fax: 07722/84 3 16
         E-mail: anwalt@ktv-one.at

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


KALT & WARM: Innsbruck Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Innsbruck entered Sept. 10 an order shutting
down the business of LLC Kalt & Warm Installationstechnik (FN
238764z).

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

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


PRO-DOMO NEDIC: Claims Registration Period Ends Oct. 22
-------------------------------------------------------
Creditors owed money by KEG Pro-Domo Nedic (FN 214895y) have
until Oct. 22 to file written proofs of claim to court-appointed
estate administrator Klemens Dallinger at:

         Dr. Klemens Dallinger
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at
                 Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 11 (Bankr. Case No. 38 S 49/07v).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.


ROSEMARIE UND HELMUT: Linz Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Linz entered Sept. 13 an order shutting down
the business of LLC Rosemarie und Helmut Wurm (FN 81121x).

Court-appointed estate administrator Christian Atzwanger
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. Christian Atzwanger
         Luefteneggerstrasse 12
         4020 Linz
         Austria
         Tel: 77 88 670
         Fax: 78 32 644
         E-mail: office@schuh-atzwanger.at

Headquartered in Linz - Ebelsberg, Austria, the Debtor declared
bankruptcy on Sept. 4 (Bankr. Case No 12 S 70/07t).


ZIKOLI LLC: Claims Registration Period Ends Oct. 16
---------------------------------------------------
Creditors owed money by LLC Zikoli (FN 107586s) have until
Oct. 16 to file written proofs of claim to court-appointed
estate administrator Hans-Peter Pfluegl at:

         Mag. Hans-Peter Pfluegl
         Oberndorfer Ortsstrasse 56a
         3130 Herzogenburg
         Austria
         Tel: 02782/83 553
         Fax: 02782/83 553-55
         E-mail: hanspeter.pfluegl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:10 p.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Veit an der Goelsen, Austria, the Debtor
declared bankruptcy on Sept. 7 (Bankr. Case No. 14 S 157/07i).


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


AVNET INC: Closes Acquisition of Magirus Infrastructure Division
----------------------------------------------------------------
Avnet Inc. has completed its acquisition of the Enterprise
Infrastructure Division of Magirus Group.  The acquired
business, which has annual revenues of approximately US$500
million, is a value-added distributor of IBM and Hewlett-Packard
enterprise computing products in seven European countries and
Dubai.  The acquisition is expected to meet or exceed the
company’s stated return-on-capital-employed goal and add
approximately US$0.08 EPS in calendar 2008.  The integration of
the acquired business into Avnet’s Technology Solutions group in
Europe is expected to be essentially complete by June 2008.

Roy Vallee, Avnet’s chairman and chief executive officer,
stated, "This acquisition positions Avnet Technology Solutions
as Europe’s largest value-added IT distributor for enterprise
solutions with the broadest capabilities in the market.
Following completion of the recently announced Acal IT Solutions
acquisition, Avnet Technology Solutions will have US$2.5 billion
of annual revenue in the region and possess unique scale and
scope advantages that further enhance Avnet’s value proposition
to our trading partners.  In support of Avnet Technology
Solutions’ strategy to enable complete solutions, we will
continue to pursue value creating acquisitions that expand our
customer base and/or broaden our products and services
portfolio."

Avnet Technology Solutions has now significantly increased its
presence in the two largest European markets, Germany and UK,
while expanding its operations in six additional countries.  The
addition of 140 skilled employees and 1,300 value-added-reseller
customers presents additional opportunities for cross selling
and materially expands Technology Solutions' role in the
European IT distribution channel.

"This move strengthens our position as a pan-European value-
added distributor with industry-leading system integration,
marketing, financial and technical services," said Dick
Borsboom, president of Avnet Technology Solutions EMEA.  "With
expanded geographic coverage and deep technical resources, we
will address a wider range of solutions and accelerate the
growth of our trading partners."

                       About Magirus

The Magirus Group -- http://www.magirus.com/-- is an
international IT company, whose core businesses are IT
infrastructure, technology, supply chain, marketing and
financial services.  With approx. EUR700 million in revenues and
more than 600 employees, Magirus is one of the leading IT
infrastructure and solutions provider in Europe.  Its portfolio
comprises high-end servers, storage systems and network
products, as well as software for system, storage, network,
Internet and security management in addition to middleware,
groupware and applications, virtualization, information
lifecycle management, databases, internet/intranet and e-
business software.  With a network of subsidiaries, joint
ventures and offices, the company operates in Europe and the
Middle East.  Together with qualified system and software
houses, Magirus supplies companies in all industries, such as
financial service providers, telecommunications and automotive,
as well as public sector clients.  The strategic alliance with
Agilysys Inc., Cleveland, Ohio, enables it to support companies
planning to realize projects in the US market.

                      About Avnet Inc

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

                        *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


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


HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion
-------------------------------------------------------------
Hexcel Corporation will expand its carbon fiber production
capacity through the addition of both new carbon fiber lines and
a new precursor line.  The construction will be completed within
two years, increasing Hexcel’s carbon fiber production nameplate
capacity by approximately 70% to a total of about 16 million
pounds.  The expansion is needed to meet existing customer
forecasts in commercial aerospace, space & defense and strategic
industrial applications such as the recently announced contract
for rotor tubes for the American Centrifuge Plant.

Commenting on the expansion investment, Mr. David E. Berges,
Hexcel’s Chairman and Chief Executive Officer said, "We are
excited by the accelerating demand for carbon fiber composites,
driven by market growth and the increasing penetration of these
materials, particularly in commercial aerospace.  As a world
leader in advanced structural materials, Hexcel is committed to
supporting this growth through product development and capacity
expansion. The expansion will cost about US$180 million spread
over 2007, 2008 and 2009.  Our team has done an outstanding job
on our first expansion, and the knowledge gained has enabled us
to continue to drive down capital costs per pound and shorten
the time for construction and qualification."

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France,
Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


SPANSION INC: Inks Definitive Contract with Saifun Semiconductor
----------------------------------------------------------------
Spansion Inc. has inked an agreement for the purchase of Saifun
Semiconductors Ltd.  This transaction consolidates all
MirrorBit(R) and NROM IP, design and manufacturing expertise
into a single company.  As a result, the combination will expand
Spansion's product portfolio, and enable Spansion's immediate
entry into the technology licensing business, significantly
expanding Spansion's market opportunity.

This transaction allows Spansion to:

-- Consolidate Intellectual Property (IP) complementary to
    Spansion's MirrorBit technology;

-- Immediately enter the technology licensing business;

-- Drive adoption of MirrorBit beyond the NOR segment, into
    new markets including NAND, DRAM, and systems on a chip;

-- Accelerate and diversify Spansion's product roadmap through
    the addition of Saifun's world-class engineering team who
    are already familiar with MirrorBit technology; and

-- Expand operating margins.

Under the terms of the agreement, each Saifun shareholder will
receive 0.7429 shares of Spansion common stock and approximately
US$5.05 per share in cash for each share of Saifun common stock.
The cash distribution will be funded solely from Saifun's
existing cash on hand concurrently or before the closing of the
transaction.  Based on closing stock prices on Oct. 5, the total
consideration values Saifun at US$11.26 per share, for a total
consideration of US$368 million on a fully-diluted basis, or
approximately US$135 million net of cash acquired and cash
distributed to Saifun shareholders.  The transaction is subject
to satisfaction of customary closing conditions that include
Israeli court approval, regulatory approvals and the Saifun
shareholders' approval, and is expected to close in the first
quarter of 2008.

"Throughout our long-term partnership with Saifun we have been
impressed with the depth of technology expertise, the quality of
people and the ingenuity of the Saifun organization and look
forward to establishing a team in Israel," said Bertrand Cambou,
president and Chief Executive Officer, Spansion Inc.  "We look
forward to collaborating with them to serve Saifun's existing
licensees, and enter new markets with a powerful technology
licensing strategy and a broadened and diversified product
portfolio."

Since 2002, Spansion has been a licensee of Saifun's NROM
intellectual property, which has formed the cornerstone of
Spansion's proprietary MirrorBit technology. MirrorBit
Technology now represents nearly one fourth of the entire NOR
Flash memory segment, and generates revenues at a run rate
approaching US$2 billion per year.  As part of this
relationship, Saifun has also provided design services to
Spansion, including the successful development of Spansion's
MirrorBit Quad and SPI product families.  By combining the two
companies, Spansion can further accelerate the development of
its next generation product roadmap by directly leveraging over
150 MirrorBit technology and design experts and also eliminate
its own licensing and royalty payments to Saifun.

"Joining forces with Spansion enables us to take our licensing
business to the next level," said Boaz Eitan, CEO of Saifun
Semiconductor.  "By combining Spansion MirrorBit expertise with
our successful NROM IP licensing model, we will more rapidly
enable our current and future customers to commercialize new
generations of Flash memory technology.  We will continue to
support all of our existing licensees with the same commitment
and dedication as before.  We are certain that the addition of
the Spansion IP and manufacturing know-how will only accelerate
all programs."

The boards of directors of both companies have approved the
definitive agreement.  Following the close of the transaction,
Dr. Boaz Eitan will become a member of Spansion's Board of
Directors. Dr. Boaz Eitan, who together with his affiliates,
owns approximately 35 percent of Saifun outstanding shares, has
entered into a voting agreement with Spansion and agreed to vote
all of his shares in favor of the transaction.  After the
transaction, current Saifun shareholders will hold approximately
15 percent of Spansion's shares.

Citigroup Global Markets Inc. served as financial advisor to
Spansion and Lehman Brothers served as financial advisor to
Saifun.  O'Melveny & Myers represented Spansion with Yigal Arnon
& Co., as special Israeli counsel and Morrison & Foerster
represented Saifun with Eitan-Mehulal Law Group as Israeli
counsel.

                        About Saifun

Saifun Semiconductor -- http://www.spansion.com/-- (Nasdaq:
SFUN) is a provider of intellectual property (IP) solutions for
the non- volatile memory (NVM) market.  The company's innovative
Saifun NROM(R) technology allows semiconductor manufacturers to
deliver high performance, reliable products at a lower cost per
megabit, with greater storage capacity, using a single process
for all NVM applications.  Saifun licenses its IP to
semiconductor manufacturers who use this technology to develp
and manufacture a variety of stand-alone and embedded NVM
products.  These include Flash memory for the
telecommunications, consumer electronic, networking and
automotive markets.  Among the companies currently licensing
Saifun NROM technology are Macronix International, NEC
Electronics, Semiconductor Manufacturing International
Corporation, Sony Corporation, Spansion, and Tower
Semiconductor.

                        About Spansion

Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012.  The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.

Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt.  Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.'  In
conjunction with the refinancing, Fitch has affirmed these
ratings:

    -- Issuer Default Rating of 'B-';

    -- US$250 million of 11.75% senior unsecured notes due 2016
       at 'CCC+/RR5'; and

    -- US$207 million of 2.25% convertible senior subordinated
       debentures due 2016 at 'CCC/RR6'.

Fitch said the rating outlook remains negative.  Approximately
US$1.1 billion of total debt is affected by Fitch's actions.


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


CHRYSLER LLC: Inks Tentative Pact on New Labor Contract w/ UAW
--------------------------------------------------------------
Tom LaSorda, Vice Chairman and President of Chrysler LLC,
disclosed that the company and the United Auto Workers union
have reached a tentative agreement on a new national labor
contract, covering approximately 45,000 represented employees.
The agreement is subject to UAW member ratification.

The tentative agreement includes a memorandum of understanding
to establish an independent retiree health care trust, as well
as other changes to the national agreement.  Following
ratification, implementation of the memorandum of understanding
is subject to approval by the courts and satisfactory review of
accounting treatment with the Securities Exchange Commission.

The national agreement is consistent with the economic pattern,
and balances the needs of its employees and company by providing
a framework to improve its long-term manufacturing
competitiveness.  At this time, both parties cannot discuss
specifics of the agreement pending a ratification vote -- an
internal UAW process.

                       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.


CHRYSLER LLC: Third Quarter Sales Increase by 10% in 2007
---------------------------------------------------------
Chrysler LLC has announced an increase of 10 percent compared to
the same period of 2006 in the third quarter of 2007.  From July
to September, Chrysler sold 149,800 vehicles outside of the U.S.
Third quarter figures include a 20 percent sales increase
Internationally, outside of North America (62,516 units); a 5.5
percent sales increase in Mexico (30,648 units); and a sales
increase of 2.8 percent in Canada (56,636 units).

Chrysler's worldwide vehicle sales declined 3 percent during the
third quarter of 2007 to 615,530 units (2006: 634,656 units).
Sales increases in select markets were driven by the worldwide
appeal and strong customer interest in Chrysler's new vehicles,
including the Jeep(R) Wrangler, Jeep Compass and Jeep Patriot.

"The North American market will continue to be vital to the
overall growth of Chrysler," said Steven Landry, Executive Vice
President - North American Sales.  "Although the U.S. is our
largest market, it is important to note the growing importance
of regions like Canada and Mexico that are contributing more and
more to this Company, as we expand our product portfolio to meet
the needs of our global customer base."

               Chrysler's International Markets

Fueled by demand for new Jeep and Dodge models, third quarter
sales for markets outside North America were up 20 percent to
62,516 units during the third quarter (2006: 52,114 units).  For
the month of September, sales increased 12.3 percent to 23,016
units, bringing the number of consecutive months for year-over-
year sales improvement to 28.

Many new models have had a significant impact on the recent
increases.  Jeep Wrangler sales of 11,650 units in 2007 have
nearly doubled last year's total for the same time period.  And
the recently introduced Dodge Nitro was among the top-selling
vehicles Internationally in September.

"The Company is now experiencing the strength of our
International product offensive," said Michael Manley --
Executive Vice President of International Sales, Marketing and
Business Development.  "Though we have achieved approximately 20
percent growth this year, we recognize that we are working from
a relatively low base, and continue to have opportunity to grow.
We are however, pleased for our dealers who have worked hard and
had the confidence to invest in us.  As we move forward, we will
continue to focus on them and satisfying our customers, as that
is the key to our continued success."

                        Chrysler Mexico

Posting its best September ever, Chrysler Mexico sales rose 3.2
percent to 10,543 units in September 2007. SUV sales were up
62.4 percent for the month while total trucks advanced 20.6
percent.  Also posting an all-time third quarter record, from
July to September, Chrysler Mexico sales rose 5.5 percent to
30,648 units (2006: 29,055 units).

                        Chrysler Canada

Chrysler Canada recorded another successful month of sales
extending the growth streak to 14 months in a row.  Chrysler
Canada September sales of 17,011 vehicles rose 5.1 percent over
the same month last year.  During the third quarter, sales also
advanced 2.8 percent in Canada to 56,636 units.

                     Chrysler's U.S. market

In the highly competitive market environment of the U.S.,
Chrysler sales declined 5.4 percent to 159,799 units in
September 2007, driven by planned fleet reductions of 21
percent.  However, Chrysler brand car sales rose 10 percent
year-over-year in September led by the Sebring Sedan and
Convertible.  Dodge brand sales, aided by the Ram Pickup and
Nitro, advanced 5 percent from the same period last year.  And
the Jeep Wrangler continued to make progress with sales up 71
percent for the month.  During the third quarter, sales in the
U.S. declined 6.6 percent to 465,730 units in 2007 (2006:
498,402 units).

The Recovery and Transformation Plan helps facilitate
International growth outside of North America

To help the Company expand globally, a team from the Recovery
and Transformation Plan is working on many fronts to assess new
International growth opportunities and prepare Chrysler for
expansion in select International markets.

The International Growth team aims to identify the right
products and entry strategies to introduce Chrysler, Jeep and
Dodge brands to targeted audiences and develop a more balanced
global footprint.  This team is working with Product Strategy to
develop vehicles aimed at International markets.

The recent appointments of Philip Murtaugh as Chief Executive
Officer -- Asia Operations and John Stech as the Head of
Chrysler Russia LLC further underscore Chrysler's commitment to
these markets as they continue to grow and expand.

                       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/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$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 US$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
US$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.


COMPLICE GMBH: Claims Registration Ends October 31
--------------------------------------------------
Creditors of Complice GmbH Bluses & Coordinates have until
Oct. 31 to register their claims with court-appointed insolvency
manager Axel Kulas.

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

The meeting of creditors will be held at:

         The District Court of Hechingen
         Room 055
         Heiligkreuzstrasse 9
         Hechingen
         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. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany
         Telefax: 0711/70707588

The District Court of Hechingen opened bankruptcy proceedings
against Complice GmbH Bluses & Coordinates on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Complice GmbH Bluses & Coordinates
         Schmidl-Siedlung 2
         72511 Bingen
         Germany


DOMIZIL CONZEPT: Claims Registration Ends Oct. 30
-------------------------------------------------
Creditors of Domizil Conzept GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Frank
Ruediger Scheffler.

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

         Frank Ruediger Scheffler
         Ulmenstrasse 14
         09112 Chemnitz
         Germany
         Tel: (0371) 382260
         Fax: (0371) 3822623
         Website: http://www.tiefenbacher.de/

The District Court of Chemnitz opened bankruptcy proceedings
against Domizil Conzept GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Domizil Conzept GmbH
         Attn: Andreas Wolfram, Manager
         Zwickauer Strasse 56
         09112 Chemnitz
         Germany


ENGLERT BAU: Claims Registration Ends November 2
------------------------------------------------
Creditors of Englert Bau - Gesellschaft mbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Ottmar Hermann
         Bleichstrasse 2-4
         60313 Frankfurt am Main
         Germany
         Tel: 069/9130920
         Fax: 069/91309230

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Englert Bau - Gesellschaft mbH on Sept. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Englert Bau - Gesellschaft mbH
         Friedrich-Ebert-Strasse 40
         61118 Bad Vilbel
         Germany


GOETZ KRUEGER: Claims Registration Ends Oct. 29
-----------------------------------------------
Creditors of Goetz Krueger GmbH have until Oct. 29 to register
their claims with court-appointed insolvency manager Hendrik
Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Dec. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         Germany

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

The insolvency manager can be reached at:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Goetz Krueger GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Goetz Krueger GmbH
         Friedrichshulder Weg 101
         25469 Halstenbek
         Germany


HANIDO TRANSPORT: Claims Registration Period Ends Nov. 10
---------------------------------------------------------
Creditors of Hanido Transport GmbH have until Nov. 10 to
register their claims with court-appointed insolvency manager
Thorsten Klepper.

Creditors and other interested parties are encouraged to attend
the meeting 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 Dortmund
         Hall 3.316
         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:

         Thorsten Klepper
         Kleppingstrasse 20
         44135 Dortmund
         Germany

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

The Debtor can be reached at:

         Hanido Transport GmbH
         Attn: Harry Niggemann, Manager
         Goellenkamp 31 a
         44357 Dortmund
         Germany


HEROS GROUP: Court Rejects Appeal After Chairman Misses Deadline
----------------------------------------------------------------
The Regional Court of Hildesheim has rejected as inadmissible
the appeal filed by Heros Group founder and former Chairman
Karl-Heinz Weis because his lawyers failed to provide any
justification for the appeal in time to meet the deadline, The
Financial Times reports.

The TCR-Europe reported on May 29, 2007, that the Hildesheim
State Court had convicted Mr. Weis, along with a procurement
manager and two branch managers, of embezzling up to EUR240
million (US$324 million) from the company's clients.

The court found that the four former managers intentionally
delayed cash transfers to their customers, comprised mostly of
retailers and banks, in order to cover up losses.  Mr. Weis
received a 10-year sentence whereas the other defendants
received prison sentences ranging from 6-1/2 to 10 years.

The provision of justification for his appeal was delayed
because the lawyers defending Mr. Weis sent the wrong fax to the
court, and have applied to return to the previous position.  If
the application is approved, the law firm will be able to
provide justification for the appeal later, FT states.

The Federal Supreme Court must now decide whether to allow the
appeal despite the error.  The other three former Heros
executives have also appealed and have reportedly taken the
necessary steps by the deadline, FT relates.

Headquartered in Hanover, Germany, Heros Group --
http://www.heros-unternehmensgruppe.de/-- previously controlled
around half of Germany's money- transport business transporting
around EUR600 million a day.

Heros Group and 23 of its subsidiaries filed for insolvency
proceedings on Feb. 21, 2006, following the arrest of four
executives from its Nordcash Geldbearbeitung unit.  The court in
Hanover formally opened the insolvency proceedings against the
company on April 28, 2006, effecting a takeover deal by US
investor MatlinPatterson.  Since then, Heros traded under the
SecurLog name.

Financial losses caused by the bankruptcy were placed at EUR469
million (US$632 million).


HR-INSPIRED GMBH: Claims Registration Period Ends Oct. 30
---------------------------------------------------------
Creditors of HR-INSPIRED GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Dr. Heiner
Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven
         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. Heiner Buss
         Hauptstrasse 169
         26639 Wiesmoor
         Germany
         Tel: (04944) 1033/1034
         Fax: (04944) 912035
         E-Mail: BUSS.Wiesmoor@t-online.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against HR-INSPIRED GmbH on Sept. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         HR-INSPIRED GmbH
         Attn: Wolfgang Janssen, Manager
         Schaarreihe 113
         26389 Wilhelmshaven
         Germany


ISOFIRE GMBH: Claims Registration Period Ends Nov. 13
-----------------------------------------------------
Creditors of Isofire GmbH have until Nov. 13 to register their
claims with court-appointed insolvency manager Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Dec. 11, 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 Cologne
         Meeting Hall 14
         Ground 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. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Germany

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

The Debtor can be reached at:

         Isofire GmbH
         Koerner Str. 73
         50823 Cologne
         Germany

         Attn: Kadira Kasic, Manager
         Subbelrather Str. 439
         50825 Cologne
         Germany


KURKLINIK VICTORIA: Claims Registration Period Ends Oct. 25
-----------------------------------------------------------
Creditors of Kurklinik Victoria GmbH have until Oct. 25 to
register their claims with court-appointed insolvency manager
Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         Germany

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

The insolvency manager can be reached at:

         Frank Hanselmann
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel: 0931/359800

The District Court of Schweinfurt opened bankruptcy proceedings
against Kurklinik Victoria GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kurklinik Victoria GmbH
         Kurgarten 5
         97688 Bad Kissingen
         Germany


LAUKEMANN GMBH: Claims Registration Period Ends Oct. 30
-------------------------------------------------------
Creditors of Laukemann GmbH, Hoch, Tief-, Strassenbau have until
Oct. 30 to register their claims with court-appointed insolvency
manager Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Ottmar Hermann
         Bleichstr. 2-4
         60313 Frankfurt am Main
         Germany
         Tel: (069)) 91 30 92 0

The District Court of Karlsruhe opened bankruptcy proceedings
against Laukemann GmbH, Hoch, Tief-, Strassenbau on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Laukemann GmbH, Hoch, Tief-, Strassenbau
         Attn: Juergen Laukemann, Manager
         Hermann-Leichtlin-Str. 9a
         76185 Karlsruhe
         Germany


LET'S BUY: Claims Registration Ends Oct. 25
-------------------------------------------
Creditors of Let's Buy Clever GmbH have until Oct. 25 to
register their claims with court-appointed insolvency manager
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth 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:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Let's Buy Clever GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Let's Buy Clever GmbH
         Oberbilker Allee 105
         40227 Duesseldorf
         Germany


MESSEBAU SCHLEY: Claims Registration Ends November 2
----------------------------------------------------
Creditors of Messebau Schley GmbH have until Nov. 2 to register
their claims with court-appointed insolvency manager Guenter
Staab.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Meeting Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Guenter Staab
         Sulzbachstrasse 26
         66111 Saarbruecken
         Germany
         Tel: (0681) 3090 416
         Fax: (0681) 3090 456

The District Court of Saarbruecken opened bankruptcy proceedings
against Messebau Schley GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Messebau Schley GmbH
         Attn: Peter Pfeifer, Manager
         Birken 11
         66130 Saarbruecken
         Germany


NRG ENERGY: Earns US$149 Million in Second Quarter Ended June 30
----------------------------------------------------------------
NRG Energy Inc. reported net income for the three months ended
June 30, 2007, of US$149 million, as compared to net income of
US$203 million for the same period last year.  These results
include a US$35 million non-cash, pre-tax charge related to the
completion of the US$4.4 billion refinancing of the company's
Senior Credit Facility in conjunction with the company's
Comprehensive Capital Allocation Plan, while the 2006 period
benefited from US$15 million in pre-tax settlement agreements.

Quarterly operating income improved to US$436 million from
US$410 million in 2006.  Second quarter 2007 results included
US$36 million in net development costs for the RepoweringNRG
program.  Operating income for the three months ended June 30,
2007, were favorably impacted by increased gas generation and
pricing in the Northeast region.

Net income from continuing operations for the first half of this
year was US$214 million, compared to US$217 million for the same
period last year.  Operating income for the first six months of
2007 improved to US$709 million from US$619 million in 2006.
First half results were favorably impacted by the inclusion of
an additional month for NRG Texas as this business was acquired
on Feb. 2, 2006, and higher generation and pricing in the
Northeast region.

Cash flow from operations for the first six months of 2007 was
US$459 million, after the posting of US$103 million of net
collateral outflows, versus adjusted cash flow from operations
of
US$604 million, including the benefit of US$272 million of net
collateral inflows, during the same period last year.

"Through RepoweringNRG and FORNRG we have our business well
positioned for the future, while the strong execution of our
commercial and plant operations has put us in a position to
exceed the financial goals we had announced at the beginning of
the year," commented David Crane, NRG president and chief
executive officer.  "The quarter also marked the timely
completion of construction at Long Beach, our first repowering,
and demonstrates how quickly and capably we can act upon a type
of project which will become increasingly prevalent as reserve
margins tighten in all of our core markets."

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$18.94 billion in total assets, US$13.36 billion in
total liabilities, US$1 million in minority interest, US$247
million in 3.625% redeemable perpetual preferred stock, and
US$5.33 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2424

                 Liquidity and Capital Resources

Liquidity at June 30, 2007, was approximately US$1.85 billion,
down US$373 million since Dec. 31, 2006, and US$123 million
since June 30, 2006.  The reduction in current liquidity is
mainly due to the US$200 million reduction in synthetic letter
of credit capacity as part of the recent restructuring of the
first lien credit facility.

                            Outlook

The company is raising 2007 adjusted EBITDA guidance to
US$2.20 billion from US$2.15 billion and cash flow from
operations to
US$1.42 billion from US$1.40 billion to reflect its strong first
half performance, its fully hedged baseload position for the
balance of the year and the expected reduction in second half
operating expenses.

                         About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany, and Brazil.

                          *     *     *

Standard & Poor's Ratings Services rates NRG Energy Inc.'s
US$4.7 billion unsecured bonds at 'B'.  In addition, Standard &
Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'.
S&P said the outlook is stable.


NOWOTEL.DE BETEILIGUNGS: Creditors' Meeting Slated for Nov. 20
--------------------------------------------------------------
The court-appointed insolvency manager for nowoTel.de
Beteiligungs- und Vertriebsgesellschaft mbH, Andreas Kienast,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:15 a.m. on Nov. 20.

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

         The District Court of Magdeburg
         Hall 13
         Insolvency Department
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on Jan. 30, 2008, at the same
venue.

Creditors have until Oct. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Andreas Kienast
         Lennestr. 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973322
         Fax: 0391/5973333

The District Court of Magdeburg opened bankruptcy proceedings
against nowoTel.de Beteiligungs- und Vertriebsgesellschaft mbH
on Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         nowoTel.de Beteiligungs- und Vertriebsgesellschaft mbH
         Tranketor 12
         39221 Eggersdorf
         Germany

         Attn: Dirk Nowosielski, Manager
         Am Polderdeich 55
         39124 Magdeburg
         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 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 Cologne
         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 Cologne
         Germany

         Attn: Michael Bauer, Manager
         Hildebrandstr. 33
         76227 Karlsruhe
         Germany


OTTENEDER BAU: Claims Registration Ends November 2
--------------------------------------------------
Creditors of Otteneder Bau GmbH & Co.KG have until Nov. 2 to
register their claims with court-appointed insolvency manager
Alexander Saponjic.

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

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Alexander Saponjic
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/943210
         Fax: 0871/9432150

The District Court of Landshut opened bankruptcy proceedings
against Otteneder Bau GmbH & Co.KG on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Otteneder Bau GmbH & Co.KG
         Bahnhofstrasse 14
         94424 Arnstorf
         Germany


PARKETT POPIELA: Claims Registration Period Ends Oct. 31
--------------------------------------------------------
Creditors of Parkett Popiela GmbH have until Oct. 31 to register
their claims with court-appointed insolvency manager Michael
Wellstein.

Creditors and other interested parties are encouraged to attend
the meeting at 90:15 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 Ludwigshafen am Rhein
         Meeting Hall XIII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         Germany

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

The insolvency manager can be reached at:

         Michael Wellstein
         L 11, 20-22
         68161 Mannheim
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Parkett Popiela GmbH on Sept. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Parkett Popiela GmbH
         Attn: Adam Popiela, Manager
         Pettenkoferstr. 16
         67063 Ludwigshafen
         Germany


PROSIEBENSAT.1 MEDIA: Cartel Office Closes Fine Payment Case
------------------------------------------------------------
The Federal Cartel Office will close the proceedings against
ProSiebenSat.1 Media AG and its ad sales division SevenOne Media
against payment of a fine.

The proceedings were part of an industry-wide investigation
against advertising sales houses and market participants in
Germany.  The Federal Cartel Office has concluded in substance
that so-called share of advertising rebates -– last implemented
in the 2006 booking season -– between ProSiebenSat.1 Media AG
and the media agencies are vertical restraints of competition.

ProSiebenSat.1 Media AG will no longer offer the share of
advertising rebates which have been common industry practice.
ProSiebenSat.1 Media AG will now use a new pricing model for
media agencies and the advertising industry which is in line
with cartel law.  ProSiebenSat.1 Media AG is confident that it
will be able to continue to achieve its performance targets
under the new sales model.

In order to avoid lengthy court actions and negative impacts on
the business activities of ProSiebenSat.1 Media AG, the Company
has decided to accept a fine in the amount of EUR120 million.
The Federal Cartel Office has, for the first time, calculated
the fine by applying the new rules of the 7th amendment to the
cartel law and the Federal Cartel Office’s guidelines for the
setting of fines. These new rules result in a significant
increase in the level of fines, when compared to prior cartel
law cases.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.ProsiebenSat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                            *   *   *

As of Aug. 23, 2007, ProsiebenSat.1 Media AG carries Ba1 senior
unsecured and corporate family ratings from Moody's Investors
Service.


REINIGUNG DIENSTLEISTUNG: Claims Registration Ends October 30
-------------------------------------------------------------
Creditors of Reinigung, Dienstleistung und Service GmbH & Co. KG
have until Oct. 30 to register their claims with court-appointed
insolvency manager Philipp Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 4
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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. Philipp Grub
         Humboldtstr. 16
         70178 Stuttgart
         Germany
         Tel: 0711/96 68 90
         Fax: 0711/96 68 919

The District Court of Stuttgart opened bankruptcy proceedings
against Reinigung, Dienstleistung und Service GmbH & Co. KG on
Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Reinigung, Dienstleistung und Service GmbH & Co. KG
         Attn: Uwe Jesse, Manager
         Benzstr. 15
         71332 Waiblingen
         Germany


STUTH BAMBERG-HALLSTADT: Claims Registration Ends Oct. 17
---------------------------------------------------------
Creditors of Stuth Bamberg-Hallstadt GmbH have until Oct. 17 to
register their claims with court-appointed insolvency manager
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Nov. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Hall 031
         Synagogenplatz 1
         96047 Bamberg
         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:

         Thomas Linse
         Rosenauer Str. 22
         96450 Coburg
         Germany
         Tel: 09561/8034-0
         Fax: 09561/8034-34

The District Court of Bamberg opened bankruptcy proceedings
against Stuth Bamberg-Hallstadt GmbH on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Stuth Bamberg-Hallstadt GmbH
         Michelinstr. 142
         96103 Hallstadt
         Germany


WEINBRENNER UMFORMSYSTEME: Claims Registration Ends November 2
--------------------------------------------------------------
Creditors of Weinbrenner Umformsysteme GmbH & Co. KG have until
Nov. 2 to register their claims with court-appointed insolvency
manager Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         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. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/238890

The District Court of Ludwigsburg opened bankruptcy proceedings
against Weinbrenner Umformsysteme GmbH & Co. KG on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Weinbrenner Umformsysteme GmbH & Co. KG
         Attn: Martin Buchholz, Manager
         Schwarzwaldstr. 1
         71263 Weil der Stadt
         Germany


WOHNBAU STADLER: Claims Registration Ends October 30
----------------------------------------------------
Creditors of Wohnbau Stadler GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Thorsten
Schleich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Villingen-Schwenningen
         Hall 2
         Second Floor
         Niedere Str. 94
         78050 Villingen-Schwenningen
         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. Thorsten Schleich
         Max-Planck-Str. 11
         78052 Villingen-Schwenningen
         Germany

The District Court of Villingen-Schwenningen opened bankruptcy
proceedings against Wohnbau Stadler GmbH on Sept. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wohnbau Stadler GmbH
         Attn: Kamil Tilleczek, Manager
         Geisinger Str. 5 a
         78166 Donaueschingen
         Germany


WSF ANLAGEN: Claims Registration Period Ends Nov. 12
----------------------------------------------------
Creditors of WSF Anlagen Service GmbH have until Nov. 12 to
register their claims with court-appointed insolvency manager
Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Friedberg (Hessen)
         Room 234
         Second Floor
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt (Main)
         Germany
         Tel: (069) 96 23 34-0
         Fax: (069) 96 23 34-22
         E-mail: m.plathner@brinkmann-partner.de

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against WSF Anlagen Service GmbH on Sept. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WSF Anlagen Service GmbH
         Attn: Ruediger Weismantel, Manager
         Neutorgasse 1
         61169 Friedberg
         Germany


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


AES CORP: Prices US$2 Billion Private Debt Placement
----------------------------------------------------
The AES Corporation has priced its previously announced private
placement of senior unsecured notes, consisting of:

   -- US$500 million principal amount of 7.75% senior notes due
      2015, and

   -- US$1.5 billion principal amount of 8% senior notes due
      2017.

The size of the offer has been increased to US$2 billion from
the US$500 million previously announced on Oct. 9, 2007.

The Company intends to use the net proceeds from the sale of the
senior notes primarily to refinance a portion of its recourse
debt.  However, depending on the timing of the sources and uses
of parent-level funds, up to US$600 million of the net proceeds
may be used to support the Company's near-term investment
requirements, such as the potential purchase of the Brazilian
National Development Bank’s (BNDES) interest in Brasiliana and
anticipated investments in the Philippines, South Africa and
Northern Ireland, or for general corporate purposes.

As previously disclosed in the Company’s Form 10-K/A dated
Aug. 7, 2007, AES has a right of first refusal under the
Brasiliana shareholders’ agreement to acquire BNDES’s interest
in Brasiliana.  BNDES has begun the process to sell its interest
in Brasiliana.  The Company may also use its internally-
generated free cash flow, additional financing transactions and
portfolio management transactions, including (but not limited
to) asset sales and subsidiary recapitalization transactions to
fund its investments and for the refinancing of its recourse
debt.

The senior notes will not be registered under the Securities Act
of 1933, or any state securities laws.  Therefore, the senior
notes may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act of 1933 and any applicable
securities laws.  This announcement is neither an offer to sell
nor a solicitation of an offer to buy the senior notes.

                       About AES Corporation

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

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


AES CORP: Moody's Rates Proposed US$500MM Sr. Unsec. Notes at B1
----------------------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured rating
to The AES Corporation's proposed issuance of US$500 million
senior unsecured notes due 2017.

In addition, Moody's has affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at
Ba1, its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
The rating outlook for AES is stable.

The rating affirmation reflects an expectation that AES will use
proceeds from the proposed offering to fund new investment
opportunities that are expected to provide appropriate returns.
Furthermore, the rating affirmation acknowledges the company's
success in restructuring existing businesses and investing in
new electric generation projects that, in the near-term, are
expected to generate incremental cash flows.  These efforts,
which include the restructuring of AES's businesses in Brazil,
the elimination of a cash trap at its Brazilian holding company
plus the construction and commercial operation of approximately
350 megawatts of United States-based wind generation, have been
funded without incremental recourse debt.

As a result of the above, and in combination with increased
distribution from several existing subsidiaries, the aggregate
amount of subsidiary distributions to AES in 2008 is expected to
exceed the approximate US$1 billion received in each of 2005 and
2006.  Moody's notes that the historical results include
distributions from C.A. La Electricidad De Caracas, which AES
recently sold to Petroleos de Venezuela S.A.  Furthermore, the
expected commercial operation of various generating stations
currently under construction beginning 2009/2010 should further
improve the level of subsidiary distributions.

That being said, the proposed senior unsecured offering will
constrain upward movement in AES's current rating levels over
the near-to-intermediate term.  The ratings could be pressured
should the expected increase in subsidiary distributions not
materialize.

Rating assigned:

   * The AES Corporation

   -- US$500 million of new senior unsecured notes, B1
      (LGD4, 57%);

Ratings affirmed/LGD assessments revised:

   * The AES Corporation

   -- Corporate Family Rating -- B1;

   -- Probability of Default Rating -- B1;

   -- Senior secured credit facilities -- Ba1 (LGD1, 3%)
      from (LGD, 2%);

   -- Second priority senior secured notes -- Ba3 (LGD3, 41%)
      from (LGD3, 40%); and

   -- Senior unsecured notes -- B1 (LGD4, 57%) from (LGD4, 55%).

   * AES Trust III and AES Trust VII

   -- Convertible trust preferred securities -- B3 (LGD6, 94%)
      from (LGD6, 93%).

The AES Corporation is a global power company with generation
and distribution assets in Europe, Asia, Latin America, Africa
and the United States.


AES CORP: S&P Affirms BB- Credit Ratings with Stable Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on the diversified energy company, AES Corp.,
following its annual review of the company.  The outlook is
stable.  S&P also assigned its 'B' rating to the company's
US$500 million senior unsecured notes due 2017.

At the same time, Standard & Poor's raised the rating on AES'
US$1.8 billion second-lien senior secured debt to 'BB+' from
'BB-', two notches above the corporate credit rating.  Standard
& Poor's also assigned a recovery rating of '1' to the second-
lien senior secured debt, indicating the expectation of very
high (90%-100%) recovery in a payment default scenario.  The
first-lien senior secured debt is unrated. All other debt
ratings were affirmed.

As of June 30, 2007, Arlington, Va.-based AES had about
US$4.7 billion of recourse debt and trust-preferred securities,
reflecting its reliance on substantive distributions from
jurisdictions with considerable regulatory and operating
uncertainties and its exposure to merchant power markets, most
notably through its AES Eastern Energy L.P. (BB+/Stable/--)
subsidiary.

The ratings on AES reflect the need for large expenditures for
growth, which are partly serviced by residual distributions from
project investments and dividends from operating subsidiaries,
and the continuing need for financing that should be funded in a
credit-neutral manner.  S&P believe’s that the significant
investment requirements, which will likely entail leverage, will
slow the favorable credit momentum of the past two years.
Partly mitigating these weaknesses are benefits of regional and
operational diversification, which help to reduce the company's
exposure to any one regulatory regime or commodity.

The stable outlook on AES reflects our expectation of consistent
performance over the next 18 months to 24 months.

"We believe that as a result of large investment needs, the
positive credit momentum has eased and further debt reduction is
unlikely," noted Standard & Poor's credit analyst Aneesh Prabhu.
"We could revise the outlook to negative if cash flow
distributions deteriorate as a result of substantial investments
that do not generate expected distributions, or if project-level
financing results in lower distributions," he continued.
Substantial loss of distributions from major contributors could
also affect credit quality.

                       About AES Corporation

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

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


AES CORP: Fitch Rates US$500 Million Senior Notes at BB
-------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to AES
Corporation's US$500 million issue of senior unsecured notes due
2017.  AES' long-term Issuer Default Rating is rated 'B+' by
Fitch. The Rating Outlook is Stable.

Fitch views this transaction as the pre-funding of growth
capital spending and debt refinancing.  For high-yield issuers,
Fitch believes that pre-funding can be prudent during times of
uncertain capital market access.  Fitch's rating is based on its
expectation that AES will use the proceeds during the next two
quarters to pay down debt and/or to invest in several different
generation projects.  The company has US$415 million of debt
maturing in 2008, and will complete several new projects that
should create sufficient cash flows to offset the additional
debt and interest expense and allow the company to maintain
relatively stable credit metrics.

The ratings of AES reflect the high degree of parent-company
recourse debt, the structural subordination of that debt to
project level debt, and the reliance on distributions from its
subsidiaries for parent-company debt service.  Offsetting, in
part, the company's financial risk is the solid base of utility
and contracted generation as well as the diversity of cash flow
sources.  The current Stable Rating Outlook reflects Fitch's
expectation that credit metrics will stay within parameters for
the current rating.

AES is one of the world's largest global power companies, with
2006 revenues of US$11.6 billion.  With operations in 28
countries on five continents, the company is active in the
generation, transmission and distribution of electricity.  The
company controls more than 42,000 mw of capacity.

                       About AES Corporation

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

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


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


GOODYEAR TIRE: Extends Procurement Outsourcing Deal with ICG
------------------------------------------------------------
The Goodyear Tire & Rubber Company has renewed its contract with
ICG Commerce.  The extension of this relationship is a result of
ICG Commerce's ability to meet its commitments and deliver
measurable value.  Goodyear engaged ICG Commerce in 2005 as part
of the company's focus on driving cost reductions, one of the
seven key drivers in their corporate strategy to build momentum
and maintain profitable growth through improvements in company
performance.

"Extending our contract with ICG Commerce attests to the success
of the relationship to date," said Ted Augustine, Goodyear's
Director of Purchasing - North American Tire.  "Over the past
two and a half years, our joint team has delivered on aggressive
targets that directly support company goals."

Under the three-year extension, ICG Commerce will continue to
assist Goodyear with a full scope of procurement business
process outsourcing services: sourcing, category management and
purchase-to-pay transaction processing for major indirect spend
categories within the company's North American Tire business
unit.  The program will continue to support Goodyear's cost
reduction goals by delivering realized savings and increased
efficiencies while allowing the company to focus on core
competencies.

"Goodyear's dedication to driving performance improvements and
efficiencies is impressive," said Carl Guarino, CEO of ICG
Commerce.  "We are very pleased to be supporting these efforts
and look forward to contributing to Goodyear's continued
success."

This renewal, which follows recent contract expansions signed
with Greif, Cameron International Corporation and a leading
technology company and new contracts signed with Chiquita Brands
International and a global life science company, highlights ICG
Commerce's ability to help leading companies drive measurable
cost savings, improved visibility and greater control through
its comprehensive procurement outsourcing solutions.

According to market expert IDC, the renewed contracts also
demonstrate a maturation of the procurement services industry
and solidify the concept of leading companies' preference for
choosing specialist providers for procurement outsourcing
engagements.  "ICG Commerce's relationships with companies such
as Goodyear, Greif and Chiquita are examples of how leading
companies are looking to specialist procurement outsourcing
providers to help them focus on their core competencies and
improve financial results," said David Tapper, Vice President,
Outsourcing Services Research, IDC.

                     About ICG Commerce

ICG Commerce -- http://www.icgcommerce.com/-- is the leading
procurement outsourcing specialist delivering comprehensive
source-to-pay as well as strategic sourcing services.  Results-
driven leaders access ICG Commerce's experienced resources and
market intelligence to better manage procurement and logistics
spend, gaining significant savings and enhanced visibility and
control.

ICG Commerce is a privately held company founded in 1992 and a
member of Internet Capital Group's (NASDAQ: ICGE) network of
partner companies.  The company has earned recognition from
Forbes, Fortune, The International Association of Outsourcing
Professionals (IAOP) and leading industry analysts for its
leadership in procurement outsourcing.

                       About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear maintains Asia-Pacific facilities in
Australia, China and Korea.  Its European bases are located in
Austria, France, Germany, Italy, Russia, Spain, and the United
Kingdom.  Goodyear's Latin-American operations are located in
Argentina, Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.


IMAX CORP: Will Restate Financial Records on Real Estate Leases
---------------------------------------------------------------
IMAX Corporation plans to file a Form 10-K/A for fiscal
2006 to amend its Annual Report on Form 10-K for 2006, which was
filed on July 20, 2007.  The Form 10- K/A will restate financial
statements relating to the company's accounting for certain
terms of 7 real estate leases for its owned and operated
theatres and corporate facilities, with most of the income
statement impact being from 1997 - 2002.

The company plans to file a Form 10-Q/A to amend its Form 10-Q
filings for the first and second quarters of 2007 for the same
reason.

Previously, the company had recorded rent reductions received in
connection with certain real property leases in the years such
reductions were received, rather than on a straight-line basis
over the remaining lease term.  These reductions included rent
holidays and abatements.  In addition, the company did not
properly record certain leasehold improvements funded by
landlord construction allowances.

The aggregate amount of the charge at issue is approximately
US$5.5 - US$6.5 million, with approximately US$5 million
relating to the 1997 – 2002 period.  The US$5.5 - US$6.5 million
deferred rent credit will be amortized into income over the
remaining terms of the applicable real estate leases.  The
company emphasized that this restatement is not expected to
impact its cash or liquidity or relate to revenue recognition in
connection with theater system or film revenue.

Because of the error, management and the Audit Committee have
cautioned that the company's prior-filed financial statements on
Forms 10-K and 10-Q should not be relied upon until the
financial statements are restated, which the company expects to
occur within 35 days.

In addition, the company's Forms 10-K/A and 10-Q/A will include
certain additional and enhanced narrative disclosure in response
to comments received by the company from the U.S. Securities and
Exchange Commission.

                    About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.

At June 30, 2007, the company's balance sheet showed total
assets of US$220.2 million and total liabilities of US$284
million, resulting to a total shareholders' deficit of US$63.8
million.

The company recorded a net loss of US$4.9 million for the first
quarter of fiscal 2007, compared to a restated net loss of
US$3.7 million for the first quarter of fiscal 2006.  Net loss
for the fiscal year 2006 was US$16.9 million, compared to a net
income of US$7.8 million for the fiscal year 2005.


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


AKRIHIN OJSC: Proof of Claim Deadline Slated for Nov. 16
--------------------------------------------------------
Representation of OJSC Chemical-Pharmaceutical Combinate Akrihin
has declared insolvency.  Creditors have until Nov. 16 to submit
written proofs of claims to:

         Representation of OJSC Chemical-
         Pharmaceutical Combinate Akrihin
         Karasai batyr Str. 88
         Almaty
         Kazakhstan


AMINA LLP: Creditors Must File Claims Nov. 16
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Company Amina insolvent.  Creditors have until
Nov. 16 to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office One
         Furmanov Str. 103
         Almaty
         Kazakhstan


ARYSTANDY JSC: Claims Filing Period Ends Nov. 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared JSC Arystandy insolvent on Sept. 12.

Creditors have until Nov. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


BANK TURANALEM: Completes US$750 Million Bond Securitization
------------------------------------------------------------
AMRO Bank N.V., JPMorgan and Standard Chartered Bank have
completed a US$750 million securitization for JSC Bank TuranAlem
on Oct. 5, 2007.

This issue is made by a specialized financial company BTA DPR
and is a first issue in the international market of borrowings
in accordance with Bank's program on bonds issue secured by
Diversified Payment Rights.  Three of four issues under the
program are insured.

This securitization is the largest single transaction for the
Kazakh issuer.

ABN AMRO Bank N.V. and Standard Chartered Bank were co-agents to
keep the register and together with JPMorgan stood as organizers
of this transaction.

Each of the bond issues of 2007-А, 2007-В, 2007-С and
2007-D
series is insured by dedicated insurers which guarantee a duly
repayment of the principal debt and accrued interest.

Series    Amount    S&P/Moody's  Insurer  Maturity  Mid term
------    ------    -----------  -------  --------  --------
2007-A  US$200 mln.  AAA / Aaa     FGIC     2015    5.6 years
2007-B  US$200 mln.  AAA / Aaa     MBIA     2015    5.6 years
2007-C  US$200 mln.  AAA / Aaa     Ambac    2015    5.6 years
2007-D  US$150 mln.  BBB-/ Baa3    N/A      2015    5.6 years

DPR securitization program is an important supplement to BTA's
efforts to enter into international market of investments which
gives the Bank an access to cheaper international funding
sources.  Transaction structure as well as availability of
dedicated insurers were crucial factors for successful
transaction completion and let the Bank to place its bonds at
the price which is considerably lower than current prices for
BTA risk.

This transaction clearly shows BTA's adherence to its strategy
on diversification of funding sources.  The Bank has attracted
totally new investors and what is more important –- showed its
ability to continue the program of external attractions despite
the current situation in the world markets.

Transaction funds will be used for common corporate aims and
will not be sent to financing current outstanding amounts as BTA
will not repay the loans in short-term perspective.

BTA succeeded in completion of the transaction given the capital
market experienced strong psychological pressure after S&P's
reports on possible review of country’s ratings and bank’s
rating outlook.  This confirms great confidence of investors in
Bank TuranAlem in general.

Actually, GDP growth in the fist half of 2007 amounted to 10.2%,
nominal salary growth up to 28%.  In January-August 2007
investments into share capital totaled to some KZT1,783.7
billion.

As at Sept. 01, 2007 according to non-audited consolidated
balance, the Bank's assets grew by 50.91% up to US$24.7 billion,
loan portfolio by 76.74% - up to US$18.7 billion.

With that, Bank's liabilities grew by 45.62% up to US$21.7
billion including customers' deposits by 48.14% up to US$6.2
billion.  Bank's capital grew by 102.09% up to US$3.1 billion.
Bank's net income totaled to US$373 million which made an
increase by 73.64% versus to the analogous period of the last
year.  Capital adequacy ratio is К1 – 14.30%, К2 – 15.81%.

For the period beginning with the August crisis in the global
markets the Bank took several measures to increase financial
discipline: a thorough analysis of existing loan agreements and
facilities.  The emphasis was made on cashless financing under
BTA guarantees with foreign banks.  The Bank made a great job
with major borrowers.

The bank together with customers refinanced some projects
through foreign banks.  Swap operations with the National Bank
of the Republic of Kazakhstan and short-term in the interbank
market.

As the result the volume of past due loans amounted to less than
1% of the loan portfolio volume, share of 10 major borrowers
comprised 14.9% of the bank's portfolio.

The Bank has a good liquidity.  Liquid assets totaled to 19.73%
of the assets.

Bank successfully repaid a bridge loan for the amount of US$600
million in the middle of September and was able to reach
agreement on step-by-step refinancing of the half of this amount
with the maturity period up to 10 years.  The Bank also made
regular interest repayments on early issued Eurobonds with
different maturities for the total amount of about US$41.6
million.

Till the end of the year the bank shall repay around US$30
million on its internal liabilities.

Besides, the Bank continues its active work on the projects of
its retail portfolio securitization.

Along with that, the Bank actively performs explanatory work
with foreign investors, including:

   -- organizes regular call conferences with foreign investors
      and sends out reference information;

   -- Plans to hold informational road-show for foreign
      investors in the middle of September (USA, Great Britain
      and Singapore).

                     About Bank TuranAlem

Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                            *   *   *

As reported in the TCR-Europe on Oct. 5, 2007, Standard & Poor's
Ratings Services revised its outlook on Bank TuranAlem to stable
from positive.

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

In June 2007, Moody's downgraded the debt ratings of Bank
TuranAlem following the implementation of Moody's refined JDA
methodology on external support.  All ratings now carry stable
outlooks.

The affected ratings are:

   -- Foreign Currency Subordinate Debt Ratings downgraded to
      Ba1 from Baa2.

   -- Foreign Currency Junior Subordinate Debt Rating downgraded
      to Ba2 from Baa3.

   -- The D- Bank Financial Strength Rating is unchanged.

In a TCR-Europe report on May 22, 2007, Fitch affirmed the
ratings of Kazakhstan's Bank TuranAlem -- BTA -- at foreign
currency Issuer Default 'BB+', Short-term foreign currency 'B',
local currency Issuer Default 'BBB-', Short-term local currency
'F3', Support '3' and Individual C/D.  The Outlook on the
foreign currency Issuer Default rating is Positive while that on
the local currency IDR is Stable.


BANK TURANALEM: EGM Absentee Voting Deadline Slated for Nov. 20
---------------------------------------------------------------
Bank TuranAlem JSC will hold its extraordinary general meeting
of shareholders by absentee voting, according to the resolution
of the Board of Directors No.8-2-1 dated Aug. 28, 2007.

The date of calculation of bulletins received is fixed on
Nov. 20, 2007.  The list of shareholders having the right of
participation in the extraordinary general meeting of the
shareholders of the Bank is identified as of Aug. 29, 2007.

The agenda of the extraordinary general meeting of the
shareholders of the Bank include:

   -- alteration of the name of Bank TuranAlem JSC, and

   -- adopting and approval of the Charter of Bank TuranAlem JSC
      in a new wording.

Shareholders can obtain materials of the agenda from:

         Olga Beloborodova
         97 Zholdasbekov St.
         Micro-District "Samal-2"
         Almaty
         Kazakhstan
         Tel: +007-727-2665930

Inquiries can be addressed to:

         Andrey Stepanenko
         Tel: +007-727-2665975

           -- or --

         Bolat Miyatov
         112 Office
         66 Konaev St.
         Almaty
         Kazakhstan
         Tel: (+007-727-2665930)

The company can be reached at:

         Bank TuranAlem JSC
         97 Zholdasbekov St.
         Micro-district Samal-2
         Almaty
         050051 Kazakhstan

                     About Bank TuranAlem

Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.  The Group's consolidated
assets soared from US$16.3 billion at the end of 2006 reaching
US$24 billion as of July 1, 2007, balance equity capital almost
doubled from US$1.53 billion to US$2.97 billion.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                            *   *   *

As reported in the TCR-Europe on Oct. 5, 2007, Standard & Poor's
Ratings Services revised its outlook on Bank TuranAlem to stable
from positive.

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

In June 2007, Moody's downgraded the debt ratings of Bank
TuranAlem following the implementation of Moody's refined JDA
methodology on external support.  All ratings now carry stable
outlooks.

The affected ratings are:

   -- Foreign Currency Subordinate Debt Ratings downgraded to
      Ba1 from Baa2.

   -- Foreign Currency Junior Subordinate Debt Rating downgraded
      to Ba2 from Baa3.

   -- The D- Bank Financial Strength Rating is unchanged.

In a TCR-Europe report on May 22, 2007, Fitch affirmed the
ratings of Kazakhstan's Bank TuranAlem -- BTA -- at foreign
currency Issuer Default 'BB+', Short-term foreign currency 'B',
local currency Issuer Default 'BBB-', Short-term local currency
'F3', Support '3' and Individual C/D.  The Outlook on the
foreign currency Issuer Default rating is Positive while that on
the local currency IDR is Stable.


BESTAU-M LLP: Creditors' Claims Due on Nov. 20
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Bestau-M insolvent.  Creditors have until Nov. 20
to submit written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


BURSHYK LLP: Claims Registration Ends Nov. 21
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Burshyk insolvent.

Creditors have until Nov. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


ISTOK LLP: Proof of Claim Deadline Slated for Nov. 21
-----------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Istok (RNN 600600009826).  Creditors have
until Nov. 21 to submit written proofs of claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


KAZAKH AGRARIAN: Sovereign Ratings Cue S&P’s BB+ Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services had undertaken various rating
actions on three Kazakhstan government-related entities
following the downgrade of the Republic of Kazakhstan (foreign
currency BBB-/Stable/A-3, local currency BBB/Stable/A-3, Kazakh
national scale kzAAA) on Oct. 8, 2007.  Among the GREs involved
is the Kazakh Agrarian Credit Corp.

"The stable outlooks on KACC and Kazpost reflect that on the
Republic of Kazakhstan and takes in our continued expectation of
extraordinary support from the sovereign in the event of
financial distress," said Standard & Poor's credit analyst Boris
Kopeykin.

                          Ratings List

                  To                 From
                  --                 ----
Kazakh Agrarian Credit Corp.

   -- Issuer credit rating
                  BB+/Stable/B       BBB-/Watch Neg/A-3

   -- Senior unsecured debt rating
                  BB+                BBB-/Watch Neg

   -- National scale rating
                  kzAA               kzAA

NB: This list does not include all ratings affected.

Note: KACC, the entity that provides credit to rural mutual
credit associations throughout Kazakhstan in a 100% government-
owned entity with a public policy-based mandate from the
Republic of Kazakhstan.

In rating this entity, Standard & Poor's applies its criteria
for government-related entities.   S&P uses a top-down rating
approach, reflecting their public policy mandate and the strong
likelihood that they will receive extraordinary government
support in case of financial distress.


KAZKOMMERTSBANK JSC: Acquires 50% Stake in IC East Capital Ltd.
---------------------------------------------------------------
JSC Kazkommertsbank has acquired 50% stake in the equity capital
of Investment Company East Capital Ltd. on Oct. 4, 2007.

IC East Capital Ltd. is a resident of Russian Federation
(registered on Nov. 23, 2001 by Public Institution Moscow
Registration Chamber) and is a professional player on securities
market.

In nearest term the name of Investment Company East Capital Ltd.
is planned to be changed to Investment Group East Kommerts Ltd.
and its equity capital is planned to be increased to RUR1
billion, which will allow the company to be included in Top 10
investment companies of Russian Federation by the size of equity
capital.

                     About Kazkommertsbank

Kazkommertsbank –- http://www.kazkommertsbank.com/-- accepts
deposits and provides loans and credit facilities in Tenge and
foreign currencies.  The Bank is also a major participant in the
securities market and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As reported in the TCR-Europe on June 26, 2007, Moody's
Investors Service downgraded these ratings of Kazkommertsbank of
Kazakhstan:

   -- senior unsecured debt in foreign currency to Baa2/P-2 from
      Baa1/P-2;

   -- foreign currency backed subordinated debt to Baa3 from
      Baa2; and

   -- foreign currency backed junior subordinated debt to Ba1
      from Baa3.

KKB's bank financial strength rating is affirmed at D, while the
outlook on the BFSR and on all debt ratings is changed to
negative.  Moody's has also affirmed KKB's foreign currency
deposit ratings at Ba1/NP with a stable outlook.

In February 2007, Fitch Ratings affirmed Kazakhstan-based
Kazkommertsbank's ratings at foreign currency Issuer Default
'BB+', Short-term foreign currency 'B', local currency Issuer
Default 'BBB-', Short-term local currency 'F3', Individual 'C/D'
and Support '3'.

Fitch said the Outlook on the foreign currency Issuer Default
rating remains Positive and that on the local currency IDR
Stable.


KAZPOST JSC: Sovereign Ratings Cue S&P’s BB+ Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services had undertaken various rating
actions on Kazakhstan government-related entities following the
downgrade of the Republic of Kazakhstan (foreign currency BBB-
/Stable/A-3, local currency BBB/Stable/A-3, Kazakh national
scale kzAAA) on Oct. 8, 2007.  Among the GREs involved is
Kazpost (JSC).

"The stable outlooks on KACC and Kazpost reflect that on the
Republic of Kazakhstan and takes in our continued expectation of
extraordinary support from the sovereign in the event of
financial distress," said Standard & Poor's credit analyst Boris
Kopeykin.

                          Ratings List

                  To                 From
                  --                 ----
Kazpost (JSC)

   -- Issuer credit rating
                  BB/Stable/--       BB+/Watch Neg/--

   -- National scale rating
                  kzAA-              kzAA-

NB: This list does not include all ratings affected.

Note: Postal Company Kazpost is 100% government-owned entities
with a public policy-based mandate from the Republic of
Kazakhstan.

In rating this entity, Standard & Poor's applies its criteria
for government-related entities.   S&P uses a top-down rating
approach, reflecting their public policy mandate and the strong
likelihood that they will receive extraordinary government
support in case of financial distress.


MORTGAGE GUARANTEE: Sovereign Ratings Cue S&P’s BB Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services had undertaken various rating
actions on three Kazakhstan government-related entities
following the downgrade of the Republic of Kazakhstan (foreign
currency BBB-/Stable/A-3, local currency BBB/Stable/A-3, Kazakh
national scale kzAAA) on Oct. 8, 2007.  Among the GREs involved
is Mortgage Guarantee Fund of Kazakhstan (JSC).

"The Creditwatch status on MGFK, meanwhile, reflects our
uncertainty about the strength of support MGFK may receive from
the state in the medium term." said Standard & Poor's credit
analyst Boris Kopeykin.

"Should the state government confirm its commitment to continue
increasing MGFK's capital in the next few years the ratings on
the company will be affirmed; otherwise, the CreditWatch may be
resolved in a negative rating action."

                          Ratings List

                  To                 From
                  --                 ----
Mortgage Guarantee Fund of Kazakhstan (JSC)

   -- National scale rating
                  kzA+/Watch Neg     kzA+

   -- Issuer credit rating
                  BB/Watch Neg       BB/Watch Neg

NB: This list does not include all ratings affected.

Note: MGFK, the only provider of subsidized mortgage insurance
within the state-sponsored program is 100% government-owned
entity with a public policy-based mandate from the Republic of
Kazakhstan.

In rating this entity, Standard & Poor's applies its criteria
for government-related entities.   S&P uses a top-down rating
approach, reflecting their public policy mandate and the strong
likelihood that they will receive extraordinary government
support in case of financial distress.


PANORAMA PLUS: Creditors Must File Claims Nov. 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Panorama Plus insolvent on Aug. 27.

Creditors have until Nov. 20 to submit written proofs of claims
to:

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


VOSTOKURKOLLEGIYA LLP: Claims Filing Period Ends Nov. 20
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostokurkollegiya insolvent.  Creditors have
until Nov. 20 to submit written proofs of claims to:

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


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


CASTER COMPANY: Proof of Claim Deadline Slated for November 9
-------------------------------------------------------------
LLC Caster Company has declared insolvency.  Creditors have
until Nov. 9 to submit written proofs of claim to:

         LLC Caster Company
         Togolok Moldo Str. 59
         Bishkek
         Kyrgyzstan


GOLD HOLDING: Creditors Must File Claims by November 9
------------------------------------------------------
LLC Gold Holding (INN 00111200410188) has declared insolvency.
Creditors have until Nov. 9 to submit written proofs of claim
to:

         LLC Gold Holding
         Isanov str. 49/21
         Osh
         Kyrgyzstan


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


FOOT LOCKER: S&P Cuts Ratings to BB on Low Operating Performance
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on New York City-based Foot Locker
Inc. to 'BB' from 'BB+'.  S&P has removed the ratings from
CreditWatch, where they were placed with negative implications
on Aug. 18, 2006.  The outlook is negative.

"The downgrade reflects recent poor operating performance,"
explained Standard & Poor's credit analyst David Kuntz, "and our
expectation that these trends may not soon reverse."  He also
noted the likelihood that Foot Locker will not meet its fixed-
charge covenant in the second half of 2007.

"We expect operating performance to remain weak through the
remainder of 2007 and into early 2008," said Mr. Kuntz. The
company has taken significant markdowns to clear out inventory,
which should position its balance sheet well going forward.
"However," he added, "we remain concerned over the length and
severity of the downturn in the athletic shoe segment."

                       About Foot Locker

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


SYNIVERSE TECH: Bags Saudi Telecom Anti-Fraud Contract
------------------------------------------------------
Syniverse Technologies disclosed that Saudi Telecom Company will
implement the most advanced roaming fraud protection available
almost a year ahead of a GSM Association’s (GSMA) October 2008
deadline for member companies.

STC will deploy Syniverse DataNet, a solution developed in
conformance with the GSMA’s Near Real-Time Roaming Data Exchange
initiative, to ensure data records that track subscriber roaming
activity are exchanged more rapidly between home and visited
operators.  Replacing the existing, outmoded High Usage Reports
system with the NRTRDE standard reduces data record exchange
time from 36 to 4 hours, enabling operators to spot fraudulent
activity much more rapidly and reduce potential fraud losses by
up to an estimated 90 percent.

"STC plays a leading role in the growing Middle Eastern mobile
market, and we have been proactive in providing the most secure
roaming environment that we can for subscribers," said Mohamed
Alageel, General Manager of Information Technology at Saudi
Telecom, Aljawal, STC.  "Syniverse was the clear choice for this
vital project because it has the necessary roaming systems
experience coupled with an outstanding roaming fraud solution
developed to be the new benchmark for anti-fraud excellence."

The NRTRDE standard was developed by the GSMA to effectively
combat the growing threat of International Revenue Share Fraud
and to help operators the world over benefit from a far more
accurate and timely view of how their networks are performing
against fraud.  With NRTRDE, the visited (roaming) network will
be required to forward call data records to the subscriber’s
home operator within four hours of the call end time, closing
the roaming fraud window that currently is open on operator
networks that use HUR.  If the visited operator is unable to get
this information to the home operator in time, the visited
operator will be liable for any fraud associated with those
calls.

Eugene Bergen, Executive Vice President, EMEA, Syniverse, said
reducing revenue lost due to roaming fraud leads to
corresponding one-to-one increases in operator profitability for
STC and, equally important, a more secure roaming environment
for its subscribers.  STC, which has been a Syniverse customer
since 2004, chose Syniverse due to its technology leadership,
commitment to customer service and understanding of operators’
business needs.

"STC clearly understands that time matters when it comes to
combating roaming fraud, and that the sooner an NRTRDE solution
is implemented, the better protected both STC and subscribers
will be when they are roaming," Mr. Bergen said.  "We see other
GSM operators globally are quickly following STC’s lead and
implementing NRTRDE in accordance with the GSMA’s guidelines to
remain competitive as other operators worldwide upgrade their
fraud detection capabilities."

Syniverse, whose DataNet NRTRDE solution ensures operators are
in full compliance with the new GSMA standard, has played a
leading role in the creation of industry standards for fraud
prevention.  Syniverse chairs both the GSMA Transferred Account
Data Interchange Group (TADIG), which is responsible for NRTRDE
technical specifications, and the NRTRDE Interworking Group
(NRTIG), which is responsible for NRTRDE interworking procedures
between vendors.  Syniverse is the official author and editor of
TD.35, a key technical specification that ensures NRTRDE data
can be quickly and easily actioned by operators who are eager to
reduce fraud.

STC also relies on Syniverse’s:

   -- ACCESS S&E(R) GSM Clearinghouse Services to ensure all
      data records are cleared between STC and its many roaming
      partners in a rapid, accurate and cost-effective manner;

   -- MMS Interworking Gateway (MMS-IG) Hubbing Service, which
      allows STC to increase its multimedia messaging service
      (MMS) revenues by solving business and technical issues
      associated with delivering MMS off-network and between
      operators; and

   -- INPackSM, Syniverse’s GRX network solution that allows STC
      subscribers seamless access to their data network while
      roaming nationally and internationally.

                          About STC

Saudi Telecom Company -- http://www.stc.com.sa/-- is the
largest mobile operator in MENA and is the incumbent telecom
provider in Saudi Arabia.  STC has more than 15 million mobile
customers and more than 400 global roaming relations.  Roaming
services include postpaid, prepaid, GPRS, MMS and 3G services.
Other services provided by STC are PSTN, broadband and ISP
services.

                      About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
-- http://www.syniverse.com/-- provides technology services for
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services between
carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services.  Celebrating its
20th anniversary in 2007, Syniverse has offices in major cities
around the globe.  Syniverse is ISO 9001:2000 certified and TL
9000 approved, adhering to the principles of customer focus and
quality improvement practices.  The company has offices in the
Netherlands, Brazil, and China.

                        *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating, along with its stable outlook, and its 'B' senior
subordinated debt rating on Tampa, Florida-based Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed US$489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


WEIGHT WATCHERS: June 30 Balance Sheet Upside-Down by US$991,266
----------------------------------------------------------------
Weight Watchers International Inc.'s consolidated balance sheet
at June 30, 2007, showed US$1.04 billion in total assets and
US$2.04 billion in total liabilities, resulting in a US$991,266
total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007,
further showed strained liquidity with US$202.1 million in total
current assets available to pay US$2.04 billion in total current
liabilities.

The company reported net income of US$58.0 million in the second
quarter ended June 30, 2007, versus US$57.9 million in the
second quarter of 2006.  During the first quarter of 2007, the
company increased its debt level primarily to finance its self-
tender and repurchase of 19.1 million shares.  Accordingly,
interest expense in the second quarter of 2007 was US$29.0
million, up from
US$11.5 million in the second quarter of 2006, while fully
diluted shares of the company decreased to 79.4 million shares
from 100.2 million shares in the second quarter of 2006.

For the second quarter of 2007, net revenues increased 20% or
US$65.2 million to US$386.3 million, up from US$321.1 million in
the second quarter of 2006.  Fully diluted earnings per share
were US$0.73 in the second quarter of 2007 versus US$0.58 in the
prior year period, up 26%.  During the second quarter of 2006,
the company completed the refinancing of its debt and incurred
an early extinguishment of debt charge of US$0.01 per fully
diluted share. Excluding this non-recurring expense, fully
diluted earnings per share were US$0.59 for the second quarter
of 2006.

                     First Half 2007 Results

For the first half of 2007, net revenues increased 18.5% or
US$122.6 million to US$785.7 million, up from US$663.1 million
in the first half of 2006.  Fully diluted earnings per share
were US$1.36 in the first half of 2007 versus US$1.14 in the
prior year period. Excluding from the first half of 2007 and the
first half of 2006, US$0.02 per share and US$0.01 per share,
respectively, of non-recurring expense associated with the early
extinguishment of debt, fully diluted earnings per share were
US$1.38 for the first half of 2007 as compared to US$1.15 in the
prior year period, up 20%.

During the first half of 2007, net income was US$111.8 million
versus US$114.9 million in the first half of 2006.  Interest
expense in the first half of 2007 was US$54.3 million, up from
US$22.8 million in the first half of 2006, while average fully
diluted shares of the company decreased.

Commenting on results, David Kirchhoff, president and chief
executive officer, said, "I am pleased with our strong second
quarter results which benefited from the continued positive
impact of our Monthly Pass committment plan in North America,
robust product sales around the world and the expanding
awareness of our Weight Watchers Online internet product.  We
are now focused on taking meaningful steps to bring new energy
to the brand with more effective and differentiated marketing,
which we believe will support our continued growth into 2008 and
beyond."

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2419

                      About Weight Watchers

Headquartered in New York City, Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides weight management services, with a presence in 30
countries around the world, including Brazil, the Netherlands,
and New Zealand.  The company serves its customers through
Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                          *     *     *

In August 2001, Moody's Investor Services placed Weight Watchers
International Inc.'s long term corporate family and bank loan
debt ratings at "Ba1".  These ratings hold to this date.


X5 RETAIL: To Create Store Franchising Joint Venture in Russia
--------------------------------------------------------------
X5 Retail Group N.V. signed an agreement in principle to create
a joint venture to launch a new franchising program of
convenience stores across Moscow, St. Petersburg and their
respective regions in Russia.

                         About X5 Retail

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

                            *   *   *

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

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


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


BEARINGPOINT INC: Bags US$14.1-Mil. Contract from Calif. Agency
---------------------------------------------------------------
BearingPoint Inc. has been awarded a US$14.1 million two-year
contract from the California Department of Motor Vehicles (DMV)
to design, implement and support a new Web portal for the
department.  The new portal will improve the overall DMV
experience for California residents, and will help the state
address the Real ID Act, a federally-mandated program to
standardize state driver’s licensing and other state
identification.

California’s DMV is the nation’s largest motor vehicle
department, issuing more than eight million drivers’ licenses
and identification cards annually.  The DMV also sends 90
million pieces of mail, issues or renews more than 33 million
vehicle registrations and fulfills 135 million requests for
information per year.  The new DMV online portal will ensure
that constituents have access to information and services online
through an easy-to-use and comprehensive Web site.  As an added
benefit to residents, the system will reduce the need to
physically visit DMV locations, reducing crowding and wait
times.

"BearingPoint has had unprecedented success and experience in
the area of integrated government solutions, including top-rated
Web portals for citizen services," said Gary Miglicco, vice
president of BearingPoint’s National Motor Vehicle practice.
"This project will help make California’s new DMV Web portal a
more secure, intuitive, and time-saving tool for residents."

                     About BearingPoint

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

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

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


COMPANHIA SIDERURGICA: In Talks with Pernambuco Over Concession
---------------------------------------------------------------
Companhia Siderurgica Nacional met with Pernambuco state
governor Eduardo Campos on Oct. 4, 2007, to discuss the
Transnordestina railway, Business News Americas reports, citing
a source within the state government.

Published reports say that the Brazilian federal government has
threatened Companhia Siderurgica’s railway unit Companhia
Ferroviaria do Nordeste with revoking the concession it holds on
Transnordestina, as Companhia Ferroviaria has yet to contract
the executive project for the railway.  The government believes
that the project is too important to fall behind schedule.

BNamericas relates that the existing timeline for the railway
indicates that the project was scheduled for completion in 2010.
Transnordestina will stretch 1,800 kilometers from Ceara's Pecem
port and Pernambuco's Suape port to Eliseu Martins, Piaui.

The source told BNamericas that the meeting for Transnordestina
"was productive, but rough."

Companhia Siderurgica and Governor Campos didn’t discuss the
possibility of a possible steel project, BNamericas states,
citing the source.  Another government official had said that
the firm would discuss plans to install a steel plant in
Pernambuco during the Oct. 4 meeting, BNamericas states.

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

                        *     *     *

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


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


GENERAL INSURANCE: Creditors Must File Claims by October 29
-----------------------------------------------------------
Creditors of General Insurance Company OJSC have until Oct. 29
to submit proofs of claim to:

         Chenskih V.T.
         Interim Manager
         Apartment 30
         Admirala Lazareva Str. 27
         117042 Moscow
         Russia


GENERAL INSURANCE: Bankruptcy Hearing Set for March 11, 2008
------------------------------------------------------------
The Arbitration court of Moscow will convene at 10:00 a.m. on
March 11, 2008 to hear the bankruptcy supervision procedure.
The case is docketed under Case No. А40-40584/07-124-127Б.

The Court is located at:

         The Arbitration Court of Moscow
         Room 773
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         General Insurance Company OJSC
         Brodnikov pereulok, 7 Str. 1
         119180 Moscow
         Russia


INDUSTRY INVESTMENT: Asset Sale Slated for October 31
-----------------------------------------------------
Avesta LLC, will set with a repeated auction sale of the block
of registered ordinary shares of Industry Investment Agency CJSC
at 3:00 p.m. on Oct. 31 at:

         Office 417
         Scotoprogonnaya str. 29/1
         Moscow
         Russia

The company has set a RUR8 million starting price for the
auctioned assets.

Interested participants have until Oct. 29 to deposit an amount
equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         Office 417
         Scotoprogonnaya str. 29/1
         Moscow
         Russia
         Tel: 8-926-163-11-88


KOMSOMOL'SKIJ LLC: Bankruptcy Hearing Slated for Jan. 1, 2008
-------------------------------------------------------------
The Arbitration court of the Kemerovo will convene at 2:00 p.m.
on Jan. 1, 2008 to hear the bankruptcy supervision procedure on
Gold Recovery Plant Komsomol'skij LLC.  The case is docketed
under Case No. А27-6408/2007-4.

The Interim Manager is:

         Kachula A.V.
         Apartment 29
         Bul'var Stroitelej Str. 32/3
         650060 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         Gold Recovery Plant Komsomol'skij LLC
         Gornyaka Str.1
         Tisulskij Raion
         652231 Komsomolsk Settlement
         Russia


KRASAVINSKIJ OJSC: Creditors Must File Claims by Nov. 29
--------------------------------------------------------
Creditors of Flax-Processing Factory Krasavinskij OJSC have
until Nov. 29 to submit proofs of claim at:

         Apartment 26
         Torgovaya Pl 5
         160000 Vologda
         Russia

The Arbitration court of the Vologda commenced one-year
competitive proceedings against the company after finding it
insolvent.  The Court appointed Zhiromskij M.B. as Competitive
proceedings manager.  The case is docketed under Case No.
A13-2685/2007.

The Court is located at:

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


KURAGINSKIJ MEZHHOZYASTVENNYJ: Claims Filing Period Ends Nov. 29
----------------------------------------------------------------
Creditors of Forestry (administration) Kuraginskij
Mezhhozyastvennyj OJSC have until Nov. 29 to submit proofs of
claim at:

         POB 28495
         660020 Krasnoyarsk
         Russia

The Arbitration court of the Krasnoyarsk krai commenced
competitive proceedings against the company after finding it
insolvent.  The Court appointed Kirichenko A.G. as Competitive
proceedings manager.  The case is docketed under Case No.
A33-20389/2006.

The Debtor can be reached at:

         Forestry (administration) Kuraginskij
         Mezhhozyastvennyj OJSC
         Severnaya Str. 19
         Kuragino Settlement
         Kuraginskij Raion
         662920 Krasnoyarsk Krai
         Russia


MOBILE TELESYSTEMS: Moody's Lifts Corporate Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family and
existing bond ratings of Mobile TeleSystems to Ba2 from Ba3. The
outlook on the ratings is positive.

The upgrade reflects:

   (i) the company's robust operational and financial
       performance in the second half of 2006 and six months of
       2007;

  (ii) its demonstrated ability to sustain its market share in
       Russia, strong positions in Ukraine and a number of other
       CIS countries;

(iii) free cash flow generation in the first half of 2007;

  (iv) significantly improved profitability metrics;

   (v) modest leverage below 1.0x Total Adjusted Debt to
       reported EBITDA on an annualized six months basis;

  (vi) a relatively conservative and consistent management
       strategy as regards acquisition activities; and

(vii) a higher level of predictability in the company's
       financial policies over the past 12 months.

However, the upgraded ratings also take into account the
potentially sizeable mandatory capital expenditure in the coming
three to five years associated with the 3G network rollout.
Moody's also notes MTS's publicly stated strategy of growth
through continued expansion in the CIS.  Nonetheless, the
ratings do not incorporate any event or integration risks
related to large-scale bolt-on acquisitions, which would be
considered by Moody's separately for their effect on the
ratings.

When assessing MTS's credit profile, Moody's takes into account
the strategic approach of its controlling shareholder JSFC
Sistema (rated B1 by Moody's).  Despite its growing
diversification, Sistema is still reliant on the up-streamed
dividend flow from MTS for its ambitious expansion strategy.
The rating agency takes comfort in MTS's currently low leverage
but will continue monitoring the scale of the shareholder
distributions for their potentially detrimental effect on the
company's cash flows.

Moody's believes that MTS is adequately positioned to repay its
US$400 million 9.75% Notes at maturity on Jan. 30, 2008 with its
strong cash balances of approx.  US$760 million as of end-June
2007, robust quarterly cash flows from operations in excess of
US$1.3 billion on average and measured capex and M&A program.

Given the positive outlook, a future upgrade remains a strong
possibility.  Developments that could drive such a rating action
include evidence that the company has sustainably maintained
robust financial and operational metrics over the next six to
twelve months, generated positive free cash flow and maintained
conservative leverage parameters, while providing a greater
visibility on the financial policies.

Conversely, an increase in leverage beyond Moody's current
expectations entailing a deterioration of the credit profile, a
weakening of the market position due to competitive pressures,
and aggressive financial policies would likely exert pressure on
the ratings.

Headquartered in Moscow, Russia, Open Joint Stock Company Mobile
TeleSystems is the largest wireless telecommunications operator
in Russia and the CIS.  For the first six months of 2007, MTS
reported revenues of US$3.7 billion and an OIBDA margin of
51.8%.  MTS has 76.06 million total subscribers as of August
2007.  In Russia - its largest market -- MTS maintains a 33%
market subscriber share.  MTS also has fully consolidated
subsidiary operations in Ukraine (39% market subscriber share),
Uzbekistan (56%), and Turkmenistan (83%). In September 2007, MTS
acquired K-Telecom, the leading mobile operator in Armenia,
where it possesses a 67% market subscriber share.  MTS also owns
a 49% stake in Mobile TeleSystems LLC, a mobile operator in
Belarus, which has a 54% market subscriber share.


NOVOCHERKASSKNEFTEMASH: Court Hearing Slated for Feb. 6, 2008
-------------------------------------------------------------
The Arbitration court of the Rostov will convene at 3:20 p.m. on
Feb. 6, 2008, to hear the bankruptcy supervision procedure on
Novocherkasskneftemash OJSC.  The case is docketed under Case
No. А53-10718/2007-C1-36.

         Gorbatov A.A.
         Interim Manager
         POB 3664
         344022 Rostov-on-Don
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Novocherkasskneftemash OJSC
         Har'kovskoye Shosse 11
         Novocherkassk
         Rostov
         Russia


PKF KOMPLEKTSTROYSERVICE: Asset Sale Slated for October 30
----------------------------------------------------------
The Competitive proceedings manager of PKF Komplektstroyservice
CJSC, will open a public auction for the company's properties at
9:00 a.m. on Oct. 30 at:

         Office 15
         Chervishevskij Trakt 64a
         Tyumen'
         Russia

The starting price for the auctioned assets are:

   -- Lot1 starting price is RUR3,721,000.
   -- Lot2 starting price is RUR46,911,000.
   -- Lot3 starting price is RUR9,782,400.
   -- Lot4 starting price is RUR82,100.
   -- Lot5 starting price is RUR105,600.

Interested participants have until Oct. 25 to deposit an amount
equivalent to 20% of the starting price to:

         Settlement Account 40702810208000000510
         Correspondent Account 30101810200000000987
         FCB Yuniastrum bank
         Tyumen'
         Russia

Bidding documents must be submitted at:

         Office 15
         Chervishevskij Trakt 64a
         Tyumen'
         Russia


RUSSIAN STANDARD: Fitch Downgrades IDR to BB- on Lower Margins
--------------------------------------------------------------
Fitch Ratings has downgraded Russian Standard Bank Long-term
Issuer Default rating to 'BB-' from 'BB'.  The Outlook for the
Long-term IDR is Stable. Fitch has also affirmed RSB's other
ratings at Short-term IDR 'B', Support '5', Individual 'C/D' and
Support Rating Floor 'No Floor'.

The downgrade reflects the likely considerable and sustained
reduction in the bank's margins as a result of tougher
regulation of lending charges and a much tighter funding
environment, coupled with a marked increase in loan write-offs
to 14.6% (annualized) in first half of 2007 from 7.9% in 2006.
Fitch also notes the potential for further regulatory
restrictions on consumer finance banks in Russia in the future,
as well as the challenge posed to the bank's business model by
the currently limited availability of wholesale funding.

Fitch notes that refinancing risk for RSB is moderate in the
near-term in light of only small volumes of debt maturing in
fourth quarter of 2007 to first half of 2008.  The bank's
liquidity profile remains sound with predominantly long-term
liabilities funding mainly short-term assets.  Fitch also notes
that the slowdown in the bank's growth during 2007 to date has
generated some positives for the bank's credit profile:

   -- loan criteria have been tightened, as RSB has had to
      allocate a more limited funding pool;

   -- and capital ratios have been bolstered, as internal
      capital generation has far outstripped expansion of risk-
      weighted assets.

Fitch also notes that performance has been very strong to date,
creating a healthy cushion to absorb margin pressure.

"RSB's credit profile has suffered during the last few months as
a result of two largely exogenous shocks, namely the tighter
regulation of consumer lending by Russian state bodies and the
tightening of global liquidity, which have come on the back of
an increase in loan write-offs at the bank," says Alexander
Danilov, Director in Fitch's Financial Institutions group. "At
the same time, RSB remains, in our view, one of the better
credits in the Russian privately-owned bank universe, and
continues to be one of only four such institutions rated in the
'BB' range."

The Stable Outlook reflects Fitch's view that RSB should be able
to continue to operate profitably, notwithstanding the expected
marked reduction in margins, while also considering the
potential credit positives of slower growth in terms of
capitalization and underwriting procedures.  However, any
further marked increase in loan impairment rates due to loan
seasoning and/or a less favorable credit environment could put
additional downward pressure on the ratings.

Further downward ratings pressure could result from renewed
regulatory demands on consumer finance banks in Russia or if
funding becomes so hard to obtain at acceptable rates that it
threatens the viability and continuation of RSB's business
model.  Conversely, if RSB is successful in riding out the
current margin pressure and is able to demonstrate continued
strong profitability, coupled with moderate loan losses and
sound capitalization, then upside for the ratings could appear.

RSB is a leading consumer finance bank in Russia.  The bank's
distribution network includes 149 offices in Moscow and Russian
regions, 13 regional centers, 182 representative offices in
major cities and more than 50,000 retail outlets, covering some
93% of the Russian population.  At end of 2006, RSB was the
11th-largest bank by assets in Russia and ranked second, after
Sberbank, in retail loans.  Roustam Tariko indirectly owns 99.9%
of RSB's shares.


SEVERNAYA LLC: Creditors Must File Claims by Nov. 29
----------------------------------------------------
Creditors of Shipping Company Severnaya LLC have until Nov. 29
to submit proofs of claim at:

         Office 5
         Prokatova 8
         160029 Vologda
         Russia

The Arbitration court of the Vologda commenced competitive
proceedings on the company.  The Court appointed Mr. Elgaev as
Competitive proceedings manager.  The case is docketed under
Case No. A13-11342/2006-22.

The Court is located at:

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

The Debtor can be reached at:

         Shipping Company Severnaya LLC
         Mashinostroitel'naya Str. 26
         160029 Vologda
         Russia


SIBIRSKIJ RODNIK: Asset Sale Slated for Oct. 31
-----------------------------------------------
Biryukov A.P., Competitive proceedings manager of Sibirskij
Rodnik СJSC, will open a public auction for the company's
properties at 2:00 p.m. on Oct. 31 at:

         Office 10
         Krasnoarmejskaya Str. 50a
         Kemerovo
         Russia

The company has set a RUR1,769,300 starting price for the
auctioned assets.

Interested participants have until Oct. 30 to deposit an amount
equivalent to 10% of the starting price to:

         Sibirskij Rodnik СJSC
         Settlement Account 40702810109240000108
         Correspondent Account 30101810100000000834
         Bank Levoberezhnyj OJSC
         Novosibirsk
         Russia

Bidding documents must be submitted to:

         Office 10
         Krasnoarmejskaya Str. 50a
         Kemerovo
         Russia
         Tel/fax: 8 (3842) 25-76-76

The Debtor can be reached at:

         Sibirskij Rodnik СJSC
         Ust'-Kamenka
         Toguchinskij raion
         Novosibirsk
         Russia


SIBPLAST CJSC: Creditors Must File Claims by Oct. 22
----------------------------------------------------
Creditors of Sibplast CJSC have until Oct. 22 to submit proofs
of claim to:

         Nogradskaya Str. 22-75
         650000 Kemerovo
         Russia

The Arbitration court of the Novosibirsk commenced competitive
proceedings against the company after finding it insolvent.  The
Court appointed Sanzharevskij E.V. as Competitive proceedings
manager.  The case is docketed under Case No. A45-15702/01-
СБ/2395.

The Court is located at:

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

The Debtor can be reached at:

         Sibplast CJSC
         Zorge Str. 12
         630106 Novosibirsk
         Russia


SIBSOL' INTEGRATED: Asset Sale Slated for November 16
-----------------------------------------------------
V.A. Popov, the Competitive proceedings manager of Sibsol'
Integrated Plant FSUE, will open a public auction for the
company's properties at noon on Nov. 16 at:

         Plant Administration Office
         Krupskoj Str. 60
         Usol'e-Sibirskoye
         665453 Irkutsk
         Russia

The company has set a RUR118,849,600 starting price for the
auctioned assets.

Interested participants have until Nov. 9 to deposit an amount
of RUR23,600,000 to:

         Sibsol' Integrated Plant FSUE
         Settlement Account 40502810213010000007
         Correspondent account 30101810200000000776
         Dalnevostochnyj Bank OJSC (Irkutsk)
         Irkutsk
         Russia

Bidding documents must be submitted to:

         V.A. Popov
         Krupskoj Str. 60
         Usol'e-Sibirskoye
         665453 Irkutsk
         Russia
         Tel: 6-97-40, 6-97-42

The Debtor can be reached at:

         Sibsol' Integrated Plant FSUE
         Krupskoj Str, 60
         Usol'e-Sibirskoye
         665453 Irkutsk
         Russia


SISTEMA JSFC: Earns US$877.1 Million for First Half 2007
--------------------------------------------------------
JSFC Sistema released its unaudited financial results for the
six months ended June 30, 2007.

The group's consolidated income statement showed net income
US$877.1 million on US$5.9 billion in revenues for the six
months ended June 30, 2007, compared with US$310.08 million net
income on US$4.34 billion in revenues for the same period in
2006.

At June 30, 2007, the group's balance sheet reflected US$22.46
billion in total assets, US$12.72 billion in total liabilities
and US$5.7 billion in shareholders' equity.

"The 36% year on year increase in group revenues for the first
six months of 2007 demonstrates the continued rapid growth,
expansion and market share gains across our businesses,"
Alexander Goncharuk, president and CEO of Sistema commented.

Mr. Goncharuk adds, "The non-telecommunications businesses in
the group now account for more than a quarter of our total
revenues, and our non-listed subsidiaries more than doubled
their revenues year on year during the first half of 2007,
following healthy organic growth and scale acquisitions.  Group
net income nearly tripled year on year, and reflected
significantly improved operating profitability levels and the
positive contribution of the investments that we have made."

"After the end of the period, we have now acquired a 10% stake
in the Indian telecommunications operator Shyam Telelink.  This
acquisition is in line with our strategy to extend our footprint
into exciting new high growth markets.  We remain well
positioned in our domestic markets, and have continued the
regional expansion of our banking and retail networks through
MBRD and Detsky Mir, respectively," Mr. Goncharuk concluded.

A full text copy of Sistema's financial report is available at
no charge at:

    http://bankrupt.com/misc/Sistema1H2007ResultsFINAL.doc

                         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.


TSIMLYANSKAYA CARPET: Creditors Must File Claims by Nov. 29
-----------------------------------------------------------
Creditors of Tsimlyanskaya Carpet Factory OJSC have until
Nov. 29 to submit proofs of claim at:

         Office 802
         Sotsialisticheskaya Str. 74
         344002
         Rostov-on-Don
         Russia

The Arbitration court of the Rostov commenced competitive
proceedings on the company.  The Court appointed Ushanov N.S. as
Competitive proceedings manager.  The case is docketed under
Case No. A53-1589/07-C1-8.

The Court is located at:

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

The Debtor can be reached at:

         Tsimlyanskaya Carpet Factory OJSC
         Moskovskaya Str. 61
         Tsimlyansk
         Rostov
         Russia


VERHOYANSKIJ SUE: Creditors Must File Claims by October 29
----------------------------------------------------------
Creditors of Meat-and-Milk Integrated Plant Verhoyanskij Sue
have until Oct. 29 to submit proofs of claim to:

         Mindrul Yu.V.
         Interim Manager
         Octyabr'skaya Str. 46
         Aldan
         678900 Sakha
         Russia

The Arbitration court of Sakha commenced bankruptcy supervision
procedure the company.  The case is docketed under Case No.
А58-4371/2007.

The Court is located at:

         The Arbitration Court of Sakha
         Kurasheva Str. 28
         Yakutsk
         677000 Sakha
         Russia

The Debtor can be reached at:

         Meat-and-Milk Integrated Plant Verhoyanskij Sue
         Ogorodnaya Str. 5
         Bagatai Settlement
         Verhoyanskij Raion
         678500 Sakha
         Russia


VOLZHKO-KAVKAZSKAYA: Bankruptcy Hearing Slated for Jan. 15, 2008
----------------------------------------------------------------
The Arbitration court of the Rostov will convene at 3:10 p.m. on
Jan. 15, 2008, to hear the bankruptcy supervision procedure on
Electric Network and Construction Company Volzhko-Kavkazskaya
OJSC.  The case is docketed under Case No. А53-8194/2007-C1-36.

The Interim Manager is:

         Gaidunkov V.A.
         Office 504
         Oborony Str. 24
         344082 Rostov-on-Don
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Electric Network and Construction Company
         Volzhko-Kavkazskaya OJSC
         Petrovskaya Str. 26
         344002 Rostov-on-Don
         Russia


X5 RETAIL: To Create Store Franchising Joint Venture in Russia
--------------------------------------------------------------
X5 Retail Group N.V. signed an agreement in principle to create
a joint venture to launch a new franchising program of
convenience stores across Moscow, St. Petersburg and their
respective regions in Russia.

                         About X5 Retail

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

                            *   *   *

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

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


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


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

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

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

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

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

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

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

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

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

   (1) excess spread is very limited;

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

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

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

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

Moody's based the definitive ratings primarily on:

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

  (ii) historical performance information;

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

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

   (v) the legal and structural integrity of the transaction.
       Moody's ratings address only the credit risks associated
       with the transaction.  Other non-credit risks have not
       been addressed, but may have a significant effect on
       yield to investors.

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


GRUPO LLANERA: Drops Expansion Plans Due to Bankruptcy Filing
-------------------------------------------------------------
Grupo Llanera has abandoned plans to diversify and expand its
business both domestically and internationally after it sought
bankruptcy protection early this month, Olivia Fontanilla writes
for Expansion, in a report carried by the Financial Times.

According to the report, Llanera had previously aimed to become
one of Spain's ten leading developers this year.  However, its
bankruptcy filing prompted it to reconsider plans to assess the
possibility of a flotation, which it had earlier hoped to
explore once its position in the European sector was
consolidated.  It has closed its first international branch in
London a few weeks ago.

The company reported a turnover of EUR418.6 million in 2006,
after booking a EUR5.3 million turnover in 2000.  At the end of
2006, Llanera reported EUR746 million in liabilities and EUR70
million in equity.

Higher interest rates, slowing Spanish house sales and the U.S.
subprime crisis have claimed Llanera as the first significant
victim of the three-way squeeze in Spain, FT relates.

A source tells the Turkish Daily News that about a dozen
companies along the Spanish coast are also experiencing their
own liquidity problems, which has trickled down to the furniture
and textile sector.

An El Pais report carried by FT says four of Llanera's suppliers
are facing possible bankruptcies due to difficulties in meeting
their own repayment obligations.

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

The company filed for bankruptcy protection at the Commercial
Court of Valencia on Oct. 2, 2007, citing substantial liquidity
constraints.


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


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

         Heinz Luggen
         Liquidator
         Hero
         Niederlenzer Kirchweg 6
         5600 Lenzburg AG
         Switzerland

The Debtor can be reached at:

         JSC FIM
         Zug
         Switzerland


GARAGE GEMPELER: Creditors' Liquidation Claims Due October 31
-------------------------------------------------------------
Creditors of JSC Garage Gempeler have until Oct. 31 to submit
their claims to:

         Markus Bartschi
         Liquidator
         Fluckiger & Bartschi
         Thunstrasse 68
         3074 Muri b. Bern
         Switzerland

The Debtor can be reached at:

         JSC Garage Gempeler
         Bern
         Switzerland


HERCULES INC: Earns US$34.5 Mln in Second Quarter Ended June 30
---------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
June 30, 2007, of US$34.5 million as compared to a net loss of
US$52.3 million for the second quarter of 2006.

Net sales in the second quarter of 2007 were US$549.0 million,
an increase of 10% from the same period last year.  Net sales
for the six months ended June 30, 2007 were US$1.05 billion, an
increase of 10% from the prior year, excluding the impact of the
FiberVisions transaction.  For the second quarter, volume and
pricing increased by 7% and 1%, respectively.  Rates of exchange
increased sales by 3% during the quarter, while mix was 1%
unfavorable.

Net sales in the second quarter of 2007 increased in all major
regions of the world versus the prior year.  Sales increased 4%
in North America, 18% in Latin America, 15% in Europe, and 11%
in Asia Pacific.

Reported profit from operations in the second quarter of 2007
was US$74.5 million, an increase of 14% compared with US$65.6
million for the same period in 2006.

Cash flow from operations for the six months ended June 30,
2007, was US$140.5 million as compared to US$64.0 million for
the same period last year.  The company has now received
US$221.7 million, including US$23.2 million in July, of a total
US$240 million in expected federal and state tax refunds.  The
company also paid US$124 million in May 2007 in connection with
the Vertac litigation.

"The second quarter results demonstrate continued strong sales,
earnings and cash flow growth," said Craig A. Rogerson,
president and chief executive officer.  "Both business
franchises, Aqualon and Paper Technologies and Ventures,
continue to deliver solid performance."

Interest and debt expense was US$17.8 million in the second
quarter of 2007, an increase of US$1.1 million or 7% compared
with the second quarter of 2006, reflecting increased variable
short term rates, partially offset by lower outstanding debt
balances and improved debt mix.

Net debt was US$721.2 million at June 30, 2007, a decrease of
US$102 million from year-end 2006.  Cash and cash equivalents
were US$237.9 million at June 30, 2007, as compared to US$171.8
million at year-end 2006.

Capital spending was US$53.8 million for the first six months of
the year as compared to US$22.9 million in the same period last
year.  The increase in spending is directed toward growth and
expansion projects in our businesses globally.

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$2.77 billion in total assets, US$2.36 billion in total
liabilities, and US$403.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?241f

                       About Hercules Inc.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE: HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                            *   *   *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services revised its outlook on
Hercules Inc. to positive from stable and affirmed the existing
'BB' corporate credit rating.


I-GRA LLC: Creditors' Liquidation Claims Due October 31
-------------------------------------------------------
Creditors of LLC i-gra have until Oct. 31 to submit their claims
to:

         Fahrni Roger
         Liquidator
         Nageldach 307
         9044 Wald AR
         Switzerland

The Debtor can be reached at:

         LLC i-gra
         Marbach SG
         Switzerland


INTELSA JSC: Creditors' Liquidation Claims Due October 17
---------------------------------------------------------
Creditors of JSC Intelsa have until Oct. 17 to submit their
claims to:

         Hansjorg Hassig
         Liquidator
         Mail box: 132
         8122 Binz
         Switzerland

The Debtor can be reached at:

         JSC Intelsa
         Zurich
         Switzerland


KRIEBEL IT CONSULTING: Creditors' Liquidation Claims Due Oct. 25
----------------------------------------------------------------
Creditors of LLC Kriebel IT Consulting have until Oct. 25 to
submit their claims to:

         Dr. Christian Kriebel
         Liquidator
         Eichruti 36
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         LLC Kriebel IT Consulting
         Hunenberg ZG
         Switzerland


MK PICA: Creditors' Liquidation Claims Due October 31
-----------------------------------------------------
Creditors of LLC MK Pica Service have until Oct. 31 to submit
their claims to:

         Margrit Kochli
         Liquidator
         Hegenheimermattweg 16
         4123 Allschwil
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC MK Pica Service
         Basel BS
         Switzerland


MR PROJEKTE: Creditors' Liquidation Claims Due October 31
---------------------------------------------------------
Creditors of LLC MR Projekte have until Oct. 31 to submit their
claims to:

         Verena Lafargue Rimann
         Liquidator
         Burgunderweg 11
         2505 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         LLC MR Projekte
         Biel/Bienne BE
         Switzerland


PETROS CITY: Creditors' Liquidation Claims Due October 31
---------------------------------------------------------
Creditors of LLC Petros City Gastro have until Oct. 31 to submit
their claims to:

         Asilturk Mustafa
         Liquidator
         Pelzwiesenstr. 1
         8157 Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Petros City Gastro
         Schofflisdorf
         Dielsdorf ZH
         Switzerland


PURPOSE HOLDING: Creditors' Liquidation Claims Due October 31
-------------------------------------------------------------
Creditors of JSC Purpose Holding have until Oct. 31 to submit
their claims to:

         Dr. Andreas Borsari
         Liquidator
         ABN AMRO Bank (Schweiz)
         Beethovenstrasse 33
         Mail box: 2065
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Purpose Holding
         Zurich
         Switzerland


SCHMUTZ JSC: Creditors' Liquidation Claims Due October 19
---------------------------------------------------------
Creditors of JSC Schmutz have until Oct. 19 to submit their
claims to:

         Robert Vogel
         Liquidator
         Jurastrasse 4
         5001 Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Schmutz
         Pratteln
         Liestal BL
         Switzerland


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


AFFINIA GROUP: Closes Indiana Manufacturing & Packaging Assets
--------------------------------------------------------------
Affinia Group Inc. is closing its chassis products manufacturing
and packaging facility in Mishawaka, Indiana. Production and
packaging will be consolidated into its Oklahoma City facility.

The distribution of the product will continue out of the
McHenry, Illinois master distribution center.  The transition
will begin immediately and is expected to be complete by
mid-2008.

"The consolidation of the Mishawaka chassis manufacturing and
packaging into Oklahoma City is another important step in
Affinia's transformation plan," John R. Washbish, president of
Affinia's Under Vehicle Group, said.  "The competitive landscape
is constantly changing, and like many companies we continue to
evaluate every aspect of our business to adapt to current market
conditions."

"This closure in no way reflects on the talents or dedication of
the 192 hard-working people of Mishawaka," Mr. Washbish said.
"We deeply regret the impact on the lives of our employees and
their families.  We will work closely with them and provide all
the help we can, including the option of transfers to Oklahoma
City, as well as local placement and career assistance wherever
possible."

                     About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  It maintains operations in China, India, Mexico, Ukraine,
among others.

                        *     *     *

In January 2007, Moody's Investors Service placed Affinia Group
Inc.'s long-term corporate family and probability of default
ratings at 'B2', which still hold to date.  Moody's said the
outlook is stable.

Standard & Poor's placed the company's foreign and local issuer
credit ratings at 'B' in September 2005, which still hold to
date.


BALAKRON LLC: Creditors Must File Claims by October 12
------------------------------------------------------
Creditors of LLC Balakron (code EDRPOU 33297713) have until
Oct. 12 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. 23/318-b.

The Debtor can be reached at:

         LLC Balakron
         Balzac Str. 77
         Kiev
         Ukraine


BK SVITIAZ: Creditors Must File Claims by October 12
----------------------------------------------------
Creditors of LLC BK Svitiaz (code EDRPOU 34693214) have until
Oct. 12 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. 23/315-b.

The Debtor can be reached at:

         LLC BK Svitiaz
         Krasnotkatskaya Str. 22-B
         02094 Kiev
         Ukraine


HOME TEXTILE: Creditors Must File Claims by October 12
------------------------------------------------------
Creditors of LLC Home Textile (code EDRPOU 32069655) have until
Oct. 12 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. 23/144-b.

The Debtor can be reached at:

         LLC Home Textile
         Kharkov highway Str. 160
         Kiev
         Ukraine



KATERINOPOL AGRICULTURAL: Creditors Must File Claims by Oct. 12
---------------------------------------------------------------
Creditors of CJSC Katerinopol Agricultural Product (code EDRPOU
03566587) have until Oct. 12 to submit written proofs of claim
to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/3876.

The Debtor can be reached at:

         CJSC Katerinopol Agricultural Product
         Oct. Str. 25
         Katerinopol
         20500 Cherkassy
         Ukraine



KUYBISHEV AGRICULTURAL: Creditors Must File Claims by October 12
----------------------------------------------------------------
Creditors of Kuybishev Agricultural LLC (code EDRPOU 03746020)
have until Oct. 12 to submit written proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/94-b.

The Debtor can be reached at:

         Kuybishev Agricultural LLC
         Nivna
         Romanovsky District
         Zhytomir
         Ukraine


MILKO: Creditors Must File Claims by October 12
-----------------------------------------------
Creditors of Milko (code EDRPOU 31995125) have until Oct. 12 to
submit written proofs of claim to:

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/B-941.

The Debtor can be reached at:

         Milko
         Promyshlennaya Str. 3
         Bolshaya Berezovitsa
         47724 Ternopol
         Ukraine


PROFI BUSINESS: Creditors Must File Claims by October 12
--------------------------------------------------------
Creditors of LLC Profi Business (code EDRPOU 34693544) have
until Oct. 12 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. 23/302-b.

The Debtor can be reached at:

         LLC Profi Business
         Krasnotkatskaya Str. 22-B
         02094 Kiev
         Ukraine


REFERENCE LLC: Creditors Must File Claims by October 12
-------------------------------------------------------
Creditors of LLC Reference (code EDRPOU 34619612) have until
Oct. 12 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. 23/322-b.

The Debtor can be reached at:

         LLC Reference
         Melnikov Str. 12
         Kiev
         Ukraine


VIRGO-2005: Creditors Must File Claims by October 12
----------------------------------------------------
Creditors of LLC Virgo-2005 (code EDRPOU 37700255) have until
Oct. 12 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. 23/320-b.

The Debtor can be reached at:

         LLC Virgo-2005
         P. Lumumba Str. 15
         Kiev
         Ukraine


YUNIPERUS-LUX: Creditors Must File Claims by October 12
-------------------------------------------------------
Creditors of LLC Yuniperus-Lux (code EDRPOU 33598157) have until
Oct. 12 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. 23/319-b.

The Debtor can be reached at:

         LLC Yuniperus-Lux
         Predslavinskaya Str. 34-B
         Kiev
         Ukraine


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


ALLSTAR QUALITY: Brings In Liquidators from BDO Stoy Hayward
------------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint liquidators of Allstar Quality Vacations
Ltd. on Oct. 1 for the creditors' voluntary winding-up
procedure.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


BUDGET LEASING: Calls In Liquidators from Menzies
-------------------------------------------------
Andrew John Duncan and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint liquidators of Budget Leasing
Ltd. on Sept. 28 for the creditors' voluntary winding-up
procedure.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


CONSTELLATION BRANDS: Earns US$72.1 Million in Second Quarter
-------------------------------------------------------------
Constellation Brands Inc. has reported results of operations for
its second quarter ended Aug. 31, 2007.

The company reported net income of US$72.1 million on net sales
of US$892.6 million for the quarter ended Aug. 31, 2007,
compared with net income of US$68.4 million on net sales of
US$1.42 billion for the prior year second quarter.

"We have substantially completed our previously announced U.S.
wine distributor inventory reduction initiative during the
second quarter," stated Rob Sands, Constellation Brands
president and chief executive officer.  "For the quarter, we
delivered solid cash flow and reduced our debt by more than
US$200 million from first quarter levels.  As anticipated, both
the U.S. wine distributor inventory reduction and the lingering
softness in our U.K. business impacted our overall performance.
However, we believe the distributor inventory initiative, as
well as our ongoing efforts to improve performance in the U.K.,
will better position us for long-term growth."

The reported consolidated net sales decrease of 37% primarily
reflects the benefits of the SVEDKA Vodka acquisition, more than
offset by the impact of reporting the Crown Imports and Matthew
Clark wholesale business joint ventures under the equity method.

"Our Canadian business turned in a solid performance for the
quarter, driven by very good results from Jackson-Triggs,
Sawmill Creek, Inniskillin and new products," explained Sands.
"Our premium U.S. wine portfolio continues to deliver solid
marketplace performance with brands such as Woodbridge by Robert
Mondavi, Kim Crawford, Nobilo, Estancia, Toasted Head and Simi.

"SVEDKA continued to be a stellar performer and maintained an
excellent growth rate in the second quarter," said Sands.
"SVEDKA's growing appeal validates our point of view about
continued U.S. consumer interest in, and demand for, premium
spirits.  Additionally, our 99 Schnapps family, Ridgemont
Reserve 1792 bourbon, Meukow cognac and recently launched
products turned in solid performances."

Operating income decreased to US$117.2 million for the second
quarter ended Aug. 31, 2007, from US$181.3 million for the
second quarter ended Aug. 31, 2006.  Equity in earnings of
equity method investees rose to US$80.1 million from US$200,000
for the same period last year.

The decrease in operating income and the increase in equity
earnings for second quarter 2008 were primarily due to the
impact of reporting US$78.8 million of equity earnings from the
Crown Imports joint venture under the equity method.  "Our Crown
Imports joint venture is gaining traction and we look for
continued growth as we strive to maximize the long-term
potential for Corona and the other brands in the joint venture's
leading imported beer portfolio in the U.S.," stated Sands.

For the second quarter, acquisition-related integration costs,
restructuring and related charges and unusual items totaled
US$8.0 million, compared with US$53.9 million for the prior
year.  Net income was also impacted by interest expense, which
increased 20% to US$86.7 million for second quarter 2008,
primarily due to the financing of the SVEDKA acquisition and
US$500 million of share repurchases.  Due to strong free cash
flow generated during the quarter, total debt decreased by more
than US$200 million from first quarter levels.

At Aug. 31, 2007, the company's consolidated balance sheet
showed US$9.73 billion in total assets, US$6.54 billion in total
liabilities, and US$3.19 in total stockholders' equity.

                        Share Repurchases

During the second quarter, the company received an additional
900,000 shares under the accelerated share repurchase
transaction announced in May 2007, which completed the
transaction.  The company did not make any additional cash
payments in connection with receipt of these shares.  For the
first half of fiscal 2008, the company purchased 21.3 million
shares of its class A common stock through a combination of open
market repurchases and an accelerated share repurchase
transaction at an aggregate cost of US$500 million, or an
average of US$23.44 per share.

                    About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Australia and New
Zealand.  The company has more than 250 brands in its portfolio,
sales in approximately 150 countries and operates approximately
60 wineries, distilleries and distribution facilities.

                          *     *     *

Constellation Brands Inc. still carries Fitch Ratings' BB-
Issuer Default Rating last placed on March 2, 2007.  The Rating
Outlook is Negative.


DKD CONTACT: Brings In Administrators from KPMG
-----------------------------------------------
Paul Flint and Brian Green of KPMG Restructuring were appointed
joint administrators of DKD Contact Ltd. on Oct. 9, 2007.

"We are currently in dialogue with a number of companies who are
interested in acquiring the business as a going concern, and are
hopeful of concluding a sale in the very near future," Mr. Flint
disclosed.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Headquartered in Liverpool, England, DKD Contact Ltd. provides
inbound and outbound call centre services for a number of blue
chip clients.  It employed 80 people and last year had a
turnover of around GBP2 million.  Thirty-four members of staff
have been made redundant as a result of the administration.


ERINACEOUS GROUP: Consensus Business Group May Make an Approach
---------------------------------------------------------------
Consensus Business Group Limited confirmed that it has not made
an approach to Erinaceous Group plc and is not in the course of
preparing such an approach.

However, it is possible that CBG may, in the future, make an
approach to Erinaceous.

Discussions between CBG and Erinaceous are at a very early stage
and CBG is considering all of the options available to it which
may include an offer for Erinaceous.

In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers, Erinaceous confirmed that it has 107,055,200 ordinary
shares of 0.5 pence each in issue and admitted to trading on the
London Stock Exchange under the UK ISIN code GB0033838276
(excluding treasury shares).

                        Covenant Waivers

A TCR-Europe report on Oct. 9, 2007, relates that as a result of
poor trading in the first half of 2007 and the finalization of
the interim results the Group breached certain of its banking
covenants.  Once this became apparent the Group commenced talks
with their Bankers to obtain a waiver of these breaches and
agree certain amendments to the terms of the Banks' Facilities.
As a result the banks have indicated their ongoing support for
the Group by providing waivers of covenant breaches.  As part of
the discussions with the Banks the margin above LIBOR on the
Facilities has been increased to from 1.25% to 3.25%.  The Group
will also undertake a review of the business, its assets and its
strategy over the coming weeks, which will be independently
reviewed on behalf of the Banks.

The Directors have conducted a review of the trading prospects
of the Group including a cash flow forecast which considers the
Group's funding requirements to the end of 2008.

The projections show that the Group has sufficient financial
resources to meet its trading and financial obligations.  The
forecast includes assumptions regarding the ongoing support of
the Banks; that the existing facilities are sufficient;
improvement in trading and working capital management and the
receipt of proceeds from property transactions.

                        Going Concern

Senior management are focused on the delivery of the key items
within the forecasts.  However, there is a risk that future
events may give rise to circumstances not foreseen within the
underlying assumptions.  Such events may require the Group to
access additional resources.  In view of the substantial
assets available to the Group, the Directors believe that there
are opportunities for achieving the necessary liquidity in the
event of such circumstances.  Accordingly despite the Directors'
confidence that the Group remains a going concern, there remains
a material uncertainty which may cast significant doubt as to
the Group's ability to continue as a going concern and therefore
it may be unable to realize its assets and discharge its
liabilities in the normal course of business.

Headquartered in Croydon, England, Erinaceous Group PLC --
http://www.erinaceous.com/-- is a holding company that provides
accommodation, management and technical services to its
subsidiary companies.  The company provides services to a range
of private and public sector property clients through its
residential property services, commercial property services and
property insurance services divisions.

Erinaceous posted a net loss of GBP3.1 million on GBP116.5
million of revenue for the six months ended June 30, 2007,
compared with a net profit of GBP7.9 million on GBP108.9 million
of revenue for the same period in 2006.


GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified
-------------------------------------------------------------
General Motors Corp. confirmed that its UAW-represented
employees have ratified the GM-UAW 2007 national labor
agreement.

As reported in the Troubled Company Reporter on Sept. 27, 2007,
GM and the UAW reached a tentative agreement on Wednesday, Sept.
26, after more than two months of bargaining.  The new four-year
agreement covers approximately 74,000 hourly employees located
in more than 80 U.S. facilities.

"We are very pleased that our UAW-represented employees have
ratified the new labor contract," Rick Wagoner, GM CEO and
Chairman of the Board, said.  "I especially thank UAW President
Ron Gettelfinger and Vice President Cal Rapson, as well as the
members of the GM and UAW negotiating teams, for their hard work
in reaching an innovative agreement that effectively addresses
the needs of our employees and retirees, while providing a basis
for improved competitiveness that will support future U.S.
investments."

GM intends to file a current report on Form 8-K with the
Securities and Exchange Commission within the next four business
days that will outline the key terms of the healthcare
agreement.  In addition, an analyst and media conference call is
scheduled for Monday, Oct. 15, 2007 at 9:30 a.m. Eastern
Daylight Time.

                      About General Motors

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

                         *     *     *

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

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

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


GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom
---------------------------------------------------------------
General Motors Corp. has signed an agreement with Uzbek state
auto company Uzavtoprom for a joint venture to produce and sell
cars in Uzbekistan, Reuters reports, citing a statement released
by Uzavtoprom as its source.

The deal is based on an existing car plant in Uzbekistan with
annual production capacity of 250,000 Chevrolet cars.  GM would
hold a 25 percent in the venture with a possibility to raise it
to 40 percent, but the statement did not say how much the deal
is worth, Reuters relates.

Uzavtoprom set up the plant in eastern Uzbekistan in 1996
together with South Korean company Daewoo Motor.  Uzavtoprom has
been looking for a strategic partner in the project since the
Korean firm went bankrupt during a financial crisis in the late
1990s, Reuters states.

                      About General Motors

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

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


HEALM ENGINEERING: Joint Liquidators Take Over Operations
---------------------------------------------------------
Jonthan Newell and Kerry Bailey of PKF (U.K.) LLP were appointed
joint liquidators of Healm Engineering Services Ltd. on Sept. 21
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


HEALTHY COMPUTING: Names Keith Aleric Stevens Liquidator
--------------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator
of Healthy Computing Ltd. (t/a TechDivision) on Sept. 26 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         Gladstone House
         77/79 High Street
         Egham
         TW20 9HY
         England


KITCHEN MARKET: Taps Liquidators from BDO Stoy Hayward
------------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint liquidators of The Kitchen Market Ltd. on
Oct. 2 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


MAGENTA ONE: Hires Liquidators from Smith & Williamson
------------------------------------------------------
Anthony Murphy and Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of Magenta One
Ltd. on Sept. 11 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


MILLENNIUM BUILDERS: M. H. Abdulali Leads Liquidation Procedure
---------------------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of
Millennium Builders Ltd. on Sept. 27 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England


REFCO INC: Customers Sue Thomas H. Lee & Other Former Directors
---------------------------------------------------------------
The Refco Litigation Trusts announced that a number of large
customers of Refco Capital Markets Ltd. have filed two lawsuits
against, among others, Thomas H. Lee Partners L.P., Thomas H.
Lee personally, and several TH Lee representatives who served as
officers and directors of Refco.

The lawsuits, filed in the United States District Court for the
Southern District of New York, allege violations of federal
securities laws by TH Lee and related entities, the TH Lee
directors, as well as a number of other former officers and
directors of Refco Inc.  Violations of federal securities laws
by Grant Thornton, the former auditor of RCM and Refco, are also
alleged in one of the two lawsuits.  Pursuant to the Refco Plan
of Reorganization, the proceeds of these customer claims have
been assigned to the Refco Creditors' Trust.

Both lawsuits allege that certain Refco officers engaged in a
fraudulent scheme in which they converted securities owned by
the plaintiffs, which were supposed to have been held in the
custody of RCM on behalf of the plaintiffs.

The lawsuits allege that, without the customers' knowledge,
authorization or consent, the Refco officers directed Refco
employees to sell securities belonging to the plaintiffs.  The
proceeds from these sales were then siphoned out of RCM and used
for other purposes at Refco, allowing the defendants to create
and maintain a false and misleading appearance of financial
health and strength at Refco, which in turn enabled the
defendants to reap large cash benefits.

The lawsuits allege that the fraudulent scheme "required the
participation of, and had to have been apparent to, all of the
Defendants . . . Indeed, during the relevant period, the amounts
stolen from RCM customer accounts dwarfed Refco's total
capital."

The lawsuits allege that the fraudulent scheme began prior to TH
Lee's leveraged buyout of Refco in June 2004, and continued
throughout the period in which TH Lee controlled and directed
Refco and its affairs.

The lawsuits seek hundreds of millions of dollars in damages and
interest for claims relating to violation of Section 10(b) and
Section 20(a) of the Exchange Act.

Grant Thornton, one of the lawsuits filed alleges, would
undoubtedly have uncovered the frauds at Refco if the firm had
properly performed its audit function in accordance with
Generally Accepted Auditing Standards.  Instead, Grant Thornton
"compromised its independence and made the conscious decision to
conceal the massive ongoing fraud in order to keep its marquee
client happy."  The Complaint states, "This is not a case of an
auditor overlooking a few details.  Grant Thornton completely
abandoned its obligations of independence, learned first-hand
of the fraud, and then perpetrated that fraud by providing clean
audit opinions, which it knew to be false in light of Refco's
grotesque accounting manipulations."

The customers in the lawsuit against Grant Thornton relied on
the RCM and Refco financial statements, and Grant Thornton's
audit opinions with respect to those financial statements, in
determining to do business with, and entrust their securities
to, RCM.  As a result of that reliance, the defendants were able
to perpetrate their fraudulent scheme by illegally selling
customer securities without the customers' knowledge.

Marc S. Kirschner, Trustee of the Refco Litigation Trusts, said,
"The Refco Litigation Trusts, as previously announced, also
filed suit against TH Lee, Thomas H. Lee personally, several TH
Lee representatives who served as officers and directors of
Refco, and related parties, pertaining to their role in the
fraud and subsequent Chapter 11 filing by Refco.  That lawsuit
is seeking hundreds of millions of dollars in damages and
penalties from TH Lee and the related parties for common law
claims arising from breach of fiduciary duty, unjust enrichment
and receipt of illegal dividends, as well as bankruptcy claims
for fraudulent conveyances and preferences."

                   About the Refco Litigation Trusts

The two Refco Litigation Trusts were created under the Refco
Plan of Liquidation, which became effective on Dec. 26, 2006.
Marc S. Kirschner, the former Chapter 11 Trustee for Refco
Capital Markets LLC, serves as Trustee for the Trusts.  The
primary purpose of the Trusts is to pursue all Refco estate
claims and claims of certain electing creditors against third
parties, with recoveries to be distributed in accordance with
the terms of the Refco Plan of Liquidation.  The Trusts have
US$25 million of funding to support their pursuit of such
claims.  In February 2007, the Trusts retained the law firms
Milbank, Tweed, Hadley, & McCloy, LLP and Quinn Emanuel Urquhart
Oliver & Hedges, LLP to assist in their work and, since then,
have been engaged in a comprehensive investigation of potential
claims against third parties.  The Trusts have filed three
lawsuits against third parties involved in the Refco frauds.

                         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: Gets Interim Court OK on US$160 Million DIP Loan
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved Remy Worldwide Holdings, Inc.'s first-day motions to,
among other things, pay employee wages and benefits without
interruption and continue to pay trade creditors and suppliers
in the ordinary course of business.

As reported in the Troubled Company Reporter on Oct. 10, 2007,
in response to the overwhelming support received from its
noteholders for its prepackaged plan of reorganization, the
Company filed voluntary petitions for itself and its domestic
subsidiaries under chapter 11 of the U.S. Bankruptcy Code to
seek confirmation of the plan.

                       DIP Facility

The Court also granted interim approval of US$160 million of
Remy's US$225 million debtor-in-possession facility, which was
provided by Barclays Capital who acted as sole lead arranger.
As previously reported, Barclays Capital had committed to
provide DIP financing for up to $225 million and up to $330
million of long-term exit financing.  Barclays Capital has
syndicated both the DIP and the exit facilities together to
coincide with Remy's prepackaged bankruptcy case.  The closing
of the DIP and exit loans are subject to certain closing
conditions which are anticipated to be satisfied during the
Chapter 11 process.  A final DIP hearing has been scheduled for
Nov. 7, 2007.

"We are pleased with the swift approval of our "first-day
motions" which will enable Remy to operate without interruption
and continue to meet our normal business obligations during the
plan confirmation process," John Weber, Chief Executive Officer,
said.  "With our first-day motions approved, we will continue to
concentrate on running our business with the goal of emerging
from chapter 11 within the next 60 days."

The Court has scheduled a hearing to confirm Remy's prepackaged
plan of reorganization for Nov. 20, 2007.

                    About Remy Worldwide

Based 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.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is
AlixPartners, LLC.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of $919,736,000 and total liabilities of $1,265,648,000.
(Remy Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


RENTAL XPRESS: Taps Liquidators from Chantrey Vellacott DFK
-----------------------------------------------------------
D. J. Oprey and K. W. Touhey of Chantrey Vellacott DFK LLP were
appointed joint liquidators of Rental Xpress Ltd. (formerly
Green Window Ltd.) on Sept. 20 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         16/17 Boundary Road
         Hove
         East Sussex
         BN3 4AN
         England


SEA CONTAINERS: Wants to Allocate Funds to Two Non-Debtor Units
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S
Bankruptcy Court for the District of Delaware for permission to
allocate:

  (a) US$300,000 of the funds remaining in the Finnjet Reserve;

  (b) US$100,000 of the funds received by SC Treasury from SC
      Opera; and

  (c) US$500,000 of the funds remaining in the Contingency
      Reserve to their non-debtor subsidiaries, Periandros S.A.
      and Pualista Containers Maratismos Ltda.

The US$900,000 requested allocation will be used to fund
US$400,000 worth of repair and maintenance costs incurred by
Periandros and US$500,000 worth of land taxes and associated
legal costs incurred by Paulista, Sean T. Greecher, Esq., at
Young Conaway Stargatt & Taylor, in Wilmington, Delaware, says.

Mr. Greecher relates that the allocation of funds to Periandros
and Paulista will allow them to satisfy certain of their
outstanding liabilities, which in turn allow them to maintain
the operation of their businesses for a sufficient time to allow
for the marketing and maximization of the sale or disposal value
of the businesses to the ultimate benefit of the Debtors'
estates and creditors.

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

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

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

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 27;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SHARPTONE LTD: Appoints Liquidators from Menzies
------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint liquidators of Sharptone Ltd.
on Sept. 21 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


SKYEPHARMA PLC: Names Jeremy Scudamore Non-Executive Director
-------------------------------------------------------------
Jeremy Scudamore has been appointed as the new Non-Executive
Chairman of SkyePharma PLC with effect from Oct. 15, 2007
replacing Dr Jerry Karabelas, the current Non-Executive
Chairman.  He will also be appointed as a member of the
Nomination & Governance Committee.

Dr Karabelas, who was appointed as Non-Executive Chairman in
February 2006, will stay on as a Non-Executive Director of the
Company.

Mr. Scudamore, 60, has over 35 years' experience in the life
sciences industry.  From 1971 he worked for ICI and later Zeneca
in a number of senior roles.  In 1999 he led the GBP1.3 billion
buyout of Zeneca Specialities from AstraZeneca, the largest
private equity buyout in Europe to that date, becoming Chief
Executive and subsequently Chairman of the newly formed Avecia
Group.

Mr. Scudamore is currently the Senior Non-Executive Director of
ARM Holdings plc and is Chairman of Oxford Advanced Surfaces
Ltd., the BoardLink Group Ltd. and the North West Science
Council.  He is also a Non-Executive Director of Stem Cell
Sciences plc and Oxford Catalysts Group plc.

"We are delighted that Jeremy is joining SkyePharma as Non-
Executive Chairman at such an exciting time for the Company.  He
brings with him a wealth of knowledge and experience of large
and small companies in the life science and technology sectors,"
Dr Jerry Karabelas, Non-Executive Chairman of SkyePharma PLC
said.

"I am very pleased to join SkyePharma as Non-Executive Chairman
and look forward to working closely with the other members of
the Board as the Company's lead product, FlutiformTM, advances
through the final stages of its development program," Mr.
Scudamore said.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.

The net result for the continuing operations after finance
charges and tax for the six months ended June 30, 2007 was a
loss of GBP14.2 million (H1 2006: GBP16 million).

The Group balance sheet as at June 30, 2007, shows GBP55.1
million in total shareholders' deficit, compared with a GBP48.4
million stockholders' deficit at Dec. 31, 2006.  The reduction
in net equity has arisen mainly due to the GBP19.6 million loss
from continuing and discontinued operations.


TEAM GROUP: Joint Liquidators Take Over Operations
--------------------------------------------------
Anthony Murphy and Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of The Team
Group of Companies U.K. Ltd. on for the creditors' voluntary
winding-up procedure proceeding.

The joint liquidators can be reached at:

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


VONAGE HOLDINGS: Requests Rehearing of Verizon Patent Decision
--------------------------------------------------------------
Vonage Holdings Corp. has filed a motion for a review by the
original three-judge panel or the full panel of the U.S. Court
of Appeals for the Federal Circuit sitting en banc of the
September 26 decision in its patent litigation with Verizon
Communications Inc.  En banc signifies a decision by the full
court of all the appeals judges in jurisdictions where there is
more than one three- or four-judge panel.

As reported in the Troubled Company Reporter on Sept. 27, 2007,
the U.S. Court of Appeals for the Federal Circuit partially
remanded a March 8 jury verdict in the U.S. District Court in
Alexandria, Virginia that the company infringed on three Verizon
patents.  The U.S. Court of Appeals for the Federal Circuit
remanded the infringement verdict on the 880 patent and affirmed
the verdict on one patent claim in each of the 574 and 711
patents.  Further, the Court of Appeals vacated the entire award
of $58 million in damages and the 5.5% royalty.  The Court of
Appeals remanded the case to the U.S. District Court and
directed that the court retry those aspects of the original
case.

"This move represents the next logical step for Vonage in
managing this litigation and continuing to move our business
forward," Vonage Chief Legal Officer Sharon O'Leary said.  "We
recently settled our case with Sprint, and continue to explore
all legal options available to put the Verizon litigation to
rest."

                       Verizon Litigation

On June 12, 2006, Verizon filed a suit against Vonage and
its subsidiary Vonage America Inc., with the U.S. District Court
for the Eastern District of Virginia.

Verizon alleged that the company infringed seven patents in
connection with providing VoIP services and sought injunctive
relief, compensatory and treble damages and attorneys' fees.
Verizon dismissed its claims with respect to two of its patents
prior to trial, which commenced on Feb. 21, 2007.

After trial on the merits, a jury returned a verdict finding
that the company infringed three of the patents-in-suit.  The
jury rejected Verizon's claim for willful infringement, treble
damages, and attorneys' fees, and awarded compensatory damages
in the amount of $58 million.  The trial court subsequently
indicated that it would award Verizon $1.6 million in
prejudgment interest on the $58 million jury award.  The trial
court issued a permanent injunction with respect to the three
patents the jury found to be infringed effective April 12, 2007.

The trial court then permitted the company to continue to
service existing customers pending appeal, subject to deposit
into escrow of a 5.5% royalty on a quarterly basis.  The trial
court also ordered that the company may not use its technology
that was found to be infringing to provide services to new
customers.  In addition, Vonage posted a $66 million bond to
stay execution of the monetary judgment pending appeal.

On April 6, 2007, the company brought the trial court's ruling
to the Federal Circuit Court, which Court allowed Vonage to
continue to sign up new customers while Vonage appeals the
jury's decision.

                         About Vonage

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 1.4 million subscriber lines as of
February 8, 2006.  Utilizing its voice over Internet protocol
technology platform, the company offers feature-rich, low-cost
communications services with a call quality comparable to
traditional telephone services.  While customers in the United
States represent over 95% of its subscriber lines, Vonage
continues to expand internationally, having launched its service
in Canada in November 2004, and in the United Kingdom in May
2005.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Oct. 10-13, 2007
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     81st Annual National Conference of Bankruptcy Judges
        Contact: http://www.ncbj.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Winn Dixie Bankruptcy
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Chuck Bauer - Client Satisfaction
        Dallas Country Club, Dallas, Texas
           Contact: http://www.turnaround.org/

Oct. 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Meeting
        Westin Buckhead, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Oct. 12, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Presentation by George F. Will: The Political Argument
        Today
           Orlando, Florida
              Contact: http://www.ardent-services.com/

Oct. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI Educational Program at NCBJ
        Orlando World Marriott, Orlando, Florida
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Copley Place
           Boston, Massachussets
              Contact: 312-578-6900; http://www.turnaround.org/

Oct. 17, 2007
  BEARD AUDIO CONFERENCES
     The Subprime Sector Meltdown:
        Legal Developments and Latest Opportunities
           Contact: 240-629-3300;
                    http://www.beardaudioconferences.com/


Oct. 17, 2007
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     AIRA Presents Lifetime Achievement Awards to
        Charles C. Crumley and William G. Hays, Jr.
           Cherokee Town Club, Atlanta, Georgia
              Contact: http://www.airacira.org/

Oct. 21-24, 2007
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     Restructuring and Investing Conference
        Portman Ritz Carlton, Shanghai, China
           Contact: http://www.airacira.org/


Oct. 22-23, 2007
  STRATEGIC RESEARCH INSTITUTE
     9th Annual Distressed Debt - West
        Venetian Resort Hotel Casino, Las Vegas, Nevada
           Contact: http://www.almevents.com/

Oct. 23, 2007
  BEARD AUDIO CONFERENCES
     Partnerships in Bankruptcy
        Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

Oct. 24, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Event - TBA
        McCormick & Schmick's Fresh Seafood Restaurant,
          Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     LI Turnaround Member Social
        Davenport Press, Mineola, New York
           Contact: 631-261-6296 or http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Capital Markets Case Study
        Seattle, Washington
           Contact: http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Oct. 26, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hotel Adlon Kempinski, Berlin, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Monthly Luncheon, Carolinas Chapter - Topic TBA
        Sheraton Greensboro Hotel,
           Greensboro, North Carolina
              Contact: http://www.turnaround.org/

Oct. 29, 2007
  FINANCIAL RESEARCH ASSOCIATES LLC
     6th Annual Distressed Debt Summit
        The 3 West Club, New York, New York
           Contact: http://www.frallc.com/

Oct. 30, 2007
  BEARD AUDIO CONFERENCES
     Using Virtual Data Rooms to Expedite M&A
        and Insolvency Proceedings
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        Centre Club, Tampa, Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Crisis Communications With Employees, Vendors and Media
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Nov. 1, 2007
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     Claims Trading - Issues and Implications
        New York, New York
           Contact: http://www.airacira.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Hackensack, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     2007 Newsmaker Dinner with Jean Chretien
        Fairmont Royal York Hotel, Toronto, Ontario
           Contact: http://www.turnaround.org/

Nov. 7, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Lenders Forum
        Milleridge Cottage, Jericho, New York
           Contact: http://www.turnaround.org/

Nov. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13-14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     6th Annual Distressed Debt Symposium
        Jumeirah Carlton Tower, London, United Kingdom
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Mixer
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Aloha Airlines Story
        Bankers Club, Miami, Florida
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Australia 4th Annual Conference and Gala Dinner
         Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Portland Holiday Party
        University Club, Portland, Oregon
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Meeting with Chapter President, Bruce Sim
        Westin Buckhead, Atlanta, Georgia
           Contact: http://www.turnaround.org/

Nov. 22, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Mixer
        TBA, Vancouver, British Columbia
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Real Estate Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

November 26-27, 2006
  BEARD GROUP AND RENAISSANCE AMERICAN MANAGEMENT
     Fourteenth Annual Conference on Distressed Investing
        Maximizing Profits in the Distressed Debt Market
           The Jumeirah Essex House, New York, NY
              Contact: 800-726-2524; 903-595-3800;
                 http://beardconferences.com/

Nov. 29, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Holiday Gala
        Yale Club, New York, New York
           Contact: http://www.iwirc.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        TBD, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Dec. 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Joint Holiday Networking Event with TMA/CFA
        TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or http://www.turnaround.org/

Dec. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Seattle Holiday Party
        Athletic Club, Seattle, Washington
           Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Westin Mission Hills Resort, Rancho Mirage, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Party
        Guy Anthony's Restaurant, Merrick, New York
           Contact: 631-251-6296 or http://www.turnaround.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida

Jan. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Lenders Panel
        Westin Buckhead, Atlanta, Georgia
           Contact: http://www.turnaround.org/

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     PowerPlay
        Philips Arena, Atlanta, Georgia
           Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or
                    http://www.turnaround.org/

Feb. 14-16, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 23-26, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Bankruptcy Litigation Seminar I
        Park City, Utah
           Contact: http://www.nortoninstitutes.org/

Feb. 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Retail Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Mar. 6-8, 2008
  ALI-ABA
     Fundamentals of Bankruptcy Law
        Mandalay Bay Resort, Las Vegas, Nevada
           Contact: http://www.ali-aba.org/

Mar. 25-29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Ritz Carlton Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Mar. 27-30, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Bankruptcy Litigation Seminar II
        Las Vegas, Nevada
           Contact: http://www.nortoninstitutes.org/

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

June 19-21, 2008
  ALI-ABA
     Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
        Drafting, Securities, and Bankruptcy
           Omni Hotel, San Francisco, California
              Contact: http://www.ali-aba.org/

June 26-29, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Western Mountains Bankruptcy Law Seminar
        Jackson Hole, Wyoming
           Contact: http://www.nortoninstitutes.org/

July 10-13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/;
              http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  China's New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency – Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergers—the New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Today's Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *