TCREUR_Public/071012.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, October 12, 2007, Vol. 8, No. 203

                            Headlines


A U S T R I A

APG PROJEKTMANAGEMENT: Linz Court Orders Business Shutdown
EDEN CARE: Claims Registration Period Ends Oct. 24
F.I.P. LLC: Claims Registration Period Ends Oct. 23
HENNEL LLC: Vienna Court Orders Business Shutdown
ISMAIL AVCI: Claims Registration Period Ends Oct. 23

JAV LLC: Claims Registration Period Ends Oct. 23
RUDOLF GABMANN: Claims Registration Period Ends Oct. 23
ZIKOLI LLC: St. Poelten Court Orders Business Shutdown


B E L A R U S

BST LTD: Asset Auction Slated for Oct. 17


B E L G I U M

SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17
SOLUTIA INC: Named as Co-Defendant in US$685 Mln Cancer Lawsuits


F R A N C E

EUROTUNNEL GROUP: Consolidates GET Shares Effective Nov. 12
GAP INC: Inks Deal with Filipino Franchisee Rustan Group
REALOGY CORPORATION: Signs License Deal with Meredith
SMOBY-MAJORETTE: Exits Bankruptcy; Court Orders Receivership


G E R M A N Y

3G-TRADING GMBH: Claims Registration Ends November 7
ARGUS GRUNDBESITZ: Claims Registration Period Ends Nov. 1
AUTOHAUS SIEVERS: Claims Registration Ends November 6
FIT & FUN: Claims Registration Ends November 7
GRABFELDMOEBEL GMBH: Claims Registration Period Ends Oct. 25

INTERMARIS KREUZFAHRTEN: Claims Registration Period Ends Oct. 19
KA BA TEX: Claims Registration Period Ends Oct. 31
KAUFFMANN & HAUG: Claims Registration Ends Nov. 5
LANDHANDELS- UND RECYCLING: Claims Registration Ends Oct. 30
POETTER GMBH: Claims Registration Ends Nov. 5

RIETSCHEL-STUCK VERWALTUNGS: Claims Registration Ends Nov. 5
THIELEN GMBH: Claims Registration Ends Nov. 5
ROSCONI DESIGN: Claims Registration Ends November 7
SCHROETER & NEU: Claims Registration Period Ends Nov. 21
TIME-SOFT SOFTWARE: Claims Registration Period Ends Oct. 31

ZIBEC STAHL: Claims Registration Period Ends Oct. 31


I R E L A N D

ADVANCED MEDICAL: Names M. Lambert as Chief Financial Officer
ADVANCED MEDICAL: Moody's Cuts Corporate Family Rating to B2
WR GRACE: Court Refuses to Appoint Examiner for Tersigni Probe


K A Z A K H S T A N

ADIL & K LLP: Proof of Claim Deadline Slated for Nov. 21
AL-GAS-OIL LLP: Creditors Must File Claims Nov. 16
ALLIANCE BANK: High Credit Risks Cue S&P’s B+ Credit Ratings
BANK TURANALEM: Fitch Affirms BB+ IDR; Outlook to Stable
CASPIAN CONSTRUCTION: Claims Filing Period Ends Nov. 16

ESIL AGRO: Creditors' Claims Due on Nov. 21
HALYK BANK: Fitch Affirms BB+ IDR; Outlook to Stable
KAZKOMMERTSBANK: Fitch Affirms BB+ IDR; Outlook to Stable
RIDDER-NIVA LLP: Claims Registration Ends Nov. 20
TAIKO GROUP: Proof of Claim Deadline Slated for Nov. 16

TOUS LLP: Creditors Must File Claims Nov. 21
VTORPROM CJSC: Creditors' Claims Due on Nov. 16


K Y R G Y Z S T A N

BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for October 15
IMSTALCON JSC: Proof of Claim Deadline Slated for November 14


P O L A N D

EUROFAKTOR SA: Bondholders Threaten Bankruptcy Filing
TOORA POLAND: Faces PLN120 Million Claim From Bank Lenders
ZLOMREX SA: S&P Cuts Ratings to B on Liquidity Concerns


R U S S I A

BALTIJSKAYA ZARYA: Creditors Must File Claims by Nov. 29
BANK ROSSIYA: Fitch Resolves Watch on B- IDR; Outlook Stable
BEZYMYANSKIJ ELEVATOR: Asset Sale Slated for November 2
INTERPROMBANK JSCB: Moody's Assigns Global Scale Ratings
KOMSOMOL'SKIJ OJSC: Creditors Must File Claims by Nov. 29

KRASNOGORSKAGROPROMCHEMI MUE: Asset Sale Slated for October 29
ORLOVSLOYE OJSC: Asset Sale Slated for October 26
PARADISE CLUB: Creditors Must File Claims by Nov. 29
PSKOVGEOFIZKABEL' CJSC: Creditors Must File Claims by Nov. 29
ROCK CHEMISTRY: Bankruptcy Hearing Slated for Feb. 19, 2008

SHAHTINSKAYA ONIKS: Creditors Must File Claims by Oct. 29
SHEL'F & K: Creditors Must File Claims by Oct. 29
SHELANGOVSKIJ OLSC: Court Starts Competitive Proceedings
TENLIN OJSC: Auction of Share Slated for October 31
TOLYATTISTROYIZYSKANIA: Bankruptcy Hearing Slated for Dec. 14


S P A I N

EMPRESAS BANESTO 1: S&P Rates EUR35 Million Class D Notes at BB-
SYSMO: Seeks Court-Supervised Administration


S W E D E N

BOMBARDIER INC: Bags US$100-Mil Train Order from S. Prasarana


U K R A I N E

ALBA INVESTMENTS: Creditors Must File Claims by October 13
ALIANCE OMEGA: Creditors Must File Claims by October 13
AVANGARD PLANT: Creditors Must File Claims by October 13
DIVIKOM LLC: Creditors Must File Claims by October 13
DON SUPPLY-SERVICE: Creditors Must File Claims by October 13

EUROCON-STYLE VN: Creditors Must File Claims by October 13
KREDITPROMBANK: Fitch Affirms IDR at B-; Outlook Stable
MILKOT LLC: Creditors Must File Claims by October 13
POLOVOE LLC: Creditors Must File Claims by October 13
UKRAINIAN PHARM: Creditors Must File Claims by October 13


U N I T E D   K I N G D O M

AXON FINANCIAL: Funding Concerns Cue Fitch’s Junk Ratings
DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal
EAST CENTRAL: Brings In Liquidators from Grant Thornton
EUROTUNNEL GROUP: Consolidates GET Shares Effective Nov. 12
INT'L PAPER: Paying US$0.25 per Share Quarterly Div. on Dec. 14

INT'L PAPER: Lower Land Sales Earnings to Impact 3rd Qtr. Gains
INTERNATIONAL PAPER: Earns US$190 Mln in Quarter Ended June 30
JULIE MOORE: J. M. Titley Leads Liquidation Procedure
NORTHERN ROCK: Bank of England & UK Treasury Extend Guarantees
NORTHERN ROCK: Hedge Fund Trader Lifts Stake to 4.03%

PROTOTYPE GRAPHICS: Taps David Elliott to Liquidate Assets
SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel
TOTEM PRODUCTIONS: Appoints J. M. Titley as Liquidator
VK MOBILE: Names Keith Aleric Stevens Liquidator

* BOOK REVIEW: Long-Term Care in Transition: The Regulation of
               Nursing Homes


                            *********


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


APG PROJEKTMANAGEMENT: Linz Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Linz entered Sept. 7 an order shutting down
the business of LLC APG Projektmanagement (FN 247172p).

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

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


EDEN CARE: Claims Registration Period Ends Oct. 24
--------------------------------------------------
Creditors owed money by LLC Eden Care Personalservice (FN
219025x) have until Oct. 24 to file written proofs of claim to
court-appointed estate administrator Stefan Langer at:

         Dr. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Nov. 7 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 7 (Bankr. Case No. 2 S 120/07w).  Annemarie Kosesnik-
Wehrle represents Dr. Langer in the bankruptcy proceedings.


F.I.P. LLC: Claims Registration Period Ends Oct. 23
---------------------------------------------------
Creditors owed money by LLC F.I.P. (FN 277913x) have until
Oct. 23 to file written proofs of claim to court-appointed
estate administrator Karl Schirl at:

         Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 23 (Bankr. Case No. 4 S 107/07y).


HENNEL LLC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Sept. 7 an order shutting down
the business of LLC HENNEL (FN 285086w).

Court-appointed estate administrator Michael Neuhauser
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. Michael Neuhauser
         c/o Dr. Christof Stapf
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 27 (Bankr. Case No 4 S 99/07x).  Christof Stapf
represents Mag. Neuhauser in the bankruptcy proceedings.


ISMAIL AVCI: Claims Registration Period Ends Oct. 23
----------------------------------------------------
Creditors owed money by KEG Ismail Avci (FN 147563f) have until
Oct. 23 to file written proofs of claim to court-appointed
estate administrator Ulla Reisch at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel:  212 55 00
         Fax:  212 55 005
         E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 7 (Bankr. Case No. 4 S 103/07k).


JAV LLC: Claims Registration Period Ends Oct. 23
------------------------------------------------
Creditors owed money by LLC JAV (FN 281566v) have until Oct. 23
to file written proofs of claim to court-appointed estate
administrator Werner Stanek at:

         Dr. Werner Stanek
         Wollzeile 33/20
         1010 Vienna
         Austria
         Tel: 512 29 02
         Fax: 512 29 02 30
         E-mail: werner-stanek@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 12 (Bankr. Case No. 38 S 51/07p).


RUDOLF GABMANN: Claims Registration Period Ends Oct. 23
-------------------------------------------------------
Creditors owed money by LLC Rudolf Gabmann (FN 74374z) have
until Oct. 23 to file written proofs of claim to court-appointed
estate administrator Johannes Jaksch at:

         Dr. Johannes Jaksch
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 7 (Bankr. Case No. 4 S 104/07g).  Stephan Riel
represents Dr. Jaksch in the bankruptcy proceedings.


ZIKOLI LLC: St. Poelten Court Orders Business Shutdown
------------------------------------------------------
The Land Court of St. Poelten entered Sept. 13 an order shutting
down the business of LLC Zikoli (FN 107586s).

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

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


BST LTD: Asset Auction Slated for Oct. 17
-----------------------------------------
The buildings and equipment of bankrupt Belarusian winery BST
Ltd. located near Homyel are set to be auctioned off at a
starting price of around BYR2.5 billion on Oct. 17, 2007, Naviny
reports, citing Yury Hancharow, a business liquidation officer.

According to the report, interested buyers have until Oct. 16,
2007, to submit their bids.

In 1999, BST with debts of around BYR7.8 billion declared
bankruptcy and called in temporary crisis managers.  In 2003,
KGB officers seized the winery's papers and seals five days
after a takeover deal with Vikont private company took effect,
Naviny relates.

Subsequently, the Supreme Economic Court ordered the liquidation
of the bankrupt winery, whose facilities were sealed by the
Committee for State Security, the State Control Committee and
the tax authorities, Naviny says.


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


SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17
--------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has adjourned the hearing to consider the approval of
Solutia Inc. and its debtor-affiliates' Disclosure Statement
describing their Second Amended Plan of Reorganization until
Oct. 17, 2007, at 2:30 p.m. in Courtroom 701.

As previously reported, the Debtors filed their Second Amended
Plan and related Second Amended Disclosure Statement in July
2007.

Jeffry N. Quinn, chairman, president and chief executive officer
of Solutia, Inc., stated that the Second Amended Plan, among
other things, does not alter the material terms of the
reallocation of Legacy Liabilities set forth in:

  (a) the Debtors' original Plan of Reorganization, filed
      February 14, 2006, or the First Amended Joint Plan of
      Reorganization, filed May 22, 2007;

  (b) the Relationship Agreement, which will be entered into
      between Solutia and Monsanto Company upon confirmation of
      the Plan; or

  (c) the Retiree Settlement Agreement, as amended among
      Solutia, the Official Committee of Unsecured Creditors,
      the Official Committee of Retirees and Monsanto.

The Second Amended Plan also contemplates the potential
distribution of warrants to equity holders who own above a
certain threshold of Solutia common stock.

Last week, Solutia announced that it has secured the full
support of the Ad Hoc Committee of Solutia Noteholders, the
Official Committee of Equity Security Holders, the Official
Committee of Unsecured Creditors, Monsanto Company, Pharmacia
Corporation, the Official Committee of Retirees, and the Ad Hoc
Committee of Trade Creditors for a comprehensive settlement and
consensual plan of reorganization in the Debtors' Chapter 11
cases.

The revised plan will position Solutia to emerge from bankruptcy
by the end of this year as a financially healthy organization
well-positioned to create significant value for its
stakeholders, said Mr. Quinn.

Mr. Quinn recently said in a press statement that the revised
plan will provide for about US$250,000,000 of new  investment in
reorganized Solutia through a backstopped rights offering to
certain creditors, as well as a reallocation of the legacy
liabilities that Solutia assumed when it was spun off.  It will
also provide for a resolution of all the litigation between the
settling parties including a potential appeal by Solutia
noteholders, the adversary proceeding filed by current equity
holders against Monsanto and Pharmacia, and related objections
to the Monsanto and Pharmacia claims.

Solutia will update its Plan and Disclosure Statement to reflect
the terms of the settlement, and anticipates filing the
documents with the Court within the next few days.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.

(Solutia Bankruptcy News, Issue No. 100; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Named as Co-Defendant in US$685 Mln Cancer Lawsuits
----------------------------------------------------------------
Solutia Inc. was named as co-defendant in 77 cancer lawsuits,
seeking US$685,000,000 in total damages, over Monsanto Company's
old plant in Nitro, Chris Dickerson at The West Virginia Record
reported.

The complaints, filed by Stuart Calwell, Esq., at The Calwell
Practice PLLC, in Charleston, West Virginia, in Putnam Circuit
Court, on October 1, 2007, also list Monsanto, Pharmacia
Corporation, Akzo Nobel Inc., Flexsys America, and Apogee Coal
Company, as defendants.

According to the Complaints, the plaintiffs seek:

  (a) compensatory damages of US$5,000,000 each to compensate
      them for past, present and future medical bills and pain
      and suffering, as well as 'mental anguish and loss of
      enjoyment of life";

  (b) US$300,000,000 in total punitive damages; and

  (c) certification of the cases as a class action.

"We think the lawsuits have great merit," Mr. Dickerson quoted
Mr. Calwell as saying.  "The complaints speak for themselves."

Under each complaint, the "plaintiffs allege the same series of
occurrences involving the negligent and otherwise unlawful
release of dioxin from properties owned and/or controlled by the
defendants caused or significantly contributed to their cancer."

Mr. Calwell's complaints detail the history of Nitro, the Old
Monsanto plant, the Monsanto Company and the other defendant
companies which are successors, Mr. Dickerson reported.

"During the years that Monsanto was operating its
trichlorophenol plant, it adopted an unlawful practice of
disposing of dioxin waste materials by a continuous process of
open 'pit' burning," the Complaints state.  "This practice was
largely denied by Monsanto whose representatives characterized
the practice as an 'incineration process' when asked by
regulatory authorities.

"Further, the manufacturing process itself was dusty and
Monsanto's dust control was haphazard."

According to the Complaints, more than 3,000 pounds of a dioxin
was released into the Nitro air because of that.  Sampling
showed levels of 2,200 parts per trillion, while U.S.
Environmental Protection Agency standards require a level less
than 4 parts per trillion, Mr. Dickerson said.

Monsanto owned and operated the plant from 1934 to 2000,
according to the complaints.  The Nitro plant was operated by
Monsanto until 1995 when the plant merged with Akzo Nobel, a
Dutch company, and began operating as Flexsys America Inc.  In
1997, Monsanto renamed a subsidiary as Solutia Inc. and the
Nitro was distributed to Solutia.  The plant closed in 2004.

Specifically, the Complaints cite a 1949 incident in which a
safety disc failed at the plant, exposing workers to a chemical
cloud that caused 226 people to become ill, noted Mr. Dickerson.

The dioxin in question, known as 2,4,5 trichlorophenoxyacidic
acid or 2,4,5-T, was used by the military as part of the
herbicide "Agent Orange" in Vietnam.   The Complaints say
production of the dioxin "continued 7 days a week 365 days a
year from 1949 to approximately 1971 at the Monsanto Nitro
plant."

The Plaintiffs maintain that the Defendants knew or should have
known the Nitro plant site was contaminated and dangerous.
According to the Complaints, the Defendants "acted carelessly,
negligently, recklessly and/or deliberately," according to The
West Virginia Record.

"The proposed class is made up of persons with one or more
dioxin related cancers and who live or lived in the class
defined area ... for at least two years during the period 1949
to the present and/or have attended school in the class defined
area for at least two years and/or who have been employed in a
building in the class defined area for two years or more," the
Complaints state, adding that there are 12,503 residences in the
area, the paper said.

Earlier this year, nine families filed similar suits in Kanawha
Circuit Court, asserting that the former Monsanto Company is
responsible for personal injury and wrongful death by exposure
to the dioxins or furans produced at the plant, the paper noted.

Mr. Calwell told the paper that he has another pair of possible
class-action lawsuits about property damage stemming from dioxin
exposure in Nitro against Monsanto that are pending in Putnam
Circuit Court, which suits were filed in December 2004, and are
up for class certification later this month.

According to a June 29, 2007 progress report on the Nitro
facility, Solutia has indicated to the appropriate government
agencies that it would continue on-site remediation activities.
Demolition of the area began in June 2004 and was completed in
June 2005.  Solutia is presently evaluating the surface water
management program for the Nitro facility.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.

(Solutia Bankruptcy News, Issue No. 100; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


EUROTUNNEL GROUP: Consolidates GET Shares Effective Nov. 12
-----------------------------------------------------------
Eurotunnel Group (fka Groupe Eurotunnel SA) will carry out a
consolidation of the GET SA shares in accordance with the ratio
of one new share with a nominal value of EUR0.40 for every 40
existing shares with a nominal value of EUR0.01, effective
Nov. 12, 2007.

This consolidation does not relate to the TNU units.  The
consolidation relate to the 2,391,364,450 ordinary shares in
issue of Groupe Eurotunnel SA.

The attention of holders of Crest Depositary Interests (CDI) is
drawn to the fact that, while every holding of 40 Shares CDI
each representing an entitlement to an existing GET SA share
will automatically be exchanged on Nov. 12, 2007, for a new
Share CDI representing an entitlement to one new GET SA share,
the terms set out applying to share fractions do not apply to
CDI.

It is open to Share CDI holders whose holding does not
correspond to an exact multiple of 40 to round up or down their
holding to such a multiple before Nov. 12, 2007.

The following terms apply to GET SA shares only and not to Share
CDI.

The number of shares to be consolidated is 2,391,364,450 shares.
The number of shares in Groupe Eurotunnel SA following the
consolidation is 59,784,111 shares.

Effective Nov. 12, 2007, all shareholding formed of a multiple
of 40 existing shares will automatically be exchanged for new
consolidated shares.

In accordance with French law, shareholders whose holding does
not correspond to a multiple of 40:

   -- may, from today, round up or down their holding so as to
      form a multiple of 40; and

   -- will, between Nov. 12, 2007 and Nov. 12, 2009, be able to
      buy or sell non-consolidated shares representing
      fractional entitlement in order to round up or down their
      holding.

In order to facilitate dealing with the shares that cannot be
consolidated immediately, the consolidated GET SA shares and the
existing GET SA shares will be listed on two separate lines on
Euronext from Nov. 12, 2007:

   -- consolidated GET SA shares will be listed in Compartment B
      of Eurolist by EuronextTM; and

   -- non-consolidated GET SA shares will have a separate
      listing within Euronext list of stocks to be delisted for
      a further 6 months, i.e. on May 12, 2008.

Until Nov. 12, 2009, BNP Paribas Securities Services will deal
with requests to exchange non consolidated shares for new
shares.

On Nov. 12, 2009, any unclaimed new shares will be sold on the
market and the net proceeds of sale will be held in a blocked
account open with BNP Paribas Securities Services for this
purpose and made available to original holders of the shares for
a period of 10 years.   This decision to sell will be announced
in due course.

On expiry of that 10-year period, any unclaimed sums will be
transferred to the French Caisse des Depots et Consignations and
will remain available to them subject to the applicable French
prescription period.

The rights of holders of securities which may be converted into
equity of Groupe Eurotunnel SA will be adjusted accordingly in
accordance with the terms set out in the Securities Note which
received visa 07-113 by the French market authority on April 4,
2007.  Such adjustment will also be announced in due course.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                    Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.

For the first half ended June 30, 2007, Group Eurotunnel posted
net loss of EUR32 million compared with a net loss of EUR105
million for the same period in 2006.


GAP INC: Inks Deal with Filipino Franchisee Rustan Group
--------------------------------------------------------
Gap Inc. disclosed a franchise agreement to introduce the Gap
and Banana Republic brands to the Philippines.  Over the next
five years, Gap Inc.'s franchise partner –- Rustan Group of
Companies –- plans to open a combined total of approximately
eight Gap stores and four Banana Republic stores throughout the
Philippines.

The first Gap store is expected to open by the end of this year,
and the first Banana Republic stores by spring 2008.  All stores
are scheduled to be open by 2012.

"The Philippines represents a natural market for Gap Inc. to
expand its international presence," Ron Young, senior vice
president of international strategic alliances for Gap Inc.,
said.  "The country has a strong, steadily growing economy, and
consumers in this market have a great interest in iconic apparel
brands such as ours."

Gap Inc. will leverage the Rustan Group's local operational
expertise, and will provide access to Gap and Banana Republic's
clothing and accessories.  In addition, the Rustan Group of
Companies will hold exclusive rights to operate Gap and Banana
Republic stores in the Philippines, will purchase merchandise
from Gap Inc. or suppliers designated by Gap Inc., and must
adhere to Gap Inc.'s quality standards to preserve the
reputation of the Gap and Banana Republic brands.

"We're pleased to have forged a relationship with such an
excellent local partner," Mr. Young continued.  "In addition to
strong operational expertise and a deep understanding of their
local customer base, the Rustan Group of Companies has a track
record of successfully introducing well-known fashion and
apparel brands to international markets."

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

                           *   *   *

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


REALOGY CORPORATION: Signs License Deal with Meredith
-----------------------------------------------------
Realogy Corporation has entered into a long-term agreement to
license the Better Homes and Gardens(R) Real Estate brand from
Meredith Corporation, one of the nation's leading media and
marketing companies.  Realogy intends to build a new
international residential real estate franchise company using
the Better Homes and Gardens(R) Real Estate brand name.

"We are very pleased to add Better Homes and Gardens Real Estate
to our family of real estate companies, and we are equally proud
to be entrusted by Meredith with the stewardship of this well-
known and respected brand that is so deeply tied to the concept
of owning and improving one's home," said Richard A. Smith,
Realogy's vice chairman and president.  "Looking more broadly,
this agreement demonstrates our confidence in the long-term
strength of the housing market, particularly in the U.S., and
the favorable demographic factors that will continue to drive
homeownership and household growth during the years and decades
to come."

The licensing agreement between Realogy and Meredith is for a
50-year term, with a renewal option for another 50 years.
Financial terms of the transaction were not disclosed, and the
transaction is not expected to have an immediate material impact
on Realogy's financial results.  Meredith will receive ongoing
license fees based upon the royalties that Realogy earns from
franchising the Better Homes and Gardens Real Estate brand.
Meredith, owner of an 85-million name consumer database, will
offer Realogy selected database services.

Realogy plans a July 1, 2008 launch of the Better Homes and
Gardens Real Estate franchise system and will engage in various
pre-launch activities in the interim.

"This is a tremendous opportunity to capitalize on the power of
America's leading consumer magazine brand on behalf of the
world's most successful real estate franchise company," said
Meredith President and Chief Executive Officer Stephen M. Lacy.
"It fits extremely well with our strategic objective to further
diversify our business by providing Meredith with significant
sources of revenue not dependent on traditional advertising."

"Better Homes and Gardens Real Estate is a highly strategic
addition to Realogy's premier portfolio of real estate franchise
holdings, a brand that comes with well-established equity and
one that we expect will compete well in the marketplace," added
Mr. Smith.

The Better Homes and Gardens name has been a staple in American
life ever since 1924 when Meredith first published the magazine
under that masthead.  Today, the magazine boasts a circulation
of 7.6 million and a readership of nearly 40 million.  In 1978,
Meredith launched the former Better Homes and Gardens Real
Estate service, which it owned and operated for 20 years, and
grew the business into a highly respected name in the real
estate industry.  Meredith sold its real estate business in 1998
while retaining ownership of the Better Homes and Gardens Real
Estate brand name.

Better Homes and Gardens Real Estate will become Realogy's fifth
residential real estate franchise brand and sixth overall.
Today, Realogy owns the CENTURY 21(R), Coldwell Banker(R) and
ERA(R) residential real estate brands, along with a commercial
real estate franchise system in Coldwell Banker Commercial(R).
Realogy also has a similar long-term licensing agreement with
Sotheby's Holdings, Inc. to license the Sotheby's International
Realty(R) name, a relationship that began in February 2004 and
has grown to approximately 400 franchise and company-owned
offices globally with more than 8,000 agents around the world.

"We have more than a decade of experience in managing world-
class real estate brands that compete successfully in the local
marketplace, and we also recognize that there is ample room for
continued growth in the industry," said Alex Perriello,
president and CEO of the Realogy Franchise Group.  "We believe
that there are substantial domestic and international growth
opportunities in real estate franchising, and Better Homes and
Gardens Real Estate will help us accelerate that growth."

The National Association of Realtors(R) (NAR) 2006 Profile of
Real Estate Firms reported that 77% of residential real estate
brokerages and 45% of real estate agents are unaffiliated with
any franchise.  Furthermore, the same NAR survey showed the
value of franchising in that 88% of real estate firms reported
that their franchise affiliation improved their name
recognition; 83% reported a beneficial impact on their ability
to acquire listings; and 72% reported that their franchise
affiliation contributed to an increase in profits.

                      About Meredith Corp.

Meredith Corporation -- http://www.meredith.com/-- is one of
the nation's leading media and marketing companies with
businesses centering on magazine and book publishing, television
broadcasting, integrated marketing and interactive media.  The
Meredith Publishing Group features 25 subscription magazines –-
including Better Homes and Gardens, Ladies' Home Journal, Family
Circle, Parents, American Baby, Fitness and More -– and
publishes more than 200 special interest publications under
approximately 80 titles.  Meredith has more than 400 books in
print.  Meredith owns 13 television stations, including
properties in top-25 markets Atlanta, Phoenix and Portland, OR.
Meredith has an extensive online presence that includes more
than 40 Web sites and two broadband channels -– Better.tv and
Parents.tv.

                      About Realogy Corp.

Headquartered in Parsippany, N.J., Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services lowered and
removed from CreditWatch Negative its issue-level rating on
Realogy Corp.'s previously senior unsecured notes that were part
of the company's capital structure prior to the April 2007 going
private acquisition of the company by Apollo Management L.P.


SMOBY-MAJORETTE: Exits Bankruptcy; Court Orders Receivership
------------------------------------------------------------
The Commercial Court of Lons-le-Saunier placed Smoby-Majorette
under receivership on Oct. 9, 2007, ending the company's
bankruptcy protection, Financial Times Ltd. reports citing La
Tribune as its source.

According to La Tribune's Julieta Garnier, the court blamed
Smoby's buyer, MGA Entertainment, for failing to revive the
company.  MGA is considering an appeal against the court's
decision.

As reported in the TCR-Europe on Oct. 10, 2007, MGA's debt
restructuring negotiation with Smoby's creditor banks fell
through and it failed to pay the EUR11 million it pledged to
invest in Smoby.

Deutsche Bank, which submitted a rival bid, said that it was
stunned at MGA's behavior and failure to keep its promises,
Financial Times relates.

                           About Smoby

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

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


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


3G-TRADING GMBH: Claims Registration Ends November 7
----------------------------------------------------
Creditors of 3G-Trading GmbH have until Nov. 7 to register their
claims with court-appointed insolvency manager Klaus Regeling.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Dec. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Bonn opened bankruptcy proceedings against
3G-Trading GmbH on Sept. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         3G-Trading GmbH
         Attn: Galina Germogentova, Manager
         Adenauer Allee 108
         53113 Bonn
         Germany


ARGUS GRUNDBESITZ: Claims Registration Period Ends Nov. 1
---------------------------------------------------------
Creditors of ARGUS Grundbesitz und Kapital Verwaltungs GmbH have
until Nov. 1 to register their claims with court-appointed
insolvency manager Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Cologne
         Germany
         Tel: 0221/33660130
         Fax: +492213366085

The District Court of Cologne opened bankruptcy proceedings
against ARGUS Grundbesitz und Kapital Verwaltungs GmbH on
Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ARGUS Grundbesitz und Kapital Verwaltungs GmbH
         Lindenallee 43
         50968 Cologne
         Germany

         Attn: Thomas Tulowitzki, Manager
         Sachsenring 81
         50677 Cologne
         Germany


AUTOHAUS SIEVERS: Claims Registration Ends November 6
-----------------------------------------------------
Creditors of Autohaus Sievers GmbH have until Nov. 6 to register
their claims with court-appointed insolvency manager Reinhold
Schmid- Sperber.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Kiel
         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:

         Reinhold Schmid- Sperber
         Westring 455
         24118 Kiel
         Germany

The District Court of Kiel opened bankruptcy proceedings against
Autohaus Sievers GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Autohaus Sievers GmbH
         Hamburger Chaussee 174
         24113 Kiel
         Germany


FIT & FUN: Claims Registration Ends November 7
----------------------------------------------
Creditors of FIT & FUN Fitnessstudio GmbH have until Nov. 7 to
register their claims with court-appointed insolvency manager
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.310
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Darmstadt opened bankruptcy proceedings
against FIT & FUN Fitnessstudio GmbH on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         FIT & FUN Fitnessstudio GmbH
         Marburgerstrasse 20
         64289 Darmstadt
         Germany

         Attn: Thomas Nixdorf, Manager
         Rhoenring 36
         64289 Darmstadt
         Germany


GRABFELDMOEBEL GMBH: Claims Registration Period Ends Oct. 25
------------------------------------------------------------
Creditors of Grabfeldmoebel GmbH & Co. KG 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 10:05 a.m. on Dec. 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 Grabfeldmoebel GmbH & Co. KG on Oct. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Grabfeldmoebel GmbH & Co. KG
         Industriestr. 5
         97528 Sulzdorf
         Germany


INTERMARIS KREUZFAHRTEN: Claims Registration Period Ends Oct. 19
----------------------------------------------------------------
Creditors of Intermaris Kreuzfahrten GmbH have until Oct. 19 to
register their claims with court-appointed insolvency manager
Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Muenchen
         Germany
         Tel: 99299-0
         Fax: 99299-299

The District Court of Munich opened bankruptcy proceedings
against Intermaris Kreuzfahrten GmbH on Sept. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Intermaris Kreuzfahrten GmbH
         Buchhierlstr. 6
         81479 Muenchen
         Germany


KA BA TEX: Claims Registration Period Ends Oct. 31
--------------------------------------------------
Creditors of KA BA TEX GmbH have until Oct. 31 to register their
claims with court-appointed insolvency manager Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621/877080

The District Court of Karlsruhe opened bankruptcy proceedings
against KA BA TEX GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KA BA TEX GmbH
         Attn: Markus Dages, Manager
         Descostr. 16-18
         76307 Karlsbad-Ittersbach
         Germany


KAUFFMANN & HAUG: Claims Registration Ends Nov. 5
-------------------------------------------------
Creditors of Kauffmann & Haug GmbH & Co. KG Rohrleitungs und
Apparatebau have until Nov. 5 to register their claims with
court-appointed insolvency manager Gerhard Walter.

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

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen
         Germany

The District Court of Tuebingen opened bankruptcy proceedings
against Kauffmann & Haug GmbH & Co. KG Rohrleitungs und
Apparatebau on Oct. 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Kauffmann & Haug GmbH & Co. KG Rohrleitungs und
         Apparatebau
         Stuttgarter Str. 25
         72766 Reutlingen
         Germany


LANDHANDELS- UND RECYCLING: Claims Registration Ends Oct. 30
------------------------------------------------------------
Creditors of LRZ Landhandels- und Recycling-Zentrum GmbH have
until Oct. 30 to register their claims with court-appointed
insolvency manager Tatjana Gotsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27
         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:

         Tatjana Gotsch
         Buettenstr. 4
         08058 Zwickau
         Germany
         Tel: (0375) 818920
         Fax: (0375) 8189214
         E-Mail: gotsch@zwickau-net.de

The District Court of Chemnitz opened bankruptcy proceedings
against LRZ Landhandels- und Recycling-Zentrum GmbH on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LRZ Landhandels- und Recycling-Zentrum GmbH
         Attn: Dr. Hans-Joachim Auerbach, Manager
         Lauterbacher Strasse 32
         08459 Neukirchen
         Germany


POETTER GMBH: Claims Registration Ends Nov. 5
---------------------------------------------
Creditors of Poetter GmbH & Co. KG have until Nov. 5 to register
their claims with court-appointed insolvency manager Dr. Norbert
Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany

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

The Debtor can be reached at:

         Poetter GmbH & Co. KG
         Marienfelder Str. 93
         33442 Herzebrock-Clarholz
         Germany


RIETSCHEL-STUCK VERWALTUNGS: Claims Registration Ends Nov. 5
------------------------------------------------------------
Creditors of Rietschel-Stuck Verwaltungs GmbH have until Nov. 5
to register their claims with court-appointed insolvency manager
Dr. Bettina Breitenbuecher.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.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 Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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. Bettina Breitenbuecher
         Gustav-Weisskopf-Str. 4
         99092 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Rietschel-Stuck Verwaltungs GmbH on Sept. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rietschel-Stuck Verwaltungs GmbH
         Attn: Klaus Rietschel, Manager
         Baumschulenweg 4 d
         99425 Weimar
         Germany


THIELEN GMBH: Claims Registration Ends Nov. 5
----------------------------------------------
Creditors of Thielen GmbH & Co. KG have until Nov. 5 to register
their claims with court-appointed insolvency manager Dr. Peter
Neu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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. Peter Neu
         Elberfelder Strasse 39
         42853 Remscheid
         Germany
         Tel: 02191/499 18-0
         Fax: 02191/499 18-50

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

The Debtor can be reached at:

         Thielen GmbH & Co. KG
         Lotharstrasse 6
         42655 Solingen
         Germany


ROSCONI DESIGN: Claims Registration Ends November 7
---------------------------------------------------
Creditors of Rosconi Design + Funktion GmbH have until Nov. 7 to
register their claims with court-appointed insolvency manager
Dr. Peter G.  Theile.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 on Nov. 26, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Limburg
         Hall B 12
         Walderdorffstrasse 12
         65549 Limburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:20 a.m. on the same date at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Peter G. Theile
         Kapellenstrasse 7
         65555 Limburg-Offheim
         Germany
         Tel: 06431/77990-0
         Fax: 06431/77990-35
         E-mail: limburg@ts-Insolvenzanwaelte.de

The District Court of Limburg opened bankruptcy proceedings
against Rosconi Design + Funktion GmbH on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Rosconi Design + Funktion GmbH
         Attn: Ingo Zutt and Thomas Brandenburger, Managers
         Loehnberger Weg 7
         35781 Weilburg
         Germany


SCHROETER & NEU: Claims Registration Period Ends Nov. 21
--------------------------------------------------------
Creditors of Schroeter & Neu GmbH have until Nov. 21 to register
their claims with court-appointed insolvency manager Joern
Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

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

The Debtor can be reached at:

         Schroeter & Neu GmbH
         Attn: Michael Winkmann, Manager
         Horner Moor 16
         22119 Hamburg
         Germany


TIME-SOFT SOFTWARE: Claims Registration Period Ends Oct. 31
-----------------------------------------------------------
Creditors of Time-Soft Software GmbH have until Oct. 31 to
register their claims with court-appointed insolvency manager
Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: (0621) 87 70 80

The District Court of Karlsruhe opened bankruptcy proceedings
against Time-Soft Software GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Time-Soft Software GmbH
         Attn: Franz Kelnhofer, Manager
         Kleinoberfeld 7
         76149 Karlsruhe
         Germany


ZIBEC STAHL: Claims Registration Period Ends Oct. 31
----------------------------------------------------
Creditors of ZIBEC Stahl- und Metallbau GmbH have until Oct. 31
to register their claims with court-appointed insolvency manager
Axel Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Hall 208
         Lindenallee 15
         Meiningen
         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:

         Axel Bierbach
         Schwanthalerstr. 32
         80336 Munich
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against ZIBEC Stahl- und Metallbau GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ZIBEC Stahl- und Metallbau GmbH
         Attn: Juergen Becher, Manager
         Industriestr. 19
         98544 Zella-Mehlis
         Germany


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


ADVANCED MEDICAL: Names M. Lambert as Chief Financial Officer
-------------------------------------------------------------
Advanced Medical Optics Inc. has selected Michael J. Lambert as
its chief financial officer effective Oct. 15.

Mr. Lambert is a seasoned executive who brings to Advanced
Medical approximately 20 years of experience and a diverse
financial background.  Most recently, he was senior vice
president and chief financial officer of Quest Software, Inc.
where he drove productivity gains and controlled costs, improved
cash flow performance, integrated multiple acquisitions, and
improved resource allocation processes.

Prior to joining Quest in November 2004, Mr. Lambert was chief
financial officer at Quantum Corporation, and Nervewire, Inc., a
pre-IPO Internet services firm.  He was also chief financial
officer for a division of Lucent Technologies.  Mr. Lambert
holds a master's degree from Harvard Graduate School of Business
Administration and a bachelor's degree from Stonehill College.

"Michael is an outstanding addition to our executive leadership
team," said Jim Mazzo, AMO chairman, president and chief
executive officer.  "He is an experienced leader with an
excellent reputation and a deep understanding of the financial
requirements of a public company with a global presence.  I
expect Michael to play an integral role in advancing our
strategy to achieve sustained, profitable growth through
innovative vision technologies that enhance the quality of life
for people of all ages.  I am pleased to welcome Michael to
AMO."

At AMO, Mr. Lambert will oversee the company's finance,
accounting, tax, treasury and information technology functions
and report directly to Mr. Mazzo.

Before Mr. Lambert's appointment, Richard (Randy) A. Meier, held
positions of chief financial officer and chief operating officer
at AMO.  Mr. Meier will continue as AMO's chief operating
officer and assume additional responsibility for management of
the company's cataract/implant business and global customer
services function, while maintaining his existing management
responsibilities for AMO's eye care business and the company's
global manufacturing and supply chain operations.  C. Russell
Trenary, III, 50, who was previously president of the company's
cataract/implant business, has been named executive vice
president of global public policy and medical education
encompassing all of AMO's businesses and product lines.  Both
executives will continue to report directly to Mr. Mazzo.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  The company
has operations in Germany, Japan, Ireland, Puerto Rico and
Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 6,
2007, Standard & Poor's Ratings Services lowered its corporate
credit rating on Advanced Medical Optics Inc. to 'B+' from
'BB-'; the ratings have been removed from CreditWatch with
negative implications, where they were placed on Aug. 6, 2007.


ADVANCED MEDICAL: Moody's Cuts Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service downgraded Advanced Medical Optics,
Inc.'s Corporate Family Rating and Probability of Default Rating
to B2 from B1.

The rating outlook was revised to stable.  These rating actions
conclude the review process for possible downgrade, which began
on May 29, 2007.

The downgrade of the company's Corporate Family Rating to B2
from B1 reflects Moody's view that the worldwide recall of the
Complete MoisturePlus multipurpose solution will cause
approximately US$160 million of incremental costs and several
months of lost revenues.

"Over the intermediate term, Advanced Medical Optics' operating
performance will be muted because of additional brand rebuilding
costs, some collateral damage to its products and litigation
costs," Sidney Matti, Analyst, stated.  Moreover, the company's
cash flow generation will be hampered resulting in debt levels
higher than Moody's expectations.  Additionally, the company's
integration of IntraLase will continue to be a risk factor.

Moody's notes that the company's other business segments
continue to experience revenue growth.  AMO continues to have
the leading position within the refractive surgery space with
over a 50% market share.

The stable ratings outlook anticipates the company will
successfully integrate IntraLase and experience continued
improved operating performance in the high single digits within
its existing businesses.  Additionally, the rating outlook
incorporates Moody's expectation that the company will continue
its acquisition strategy, albeit smaller in size, over the near
term.

These ratings were downgraded:

   -- Corporate Family Rating to B2 from B1;

   -- Probability of Default Rating to B2 from B1;

   -- Senior Secured Revolver (LGD2/14%) due 2013
      to Ba2 from Ba1;

   -- Senior Secured Term Loan B (LGD2/14%) due 2014
      to Ba2 from Ba1;

   -- Senior Subordinated Notes (to LGD4/46% from LGD4/50%) due
      2017 to B2 from B1; and

   -- Convertible Subordinated Notes (to LGD5/80% from LGD5/81%)
      due 2024 to Caa1 from B3.

Headquartered in Santa Ana, California, Advanced Medical Optics,
Inc. is a leader in the development, manufacturing and marketing
of medical devices for the eye through three major product
lines: cataract/implant, laser vision correction, and eye care.
For the 12 months ended June 29, 2007, Advanced Medical Optics,
Inc. generated approximately US$1 billion in revenues.  The
company has operations in Germany, Japan, Ireland, Puerto Rico
and Brazil.


WR GRACE: Court Refuses to Appoint Examiner for Tersigni Probe
--------------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware refused to appoint a Court examiner to
probe on the bills paid by W.R. Grace & Co. and its debtor
affiliates to L. Tersigni Consulting until the Office of the
U.S. Trustee for Region 3 can explain why it took them 17 months
to inform the Court of the investigation initiated by the
Department of Justice on Loreto Tersigni and the Tersigni firm,
Bloomberg News reports.

At a Sept. 24, 2007, hearing, Judge Fitzgerald noted that the
U.S. Trustee's office was made aware of the Tersigni billing
problems back in April 2006.

Judge Fitzgerald asked David M. Klauder, Esq., counsel to the
U.S. Trustee, at the hearing, whether an investigation has been
conducted with respect to Mr. Tersigni and whether that
investigation has been completed or is still ongoing.

Mr. Klauder, however, refused to answer Judge Fitzgerald's
questions and said that he was "instructed" not to comment about
the matter.  Mr. Klauder said that he has "stuff [he's] not
permitted to divulge in open court . . ."

"What I'm trying to find out is, why on earth I am not being
permitted to be given information concerning matters that affect
the administration of these estates, from the entity that is
charged with supervising the administration of these estates,"
Judge Fitzgerald stated.

The Court acknowledged that the U.S. Trustee is charged under
the Bankruptcy Code with the task of "watch dogging" and
monitoring entities under bankruptcy.  "It appears that the
watchdog needs watchdogging," Judge Fitzgerald said.

Mr. Klauder told the Court that the intent for the U.S.
Trustee's request was for an examiner to ultimately determine
what causes of action exist for Grace with respect to the
alleged fraudulent billing practices of the Tersigni firm.

The Tersigni firm was retained by the Official Committee of
Asbestos Personal Injury Claimants in Grace's bankruptcy case as
its financial advisors in 2003.

Judge Fitzgerald, during the hearing, expressed her concern on
the additional expense Grace will likely incur if an examiner is
appointed.

A continued hearing for Oct. 25 and 26, 2007, has been set for
the examiner request.  The judge further instructed Mr. Klauder
to "find someone" permitted to comment on the Tersigni issues.

                        About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 140; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


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


ADIL & K LLP: Proof of Claim Deadline Slated for Nov. 21
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Security Agency Adil & K 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


AL-GAS-OIL LLP: Creditors Must File Claims Nov. 16
--------------------------------------------------
LLP Al-Gas-Oil has declared insolvency.  Creditors have until
Nov. 16 to submit written proofs of claims to:

         LLP Al-Gas-Oil
         Micro District 8, 38-201
         Aktau
         130000, Mangistau
         Kazakhstan
         Tel: 8 (3292) 42-84-54
              8 (3292) 42-84-64


ALLIANCE BANK: High Credit Risks Cue S&P’s B+ Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long- and
'B' short-term counterparty credit ratings to Kazakhstan-based
Alliance Bank JSC.  The outlook is stable.

"The ratings on Alliance reflect high credit risks in its
unseasoned and rapidly built-up loan portfolio, substantial
dependence on confidence-sensitive wholesale funding and its
young franchise, which is vulnerable to above-average economic
and industry risks in Kazakhstan," said Standard & Poor's credit
analyst Ekaterina Trofimova.

The Republic of Kazakhstan is rated foreign currency BBB-
/Stable/A-3, local currency BBB/Stable/A-3.

"Supportive rating factors are the bank's adequate risk
management, supportive shareholders, improved profitability,
competent management team, and strong commercial dynamism--in
particular in retail and small and midsize enterprise banking,"
Ms. Trofimova said.

With assets of KZT1.33 billion at June 30, 2007, Alliance ranked
among the top five banks in Kazakhstan, with a leading market
share of about 20% in retail loans, including more than 50% in
express consumer loans.

"The stable outlook balances the current market pressures with
Alliance's adequate commercial and financial management, which
should protect its credit standing and fundamentals," added Ms.
Trofimova.

Although unlikely in the near future, any potential rating
upgrade will depend on market stabilization, as well as a longer
track record for the bank of sustained good commercial,
financial, and credit performance.

The current ratings incorporate a possibility of some weakening
in the bank's liquidity, asset quality, and capital position. A
material deterioration in these areas could threaten the
ratings.


BANK TURANALEM: Fitch Affirms BB+ IDR; Outlook to Stable
--------------------------------------------------------
Fitch Ratings has affirmed Bank TuranAlem’s Long-term foreign
currency IDR at BB+.  Outlook revised to Stable from Positive.

The change in Outlooks for the bank follow Fitch's action which
changed Outlooks for the Kazakhstani sovereign's 'BBB' Long-term
foreign currency IDR and 'BBB+' Long-term local currency IDR to
Stable from Positive.

The IDR of BTA is underpinned by Fitch's view of the strong
propensity of the Kazakhstan authorities to provide support to
the banks in case of need, and hence, taking into account
ability to support, the moderate probability of such support
being forthcoming.

In Fitch's view, refinancing risks for Kazakhstani banks are
moderate as a result of currently limited access to foreign
funding.  However, banks face heightened risks in the current
market environment, in particular due to:

   -- a tightening of liquidity in the corporate sector as banks
      restrict issuance of new loans, especially to the more
      highly-leveraged construction and real estate development
      sectors, which are major borrowers from banks;

   -- downward pressure on real estate prices as a result of the
      tighter credit environment, which could impact both the
      performance of the construction/real estate sector itself
      and the sufficiency of collateral held by banks on
      existing corporate and retail loans;

   -- downward pressure on the KZT/USD exchange rate due to
      capital outflows replacing the strong capital inflows of
      the last few years, which could impact the ability of
      unhedged Kazakhstani borrowers to meet their obligations
      under foreign currency loans from the banking sector,
      although in mitigation Fitch notes that the authorities
      have so far been prepared to deploy official reserves to
      stem this downwards pressure.

These heightened risks compound the already high credit risks in
the banking sector resulting from the very rapid loan expansion
of recent years and the still considerable individual borrower
concentrations in banks' loan books.

Fitch again notes that, should these risks start to feed through
into particular banks and/or general market concerns leading to
confidence issues, then the Individual ratings of the bank would
be likely to come under downward pressure.

At the same time, Fitch also notes that the Long-term IDRs of
the country's six largest commercial banks - KKB, BTA, Halyk,
Alliance Bank ('BB-'), ATF Bank ('BB-') and Bank CenterCredit
('BB-') - are underpinned by the possibility of sovereign
support.  Thus, they would be downgraded only if the Kazakhstani
sovereign itself was downgraded or if Fitch revised its view of
the propensity of the authorities to provide support to these
banks.

Rating actions:

BTA:

   -- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
      revised to Stable from Positive

   -- Long-term local currency IDR: affirmed at 'BBB-'

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Short-term local currency IDR: affirmed at 'F3'

   -- Individual rating: affirmed at 'C/D'

   -- Support rating: affirmed at '3'

   -- Support Rating Floor: affirmed at 'BB+'


CASPIAN CONSTRUCTION: Claims Filing Period Ends Nov. 16
-------------------------------------------------------
LLP Caspian Construction Company has declared insolvency.
Creditors have until Nov. 16 to submit written proofs of claims
to:

         LLP Caspian Construction Company
         Micro District 6, 3-51
         Aktau
         130000, Mangistau
         Kazakhstan
         Tel: 8 (3292) 21-22-98


ESIL AGRO: Creditors' Claims Due on Nov. 21
-------------------------------------------
OJSC Esil Agro Technika has declared insolvency.  Creditors have
until Nov. 21 to submit written proofs of claims to:

         OJSC Esil Agro Technika
         Gasheka Str. 27
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


HALYK BANK: Fitch Affirms BB+ IDR; Outlook to Stable
----------------------------------------------------
Fitch Ratings has affirmed Halyk Bank’s Long-term foreign
currency IDR at BB+.  Outlook revised to Stable from Positive.

The change in Outlooks for the bank follow Fitch's action which
changed Outlooks for the Kazakhstani sovereign's 'BBB' Long-term
foreign currency IDR and 'BBB+' Long-term local currency IDR to
Stable from Positive.

The IDR of Halyk Bank is underpinned by Fitch's view of the
strong propensity of the Kazakhstan authorities to provide
support to those banks in case of need, and hence, taking into
account ability to support, the moderate probability of such
support being forthcoming.

In Fitch's view, refinancing risks for Kazakhstani banks are
moderate as a result of currently limited access to foreign
funding.  However, banks face heightened risks in the current
market environment, in particular due to:

   -- a tightening of liquidity in the corporate sector as banks
      restrict issuance of new loans, especially to the more
      highly-leveraged construction and real estate development
      sectors, which are major borrowers from banks;

   -- downward pressure on real estate prices as a result of the
      tighter credit environment, which could impact both the
      performance of the construction/real estate sector itself
      and the sufficiency of collateral held by banks on
      existing corporate and retail loans;

   -- downward pressure on the KZT/USD exchange rate due to
      capital outflows replacing the strong capital inflows of
      the last few years, which could impact the ability of
      unhedged Kazakhstani borrowers to meet their obligations
      under foreign currency loans from the banking sector,
      although in mitigation Fitch notes that the authorities
      have so far been prepared to deploy official reserves to
      stem this downwards pressure.

These heightened risks compound the already high credit risks in
the banking sector resulting from the very rapid loan expansion
of recent years and the still considerable individual borrower
concentrations in banks' loan books.

Fitch again notes that, should these risks start to feed through
into particular banks and/or general market concerns leading to
confidence issues, then the Individual ratings of the bank would
be likely to come under downward pressure.

At the same time, Fitch also notes that the Long-term IDRs of
the country's six largest commercial banks - KKB, BTA, Halyk,
Alliance Bank ('BB-'), ATF Bank ('BB-') and Bank CenterCredit
('BB-') - are underpinned by the possibility of sovereign
support.  Thus, they would be downgraded only if the Kazakhstani
sovereign itself was downgraded or if Fitch revised its view of
the propensity of the authorities to provide support to these
banks.

Rating actions:

Halyk Bank:

   -- Long-term local currency IDR: affirmed at 'BBB-'

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Short-term local currency IDR: affirmed at 'F3'

   -- Individual rating: affirmed at 'C/D'

   -- Support rating: affirmed at '3'

   -- Support Rating Floor: affirmed at 'BB+'


KAZKOMMERTSBANK: Fitch Affirms BB+ IDR; Outlook to Stable
---------------------------------------------------------
Fitch Ratings has affirmed Kazkommertsbank’s Long-term foreign
currency IDR at BB+.  Outlook revised to Stable from Positive.

The change in Outlooks for the bank follow Fitch's action which
changed Outlooks for the Kazakhstani sovereign's 'BBB' Long-term
foreign currency IDR and 'BBB+' Long-term local currency IDR to
Stable from Positive.

DBK's ratings reflect Fitch's view of the very strong propensity
of the Kazakhstani authorities to provide support to the bank in
case of need, and hence, taking into account the authorities'
ability to support, the high probability of such support being
forthcoming.

The IDR of Kazkommertsbank is underpinned by Fitch's view of the
strong propensity of the Kazakhstan authorities to provide
support to those banks in case of need, and hence, taking into
account ability to support, the moderate probability of such
support being forthcoming.

In Fitch's view, refinancing risks for Kazakhstani banks are
moderate as a result of currently limited access to foreign
funding.  However, banks face heightened risks in the current
market environment, in particular due to:

   -- a tightening of liquidity in the corporate sector as banks
      restrict issuance of new loans, especially to the more
      highly-leveraged construction and real estate development
      sectors, which are major borrowers from banks;

   -- downward pressure on real estate prices as a result of the
      tighter credit environment, which could impact both the
      performance of the construction/real estate sector itself
      and the sufficiency of collateral held by banks on
      existing corporate and retail loans;

   -- downward pressure on the KZT/USD exchange rate due to
      capital outflows replacing the strong capital inflows of
      the last few years, which could impact the ability of
      unhedged Kazakhstani borrowers to meet their obligations
      under foreign currency loans from the banking sector,
      although in mitigation Fitch notes that the authorities
      have so far been prepared to deploy official reserves to
      stem this downwards pressure.

These heightened risks compound the already high credit risks in
the banking sector resulting from the very rapid loan expansion
of recent years and the still considerable individual borrower
concentrations in banks' loan books.

Fitch again notes that, should these risks start to feed through
into particular banks and/or general market concerns leading to
confidence issues, then the Individual ratings of the bank would
be likely to come under downward pressure.

At the same time, Fitch also notes that the Long-term IDRs of
the country's six largest commercial banks - KKB, BTA, Halyk,
Alliance Bank ('BB-'), ATF Bank ('BB-') and Bank CenterCredit
('BB-') - are underpinned by the possibility of sovereign
support.  Thus, they would be downgraded only if the Kazakhstani
sovereign itself was downgraded or if Fitch revised its view of
the propensity of the authorities to provide support to these
banks.

Rating actions:

Kazkommertsbank:

   -- Long-term local currency IDR: affirmed at 'BBB-'

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Short-term local currency IDR: affirmed at 'F3'

   -- Individual rating: affirmed at 'C/D'

   -- Support rating: affirmed at '3'

   -- Support Rating Floor: affirmed at 'BB+'


RIDDER-NIVA LLP: Claims Registration Ends Nov. 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Ridder-Niva 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


TAIKO GROUP: Proof of Claim Deadline Slated for Nov. 16
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Taiko Group insolvent on Aug. 28.

Creditors have until Nov. 16 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office Four
         Kassin Str. 2/1
         Mamyr
         050052, Almaty
         Kazakhstan
         Tel: 8 (3272) 63-84-42
              8 777 559 68-31
              8 777 258 50-41


TOUS LLP: Creditors Must File Claims Nov. 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Tous 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


VTORPROM CJSC: Creditors' Claims Due on Nov. 16
-----------------------------------------------
CJSC Vtorprom has declared insolvency.  Creditors have until
Nov. 16 to submit written proofs of claims to:

         CJSC Vtorprom
         Ushanov Str. 66-39
         Ushanov Str. 66-39
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


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


BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for October 15
----------------------------------------------------------------
Creditors of Utility Enterprise Bishkeksky Passajyrsky
Autocombinate will convene at 11:00 a.m. on Oct. 15 at:

         Fatyanov Str. 20
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues
dismissed T. Ashyrbayev dismissed from the position of temporary
insolvency manager of the company on Sept. 11, 2007.

Subsequently, Nurlan Akambayev has been appointed new temporary
insolvency manager.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager can be reached at
(0-502) 50-43-05.


IMSTALCON JSC: Proof of Claim Deadline Slated for November 14
-------------------------------------------------------------
Branch of JSC Bishkek Constructing-Montage Firm Imstalcon
(INN 41307200410139) has declared insolvency.

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

         Abai Str. 79a
         Bishkek
         Kyrgyzstan


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


EUROFAKTOR SA: Bondholders Threaten Bankruptcy Filing
-----------------------------------------------------
Eurofaktor S.A. CEO Bronislaw Herman is hoping to reach a
compromise with the company's bondholders within 2-3 weeks in
order to avert a possible involuntary bankruptcy case, Polish
News Bulletin says in a report carried by the Financial Times.

According to the report, the investors have threatened a
bankruptcy filing after the company offered to repurchase only 5
percent of PLN45.5 million notes it sold early this year.

FT says the investors are also threatening to sue Raiffeisen
Bank, which managed the bond sale along with PKO BP, after it
recommended the company's commercial papers to them even though
the bank was allegedly aware of Eurofaktor's financial woes, a
claim which Raiffeisen denied.

Headquartered in Myslowice, Poland, Eurofaktor S.A. --
http://www.eurofaktor.pl/-- offers factoring services for
companies located in Poland.


TOORA POLAND: Faces PLN120 Million Claim From Bank Lenders
----------------------------------------------------------
Polish car parts manufacturer Toora Poland owes more than PLN120
million to bank lenders, including Pekao, Caylon Bank and the
Polish unit of Benelux-based Fortis, Thomson Financial reports,
citing Parkiet daily as its source.

According to the report, Toora owes PLN86 million to Pekao,
Poland's second largest bank.  Robert Moren, a spokesman for
Pekao, told Parkiet that the bank is waiting for Toora to
present a restructuring plan.

Meanwhile, the Polish News Bulletin says Caylon Bank is
demanding repayment of its PLN20 million loan to the car parts
manufacturer.

Some of the banks already created reserves for the loans they
extended as it expect Toora to become insolvent, the Polish News
Bulletin relates.

In the first half of 2007, Toora incurred losses of over PLN50
million, 35% more than indicated by preliminary data.  Its
equity capital exceeds PLN90 million, although the auditor
stressed the real sum may be lower, Polish News Bulletin states.

As previously reported in the TCR-Europe on Sept. 18, 2007,
Polish debt collecting agency Pragma Inkaso is set to file a
bankruptcy petition at the Tarnobrzeg court against Toora,
saying the company lost its liquidity and failed to pay
suppliers.

"Although the debts amount to only several dozen thousands,
Toora's authorities have not answered to any claims.  The
company has lost liquidity, therefore the best solution is to
declare bankruptcy," Szymon Kobierski of Pragma Inkaso told Puls
Biznesu.

At June 30, 2007, Toora's debts totaled PLN406 million.
According to figures obtained by Puls Biznesu, the company
incurred losses of PLN37 million on revenues of PLN145 million
in the first half of 2007.


ZLOMREX SA: S&P Cuts Ratings to B on Liquidity Concerns
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Poland-based integrated steel group
Zlomrex S.A. to 'B' from 'B+' following a review of the
company's liquidity, growth strategy, and financial policy.  The
senior secured debt rating on the EUR170 million 8.5% callable
bonds due 2014 issued by subsidiary Zlomrex International
Finance S.A. was lowered to 'B-' from 'B'.  The ratings were
removed from CreditWatch with negative implications, where they
had been placed on Aug. 15, 2007.  The outlook is negative.

At the same time, Standard & Poor's affirmed its 'B' short-term
credit rating on Zlomrex.

"The downgrade reflects Zlomrex's constrained liquidity and
refinancing risks given high short-term debt, limited cash
resources and available credit lines, cash payments for
acquisitions during the second half of 2007, and negative free
operating cash flow," said Standard & Poor's credit analyst Alex
Herbert.

In addition, Zlomrex's financial policy and acquisition-led
growth strategy are more aggressive than expected, following the
completion of its acquisition of Polish steel distribution
company Stalexport Trade for about PLN130 million in October
2007 and the expected completion of its announced acquisition of
Croatia-based reinforcement steel bar manufacturer Zeljezara
Split by year-end 2007 for about PLN100 million (both including
debt).

Pro forma for the acquisitions, S&P estimates a ratio of funds
from operations to adjusted debt of about 10%-15% on a last-12-
month basis to June 30, 2007.  This is somewhat weaker than our
guidance for the ratings of 15%-20% over the cycle. We see
limited scope for meaningful improvement in Zlomrex's leverage
ratios, given ongoing likely acquisitions, including possibly
indebted loss-making targets.

"We are concerned that the company's very limited short-term
liquidity headroom may not be adequate to cover unforeseen
events or an unexpected reduction in the willingness and ability
of banks to provide financing," Mr. Herbert added.

There is a risk of a further downgrade if liquidity pressures
are not eased.  Offsetting measures could include lengthening
debt maturities and increasing available committed bank
facilities, which could lead to the outlook being revised to
stable.  Further material debt-financed acquisitions are not
factored into the ratings.


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


BALTIJSKAYA ZARYA: Creditors Must File Claims by Nov. 29
--------------------------------------------------------
Creditors of Baltijskaya Zarya CJSC have until Nov. 29 to submit
proofs of claim at:

         Office 6
         Baltijskaya 18
         236029 Kaliningrad
         Russia

The Arbitration court of Kaliningrad commenced one-year
competitive proceedings on the company.  The Court appointed
Muhin V.V. as Competitive proceedings manager.  The case is
docketed under Case No. A21-2029/2007.

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         Baltijskaya Zarya CJSC
         Kalininskoye Settlement
         Guryevskij Raion
         238051 Kaliningrad
         Russia


BANK ROSSIYA: Fitch Resolves Watch on B- IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has resolved the Rating Watch Negative on Russia-
based Bank Rossiya's Long-term Issuer Default rating 'B-',
Short-term IDR 'B' and National Long-term 'BB-(rus)'.

Fitch has also affirmed BR's ratings at Long-term IDR 'B-',
Short-term IDR 'B', Individual 'D/E', Support '5', National
Long-term 'BB- (rus)' and Support Rating Floor 'No Floor'.  The
Outlooks for BR's Long-term IDR and National Long-term rating
are Stable.

The bank's Long and Short-term IDRs and National Long-term
rating were placed on RWN in December 2006 due to the then-
announced acquisition of a majority stake in media company REN-
TV, which had potential to significantly elevate the group's
leverage and depress the bank's capitalization.  However, the
transaction was less burdensome than initially anticipated, such
that REN-TV's free cash flow is sufficient to service debt
raised for the acquisition, although the latter may also be
redeemed from other sources, namely from dividends received from
the bank's insurance subsidiary Sogaz.

BR's ratings reflect rapid loan book growth and high balance
sheet concentrations, most notably on the funding side.  They
also reflect modest capitalization, undermined by significant
equity investments made through the bank's subsidiary, and
underdeveloped corporate governance.  The ratings also
acknowledge the bank's relatively strong earnings generation to
date, growing customer base (the sustainability of which,
however, is of concern to Fitch), currently low loan impairment
levels and limited market risk.

Downward pressure on the ratings might arise primarily from a
deterioration of asset quality or potential liquidity
shortfalls, the latter being a result, for example, of large
withdrawals by key customers.  The further expansion of the
banking franchise, accompanied by decreasing concentrations,
improved risk management, better corporate governance and
stronger capitalization, would be positives for BR's credit
profile.

BR is a medium-sized corporate-focused bank with operations in
north-western Russia and the Moscow region.  The bank has
interests in a number of non-banking entities, including a 51%
stake in Sogaz, one of the largest insurance companies in
Russia.  BR is majority-owned by local businessmen, of whom Mr.
Yuri Kovalchuk has the largest stake at 30.4%.


BEZYMYANSKIJ ELEVATOR: Asset Sale Slated for November 2
-------------------------------------------------------
The Consulting company Crisis management techniques, will open a
public auction for OJSC Bezymyanskij Elevator's properties at
11:00 a.m. on Nov. 2 at:

         Barnaulskaya Str. 34
         Saratov
         Russia

The company has set a RUR21 million starting price for the
auctioned assets.

Interested participants have until Oct. 23 to deposit an amount
of RUR1.5 million to:

         Settlement Account 40702810400000004552
         Correspondent Account 30101810600000000808
         Taxpayer ID 6451124874
         KPP 645101001
         JS Commercial Bank Express-Volga
         Saratov
         Russia

Bidding documents must be submitted at:

         Barnaulskaya Str. 34
         Saratov
         Russia
         Tel: (845-2) 45-40-91, 45-40-92


INTERPROMBANK JSCB: Moody's Assigns Global Scale Ratings
--------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Interprombank:

   -- B3 long-term and Not Prime short-term local and foreign
      currency deposit ratings; and

   -- E+ bank financial strength rating.

All ratings have a stable outlook.  At the same time, Moody's
Interfax Rating Agency has assigned a Baa3.ru long-term national
scale credit rating to the bank.  Moscow-based Moody's Interfax
is majority-owned by Moody's.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect Interprombank's global default and
loss expectation, while the Baa3.ru national scale rating
reflects the standing of the bank's credit quality relative to
its domestic peers.

The bank's E+ BFSR reflects its constrained franchise which is
limited to servicing its shareholders and a small number of
customers in the defense sector, with little visible prospect of
improvement.  The bank's business model remains highly
vulnerable to any possible disruption of its relationships with
defense companies, which are heavily state-regulated.  Other
factors constraining the rating include the bank's risk
management, which has significant room for development, as well
as a high credit and market risk appetite as evidenced by high
concentrations in its loan book, low economic capitalization,
and a highly concentrated funding base.

More positively, the rating benefits from the bank's relatively
high asset quality to date, as well as its efficiency as
measured by its cost-to-income ratio, in comparison to its peer
group.  Interprombank's ratings are also underpinned by its
close ties with Rosoboronexport State Corporation, the sole
state intermediary agency for Russia's military exports/imports.
The bank's longstanding relationships with a number of
relatively large companies and their owners -- some of which are
its shareholders -- constitute another positive ratings driver.

The bank's B3/Not Prime foreign currency deposit ratings do not
incorporate any likelihood of support from its shareholders in
case of need.

Interprombank is headquartered in Moscow, Russian Federation.
The bank reported total assets of US$551 million under IFRS as
at year-end 2006 and ranked 113th by assets among Russian banks
as of April 1, 2007, according to Interfax.


KOMSOMOL'SKIJ OJSC: Creditors Must File Claims by Nov. 29
--------------------------------------------------------
Creditors of Meat-Processing Factory Komsomol'skij OJSC have
until Nov. 29 to submit proofs of claim at:

         Rahmaninova Str. 1
         440066
         Penza
         Russia

The Arbitration court of Samara declared the company as
insolvent on June 21, 2007.  The Court appointed Ponamorev I.V.
as Competitive proceedings manager.  The case is docketed under
Case No. A55-17674/2006-13.

The Debtor can be reached at:

         Meat-Processing Factory Komsomol'skij OJSC
         Soviet Str. 8
         Primorskij Settlement
         Stavropol'skij Raion
         Samara
         Russia


KRASNOGORSKAGROPROMCHEMI MUE: Asset Sale Slated for October 29
--------------------------------------------------------------
The Competitive proceedings manager of KrasnogorskAgroPromChemi
MUE will open a public auction for the company's properties at
11:00 a.m. on Oct. 29 at:

         50 years October sq. 2
         Izhevsk
         426034 Udmurt
         Russia

The company has set a RUR2,791,000 starting price for the
auctioned assets.

Interested participants have until 5:00 p.m. on Oct. 23 to
deposit an amount equivalent to 5% of the starting price to:

         Settlement Account 40702810568050120064
         Correspondent Account 30101810400000000601
         State Financial Settlements Center National
         Udmurt Republic of the Bank of Russia
         Udmurt branch 8616
         Izhevsk
         Russia

Bidding documents must be submitted to:

         50 years October sq. 2
         Izhevsk
         426034 Udmurt
         Russia
         Tel: 8-909-056-30-44

The Debtor can be reached at:

         KrasnogorskAgroPromChemi MUE
         Deputatskij Pereulok 23
         Krasnogorskoye Settlement
         Krasnogorsk
         427650 Udmurt
         Russia


ORLOVSLOYE OJSC: Asset Sale Slated for October 26
-------------------------------------------------
The Competitive proceedings manager of Orlovsloye OJSC will open
a public auction for the company's properties at 10:00 a.m. on
Oct. 26 at:

         Orlovsloye OJSC
         Zarechnaya Str. 116
         Orlovka settlement
         Talovskij raion
         397478 Voronezh
         Russia

The company has set a RUR3,443,221 starting price for the
auctioned assets.

Interested participants have until Oct. 19 to deposit an amount
equivalent to 5% of the starting price to:

         Settlement Account 40702810303000001063
         Taxpayer ID 3629005577
         KPP 362901001
         Commercial Bank Branch SDM-BANK(OJSC)
         Voronezh
         Russia

Bidding documents must be submitted to:

         Orlovsloye OJSC
         Zarechnaya Str. 116
         Orlovka settlement
         Talovskij raion
         397478 Voronezh
         Russia
         Tel: (8-4732) 51-24-67, (8-4732) 77-55-34,
         8-910-247-50-69


PARADISE CLUB: Creditors Must File Claims by Nov. 29
----------------------------------------------------
Creditors of Paradise Club LLC have until Nov. 29 to submit
proofs of claim at:

         Office 19
         Socialistic Str. 74
         344002 Rostov-on-Don
         Russia

The Arbitration court of Rostov commenced competitive
proceedings against the company after finding it insolvent.
The Court appointed Romanova E.N. as Competitive proceedings
manager.  The case is docketed under Case No. A53-2746/
2007-C2-36.

The Court is located at:

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

The Debtor can be reached at:

         Paradise Club LLC
         3rd Mikroraion 12
         Donetsk
         Rostov
         Russia


PSKOVGEOFIZKABEL' CJSC: Creditors Must File Claims by Nov. 29
-------------------------------------------------------------
Creditors of Meat-Processing Factory Komsomol'skij OJSC have
until Nov. 29 to submit proofs of claim at:

         Almaznaya Str. 3
         180000 Pskov
         Russia

The Arbitration court of Pskov commenced one-year competitive
proceedings against the company after finding it insolvent.  The
Court appointed Grigorchuk V.S. as Competitive proceedings
manager.  The case is docketed under Case No. A52-580/2007.


ROCK CHEMISTRY: Bankruptcy Hearing Slated for Feb. 19, 2008
-----------------------------------------------------------
The Arbitration court of Moscow will convene at 10:30 a.m. on
Feb. 19 to hear the bankruptcy supervision procedure on Rock
Chemistry Design Institute OJSC.  The case is docketed under
Case No. А40-44862/07-103-133Б.

The Interim Manager is:

         Gudkov Yu.V.
         Verhnelohoborskaya Str. 6
         127238 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Rock Chemistry Design Institute OJSC
         Scherbakovskaya Str. 3
         105318 Moscow
         Russia


SHAHTINSKAYA ONIKS: Creditors Must File Claims by Oct. 29
---------------------------------------------------------
Creditors of Furniture Factory Shahtinskaya Oniks CJSC have
until Oct. 29 to submit proofs of claim at:

         Socialistic Str. 60B
         Rostov-on-Don
         Russia

The Arbitration court of Rostov commenced bankruptcy supervision
procedure on the company.  The Court appointed Mavrov A.D. as
Interim Manager.  The case is docketed under Case No. А53-3153/
2007-C1-52.

The Court is located at:

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

The Debtor can be reached at:

         Furniture Factory Shahtinskaya Oniks CJSC
         Serafimovicha Str. 9
         Shahty
         Rostov
         Russia


SHEL'F & K: Creditors Must File Claims by Oct. 29
-------------------------------------------------
Creditors of Shel'f & K OJSC have until Oct. 29 to submit proofs
of claim at:

         Birzhevoy Spusk 8
         Taganrog
         347900 Rostov
         Russia

The Arbitration court of Rostov will convene at 12:30 p.m. on
Dec. 17 to hear the company's bankruptcy supervision procedure.
The Court appointed Kotik Yu.V. as Interim Manager.  The case is
docketed under Case No. А53-8188/2007-C1-43.


The Court is located at:

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

The Debtor can be reached at:

         Shel'f & K OJSC
         Dzerzhinskogo Str. 111/2
         Taganrog
         347924 Rostov
         Russia


SHELANGOVSKIJ OLSC: Court Starts Competitive Proceedings
--------------------------------------------------------
The Arbitration court of Tatarstan commenced competitive
proceedings on Fruit&Berry Sovkhoz Shelangovskij OLSC.  The case
is docketed under Case No. A65-1390/2007-CГ4-40.

The Competitive proceedings manager is:

         Staroverov V.A.
         POB 658
         420032
         Kazan'
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         Fruit&Berry Sovkhoz Shelangovskij OLSC
         Zavodskaya 5
         Shelanga
         Verhneuslonskij raion
         Russia


TENLIN OJSC: Auction of Share Slated for October 31
---------------------------------------------------
The Competitive proceedings manager of Tenlin OJSC has
established a repeated auction sale of the share in Reservoire
Yumaguzinskoye LLC in the nominal value of RUR7,272,892 (0.101%)
at 3:00 p.m. on Oct. 31 at:

         Vorontsovskij Per. 2
         109044 Moscow
         Russia

The company has set a RUR6,434,200 starting price for the
auctioned assets.

Interested participants have until Oct. 24 to deposit an amount
of RUR643,420 to:

         Tenlin OJSC
         Settlement Account 40702810400000000983
         Correspondent Account 30101810600000000361
         Commecial Bank MFBank (LLC)
         Komsomolskij Pr. 32
         119146 Moscow
         Russia

Bidding documents must be submitted at:

         Apartment 5
         Gogolya 12
         236008 Kaliningrad
         Russia


TOLYATTISTROYIZYSKANIA: Bankruptcy Hearing Slated for Dec. 14
-------------------------------------------------------------
The Arbitration court of Samara will convene on Dec. 14 to hear
the bankruptcy supervision procedure on TolyattiStroyIzyskania
Federal State Unitary Enterprise.  The case is docketed under
Case No. А55-8465/2007.

The Interim Manager is:

         Fedorov A.V.
         POB 6415
         443090 Samar
         Russia

The Debtor can be reached at:

         TolyattiStroyIzyskania Federal State Unitary Enterprise
         Vokzalnaya Str. 80A
         Tolyatti
         445024 Samara
         Russia


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


EMPRESAS BANESTO 1: S&P Rates EUR35 Million Class D Notes at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the floating-rate notes issued by EMPRESAS BANESTO 1, Fondo
de Titulizacion de Activos, a special purpose entity.

The originator of this transaction is Banco Espanol de Credito,
S.A., which at closing sold to EMPRESAS BANESTO 1 a EUR2 billion
closed portfolio of secured and unsecured loans granted to
Spanish SMEs.

To fund this purchase, Santander de Titulizacion, S.G.F.T.,
S.A., as trustee, issued five classes of floating-rate,
quarterly-paying notes on behalf of EMPRESAS BANESTO 1.

The ratings on the notes issued by EMPRESAS BANESTO 1 reflect
the subordination of the respective classes of notes below them,
the reserve fund, the presence of the interest rate swap (which
provides a guaranteed margin of 60 bps), comfort provided by
various other contracts, and the rating on Banesto (AA/Stable/A-
1+).

                          Ratings List

EMPRESAS BANESTO 1, Fondo de Titulizacion de Activos
   EUR2 Billion Floating-Rate Notes

                                         Amount
           Class       Rating          (Mln. EUR)
           -----       ------           --------
            A1         AAA              1,060
            A2         AAA                800
            B          A                   70
            C          BBB-                35
            D(1)       BB-                 35

     (1) -- The rating on the class D is linked to the rating on
            the originator.


SYSMO: Seeks Court-Supervised Administration
--------------------------------------------
Spain-based Sysmo requested to be placed under a court-
supervised administration following the termination of a supply
contract by Volkswagen AG, the Financial Times reports, citing
El Pais as its source.

According to the report, Sysmo, which supplies axes and frontals
for Volkswagen's "Pole" model, is shutting down its Abrera
(Barcelona) and Arazuri (Navarra) plants, leaving 240 jobs at
risk.

On Oct. 1, 2007, 129 workers of Sysmo carried out an indefinite
strike, paralyzing Volkswagen production, EFE relates.

"VW has mounted another company (HBPO) to make frontals of the
Pole," the spokesmen for the workers were quoted by EFE as
saying, adding that VW "was plotting the conditions to load
itself to Sysmo."


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


BOMBARDIER INC: Bags US$100-Mil Train Order from S. Prasarana
-------------------------------------------------------------
Bombardier Inc., along with a Malaysian partner, received an
additional order for 52 commuter trains valued at about
US$100 million from Malaysian state infrastructure firm Syarikat
Prasarana Negara Berhad, Reuters reports.

The order, which will be carried out by Bombardier
Transportation, is an option provided within the original
contract announced in 2006 and Bombardier's share in the latest
order is about US$69 million.

                         About Bombardier

Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, Australia and China.

                          *     *     *

As reported in the TCR-Europe on May 24, 2007, Standard & Poor's
Ratings Services revised the outlook on Montreal, Quebec-based
Bombardier Inc. to stable from negative.  At the same time, the
ratings, including the 'BB' long-term corporate credit rating on
Bombardier, were affirmed.


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


ALBA INVESTMENTS: Creditors Must File Claims by October 13
----------------------------------------------------------
Creditors of LLC Alba Investments (code EDRPOU 33552463) have
until Oct. 13 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/661-b.

The Debtor can be reached at:

         LLC Alba Investments
         Zhytomirskaya Str. 9-B
         Malaya
         Kiev
         Ukraine


ALIANCE OMEGA: Creditors Must File Claims by October 13
-------------------------------------------------------
Creditors of LLC Aliance Omega (code EDRPOU 32587811) have until
Oct. 13 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. 49/172-b.

The Debtor can be reached at:

         LLC Aliance Omega
         Demiyevskaya Str. 35, ap. 199
         03040 Kiev
         Ukraine


AVANGARD PLANT: Creditors Must File Claims by October 13
--------------------------------------------------------
Creditors of CJSC Avangard Plant (code EDRPOU 02969544) have
until Oct. 13 to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 45/90B.

The Debtor can be reached at:

         CJSC Avangard Plant
         Shaumian Str. 2B
         Khartsyzsk
         86700 Donetsk
         Ukraine


DIVIKOM LLC: Creditors Must File Claims by October 13
-----------------------------------------------------
Creditors of LLC Divikom (code EDRPOU 31286778) have until
Oct. 13 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. 23/237-b.

The Debtor can be reached at:

         LLC Divikom
         Borispolskaya Str. 9
         02099 Kiev
         Ukraine


DON SUPPLY-SERVICE: Creditors Must File Claims by October 13
------------------------------------------------------------
Creditors of Don Supply-Service (code EDRPOU 33203446) have
until Oct. 13 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/685-b.

The Debtor can be reached at:

         Don Supply-Service
         Avtoparkovaya Str. 7
         04114 Kiev
         Ukraine


EUROCON-STYLE VN: Creditors Must File Claims by October 13
----------------------------------------------------------
Creditors of LLC Eurocon-Style VN (code EDRPOU 34002058) have
until Oct. 13 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/662-b.

The Debtor can be reached at:

         LLC Eurocon-Style VN
         Shamrilo Str. 5-A
         Kiev
         Ukraine


KREDITPROMBANK: Fitch Affirms IDR at B-; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Kreditprombank's
ratings at Long-term Issuer Default rating 'B-', Short-term IDR
'B', Support '5', Individual 'D/E', National Long-term 'BBB-
(ukr)' and Support Rating Floor 'No Floor'.  The Outlooks for
the Long-term IDR and National Long-term rating are Stable.

The ratings of Kreditprombank reflect its small size by
international standards, modest profitability, relatively high
borrower concentrations, risks inherent in the rapid loan
growth, especially on the retail side, and potentially
vulnerable liquidity.  The ratings also acknowledge the bank's
growing franchise, enhanced funding diversification, limited
market risks and reasonable capitalization, supported by regular
capital injections.

A successful business expansion, accompanied by reduced
concentrations in both loans and deposits and a major
improvement in the liquidity position, may put upward pressure
on the ratings.  However, sustainability of asset quality and
core profitability will be the key for a positive rating action.
Downward pressure on the ratings might come from a further
worsening of recurring profitability, deterioration of asset
quality following rapid loan growth or the shareholders' failure
to provide projected capital support.

Loan growth has slowed from a high 174% in 2006 to 31% in H107,
although the latter was still above the system growth rate.
Profitability remains modest, as costs are being fuelled by the
ongoing regional expansion.  Asset quality is adequate, albeit
some deterioration is seen in the retail loan book, especially
in piloted in 2006 unsecured consumer loans, although the latter
volume was at only 1.3% of retail loans at end of first half of
2007.  The bank plans to curtail this program to focus entirely
on secured products, such as mortgages and car loans.

The share of wholesale funding increased notably, but the terms
are relatively short-term, requiring regular refinancing
efforts. Capitalization has been supported by capital injections
and issuance of subordinated debt.  The new share issue for
UAH200 million (already pre-paid) is currently being registered
with the National Bank of Ukraine, which would result in Basel
total capital ratio being at approximately 14% by end-2007,
above the covenanted (in various loan agreements) 12%.

Kreditprombank was initially founded under the name of Inkombank
Ukraine in 1997, as a subsidiary of a Russian privately-owned
bank, Inkombank.  After the Russian banking crisis in 1998 and
the subsequent liquidation of Inkombank in Russia, a group of
investors led by the current shareholders took over the bank and
renamed it Kreditprombank in 1999.  In the beginning of 2000,
the bank worked exclusively with medium-sized corporate clients,
but gradually expanded its sphere of interest to a wider group
of customers, including small- and medium-sized companies and,
from 2002, the retail segment.  At end-June 2007, Kreditprombank
was the 11th-largest Ukrainian bank by assets, and the bank's
network comprised 141 points-of-sale.  The bank is majority-
owned by Mr. Konstantinos Papounidis, a Georgian-born
businessman with Greek citizenship, who has business ties in
Ukraine.


MILKOT LLC: Creditors Must File Claims by October 13
----------------------------------------------------
Creditors of LLC Trading Company Milkot (code EDRPOU 33999048)
have until Oct. 13 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/683-b.

The Debtor can be reached at:

         LLC Trading Company Milkot
         Gnat Jura Str. 9, 93
         03134 Kiev
         Ukraine


POLOVOE LLC: Creditors Must File Claims by October 13
-----------------------------------------------------
Creditors of Agricultural LLC Polovoe (code EDRPOU 22374592)
have until Oct. 13 to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/128.

The Debtor can be reached at:

         Agricultural LLC Polovoe
         Polovoe
         Radekhovsky District
         Lvov
         Ukraine


UKRAINIAN PHARM: Creditors Must File Claims by October 13
---------------------------------------------------------
Creditors of LLC Ukrainian Pharm Med (code EDRPOU 32593336) have
until Oct. 13 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/663-b.

The Debtor can be reached at:

         LLC Ukrainian Pharm Med
         Obolon Avenue 23-A
         Kiev
         Ukraine


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


AXON FINANCIAL: Funding Concerns Cue Fitch’s Junk Ratings
---------------------------------------------------------
Fitch Ratings has downgraded Axon Financial Funding Ltd's US and
Euro CP, US and Euro MTNs, and mezzanine notes.  Approximately
US$2.002 billion US CP, US$738 million Euro CP, US$6.344 billion
US MTNs, US$25 million Euro MTNs and US$890 million of mezzanine
notes are affected.

These downgrades for Axon Financial and Axon Financial Funding
LLC program have occurred:

   -- US commercial paper: downgraded from 'F1+' to 'F1'
   -- US medium-term note: downgraded from 'AAA' to 'A'
   -- Euro CP: downgraded from 'F1+' to 'F1'
   -- Euro MTN: downgraded from 'AAA' to 'A'
   -- Mezzanine notes: downgraded from 'BB-' to 'CCC'
   -- All notes remain on Rating Watch Negative.

Axon Financial is a structured investment vehicle managed by
Axon Financial Services Ltd, which takes leveraged credit risk
by investing in a diversified portfolio of highly rated assets
through issuing a mix of CP, MTNs, mezzanine notes and capital
notes.

The rating actions reflect:

   -- the fact that Axon Financial has now entered a Restricted
      Funding Operating State;

   -- the accumulating losses realized from the continued sale
      of assets to meet maturing debt (to date over US$3 billion
      of assets have been sold, realizing a loss of over
      US$110 million);

   -- Axon Financial has US$1.8 billion liabilities maturing up
      to Dec. 31, 2007;

   -- Fitch expecting relative losses from future sales to be of
      similar or worse magnitude than those already experienced
      unless there is a significant improvement in underlying
      collateral prices;

   -- the continued deterioration in the net asset value of
      capital and mezzanine notes, which now stands at 46%.

The rating actions reflect the fact that Axon Financial has not
yet been able to secure any alternative sources of funding and
has now entered a Restricted Funding Operating State.
Consequently, a sale of assets or committed liquidity draw will
be required to meet maturing liabilities, which could result in
further realized losses.

While in the Restricted Funding Operating State, Axon Financial
is not permitted to issue further senior notes and will have to
sell assets or use committed liquidity to redeem maturing
funding.  Axon Financial has used most of the available excess
committed liquidity, but currently holds sufficient committed
liquidity to meet its liquidity test requirements.

All notes remain on Rating Watch Negative, reflecting the
continued uncertainty surrounding Axon Financial.

Fitch will continue to monitor the assets and liabilities of
Axon Financial and appropriate rating actions will follow.

Axon Financial's portfolio currently comprises 31% RMBS (7%
prime, 18% near-prime, 1% sub-prime and 5% closed end seconds),
21% monoline-wrapped securities, 19% CDOs, 16% CMBS, 9% cash
equivalents and 4% other ABS.  The portfolio has a geographic
exposure of 92% to the US and 8% to the UK.  Currently, 96.5% of
Axon Financial's portfolio is rated 'AAA' equivalent, 3.2% 'AA'
equivalent, and 0.3% 'A' equivalent.  Fitch notes the very high
credit quality of the portfolio assets but, of late, some of the
assets have experienced downgrades and the market values of the
assets have come under extreme pressure.


DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal
--------------------------------------------------------------
Certain beneficial holders of senior subordinated notes due May
2009, issued by Dura Operating Corp., took an appeal to the U.S.
District Court for Delaware from Bankruptcy Judge Kevin J.
Carey's order approving an amendment to the Amended Backstop
Rights Purchase Agreement, dated as of August 13, 2007, between
DURA Automotive Systems, Inc., and Pacificor LLC.

The amendment provides that Pacificor's commitment to buy unsold
shares of reorganized DURA common stock is conditioned upon DURA
emerging as a private company once it exits Chapter 11.

Pacificor has committed to buy the unsold portion of the 39.3%
to 42.6% of DURA shares to be offered to holders of 8.625%
senior unsecured notes due April 2012.  As a substantial holder
of the senior notes, Pacificor will get a share of the 57.4% to
60.7% of the reorganized company allotted to that class of debt
under DURA's Joint Plan of Reorganization.

The 9% Noteholders, which will be paid nothing under the Plan,
have already appealed the first version of the Backstop
Agreement.  The Agreement and the rights offering, which is
expected to raise US$140,000,000 to US$160,000,000, are
incorporated in the Plan which will be sent for approval to
senior noteholders and certain general unsecured claimants until
November 15, 2007.  The 9% Noteholders and owners of existing
common stock of DURA, which will also receive 0% recovery on
their interests, will not be entitled to vote on the Plan.

Should the District Court overturn the Bankruptcy Court's order
on the Backstop Agreement, the Debtors may not be able to
achieve its target of emerging from bankruptcy by the end of
2007.  DURA  said that absent the Backstop Deal, the Plan will
be rendered infeasible.  DURA had also said that each month of
delay in its exit from Chapter 11 results in significant lost
new business awards.

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

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

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

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


EAST CENTRAL: Brings In Liquidators from Grant Thornton
-------------------------------------------------------
Martin G. Ellis and Anthony N. Flynn of Grant Thornton U.K. LLP
were appointed joint liquidators of East Central Distribution
Ltd. on Oct. 1 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London
         NW1 2EP
         England


EUROTUNNEL GROUP: Consolidates GET Shares Effective Nov. 12
-----------------------------------------------------------
Eurotunnel Group (fka Groupe Eurotunnel SA) will carry out a
consolidation of the GET SA shares in accordance with the ratio
of one new share with a nominal value of EUR0.40 for every 40
existing shares with a nominal value of EUR0.01, effective
Nov. 12, 2007.

This consolidation does not relate to the TNU units.  The
consolidation relate to the 2,391,364,450 ordinary shares in
issue of Groupe Eurotunnel SA.

The attention of holders of Crest Depositary Interests (CDI) is
drawn to the fact that, while every holding of 40 Shares CDI
each representing an entitlement to an existing GET SA share
will automatically be exchanged on Nov. 12, 2007, for a new
Share CDI representing an entitlement to one new GET SA share,
the terms set out applying to share fractions do not apply to
CDI.

It is open to Share CDI holders whose holding does not
correspond to an exact multiple of 40 to round up or down their
holding to such a multiple before Nov. 12, 2007.

The following terms apply to GET SA shares only and not to Share
CDI.

The number of shares to be consolidated is 2,391,364,450 shares.
The number of shares in Groupe Eurotunnel SA following the
consolidation is 59,784,111 shares.

Effective Nov. 12, 2007, all shareholding formed of a multiple
of 40 existing shares will automatically be exchanged for new
consolidated shares.

In accordance with French law, shareholders whose holding does
not correspond to a multiple of 40:

   -- may, from today, round up or down their holding so as to
      form a multiple of 40; and

   -- will, between Nov. 12, 2007 and Nov. 12, 2009, be able to
      buy or sell non-consolidated shares representing
      fractional entitlement in order to round up or down their
      holding.

In order to facilitate dealing with the shares that cannot be
consolidated immediately, the consolidated GET SA shares and the
existing GET SA shares will be listed on two separate lines on
Euronext from Nov. 12, 2007:

   -- consolidated GET SA shares will be listed in Compartment B
      of Eurolist by EuronextTM; and

   -- non-consolidated GET SA shares will have a separate
      listing within Euronext list of stocks to be delisted for
      a further 6 months, i.e. on May 12, 2008.

Until Nov. 12, 2009, BNP Paribas Securities Services will deal
with requests to exchange non consolidated shares for new
shares.

On Nov. 12, 2009, any unclaimed new shares will be sold on the
market and the net proceeds of sale will be held in a blocked
account open with BNP Paribas Securities Services for this
purpose and made available to original holders of the shares for
a period of 10 years.   This decision to sell will be announced
in due course.

On expiry of that 10-year period, any unclaimed sums will be
transferred to the French Caisse des Depots et Consignations and
will remain available to them subject to the applicable French
prescription period.

The rights of holders of securities which may be converted into
equity of Groupe Eurotunnel SA will be adjusted accordingly in
accordance with the terms set out in the Securities Note which
received visa 07-113 by the French market authority on April 4,
2007.  Such adjustment will also be announced in due course.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                    Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.

For the first half ended June 30, 2007, Group Eurotunnel posted
net loss of EUR32 million compared with a net loss of EUR105
million for the same period in 2006.


INT'L PAPER: Paying US$0.25 per Share Quarterly Div. on Dec. 14
---------------------------------------------------------------
International Paper declared a regular quarterly dividend of
US$0.25 per share for the period from Oct. 1, 2007, to Dec. 31,
2007, inclusive, on its common stock.  This dividend is payable
on Dec. 14, 2007, to holders of record at the close of business
on Nov. 16, 2007.

The company also declared a regular quarterly dividend of
US$1 per share for the period from Oct. 1, 2007, to Dec. 31,
2007, inclusive, on its preferred stock.  This dividend is also
payable on Dec. 14, 2007, to holders of record at the close of
business on Nov. 16, 2007.

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

                            *   *   *

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


INT'L PAPER: Lower Land Sales Earnings to Impact 3rd Qtr. Gains
---------------------------------------------------------------
International Paper disclosed Tuesday that third-quarter
earnings will be less than analysts' consensus estimates due to
lower land sales than previously estimated in the quarter.

While the company previously estimated that third-quarter land
sales earnings would be approximately US$110 million to
US$140 million, it now expects third-quarter land sales earnings
of approximately US$100 million and full-year 2007 land sales
earnings in the range of US$450 million to US$500 million.

Separately, the company announced that fourth-quarter earnings
from its recently completed 50:50 joint venture with Ilim Group
will be included in International Paper's first-quarter 2008
financial statements; thereafter, the company will continue to
report the joint venture results on a one-quarter lag.

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

                            *   *   *

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


INTERNATIONAL PAPER: Earns US$190 Mln in Quarter Ended June 30
--------------------------------------------------------------
International Paper reported second-quarter 2007 net earnings of
US$190 million compared with net earnings of US$83 million in
the second quarter of 2006.

Earnings from continuing operations and before special items in
the second quarter of 2007 were US$223 million, compared with
US$145 million in the second quarter a year ago.

Quarterly net sales were US$5.3 billion, down slightly from
US$5.7 billion in the second quarter of 2006, primarily
reflecting 2006 sales from the U.S. coated papers business,
which was sold in August 2006.

Industry segment operating profits rose to US$572 million for
the 2007 second quarter versus US$552 million in the second
quarter of 2006.  The increase reflects continued strong average
price realizations and solid manufacturing operations.

"We had a solid second quarter, our best since 2000," said
International Paper chairman and chief executive officer John
Faraci.  "We're seeing continued margin expansion quarter-to-
quarter, because of solid operations improvement, improved
pricing and stable volumes.  In our business outside North
America, demand for papers and packaging continues to grow.
Earnings were impacted somewhat by higher raw material costs,
planned maintenance outage costs, and expenses at our Pensacola,
Fla., mill related to maintenance and the conversion of a paper
machine to lightweight linerboard production; however, those
factors were offset by ongoing results of profit-improvement
initiatives."

Commenting on the third quarter of 2007, Faraci said, "We expect
somewhat stronger earnings from continuing operations, with
continued cost reduction and pricing improvement in some
markets, including pulp and packaging, as well as higher land
sales.  Input costs will remain high, but we anticipate
continued operations improvement and cost reduction across our
global manufacturing base, as well as lower mill maintenance
shutdown expenses in the quarter."

The effective tax rate from continuing operations and before
special items for the second quarter of 2007 was 29%, compared
with a tax rate of 34% in the second quarter of 2006.  The 2007
second-quarter rate includes US$7 million of benefits related to
tax audit settlements and other matters during the quarter.

                     Discontinued Operations

Discontinued operations for the 2007 second quarter include pre-
tax charges of US$11 million for adjustments related to the
previously sold wood products and beverage packaging businesses,
and the second-quarter operating losses of these businesses.

Discontinued operations for the 2006 second quarter included a
US$16 million pre-tax charge to reduce the carrying value of the
kraft papers business to its estimated fair value, and the
second-quarter operating results of the kraft papers, wood
products, beverage packaging and Brazilian coated papers
businesses.

                          Special Items

Special items in the second quarter of 2007 consisted of a
US$26 million pre-tax charge for organizational restructuring
programs associated with the company's transformation plan,
including US$17 million of accelerated depreciation expense for
long-lived assets being removed from service, and a pre-tax gain
of US$1 million, for adjustments to estimated losses on sales of
businesses previously sold.

Special items in the second quarter of 2006 included a pre-tax
charge of US$53 million consisting of US$49 million for
severance and other charges associated with the company's
transformation plan and a US$4 million pre-tax charge for legal
settlements, a pre-tax credit of US$62 million for gains on
sales of U.S. forestlands included in the transformation plan,
and a pre-tax loss of US$137 million on sales and impairments of
businesses held for sale.

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$23.15 billion in total assets, US$15.31 billion in
total liabilities, US$242 million in minority interest, and
US$7.60 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?2429

                    About International Paper

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

                            *   *   *

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


JULIE MOORE: J. M. Titley Leads Liquidation Procedure
-----------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Julie Moore Ltd. (t/a Maid for You) on Sept. 28 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St John's
         Blackburn
         BB1 8AF
         England


NORTHERN ROCK: Bank of England & UK Treasury Extend Guarantees
--------------------------------------------------------------
The British government has extended the guarantee arrangements
previoiusly announced to protect existing depositors of Northern
Rock plc.  These arrangements will cover all retail deposits
including future interest payments, movements of funds between
accounts and term deposits for the duration of their term.

As under the original arrangements, these extended guarantee
arrangements will supplement, and not replace, any compensation
provided by the Financial Services Compensation Scheme, which
the Financial Services Authority has recently extended to cover
100% of the first GBP35,000 of deposits.

The bank will pay an appropriate fee for the extension of the
arrangements which is designed to ensure it does not receive a
commercial advantage. As previously announced, the arrangements
to protect depositors of Northern Rock will remain in place
during the current instability in the financial markets.

           Bank of England Facilities

Alongside the guarantee arrangements, Northern Rock has also
requested that the Bank of England make additional facilities
available to it. The company argued that additional facilities,
on revised terms, would enable it to continue to pursue the full
range of strategic options open to it.

The company has confirmed that this process will be completed by
February 2008, within the period of the additional facilities.
The Authorities have made clear to the company that they will
evaluate any proposal it puts forward against their objectives.
In the case of the Treasury, and the Bank of England working
with it, these objectives are to promote financial stability and
the protection of consumers and taxpayers.  The Financial
Services Authority's objectives are set out in Part 1 of the
Financial Services and Markets Act 2000.  It will also be
necessary to continue to be compliant with EC state aid rules.

In order to meet these objectives, the Treasury, Bank of England
and Financial Services Authority have agreed on the provision of
additional facilities through the Bank of England.  These
facilities are uncommitted and are, therefore, not subject to
any specific borrowing limit.  They are repayable on demand and
will incur a premium rate of interest.  The interest premium
will roll up and rank alongside the company's Tier II regulatory
capital.  The facilities are secured against all assets of the
company but in view of the scale and nature of the new
facilities, the Treasury has agreed to indemnify the Bank of
England should the Bank of England face a deficit having
previously made all reasonable endeavors to recover its claims
on the company.  The interest premium will therefore be passed
to the Treasury.

The Treasury has also indemnified the Bank of England against
other liabilities that might arise from the Bank of England's
role in the extended guarantee arrangements and additional
facilities.

The company has in turn indemnified the Bank of England and the
Treasury in respect of the guarantee arrangements and certain
costs and expenses, including our advisor costs.  The company
has also agreed to the usual range of lender protections typical
for facilities of this nature.


                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1'
counterparty credit ratings on U.K. bank Northern Rock PLC on
CreditWatch with developing implications.  At the same time, the
'BBB' subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.


NORTHERN ROCK: Hedge Fund Trader Lifts Stake to 4.03%
-----------------------------------------------------
Jon Wood, the Monaco-based founder of SRM Global Master Fund
Partnership, has increased his stake in Northern Rock plc to
4.03 percent, prompting the bank's shares to gain 32 percent to
273.5 pence in London trading on Oct. 10, which values the bank
at GBP1.15 billion (US$2.35 billion), Ben Livesey and David
clarke write for Bloomberg News.

Mr. Wood shares RAB Capital Plc's Philip Richards's confidence
of Northern Rock's worth, along with other investors including
State Street Global Advisors and Artemis Investment Management
Ltd, Bloomberg relates.  Mr. Richards has estimated the bank's
share price to rise to 600 pence.

The Times' Patrick Hosking says around 58 million shares in the
bank changed hands in 81,800 separate trades.

"There is value there," Philip Price, chief operating officer at
SRM Advisers, told Bloomberg in an interview. "The company
should be allowed to survive."

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1'
counterparty credit ratings on U.K. bank Northern Rock PLC on
CreditWatch with developing implications.  At the same time, the
'BBB' subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.


PROTOTYPE GRAPHICS: Taps David Elliott to Liquidate Assets
----------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
Prototype Graphics Ltd. on Oct. 2 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel
--------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the United States
Bankruptcy Court for the District of Delaware for authority to
employ Pachulski Stang Ziehl & Jones LLP as their bankruptcy
co-counsel, nunc pro tunc to Sept 14, 2007.

Pachulski Stang is expected to:

   a) provide legal advise with respect to the Debtors' powers
      and duties as debtors in possession in the continued
      operation of their business and management of their
      property;

   b) prepare on behalf of the Debtors necessary applications,
      motions, answers, orders, reports, and other legal papers;

   c) appear in Court on behalf of the Debtors and in order to
      protect the interests of the Debtors before the Court;

   d) prepare and pursue confirmation of a plan and approval of
      a disclosure statement; and

   e) perform all other legal services for the Debtors that may
      be necessary and proper in these proceedings.

The firm's professionals and their billing rates are:

   Professional                     Hourly Rate
   ------------                     -----------
   Laura Davis Jones, Esq.              US$750
   James E. O'Neill, Esq.               US$475
   Rachel L. Werkheiser, Esq.           US$375
   Lynzy Oberholzer                     US$175

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

Ms. Jones can be reached at:

         Laura Davis Jones, Esq.
         Pachulski Stang Ziehl & Jones LLP
         919 North Market Street, 17th Floor
         P.O. Box 8705
         Wilmington, Delaware, 19899-8705
         Tel: (302) 652-4100
         Fax: (302) 652-4400
         Web site: http://www.pszjlaw.com/

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

The company and its affiliate filed for Chapter 11 protection on
Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337).  James
E. O'Neill, Esq. and Laura Davis Jones, Esq. of Pachulski,
Stang, Ziehl & Jones LLP represent the Debtors in their
restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed to date in this case.  As of Sept.
10, 2007, the Debtors' reported total assets of US$14,800,000
and total debts of US$7,500,000.


TOTEM PRODUCTIONS: Appoints J. M. Titley as Liquidator
------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Totem Productions (U.K.) Ltd. on Sept. 27 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         24 Wellington Street
         St. Johns
         Blackburn
         BB1 8AF
         England


VK MOBILE: Names Keith Aleric Stevens Liquidator
------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator
of VK Mobile (U.K.) Ltd. on Sept. 14 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


* BOOK REVIEW: Long-Term Care in Transition: The Regulation of
               Nursing Homes
--------------------------------------------------------------
Author:     David B. Smith
Publisher:  Beard Books
Paperback:  170 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587980304/internetbankrupt

This book is an invaluable reading for health care professionals
involved in the management of nursing homes.  It includes
lessons learned from the regulatory experience for the health
sector as a whole.

Long-Term Care in Transition is a carefully documented case
study of the changes that took place in the regulation of
nursing homes in New York between 1975 and 1980.

It covers the history of the regulatory offensive in New York
and strategies of control and their effectiveness, touching on
such subjects as professional standards, rate setting,
reimbursement, criminal prosecution, and consumers.

                           *********

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 * * *