TCREUR_Public/071015.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

             Monday, October 15, 2007, Vol. 8, No. 204

                            Headlines


A U S T R I A

AUFZUG- UND BAUSCHLOSSEREI: Claims Registration Ends Oct. 30
EROTIC ENTERPRISES: Wels Court Orders Business Shutdown
GLASEREI STEINLECHNER: Claims Registration Period Ends Oct. 30
MAT VERTEILERBAU: Steyr Court Orders Business Shutdown
NIGHT-ST LLC: Claims Registration Period Ends Oct. 30

PESACO LLC: Vienna Court Orders Business Shutdown
SENIORENBETREUUNG ZUR SONNE: Claims Registration Ends Oct. 25
SOLDO LLC: Claims Registration Period Ends Oct. 30


B E L A R U S

BELAGROPROMBANK: Support Capacity Cues Fitch to Affirm B- IDR
BELARUSBANK: Support Capacity Cues Fitch to Affirm B- IDR
BELGAZPROMBANK: Fitch Upgrades IDR to B on Lower Risks
BELINVESTBANK: Support Capacity Cues Fitch to Affirm B- IDR
BELPROMSTROIBANK: Support Capacity Cues Fitch to Affirm B- IDR
INVESTBANK (BULGARIA): Moody's Lifts Deposit Ratings to B2/NP

SLAVNEFTEBANK: Fitch Rates IDR at B on Shareholder Support


B E L G I U M

COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008
LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mln


C Z E C H   R E P U B L I C

OREA HOTELS: Moody's Withdraws Ba1.cz National Scale Rating


F I N L A N D

HILTON HOTELS: Amends 8% Quarterly Interest Bonds Tender Offer


G E R M A N Y

AUTO-CENTRUM BAUER: Claims Registration Period Ends Nov. 5
AUTOHAUS GIESSEN: Claims Registration Period Ends Nov. 5
BERNARD GEWERBEKUECHEN: Claims Registration Period Ends Nov. 5
CB MEZZCAP: Company No. 11 Files for Insolvency
CINEX LEIPZIG: Claims Registration Ends November 6

DEQUA REPRO: Claims Registration Ends November 9
ELS LASER: Claims Registration Period Ends Nov. 5
EM-BE VOLKSHAUS: Claims Registration Period Ends Nov. 20
ESTATE GERMANY 2007-I: Fitch Rates EUR39.9 Mln E Notes at BB+
GEIGER INDUSTRIELACKIERUNGEN: Claims Registration Ends Nov. 16

GEORG BECHTOLD: Claims Registration Ends November 8
H & B GEBAUDETECHNIK: Creditors Must File Claims by November 5
HAUS FRANKENWEG: Creditors Must File Claims by November 5
HELM TRANSPORT: Creditors Must File Claims by November 5
IRSV MARKETING: Claims Registration Period Ends Nov. 15

ISOFIRE GMBH: Claims Registration Period Ends Nov. 13
SMART EVENTS: Claims Registration Period Ends Nov. 15


I R E L A N D

ELAN CORP: S&P Affirms Credit Ratings at B; Changes Outlook
PREPS 2005-2: Portfolio Company No. 21 Submits Insolvency Case


I T A L Y

FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti
WIND TELECOMUNICAZIONI: Fitch Removes BB- IDR from Watch


K A Z A K H S T A N

JAKSYLYK-1 LLP: Proof of Claim Deadline Slated for Nov. 21
KUAN-S LLP: Creditors Must File Claims Nov. 21
KURYLYS AGRO: Claims Filing Period Ends Nov. 21
LEXUS PLUS: Creditors' Claims Due on Nov. 20
MIYAT HOLDING: Claims Registration Ends Nov. 16

SALTANAT LLP: Proof of Claim Deadline Slated for Nov. 20
SHC BEAUTY: Creditors Must File Claims Nov. 16
SOUS EXPRESS: Claims Filing Period Ends Nov. 21
VITA JSC: Creditors' Claims Due on Nov. 21
ZAVOD PO: Claims Registration Ends Nov. 16


K Y R G Y Z S T A N

CARGO EXPEDITION-TRANS: Creditors Must File Claims by Nov. 21
GASBIOTECHNO LLC: Proof of Claim Deadline Slated for November 16


N E T H E R L A N D S

ARRAN LOANS 1: Fitch Puts Low-B Ratings to Six Note Classes


R U S S I A

BOGORODITSKIJ CJSC: Asset Sale Slated for October 31
DZERZHINSK NIICHEMMASH: Court Starts External Bankruptcy Process
HOLODMASH OJSC: Creditors Must File Claims by Nov. 29
KIREEVSKIJ OJSC: Asset Sale Slated for October 31
KOPEYKA OJSC: S&P Puts Junks Ratings on Mounting Default Risk

LIPKOVSKIJ CJSC: Asset Sale Slated for October 31
LUKOYANOVLESSNAB LLC: Asset Sale Slated for October 29
MAGNITOGORSKIJ CJSC: Creditors Must File Claims by Oct. 29
MARIJSKOYE OJSC: Bankruptcy Hearing Slated for Dec. 12
NEVADORSTROY CJSC: Creditors Must File Claims by Nov. 29

SHUMERLINSKIJ OJSC: Creditors Must File Claims by Nov. 29
SOVETSKO-GAVANSKAYA LLC: Creditors Must File Claims by Nov. 29
UDMURTPROMSTROYBANK LLC: Asset Sale Slated for November 12


S W I T Z E R L A N D

COMPORSYS INFORMATIK: Claims Registration Period Ends October 22
DELFIT JSC: Zug Court Starts Bankruptcy Proceedings
DUR-BU LLC: Creditors' Liquidation Claims Due October 19
E-IT LLC: Creditors' Liquidation Claims Due October 19
FLOW-RITE JSC: Creditors' Liquidation Claims Due October 22
GASSNER MELMS: Creditors' Liquidation Claims Due October 25

GUNES LEBENSMITTEL: Claims Registration Period Ends October 22
HAMMER GASTRO: Creditors' Liquidation Claims Due October 31
HIWI INFORMATIK: Creditors' Liquidation Claims Due October 19
ISOTIS INC: Wants Merger Okayed; May Seek Bankruptcy Protection
J.A. LORENZO: Claims Registration Period Ends October 21
M.T.C. MEDICAL: Creditors' Liquidation Claims Due October 19

MONTELAGO JSC: Nidwalden Court Starts Bankruptcy Proceedings
NEW WINNERS: Claims Registration Period Ends October 22
SWISSGATE 04: Lucerne Court Starts Bankruptcy Proceedings
T. UND H. HITZ: Basel Court Closes Bankruptcy Proceedings


U K R A I N E

ALMAZ LLC: Proofs of Claim Deadline Set October 16
AT LLC: Proofs of Claim Deadline Set October 16
DTEK HOLDINGS: Moody's Assigns B2 Corporate Family Rating
INDUSTRIAL RESERVE: Creditors Must File Claims by October 16
INDUSTRIAL TECHNICAL: Creditors Must File Claims by October 16
INVEST TIME: Creditors Must File Claims by October 16

PRIVOVCHNSKAYA: Creditors Must File Claims by October 16
PROMAGRO-SYSTEM T: Creditors Must File Claims by October 16
SP LLC: Creditors Must File Claims by October 16
TIBIYA LLC: Creditors Must File Claims by October 16
ZAREVO LLC: Creditors Must File Claims by October 16


U N I T E D   K I N G D O M

ARROWPLUS LTD: Brings In Liquidators from KPMG
BAUSCH & LOMB: Expects US$630MM Net Sales in Qtr. Ended Sept. 29
COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008
GENERAL MOTORS: New Labor Contract Protects UAW Jobs
JOY STEEL: Calls In Liquidators from Smith & Williamson

LAMBERT HOWARTH: In Administration After Losing Biggest Client
LANDCOM SOLUTIONS: Appoints Kirankumar Mistry as Liquidator
NEVISPORT: Receivers Sell Remaining Stores to Jacobs & Turner
R S COURIER: Taps Liquidators from Tenon Recovery
SHAW GROUP: Earns US$54.6 Million in Three Months Ended May 31

* BOND PRICING: For the Week Oct. 1 to Oct. 5, 2007

                            *********

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


AUFZUG- UND BAUSCHLOSSEREI: Claims Registration Ends Oct. 30
------------------------------------------------------------
Creditors owed money by Aufzug- Und Bauschlosserei Ltd. (FN
262379b) have until Oct. 30 to file written proofs of claim to
court-appointed estate administrator Matthias Klissenbauer at:

         Dr. Matthias Klissenbauer
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@klissenbauer.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 10 (Bankr. Case No. 28 S 102/07i).


EROTIC ENTERPRISES: Wels Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Wels entered Sept. 10 an order shutting down
the business of LLC Erotic Enterprises (20 S 108/07v).

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

The estate administrator can be reached at:

         Dr. Thomas Herzog
         Stadtplatz 19
         4840 Voecklabruck
         Austria
         Tel: 07672/72607-0
         Fax: 07672/75567
         E-mail: rae.nuss.hoff-herz@aon.at

Headquartered in Attnang - Puchheim, Austria, the Debtor
declared bankruptcy on Sept. 3 (Bankr. Case No 20 S 108/07v).


GLASEREI STEINLECHNER: Claims Registration Period Ends Oct. 30
--------------------------------------------------------------
Creditors owed money by LLC Glaserei Steinlechner (FN 277309h)
have until Oct. 30 to file written proofs of claim to court-
appointed estate administrator Gerhard Goetschhofer at:

         Dr. Gerhard Goetschhofer
         Schlossplatz 15
         4655 Vorchdorf
         Austria
         Tel: 07614/7575
         Fax: 07614/7575-14
         E-mail: rechtsanwalt@goetschhofer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:40 p.m. on Nov. 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in Gmunden, Austria, the Debtor declared
bankruptcy on Sept. 10 (Bankr. Case No. 20 S 114/07a).


MAT VERTEILERBAU: Steyr Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Steyr entered Sept. 10 an order shutting down
the business of LLC MAT Verteilerbau (FN 211593t).

Court-appointed estate administrator Ernst Lehenbauer
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. Ernst Lehenbauer
         Hauptplatz 21
         4470 Enns
         Austria
         Tel: 07223/810 10
         E-mail: ra.lehenbauer@attglobal.net

Headquartered in Bad Hall, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No 14 S 32/07i).


NIGHT-ST LLC: Claims Registration Period Ends Oct. 30
-----------------------------------------------------
Creditors owed money by LLC Night-ST (FN 236419a) have until
Oct. 30 to file written proofs of claim to court-appointed
estate administrator Gerwald Schmidberger at:

         Dr. Gerwald Schmidberger
         c/o Dr. Heinz Kassmannhuber
         Stelzhamerstrasse 11
         4400 Steyr
         Austria
         Tel: 07252/50300
         E-mail: office@sks-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Nov. 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on Sept. 11 (Bankr. Case No. 14 S 34/07h).  Heinz Kassmannhuber
represents Dr. Schmidberger in the bankruptcy proceedings.


PESACO LLC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Sept. 13 an order shutting
down the business of LLC PESACO (FN 171563z).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 6 (Bankr. Case No 6 S 112/07y).  Walter Kainz
represents Dr. Wexberg in the bankruptcy proceedings.


SENIORENBETREUUNG ZUR SONNE: Claims Registration Ends Oct. 25
-------------------------------------------------------------
Creditors owed money by KEG Seniorenbetreuung Zur Sonne Reiterer
(FN 264370f)have until
Oct. 25 to file written proofs of claim to court-appointed
estate administrator Norbert Kollerics at:

         Dr. Norbert Kollerics
         Raubergasse 16
         8010 Graz
         Austria
         Tel: 0316/835862
         Fax: 0316/835862-6
         E-mail: office@bk-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Nov. 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in St. Peter im Sulmta, Austria, the Debtor
declared bankruptcy on Sept. 13 (Bankr. Case No. 25 S 106/07m).


SOLDO LLC: Claims Registration Period Ends Oct. 30
--------------------------------------------------
Creditors owed money by LLC Soldo (FN 114069z) have until
Oct. 30 to file written proofs of claim to court-appointed
estate administrator Stefan Jahns at:

         Mag. Stefan Jahns
         c/o Dr. Matthias Klissenbauer
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 532 17 11
         Fax: 532 17 11-11
         E-mail: kanzlei@jahns.co.at
                 office@klissenbauer.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on Nov. 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 7 (Bankr. Case No. 6 S 114/07t).  Matthias Klissenbauer
represents Mag. Jahns in the bankruptcy proceedings.


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B E L A R U S
=============


BELAGROPROMBANK: Support Capacity Cues Fitch to Affirm B- IDR
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Belagroprombank, which
reflect Fitch's view on the capacity of Belorussian authorities
to support these banks, if required.  The Belorussian economy
remains highly dollarized, which significantly limits the
state's ability to provide support to the financial
institutions.

Belagroprombank:

   -- Long-term IDR: affirmed at 'B-'; Outlook Stable

   -- Short-term IDR: affirmed at 'B'

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

   -- Support rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'B-'

Belagroprombank in one of the largest state-owned banks in
Belarus, which actively participate in state-lending programs to
support the state's social and economic policies.  Given their
strategic importance, the Belarusian government has stated its
intention to keep control over banks until at least 2010.

Belagroprombank is the second-largest bank in Belarus with a
market share of total banking system assets of about 19% at end
of first half of 2007.  The bank's business is concentrated on
the agricultural sector.


BELARUSBANK: Support Capacity Cues Fitch to Affirm B- IDR
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Belarusbank, which
reflect Fitch's view on the capacity of Belorussian authorities
to support these banks, if required.  The Belorussian economy
remains highly dollarized, which significantly limits the
state's ability to provide support to the financial
institutions.

Belarusbank:

   -- Long-term Issuer Default rating: affirmed at 'B-'; Outlook
      Stable

   -- Short-term IDR: affirmed at 'B'

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

   -- Support rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'B-'

Belarusbank is one of the largest state-owned banks in Belarus,
which actively participate in state-lending programs to support
the state's social and economic policies.  Given their strategic
importance, the Belarusian government has stated its intention
to keep control over banks until at least 2010.

It is the leading bank by assets and capital in Belarus and has
the largest branch network.


BELGAZPROMBANK: Fitch Upgrades IDR to B on Lower Risks
------------------------------------------------------
Fitch Ratings has upgraded Belgazprombank's Long-term Issuer
Default rating to 'B' from 'B-' and Support rating to '4' from
'5'.  Fitch also affirmed BGB's Short-term IDR at 'B' and
Individual rating at 'E'.  The Outlook for the Long-term IDR
remains Stable.  The bank's Long-term IDR is at Belarus's
Country Ceiling.

The ratings upgrades reflect the lowered transfer and
convertibility risks, associated with sovereign events.
Sovereign risk, however, remains significant, and thus limits
the extent to which the shareholder's support can be factored
into the ratings.  BGB's Long- and Short-term IDRs are based on
Fitch's view of the likelihood of support for the bank
forthcoming from its main shareholder, Russian integrated gas
utility Gazprom (rated 'BBB-'/Positive Outlook).

BGB's Individual rating reflects its small size by international
standards, modest capital position, loan concentration risk,
exposure to foreign exchange risk and structural weaknesses in
the operating environment.  It also takes into account BGB's
sound asset quality, which is attributable to the developed
expertise in SME lending and improved earnings performance.

BGB is one of the leading SME lenders in Belarus and has a long-
standing cooperation with international financial institutions
IFC and EBRD.  BGB is ultimately controlled by Gazprom.


BELINVESTBANK: Support Capacity Cues Fitch to Affirm B- IDR
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Belinvestbank, which
reflect Fitch's view on the capacity of Belorussian authorities
to support these banks, if required.  The Belorussian economy
remains highly dollarized, which significantly limits the
state's ability to provide support to the financial
institutions.

Belinvestbank:

   -- Long-term IDR: affirmed at 'B-'; Outlook Stable

   -- Short-term IDR: affirmed at 'B'

   -- Support rating: affirmed at '5'.

   -- Support Rating Floor: affirmed at 'B-'

   -- Individual rating: upgraded to 'D/E' from 'E' to reflect
      better diversification of the loan portfolio and funding
      base and improvements in risk management processes

Belinvestbank is one of the largest state-owned banks in
Belarus, which actively participate in state-lending programs to
support the state's social and economic policies.  Given their
strategic importance, the Belarusian government has stated its
intention to keep control over banks until at least 2010.

Belinvestbank is the fifth-largest bank in Belarus, with about
7% of sector assets at end of first half of 2007.  BIB
specializes on providing investment loans to medium-sized
enterprises.


BELPROMSTROIBANK: Support Capacity Cues Fitch to Affirm B- IDR
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Belpromstroibank,
which reflect Fitch's view on the capacity of Belorussian
authorities to support these banks, if required.  The
Belorussian economy remains highly dollarized, which
significantly limits the state's ability to provide support to
the financial institutions.

Belpromstroibank:

   -- Long-term IDR: affirmed at 'B-'; Outlook Stable

   -- Short-term IDR: affirmed at 'B'

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

   -- Support rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'B-'

Belpromstroibank is one of the largest state-owned banks in
Belarus, which actively participate in state-lending programs to
support the state's social and economic policies.  Given their
strategic importance, the Belarusian government has stated its
intention to keep control over banks until at least 2010.

Belpromstroibank is the fourth-largest bank in Belarus.  It
primarily services large corporate customers, including both
state-owned and private enterprises.


INVESTBANK (BULGARIA): Moody's Lifts Deposit Ratings to B2/NP
-------------------------------------------------------------
Moody's Investors Service raised to B2/NP, from B3/NP Commercial
Bank Investbank's Global Local Currency and Foreign Currency
deposit ratings.

At the same time, Moody's affirmed iBank's E+ Bank Financial
Strength Rating.  All ratings carry a stable outlook.

iBank's E+ BFSR reflects:

   (i) its small presence in its local market (with a share of
       around 1.14% of loans and 2% of customer deposits);

  (ii) low profitability and weak efficiency indicators;

(iii) high borrower concentration;

  (iv) vulnerability to development risks;

   (v) challenges from Bulgaria's increasingly competitive
       environment; and

  (vi) concerns regarding future asset quality given Bulgaria's
       fast systemic credit expansion.

On the positive side, the rating also reflects the bank's
adequate capitalization, comfortable liquidity and currently
good asset quality levels.

The capital increase completed in September 2007 doubled the
bank's Tier 1 capital, in keeping with its balance sheet growth;
thus in the near future capitalization is likely to be
maintained close to the 12% mark (all Tier 1).  The fresh
capital injection, which reinstated the bank's free equity to
more acceptable levels, together with some evidence that iBank's
key weaknesses have started to be addressed, led us to asses
that its standing within the E+ BFSR range has improved.  In
particular, 1H2007 un-audited results indicate that rapid
business expansion and a shift in the composition of the balance
sheet have resulted in recovering profitability, with RoAA
reaching 1.38% compared to 0.41% at YE2006.

Any further upward pressure on the bank's ratings is capped by
concerns with regard to the speed of its balance sheet and loan
book growth (topping 66% and 77% during 1H2007).  Such rapid
growth could result in asset quality problems in the future,
particularly as the bank is expanding into new market segments
beyond its traditional core focus.

Going forward, iBank's BFSR would rise above the E+ range if:

   (i) progress recorded in 1H2007 proves sustainable;

  (ii) the bank can maintain the positive trend in the
       improvement of its financial ratios; and if these targets
       can be achieved while maintaining asset quality and risks
       assumed under control.

Similarly, evidence that recent improvements are unsustainable
or concerns over the riskiness of the bank could lead to a
downward revision of its ratings.

iBank is headquartered in Sofia, Bulgaria, and at year-end 2006
had total assets of BGN885 million (EUR453 million).


SLAVNEFTEBANK: Fitch Rates IDR at B on Shareholder Support
----------------------------------------------------------
Fitch Ratings has assigned Slavneftebank ratings of Long-term
Issuer Default rating 'B', Short-term IDR 'B', Individual 'E'
and Support '4'.  The Outlook for the Long-term IDR is Stable.
The bank's Long-term IDR is at Belarus's Country Ceiling.

The Long- and Short-term IDRs and Support rating reflect the
moderate probability of support forthcoming, if required, from
SNB's majority shareholder, Russia's Bank VTB (VTB, rated
'BBB+').  In Fitch's view, VTB would have a strong propensity to
support SNB, if required, although the ability of SNB to receive
this support may be constrained by Belorussian country risks, in
particular transfer and convertibility risks, as reflected in
the Country Ceiling.

The Individual rating reflects SNB's high credit concentration
risk, weak funding profile and susceptibility to liquidity risk.
It also takes into account its still reasonable asset quality
(despite the recently increased impairment levels) and good
earnings performance. With the new shareholder, VTB, Fitch
expects to see a strengthened competitive position of the bank
and better diversification of its revenue stream.

SNB is a Belorussian bank, with US$440 million assets at July 1,
2007, focusing on corporate and retail lending.  It has six
branches covering the key regions of Belarus.  VTB holds a
controlling 50%-plus-one share stake in the bank and plans to
further increase its stake.


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B E L G I U M
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COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008
----------------------------------------------------------------
The High Court of Justice of England has ordered the creditors
of Compagnie Europeenne d'Assurances Industrilles S.A. to
register their claims with Paul Corver by 11:59 p.m. London Time
on Feb. 25, 2008.

The High Court has also sanctioned the solvent scheme of
arrangement between the company and its creditors and delivered
an office copy of the order to the Registrar of Companies for
registration on Sept. 27, at which date the order became
effective.

Contact:

          Paul Corver
          KMS Insurance Services Limited
          2nd Floor
          America House
          2 America Square
          London
          EC3N 2LU
          Fax: +44-0870-600-7581
          E-mail: ceaihelpdesk@kmsim.com
          Web site: http://www.ceai.co.uk/

Headquartered in Brussels, Belgium and Surrey, England,
Compagnie Europeenne d'Assurances Industrielles S.A. was an
insurance company underwriting a wide array of insurance and
reinsurance business, including marine, transport and aviation,
industrial risks, fire and allied perils, liability, casualty,
private lines and commercial insurance between 1974 and 1994.


LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mln
-------------------------------------------------------------
Levi Strauss & Co. disclosed financial results for the third
quarter ended Aug. 26, 2007, and filed its third-quarter 2007
Form 10-Q with the U.S. Securities and Exchange Commission.

The company's balance sheet, as of Aug. 26, 2007, showed total
assets of US$2.84 billion and total liabilities of US$3.60
billion, resulting in a US$779 million stockholders' deficit.

Net revenues for the third quarter were US$1.05 billion compared
to US$1.02 billion for the same period last year, a 2% increase.
Net revenues would have been stable before the benefit of
favorable currency exchange rates.  The net revenue performance
reflects stronger sales in Europe and Asia, partially offset by
a decline in North America driven by lower U.S. Levi Strauss
Signature(R) and Dockers(R) sales.  The Levi's(R) brand grew in
each region as the brand's improved product offerings performed
well around the world.  Net revenues also benefited from
additional brand-dedicated retail stores worldwide.

Net income for the third quarter increased 24% to US$61 million
compared to US$49 million in the prior year.  Net income
benefited primarily from lower tax and interest expense.

"The Levi's(R) brand is growing around the world and our
European business is performing very well," John Anderson, chief
executive officer, said.  "Asia Pacific continued to grow with
strong performance again in the emerging markets.  North
America's lower revenue this quarter was disappointing, but I am
optimistic about the region's results for the year.  Our year-
to-date results put us on track to deliver modest revenue
growth, solid net income improvement and reduced debt for the
year."

Gross profit increased 3% to US$486 million for the quarter
compared to US$473 million in the prior year period.  Gross
margin increased slightly to 46.3% of net revenues compared to
46.0% of net revenues in the same period last year.

Selling, general and administrative expenses for the quarter
increased 10% to US$343 million from US$312 million in the 2006
period.  Higher SG&A expenses in the 2007 period were primarily
attributable to increased selling expense related to new
company-operated stores, a lower benefit-plan curtailment gain
compared to the 2006 period and changes in currency exchange
rates.  These were partially offset by lower administrative
costs in the 2007 period.

Operating income decreased 9% to US$143 million compared to
US$158 million for the third quarter of 2006.  The lower
operating income reflects the lower net revenue in North America
and a lower benefit-plan curtailment gain in the 2007 period,
partially offset by lower corporate staff costs and expenses.

Interest expense decreased 12% to US$53 million compared to
US$60 million for the prior year period.  The decrease is the
result of its debt refinancing and debt reduction actions taken
during 2006 and 2007, which resulted in lower debt levels and
lower average borrowing rates.

"Our margins remain healthy and our strong cash flow enables us
to reduce debt while continuing to invest in the future of the
business," Hans Ploos van Amstel, chief financial officer, said.
"Overall, I'm pleased with our results. While we have some
challenges ahead, we expect to deliver another solid fiscal
year."

                    About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co.
-- http://www.levistrauss.com/-- is a branded apparel company.
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide.
Levi Strauss Europe is headquartered in Brussels, Belgium, while
Levi's Asia Pacific division is based in Singapore.  Levi's has
operations in Brazil, Mexico, Chile and Peru.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services raised its ratings on Levi
Strauss & Co. including its long-term corporate credit rating to
'B+' from 'B'.  The outlook is stable.


===========================
C Z E C H   R E P U B L I C
===========================


OREA HOTELS: Moody's Withdraws Ba1.cz National Scale Rating
-----------------------------------------------------------
Moody's Investors Service withdrew the Ba1.cz long term national
scale rating of OREA Hotels at the request of the issuer.

Moody's has withdrawn this rating for business reasons.

Headquartered in Prague, Czech Republic, OREA Hotels operates
the largest Czech hotel chain with 7,000 beds in more than 30
hotels.  According to Czech GAAP the company reported
unconsolidated sales of EUR27.7 million for the 12-month fiscal
period ending Dec. 31, 2006.


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


HILTON HOTELS: Amends 8% Quarterly Interest Bonds Tender Offer
--------------------------------------------------------------
Hilton Hotels Corporation has further amended its tender offer
and consent solicitation for its 8% Quarterly Interest Bonds due
2031.

Hilton has determined to amend the terms of its tender offer and
consent solicitation for the Bonds to increase the Bonds Total
Consideration offered to holders who tender their Bonds at or
prior to the Amended Consent Payment Deadline.

The total consideration for each US$25 principal amount of the
Bonds validly tendered and not validly withdrawn pursuant to the
tender offer and consent solicitation for the Bonds at or prior
to the Amended Consent Payment Deadline has been increased to
US$25.25.

Hilton has also extended the consent payment deadline applicable
to the tender offer and consent solicitation for the Bonds.  The
revised consent payment deadline applicable to the Bonds is 5:00
p.m., New York City time, on Oct. 16, 2007, unless extended or
terminated by Hilton in its sole discretion.

Holders of Bonds must validly tender and not validly withdraw
their Bonds at or prior to the Amended Consent Payment Deadline
in order to be eligible to receive the Bonds Total Consideration
pursuant to the tender offer and consent solicitation for the
Bonds.

Holders of Bonds validly tendering and not validly withdrawing
their Bonds after the Amended Consent Payment Deadline and at or
prior to the Offer Expiration Date will be eligible to receive
only the Bonds tender offer consideration, which is equal to the
Bonds Total Consideration, US$25.25 per US$25 principal amount
of Bonds, less the consent payment which is US$1.00 per US$25
principal amount of Bonds.

The other terms of the tender offers and consent solicitations
for Hilton's 7.625% Notes due 2008, 7.2% Notes due 2009, 8.250%
Notes due 2011, 7.625% Notes due 2012, 7.5% Notes due 2017,
7.430% Chilean Inflation-Indexed Notes due 2009 and the Bonds,
remain unchanged.

The tender offer for each issue of Securities will expire at
8:00 a.m., New York City time, on Oct. 24, 2007, unless extended
or earlier terminated by Hilton in its sole discretion.  It is
expected that the Offer Expiration Date will be extended to
coincide with the date that the Merger becomes effective.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations were conducted in
connection with the merger agreement that provides for the
acquisition of Hilton by BH Hotels LLC, an entity controlled by
investment funds affiliated with The Blackstone Group L.P.

The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the Merger having
occurred, or such Merger occurring substantially concurrent with
the Offer Expiration Date.  However, the completion of the
tender offers and consent solicitations is not a condition to
completion of the Merger.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively.

Banc of America Securities LLC, Deutsche Bank Securities Inc.,
Goldman Sachs & Co., Lehman Brothers Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co.
Incorporated are also acting as Dealer Managers and Solicitation
Agents in connection with the tender offers and the consent
solicitations.

Requests for documentation may be directed to Global Bondholder
Services Corporation, the Information Agent, which can be
contacted at (212) 430-3774 (for banks and brokers only) or
(866) 924-2200 (for all others toll-free).

                About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                         *     *     *

In July 2007, Moody's Investor Service placed the company's long
term corporate family and bank loan debt ratings at 'Ba1'.  The
ratings still hold to date.


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


AUTO-CENTRUM BAUER: Claims Registration Period Ends Nov. 5
----------------------------------------------------------
Creditors of Auto-Centrum Bauer GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager
Dirk Halbauer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Dirk Halbauer
         Blankenburger Str. 3]
         07318 Saalfeld
         Germany

The District Court of Gera opened bankruptcy proceedings against
Auto-Centrum Bauer GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Auto-Centrum Bauer GmbH
         Weidenackerstr. 1
         07381 Poessneck
         Germany


AUTOHAUS GIESSEN: Claims Registration Period Ends Nov. 5
--------------------------------------------------------
Creditors of Autohaus Giessen GmbH & Co.KG have until Nov. 5 to
register their claims with court-appointed insolvency manager
Dirk Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 415
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         Germany

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

The insolvency manager can be reached at:

         Dirk Pfeil
         Eschersheimer Landstr. 60-62
         D 60322 Frankfurt
         Germany
         Tel: 069/153096-0
         Fax: 069/15309666

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

The Debtor can be reached at:

         Autohaus Giessen GmbH & Co.KG
         Automeile 20
         35394 Giessen
         Germany


BERNARD GEWERBEKUECHEN: Claims Registration Period Ends Nov. 5
--------------------------------------------------------------
Creditors of Bernard Gewerbekuechen Planungs- und Einrichtungs-
GmbH 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 8:30 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
         Gerichtssaal/Erdgeschoss
         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 Bernard Gewerbekuechen Planungs- und Einrichtungs-GmbH
on Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bernard Gewerbekuechen Planungs- und Einrichtungs-GmbH
         Attn: Petranka Iwanova-Danova Bernard, Manager
         Mittnachtstrasse 9
         72760 Reutlingen
         Germany


CB MEZZCAP: Company No. 11 Files for Insolvency
-----------------------------------------------
CB MezzCAP Limited Partnership (acting through its general
partner CB MezzCAP Limited) has been informed by its Financial
Advisor that the company mentioned as Company No. 11 in the
offering circular has filed for the opening of insolvency
proceedings on Oct. 5, 2007.

Due to the reported financial difficulties of the company it
might be the case that it defaults on its obligations to make
payments of interests and/or principal under the participation
right, which then might lead to reduced payments of the Issuer
under the Class F Notes.

The Issuer is currently trying to get further information
regarding the reasons for the filing by the company.

In compliance with applicable law, the Issuer will make further
announcements after having better knowledge of the financial
situation of the Company and the impact on the Notes is
evaluated.

                           Notes

   -- EUR137,800,000 Class A Floating Rate Notes due 2036
     (ISINXS0249999714);

   -- EUR20,000,000 Class B Floating Rate Notes due 2036
     (ISIN XS0249999987);

   -- EUR10,500,000 Class C Floating Rate Notes due 2036
     (ISIN XS0250000139);

   -- EUR14,500,000 Class D Floating Rate Notes due 2036
     (ISIN XS0250000998);

   -- EUR7,700,000 Class E Floating Rate Notes due 2036
     (ISIN XS0250001293); and

   -- EUR9,000,000 Class F 17% Notes due 2036
     (ISIN XS0250001707).

CB MezzCAP Limited Partnership is a German SME CLO transaction.

                        *     *     *

As reported in the TCR-Europe on June 19, 2007, Standard &
Poor's Ratings Services removed from CreditWatch with
negative implications and lowered its rating on the class E
notes issued by CB MezzCAP Limited Partnership to BB-.


CINEX LEIPZIG: Claims Registration Ends November 6
--------------------------------------------------
Creditors of Cinex Leipzig Film- und Fernsehproduktion GmbH have
until Nov. 6 to register their claims with court-appointed
insolvency manager Vera Mai.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Vera Mai
         Rueckertstr. 16
         04157 Leipzig
         Germany
         Tel: 0341/23159780
         Telefax: 0341/5643631
         E-mail: leipzig@kwm-insolvenzverwaltung.de

The District Court of Leipzig opened bankruptcy proceedings
against Cinex Leipzig Film- und Fernsehproduktion GmbH on
Sept. 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Cinex Leipzig Film- und Fernsehproduktion GmbH
         Glafeystrasse 19
         04229 Leipzig
         Germany

         Attn: Masud Ahmad Rajai, Manager
         Wilhelmstrasse 3
         10963 Berlin
         Germany


DEQUA REPRO: Claims Registration Ends November 9
--------------------------------------------------
Creditors of DEQUA REPRO Demnitz & Quaas GmbH have until
Nov. 9 to register their claims with court-appointed insolvency
manager Reinhard Titz.

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 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:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against DEQUA REPRO Demnitz & Quaas GmbH on Sept. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DEQUA REPRO Demnitz & Quaas GmbH
         Attn: Ronald Fromme, Manager
         Deichstrasse 48 - 50
         20459 Hamburg
         Germany


ELS LASER: Claims Registration Period Ends Nov. 5
-------------------------------------------------
Creditors of ELS Laser System GmbH have until Nov. 5 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. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 14
         First 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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621-87708-0
         Fax: 0621-8770820

The District Court of Darmstadt opened bankruptcy proceedings
against ELS Laser System GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ELS Laser System GmbH
         Attn: Guenter Hummelt, Manager
         Schaubacher Berg 25
         64401 Gross-Bieberau
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         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:

         Marco Kuhlmann
         Osnabruecker Strasse 7
         32312 Luebbecke
         Germany

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

The Debtor can be reached at:

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


ESTATE GERMANY 2007-I: Fitch Rates EUR39.9 Mln E Notes at BB+
-------------------------------------------------------------
Fitch Ratings has assigned final ratings to Estate Germany 2007-
I Limited's mortgage-backed credit-linked note issuance due
2064:

   -- EUR500,000 Class A+ (ISIN XS0322844696) due 2064: 'AAA';
      Outlook Stable

   -- EUR68.5 million Class A (ISIN XS0322846048) due 2064:
      'AAA'; Outlook Stable

   -- EUR95.7 million Class B (ISIN XS0322847368) due 2064:
      'AA'; Outlook Stable

   -- EUR60.7 million Class C (ISIN XS0322848333) due 2064: 'A';
      Outlook Stable

   -- EUR45.6 million Class D (ISIN XS0322848846) due 2064:
      'BBB'; Outlook Stable

   -- EUR39.9 million Class E (ISIN XS0322851477) due 2064:
      'BB+'; Outlook Stable

   -- EUR21.7 million Class F (ISIN XS0322857672) due 2064: not
      rated

This transaction is a partially-funded synthetic securitization
of commercial and residential mortgage loans originated by Hypo
Real Estate Bank AG (rated 'A'/'F1'/Rating Watch Positive) and
its predecessors, as well as Wurttembergische Hypothekenbank AG.


Given the significant time span between the cut-off date and the
closing date, Fitch analyzed the portfolio based on the cut-off
pool (Jan. 31, 2007) and the pool as of Aug. 31, 2007.

The Class A+ to F notes are backed by public sector Pfandbriefe
rated 'AAA' and issued by HRE.  Therefore, a downgrade of the
Pfandbriefe collateral below the rating of the outstanding
classes of notes may result in a corresponding downgrade of the
Class A+ to E notes.  At the issue date, the Pfandbriefe
collateral is purchased by the issuer from HRE for the benefit
of the note holders.

The final ratings address payments for Classes A+ to E,
according to the terms and conditions of the notes, and are
based on the quality of the reference portfolio; underwriting
and servicing capabilities of HRE, its predecessors and
WurttHyp; the collateral; and the sound financial and legal
structure.  Credit enhancement for the Class A+ notes, which is
provided by subordination and synthetic excess spread, will
total 14.56%, consisting of the Class A notes (3%), B notes
(4.2%), C notes (2.66%), D notes (2%), E notes (1.75%), F notes
(0.95%) and synthetic excess spread.  The credit enhancement for
the Class A notes will be 11.56%.

The transaction structure benefits from synthetic excess spread
(provided by HRE) that will be available after the fourth
payment period, amounting to 40bp per annum of the performing
pool balance.  Excess spread can be used: to cover realized
losses within a period; thereafter to cure losses allocated to
notes in previous periods, thus resulting in a write-up of the
respective notes; and to pay accrued interest on notes that are
written up.  The latter two effects are only considered for
Classes D and E, which are rating-linked to HRE's Long-term
Issuer Default rating.  Any downgrade of HRE's rating below the
Class D or E ratings would result in a corresponding downgrade
of the notes.

The reference portfolio can be characterized as mixed in terms
of borrower and property type.  The majority of borrowers are
companies (54% by loan amount) or "unknown" (4%); 42% are
individuals. Approximately 90% of the properties (by number) are
multi-family houses or commercial properties (including
partially commercial use); the remaining 10% are classified as
residential properties.  Additionally, a small portion (7.4% by
property value) of the properties is owner-occupied.  The rest
(92.6%) are investment properties.

Compared to other transactions, the portfolio shows a
substantial seasoning of about 11 years.  In line with its
criteria, Fitch has given credit (default probability) to those
loans secured on properties that have not suffered from house
price depreciation since the last valuation date.

Given its granularity and despite the atypical characteristics
of the portfolio when compared to other RMBS transactions, Fitch
analyzed the mortgage portfolio using its loan-by-loan German
residential mortgage default model.  However, to account for
these characteristics, the agency has increased its probability
of default and loss severity assumptions for the respective
loans.


GEIGER INDUSTRIELACKIERUNGEN: Claims Registration Ends Nov. 16
--------------------------------------------------------------
Creditors of Geiger Industrielackierungen GmbH have until
Nov. 16 to register their claims with court-appointed insolvency
manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 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 Aalen
         Hall 0.08
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         Germany

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

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50
         E-mail: ulm@pluta.net

The District Court of Aalen opened bankruptcy proceedings
against Geiger Industrielackierungen GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Geiger Industrielackierungen GmbH
         Attn: Jochen Schwemmle, Manager
         Franz-Traub-Str. 1
         73574 Iggingen-Brainkofen
         Germany


GEORG BECHTOLD: Claims Registration Ends November 8
---------------------------------------------------
Creditors of Georg Bechtold GmbH & Co. KG have until Nov. 8 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. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.307
         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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621-87708-0
         Fax: 0621-8770820
         E-mail: ulm@pluta.net

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

The Debtor can be reached at:

         Georg Bechtold GmbH & Co. KG
         Attn: Dieter Gross, Manager
         Im Tiefen See 77
         64293 Darmstadt
         Germany


H & B GEBAUDETECHNIK: Creditors Must File Claims by November 5
--------------------------------------------------------------
Creditors of H & B Gebaudetechnik GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager
Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Markus Ernestus
         O 3, 9-12
         68161 Mannheim
         Germany

The District Court of Mannheim opened bankruptcy proceedings
against - H & B Gebaudetechnik GmbH on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         H & B Gebaudetechnik GmbH
         Werner - von - Siemens - Str.4
         69514 Laudenbach
         Germany


HAUS FRANKENWEG: Creditors Must File Claims by November 5
---------------------------------------------------------
Creditors of Haus Frankenweg Altenpflegeheim GmbH have until
Nov. 5 to register their claims with court-appointed insolvency
manager Klaus Niemeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         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 Niemeyer
         Schillerstr. 20
         49074 Osnabrueck
         Germany

The District Court of Osnabrueck opened bankruptcy proceedings
against Haus Frankenweg Altenpflegeheim GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Haus Frankenweg Altenpflegeheim GmbH
         Frankenweg 30
         49219 Glandorf
         Germany


HELM TRANSPORT: Creditors Must File Claims by November 5
--------------------------------------------------------
Creditors of Helm Transport GmbH have until Nov. 5 to register
their claims with court-appointed insolvency manager Gerhard
Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Helm Transport GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Helm Transport GmbH
         Attn: Jana Helm, Manager
         Uhlenflucht 9
         18356 Barth
         Germany


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

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting 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:

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


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

The Debtor can be reached at:

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


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Dec. 11, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Koeln
         Germany

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

The Debtor can be reached at:

         Isofire GmbH
         Koerner Str. 73
         50823 Koeln
         Germany

         Attn: Kadira Kasic
         Subbelrather Str. 439
         50825 Koeln
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:32 a.m. on Dec. 11, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse. 54
         50676 Koeln
         Germany

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

The Debtor can be reached at:

         SMART events GmbH
         Attn: Josef Khalifeh, Manager
         Theodor-Heuss-Ring 23
         50668 Koeln
         Germany


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


ELAN CORP: S&P Affirms Credit Ratings at B; Changes Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Elan
Corp. PLC to positive from stable and affirmed the ratings on
the company and its subsidiaries, including the 'B' corporate
credit rating.

The outlook revision reflects the increasing sales of Dublin,
Ireland-based Elan's key product, the multiple sclerosis
treatment, Tysabri.  Although continued losses and negative cash
flow remain concerns, Standard and Poor's believes that the
current sales momentum of Tysabri will enable Elan to turn
profitable and cash flow positive in the near-to-intermediate
term.  Elan has sufficient cash on hand to fund its operations
until that point, and while the company remains highly everaged,
it does not face any major debt maturities until 2011.

"The ratings on Elan reflect the company's high debt leverage,
continued losses and negative cash flow, and heavy reliance on
the sales of Tysabri," said Standard & Poor's credit analyst
Arthur Wong.  "These are offset somewhat by the growth potential
of Tysabri in an MS market, adequate liquidity in the form of
significant on-hand cash, and the lack of significant debt
maturities until 2011."

Elan specializes in the development and marketing of treatments
for pain, central nervous system ailments, infectious diseases,
and autoimmune problems.

                          About TYSABRI

TYSABRI is a treatment approved for relapsing forms of MS in the
United States and relapsing-remitting MS in the European Union.
According to data that have been published in the New England
Journal of Medicine, after two years, TYSABRI treatment led to a
68% relative reduction (p<0.001) in the annualized relapse rate
compared to placebo and reduced the relative risk of disability
progression by 42-54% (p<0.001).

TYSABRI increases the risk of progressive multifocal
leukoencephalopathy, an opportunistic viral infection of the
brain that usually leads to death or severe disability.  Other
serious adverse events that have occurred in TYSABRI-treated
patients included hypersensitivity reactions (e.g.,
anaphylaxis), infections, depression and gallstones.  Serious
opportunistic and other atypical infections have been observed
in TYSABRI-treated patients, some of whom were receiving
concurrent immunosuppressants.  Herpes infections were slightly
more common in patients treated with TYSABRI.  In MS trials, the
incidence and rate of other serious and common adverse events,
including the overall incidence and rate of infections, were
balanced between treatment groups.

Common adverse events reported in TYSABRI-treated patients
include headache, fatigue, infusion reactions, urinary tract
infections, joint and limb pain, lower respiratory infections,
rash, gastroenteritis, abdominal discomfort, vaginitis, and
diarrhea.

In addition to the United States and European Union, TYSABRI is
also approved in Switzerland, Canada, Australia and Israel.
TYSABRI was discovered by Elan and is co-developed with Biogen
Idec.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.


PREPS 2005-2: Portfolio Company No. 21 Submits Insolvency Case
--------------------------------------------------------------
PREPS 2005-2 plc has been informed by its Investment Services
Provider, Capital Efficiency Group AG, that a portfolio company
with which it has entered into a profit participation agreement
has submitted an application to initiate insolvency proceedings.
Preliminary insolvency proceedings over the assets of such
portfolio company were opened.  The company concerned has been
identified as portfolio company no. 21 in the offering circular
published by the Issuer on Dec. 8, 2005 in relation to the PREPS
Securities and subsequent portfolio reports.

                      PREPS Securities

   -- EUR217,000,000 PREPS Class A1 Floating Rate Notes
      due 2014 (ISIN XS0236849005);

   -- EUR53,000,000 PREPS Class A2 Fixed Rate Notes due 2014
     (ISIN XS0236849427);

   -- EUR41,500,000 PREPS Class B1 Floating Rate Notes due 2014
     (ISIN XS0236849930);

   -- EUR12,500,000 PREPS Class B2 Fixed Rate Notes due 2014
     (ISIN XS0236850862); and

   -- EUR36,000,000 PREPS Junior Income Notes due 2014
     (ISIN XS0236851753).

The Issuer is the holder of a profit participation agreement
with a principal amount of EUR12 million issued by the relevant
company and backing the PREPS Securities.  Given the initiation
of insolvency proceedings, portfolio company no. 21 is expected
to continue to default on its obligations to make payments of
interest and/or principal under the profit participation
agreement held by the Issuer.  Such default will result in
reduced payments made by the Issuer under the PREPS Securities
in accordance with their terms.

Effect on the PREPS Securities of a failure of portfolio company
no. 21 to make future interest and principal payments.

Portfolio company no. 21 participated in the PREPS 2005-2
transaction in the amount of EUR12 million, which corresponds to
3.33% of the initial total volume of EUR360 million.  Assuming
(i) a total loss of the amount advanced to and all interest
payments payable by portfolio company no. 21 and (ii) no further
losses to the portfolio recorded prior to Dec. 8, 2014, these
analysis results:

                          Junior Notes

Assuming the events described constitute a Principal Deficiency
Event, the nominal amount of the relevant Profit Participation
Agreement of EUR12 million will be booked immediately in the
Principal Deficiency Ledger.  This has as the consequence that
no interest payments will be made on the payment dates until
(including) June 8, 2012.

The maximum realizable return for the Junior Notes for the
entire term of the transaction will, as a result of these
events, fall to 8.1%.

                Class A Notes and Class B Notes

The interest payments to the holders of the Class A Notes and
Class B Notes should not be affected by these events.

If the EUR12 million nominal amount of the relevant Profit
Participation Agreement is booked in the Principal Deficiency
Ledger, the amount of the Principal Deficiency Ledger (including
any existing Principal Deficiency Ledger balance) will increase
to EUR24.8 million and this amount will be repaid to the holders
of the Class A Notes over the next eight interest payment dates
(Dec. 10, 2007; June 9, 2008; Dec. 8, 2008; June 8, 2009,
Dec. 8, 2009; June 8, 2010; Dec. 8, 2010 and June 8, 2011).
These payments correspond to a cumulative redemption of
approximately 9.4% of the currently outstanding nominal amount
of the Class A Notes (per payment date between 1.2% and 1.4% of
the currently outstanding nominal amount of the Class A Notes).
There will be no repayments to the holders of the Class B Notes.

PREPS 2005-2 plc is a profit participation or subordinated loan
agreement listed in the Irish stock exchange.  It the fourth
transaction of the innovative PREPS financing platform.  The
participating companies are Germany, Australia, Switzerland,
Italy and Belgium.


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


FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti
------------------------------------------------------------
Fiat S.p.A.'s Magneti Marelli have signed, Oct. 11, 2007, an
agreement with Suzuki Motor Corporation and Maruti Suzuki India
Limited for the creation of a joint venture in India, aimed at
the production of electronic control units for diesel engines.

Maruti Suzuki India Limited, former known as Maruti Udyog
Limited, is the joint venture set up in 1982 between the Indian
government and the Suzuki Motor Corporation that has originated
the main industrial entity in India in the automotive field.

According to the agreements, Magneti Marelli will participate
for 51% in the share capital of the new company, Suzuki for 30%
and Maruti for 19%.  The initial investment is expected to total
approximately EUR15 million.

The industrial activities will be located in Manesar in the
industrial district of Gurgaon, approximately 40 km southwest of
New Delhi.  The start of production is scheduled for the end of
2008 and, as part of the objectives, the production capacity of
this plant should reach a total of about 500,000 control units
per year when working at full stretch.

The electronic control units produced in Mannesar will be
initially used for the Suzuki-Maruti diesel cars and, later on,
will also cater to other car manufacturers.

"The joint venture with Suzuki and Maruti brings cutting-edge
technology to our automotive partners and allows Magneti Marelli
to significantly increase its presence in a fast-growing
market," Eugenio Razelli, Magneti Marelli CEO disclosed.

Magneti Marelli, a company belonging to the Fiat Group, designs,
produces and markets advanced systems and components for motor
vehicles.  With its 45 production facilities (55 production
units), 9 R&D centres and 27 application centres in 16
countries, 25,000 employees and a turnover of 4.5 billion Euros
in 2006, the group supplies all the leading car makers in
Europe, North and South America and the Far East.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  Fiat's creditors include Banca Intesa, Banca Monte
dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,
Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                            *   *   *

As reported in the TCR-Europe on Aug. 24, 2007, Moody's
Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate
Family Rating, and the group's other long-term senior unsecured
ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short term Not Prime rating remains
unchanged.


WIND TELECOMUNICAZIONI: Fitch Removes BB- IDR from Watch
--------------------------------------------------------
Fitch Ratings has removed Wind Telecomunicazioni SpA's Long-term
Issuer Default rating of 'BB-' from Rating Watch Negative.  A
Negative Outlook is assigned to the Long-term IDR.  Fitch has
also removed Wind's senior notes from RWN.  All instrument
ratings are affirmed at their current levels.

The RWN removal, from both the IDR and the senior notes, follows
the expiry of the consent obtained for the proposed refinancing
of the company, which would have seen an increase in both
leverage and the amount of debt ranking ahead of the senior
notes.  While the proposed refinancing has presently been
aborted, the Negative Outlook expresses Fitch's concern that
there are near-term liquidity events, notably the need to fund
EUR1 billion at Weather Investments II Sarl, the entity that
owns the majority of Weather Investments SpA, the parent company
of Wind, to make the final payment to Enel SpA in June 2008.
Furthermore, future funding will be required to fund the
repayment of the EUR1.7 billion Holdco PIK notes due 2011 at
Wind Acquisition Holdings Finance SpA.

Fitch notes that Wind continues to perform strongly in an
increasingly competitive market.  However, the agency is
concerned that these cash calls will result in shareholders and
management revisiting Wind's capital structure to extract the
necessary funds from the operating group.

"While market conditions have not permitted the recent
refinancing plan to come to fruition, the willingness of the
shareholders to reduce financial flexibility at Wind remains a
concern," says Michelle De Angelis, Senior Director in Fitch's
Leveraged Finance team.  "If a releveraging of the operating
company does not occur and Wind's underlying operations continue
to perform well, Fitch will look to stabilize the Outlook."


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


JAKSYLYK-1 LLP: Proof of Claim Deadline Slated for Nov. 21
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Jaksylyk-1 insolvent.

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

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


KUAN-S LLP: Creditors Must File Claims Nov. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kuan-S insolvent.

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

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


KURYLYS AGRO: Claims Filing Period Ends Nov. 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Kurylys Agro insolvent.

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

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


LEXUS PLUS: Creditors' Claims Due on Nov. 20
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Lexus Plus insolvent on Aug. 29.

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


MIYAT HOLDING: Claims Registration Ends Nov. 16
-----------------------------------------------
LLP Miyat Holding Company has declared insolvency.  Creditors
have until Nov. 16 to submit written proofs of claims to:

         LLP Miyat Holding Company
         Timiryazev Str. 113-69
         Almaty
         Kazakhstan


SALTANAT LLP: Proof of Claim Deadline Slated for Nov. 20
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Saltanat insolvent on Aug. 28.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (7262) 45-32-17


SHC BEAUTY: Creditors Must File Claims Nov. 16
----------------------------------------------
Branch of LLP SHC Beauty Cosmetics Gmbh has declared insolvency.
Creditors have until Nov. 16 to submit written proofs of claims
to:

         Branch of LLP SHC
         Beauty Cosmetics Gmbh
         Bokeyhanov Str. 37
         Almaty
         Kazakhstan
         Tel: 8 (3272) 98-01-37
              8 (3272) 98-01-38
              8 701 711 74-86


SOUS EXPRESS: Claims Filing Period Ends Nov. 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Sous Express 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


VITA JSC: Creditors' Claims Due on Nov. 21
------------------------------------------
Branch of JSC Vita has declared insolvency.  Creditors have
until Nov. 21 to submit written proofs of claims to:

         Branch of JSC Vita
         Cherepanov Str. 10
         Pavlodar
         Kazakhstan


ZAVOD PO: Claims Registration Ends Nov. 16
------------------------------------------
LLP Non-Alcoholic Beverages Plant - Zavod Po Proizvodstvu
Bezalkogolnyh Napitkov has declared insolvency.  Creditors have
until Nov. 16 to submit written proofs of claims to:

         LLP Non-Alcoholic Beverages Plant
         Zavod Po Proizvodstvu Bezalkogolnyh Napitkov
         Buhar Jyrau Str. 2-1
         Almaty
         Kazakhstan


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


CARGO EXPEDITION-TRANS: Creditors Must File Claims by Nov. 21
-------------------------------------------------------------
LLC Cargo Expedition-Trans Services has declared insolvency.
Creditors have until Nov. 21 to submit written proofs of claim
to:

         LLC Cargo Expedition-Trans Services
         Chokmorov Str. 137-1
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 28-44-33


GASBIOTECHNO LLC: Proof of Claim Deadline Slated for November 16
----------------------------------------------------------------
LLC Gasbiotechno has declared insolvency.  Creditors have until
Nov. 16 to submit written proofs of claim to:

         LLC Gasbiotechno
         Saliyev Str. 163
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 29-21-52


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


ARRAN LOANS 1: Fitch Puts Low-B Ratings to Six Note Classes
-----------------------------------------------------------
Fitch has affirmed Arran Corporate Loans No. 1 B.V.'s
GBP3.5 billion notes due 2025:

   -- GBP605.55 million Class A1 ISIN XS0257999507: affirmed at
      'AAA'

   -- EUR1 billion Class A2 ISIN XS0257999689: affirmed at 'AAA'

   -- US$2.86 billion Class A3 ISIN USN06375AA26: affirmed at
      'AAA'

   -- GBP90.5 million Class B1 ISIN XS0257999846: affirmed at
      'AA+'

   -- EUR110 million Class B2 ISIN XS0257999929: affirmed at
      'AA+'

   -- US$73 million Class B3 ISIN USN06375AB09: affirmed at
      'AA+'

   -- GBP26.25 million Class C1 ISIN XS0258000107: affirmed at
      'A+'

   -- EUR38 million Class C2 ISIN XS0258000289: affirmed at 'A+'

   -- GBP42.5 million Class D1 ISIN XS0258000446: affirmed at
      'BBB+'

   -- EUR50 million Class D2 ISIN XS0258000529: affirmed at
      'BBB+'

   -- GBP39.25 million Class E1 ISIN XS0258000875: affirmed at
      'BB+'

   -- EUR38 million Class E2 ISIN XS0258000958: affirmed at
      'BB+'

   -- US$28 million Class E3 ISIN XS0258001097: affirmed at
      'BB+'

   -- GBP70.5 million Class F1 ISIN XS0258001170: affirmed at
      'B+'

   -- EUR10 million Class F2 ISIN XS0258001253: affirmed at 'B+'

   -- US$5 million Class F3 ISIN XS0258001337: affirmed at 'B+'

This transaction is a securitization of GBP-denominated bank
loans and undrawn facilities to large corporate entities
originated by The Royal Bank of Scotland Group plc (rated
'AA+'/'F1+') in the UK.

Despite one credit event occurring in September 2006, the
transaction continues to perform within Fitch's expectations.
The weighted average rating factor has improved slightly, and
the weighted average rating has remained within the same
category of 'BB+'/'BB' since close.  The transaction completed
its replenishment period in June 2007, and the portfolio has
started to amortize.  As of the latest monthly report, Aug. 31,
2007, the portfolio balance stood at GBP3.14 billion.  Any
amortizations from the portfolio are passed-through to repay the
notes in sequential order and pro-rata between the Series 1, 2
and 3 at the quarterly payments dates.

The defaulted asset makes up 0.3% of the reference portfolio.
The work-out process is expected to take a minimum of three
years.  Any resulting loss will be recorded in the principal
deficiency ledger and will reduce the notional balance of the
notes in reverse order of seniority.  Synthetic excess spread
(0.30% per annum) will be used to pay interest accrued on the
PDL and the adjusted notes; thereafter, to debit the PDL and
increase the adjusted notional up to its initial amount.  Fitch
has modeled the effect of the credit event and has found no
material deterioration compared to closing.

Arran Corporate Loans No. 1 B.V. is a special-purpose vehicle
incorporated in the Netherlands with limited liability.  All the
Classes of credit-linked notes are backed by a credit default
swap between the issuer and RBS (as the CDS counterparty)
through which the issuer receives a premium from the swap
counterparty in exchange for loss protection on a reference
portfolio of bank loans and undrawn facilities granted by RBS to
large corporate entities in the UK.

The ratings for Class A and B address timely payment of interest
and ultimate payment of principal in accordance to the terms and
conditions of the notes.  The ratings for Class C, D, E and F
notes address ultimate payment of interest and ultimate payment
of principal in accordance to the terms and conditions of the
notes.


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


BOGORODITSKIJ CJSC: Asset Sale Slated for October 31
----------------------------------------------------
The Competitive proceedings manager of Bread-Baking Complex
Bogoroditskij CJSC will open a public auction for the company's
properties at noon on Oct. 31 at:

         Office 406
         Mendeleevskaya 1
         Tula
         Russia
         Tel: (4872) 36-38-44

The company has set a RUR56,290,033 starting price for the
auctioned assets.

Interested participants have until Oct. 29 to deposit an amount
equivalent to 5% of the starting price to:

         Taxpayer ID 7112002859
         Settlement Account 40702810566050100072
         Correspondent Account 30101810300000000608
         SberBank 8604 (Tula Branch)
         Tula
         Russia

The Debtor can be reached at:

         Bread-Baking Complex Bogoroditskij CJSC
         Uritskogo per. 17
         Bogoroditsk
         Tula
         Russia


DZERZHINSK NIICHEMMASH: Court Starts External Bankruptcy Process
----------------------------------------------------------------
The Arbitration court of Nizhnij Novgorod commenced external
management bankruptcy procedure for a period of 18 months on
Dzerzhinsk NIIChemmash OJSC.  The case is docketed under Case
No. А43-191/2007, 33-1.

The External Insolvency Manager is:

         Vilkov V.P.
         Office 42
         Kuznechihinskaya Str. 100
         603122 Nizhnij Novgorod
         Russia

The Debtor can be reached at:

         Dzerzhinsk NIIChemmash OJSC
         Nauki Str.
         Dzerzhinsk
         606008 N. Novgorod
         Russia


HOLODMASH OJSC: Creditors Must File Claims by Nov. 29
-----------------------------------------------------
Creditors of Holodmash OJSC have until Nov. 29 to submit proofs
of claim to:

         Shemigon V.I.
         Competitive proceedings manager
         POB 99
         105005 Moscow
         Russia

The Arbitration court of Yaroslav commenced competitive
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A82-17100/
05-3-Б/71.

The Debtor can be reached at:

         Holodmash OJSC
         Gromova Str. 9
         150061 Yaroslavl'
         Russia


KIREEVSKIJ OJSC: Asset Sale Slated for October 31
-------------------------------------------------
The Competitive proceedings manager of Bakery Plant Kireevskij
OJSC will open a public auction for the company's properties at
10:00 a.m. on Oct. 31 at:

         Office 406
         Mendeleevskaya 1
         Tula
         Russia
         Tel: (4872) 36-38-44

The company has set a RUR135,149,490 starting price for the
auctioned assets.

Interested participants have until Oct. 29 to deposit an amount
equivalent to 5% of the starting price to:

         Taxpayer ID 7128000705
         Settlement Account 40702810666170102070
         Correspondent Account 30101810300000000608
         SberBank 8604 (Tula Branch)
         Tula
         Russia

The Debtor can be reached at:

         Bakery Plant Kireevskij OJSC
         Geologov Str. 17
         Kireevsk
         Kireevslij Raion
         Tula
         Russia


KOPEYKA OJSC: S&P Puts Junks Ratings on Mounting Default Risk
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Russian discount food retailer Open
Joint Stock Co.  Trade House Kopeyka to 'CC' from 'B-'.  At the
same time, the Russia national scale rating was lowered to
'ruCC' from 'ruBBB'.  Both ratings were removed from
CreditWatch, where they were placed with negative implications
on July 27, 2007.  The outlook, which was stable prior to the
CreditWatch placement, is now negative.

The ratings had been placed on CreditWatch following Kopeyka's
decision to refrain from publicly disclosing its IFRS financial
statements for 2006 in a context of increased financial risk and
deteriorated operating performance.

"The downgrade reflects Kopeyka's mounting risk of default amid
very high financial leverage, negative free operating cash flow
generation, and material debt maturing in the short term," said
Standard & Poor's credit analyst Anton Geyze.

Kopeyka continues to pursue a very aggressive expansion
strategy, which is delivering strong revenue growth but at the
expense of significant deterioration in profitability.  First-
half 2007 financial results showed a further decline in
profitability, which will constrain cash flow generation at
a time when financial flexibility is becoming extremely
stretched.  S&P expects credit protection measures to
deteriorate dramatically by year-end 2007 compared with 2006
levels.

Financial leverage, either in the form of on-balance-sheet
obligations or operating leases, is the primary source of
financing for Kopeyka's expansion, as cash flow generation is
only sufficient to cover interest and tax payments.  This
funding policy has resulted in the accumulation of a very heavy
debt burden, incommensurate with a 'B' category rating.

"We believe the company is in serious risk of default, given the
magnitude of debt maturing in the near term and negative free
operating cash flow," said Mr. Geyze.  "The ratings could be
lowered if Kopeyka fails to obtain sufficient back-up facilities
to cover short-term maturities, including potential bond
settlement under its put option."

The outlook could be revised back to stable, however, if the
company solves its liquidity problem and reduces its financial
leverage by successfully negotiating new bank facilities and
restoring its profitability.  A positive rating action is
currently remote, barring an equity injection from Kopeyka's
current shareholder as a form of support to restore the
company's financial flexibility.


LIPKOVSKIJ CJSC: Asset Sale Slated for October 31
-------------------------------------------------
The Competitive proceedings manager of Bread-Baking Complex
Lipkovskij CJSC will open a public auction for the company's
properties at 11:00 a.m. on Oct. 31 at:

         Office 406
         Mendeleevskaya 1
         Tula
         Russia
         Tel: (4872) 36-38-44

The company has set a RUR63,715,230 starting price for the
auctioned assets.

Interested participants have until Oct. 29 to deposit an amount
equivalent to 5% of the starting price to:

         Taxpayer ID 7128002565
         Settlement Account 4070281026617012069
         Correspondent Account 30101810300000000608
         SberBank 8604 (Tula Branch)
         Tula
         Russia

The Debtor can be reached at:

         Bread-Baking Complex Lipkovskij CJSC
         Zheleznodorozhnaya Str. 1a
         Lipki
         Kireevskij raion
         Tula
         Russia


LUKOYANOVLESSNAB LLC: Asset Sale Slated for October 29
------------------------------------------------------
The Competitive proceedings manager of Forest Company
LukoyanovLesSnab LLC will open a public auction for the
company's properties at 10:00 a.m. on Oct. 29 at:

         Karl Marks str. 32
         N. Novgorod
         Russia

The company has set a RUR2,320,000 starting price for the
auctioned assets.

Interested participants have to deposit an amount equivalent to
5% of the starting price to:

         Settlement Account 40702810700000001258
         Correspondent Account 30101810700000000764
         FAB Gasprombank CJSC
         N. Novgorod
         Russia

Bidding documents have until Oct. 24 to be submitted at:

         Karl Marks Str. 32
         N. Novgorod
         Russia


MAGNITOGORSKIJ CJSC: Creditors Must File Claims by Oct. 29
----------------------------------------------------------
Creditors of Trade House Meat-Processing Factory Magnitogorskij
CJSC have until Oct. 29 to submit proofs of claim at:

         Zavodskaya Str. 29
         Plast
         Chelyabinsk
         Russia

The Arbitration court of Chelyabinsk declared the company as
insolvent on Aug. 29.  The case is docketed under Case No.
A76-12106/07-32-178.

The Court is located at:

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

The Debtor can be reached at:

         Trade House Meat-Processing Factory Magnitogorskij CJSC
         Suvorova str. 136
         Magnitogorsk
         Russia

The Debtor can be reached at:

         Trade House Meat-Processing Factory Magnitogorskij CJSC
         Suvorova str. 136
         Magnitogorsk
         Russia


MARIJSKOYE OJSC: Bankruptcy Hearing Slated for Dec. 12
------------------------------------------------------
The Arbitration court of Marij-El will convene at 10:30 a.m. on
Dec. 12 to hear the bankruptcy supervision procedure on Land
Management Planning-and-Surveying Company Marijskoye OJSC.  The
case is docketed under Case No. А-38-2116/2007-9-50.

The Interim manager is:

         Minkin Sh.G.
         Lenina Prospekt 45
         Ioshkar-Ola
         424003 Marij-El
         Russia

The Court is located at:

         The Arbitration court of Marij-El
         Room 501
         Lenina prospekt 40
         Ioshkar-Ola
         424000 Marij-El
         Tel: (8362) 45-43-38
         Fax: 45-46-48

The Debtor can be reached at:

         Land Management Planning-and-Surveying Company
         Marijskoye OJSC
         Lenina Prospekt 24a
         Ioshkar-Ola
         424000 Marij-El
         Russia


NEVADORSTROY CJSC: Creditors Must File Claims by Nov. 29
--------------------------------------------------------
Creditors of Construction Company Nevadorstroy CJSC have until
Nov. 29 to submit proofs of claim at:

         POB 15
         191024 St. Petersburg
         Russia

The Arbitration court of St. Petersburg and the Leningrad
commenced 12-months competitive proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-28825/2005.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         Construction Company Nevadorstroy CJSC
         9th January Pr. 3/1
         St. Petersburg
         Russia


SHUMERLINSKIJ OJSC: Creditors Must File Claims by Nov. 29
---------------------------------------------------------
Creditors of Forest Company Shumerlinskij OJSC have until
Nov. 29 to submit proofs of claim to:

         Petrov A.N.
         Competitive proceedings manager
         Surikova Str.
         Shumerlya
         429123 Chuvash
         Russia

The Arbitration court of Chuvash commenced competitive
bankruptcy proceedings on the company.  The case is docketed
under Case No. A79-1308/2005.

The Court is located at:

         The Arbitration Court of Chuvash
         Moscow pr. 4
         428000 Cheboksary
         Russia

The Debtor can be reached at:

         Forest Company Shumerlinskij OJSC
         Surikova Str.
         Shumerlya
         429123 Chuvash
         Russia


SOVETSKO-GAVANSKAYA LLC: Creditors Must File Claims by Nov. 29
--------------------------------------------------------------
Creditors of Ship-Repairing Company Sovetsko-Gavanskaya LLC have
until Nov. 29 to submit their proofs of claim.

The Competitive proceedings manager is:

         Kozin V.I.
         Naberezhnaya 31A
         Soviet Gavan'
         682280 Khabarovsk krai
         Russia

The Arbitration court of Khabarovsk krai commenced competitive
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-18563/2005-38.

The Debtor can be reached at:

         Ship-Repairing Company Sovetsko-Gavanskaya LLC
         Korabel'naya Str. 6
         Soviet Gavan'
         682280 Khabarovsk krai
         Russia


UDMURTPROMSTROYBANK LLC: Asset Sale Slated for November 12
----------------------------------------------------------
Audit&Consulting&Assets-management Center Your expert LLC,
bidding organizer for UdmurtPromStroyBank LLC, will open a
public auction for the company's properties at 12:15 p.m. on
Nov. 12 at:

         Revolyutsionnaya Str. 217
         Izhevsk
         Udmurt

The company has set a RUR13 million starting price for the
auctioned assets.

Interested participants have until Nov. 2 to deposit an amount
equivalent to 20% of the starting price to:

         Audit&Consulting&Assets-management Center
         Your expert LLC
         Settlement Account 40702810040030165101
         Correspondent Account 30101810600000000119
         JS Commercial Bank PromSvyaz'Bank CJSC
         Moscow
         Russia

Bidding documents must be submitted at:

         Vokzal'naya Str. 4
         Mozhga
         Udmurt
         Russia
         Tel: (34139) 3-12-70


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


COMPORSYS INFORMATIK: Claims Registration Period Ends October 22
----------------------------------------------------------------
The Bankruptcy Court of Dietikon in Zurich commenced bankruptcy
proceedings against JSC Comporsys Informatik on Aug. 2.

Creditors have until Oct. 22 to file their written proofs of
claim.

The Bankruptcy Service of Dietikon can be reached at:

         Bankruptcy Service of Dietikon
         8953 Dietikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Comporsys Informatik
         Steinhaldenstrasse 3
         8954 Geroldswil
         Dietikon ZH
         Switzerland


DELFIT JSC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Delfit on Aug. 21.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Delfit
         Gubelstrasse 19
         6300 Zug
         Switzerland


DUR-BU LLC: Creditors' Liquidation Claims Due October 19
--------------------------------------------------------
Creditors of LLC Dur-Bu have until Oct. 19 to submit their
claims to:

         Rudolf Burgisser
         Liquidator
         Sonnenhofmatt 5
         6020 Emmenbrucke
         Switzerland

The Debtor can be reached at:

         LLC Dur-Bu
         Lucerne
         Switzerland


E-IT LLC: Creditors' Liquidation Claims Due October 19
------------------------------------------------------
Creditors of LLC E-it have until Oct. 19 to submit their claims
to:

         Rene Eggmann
         Liquidator
         Waidackerstrasse 14
         8592 Uttwil
         Arbon TG
         Switzerland

The Debtor can be reached at:

         LLC E-it
         Uttwil
         Arbon TG
         Switzerland


FLOW-RITE JSC: Creditors' Liquidation Claims Due October 22
-----------------------------------------------------------
Creditors of JSC Flow-Rite have until Oct. 22 to submit their
claims to:

         Poststrasse 6
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Flow-Rite
         Zug
         Switzerland


GASSNER MELMS: Creditors' Liquidation Claims Due October 25
-----------------------------------------------------------
Creditors of JSC GASSNER MELMS & Co. have until Oct. 25 to
submit their claims to:

         Michael Gassner
         Liquidator
         Schonenbuel 60
         Steinegg
         9050 Appenzell
         Switzerland

The Debtor can be reached at:

         JSC GASSNER MELMS & Co.
         Appenzell
         Switzerland


GUNES LEBENSMITTEL: Claims Registration Period Ends October 22
--------------------------------------------------------------
The Bankruptcy Court of Dietikon in Zurich commenced bankruptcy
proceedings against JSC Gunes Lebensmittel on Aug. 15.

Creditors have until Oct. 22 to file their written proofs of
claim.

The Bankruptcy Service of Dietikon can be reached at:

         Bankruptcy Service of Dietikon
         8953 Dietikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Gunes Lebensmittel
         Poststrasse 8
         8953 Dietikon ZH
         Switzerland


HAMMER GASTRO: Creditors' Liquidation Claims Due October 31
-----------------------------------------------------------
Creditors of LLC Hammer Gastro have until Oct. 31 to submit
their claims to:

         Christian Hammer
         Liquidator
         Blattengasse 47
         8708 Mannedorf
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         LLC Hammer Gastro
         Gipf-Oberfrick
         Laufenburg AG
         Switzerland


HIWI INFORMATIK: Creditors' Liquidation Claims Due October 19
-------------------------------------------------------------
Creditors of LLC Hiwi Informatik have until Oct. 19 to submit
their claims to:

         Peter Gal
         Liquidator
         Ruchwiesenstrasse 62
         8404 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Hiwi Informatik
         Winterthur ZH
         Switzerland


ISOTIS INC: Wants Merger Okayed; May Seek Bankruptcy Protection
---------------------------------------------------------------
IsoTis Inc. has adjourned the special meeting of stockholders it
called to approve the acquisition of IsoTis by Integra
LifeSciences Holdings Corp. pursuant to an agreement and plan of
merger dated as of Aug. 6, 2007.

The special meeting of stockholders was held at 9 a.m. Pacific
time on Thursday, Oct. 11, 2007.  An insufficient number of
shares were present at the meeting to establish the quorum
necessary to approve the proposed transaction.  As a result,
IsoTis determined to adjourn the meeting to Oct. 23, 2007 until
7.30 a.m. Pacific time to permit additional time to collect the
proxies necessary to establish a quorum and approve the
acquisition by Integra.

The vast majority of IsoTis' stockholder base resides outside
the United States of America, including thousands of retail
stockholders, and many of these shares have not been voted.  The
adjournment of the meeting will provide these and other IsoTis
stockholders additional time to vote their shares.

The IsoTis Board of Directors continues to believe unanimously
that the interests of IsoTis' stockholders are best served by
the acquisition by Integra, and that there are no feasible
alternatives for the company and the stockholders.

If IsoTis is unable to obtain the vote necessary to approve the
proposed transaction, the company believes it will have to seek
bankruptcy protection.

On Aug. 7, 2007, Integra and IsoTis have reached a definitive
agreement to create a global orthobiologics leader.  The
combination would create a comprehensive orthobiologics
portfolio, one of the largest sales organizations focused on
orthobiologics in the US, and multiple cross-selling
opportunities.  The transaction is subject to approval of
IsoTis' stockholders, as well as other closing conditions and
approvals.  Upon closing, IsoTis will become a wholly-owned
subsidiary of Integra and Integra will be one of the largest
companies in the world focused on advanced technology in
orthobiologics.

                         About IsoTis

Headquartered in Irvine, California, IsoTis Inc. (NASDAQ: ISOT)
-- http://www.isotis.com/-- is an orthobiologics company that
develops, manufactures and markets proprietary products for the
treatment of musculoskeletal diseases and disorders.  The
company's international sales headquarters are based in
Lausanne, Switzerland.


J.A. LORENZO: Claims Registration Period Ends October 21
--------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC J.A. Lorenzo Montagen on Aug. 20.

Creditors have until Oct. 21 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5400 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC J.A. Lorenzo Montagen
         Waltenschwilerstrasse 12a
         5610 Wohlen AG
         Switzerland


M.T.C. MEDICAL: Creditors' Liquidation Claims Due October 19
------------------------------------------------------------
Creditors of LLC M.T.C. Medical & Technical Consult have until
Oct. 19 to submit their claims to:

         Burkhard Zimmermann
         Liquidator
         Brunnenstrasse 6b
         8604 Volketswil
         Uster ZH
         Switzerland

The Debtor can be reached at:

         LLC M.T.C. Medical & Technical Consult
         Schaffhausen
         Switzerland


MONTELAGO JSC: Nidwalden Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Nidwalden commenced bankruptcy
proceedings against JSC Montelago on Aug. 9.

The Bankruptcy Service of Nidwalden can be reached at:

         Bankruptcy Service of Nidwalden
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC Montelago
         Seestrasse 72a
         6052 Hergiswil NW
         Switzerland


NEW WINNERS: Claims Registration Period Ends October 22
-------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC New Winners on Aug. 7.

Creditors have until Oct. 22 to file their written proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC New Winners
         Hinterbergstrasse 9
         6330 Cham ZG
         Switzerland


SWISSGATE 04: Lucerne Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Entlebuch in Lucerne commenced
bankruptcy proceedings against JSC swissgate 04 on Sept. 3.

The Bankruptcy Service of Entlebuch can be reached at:

         Bankruptcy Service of Entlebuch
         6173 Fluhli
         Entlebuch LU
         Switzerland

The Debtor can be reached at:

         JSC swissgate 04
         Bruggmosli 44
         6170 Schupfheim
         Entlebuch LU
         Switzerland


T. UND H. HITZ: Basel Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Basel-Stadt entered Sept. 3 an order
closing the bankruptcy proceedings of LLC T. und H. Hitz.

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC T. und H. Hitz
         Hammerstrasse 67
         4057 Basel BS
         Switzerland


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


ALMAZ LLC: Proofs of Claim Deadline Set October 16
--------------------------------------------------
Creditors of LLC Almaz (code EDRPOU 30261092) have until Oct. 16
to submit their proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is under
docketed Case No. B 24/356-07.

The Debtor can be reached at:

         LLC Almaz
         Energeticheskaya Str. 9
         49089 Dnipropetrovsk
         Ukraine


AT LLC: Proofs of Claim Deadline Set October 16
-----------------------------------------------
Creditors of LLC AT (code EDRPOU 31444197) have until Oct. 16 to
submit their proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is under docketed Case No.
21/101b.

The Debtor can be reached at:

         LLC AT
         Professionalnaya Str. 14
         Lugansk
         Ukraine


DTEK HOLDINGS: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a B2 long-term Corporate
Family Rating with stable outlook and a B2 Probability of
Default Rating to DTEK Holding Ltd.

The CFR rating reflects DTEK's strong position as the only
privately owned, vertically integrated electric utility in
Ukraine as well as the company's high business risk profile, the
relatively young regulatory environment and significant state
influence over the coal and energy markets.

Moody's has used a 50% family recovery rate in deriving the PDR
given the presence of unsecured and secured financial
obligations in the capital structure.  Rating of any individual
debt instrument has to be assigned separately based on the
correct prioritization of its claim within the corporate family
structure.

DTEK's vertical integration, together with the centralized
geographical positioning of its mining, coal processing, and
electricity generation and distribution assets, enables the
company to control the quality and security of the whole
production chain and successfully manage efficiency and
productivity gains.  The corporate family rating also factors in
DTEK's solid financial performance as a result of strong cash
flow generation and debt coverage metrics, reflecting improving
operating efficiency measures, supported by the trend of growing
prices on both coal and electricity markets.

However, Moody's corporate family rating also recognizes
expected increasing pressure on the company's financial profile
resulting from a sizable investment program.  The relatively
young and untested regulatory environment and significant state
influence over the coal and energy markets, which could be used
to influence prices, also increase the business risks of the
company.

Moody's has not applied the methodology for Global Regulated
Electric Utilities when assessing DTEK's credit profile, as only
11% of DTEK's business is derived from regulated electricity
distribution activities.  Nonetheless, an assessment of business
risk profile, soundness of the market models and regulatory
framework in the Ukraine, financial stability and expected
development of credit metrics represent key drivers in
determining the rating.

The B2 long-term Corporate Family Rating reflects the high
business risk profile of the group.  Overall, DTEK derives a
relatively small proportion of revenues from the electricity
distribution business.  Whilst, given the company's monopoly
position, this is considered relatively low risk compared to
higher risk generation and upstream mining activities, the
rating agency nevertheless recognizes that the regulatory regime
in electricity distribution -- which allows coverage of costs
but no profit -- is very new, untested and relatively strict,
especially with regard to timely recovery of investments.

Moody's acknowledges that the current operating models
established in the coal and electricity generation markets
enable DTEK to achieve solid profitability.  The agency notes,
however, that the respective markets are under full state
control, with the risk of distortions which could have a
negative impact on DTEK's performance.

To date, an increasing volume of generated electricity and
rising electricity prices, combined with significant efficiency
measures, have supported DTEK's strong performance in both
revenue and profitability and resulted in growing cash
generation and strengthening debt coverage metrics -- despite a
recent growth in debt.  However, the corporate family rating
also factors the execution risks associated with DTEK's
significant investment and modernization program; as a result of
this, debt levels are expected to increase significantly,
resulting in reduced debt protection measures.

The corporate family rating also reflects the absence of an
explicit ring-fenced structure that could limit the dividend
payout to the owners.  Even though the company's management has
expressed a restricted dividend payout policy to date this could
easily be increased given that decisions are concentrated in the
hands of a single private ultimate owner.

The company's liquidity situation is supported by strong gross
cash flow generation and adequate headroom under committed
credit facilities.  Nonetheless, Moody's points out that the
sustainability of adequate liquidity is dependent on the
company's success in renegotiating the relatively large portion
of revolving short-term facilities that mature within the next
12 months.  Hence Moody's would regard liquidity as weak today.

Headquartered in Donetsk, Ukraine, DTEK is the only privately
owned, vertically integrated electricity utility in Ukraine.
With 15.3 million tons of mined coal, 17.9 TWh of generated
electricity, 7.8 TWh of distributed electricity and total sales
of US$1 billion in 2006, DTEK ranks among the major players in
the Ukrainian energy market.


INDUSTRIAL RESERVE: Creditors Must File Claims by October 16
------------------------------------------------------------
Creditors of LLC Industrial Reserve (code EDRPOU 31832325) have
until Oct. 16 to submit their 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
under docketed Case No. 42/34B.

The Debtor can be reached at:

         LLC Industrial Reserve
         Leninsky Avenue 43
         83045 Donetsk
         Ukraine


INDUSTRIAL TECHNICAL: Creditors Must File Claims by October 16
--------------------------------------------------------------
Creditors of LLC Industrial Technical Business (code EDRPOU
30815754) have until Oct. 16 to submit their proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is under docketed Case No. B 29/372-06.

The Debtor can be reached at:

         LLC Industrial Technical Business
         Dnieprovskaya Str. 172
         Pavlograd
         51400 Dnipropetrovsk
         Ukraine


INVEST TIME: Creditors Must File Claims by October 16
-----------------------------------------------------
Creditors of LLC Invest Time (code EDRPOU 34475804) have until
Oct. 16 to submit their proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
under docketed Case No. 15/688-b.

The Debtor can be reached at:

         LLC Invest Time
         Krakovskaya Str. 11-A
         Kiev
         Ukraine


PRIVOVCHNSKAYA: Creditors Must File Claims by October 16
--------------------------------------------------------
Creditors of Agricultural Firm Privovchnskaya (code EDRPOU
30355557) have until Oct. 16 to submit their proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is under docketed Case No. B 26/4-07.

The Debtor can be reached at:

         Agricultural Firm Privovchnskaya
         Pavlograd District
         51490 Dnipropetrovsk
         Ukraine


PROMAGRO-SYSTEM T: Creditors Must File Claims by October 16
-----------------------------------------------------------
Creditors of LLC Promagro-System T (code EDRPOU 32905734) have
until Oct. 16 to submit their proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is under docketed Case No. B 15/217-07.

The Debtor can be reached at:

         LLC Promagro-System T
         Donetsk Highway 106
         49000 Dnipropetrovsk
         Ukraine


SP LLC: Creditors Must File Claims by October 16
------------------------------------------------
Creditors of LLC SP (code EDRPOU 33942798) have until Oct. 16 to
submit their proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
under docketed Case No. 15/697-b.

The Debtor can be reached at:

         LLC SP
         Konstantinovskaya Str. 56
         Kiev
         Ukraine


TIBIYA LLC: Creditors Must File Claims by October 16
----------------------------------------------------
Creditors of LLC Tibiya (code EDRPOU 33054833) have until
Oct. 16 to submit their proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
under docketed Case No. 15/689-b.

The Debtor can be reached at:

         LLC Tibiya
         Grishko Str. 3-A
         Kiev
         Ukraine


ZAREVO LLC: Creditors Must File Claims by October 16
----------------------------------------------------
Creditors of LLC Zarevo (code EDRPOU 30901717) have until
Oct. 16 to submit their proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
under docketed Case No. 21/310-06-9971.

The Debtor can be reached at:

         LLC Zarevo
         Bobrik Pervy
         Liubashevsky District
         66531 Odessa
         Ukraine


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


ARROWPLUS LTD: Brings In Liquidators from KPMG
----------------------------------------------
Richard J. Philpott and Finbar O'Connell of KPMG LLP were
appointed joint liquidators of Arrowplus Ltd. on Oct. 5 for the
creditors' voluntary winding-up proceeding.

Mr. Philpott can be reached at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England

Mr. O'Connell can be reached at:

         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB
         England


BAUSCH & LOMB: Expects US$630MM Net Sales in Qtr. Ended Sept. 29
----------------------------------------------------------------
Bausch & Lomb Inc. reported preliminary financial results for
the third quarter ended Sept. 29, 2007.  The company disclosed
projected net sales of between US$625 million and US$630 million
for the three months ended Sept. 29, 2007, compared to net sales
of US$577.3 million in the same period in the prior year.  That
would represent an increase of between 8% and 9% on a reported
basis, or approximately 5% growth in constant currency.

For the quarter ended Sept. 29, 2007, the company disclosed
estimated operating income of between US$63 million and
US$65 million, EBITDA of between US$95 million and US$97
million, and Adjusted EBITDA of between US$119 million and
US$121 million.  In the prior-year period we reported operating
income of US$30.1 million; EBITDA of US$61.8 million and
Adjusted EBITDA of US$84.9 million.

     Settlement of Material Intellectual Property Litigation

Effective Oct. 8, 2007, the company has settled the patent
infringement action against it entitled Rembrandt Vision
Technology, L.P. vs. Bausch & Lomb Incorporated, bearing case
number 2:05 CV 491, and pending in the Federal District Court
for the Eastern District of Texas (Marshall Division).

Under the settlement, the lawsuit against the company will be
dismissed with prejudice and Rembrandt agrees not to sue the
company under Rembrandt's oxygen permeability and tear-
wettability technology that it claims to be protected by a U.S.
Patent No. 5,712,327 entitled "Soft Gas Permeable Lens Having
Improved Clinical Performance."

The financial terms of the settlement, which are not material to
the company, have not been disclosed.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Moody's Investors Service assigned a B2 Corporate Family Rating
to WP Prism LLC.  It is Moody's understanding that at the close
of the transaction, WP Prism LLC will merge into Bausch & Lomb
Incorporated, which will be the surviving entity.

As reported in the Troubled Company Reporter on Oct. 8, 2007,
Standard & Poor's Ratings Services lowered it corporate credit
rating on Bausch & Lomb Inc. to 'B+' from 'BB+' and removed all
the ratings from CreditWatch where they were placed on May 17,
2007, with negative implications.  The outlook is stable.


COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008
----------------------------------------------------------------
The High Court of Justice of England has ordered the creditors
of Compagnie Europeenne d'Assurances Industrilles S.A. to
register their claims with Paul Corver by 11:59 p.m. London Time
on Feb. 25, 2008.

The High Court has also sanctioned the solvent scheme of
arrangement between the company and its creditors and delivered
an office copy of the order to the Registrar of Companies for
registration on Sept. 27, at which date the order became
effective.

Contact:

          Paul Corver
          KMS Insurance Services Limited
          2nd Floor
          America House
          2 America Square
          London
          EC3N 2LU
          Fax: +44-0870-600-7581
          E-mail: ceaihelpdesk@kmsim.com
          Web site: http://www.ceai.co.uk/

Headquartered in Brussels, Belgium and Surrey, England,
Compagnie Europeenne d'Assurances Industrielles S.A. was an
insurance company underwriting a wide array of insurance and
reinsurance business, including marine, transport and aviation,
industrial risks, fire and allied perils, liability, casualty,
private lines and commercial insurance between 1974 and 1994.


GENERAL MOTORS: New Labor Contract Protects UAW Jobs
----------------------------------------------------
It took a two-day strike, extraordinary solidarity and more than
two months of tough bargaining for 73,000 United Auto Workers
union members at General Motors Corp. to bring home a new
contract with unprecedented product and investment commitments.

With the protection of U.S. manufacturing jobs at the top of the
union's bargaining agenda, UAW negotiators insisted on -- and
won -- solid pledges from GM to build specific products in
specific plants.

GM also agreed to a moratorium on outsourcing, a pledge to
insource more than 3,000 UAW jobs and a commitment to hire 3,000
temporary workers as permanent GM employees.

"For too many years, America has stood idly by while industries
moved overseas," UAW President Ron Gettelfinger said.  "U.S.
autoworkers made a decision.  We were fighting for U.S. auto
jobs.  We made progress at GM, and we're going to continue to
advocate for a strong U.S. manufacturing sector."

The tentative agreement, reached at 3:05 a.m. Sept. 26, 2007,
delivers solid economic gains for active and retired members,
despite repeated attempts by GM to impose harsh takeaways.

The new contract covers more than 73,000 active workers at GM
and more than 269,000 GM retirees and 69,000 surviving spouses.
It will expire on Sept. 14, 2011.

The agreement delivers substantial economic gains to active
workers, including a US$3,000 signing bonus, two 3% lump sums
and a 4% lump sum.  Projected economic gains for a typical UAW
GM assembler during the life of the agreement will total
US$13,056, including bonuses, lump sums, and projected gains
from cost-of-living allowances.

The contract also brings unprecedented job security with company
commitments to invest in new products for its existing U.S.
facilities, as well as a moratorium on plant closings and
outsourcing of work over the life of the agreement.  The UAW
also was able to secure a commitment to hire 3,000 temporary
workers into full-time, traditional employment.

The contract maintains comprehensive health care, with dental,
hearing and other benefits, and prescription drug coverage for
active workers.  In addition, GM will contribute more than
US$35 billion to secure long-term health care for UAW GM
retirees.  This includes a US$24.1 billion contribution to a new
Voluntary Employee Beneficiary Association, which will establish
an independent trust fund to pay retiree health benefits; up to
US$1.6 billion in additional contributions if needed to maintain
the solvency of the trust fund; a US$4.37 billion convertible
note issued by GM, and an estimated US$5.4 billion in direct
payments for retiree health care through Jan. 1, 2010, before
the new VEBA is operational.  Active workers will contribute to
the cost of retiree health care through COLA diversions, and
because resources that would have been used for a general wage
increase for active workers will instead be contributed to the
VEBA.  A portion of COLA payments will also be diverted to
defray the cost of health care for active workers.

Retired workers will have their health benefits secured by a
Voluntary Employee Beneficiary Association, prefunded by GM with
US$29.9 billion in cash and other assets.  The fund can only be
used to pay retiree health benefits, and will remain solvent for
decades regardless of the financial condition of GM.

For the first time, the UAW GM agreement will provide both an
increase in basic pension benefits for retirees and a lump-sum
payment in the first year of the agreement.  Basic pension
benefits are increased in each year of the agreement and "30-
and-out" benefits are enhanced for workers who retire under the
new agreement.  Current retirees will receive a US$700 lump-sum
payment in December, and a lump-sum payment based on years of
credited service for each of the other three years of the
agreement.  Surviving spouses will receive 65 percent of these
amounts.  The new contract provides that entry-level workers at
GM in non-core job classifications such as material movement,
general stores management and kitting and sequencing will be
paid under a new, lower wage and benefit structure.  These
provisions are intended to keep work in GM plants and to
encourage the possibility of future employment growth.

In recognition of the ongoing health care crisis in the United
States, the agreement also establishes the National Institute
for Health Care Reform, a joint labor-management effort to
improve the affordability, accessibility and accountability of
the U.S. health care system.  The Institute, with US$15 million
in initial funding from five annual US$3 million payments by GM,
will serve as a research and educational center dedicated to
improving the medical delivery system, including efforts to
expand access to quality health care for all Americans.

The proposed contract will also deliver benefits to current and
future retirees, with four lump-sum payments for current
retirees, and a raise in basic benefit rates, the 30-and-out
supplement, temporary and interim benefits for future retirees.

The company came into these talks looking to shred our contract
to pieces," UAW Vice President Cal Rapson, who directs the UAW
GM Department, said.  "But you can't tear apart a group that
stands together the way UAW members do."

The new agreement also requires contributions from active UAW
members to benefit retirees, and an adjustment in wage schedules
to encourage new hiring at GM.  Resources that would have gone
to a general wage increase for active workers will instead be
used to contribute to the VEBA to fund retiree health care
benefits, and GM will have the right to hire entry-level workers
at a lower wage rate for certain "non-core" operations.

"We're dealing with the realities of a highly competitive
industry that does not operate on a level playing field," Mr.
Rapson said.  "We've negotiated a realistic agreement that
protects existing manufacturing jobs, and also creates the
possibility for future growth."

                Member Ratification of the New CBA

As reported in yesterday's Troubled Company Reporter UAW members
voted to ratify a new collective bargaining agreement with GM.
The vote was 66% in favor of the four-year pact among production
workers, and 64% in favor among skilled trades workers.

As previously reported, the union reached a tentative agreement
with GM following a two-day strike against the company.  UAW
President Ron Gettelfinger praised the membership and local
union leadership for their solid support.

"We entered these negotiations with a clear mandate from our
membership," Mr. Gettelfinger said.  "With their help and
solidarity, we were able to achieve our goals.  We protected
jobs, wages and benefits for both active and retired General
Motors workers -- and we helped protect middle-class
manufacturing jobs in communities throughout the United States."

UAW Vice President Cal Rapson, who heads the union's UAW GM
Department, commended the work of the National Negotiating
Committee, led by Bill King of UAW Local 659.

"Our bargaining committee was truly top-notch," Mr. Rapson said.
"They knew the objectives; they resisted the company's repeated
attempts to take, take, take. They really proved their mettle
during these difficult negotiations."

                      About General Motors

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

                         *     *     *

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

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

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


JOY STEEL: Calls In Liquidators from Smith & Williamson
-------------------------------------------------------
Anthony Murphy and Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of Joy Steel
Structures (London) Ltd. on Oct. 4 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


LAMBERT HOWARTH: In Administration After Losing Biggest Client
--------------------------------------------------------------
Lambert Howarth Group plc has gone into administration and laid
off almost half its staff after Marks & Spencer, its main
customer, decided not to place any more orders, the Daily
Telegraph reports.

The shoemaker, which was reliant upon its contracts with M&S as
the retailer's largest shoe supplier, has appointed BDO Stoy
Hayward to run the business, the Telegraph states.

Although M&S is expected to honor its existing contracts, valid
until summer 2008, the Telegraph relates that M&S felt Lambert
Howarth had failed to keep up with the market in terms of design
innovation and standards.  M&S chief executive Stuart Rose has
pushed for classic fashion with a modern "twist".

BDO partners David Gilbert, Mark Shaw and Dermot Power are
leading the administration process and have already laid off 74
of the 150 staff, the Telegraph reveals.  They are reviewing
operations at the London headquarters and base in Burnley,
Lancashire.

The company has struggled over the past few years, reporting a
GBP13 million loss in the first half of 2006 as sales fell from
GBP46.2 million to GBP26.6 million, the report says.

London-based Lambert Howarth -- http://www.lamberthowarth.com/
-- is a design, resourcing and distribution business supplying
footwear, accessories and homeware products of own label and
branded lines to retail customers.


LANDCOM SOLUTIONS: Appoints Kirankumar Mistry as Liquidator
-----------------------------------------------------------
Kirankumar Mistry of Wenham Major Ltd. was appointed liquidator
of Landcom Solutions Ltd. (formerly Landstone Homes Ltd.,
Tolkein Homes Ltd. and Landstone Homes Ltd.) on Oct. 4 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Wenham Major Ltd.
         The Old Mill
         9 Soar Lane
         Leicester
         LE3 5DE
         England


NEVISPORT: Receivers Sell Remaining Stores to Jacobs & Turner
-------------------------------------------------------------
Blair Nimmo and Tony Friar of KPMG Restructuring have completed
the sale of Nevisport Ltd. to a subsidiary of Glasgow-based
company Jacobs and Turner Ltd., saving 80 jobs, BBC News
reports.

According to the report, the six remaining stores of Nevisport
in Aberdeen, Edinburgh, Fort William, Aviemore, York and
Middlesbrough will continue to operate.  The company closed its
branches in Newcastle, Leeds, Inverness, Glasgow and Altrincham
last week.

On Oct. 5, 2007, Nevisport called in receivers after suffering
from poor sales due to increased competition and unseasonable
weather, the Scotsman relates.

"I am delighted that we have managed to sell the business as a
going concern," joint receiver Blair Nimmo was quoted by BBC as
saying.  "Not only has this saved 80 jobs, but the sale also
ensures that existing customers will continue to be serviced and
that suppliers will have ongoing business."

Headquartered in Fort William, Scotland, Nevisport Ltd.  --
http://www.nevisport.com/-- is an outdoor and snow sports
specialty retailer.  The company was founded by Ian Sykes MBE
and Ian Sutherland in 1970.


R S COURIER: Taps Liquidators from Tenon Recovery
-------------------------------------------------
Matthew Colin Bowker and David Anthony Willis of Tenon Recovery
were appointed joint liquidators of R S Courier Services Ltd. on
Oct. 1 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         West Yorkshire
         WF1 1LX
         England


SHAW GROUP: Earns US$54.6 Million in Three Months Ended May 31
--------------------------------------------------------------
The Shaw Group Inc. reported net income for the three months
ended May 31, 2007, of US$54.6 million.  The reported results
include US$5.7 million of net income, related to Shaw's
investment in the Westinghouse segment.  Excluding the
Westinghouse segment, net income was US$48.9 million.

Earnings before interest expense, income taxes, depreciation and
amortization For the third quarter of 2007 with the Westinghouse
segment was US$92.2 million, and US$74.2 million excluding the
Westinghouse segment.  In comparison for the three months ended
May 31, 2006, which was prior to the Westinghouse investment,
Shaw reported a net loss before interest expense, taxes,
depreciation and amortization of US$15.7 million and a net loss
of US$16.7 million.

Third quarter operating cash flow totaled US$131 million,
bringing the nine months' operating cash flow to US$285 million.
Revenues for third quarter 2007 were US$1.6 billion, compared to
US$1.2 billion in the corresponding 2006 period.

Shaw's backlog of unfilled orders at May 31, 2007, was a record
US$13.3 billion, up from approximately US$8 billion at May 31,
2006.  Approximately US$5.6 billion, or 42%, of the backlog is
expected to be converted to revenues during the next 12 months.
Shaw also expects its backlog to grow to approximately
US$14.3 billion at Aug. 31, 2007.

"Our business segments experienced strong revenue and profit
growth compared to 2006, with the exception of the Environmental
& Infrastructure Group, which executed significant amounts of
disaster relief and emergency response services in 2006," J.M.
Bernhard Jr., Shaw's chairman, president and chief executive
officer, said.  "Our solid results were fueled by continued
strength in the global markets for power generation capacity and
petrochemicals processing.

"Our record backlog positions us well for fiscal 2008 and we
believe the global markets we serve will remain strong
throughout the year," Mr. Bernhard said.  "Our operating
segments are well positioned to benefit from this continued
global economic expansion and we continue to believe there will
be significant long-term growth in the developing nuclear power
markets.

"Brian K. Ferraioli assumed the responsibility of chief
financial officer today, and together with our entire financial
reporting team, will continue improving our financial reporting
processes."

At May 31, 2007, the company's balance sheet showed total assets
of US$3.6 billion, total liabilities of US$2.3 billion,
stockholders' equity of US$1.2 billion.

                        About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom, Venezuela, among others.

                           *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


* BOND PRICING: For the Week Oct. 1 to Oct. 5, 2007
-------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      60.94
                          0.250    10/14/26     CDN      38.52
Republic of Austria       4.000    06/22/22     EUR      72.00
                          0.396    08/04/25     EUR      65.88
                          5.243    10/10/25     EUR      62.83

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.41
                          0.500    04/26/13     AUD      69.74
                          1.000    11/21/16     NZD      55.33
                          1.000    10/30/17     AUD      56.58
                          0.500    09/24/20     CDN      55.82
                          0.250    06/28/40     CDN      19.99

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      68.06
Alcatel S.A.              4.750    01/01/11     EUR      16.15
Altran Technologies S.A.  3.750    01/01/09     EUR      12.48
BNP Paribas               0.250    12/20/14     US$      69.53
CAP Gemini S.A.           2.500    01/01/10     EUR      56.70
                          1.000    01/01/12     EUR      53.58
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.94
                          4.375    11/01/10     EUR      53.94
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      73.43
Havas S.A.                4.000    01/01/09     EUR      10.81
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      22.16
Maurel & Prom             3.500    01/01/10     EUR      22.10
Publicis Group            0.750    07/17/08     EUR      31.30
                          1.000    01/18/18     EUR      43.03
Rallye                    3.750    01/01/08     EUR      51.98
Rhodia S.A.               0.500    01/01/14     EUR      46.18
Scor S.A.                 4.125    01/01/10     EUR       2.32
Soc Air France            2.750    04/01/20     EUR      31.23
Soitec                    4.625    12/20/09     EUR      13.74
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.67
Valeo                     2.375    01/01/11     EUR      50.85
Vivendi Universal S.A.    1.750    10/30/08     EUR      31.69
Wavecom S.A.              1.750    01/01/14     EUR      28.13
Wendel Invest S.A.        2.000    06/19/09     EUR      51.54

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.32
                          0.500    12/19/17     EUR      66.08
                          5.000    05/23/20     EUR      74.33
                          1.250    07/29/20     EUR      72.50
                          6.000    07/21/25     EUR      70.44
                          5.000    09/01/25     EUR      72.50
                          8.000    08/10/30     EUR      63.85
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      41.60
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      54.47
Treofan AG               11.000    08/01/13     EUR      66.04

GREECE
------
Hellenic Republic         6.000    07/06/25     EUR      66.29
                          6.000    07/06/25     EUR      65.40
                          6.000    07/06/25     EUR      71.89

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      68.94

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      45.35
                          0.250    07/08/33     CDN      27.22
Irish Perm Plc            6.125    02/15/35     EUR      65.81
Magnolia Finance IV Plc   1.050    12/20/45     US$      27.09

ITALY
-----
Dexia Crediop S.p.A.      0.000    03/15/16     EUR      72.17

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      34.19

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      68.01
BK Ned Gemeenten          0.500    06/27/18     CDN      62.33
                          0.500    02/24/25     CDN      45.33
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.15
Energy Group O/S          7.425    10/15/17     US$      32.50
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      68.01
                          8.250    03/16/35     EUR      60.25
                          7.000    05/17/35     EUR      63.05
                          7.250    10/05/35     EUR      57.59
                          6.000    11/02/35     EUR      61.50
Ned Waterschapbk          6.000    06/01/35     EUR      71.11
                          6.500    08/15/35     EUR      63.08
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.25
                          6.000    02/22/35     EUR      65.89
                          2.000    02/23/35     EUR      62.74
                          7.000    02/28/35     EUR      69.94
                          7.000    03/23/35     EUR      64.05
                          6.000    05/09/35     EUR      73.06

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.22

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.09

SWITZERLAND
-----------
UBS AG                    1.000     01/25/12    NZD      74.25
                          1.000     02/27/12    NZD      74.70
                          1.000     03/28/12    NZD      73.83
                          1.000     06/28/12    NZD      73.43
                          1.000     07/30/12    NZD      72.28

TURKEY
------
Republic of Turkey       14.000     01/19/11    TRY      99.29

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      54.38
Bank of Scotland          6.000     02/07/35    EUR      67.00
National Grid Gas Plc     1.754     10/17/36    GBP      44.65
                          1.771     03/30/37    GBP      44.61
Northern Rock Plc         5.625     01/13/15    GBP      77.15
Royal BK Scotland Plc     0.250     03/27/14    US$      72.30
                          9.500     04/04/25    US$      68.53
                          7.000     06/09/25    EUR      61.68
                          7.000     06/29/30    EUR      52.21
                          6.500     02/23/45    EUR      62.40
Wessex Water Finance Plc  1.369     07/31/57    GBP      29.51

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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