TCREUR_Public/071017.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, October 17, 2007, Vol. 8, No. 206

                            Headlines


A U S T R I A

ANNO HOF: Claims Registration Period Ends Nov. 2
DRIKIC KEG: Claims Registration Period Ends Nov. 2
MAXI MARKETING: Claims Registration Period Ends Nov. 5
MAXIMILIAN - KINDERWELT: Claims Registration Period Ends Nov. 6
PRO PERSONALAGENTUR: Claims Registration Period Ends Nov. 1

STORM LLC: Estate Administrator Declares Insufficient Assets
SYCOM LLC: Claims Registration Period Ends Nov. 6


B E L G I U M

CARMEUSE GROUP: Inks Pact to Buy Oglebay Norton for US$520 Mln
CARMEUSE HOLDING: Moody's May Cut Ba2 Rating After Review
CARMEUSE HOLDING: Debt-Funded Purchase Cues S&P's Watch on BB+
LEVI STRAUSS: Fitch Rates US$750 Mil. Credit Facility at BB+


D E N M A R K

NORTEL NETWORKS: Agrees to Pay US$35MM Penalty in SEC Settlement


F I N L A N D

ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel


F R A N C E

DELPHI CORP: To Sell Interiors & Closures Business for US$106MM
EUROPCAR GROUPE: Moody's Cuts Corporate Family Rating to B1
ITRON INC: Provides Details on 2.50% Convertible Senior Notes
REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand


G E R M A N Y

AHEAD ENTERTAINMENT: Claims Registration Period Ends Nov. 20
AUTO KORNTHEUER: Creditors Must File Claims by November 16
AZ-ZEITUNGSVERTRIEB: Claims Registration Ends Nov. 15
BAUUNTERNEHMUNG WOLFF: Claims Registration Ends November 12
BAZ ARMIERUNGSARBEITEN: Claims Registration Ends November 12

BETE & THIEDE: Claims Registration Period Ends Oct. 30
CAR-MEY AUTOMOBIL-SERVICE: Claims Registration Ends November 23
CHRYSLER LLC: Will Fund Employees' Health Trust With US$8.8 Bln
ECKERT ELEKTRONIK: Claims Registration Period Ends Nov. 20
ESSER & CO: Creditors' Meeting Slated for Nov. 8

FA FIRST MEDICAL: Claims Registration Ends November 5
FLACHDACHBAU KIRCHHEIM: Claims Registration Period Ends Nov. 2
GISI-MOEBEL GMBH: Creditors Must File Claims by November 6
HOLM AUSSENHANDELS: Claims Registration Period Ends Nov. 19
HSK GMBH: Claims Registration Period Ends Oct. 31

KOELNER CLUB: Claims Registration Ends Nov. 13
MEGEMA GMBH: Creditors Must File Claims by November 16
MSS BAUSTOFFHANDEL: Claims Registration Period Ends Oct. 31
PRINT MEDIEN: Claims Registration Ends Nov. 15
W. HARR GMBH: Claims Registration Period Ends Nov. 16


I R E L A N D

SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit
SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable
SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says


I T A L Y

FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz


K A Z A K H S T A N

AIBOL-SYSTEM LLP: Proof of Claim Deadline Slated for November 21
ASTANA-JAGUAR LTD: Creditors Must File Claims November 21
BALMED LLP: Claims Filing Period Ends November 16
EML & K LLP: Creditors' Claims Due on November 16
LEGION LLP: Claims Registration Ends November 21

NUR-ALEM-S LLP: Proof of Claim Deadline Slated for November 21
TRI O: Creditors Must File Claims November 16
VALEV LLP: Claims Filing Period Ends November 16


K Y R G Y Z S T A N

TURMUN TRADE: Proof of Claim Deadline Slated for November 21


N E T H E R L A N D S

BAUSCH & LOMB: Inks Pact to Sell US$650 Million of 9.875% Notes
YUKOS FINANCE: Dutch Court to Auction Transpetrol Stake
ZINIFEX LTD: To Offer 69.5 Million Shares in Nyrstar IPO


P O L A N D

TOORA POLAND: Sovereign Capital Eyes Restructuring Plan


P O R T U G A L

HIPOTOTTA No 6: Moody's Junks EUR11.44 Million Class F Notes


R U S S I A

ATIS CJSC: Court Starts Competitive Bankruptcy Proceedings
FAL'KON OJSC: Court Starts Competitive Bankruptcy Proceedings
FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz
GOLD-BUSINESS CJSC: Creditors Must File Claims by Nov. 5
KARPILOVSKIJ KOLKHOZ: Creditors Must File Claims by Nov. 5

KORMOVISCHENSKIJ CJSC: Court Hearing Slated for Feb. 22, 2008
LYUBAVA-2 OJSC: Stock Sale Slated for November 13
PROMTEKS CJSC: Creditors Must File Claims by Nov. 5
PUDOZHSKIJ LLC: Court Names Kokotov A.R. as Liquitador
RBC INFORMATION: Increasing Capital Needs Cue S&P's B+ Ratings

RO ROSTOVOBLGASIFICATION: Creditors Must File Claims by Nov. 6
SECTORAL ENGINEERING: Creditors Must File Claims by Nov. 5
SPETSPOZHSTROY CJSC: Creditors Must File Claims by Nov. 6
TRANSPORTATION INVESTMENTS: Moody's Puts Ba3 Corp. Family Rating
YUKOS OIL: Dutch Court to Auction Transpetrol Stake

ZNAK-OIL LLC: Creditors Must File Claims by Nov. 6


S P A I N

UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007


S W I T Z E R L A N D

BERGBAHNEN LUNGERN: Obwalden Court Closes Bankruptcy Proceedings
COLUMBUS REISECLUB: Creditors' Liquidation Claims Due October 29
DR. H. SCHLEUSSNER: Creditors' Liquidation Claims Due Dec. 17
FIMS LLC: Aargau Court Starts Bankruptcy Proceedings
HOTEL ENGEL: Obwalden Court Closes Bankruptcy Proceedings

MCM MOUNTAIN: Creditors' Liquidation Claims Due October 25
MMB METALLBAU: Aargau Court Starts Bankruptcy Proceedings
PORTANCE JSC: Creditors' Liquidation Claims Due October 25
RUBIN SPORT: Creditors' Liquidation Claims Due October 25


U K R A I N E

ALM COMPANY: Creditors Must File Claims by October 18
IN SERVICE: Creditors Must File Claims by October 18
JOBBING TRADE: Creditors Must File Claims by October 18
LEX LTD: Creditors Must File Claims by October 18
MONOLIT CJSC: Creditors Must File Claims by October 18

NAFTOGAZ NJSC: Fitch Watches B+ Rating on Absent 2006 Financials
NEW DEAL: Creditors Must File Claims by October 18
POLITECHCENTER LLC: Creditors Must File Claims by October 18
SYSTEMTECHNICS-2000: Creditors Must File Claims by October 18
TONUS PLUS: Creditors Must File Claims by October 18

VERKON LLC: Creditors Must File Claims by October 18


U N I T E D   K I N G D O M

ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan
AQUILO MANAGEMENT: Brings In Liquidators from KPMG
ARDENT BUILDING: J. M. Titley Leads Liquidation Procedure
COSTAIN GROUP: Arden Reaches Financial Close on Derby Project
EXITECH LTD: Calls In Liquidators from PricewaterhouseCoopers

FORD MOTOR: European Unit Sees 3.1% Sales Growth in September
NORTHERN ROCK: Confirms Negotiations With Potential Bidders
RANK GROUP: Profit Warning Cues Moody's to Cut Rating to B1
REFCO INC: Trusts Seek Return of US$400 Mln from Former Insiders
REMY WORLDWIDE: Court Sets Plan Confirmation Hearing for Nov. 20

REMY WORLDWIDE: Wants Court to Approve CVC Settlement Agreement

                            *********

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


ANNO HOF: Claims Registration Period Ends Nov. 2
------------------------------------------------
Creditors owed money by LLC Anno Hof Hotel (FN 203647g) have
until Nov. 2 to file written proofs of claim to court-appointed
estate administrator Georg Kahlig at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 11 (Bankr. Case No. 5 S 110/07x).  Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.


DRIKIC KEG: Claims Registration Period Ends Nov. 2
--------------------------------------------------
Creditors owed money by KEG Drikic (FN 199005f) have until
Nov. 2 to file written proofs of claim to court-appointed estate
administrator Ulla Reisch at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 10 (Bankr. Case No. 5 S 108/07b).


MAXI MARKETING: Claims Registration Period Ends Nov. 5
------------------------------------------------------
Creditors owed money by LLC maxi marketing (FN 157127w) have
until Nov. 5 to file written proofs of claim to court-appointed
estate administrator Christiane Pirker at:

         Dr. Christiane Pirker
         Hasenhutgasse 9
         Haus 3
         1120 Vienna
         Austria
         Tel: 817 57 57
         Fax: 817 57 57- 17

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 11 (Bankr. Case No. 3 S 114/07w).


MAXIMILIAN - KINDERWELT: Claims Registration Period Ends Nov. 6
---------------------------------------------------------------
Creditors owed money by LLC MAXIMILIAN - Kinderwelt Giesshuebl
(FN 284278g) have until Nov. 6 to file written proofs of claim
to court-appointed estate administrator Robert Igali-Igalffy at:

         Mag. Robert Igali-Igalffy
         Stojanstrasse 43
         2344 Maria Enzersdorf am Gebirge
         Germany
         Tel: 02236/25138-20
         Fax: 02236/25138-15
         E-mail: igali-igalffy@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Giesshuebl bei Wien, Austria, the Debtor
declared bankruptcy on Sept. 10 (Bankr. Case No. 11 S 90/07g).


PRO PERSONALAGENTUR: Claims Registration Period Ends Nov. 1
-----------------------------------------------------------
Creditors owed money by LLC PRO Personalagentur (FN 281929b)
have until Nov. 1 to file written proofs of claim to court-
appointed estate administrator Guenther Hoedl at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 15 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. 10 (Bankr. Case No. 6 S 115/07i).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


STORM LLC: Estate Administrator Declares Insufficient Assets
------------------------------------------------------------
Dr. Brigitte Stampfer, the court-appointed estate administrator
for LLC Storm (FN 246667x), declared Sept. 11 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 17 (Bankr. Case No. 5 S 101/07y).

The estate administrator can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at


SYCOM LLC: Claims Registration Period Ends Nov. 6
-------------------------------------------------
Creditors owed money by LLC Sycom (FN 99579s) have until Nov. 6
to file written proofs of claim to court-appointed estate
administrator Norbert Abel at:

         Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Nov. 20 for the examination of
claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Moedling, Austria, the Debtor declared
bankruptcy on Sept. 12 (Bankr. Case No. 6 S 116/07m).


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


CARMEUSE GROUP: Inks Pact to Buy Oglebay Norton for US$520 Mln
--------------------------------------------------------------
Carmeuse North America, a wholly owned subsidiary of Carmeuse
Group, and Oglebay Norton Company have entered into a definitive
agreement under which Carmeuse will acquire all of the
outstanding shares of Oglebay Norton for US$36.00 per share, or
US$520 million, in cash.

The transaction, which is expected to close by the end of the
year, is subject to, among other things, the expiration or
termination of the Hart-Scott-Rodino Act waiting period and
approval by Oglebay Norton shareholders.  The Special Committee
of Oglebay Norton's Board of Directors has approved the merger
agreement and unanimously recommends that all Oglebay Norton
shareholders vote in favor of the transaction.  The merger
agreement contains a customary provision allowing the Oglebay
Norton Board of Directors or the Special Committee to terminate
the merger agreement in the event it receives another offer to
purchase Oglebay Norton on terms more favorable to its
shareholders than those contained in the merger agreement.

"Oglebay Norton is a strong company with world-class assets and
outstanding employees who we are proud to welcome to the
Carmeuse family," said Thomas Buck, President and Chief
Executive Officer of Carmeuse North America.  "By combining the
resources of our well-established companies, we will be better
equipped to serve the needs of today's increasingly competitive
and dynamic marketplace.  This acquisition provides a high level
of market diversity for Carmeuse.  In particular, Oglebay
Norton's considerable limestone business provides us with added
resources to serve the rapidly growing Flue Gas Desulfurization
(FGD) market, in which Carmeuse has a high level of technical
expertise. We look forward to a quick completion of this
transaction and to the seamless integration of our operations."

"This transaction with Carmeuse provides meaningful and
immediate cash value to all of our shareholders," said Michael
Lundin, President and Chief Executive Officer of Oglebay Norton.
"It is the culmination of the comprehensive strategic
alternatives review process that was conducted by the Special
Committee of our Board, together with the Company's financial
and legal advisors, and validates our disciplined and deliberate
approach to this process."

"We are proud of the significant progress we have made at
restructuring Oglebay Norton, enhancing the Company's financial
flexibility and capitalizing on our strong competitive position
in minerals and aggregates," added Mr. Lundin.  "Carmeuse, a
global leader in lime with a proven track record of success in
acquiring and building companies, is the right partner for
Oglebay Norton at the right time. We look forward to working
closely with the Carmeuse team to deliver to our customers the
many benefits inherent in this strategic combination.  The
ongoing efforts of our talented employees are key to Oglebay
Norton's success.  I thank them for their continued hard work
and dedication."

JPMorgan is serving as lead financial advisor and provided a
fairness opinion to Oglebay Norton and Imperial Capital, LLC is
serving as co-financial advisor. Jones Day is serving as legal
counsel to Oglebay Norton and Porter Wright Morris & Arthur is
serving as legal counsel to the Special Committee.

KeyBanc Capital Markets is serving as financial advisor to
Carmeuse, and Reed Smith LLP is serving as legal counsel.

                       About Oglebay Norton

Headquartered in Cleveland, Ohio, Oglebay Norton Company --
http://www.oglebaynorton.com/-- provides essential minerals and
aggregates to a broad range of markets, from building materials
and environmental remediation to energy and industrial
applications.

The Company and its debtor-affiliates filed for chapter 11
protection on Feb. 23, 2004 (Bankr. D. Del. Case Nos.04-
10559 through 04-10560). Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, represented the Debtors in their
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed US$650,307,959 in total assets and
US$561,274,523 in total debts.  The company emerged from
bankruptcy protection on Jan. 31, 2005, pursuant to a plan of
reorganization approved by the U.S. Bankruptcy Court for the
District of Delaware on Nov. 17, 2004.

                  About Carmeuse North America

Based in Pittsburgh, Pennsylvania, Carmeuse North America --
http://www.carmeusena.com/-- is the largest producer of lime
and limestone products in North America, manufacturing and
distributing over 6 million tons per year of lime products, and
a further 4 million tons of chemical grade limestone and
aggregates. Its 14 manufacturing facilities supply and serve 27
states and provinces in the eastern USA and Canada, and employ
over 1,200 employees.

                       About Carmeuse Group

The Carmeuse Group -- http://www.carmeuse.com/-- is a leading
global producer of lime, with more than 140 years of experience
in the extraction and processing of high calcium limestone and
dolomitic stone into lime and lime-related products for
industrial and commercial customers. Lime is used in multiple
aspects of our everyday life (steel, construction, agro-food,
paper, chemicals, plastics, carpets, paints, pollution control,
water treatment, among others.

Carmeuse is present in about 70 locations across Western Europe
(in Italy, Belgium, France and the Netherlands), Central and
Eastern Europe (Slovakia, the Czech Republic, Hungary, Romania
and Turkey) and North America (the United States and Canada) and
Africa (Ghana).  Total consolidated group net turnover amounted
to EUR940 million in 2006.


CARMEUSE HOLDING: Moody's May Cut Ba2 Rating After Review
---------------------------------------------------------
Moody's Investors Services placed the Ba2 Corporate Family
Rating and Outlook of Carmeuse under review for possible
downgrade and reassigned the rating to Carmeuse Holding SA
following the merger of LVI Holding NV into Carmeuse Holding SA
with retroactive effect as of Jan. 1, 2007.

The review has been prompted by Carmeuse's announcement on
Oct. 12, 2007 that the group's offer to acquire Oglebay Norton
Company (OGBY.PK) has been retained by the management board of
the target company.  The acquisition will be presented and
recommended by the board of the target company to its
shareholder's on Nov. 13, 2007.  The transaction is expected to
close before the end of the year and is also subject to
approvals under the Hart-Scott-Rodino Act, which is expected to
last thirty days and be obtained prior to the shareholder's
meeting.

The acquisition offer of Carmeuse Group values Oglebay Norton
Company at approximately EUR500 million (US$700 million)
including the refinancing of Oglebay Norton Company's financial
debt.  Carmeuse has secured EUR850 million of credit facilities
on top of its EUR250 million senior floating rate notes maturing
in 2014.  The acquisition of Oglebay Norton Company is expected
to increase Total Adjusted Debt/Adjusted EBITDA to approximately
3.8x on a pro-forma basis (post redemption of EUR175 million
notes).

The review will focus on the implications of this acquisition on
Carmeuse's business and financial profile as well as on the
group's ability to deleverage the financial structure within an
appropriate time horizon through improved operating cash flow
generation and potential asset disposals.  Moody's anticipates
that any rating downgrade would be limited to one-notch.

These ratings are affected by the press release:

   -- Carmeuse Holding SA -- Ba2 Corporate Family Rating/Ba2
      Probability of Default Rating

   -- Calcipar SA -- Ba2/LGD4 rating on Senior Unsecured
      Notes

Carmeuse Holding SA is the holding company for the Carmeuse
Group.  Carmeuse is one of the world's leading producers of lime
and lime-related products enjoying leading positions in a number
of European markets and a number one position in North America
which has been recently strengthened.  The company operates in a
relatively concentrated industry with only a handful of large
players globally, while its operations are subject to licenses
and are difficult to replicate.  Carmeuse reported EUR939
million in revenues in 2006.


CARMEUSE HOLDING: Debt-Funded Purchase Cues S&P's Watch on BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services put its 'BB+' long-term
corporate credit rating on Carmeuse Holding S.A., the holding
company of Carmeuse Group, on CreditWatch with negative
implications, following the announced debt-financed acquisition
of Oglebay Norton Co. (B/Watch Pos/--).

Carmeuse, headquartered in Belgium, is the second-largest lime
producer in the world with 2006 sales of about EUR1 billion.

"The CreditWatch placement of Carmeuse reflects our expectation
that leverage and cash flow metrics could weaken materially and
for a prolonged period of time, with a doubling in debt from
EUR450 million at June 30, 2007," said Standard & Poor's credit
analyst Lucas Sevenin.

S&P expects the acquisition's impact on business risk to be
broadly neutral.

Although Carmeuse had leeway for medium-sized debt-funded
acquisitions for the current rating, we expect key credit
metrics to decline materially with this transaction.  Assuming
it proceeds, FFO to adjusted debt would rise from more than 30%
in 2006 to less than 20% in 2007, compared with the 25% needed
for the current rating.  The group's ability to improve its
financials will depend primarily on asset sales, since we do not
expect positive free operating cash flow in 2008 and 2009, given
significant capital expenditure for growth.

S&P views this move as globally neutral for business risk.
Although the acquisition will give Carmeuse North America--the
group's key EBITDA contributor--access to substantial limestone
reserves, the subsidiary already had long-term access to
reserves.  Oglebay is also reliant on currently good but
cyclical markets, notably steel and oil and gas.  However, this
move somewhat lowers reliance on the steel market.

The transaction is subject to review by antitrust authorities,
the absence of new bidders, and the approval of shareholders
(who are expected to vote in November).

"We aim to resolve the CreditWatch in the next few weeks, when
the transaction is finalized and we have a clearer view of the
group's strategy and commitment to improve financials. We expect
any downgrade to be limited to one notch," said Mr. Sevenin.

The current ratings on Carmeuse are constrained by its
sensitivity to cyclical and mature markets such as steel--the
main end-market, with 47% of 2006 sales-–and paper, which
continue to make up most of group sales.  The ratings also
reflect Carmeuse's improved cash flow ratios, and continuing
good EBITDA margin performance across units despite high energy
and transportation costs--notably thanks to contractual pass-on
clauses.


LEVI STRAUSS: Fitch Rates US$750 Mil. Credit Facility at BB+
------------------------------------------------------------
Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co's
second amended and restatedUS$750 million 5-year Asset-Based
Revolving Credit Facility.  The rating outlook is stable.

Fitch currently rates LS&CO as:

   -- Issuer Default Rating (IDR) 'BB-';
   -- Bank Credit Facility 'BB+';
   -- Senior Unsecured Notes 'BB-';

This rating action follows the company's announcement that it
has entered into an amended credit agreement which increases the
maximum size toUS$750 million fromUS$550 million.  The facility
includes aUS$250 million term loan tranche priced at LIBOR + 250
basis points.  The remaining revolving credit tranche has an
initial price of LIBOR + 150bps.  The entire facility will be
secured by, among other domestic assets, certain U.S. trademarks
associated with the Levi's' brand. Availability will not be
reduced by repayments on the term loan tranche.  The lien on the
trademarks will be released when the term loan tranche is fully
repaid.

On Oct.  11, 2007, the company drewUS$343.2 million under the
amended credit facility and usedUS$220 million from cash on hand
to purchase the tendered 12.25% senior unsecured notes due
December 2012, in connection with its cash tender offer.

The rating reflects the improvements made to stabilize LS&CO's
operations and operating margins as well as its well known brand
names, geographic diversity and good liquidity position. The
rating also considers the company's high debt balances and the
competitive operating environment of the denim and casual
bottoms market.

LS&CO should continue to benefit from its improved cost
structure and brand investments despite challenges in the U.S.
Levi Strauss Signature brand, which represented less than 8% of
fiscal 2006 revenues and fewer than 4% of operating income
before corporate expenses.  In addition, Fitch expects that
management will remain committed to its plan to reduce debt and
interest costs over time.


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D E N M A R K
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NORTEL NETWORKS: Agrees to Pay US$35MM Penalty in SEC Settlement
----------------------------------------------------------------
Nortel Networks Corp. disclosed Monday that it and its principal
operating subsidiary, Nortel Networks Limited, reached a
settlement on all issues with the United States Securities and
Exchange Commission in connection with the SEC's investigation
of certain prior accounting practices at Nortel.

To bring closure to the matter, Nortel agreed to pay a civil
penalty ofUS$35 million and consented to injunctions against it
from violations of certain provisions of federal securities
laws.  Further, Nortel will provide to the SEC quarterly written
reports detailing its progress in implementing its remediation
plan and actions to address its outstanding material weakness in
internal controls.

This is the latest in a series of check points in Nortel's turn
around, including settlement with the Ontario Securities
Commission, the resolution of the shareholder class actions and
remediation of four of the previous five material weaknesses,
that enable the company to focus on the future.

"We are pleased that we have reached final resolution in this
matter.  The settlement recognizes the extensive and proactive
efforts made by Nortel's Board and senior management to identify
and address the accounting and internal control issues and
conduct that led to the investigation," said Nortel president
and chief executive officer Mike Zafirovski.  "Through hard
work, a dedication to excellence and an unwavering commitment to
serving our customers, Nortel is recreating a great technology
company which upholds the highest ethical standards and sound
business practices.  This is a new Nortel."

The SEC recognized that Nortel's Audit Committee, on its own
initiative, conducted extensive internal independent
investigations and self-reported to the SEC and other
regulators, and that the Audit Committee and senior management
fully cooperated during the investigation and took prompt and
meaningful action to correct the issues and restore the company
to sound governance and financial practices.  Some of the
actions undertaken by Nortel include: the appointment of a new
team of senior leaders with a proven track record of integrity
and business leadership; extensive efforts to significantly
improve financial processes and controls; a restructured ethics
policy; and the establishment of a new code of conduct.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it.  Nortel does business in more than
150 countries around the world including Indonesia, the United
Kingdom, Denmark, Russia, Norway, Australia, Brazil, China,
Singapore, among others.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

                          *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.


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ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel
------------------------------------------------------------
Arrow Electronics, Inc. and Intel Corporation have finalized an
agreement in which Arrow will provide global supply assurance
support for a broad range of embedded controller products
recently discontinued by Intel.

The supply assurance program was developed in response to the
number of customers who were affected by this change in product
status.

The agreement covers over 250 individual part numbers, including
the ubiquitous 80C51 family as well as product families that
include the 80C188, 80C186, 80960, 80386, and 80486.  Automotive
Controller Area Network controllers were also included in the
agreement.

"This is a tremendous opportunity for Arrow to deliver on our
commitment of long-term support to the embedded customer by
leveraging our demonstrated expertise in supply assurance
programs and end-of-life products," said Robert Behn, vice
president of marketing for embedded computing at Arrow.

Customers interested in learning how they can obtain long-life
support for their embedded Intel controllers should contact
their local Arrow representative, Mr. Behn said.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.  Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

On March 29, 2007, Moody's Investors Service affirmed the
(P)Ba1, (P)Ba2 and (P)Baa3 Shelf Registration Ratings to Arrow
Electronics, Inc.'s subordinated, preferred, and senior
unsecured stocks respectively.  Moody's also affirmed the Baa3
senior long-term debt rating of Arrow Electronics and revised
the outlook to positive from stable.


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


DELPHI CORP: To Sell Interiors & Closures Business for US$106MM
---------------------------------------------------------------
Delphi Corporation has entered into a master sale and purchase
agreement with a wholly owned subsidiary of The Renco Group,
Inc. for the sale of its global Interiors and Closures business.
The agreement has been approved by Delphi's Board of Directors.

The agreement contemplates a global divestiture of Delphi's
Interiors and Closures Businesses for a purchase price of
US$106,000,000, which is comprised of the preliminary purchase
price of approximately US$80,000,000, subject to certain
adjustments, and the Post-Closing Payments of approximately
US$26,000,000.

Pursuant to the procedures outlined in the Bankruptcy Code,
Delphi filed a motion with the U.S. Bankruptcy Court for the
Southern District of New York to request a bidding procedures
hearing on October 25, 2007.

Following the completion of the bidding procedure process, a
final sale hearing is anticipated to be set for January 8, 2008.
The final sale of Delphi's Interiors and Closures business is
subject to the approval of the U.S. Bankruptcy Court and other
constituencies in the U.S. and abroad.

As outlined in the court filing, the master sale and purchase
agreement involves the entire global Interiors and Closures
business line, including: book of business, manufacturing
operations, intellectual property, personnel, supplier contracts
and share of joint ventures. Delphi's Interiors and Closures
business operates manufacturing facilities in:

   --  Gadsden, Alabama
   --  Cottondale, Alabama
   --  North Kansas City, Missouri
   --  Orion, Michigan
   --  Adrian, Michigan
   --  Woerth, Germany
   --  Matamoros, Mexico
   --  SDADS Joint Venture (Shanghai, China)
   --  KDS Joint Venture (Daegu, Korea)
   --  Other contracted manufacturing locations

                       About Delphi

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 88
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


EUROPCAR GROUPE: Moody's Cuts Corporate Family Rating to B1
-----------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Europcar Groupe S.A. to B1 from Ba3, as well as the rating of
the company's subordinated secured notes to B2 from B1 and the
rating of its senior subordinated notes to B3 from B2.  The
rating outlook is now stable.

"Today's downgrade reflects Moody's revised expectation that
Europcar will not now achieve -- over the next 12 to 18 months
-- the thresholds necessary in order for it to maintain a stable
rating outlook in the Ba3 rating category as communicated in
Moody's last rating action, notably an improvement of EBITA to
Interest Coverage above 1.5x," says Christian Hendker, Moody's
Lead Analyst for Europcar.  "Europcar's Ba3 rating had
incorporated Moody's expectation of consistent improvement in
operating performance and credit metrics following the debt-
financed acquisition of Vanguard.  "While the company has made
progress in improving its overall profitability levels, these
were not sufficient to indicate a trend towards the levels
originally expected by Moody's for the Ba3 rating.  In
particular, rising fleet holding costs have absorbed the cost
savings in fleet management and overhead, and a step-up in
interest costs -- out of total financial debt of EUR3.6 billion
in June 2007, almost one third is unhedged floating rate
exposure -- has squeezed interest coverage to the 1.1-times
level which was one of the key drivers for the rating downgrade.
Given the potential for further interest rate rises and
Europcar's high exposure to effects, additional cost saving
measures may become necessary, as a pass-on to customers is
challenging in the very competitive car rental market."  Mr.
Hendker continues.

Europcar is currently weakly positioned in the B1 rating
category, evidenced by the EBITA-to-Interest Cover Ratio of 1.1x
in the last 12 months ended June 2007 and the limited
perspective of positive free cash flows given the rising
interest costs and the group's constant fleet expansion to
support its growth targets.  However, the stable rating outlook
incorporates Moody's expectation that Europcar will continue to
improve its operating profitability with interest cover moving
towards the 1.5 times level during the course of 2008 -- and
beyond -- by realizing cost reduction measures, generating the
benefits of the recent acquisitions of PremierFirst and Betacar
but also by a successful pricing management and good fleet
utilization levels.  The stable outlook also anticipates that
Europcar preserves its good financial flexibility, in particular
its access to appropriate asset-based lending facilities to
finance its fleet purchases and pursues no additional sizeable
acquisitions.

The ratings could come under additional downward rating pressure
within 12 to 18 months:

   (1) if the company's credit metrics fall instead of rise --
       indicated for instance by a decline in RCF to Net Debt
       towards 10% and EBITA to Interest Expenses below 1.1x;

   (2) should the financial flexibility of the company weaken
       with regard to access to asset-back financing or credit
       lines.  Upwards rating pressure could develop, once the
       company has restored its credit metrics, namely by
       improving RCF to Net Debt towards 15% and EBITA to
       Interest Expenses to above 1.5x.

Europcar's B1 Corporate Family Rating reflects:

   (1) the company's strong brand and market position in the key
       European rental car markets based on a balanced level of
       segmental diversification in the business, private and
       replacement market segments;

   (2) a solid degree of regional diversification enhanced by
       stable earning contributions from its global franchise
       network;

   (3) relatively stable operating performance levels through
       the cycle, and margin protection from residual value
       risks of purchased cars due to a substantial degree of
       buyback agreements;

   (4) a significant degree of cost structure flexibility thanks
       to rapid vehicle turnover rates allowing for continuous
       fleet size adjustments, which also ensures a continuous
       debt repayment ability; and

   (5) the relatively sound financial profiles of the majority
       of Europcar's diversified car supplier base, which
       ensures stability for fleet purchase conditions and
       buyback agreements.

However, the ratings also reflect these challenges:

   (1) Europcar's limited absolute scale;

   (2) its relatively weak debt protection measures;

   (3) its high exposure to rising interest rates;

   (4) the prospect of increasing debt levels in line with a
       further expansion of the fleet size; and

   (5) fleet purchase conditions that may be burdened by a need
       to further diversify fleet composition and the recent
       plans of some volume manufacturers to cut back their
       sales to rental car companies -- a less profitable sales
       channel for OEMs than sales to private customers.

These ratings were affected by today's rating action:

   -- Corporate Family Rating downgraded to B1 from Ba3;

   -- Probability of Default Rating, downgraded to B1 from Ba3;

   -- EUR430 million senior subordinated secured Floating Rate
      Notes, downgraded to B2 from B1 (Loss Given Default
      Assessment: LGD 4, 69%);

   -- EUR375 million senior subordinated unsecured notes,
      downgraded to B3 from B2 (LGD 6, 93%).

The last rating action was on Feb. 23, 2007, when Moody's
confirmed Europcar's ratings with a negative outlook following
the regulatory approval for the acquisition of Vanguard Europe.

Headquartered in Paris, France, Europcar is one of the leading
European rental car companies with reported sales of EUR1.5
billion in 2006.


ITRON INC: Provides Details on 2.50% Convertible Senior Notes
-------------------------------------------------------------
Itron Inc. has disclosed information regarding its 2.50%
Convertible Senior Subordinated Notes Due 2026.

According to their terms, the Notes are convertible into cash
and common stock when the closing price of Itron common stock
exceeds US$78.19, which is one hundred and twenty percent (120%)
of the conversion price of US$65.16, for 20 or more trading days
in a period of 30 consecutive trading days prior to the end of a
quarter.  The Notes may be surrendered for conversion during any
business day prior to the last trading day of the quarter ended
Dec. 31, 2007.  The conversion feature became effective
Oct. 1, 2007.

In order to convert the Notes, a Holder must:

   (1) complete and sign the Conversion Notice, with appropriate
       signature guarantee, on the back of the Note,

   (2) surrender the Notes to a Conversion Agent,

   (3) furnish appropriate endorsements and transfer documents
       if required by the Registrar or Conversion Agent,

   (4) pay the amount of interest, if any, the Holder must pay
       as described below, and

   (5) pay any tax or duty if required pursuant to the
       Indenture.

A Holder may convert a portion of a Note if the portion is
US$1,000 principal amount or an integral multiple of US$1,000
principal amount.

If a Holder surrenders a Note for a conversion after the close
of business on the record date for the payment of an installment
of interest and prior to the related interest payment date, such
Security, when surrendered for conversion, must be accompanied
by payment of an amount equal to the interest thereon which the
registered Holder at the close of business on such record date
is to receive (other than overdue interest, if any, that has
accrued on such Note).

The Conversion Agent is located at:

         Deutsche Bank Trust Company Americas
         Attn: Trust & Securities Services
         60 Wall Street, 27th Floor
         Mail Stop: NYC60-2710
         New York, NY 10005

The company believes it is highly unlikely that holders would
choose to convert the Notes because the market value of the
Notes exceeds the amount that holders would receive upon
conversion.

                       About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions: as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on its
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                        *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand
-----------------------------------------------------------
Realogy Corporation has appointed Sherry Chris as president and
CEO of the Better Homes and Gardens Real Estate brand.  This
news builds on Realogy's announcement that the company had
entered into a long-term licensing agreement with Meredith
Corporation to build a new, international residential real
estate franchise company under the Better Homes and Gardens Real
Estate brand.  The new brand will launch in the residential real
estate marketplace in July 2008.

Ms. Chris will be responsible for directing the platform, growth
and development of this new franchise system.  With more than 25
years of real estate sales, management and executive experience,
Ms. Chris most recently served as chief operating officer for
Coldwell Banker Real Estate LLC.  Ms. Chris will report to Alex
Perriello, president and CEO of the Realogy Franchise Group.

"Sherry is an exceptional real estate executive and business
leader, and I am pleased to have her energetic presence at the
helm as we embark upon this exciting opportunity," said Mr.
Perriello.  "We look forward to building and operating a new
world-class franchise system that will add significant value to
those residential real estate brokerage firms that will become
franchisees of Better Homes and Gardens Real Estate."

"This will be a brand that embodies the future of the real
estate industry while grounded in the tradition of the home,"
said Ms. Chris.  "The opportunity is tremendous.  Better Homes
and Gardens has a multi-media consumer brand presence that
already exists in millions of households.  Meanwhile, we have
the rare opportunity to build a new system from the ground up by
leveraging our expertise in real estate while benefiting from
the full support of Realogy and all of its resources."

Among the top priorities for the new brand during the next nine
months will be the development of a platform that incorporates
the best information technologies for both consumers and the
real estate professionals who affiliate with the brand.  Ms.
Chris plans to develop a new media-rich Web site that will
provide engaging and interactive content for a customer-base now
highly adept at using the Internet for its real estate needs.

"We will build the Better Homes and Gardens Real Estate brand
with an eye on innovation and a respect for tradition," said Ms.
Chris.  "Our innovation will be reflected in a contemporary,
high-quality service offering that addresses the needs of
today's consumer while providing franchisees with significant
competitive advantages.  As for tradition, the brand will
exemplify a full-service approach to the business that fosters
personal relationships to meet the needs of every generation of
homebuyers and sellers."

Previously, Ms. Chris served Coldwell Banker Real Estate LLC as
its chief operating officer beginning December 2006. In her
capacity as COO, Chris directed the company's operations,
education, mortgage and field services programs.  She also
focused on communication between Coldwell Banker(R) corporate
headquarters, regional offices and its nearly 4,000-office
affiliate network around the world.

Ms. Chris began her real estate career in 1980 holding positions
of increasing responsibility at several leading Canadian and
U.S. real estate companies including, Royal LePage Real Estate
Services, Ltd., Real Living and Prudential California Realty.

Well known in the real estate industry, Ms. Chris is currently
on the advisory board of several prominent organizations
including Trulia.com and Google Real Estate.  She has served as
chairman of the board of the Realty Alliance and also speaks
frequently at prominent industry events.

Ms. Chris earned her undergraduate and MBA degrees from the
University of Western Ontario.

                     About Realogy Corp.

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

                       *     *     *

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


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


AHEAD ENTERTAINMENT: Claims Registration Period Ends Nov. 20
------------------------------------------------------------
Creditors of AHEAD Entertainment Software GmbH have until
Nov. 20 to register their claims with court-appointed insolvency
manager Rainer Michael Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Dec. 18, 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Rainer Michael Bahr
         Prinzenstr. 14
         30159 Hannover
         Germany
         Tel: 0511 8503058-0
         Fax: 0511 8503058-8

The District Court of Hannover opened bankruptcy proceedings
against AHEAD Entertainment Software GmbH on Sept. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AHEAD Entertainment Software GmbH
         Attn: Lars Martensen, Manager
         Boedekerstr. 84
         30131 Hannover
         Germany


AUTO KORNTHEUER: Creditors Must File Claims by November 16
----------------------------------------------------------
Creditors of Auto Korntheuer GmbH have until Nov. 16 to register
their claims with court-appointed insolvency manager Nikolaus
Gaede.

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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Nikolaus Gaede
         Brienner Str. 55
         80333 Munich
         Germany

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

The Debtor can be reached at:

         Auto Korntheuer GmbH
         Hunnenstr. 27
         86343 Koenigsbrunn
         Germany


AZ-ZEITUNGSVERTRIEB: Claims Registration Ends Nov. 15
-----------------------------------------------------
Creditors of AZ-Zeitungsvertrieb GmbH have until Nov. 15 to
register their claims with court-appointed insolvency manager
Diana Aurich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Diana Aurich
         Wilhelmstrasse 11
         63225 Langen
         Germany
         Tel: 06103-8044298
         Fax: 06103-8044335

The District Court of Offenbach am Main opened bankruptcy
proceedings against AZ-Zeitungsvertrieb GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AZ-Zeitungsvertrieb GmbH
         Attn: Karlheinz Stornfels, Manager
         Robert-Bosch-Str. 13
         63225 Langen
         Germany


BAUUNTERNEHMUNG WOLFF: Claims Registration Ends November 12
-----------------------------------------------------------
Creditors of Bauunternehmung Wolff & Skobel GmbH have until
Nov. 12 to register their claims with court-appointed insolvency
manager Frank Kebekus.

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

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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. Frank Kebekus
         Frankenstrasse 14-16
         52070 Aachen
         Germany
         Tel: 0241/5591310
         Fax: 0241/55913120
         E-mail: chemnitz@hww-kanzlei.de

The District Court of Aachen opened bankruptcy proceedings
against Bauunternehmung Wolff & Skobel GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauunternehmung Wolff & Skobel GmbH
         Attn: Hans Gerd Wolff, Manager
         Bretzelbackerstrasse 8
         52428 Julich
         Germany


BAZ ARMIERUNGSARBEITEN: Claims Registration Ends November 12
------------------------------------------------------------
Creditors of BAZ Armierungsarbeiten GmbH have until Nov. 12 to
register their claims with court-appointed insolvency manager
Steffi Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Potsdam opened bankruptcy proceedings
against BAZ Armierungsarbeiten GmbH on Sept. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BAZ Armierungsarbeiten GmbH
         Attn: Heidemarie Zahle and Hans Becker, Managers
         Drewitzer Strasse 41
         14478 Potsdam
         Germany


BETE & THIEDE: Claims Registration Period Ends Oct. 30
------------------------------------------------------
Creditors of B & T Handelskontor - Bete & Thiede GmbH have until
Oct. 30 to register their claims with court-appointed insolvency
manager Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on Nov. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against B & T Handelskontor - Bete & Thiede GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B & T Handelskontor - Bete & Thiede GmbH
         Attn: Klaus Bete, Manager
         Bahrenfelder Marktplatz 3
         22761 Hamburg
         Germany


CAR-MEY AUTOMOBIL-SERVICE: Claims Registration Ends November 23
---------------------------------------------------------------
Creditors of Car-Mey Automobil-Service GmbH have until Nov. 23
to register their claims with court-appointed insolvency manager
Frank-M. Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Dec. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

         Frank-M. Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421 / 34 85 20
         Fax: 0421/ 34 10 78

The District Court of Syke opened bankruptcy proceedings against
Car-Mey Automobil-Service GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Car-Mey Automobil-Service GmbH
         Attn: Heinrich Meyer, Manager
         Hagenburger Str. 7
         31547 Rehburg-Loccum
         Germany


CHRYSLER LLC: Will Fund Employees' Health Trust With US$8.8 Bln
---------------------------------------------------------------
Chrysler LLC is obliged to contribute US$8.8 billion to a
voluntary employees' beneficiary association, or VEBA fund, that
the union will use to cover the costs of retiree health care
after 2010, when the fund becomes operational, under the newly
ratified contract between the carmaker and the United Auto
Workers union, Josee Valcourt and Neal E. Boudette report for
the Wall Street Journal.

Chrysler will also pay US$1.5 billion to cover the costs of
retiree health care between now and 2010, according to a 24-page
summary of the contract that was distributed to union officials
on Monday, WSJ notes.

Chrysler will be allowed to hire new workers for certain
"noncore" jobs at wages well below those it pays existing union
employees, the contract states.  New, noncore hires will earn
between US$14 and US$16.23 an hour, compared to US$28 to
US$32.52 an hour for current workers, WSJ says.

The contractual terms between the two parties were patterned
after General Motors Corp.'s new contract with the UAW.  GM has
promised to save jobs by keeping its plants running even after
its contract with the UAW expires.  Chrysler, on the other hand,
does not guarantee that most of its eight assembly U.S. plants
will remain open beyond the four years covered by its contract,
WSJ reveals.

                       About Chrysler LLC

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

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

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                          *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


ECKERT ELEKTRONIK: Claims Registration Period Ends Nov. 20
----------------------------------------------------------
Creditors of Eckert Elektronik GmbH have until Nov. 20 to
register their claims with court-appointed insolvency manager
Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil
         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:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Germany
         Tel: 0741/1754050
         Fax: 0741/1754020

The District Court of Rottweil opened bankruptcy proceedings
against Eckert Elektronik GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Eckert Elektronik GmbH
         Attn: Dietrich Eckert, Manager
         Grosswiesenstr. 20
         78591 Durchhausen
         Germany


ESSER & CO: Creditors' Meeting Slated for Nov. 8
------------------------------------------------
The court-appointed insolvency manager for Esser & Co. Saar
GmbH, Udo Groener will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:25 a.m. on
Nov. 8.

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

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on Dec. 13 at the same venue.

Creditors have until Nov. 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Udo Groener
         Faktoreistrasse 4
         66111 Saarbruecken
         Germany
         Tel: 0681/41010
         Fax: 0681/4101 276

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

The Debtor can be reached at:

         Esser & Co. Saar GmbH
         Lise-Meitner-Weg 1-3
         66271 Rilchingen-Hanweiler
         Germany


FA FIRST MEDICAL: Claims Registration Ends November 5
-----------------------------------------------------
Creditors of Fa. first medical productions Geschaftsfuehrungs-
und Verwaltungs-GmbH have until Nov. 5 to register their claims
with court-appointed insolvency manager Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Carsten Morgenstern
         Michaelstrasse 71
         09116 Chemnitz
         Germany
         Tel: (0371) 381770
         Telefax: (0371) 3817730
         E-mail: chemnitz@hww-kanzlei.de

The District Court of Chemnitz opened bankruptcy proceedings
against Fa. first medical productions Geschaftsfuehrungs- und
Verwaltungs-GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fa. first medical productions Geschaftsfuehrungs- und
         Verwaltungs-GmbH
         Attn: Dr. Bernd Ernst Maier, Manager
         Goethestr. 7
         09119 Chemnitz
         Germany


FLACHDACHBAU KIRCHHEIM: Claims Registration Period Ends Nov. 2
--------------------------------------------------------------
Creditors of Flachdachbau Kirchheim GmbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Martin Wagner.

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

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Martin Wagner
         Heilbronner Str. 86
         70194 Stuttgart
         Germany
         Tel: 0711/259729-0

The District Court of Ludwigsburg opened bankruptcy proceedings
against Flachdachbau Kirchheim GmbH on Oct. 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Flachdachbau Kirchheim GmbH
         Attn: Sedat Efe, Manager
         Uhlandstr. 21
         71638 Ludwigsburg AG Stuttgart
         Germany


GISI-MOEBEL GMBH: Creditors Must File Claims by November 6
----------------------------------------------------------
Creditors of Gisi-Moebel GmbH have until Nov. 6 to register
their claims with court-appointed insolvency manager Siegfried
Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Coburg
         Meeting Hall K
         First Stock
         Coburg
         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:

         Siegfried Beck
         Stahlstr. 17
         90411 Nuremberg
         Germany

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

The Debtor can be reached at:

         Gisi-Moebel GmbH
         Matthaus-Kraus-Str. 4
         96215 Lichtenfels
         Germany


HOLM AUSSENHANDELS: Claims Registration Period Ends Nov. 19
-----------------------------------------------------------
Creditors of Holm Aussenhandels GmbH have until Nov. 19 to
register their claims with court-appointed insolvency manager
Gregor Schoene.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Gregor Schoene
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Holm Aussenhandels GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holm Aussenhandels GmbH
         Attn: Dr. Peter Rene Holm, Manager
         Slagboom 30
         22848 Norderstedt
         Germany


HSK GMBH: Claims Registration Period Ends Oct. 31
-------------------------------------------------
Creditors of HSK GmbH & Co KG have until Oct. 31 to register
their claims with court-appointed insolvency manager Nada
Nasser.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Nov. 28, 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 Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Nada Nasser
         Gneisenaustrasse 52
         41061 Moenchengladbach
         Germany
         Tel: 02161 / 2479730
         Fax: 02161 / 2479629

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

The Debtor can be reached at:

         HSK GmbH & Co KG
         Hardter Strasse 152
         41748 Viersen
         Germany

         Attn: Eva Koch, Manager
         Omperter Weg 109
         41748 Viersen
         Germany


KOELNER CLUB: Claims Registration Ends Nov. 13
----------------------------------------------
Creditors of Koelner Club Sport Spiel und Spass mbH have until
Nov. 13 to register their claims with court-appointed insolvency
manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Koelner Club Sport Spiel und Spass mbH on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Koelner Club Sport Spiel und Spass mbH
         Alteburger Wall 29
         50678 Cologne
         Germany


MEGEMA GMBH: Creditors Must File Claims by November 16
------------------------------------------------------
Creditors of Megema GmbH have until Nov. 16 to register their
claims with court-appointed insolvency manager Werner Folger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Dec. 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Werner Folger
         Gute Anger 11
         85356 Freising
         Germany

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

The Debtor can be reached at:

         Megema GmbH
         Attn: Ernst Klees, Manager
         Raiffeisenstr. 3
         85356 Freising
         Germany


MSS BAUSTOFFHANDEL: Claims Registration Period Ends Oct. 31
-----------------------------------------------------------
Creditors of M.S.S. Baustoffhandel & Bauschlosserei und
Metallbau GmbH have until Oct. 31 to register their claims with
court-appointed insolvency manager Dr. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Axel Kampmann
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against M.S.S. Baustoffhandel & Bauschlosserei und Metallbau
GmbH on Sept. 28.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         M.S.S. Baustoffhandel & Bauschlosserei und
         Metallbau GmbH
         Wiebusch 14
         59581 Warstein
         Germany

         Attn: Sven Masiak, Manager
         Probst - Boeckler - Str. 22
         59581 Warstein
         Germany


PRINT MEDIEN: Claims Registration Ends Nov. 15
----------------------------------------------
Creditors of Print Medien Service GmbH have until Nov. 15 to
register their claims with court-appointed insolvency manager
Diana Aurich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Diana Aurich
         Wilhelmstrasse 11
         63225 Langen
         Germany
         Tel: 06103-8044298
         Fax: 06103-8044335

The District Court of Offenbach am Main opened bankruptcy
proceedings against Print Medien Service GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Print Medien Service GmbH
         Attn: Karlheinz Stornfels, Manager
         Robert-Bosch-Str. 13
         63225 Langen
         Germany


W. HARR GMBH: Claims Registration Period Ends Nov. 16
-----------------------------------------------------
Creditors of W. Harr GmbH & Co. KG Backerei Konditorei have
until Nov. 16 to register their claims with court-appointed
insolvency manager Gundula Pierson.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on Dec. 19, 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 Siegen
         Hall 010
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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:

         Gundula Pierson
         Software Center 5a
         35037 Marburg
         Germany
         Tel: 06421/9481350
         Fax: 06421/9481360

The District Court of Siegen opened bankruptcy proceedings
against W. Harr GmbH & Co. KG Backerei Konditorei on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W. Harr GmbH & Co. KG Backerei Konditorei
         Daimlerstr. 48-50
         57072 Siegen
         Germany

         Attn: Helmut Siebdrat, Manager
         Kornmarkt 10
         57072 Siegen
         Germany


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


SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit
-------------------------------------------------------------
Sanyo Electric Co., Ltd., has been offered JPY70 billion by
Kyocera Corp. for its loss-making mobile phone business, Reuters
reports, citing the Nikkei business daily.

Reportedly, both companies would likely reach a basic agreement
on the deal on Thursday and may make an announcement on the same
day.

Reuters states that the Nikkei reported last month that the deal
could be worth JPY50 billion and said that the JPY70 billion
offer could be lowered after Kyocera conducted due diligence.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative its outlook on the 'BB-' long-term corporate credit
rating on Sanyo Electric Co. Ltd., reflecting the diminished
risk of significant deterioration in the company's business
results, backed by steady progress in its business
restructuring.  At the same time, Standard & Poor's affirmed the
long-term corporate and the 'BB' senior unsecured debt ratings.

On Oct. 11, 2007, Sanyo announced that it had reached a basic
agreement to grant priority negotiation rights regarding the
sale of its mobile phone business to Kyocera Corp. (NR).
Sanyo's announcement on the sale of its mobile phone business,
which has experienced severe competition and performance
volatility, has served to clarify the company's policy.
Standard & Poor's now expects Sanyo to further focus its
management resources on its core Batteries and Commercial
Equipment businesses.  These are businesses in which the company
holds a competitive position and that produce stable business
performance.

Over the past few years, Sanyo has endeavored to strengthen its
cost competitiveness through substantial personnel reductions
and by increasing the efficiency of its production system.  As a
result, the company has seen a steady recovery of profitability
levels in its semiconductor, TV, and home appliances businesses,
which have in the past produced substantial losses.  Standard &
Poor's believes that the company is unlikely to experience a
significant expense burden following planned business
restructuring.  This, coupled with Sanyo's clearly expressed
policy of focusing on continued financial improvement, has
alleviated concerns regarding a repeated deterioration in the
company's financial profile, which has been steadily improving
since reaching its nadir in March 2005.

A key factor in deciding Sanyo's future credit quality will be
whether or not the company can quickly and effectively
concentrate its resources on its core businesses.  An additional
key factor for further rating decisions taken on the company
would be the continued supportive stance of financial
institutions toward Sanyo.

The ratings may be raised or the outlook on the rating revised
upward if prospects for an ongoing recovery in cash flow
generation and financial improvement backed by restructuring
progress increase.  On the other hand, the ratings may again
come under downward pressure if the company is unable to achieve
its financial targets for the current fiscal year, or if
concerns over continued support from major shareholders or
financial institutions increase.  However, Standard & Poor's
considers the possibility of these events occurring to be
relatively limited at this stage.

The long-term senior unsecured debt rating is one notch higher
than the corporate credit rating, reflecting the expectation
that creditor banks would grant debt forgiveness in the event of
any default based on the currently supportive positions of the
principal financial institutions.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that continued restructuring by
Sanyo Electric Co., Ltd. may have a positive impact on its
ratings.  Sanyo announced on October 11, 2007, that it had
reached a basic agreement to continue negotiations with Kyocera
Corporation regarding the transfer of Sanyo's mobile phone
business.

In FY2006, the mobile phone business to be transferred earned
about JPY277 billion in revenue, accounting for about 12% of
consolidated revenue, although profitability was pressured
because of severe domestic and overseas competition.  Sanyo has
positioned it as a core business in its current medium-term
management plan (FY2005-FY2007).

Moody's also views that Sanyo's continuing efforts to
restructure its portfolio, including the sale of the mobile
phone business, may improve its overall profit stability and
asset efficiency by focusing management resources on other
strongly competitive core businesses, such as batteries and
commercial-use air-conditioning systems.

Therefore, the continued restructuring may have a positive
effect on the company's credit barring any significant losses
associated with the restructuring.

While negotiation details have yet to be finalized, Moody's will
continue to assess development of Sanyo's business
restructuring, focusing on the company's earning stability,
incorporating its credit implications on Sanyo's rating and its
outlook in a timely manner.

Sanyo Electric Co., Ltd., headquartered in Osaka, is one of the
world's leading manufacturers of consumer electronics products
and devices.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


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


FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz
-----------------------------------------------------
Fiat S.p.A. and JSC Avtovaz signed a memorandum of understanding
as the basis for the establishment of cooperation initiatives
aimed at supporting the expansion of Avtovaz, in the area of
passenger cars encompassing engineering and technological
processes, development, manufacturing, product sourcing, engines
and other components.

Fiat's involvement in the development of the Fiat brand in
Russia based on prior agreements with other parties continues to
be strong and is not affected by this MoU.

Following the MoU, joint teams would be set up by the two groups
to determine the feasibility and specificity of the nature of
cooperation, both in the short and long term.  The two companies
expect to sign definitive agreements in the course of the coming
months.

"A cooperation with AUTOVAZ represents a significant step
forward in our industrial strategy of targeted alliances.  It is
our view that Autovaz will re-emerge as a strong automotive
player in a market that is showing significant growth potential.
And we are delighted to be able to assist and participate in
this process," Sergio Marchionne, Fiat Group's CEO, disclosed.

"The memorandum signed is the most important stage in the
Russian-European cooperation in the sphere of automobile
production.  Now we are entering a brand new level of relations
with the Fiat Corporation which played the most decisive role in
the construction of VAZ in the 60s of the last century.  Fiat
helped to design the most popular car in Russia which won the
hearts and souls of our automobilists," Sergey Chemezov chairman
of AvtoVAZ board of directors.

"We hope that we shall obtain success once again, revive the
authority and glory of AUTOVAZ," Mr. Chemezov added.

                         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.


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


AIBOL-SYSTEM LLP: Proof of Claim Deadline Slated for November 21
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Aibol-System 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


ASTANA-JAGUAR LTD: Creditors Must File Claims November 21
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Astana-Jaguar Ltd insolvent on Aug. 29.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Satpayev Str. 22/1-56
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 62-26-83


BALMED LLP: Claims Filing Period Ends November 16
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Balmed insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 40
         Tolstoy Str. 74
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 51-10-40


EML & K LLP: Creditors' Claims Due on November 16
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Eml & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


LEGION LLP: Claims Registration Ends November 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Legion insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Satpayev Str. 22/1-56
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 62-26-83


NUR-ALEM-S LLP: Proof of Claim Deadline Slated for November 21
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Nur-Alem-S insolvent on Sept. 14.

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


TRI O: Creditors Must File Claims November 16
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Tri O insolvent.

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

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


VALEV LLP: Claims Filing Period Ends November 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Valev insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


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


TURMUN TRADE: Proof of Claim Deadline Slated for November 21
------------------------------------------------------------
LLC Turmun Trade has declared insolvency.  Creditors have until
Nov. 21 to submit written proofs of claim to:

         LLC Turmun Trade
         Suyumbayev Str. 144-28
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 29-92-61


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


BAUSCH & LOMB: Inks Pact to Sell US$650 Million of 9.875% Notes
---------------------------------------------------------------
In connection with the merger agreement between WP Prism Inc.,
Bausch & Lomb Incorporated and WP Prism Merger Sub Inc.
regarding the acquisition of Bausch & Lomb, Merger Sub entered
into an agreement to sell $650 million principal amount of
9.875% Notes due 2015.

Merger Sub was formed by investment funds associated with
Warburg Pincus LLC, for the purpose of merging with and into
Bausch & Lomb, with Bausch & Lomb continuing as the surviving
corporation.  As a result of the Merger, investment funds
associated with or designated by the Sponsor and certain co-
investors will own Bausch & Lomb.

Merger Sub will use the net proceeds from the offering of
the Notes, together with the expected proceeds from a new
$1.2 billion senior secured U.S. term loan facility and a new
euro-denominated term loan facility in an amount equivalent to
approximately $575 million, equity financing and cash on hand of
Bausch & Lomb to consummate the Merger.  The offering of the
Notes and the Merger are expected to close on or about Oct. 26,
2007, subject to the satisfaction or waiver of closing
conditions.

                       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.


YUKOS FINANCE: Dutch Court to Auction Transpetrol Stake
-------------------------------------------------------
A court in Amsterdam, Netherlands, plans to auction OAO Yukos
Oil Co.'s 49% stake in Transpetrol a.s., held through Yukos
Finance N.V., Interfax News reports citing a source privy to the
legal proceedings.

According to Interfax, the ruling was in response to a query by
Yukos creditors Moravel Investments Ltd. and OAO Rosneft Oil Co.
Moravel and Rosneft are also claiming US$1.49 billion in
proceeds from the sale of Yukos' 53.7% stake in Mazeikiu Nafta.

Yukos, Interfax relates, had tried to sell the stake for around
US$103 million, but met stiff opposition from the Slovakian
government, which holds 51% of Transpetrol.  Interested in
acquiring Yukos' stake were Gazprom, Tatneft, MOL, CEPS AS,
Rosneft, PERN Przyjazn S.A. and Slovakia.

As reported in the TCR-Europe on Sept. 24, 2007, OOO
Promneftstroy took legal control of Yukos Finance after signing
a notary act formalizing the transfer of the finance unit's
shares.  Promneftstroy paid RUR7.838 billion for the stake.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

                      About Transpetrol

Transpetrol a.s. -- http://www.transpetrol.sk/-- operates the
Slovak part of the Druzhba oil pipeline through which about 10
million tons of Russian oil flow to western Europe annually.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for
2000- 2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


ZINIFEX LTD: To Offer 69.5 Million Shares in Nyrstar IPO
--------------------------------------------------------
Zinifex Limited and Umicore SA/NV confirmed their intention to
sell shares in Nyrstar SA/NV, the world's largest zinc metal
producer, through an initial public offering with the major
highlights being:

   * Initially 69,565,218 shares will be offered resulting in
     approximately a 70% free float for Nyrstar post Offer;

   * The price range for the Offer is EUR18 - EUR23 per share;

   * Depending on demand, the number by of shares offered may be
     increased by up to 25%, or up to 17,391,304 shares,
     resulting in a potential Offer size of 86,956,522 shares;

   * In addition, the underwriters have been granted an over-
     allotment option in respect of up to 15% of the shares
     offered (inclusive of the increase provision above) or up
     to 13,043,478 shares;

   * The maximum possible Offer size is 100,000,000 shares
     representing 100% of Nyrstar shares and would result in a
     full exit by selling shareholders Zinifex and Umicore;

   * The Offer will be limited to qualified and/or institutional
     investors in Belgium and internationally and retail buyers
     in Belgium.  The Offer is only open to institutional
     investors in Australia that qualify under Part 6D.2 of the
     Corporations Act, and not to other investors;

   * The Offer will open on 15 October 2007 and is expected to
     close at 4pm CET on 26 October 2007, subject to early
     closing;

   * The final offer price will be determined following a
     bookbuilding process, and will be announced on or around 29
     October 2007;

   * If the Offer proceeds, Nyrstar shares are expected to
     commence trading on the Eurolist of the Euronext Brussels
     on an "if-and-when-delivered" basis on or around 29 October
     2007.

UBS Investment Bank, Deutsche Bank and Goldman Sachs
International have been appointed as joint global co-ordinators
of the equity offering; UBS Investment Bank, Deutsche Bank,
Goldman Sachs International, Fortis and KBC Securities have been
appointed as joint bookrunners; and Fortis and KBC Securities
will be joint lead managers for the public offering in Belgium.

Full details of the Offer can be viewed for free at:

               http://ResearchArchives.com/t/s?2441

                        About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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


TOORA POLAND: Sovereign Capital Eyes Restructuring Plan
-------------------------------------------------------
Sovereign Capital is drawing up a restructuring program for
Toora Poland as it eyes to relaunch the company's operations,
the Financial Times reports, citing Polish News Bulletin.

According to the report, Sovereign Capital, which filed an
involuntary bankruptcy petition against Toora, plans to pay off
the company's creditors under the restructuring plan.

Toora's management said bank lenders will not demand repayment
right away as they had become familiar with the restructuring
program, although investors are still skeptical about it, FT
relates.

Toora management board member Radoslaw Kuras told Polish News
Bulletin there is a high chance of restructuring the debts and
saving the car parts manufacturer.

                         Toora's Debts

As previously reported in the TCR-Europe on Oct. 12, 2007, Toora
owes more than PLN120 million to bank lenders, including Pekao,
Caylon Bank and the Polish unit of Benelux-based Fortis.

Toora owes PLN86 million to Pekao, Poland's second largest bank.
The bank is waiting for the company to present a restructuring
plan.

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

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

In September 2007, Polish debt collecting agency Pragma Inkaso
was set to file a bankruptcy petition at the Tarnobrzeg court
against Toora, saying the company lost its liquidity and failed
to pay suppliers.

                       About Toora Poland

Headquartered in Nisko, Poland, Toora Poland S.A. --
http://www.toorapoland.pl/-- is a member of the Toora S.p.A.
capital group.  It is active in the aluminum market.  Its
product range includes aluminum car components and alloy wheels
for the needs of automotive corporations, such as the Fiat
Group, General Motors, Magneti Marelli, Faurecia and TRW Group.
The main components produces by Toora Poland are steering boxes,
engine brackets, bent pipes, perforated pipes and exhaust
manifolds, as well as car wheels.  In addition, the Company is
engaged in the design and production of aluminum central heating
radiators under the brand names Greta and Alice.  It operates a
production plant in Zory.


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


HIPOTOTTA No 6: Moody's Junks EUR11.44 Million Class F Notes
------------------------------------------------------------
Moody's assigns definitive credit ratings to these classes of
Notes issued by Hipototta 6 Limited:

   -- Aaa to the EUR224.4 million Class A1, due on July 31,
     2060;

   -- Aaa to the EUR1800.4 million Class A2, due on July 31,
      2060;

   -- Aa2 to the EUR52.4 million Class B, due on July 31, 2060;

   -- A1 to the EUR36.3 million Class C, due on July 31, 2060;

   -- Baa1 to the EUR40.7 million Class D, due on July 31, 2060;

   -- Ba3 to the EUR45.8 million Class E, due on July 31, 2060.

   -- Ca to the EUR11.44 million Class F, due on July 31, 2060.

The transaction represents the securitization of Portuguese
residential mortgage loans originated by Banco Santander Totta
SA, rated A1/Prime-1.  The assets supporting the Notes are prime
mortgage loans secured on residential properties located in
Portugal.  The portfolio will be serviced by Banco Santander
Totta SA.

The ratings of the notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have
significant effect on the yield to investors.


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


ATIS CJSC: Court Starts Competitive Bankruptcy Proceedings
----------------------------------------------------------
Creditors of Non-Bank Credit Organization Atis CJSC may submit
their proofs of claim under Clause 8, Article 22.1 of the
Federal law on insolvency of credit organizations at:

         Block 1
         Kozhevnicheskaya Str. 3
         115114, Moscow
         Russia
         Tel: 235-61-28.


FAL'KON OJSC: Court Starts Competitive Bankruptcy Proceedings
-------------------------------------------------------------
Creditors of Joint Stock Commercial Bank Fal'kon OJSC may submit
their proofs of claim under Clause 8, Article 22.1 of the
Federal law on insolvency of credit organizations at:

         Bashilovka Str. 6
         Novaya
         125040 Moscow
         Russia


FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz
-----------------------------------------------------
Fiat S.p.A. and JSC Avtovaz signed a memorandum of understanding
as the basis for the establishment of cooperation initiatives
aimed at supporting the expansion of Avtovaz, in the area of
passenger cars encompassing engineering and technological
processes, development, manufacturing, product sourcing, engines
and other components.

Fiat's involvement in the development of the Fiat brand in
Russia based on prior agreements with other parties continues to
be strong and is not affected by this MoU.

Following the MoU, joint teams would be set up by the two groups
to determine the feasibility and specificity of the nature of
cooperation, both in the short and long term.  The two companies
expect to sign definitive agreements in the course of the coming
months.

"A cooperation with AUTOVAZ represents a significant step
forward in our industrial strategy of targeted alliances.  It is
our view that Autovaz will re-emerge as a strong automotive
player in a market that is showing significant growth potential.
And we are delighted to be able to assist and participate in
this process," Sergio Marchionne, Fiat Group's CEO, disclosed.

"The memorandum signed is the most important stage in the
Russian-European cooperation in the sphere of automobile
production.  Now we are entering a brand new level of relations
with the Fiat Corporation which played the most decisive role in
the construction of VAZ in the 60s of the last century.  Fiat
helped to design the most popular car in Russia which won the
hearts and souls of our automobilists," Sergey Chemezov chairman
of AvtoVAZ board of directors.

"We hope that we shall obtain success once again, revive the
authority and glory of AUTOVAZ," Mr. Chemezov added.

                         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.


GOLD-BUSINESS CJSC: Creditors Must File Claims by Nov. 5
--------------------------------------------------------
Creditors of Gold-Business CJSC have until Nov. 5 to submit
proofs of claim at:

         15-224
         Leningrad Shosse
         125171 Moscow
         Russia

The Arbitration Court of Moscow declared the company as
insolvent on Sept. 24.  The Court appointed Zaitsev N.P. as
Competitive proceedings manager.  The case is docketed under
Case No. А40-28998/07-78-91 Б.

The Court is located at:

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

The Debtor can be reached at:

         Gold-Business CJSC
         Block 1
         Demyana Bednogo Str. 23
         123635 Moscow
         Russia


KARPILOVSKIJ KOLKHOZ: Creditors Must File Claims by Nov. 5
----------------------------------------------------------
Creditors of Karpilovskij kolkhoz Production-agricultural
Cooperative have until Nov. 5 to submit proofs of claim at:

         POB 2004
         650000 Kemerovo
         Russia

The Arbitration court of Altai krai will convene at 9:30 a.m. on
Jan. 30, 2008 to hear the company's bankruptcy supervision
procedure.  The Court appointed Biryukov A.P. as Interim
Manager.  The case is docketed under Case No. А03-6880/07-Б.

The Debtor can be reached at:

         Karpilovskij kolkhoz Production-Agricultural
         Cooperative
         Bol'sheromanov settlement
         Tabunskij Raion
         Altai Krai
         Russia


KORMOVISCHENSKIJ CJSC: Court Hearing Slated for Feb. 22, 2008
-------------------------------------------------------------
The Arbitration Court of Prem' will convene at 10:00 a.m. on
Feb. 22, 2008, to hear the bankruptcy supervision procedure on
Integrated Logging-Lumbering Enterprise Kormovischenskij CJSC.
The case is docketed under Case No. А50-11597/2007-Б1.

The Interim Manager is:

         Gordeev M.L.
         POB 5714
         614081 Perm'
         Russia

The Debtor can be reached at:

         Integrated Logging-Lumbering Enterprise
         Kormovischenskij CJSC
         Zarechanaya Str. 4-2
         Kormovische Settlement
         Lys'va
         618940 Prem' krai
         Russia


LYUBAVA-2 OJSC: Stock Sale Slated for November 13
-------------------------------------------------
The Competitve proceedings manager of Lyubava-2 OJSC will open a
public auction for the company's properties at 11:30 a.m. on
Nov. 13.

The company has set a RUR16,360 starting price for the auctioned
assets.

Interested participants have until Nov. 9 to deposit an amount
of RUR3,800 to:

         Lyubava-2 OJSC
         Settlement Account 40702810900000000623
         Correspondent Account 330101810100000000376
         Dil-Bank LLC
         Komsomolskij Pr. 32
         Moscow
         Russia

Bidding documents must be submitted to:

         Embankment of Obvodnoj Kanal 181
         190103 St. Petersburg
         Russia


PROMTEKS CJSC: Creditors Must File Claims by Nov. 5
---------------------------------------------------
Creditors of Promteks CJSC have until Nov. 5 to submit their
proofs of claim.

The Interim Manager is:

         Chuprov E.V.
         POB 38
         111396 Moscow
         Russia

The Arbitration Court of Moscow will convene on 10:00 a.m. on
Feb. 26, 2008 to hear the company's bankruptcy supervision
procedure.

The Court is located at:

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

The Debtor can be reached at:

         Promteks CJSC
         Block 8
         Marksistskaya Str. 20
         Moscow
         Russia


PUDOZHSKIJ LLC: Court Names Kokotov A.R. as Liquitador
------------------------------------------------------
The Arbitration court of Karelia appointed Kokotov A.R. as
Competitive proceedings manager for Lumber Factory Pudozhskij
LLC.  He can be reached at:

         Kokotov A.R.
         POB 21
         Petrozavodsk
         185011 Karelia
         Russia

The Court commenced competitive proceedings against the company
after finding it insolvent on Sept. 12.  The case is docketed
under Case No. А26-3857/2007.

The Debtor can be reached at:

         Lumber Factory Pudozhskij LLC
         Lenina Str. 70
         Pudozh
         186150 Karelia
         Russia


RBC INFORMATION: Increasing Capital Needs Cue S&P's B+ Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term corporate credit ratings to Russian media
group OJSC RBC Information Systems.  At the same time, Standard
& Poor's assigned its 'ruA+' Russia national scale rating to
RBC.  The outlook is stable.

After the divestment of its IT Services business in July 2007,
RBC has strategically focused on providing business and
specialized content to an affluent audience in Russia through a
multitude of media sources -- online, television, and print.
Although the company has presence in the print media and
television market, the Internet is RBC's main focus area,
accounting for more than half of revenues.

"The ratings on RBC are constrained by the group's exposure to
the Russian economy and reliance on the cyclical advertising
market; an aggressive acquisition-based growth strategy, with
growing capital needs; and uncertainties regarding Russia's
complex regulatory environment," said Standard & Poor's credit
analyst Raam Ratnam.

"The ratings are, however, supported by the group's solidifying
market position, continuing scale expansion, improving revenue
diversification, and increasing EBITDA and cash flow
generation," Mr. Ratnam added.

Standard & Poor's expects that RBC will continue to increase its
economies of scale and strengthen its market position and
competitiveness in the dynamic and growing Russian media market.
Nevertheless, the improvement of the company's business profile
through recently completed and further acquisitions will result
in growing capital needs and potentially heavy financial
leverage.  RBC's ability to address its financing needs with
careful balancing of its leverage position and financial risk
exposure will remain one of the key rating considerations.

The company's aggressive growth strategy limits upside potential
for the ratings in the short to medium term.  The ratings would
come under pressure if RBC overstretches its acquisition
capacity, if the core businesses underperform, or if there is a
downturn in the Russian advertising market.


RO ROSTOVOBLGASIFICATION: Creditors Must File Claims by Nov. 6
--------------------------------------------------------------
Creditors of SpetsPozhStroy CJSC have until Nov. 6 to submit
proofs of claim to:

         Demirov M.G.
         Beregovaya Str. 5
         344082 Rostov-on-Don
         Russia
         Tel: (863)267-55-04

The Arbitration court of Rostov will convene on Jan. 15, 2008 to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. А53-11201/07-С1-30.

The Court is located at:

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

The Debtor can be reached at:

         RO RostovOblGasification State Enterprise
         Shaumyana 26/41
         344007 Rostov-on-Don Str
         Russia


SECTORAL ENGINEERING: Creditors Must File Claims by Nov. 5
----------------------------------------------------------
Creditors of Sectoral Engineering Agency on Development of
State-of-the Art Technologies and Manufacturing of Glass-Ware
State Unitary Enterprise have until Nov. 5 to submit proofs of
claim to:

         Mirabyan L.M.
         Interim Manager
         Pervomajskaya Str. 56
         Shodnya
         141420 Moscow
         Tel: 509-23-56

The Arbitration court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
А41-К2-15907/07.

The Court is located at:

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

The Debtor can be reached at:

         Sectoral Engineering Agency on Development of State-of-
         the Art Technologies and Manufacturing of Glass-Ware
         State Unitary Enterprise
         Pervomajskaya Str. 56
         Shodnya
         141420 Moscow
         Russia


SPETSPOZHSTROY CJSC: Creditors Must File Claims by Nov. 6
---------------------------------------------------------
Creditors of SpetsPozhStroy CJSC have until Nov. 6 to submit
their proofs of claim.

The Interim Manager is:

         Knutova M.V.
         Leningrad Prospekt 9
         125040 Moscow
         Russia

The Arbitration court of Moscow will convene at 2:00 p.m. on
Feb. 19 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. А40-43320/07-71-104Б.

The Court is located at:

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

The Debtor can be reached at:

         SpetsPozhStroy CJSC
         Block 1
         Nemanskij Proezd 13
         123592 Moscow
         Russia


TRANSPORTATION INVESTMENTS: Moody's Puts Ba3 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family Rating
with a positive outlook to Transportation Investments Holding
Ltd. which is the parent company of Severstaltrans Group -- one
of the largest private transportation companies and container
terminal operators in Russia with US$1.5 billion in revenues and
a fleet of approximately 40,000 railcars in 2006.

The Ba3 Corporate Family Rating reflects ST's strong market
positions in the Russian rail and maritime container terminal
markets which are protected by significant barriers to entry.
The rating also benefits from the good prospects of the rail and
in particular the container terminal business in Russia.
Moreover, the rating is supported by sound profit margins
generated in all activities and the company's adequate financial
profile.  While Moody's has also considered the company's stakes
in the Estonian oil transshipment terminal, but considers these
activities to be largely rating neutral, as the modest overall
size and revenue contribution are somewhat neutralized by the
political risks.

Against the backdrop of these credit positives, the Ba3
Corporate Family Rating has been constrained by these
considerations:

   (i) the substantial size advantage of Russian Railways (rated
       A3, but benefiting from expected government support) in
       the rail segment, which is also undertaking a
       modernization of its rolling stock with plans to expand
       in the lucrative oil transportation business, which is
       likely to increase competitive pressure on ST over time.
       This competitive threat is somewhat mitigated by the
       political support for competition in this previously
       monopolistic sector and the multiple supplier-strategy of
       most of ST's customers;

  (ii) ST's historic success was fueled by a buoyant Russian
       economy and has yet to demonstrate its resilience in a
       more challenging environment; nevertheless, Moody's
       expects both rail transportation especially of oil
       products as well as container port operations to exhibit
       some solid growth patterns for the foreseeable future;

(iii) the potential threat from new container terminals being
       built -- as is the case in Ust-Luga near St. Petersburg,
       although the expected growth rate in container handling
       volumes (benefiting from significant foreign direct
       investments in the St. Petersburg area e.g. in the
       automotive sector) should largely offset the current
       expansion plans by ST and its competitors;

  (iv) the company's reliance on access to bank and capital
       markets to fund its growth program, exposing it somewhat
       to a tightening liquidity situation in these markets; we
       take some comfort from ST having strong relations with
       both leading international and domestic banks; and

   (v) the general higher risk and uncertainty resulting from
       the less transparent and more volatile Russian operating,
       legal, regulatory and political environment.

The positive outlook reflects Moody's opinion that the rating is
strongly positioned in the Ba3 category due to ST's strong
competitive position, a generally favorable outlook for the
industry and the expectation of improved Free Cash Flow once
expansion capex starts to pay off.

A rating upgrade over the next 12-18 months could be warranted
should visibility increase that:

   (i) the trend in current margin improvements will be
       sustainable (i.e. EBITA margins improve above 25% in 2008
       and towards 30% thereafter, from a FYE 2006 level of
       15.7%); and

  (ii) leverage will be reduced in 2008 (i.e. Net Debt/EBITDA
       reducing from expected levels around 3x in 2007 to levels
       below 2.5x in 2008).

Severstaltrans Group has emerged as a transportation vehicle
servicing the needs of Severstal Group, one of Russia's largest
steel and mining conglomerates, in 1996 and grown constantly
through a series of acquisitions and investments.  Today it
accounts for 5% of total tonnage transported by rail in Russia,
controls 31% of the Russian port container capacity and accounts
for 9% of total export shipments of Russia's oil and oil
products.

Since July 2007 ST is fully owned by the company's management
after it bought out Mr. Mordashov -- the majority shareholder of
Severstal -- who previously had held a 50% stake.  ST's
operations are divided into three business segments:

  (1) The RAIL segment is the historic core of ST and accounted
      for the lion's share of revenues and EBITDA in 2006.  This
      business focuses on railway transportation and the related
      freight forwarding services.  Although it is substantially
      smaller than Russian Railways it is the leader amongst
      private rail companies in Russia and Moody's views it to
      be well positioned in attractive segments such as the
      transportation of oil products.

  (2) The PORT business is focused on the operation of Russia's
      second and third largest container terminals which are
      located in St. Petersburg and Vostochny/Far East,
      respectively.  Moreover, it owns 50% in each of the two
      container terminals in Vladivostok.  Through the
      acquisition of the St. Petersburg terminal (Petrolesport)
      in 2007 and the fast growth in the global container
      handling market, Moody's believes the PORT segment soon to
      be of similar importance to ST as the RAIL segment.

  (3) OIL TRANSHIPMENT operates two large oil transshipment
      terminal located in Estonia near Tallinn and represents a
      rather minor activity compared to the other businesses.

ST has strongly grown both organically and via M&A since its
inception in 1996.  Moody's believes growth to continue going
forward on the back of the dynamic container handling industry
and ST's substantial investments in the expansion of its
terminal capacity.  As the PORT segment with its higher earnings
margins is likely to outpace the RAIL segment Moody's also
expects EBITA margins to increase from around 15% in 2005/2006
to levels around 25-30% in future.

Although ST engaged in substantial M&A activity in the recent
past and despite negative Free Cash Flows due to high capital
expenditures, the company reported adequate leverage ratios in
2005 and 2006.  The current rating also reflects Moody's
expectation that management will continue its balanced approach
between shareholders and creditors interests in future.
Moreover, the rating takes into account that the purchase of the
remaining 50% stake in Transportation Investments Holding by
management was partly funded by a US$350 million loan taken out
by Leverret Holding, the ownership vehicle of the owners in
TIHL.  This loan is largely serviced by dividends distributed by
Transportation Investments Holding and backed by limited
guarantees and shares pledges of core subsidiaries, and hence
will be considered in Moody's debt adjustments.

Cyprus based Transportation Investments Holding Ltd. is the
parent company of Severstaltrans Group.  Severstaltrans Group is
one of the largest private transportation companies and
container terminal operators in Russia with US$1.5 billion in
revenues and a fleet of approximately 40,000 railcars in 2006.


YUKOS OIL: Dutch Court to Auction Transpetrol Stake
---------------------------------------------------
A court in Amsterdam, Netherlands, plans to auction OAO Yukos
Oil Co.'s 49% stake in Transpetrol a.s., held through Yukos
Finance N.V., Interfax News reports citing a source privy to the
legal proceedings.

According to Interfax, the ruling was in response to a query by
Yukos creditors Moravel Investments Ltd. and OAO Rosneft Oil Co.
Moravel and Rosneft are also claiming US$1.49 billion in
proceeds from the sale of Yukos' 53.7% stake in Mazeikiu Nafta.

Yukos, Interfax relates, had tried to sell the stake for around
US$103 million, but met stiff opposition from the Slovakian
government, which holds 51% of Transpetrol.  Interested in
acquiring Yukos' stake were Gazprom, Tatneft, MOL, CEPS AS,
Rosneft, PERN Przyjazn S.A. and Slovakia.

As reported in the TCR-Europe on Sept. 24, 2007, OOO
Promneftstroy took legal control of Yukos Finance after signing
a notary act formalizing the transfer of the finance unit's
shares.  Promneftstroy paid RUR7.838 billion for the stake.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

                      About Transpetrol

Transpetrol a.s. -- http://www.transpetrol.sk/-- operates the
Slovak part of the Druzhba oil pipeline through which about 10
million tons of Russian oil flow to western Europe annually.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for
2000- 2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


ZNAK-OIL LLC: Creditors Must File Claims by Nov. 6
--------------------------------------------------
Creditors of Znak-Oil LLC have until Nov. 6 to submit proofs of
claim at:

         POB 153
         Nahodka-10
         Promorski krai
         Russia

The Arbitration court of Primorski krai commenced competitive
proceedings against the company after finding it insolvent.  The
Court appointed Savin S.N. as Competitive proceedings manager.
The case is docketed under Case No. А51-7696/2007 15-121 Б.

The Debtor can be reached at:

         Znak-Oil LLC
         Registration 10178
         Vladivistok
         Russia


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


UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007
--------------------------------------------------------------
UTStarcom Inc. has reported net sales for the third quarter 2006
were US$601 million.  Gross margins for the third quarter 2006
were 12.4% and net loss for the quarter was US$43 million, or a
loss of (US$0.36) per share.  The company also announced the
completion of the China sales investigation.

Net sales for the full year 2006 were US$2.5 billion.  Gross
margins for the full year 2006 were 15.7% and net loss for the
year was US$117.3 million, or a loss of (US$0.97) per share.

                        Restructuring Plan

On Oct. 2, 2007, the company's Board of Directors approved a
restructuring plan to reduce operating costs.  The initial phase
of this plan includes a worldwide reduction of approximately 11%
of the company's headcount, or approximately 700 employees.  The
workforce reduction will be based primarily in the United States
and China and, to a lesser degree, other international
locations.  Management expects the headcount reduction phase of
the restructuring plan will be completed in the fourth quarter
of 2007.  As such, the company expects to incur a restructuring
charge in the fourth quarter in connection with the headcount
reduction of approximately US$10 million.  As a result of these
headcount reductions, the company expects to realize annual cost
savings in salary and compensation-related expenses of
approximately US$21 million on an annualized basis.

"The restructuring plan is closely aligned with our overall
strategy of becoming a more focused and operationally efficient
company," said Peter Blackmore, chief operating officer of
UTStarcom. "Headcount reductions are always difficult; however,
they are essential as we strive to attain consistent
profitability and improve our cash flows.  We have already
started to implement the plan and expect to achieve the full
benefit by the first quarter of 2008."

                      About UTStarcom, Inc.

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                         *     *     *

As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.


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


BERGBAHNEN LUNGERN: Obwalden Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Obwalden entered Sept. 11 an order
closing the bankruptcy proceedings of JSC Bergbahnen Lungern-
Schonbuel (BBLS).

The Bankruptcy Service of Obwalden can be reached at:

         Bankruptcy Service of Obwalden
         6060 Sarnen OW
         Switzerland

The Debtor can be reached at:

         JSC Bergbahnen Lungern-Schonbuel (BBLS)
         Talstation Obsee
         6078 Lungern OW
         Switzerland


COLUMBUS REISECLUB: Creditors' Liquidation Claims Due October 29
----------------------------------------------------------------
Creditors of JSC Columbus Reiseclub have until Oct. 29 to submit
their claims to:

         Muhlegasse 12 A
         6341 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Columbus Reiseclub
         Baar ZG
         Switzerland


DR. H. SCHLEUSSNER: Creditors' Liquidation Claims Due Dec. 17
-------------------------------------------------------------
Creditors of JSC Dr. H. Schleussner have until Dec. 17 to submit
their claims to:

         Treuhand und Revisionsgesellschaft Mattig-Suter und
         Partner
         Liquidator
         Bahnhofstrasse 28
         Mail box: 556
         6431 Schwyz
         Switzerland

The Debtor can be reached at:

         JSC Dr. H. Schleussner
         Schwyz
         Switzerland


FIMS LLC: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Fims on Sept. 12.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden AG
         Switzerland

The Debtor can be reached at:

         LLC Fims
         Guterstrasse 1C
         5745 Safenwil
         Zofingen AG
         Switzerland


HOTEL ENGEL: Obwalden Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Obwalden entered Sept. 11 an order
closing the bankruptcy proceedings of JSC Hotel Engel.

The Bankruptcy Service of Obwalden can be reached at:

         Bankruptcy Service of Obwalden
         6060 Sarnen OW
         Switzerland

The Debtor can be reached at:

         JSC Hotel Engel
         Dorfstrasse 2
         6390 Engelberg OW
         Switzerland


MCM MOUNTAIN: Creditors' Liquidation Claims Due October 25
----------------------------------------------------------
Creditors of JSC MCM Mountain Capital Management have until
Oct. 25 to submit their claims to:

         Bernhard Graf
         Liquidator
         Samariterstrasse 5
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC MCM Mountain Capital Management
         Zurich
         Switzerland


MMB METALLBAU: Aargau Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC MMB Metallbau on Sept. 4.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC MMB Metallbau
         Ruggholzli 6
         5453 Busslingen
         Switzerland


PORTANCE JSC: Creditors' Liquidation Claims Due October 25
----------------------------------------------------------
Creditors of JSC Portance have until Oct. 25 to submit their
claims to:

         Sandro D’Antuono
         Liquidator
         JSC DAREVA
         Burggraben 27
         9004 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Portance
         St. Gallen
         Switzerland


RUBIN SPORT: Creditors' Liquidation Claims Due October 25
---------------------------------------------------------
Creditors of JSC Rubin Sport have until Oct. 25 to submit their
claims to:

         Peter Rubin
         Liquidator
         Sennereiweg
         3937 Baltschieder
         Visp VS
         Switzerland

The Debtor can be reached at:

         JSC Rubin Sport
         Visp VS
         Switzerland


UDI JSC: Creditors' Liquidation Claims Due November 30
Creditors of JSC UDI have until Nov. 30 to submit their claims
to:
         Herrn Reuben Lotan
         Liquidator
         St. Antons-Gasse 4
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC UDI
         Zug
         Switzerland


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


ALM COMPANY: Creditors Must File Claims by October 18
-----------------------------------------------------
Creditors of LLC Alm Company (code EDRPOU 31057235) have until
Oct. 18 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. 15/425-b.

The Debtor can be reached at:

         LLC Alm Company
         Lomonosov Str. 8-b
         03127 Kiev
         Ukraine


IN SERVICE: Creditors Must File Claims by October 18
----------------------------------------------------
Creditors of CJSC In Service (code EDRPOU 25661990) have until
Oct. 18 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. 43/229.

The Debtor can be reached at:

         CJSC In Service
         Trutenko Str. 9
         03022 Kiev
         Ukraine


JOBBING TRADE: Creditors Must File Claims by October 18
-------------------------------------------------------
Creditors of LLC Jobbing Trade (code EDRPOU 31482777) have until
Oct. 18 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. 15/522-b.

The Debtor can be reached at:

         LLC Jobbing Trade
         Liubomirskaya Str. 14
         03131 Kiev
         Ukraine


LEX LTD: Creditors Must File Claims by October 18
-------------------------------------------------
Creditors of LLC Lex Ltd. (code EDRPOU 31900206) have until
Oct. 18 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. 43/228.

The Debtor can be reached at:

         LLC Lex Ltd.
         Demiyevskaya Str. 35-b
         03039 Kiev
         Ukraine


MONOLIT CJSC: Creditors Must File Claims by October 18
------------------------------------------------------
Creditors of CJSC Monolit (code EDRPOU 19408057) have until
Oct. 18 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. 43/404.

The Debtor can be reached at:

         CJSC Monolit
         Iziumskaya Str. 7
         03083 Kiev
         Ukraine


NAFTOGAZ NJSC: Fitch Watches B+ Rating on Absent 2006 Financials
----------------------------------------------------------------
Fitch Ratings has placed the ratings of NJSC Naftogaz of Ukraine
on Rating Watch Negative.  The ratings include the company's
Long-term foreign and local currency Issuer Default Ratings of
'B+', senior unsecured rating of 'B+' and Recovery Rating of
'RR4'.  The RWN has been triggered by two separate events.

First, Naftogaz has failed to publish fiscal year 2006 IFRS
financial statements.  Publishing these statements is a covenant
in Naftogaz's 2009 Eurobond issue documentation (actually an
issue of loan participation notes through Standard Bank London
Holding PLC); receipt of these accounts by bondholders was due
by Aug. 31, 2007.  On Oct. 25, 2007, Naftogaz's de facto
bondholders will meet in London to vote on whether to force a
technical default of the bond issue, or whether to grant
Naftogaz a waiver to Dec. 31, 2007.

Second, Naftogaz is due to settle an outstanding amount of up to
US$700 million for natural gas deliveries by Nov. 1, 2007.  This
amount is owed to UkrGazEnergo, which is a 50/50 joint venture
between Naftogaz and RosUkrEnergo (the latter being a 50/50
joint venture between Gazprom and private individuals).  With
the absence of up to date financial statements, Fitch has some
difficulty in determining the effect of this settlement on
Naftogaz's financial profile.

The RWN may be resolved by a default decision taken by Naftogaz
bondholders on Oct. 25, 2007.  Alternatively, if bondholders
vote for a default waiver on Oct. 25, 2007, the RWN should be
resolved by subsequent financial disclosure.  This disclosure
could take the form of fiscal year 2006 IFRS financial
statements published by Dec. 31, 2007 or, possibly, the
disclosure to Fitch of fiscal year 2006 and first half of 2007
financial statements in compliance with Ukrainian accounting
standards.

Fitch has considered withdrawing Naftogaz's ratings due to the
delay in the provision of good financial disclosure.  However,
given recent indications that financial disclosure will be
forthcoming, Fitch instead placed Naftogaz's ratings on RWN.
The RWN is likely to be finally resolved by end-2007.  If
adequate information is not available by this date, Fitch is
likely to withdraw its Naftogaz ratings.


NEW DEAL: Creditors Must File Claims by October 18
--------------------------------------------------
Creditors of LLC New Deal (code EDRPOU 25594495) have until
Oct. 18 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. 15/502-b.

The Debtor can be reached at:

         LLC New Deal
         Trutenko Str. 9
         03022 Kiev
         Ukraine


POLITECHCENTER LLC: Creditors Must File Claims by October 18
------------------------------------------------------------
Creditors of LLC Politechcenter (code EDRPOU 32910759) have
until Oct. 18 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. 15/407-b.

The Debtor can be reached at:

         LLC Politechcenter
         Krasnozvezdny Avenue 119
         03039 Kiev
         Ukraine


SYSTEMTECHNICS-2000: Creditors Must File Claims by October 18
-------------------------------------------------------------
Creditors of LLC Systemtechnics-2000 (code EDRPOU 24746394) have
until Oct. 18 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. 15/504-b.

The Debtor can be reached at:

         LLC Systemtechnics-2000
         Frometovskaya Str. 18-A
         03039 Kiev
         Ukraine


TONUS PLUS: Creditors Must File Claims by October 18
----------------------------------------------------
Creditors of LLC Tonus Plus (code EDRPOU 31513459) have until
Oct. 18 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. 15/424-b.

The Debtor can be reached at:

         LLC Tonus Plus
         40 Years of October Avenue 120
         03304 Kiev
         Ukraine


VERKON LLC: Creditors Must File Claims by October 18
----------------------------------------------------
Creditors of LLC Verkon (code EDRPOU 31109445) have until
Oct. 18 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. 15/426-b.

The Debtor can be reached at:

         LLC Verkon
         Zhukovsky Lane 6
         03022 Kiev
         Ukraine


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


ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan
--------------------------------------------------------------
Actuant Corporation's Executive Vice President and Chief
Financial Officer Andrew Lampereur has adopted a prearranged
trading plan in accordance with guidelines specified by Rule
10b5-1 under the Securities Exchange Act of 1934 and the
company's policies with respect to insider sales.

Rule 10b5-1 allows officers and directors of public companies,
at a time when they are not aware of material nonpublic
information, to adopt predetermined plans for selling shares of
company stock.  Under his 10b5-1 plan, Mr. Lampereur will
exercise stock options and sell up to 20,800 shares of Actuant
common stock.  The underlying options were granted in 1998 and
must be exercised in the next twelve months or they become
invalid.  These options represent approximately 7% of Mr.
Lampereur's total share holdings in either Actuant stock or
stock options.  These transactions may take place from time-to-
time after Oct. 10, 2007, subject to certain 10b5-1 plan
criteria, including certain minimum price levels and daily
volume activity.

                     About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control
systems and branded hydraulic and electrical tools and
supplies.  Since its creation through a spin-off in 2000,
Actuant has grown its sales from US$482 million to over US$1
billion and its market capitalization from US$113 million to
over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


AQUILO MANAGEMENT: Brings In Liquidators from KPMG
--------------------------------------------------
Myles Anthony Halley and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Aquilo Management Services Ltd.
(formerly ABS Bodyshop Services Ltd., Aquilo Motor Services
Ltd.) on Oct. 8 for the creditors' voluntary winding-up
proceeding.

Mr. Halley can be reached at:

         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB
         England

Mr. Fleming can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


ARDENT BUILDING: J. M. Titley Leads Liquidation Procedure
---------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Ardent Building Ltd. on Oct. 5 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury
         BL9 8AT
         England


COSTAIN GROUP: Arden Reaches Financial Close on Derby Project
-------------------------------------------------------------
The Arden Partnership, Costain Group plc's 50:50 joint venture
with Alfred McAlpine, has reached financial close on The Derby
Project, the final project of three phased Financial Closes to
be achieved in the GBP76.5 million Three Shires Batched PFI
Scheme.  The deal was financed by NIBC Bank NV as Lead Arranger.

The scheme, for the Derbyshire Mental Health Services NHS Trust
is a GBP36.4 million project for the design, build and operation
of an Adult High Dependency Unit, an Older Persons HDU, an Older
Adult Dementia HDU, an Older Adult Resource Centre and a
Clinical Services Building, with a total area of 11,155m2, to be
provided on two sites within the Derby area.  Design and
construction work will be carried out by Costain, and Alfred
McAlpine will provide the hard FM services.

Phases one and two of the batched PFI project, the GBP30 million
Lincolnshire Community Hospital Project, and the GBP10.5 million
Leicester Learning Disabilities Unit reached Financial Close
earlier in the summer and are now both under construction.  The
batched PFI process was designed to allow smaller schemes to be
developed under the Governments' Private Finance Initiative so
that they could share in the savings made from a jointly
procured approach.

"We are delighted that the final phase of this unique batched
PFI project has reached financial close and that all three
projects are now in construction.  This is another important
step in our desire to be Number One in the delivery of Health
Services in the U.K.," Andrew Wyllie, chief executive of
Costain, said.

Headquartered in Maidenhead, United Kingdom, Costain Group PLC
-- http://www.costain.com/-- is an international engineering
and construction group.  The Company provides building, civil
engineering and specialist processing services in the United
Kingdom, Europe and the Middle East, Asia, the Pacific Rim and
Africa.  The Group's customers include businesses in the
construction, marine, transport, retail hotel and utilities
sectors.

                          *     *     *

For the half-year ended June 30, 2007, Costain Group plc
reported a net profit of GBP6.2 million on GBP352.3 million of
revenue, compared with a net loss of GBP18.1 million on GBP372.3
million of revenue for the same period in 2006.

At Dec. 31, 2006, the Group's balance sheet showed GBP259.1
million in total assets, GBP286.3 million in total liabilities
and GBP27.2 million in stockholders' deficit.

The Group's Dec. 31, 2006 balance sheet also showed strained
liquidity with GBP190.6 million in total current assets
available to pay GBP241.3 million in total liabilities coming
due within the next 12 months.

                         Covenant Breach

For the year ended Dec. 31, 2006, Costain revealed that Contract
write downs and provisions in respect of their Building and
International divisions had caused a breach in their banking and
surety covenants.  Further contract write-downs in the second
half of the year resulted in the Group renegotiating all of its
facilities and covenant levels to June 2008.

The Group's current facility agreements, which were due to
expire in June 2008, have been extended to December 2008.  The
group has also negotiated a further extension and enhancement of
those facilities which will be conditional on Admission.


EXITECH LTD: Calls In Liquidators from PricewaterhouseCoopers
-------------------------------------------------------------
David James Bennettand Michael John Andrew Jervis of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Exitech Ltd. on Oct. 5 for the creditors' voluntary winding-up
proceeding.

Mr. Bennett can be reached at:

         PricewaterhouseCoopers LLP
         9 Greyfriars Road
         Reading
         RG1 1JG
         England

Mr. Jervis can be reached at:

         PricewaterhouseCoopers LLP
         Plumtree Court
         London
         EC4A 4HT
         England


FORD MOTOR: European Unit Sees 3.1% Sales Growth in September
-------------------------------------------------------------
Ford of Europe’s 2007 sales success continued in September.
Across its main 21 European markets, the company sold a record
179,200 vehicles, a 3.1 percent increase over September 2006.
Market share improved to 9.8 percent.

For the first nine months of the year, the company's sales
increased by 5.4 percent, to 1,384,500.

The Focus and Fiesta were Ford's top car models, selling 45,400
and 40,300 units respectively, while new Mondeo sold 18,350
units, its highest volume yet.  Transit and Transit Connect
dominated the company's commercial vehicle sales.  Sales of the
new Transit soared 5,300 units, to 21,200, with the Transit
Connect improving by 700 units to 8,900 units.

Britain was the company's top market, selling 70,800 vehicles.
Share in that country was a market leading 15 percent.
Elsewhere, Ford increased its sales in most of its main 21
markets, with particularly strong performances in Russia
(+3,200) and in Italy (+1,265).  Turkey achieved the company's
highest market share, 17.8 percent, with sales of 7,360.

"We enter the final months of the year in a strong position and
we are optimistic that 2007 as a whole will be a year of
significant sales progress for us," said Stephen Odell, Vice
President, Marketing, Sales & Service, Ford of Europe.

Ford's sales data includes both passenger cars and commercial
vehicles from its 21 major European Sales Companies, including
Russia and Turkey.  Market share excludes Russia.

                       About Ford Motor

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

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

                          *     *     *

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

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

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

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

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


NORTHERN ROCK: Confirms Negotiations With Potential Bidders
-----------------------------------------------------------
In response to recent press speculation, Northern Rock plc has
confirmed that it is working with a number of potentially
interested parties regarding proposals for a variety of
potential transactions as well as developing further options to
explore with new parties as part of its review of all strategic
options in the interests of shareholders, customers and other
stakeholders.

Northern Rock notes that this process and the discussions it is
having are at a very early stage and that the proposals it has
received so far are preliminary in nature.  Northern Rock will
continue to work with potentially interested parties to
understand more fully their preliminary proposals.  Any proposal
which Northern Rock wished to pursue would have to be evaluated
also by the Tripartite Authorities against their previously
announced objectives.

As reported in the TCR-Europe on Oct. 16, 2007, an international
group of investors led by Richard Branson's Virgin Group Ltd.
have joined the growing list of bidders for the troubled
mortgage lender.

According to the Wall Street Journal, Mr. Branson said the
consortium's plan includes incorporating Northern Rock into
Virgin Money, his group's financial unit, as well as changing
the mortgage lender's name to Virgin Money.

The Financial Times reveals that a Middle Eastern sovereign
wealth fund has also expressed interest in joining the Virgin
Group consortium, which may submit a bid for Northern Rock as
early as this week.

While discussions continue with selected parties, Northern Rock
emphasizes that there can be no certainty as to their outcome.
Northern Rock does not expect to make any further announcement
in relation to these discussions until such time as there is
clarity as to the outcome of its strategic review.

                     About Northern Rock plc

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

                          *     *     *

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


RANK GROUP: Profit Warning Cues Moody's to Cut Rating to B1
-----------------------------------------------------------
Moody's Investors Service downgraded to B1 (from Ba3) the
corporate family rating of Rank Group Plc following the
company's profit warning due to material negative impacts of
smoking bans and withdrawal of Section 21 gaming machines.

Moody's concurrently downgraded ratings of the US$100 million
guaranteed notes due 2008 and US$14.3 million guaranteed notes
due 2018 at Rank Group Finance Plc to B3/LGD5/85% from
B2/LGD5/84%.  Ratings have been placed on review for possible
further downgrade.

On Oct. 12, 2007 Rank issued a profit warning which outlined a
19% like for like fall in revenues in Mecca's UK bingo business
since Sept. 1, 2007 and a 9% decline in revenues in its
Grosvenor Casinos unit.  These declines were largely equally
attributed to a combination of the ban on smoking in enclosed
public places introduced in England from July 1, 2007 and in
Wales from April 1, 2007 and the loss of Section 21 gaming
terminals.

The fall in revenues is expected to have a material negative
impact on operating cash flows and EBITDA due to the structure
of the company's fixed cost base.  Whilst it is difficult to
draw conclusions from the short five week trading period,
forward visibility has considerably weakened and this is
reflected in the B1 rating.  Moody's previous guidance included
that a total debt to EBITDA ratio above 5.5 times on an adjusted
basis would indicate downward ratings pressure.  Moody's now
anticipate this ratio to be exceeded if performance is
maintained at reduced levels.

Conclusion of the review for possible further downgrade will be
based on an assessment of the company's normalized future
position and whether the fall in patronage and spend per visitor
persists or can be reversed.  This is particularly important
given the magnitude of the fall in revenues even though the
company has been proactive in positioning itself well in advance
of these changes occurring.

The company's liquidity position will also be an important
ratings driver.  The refinance of bank facilities earlier this
year lengthened debt maturities and provided material headroom
to fund the repayment of the 2008 notes.  Nevertheless, cash
flows could become strained if the lower operating performance
and capital expenditure and dividend policies are sustained.
Bank facilities are subject to covenant compliance and MAC
clause.

Affected ratings that remain under review for possible downgrade
are:

   -- Corporate family rating at The Rank Group plc downgraded
      to B1 from Ba3.

   -- The rating on the US$100 million Guaranteed notes due
      2008 at Rank Group Finance (guaranteed by Rank) downgraded
      to B3/LGD5/85% from B2/LGD5/84%.

   -- The rating on the US$14.3 million Guaranteed notes due
      2018 at Rank Group Finance (guaranteed by Rank) downgraded
      to B3/LGD5/85% from B2/LGD5/84%.

Rank is a gaming group with interests in casinos, bingo, online
and telephone betting, mainly in the U.K. but also Spain and
Belgium.  The company is headquartered in Maidenhead, England.
For the last 12 months to June 30, 2007 Rank reported revenues
of around GBP557 million.


REFCO INC: Trusts Seek Return of US$400 Mln from Former Insiders
----------------------------------------------------------------
The Refco Litigation Trusts have filed a lawsuit seeking the
return of more than $400 million from former Refco Inc.
insiders. The lawsuit, filed in the United States Bankruptcy
Court for the Southern District of New York, seeks return of
preferential and fraudulent transfers from former owners,
officers and directors of Refco who participated in a massive
scheme to strip assets out of Refco.

The complaint alleges that the preferences and fraudulent
transfers were concealed within and behind a number of
fraudulently engineered financial transactions, including a
surreptitious profits participation agreement funneled through
Refco Group Holdings, Inc., a holding company controlled by
defendant Phillip R. Bennett.  Other insiders named in the
action include Tone N. Grant, John D. Agoglia, Edwin L. Cox,
Sukhmeet "Mickey" Dhillon, Thomas H. Dittmer, Stephen Grady,
Eric Lipoff, Santo Maggio, Peter McCarthy, Joseph Murphy, Frank
Mutterer, William Sexton, and Robert Trosten.  The lawsuit also
seeks to void the transfers of certain asset management
companies and other transfers to RGHI.

Another lawsuit was filed by the Trusts in the United States
District Court for the Southern District of New York against
former insider Thomas Hackl and companies controlled by Mr.
Hackl seeking the return of more than $5 million transferred to
Mr. Hackl or companies controlled by him and for damages
resulting from Mr. Hackl's active participation in the fraud.

"The lawsuits filed today are in addition to five other lawsuits
filed by the Trusts and customers of Refco Capital Markets
seeking in the aggregate more than $2 billion dollars of damages
to Refco and its creditors as a direct result of the massive
fraudulent scheme perpetrated for more than eight years by Mr.
Bennett, with the aid and assistance of numerous insiders and
third parties," Marc S. Kirschner, Trustee of the Refco Trusts,
said.

Over the last several days the Trusts also brought more than 180
lawsuits in the United States Bankruptcy Court for the Southern
District of New York seeking in the aggregate more than $33
million from the return of preferential and fraudulent
transfers, collection of accounts receivables and other causes
of action against non-insiders.

                  About the Refco Litigation Trusts

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

                        About Refco Inc.

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

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

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.


REMY WORLDWIDE: Court Sets Plan Confirmation Hearing for Nov. 20
----------------------------------------------------------------
The Honorable Kevin J. Carey will hold a hearing on Nov. 20,
2007, at 3:30 p.m. to consider the adequacy of the Debtors'
Solicitation and  Disclosure Statement and the Prepetition
Solicitation Procedures, and to confirm the Prepackaged Plan of
Reorganization.

Objections, if any, must be filed by Nov. 9, 2007.

Judge Carey directed the United States Trustee not to convene
Section 341 meeting prior to Nov. 7, 2007.  The Court will
consider on that day the Debtors' request for the U.S. Trustee
not to convene a 341 meeting if the Plan is confirmed within 90
days from the Petition Date.

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 2,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REMY WORLDWIDE: Wants Court to Approve CVC Settlement Agreement
---------------------------------------------------------------
Remy Worldwide Holdings, Inc., and its debtor-affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to assume a Settlement, Support, Forbearance and
Release Agreement, dated as of June 15, 2007, with Court Square
Capital Limited, a subsidiary of Citigroup Inc., and certain
holders of Remy securities to protect against the possible loss
of tax benefits related to the Debtors' net operating loss
carryovers.

Court Square agreed, among others, to:

   1. certain limitations on its ability to effectuate stock
      transfers and take a worthless stock deduction with
      respect to the shares of RWHI's equity interests it
      holds; and

   2. compromise amounts owed to it under a December 2002
      Advisory Agreement with the Debtors.

The parties exchanged mutual releases under the CVC Settlement
Agreement.  Remy also agreed to pay Court Square US$4,000,000 in
cash on the effective date of Remy's prepackaged plan of
reorganization and to assume the CVC Settlement Agreement
promptly upon filing for bankruptcy.

About US$1,750,000 of the Settlement Payment will be paid to
Court Square Advisor, LLC, and US$2,250,000 will go to Citicorp
Venture Capital Equity Partners L.P.  If Court Square does not
receive the payment by June 15, 2008, the payment will begin to
accrue interest at 20% per annum as of that date, until paid in
full.

Court Square and the Noteholders also agreed to support the
Debtors' Plan.

Court Square acquired Delco Remy International, Inc., in March
2001 pursuant to a merger transaction.  Court Square, through
its affiliates, currently holds roughly 70% of RWHI Equity
Interests.

Court Square may terminate the CVC Settlement Agreement if,
among other things, (i) the Plan is inconsistent with the terms
of the Settlement Agreement, (ii) the Bankruptcy Court does not
approve the assumption of the Agreement or (iii) if certain
provisions of the deal are severed, disallowed, modified,
amended, withdrawn, or deemed invalid or unenforceable.  In the
event of termination, Court Square could sell its RWHI equity
securities or, if the Debtors not emerge from bankruptcy during
the 2007 calendar year, claim a worthless stock deduction and
cause an ownership change with respect to the company under
Section 382 of the Tax Code prior to the Effective Date.  An
ownership change effectively would eliminate the Debtors'
ability to use their existing NOLs to offset future income of
Reorganized Remy.

                   Reasonable Business Judgment

Section 365 of the Bankruptcy Code provides that the trustee,
"may assume or reject any executory contract or unexpired lease
of the Debtor."  The standard for a bankruptcy court's approval
of a motion to assume under Section 365 is whether the debtor's
reasonable business judgment supports assumption, Douglas P.
Bartner, Esq., at Shearman & Sterling LLP, in New York, the
Debtors' proposed counsel, reminds Judge Carey, citing NLRB v.
Bildisco & Bildisco, 465 U.S. 513,523 (1984); Group of Inst.
Investors v. Chicago, Milw., St. Paul & Pac. R.R. Co., 318 U.S.
523, 550 (1943); Meyers v. Martin (In re Martin), 91 F.3d 389,
395 (3d Cir. 1996); In re Market Square Inn, Inc., 978 F.2d 116,
121 (3d Cir. 1992); In re Taylor, 913 F.2d 102 (3d Cir. 1990);
and Sharon Steel Corp. v. Nat'l Fuel Gas Distrib. Corp. (In re
Sharon Steel Corp.), 872 F.2d 36, 40 (3d Cir. 1989).

Preserving the NOLs could provide significant tax savings to the
Debtors following their emergence from Chapter 11 because it
will reduce, and potentially completely offset, the potential
effects of "cancellation of debt" income to be incurred by the
Debtors as a result of the debt restructuring contemplated by
the Plan, Mr. Bartner explained.

The Settlement also lets the Debtors' estate avoid claims by
Court Square as a result of the rejection of the Advisory
Agreement.

"The benefit derived from assumption [of the Settlement] could
last for years to the extent that the Reorganized Debtors are
able to utilize the NOLs," Mr. Bartner said.

The CVC Settlement Agreement was negotiated in good faith and at
arm's-length, Mr. Bartner assured the Court.

Court Square's affiliates holding Remy Equity Interests are:

   a) Court Square Advisor, LLC

   b) Court Square Capital Limited
      * 1,000 Shares Class A Common Stock

   c) Citicorp Venture Capital Equity Partners, L.P.
      * 1,735,711.17 Shares Class B Common Stock
      * 16,378.57 Shares Class C Common Stock
      * 1,620,406.51 Shares Series A Preferred Stock

   d) CVC Management LLC

   e) CVC/SSB Employee Fund, L.P.
      * 17,278.89 Shares Class B Common Stock
      * 163.15 Shares Class C Common Stock
      * 16,131.04 Shares Series A Preferred Stock

   f) CVC Executive Fund LLC
      * 15,395.57 Shares Class B Common Stock
      * 145.28 Shares Class C Common Stock
      * 14,372.83 Shares Series A Preferred Stock

   g) CVC Partners, LLC                       -

Court Square is represented in the Debtors' cases by H. Jeffrey
Schwartz, Esq., at Dechert LLP, in New York.

The Noteholders that signed the CVC Settlement Agreement are:

   1. Fidelity National Special Opportunity Inc.;
   2. Hoak & Co.;
   3. Third Point LLC;
   4. H Partners LP;
   5. Joshua Tree Capital Partners, LP;
   6. Corriente Master Fund, L.P.; and
   7. Group G Capital Partners LLC
   8. Ore Hill Hub Fund Ltd., Geer Mountain Financing, Ltd.,
      Kinney Hill Credit Opportunities Fund, Ltd.;

The Noteholders are represented by Fred S. Hodara, Esq., at Akin
Gump Strauss Hauer & Feld LLP, in New York.

                    About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 3,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                            *********

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.

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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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