TCREUR_Public/071018.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, October 18, 2007, Vol. 8, No. 207

                            Headlines


A U S T R I A

E.BEKASSY-BEKAS KEG: Claims Registration Period Ends Oct. 22
G & P GRISSENBERGER: Claims Registration Period Ends Oct. 23
JAV LLC: Estate Administrator Declares Insufficient Assets
KARL LOCKAUER: Claims Registration Period Ends Oct. 23
REVE LLC: Claims Registration Period Ends Oct. 20

RUDOLF GABMANN: Vienna Court Orders Business Shutdown
VIENNA-TRADING LLC: Claims Registration Period Ends Oct. 25
WITZANI BPM: Claims Registration Period Ends Oct. 23


B E L G I U M

ARVINMERITOR INC: Inks Joint Venture Pact with TRW Automotive
ARVINMERITOR INC: Signs Six-Year Contract with Electronic Data


F R A N C E

ARROW ELECTRONICS: Earns US$99.2 Mln in Quarter Ended June 30


G E R M A N Y

AZIDA HOLZ- UND DACHBAU: Claims Registration Ends November 30
CALL NOW: Claims Registration Ends November 30
CNTA GMBH: Claims Registration Ends November 12
COIL CONTAINER: Claims Registration Ends November 22
DMX-BAU GMBH: Claims Registration Ends November 30

HECKLER & KOCH: S&P Rates EUR120 Million Senior Notes at B-
IKB DEUTSCHE: PwC Report Cites Risk Management Deficiencies
IKB DEUTSCHE: Restructures Board & Realigns Business Model
IKB DEUTSCHE: Sees Higher 2007 Loss Due to Restructuring Costs
LMS LOGISTIK: Claims Registration Period Ends Nov. 26

MARIENTHALER GASTHOF: Claims Registration Period Ends Nov. 26
MOTHERMIK GMBH: Claims Registration Period Ends Nov. 23
OVERINGSHOF PROJEKT: Claims Registration Ends November 30
STRUTHMANN GMBH: Claims Registration Period Ends Oct. 30
TISCHLEREI SCHMELING: Claims Registration Period Ends Oct. 30

UNI-ELEKTRONIK GMBH: Claims Registration Period Ends Oct. 30
WOHNMOEBEL-VERWALTUNGS GMBH: Claims Period Ends on Oct. 25


I R E L A N D

ELAN CORP: Third Parties Eye Biogen Acquisition
ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008


I T A L Y

ALITALIA SPA: Baldassarre Group Eyes Three-Year Restructuring
FIAT SPA: Finance Unit to Repay EUR123.4 Million Bonds


K A Z A K H S T A N

BASTAU OJSC: Proof of Claim Deadline Slated for Nov. 23
BEST OIL: Creditors Must File Claims Nov. 23
BM TRADE: Claims Filing Period Ends Nov. 23
MEHANOMONTAGE OJSC: Creditors' Claims Due on Nov. 23
NESTLE FOOD: Claims Registration Ends Nov. 23

SEITKOJA LLP: Proof of Claim Deadline Slated for Nov. 20
UJBAT TRADING: Creditors Must File Claims Nov. 20
ZHETYSU COMMERCE: Claims Filing Period Ends Nov. 23


K Y R G Y Z S T A N

ASIA-MEGA-CENTRE LLC: Creditors Must File Claims by November 21


N E T H E R L A N D S

FIRST DATA: Expands Commercial Payment Markets on Deecal Buy
FIRST DATA: Moody's Rates US$3.75 Bln Sr. Unsecured Notes at B3
FIRST DATA: Fitch Rates US$2 Billion Sr. Unsecured Notes at B-


P O L A N D

AFFILIATED COMPUTER: Earns US$37.6 Million in Fourth Quarter
SYMMETRY MEDICAL: Reveals Accounting Errors at U.K. Unit


R U S S I A

ALAPAEVSKENERGOGASPROM LLC: Creditors Must File Claims by Nov. 5
ARZAMASTSEVSKIJ PRODUCTION: Asset Sale Slated for Nov. 6
CHEBOKSARY-AVIA OJSC: Creditors Must File Claims by Nov. 6
ENGELS KOLKHOZ: Asset Sale Slated for November 14
FOOD INTEGRATED 4: Creditors Must File Claims by Nov. 6

GALBSTADT CJSC: Creditors Must File Claims by Dec. 6
MOUNTING WORKPIECES: Creditors Must File Claims by Dec. 6
NERCHINSKAYA CJSC: Bankruptcy Hearing Slated for Feb. 13
NOVOTOMNIKOVSKIJ LLC: Creditors Must File Claims by Nov. 6
ROSNEFT OIL: Earns US$7.66 Billion for Second Quarter 2007

RUSPROMBANK LLC: Creditors Must File Claims by Dec. 6
SISTEMA JSFC: Buys 28.16% Stake in Dalcombank for US$11.7 Mln
SVETLANA-MICROELECTRONICS: Creditors Must File Claims by Nov. 6


S W I T Z E R L A N D

AGOS LLC: Creditors' Liquidation Claims Due October 31
BFU MEDIA: Zug Court Closes Bankruptcy Proceedings
CARROSSERIE METE: Creditors' Liquidation Claims Due November 5
ICP-EFTPOS JSC: Creditors' Liquidation Claims Due October 31
ISOTIS INC: Adjourns Special Stockholders Meeting to October 23

LENT ELECTRONICS: Aargau Court Starts Bankruptcy Proceedings
MASSIVHAUS SWISS: Aargau Court Starts Bankruptcy Proceedings
REICHEN TRANSPORTE: Solothurn Court Closes Bankruptcy Process
TECHDOC LLC: Creditors' Liquidation Claims Due November 15
U-POINT LLC: Creditors' Liquidation Claims Due October 25

XEBION LLC: Creditors' Liquidation Claims Due November 21


T U R K E Y

ULKER BISKUVI: Moody's Lifts B1 Corporate Family Rating to Ba3


U K R A I N E

BI GLOBAL: Creditors Must File Claims by October 19
IVANO-FRANKOVSK RENT 1: Proofs of Claim Deadline Set October 19
LANOVTSY LLC: Proofs of Claim Deadline Set October 19
NOVOPETROVSKAYA LLC: Creditors Must File Claims by October 19
SPECIAL SECONDARY: Creditors Must File Claims by October 19

UKRAINA BANK: Liquidator Receives UAH230,000 in August


U N I T E D   K I N G D O M

ATLANTIC CARRIERS: Claims Filing Period Ends November 14
BAUSCH & LOMB: Moody's Withdraws PIK & Sub Notes Ratings
BAXI HOLDINGS: S&P Affirms B Credit Ratings on Amended Financing
BRITISH AIRWAYS: CEO Says Iberia Deal is “Not Transformational”
BROOKES SPECIALIST: Brings In Liquidators from Mazars

CABLE & WIRELESS: Dismisses Speculation on Business Disposal
COOPER TIRE: Closes US$7MM Rongcheng Stake Sale to ArcelorMittal
ELEKSEN GROUP: Brings In Joint Administrators from Deloitte
FAREPAK FOOD: 97% of Creditors Vote to Liquidate Assets
FOCUS DIY: Moody's Withdraws Caa3 Corporate Family Rating

FORD MOTOR: Expects to Sell British Marques in Two Months
GENERAL MOTORS: S&P Keeps Ratings on CreditWatch Positive
LUDGATE HEALTH: Taps Liquidators from UHY Hacker Young
MARKFIELD SERVICES: Appoints Liquidator from Deloitte & Touche
RHINEBRIDGE PLC: S&P Junks Capital Notes; Fails Loss Limit Test

SHAW GROUP: Names Brian Ferraioli as Chief Financial Officer
SOUTH QUAY: Claims Filing Period Ends November 5
SOUTHEND ENTERPRISE: Claims Filing Period Ends December 10
SYMMETRY MEDICAL: Reveals Accounting Errors at U.K. Unit
V L COLLECTIONS: Names Michael C. Kienlen Liquidator

VIEWFRAME PICTURES: Taps Joint Administrators from BDO Stoy

* Featured Conferences by Beard Audio for October 2007

* Upcoming Meetings, Conferences and Seminars

                            *********

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


E.BEKASSY-BEKAS KEG: Claims Registration Period Ends Oct. 22
------------------------------------------------------------
Creditors owed money by KEG E.Bekassy-Bekas (FN 279555k) have
until Oct. 22 to file written proofs of claim to court-appointed
estate administrator Gerhard Lesjak at:

         Mag. Gerhard Lesjak
         Pfarrplatz 17/2
         9020 Klagenfurt
         Austria
         Tel: 0463/59 00 52
         Fax: 0463/59 00 52-20
         E-mail: office@ra-lesjak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 29 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Sept. 17 (Bankr. Case No. 41 S 93/07k).


G & P GRISSENBERGER: Claims Registration Period Ends Oct. 23
------------------------------------------------------------
Creditors owed money by LLC G & P Grissenberger & Partner (FN
129007t) have until Oct. 23 to file written proofs of claim to
court-appointed estate administrator Walter Eisl at:

         Dr. Walter Eisl
         Ardaggerstrasse 14
         3300 Amstetten
         Austria
         Tel: 07472/685 40
         Fax: 07472/68540/15
         E-mail: ra.dr.eisl@comteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on Nov. 13 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Euratsfeld, Austria, the Debtor declared
bankruptcy on Sept. 14 (Bankr. Case No. 14 S 160/07f).


JAV LLC: Estate Administrator Declares Insufficient Assets
----------------------------------------------------------
Dr. Werner Stanek, the court-appointed estate administrator for
LLC JAV (FN 281566v), declared Sept. 19 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 Sept. 12 (Bankr. Case No. 38 S 51/07p).

The estate administrator can be reached at:

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


KARL LOCKAUER: Claims Registration Period Ends Oct. 23
------------------------------------------------------
Creditors owed money by KEG Karl Lockauer (FN 184314a) have
until Oct. 23 to file written proofs of claim to court-appointed
estate administrator Gerhard Taufner at:

         Dr. Gerhard Taufner
         Bahnhofstrasse 5
         3390 Melk
         Austria
         Tel: 02752/5 24 66
         Fax: 02752/5 25 74
         E-mail: rechtsanwalt.taufner@taufner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Nov. 6 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Huerm, Austria, the Debtor declared bankruptcy
on Sept. 17 (Bankr. Case No. 14 S 161/07b).


REVE LLC: Claims Registration Period Ends Oct. 20
-------------------------------------------------
Creditors owed money by LLC REVE (FN 211187w) have until Oct. 20
to file written proofs of claim to court-appointed estate
administrator Wolfgang Winkler at:

         Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 71 55 045
         Fax: 71 55 0474

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 18 (Bankr. Case No. 28 S 104/07h).


RUDOLF GABMANN: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered Sept. 20 an order shutting
down the business of LLC Rudolf Gabmann (FN 74374z).

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

The estate administrator can be reached at:

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

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


VIENNA-TRADING LLC: Claims Registration Period Ends Oct. 25
-----------------------------------------------------------
Creditors owed money by LLC Vienna-Trading (FN 100642d) have
until Oct. 25 to file written proofs of claim to court-appointed
estate administrator Wolfgang Mayrhofer at:

         Mag. Wolfgang Mayrhofer
         Raiffeisenpromenade 2
         3830 Waidhofen/Thaya
         Austria
         Tel: 02842/52005-0
         Fax: 02842/52005-50
         E-mail: waidhofen@wvanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on Nov. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Vitis, Austria, the Debtor declared bankruptcy
on Sept. 20 (Bankr. Case No. 9 S 55/07x).


WITZANI BPM: Claims Registration Period Ends Oct. 23
----------------------------------------------------
Creditors owed money by LLC Witzani BPM (FN 180932b) have until
Oct. 23 to file written proofs of claim to court-appointed
estate administrator Walter Anzboeck at:

         Dr. Walter Anzboeck
         Stiegengasse 8
         3430 Tulln
         Austria
         Tel: 02272/61 600
         Fax: 61600-20
         E-mail: Anwalt@anzboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Nov. 13 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Nitzing, Austria, the Debtor declared
bankruptcy on Sept. 14 (Bankr. Case No. 14 S 159/07h).


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B E L G I U M
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ARVINMERITOR INC: Inks Joint Venture Pact with TRW Automotive
-------------------------------------------------------------
TRW Automotive Aftermarket, a business of TRW Automotive
Holdings Corp., entered into an agreement to create a Joint
Venture with ArvinMeritor Inc. to distribute Gabriel and TRW
branded shock absorber ranges for the European independent
aftermarket.  The intention is for the Joint Venture to begin
operation and distribution in January 2008.

"Shock absorbers are an integral element of our core chassis
portfolio,” Francois Augnet, vice president for TRW Automotive
Aftermarket Europe and Asia Pacific, said.  “We already offer a
comprehensive TRW branded range to our European customers and
are committed to enhancing it with the Gabriel programme to
maintain and develop our leading chassis position in the
European aftermarket."

"By combining the strengths of ArvinMeritor's engineering and
manufacturing competencies and the Gabriel brand name with
TRW's extensive sales and distribution network we are confident
that we can roll out successful shock absorber programmes for
the European independent aftermarket," Mr. Augnet continued.

With the recent sale of its European exhaust aftermarket
business, ArvinMeritor has sharpened its focus on original
equipment manufacturer systems engineering.  This includes a
renewed emphasis on its global ride control business.

With the Joint Venture, TRW and ArvinMeritor will jointly
control the future marketing, sales and distribution of the
Gabriel and TRW aftermarket programmes throughout Western,
Central and Eastern Europe.

"This is a great example of how both partners can share in the
investment, as well as reap the benefits,” Marlen Silverii,
general manager for ArvinMeritor's global ride control
aftermarket business added.  “The Gabriel aftermarket product
line is technically very strong, and when partnered with TRW's
growing aftermarket presence, it will offer our aftermarket
customers a strong chassis alternative."

                      About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries.  TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services

TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.

                        About Arvinmeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 19,000 people in 25
countries including China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Fitch Ratings downgraded its ratings on ArvinMeritor Inc.
including Issuer Default Rating to 'BB-' from 'BB'; Senior
secured revolver to 'BB' from 'BB+'; and Senior unsecured notes
to 'B+' from 'BB-'.  The rating outlook is negative.

Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  The outlook is negative.

Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable.  Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%).  The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2.  Moody's said the outlook is stable.


ARVINMERITOR INC: Signs Six-Year Contract with Electronic Data
--------------------------------------------------------------
ArvinMeritor Inc. and Electronic Data Systems Corp. has recently
signed a new, six-year agreement for EDS to manage the tier-one
automotive supplier's U.S. and Canadian Information Systems
infrastructure services.  EDS will help enable enhanced
capabilities, promote predictability in the system and speed
ArvinMeritor's ability to change with the evolving business
climate.

"As we continue our transformation, we look to EDS as a partner
that has extensive IS and industry experience," said Jay McLean,
vice president of service delivery, Information Systems, for
ArvinMeritor.  "Together, we will enhance our IS infrastructure
to one that is optimized for scale and reliability as we face
the challenges of today's marketplace."

With the agreement, EDS will assume responsibility for
ArvinMeritor's IS infrastructure, which includes consolidating
and hosting its midrange servers and mainframe computers in EDS
data centers.  EDS will provide support for the manufacturer's
data and voice networks, desktop and other end-user computing
services, electronic messaging, and provide global call center
services.

This enhanced IS infrastructure will standardize and modernize
tools and processes to increase quality and reduce
ArvinMeritor's total cost of ownership for its IS environment.

"As we launch this new contract, we are committed to
establishing a strong relationship," said Jeff Kelly, executive
vice president and manufacturing leader at EDS.  "Our goal is to
transform ArvinMeritor's IS environment in support of its
strategic initiatives with a secure, reliable global platform
essential for long-term sustainable growth."

EDS Agility Alliance partners Sun Microsystems and EMC will
provide products and services to ArvinMeritor related to the
consolidation of its midrange and data storage environments.
The EDS Agility Alliance is a coalition of companies globally
recognized for their quality, products and value to clients.
Its mission is to innovate, develop and deliver the EDS Agile
Enterprise Platform - EDS' next-generation global delivery
system.  Together, EDS and its Agility Alliance partners
collaborate to design, build and run a market-leading services
platform and develop technology-based services to deliver
tangible client results.  EDS Agility Alliance partners include
Cisco, EMC, Microsoft, Oracle, SAP, Sun Microsystems and Xerox.

EDS has significant industry-based knowledge in the automotive,
aerospace and defense, high tech and industrial manufacturing
segments, with more than 30 years of experience working with
manufacturers.  More than 20,000 EDS employees serve over 220
manufacturing clients in 40 countries.

                    About Electronic Data

Electronic Data Systems Corp. -- http://www.eds.com/-- (NYSE:
EDS) is a leading global technology services company delivering
business solutions to its clients.  EDS founded the information
technology outsourcing industry 45 years ago.  Today, EDS
delivers a broad portfolio of information technology and
business process outsourcing services to clients in the
manufacturing, financial services, healthcare, communications,
energy, transportation, and consumer and retail industries and
to governments around the world.

                      About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Fitch Ratings downgraded its ratings on ArvinMeritor Inc.
including Issuer Default Rating to 'BB-' from 'BB'; Senior
secured revolver to 'BB' from 'BB+'; and Senior unsecured notes
to 'B+' from 'BB-'.  The rating outlook is negative.

Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  The outlook is negative.

Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable.  Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%).  The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2.  Moody's said the outlook is stable.


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


ARROW ELECTRONICS: Earns US$99.2 Mln in Quarter Ended June 30
-------------------------------------------------------------
Arrow Electronics Inc. reported second quarter 2007 net income
of $99.2 million on sales of $4.04 billion, compared with net
income of $92.8 million on sales of $3.44 billion in the second
quarter of 2006.  Sales increased 17% year over year.

Excluding certain items impacting the comparability of the
second quarters of 2007 and 2006, on a non-GAAP basis, net
income for the quarter ended June 30, 2007, would have been
$101.5 million and net income for the quarter ended June 30,
2006, would have been $94.7 million.

"We continue to execute well on our strategic initiatives as
evidenced by our record results.  We achieved record sales,
generated an impressive level of cash flow, and managed our
asset base to a record low level of working capital to sales,"
said William E. Mitchell, chairman, president and chief
executive officer.  "We have made strong strategic moves over
the last 18 months that have resulted in a more diverse revenue
stream, a broader geographic footprint, and increased
opportunities in fast-growing product segments."

Global enterprise computing solutions sales of $1.27 billion
increased 78% sequentially and 103% year over year on strong
growth in industry standard servers, storage, software,
and services.  Growth was aided by the impact of the
acquisitions of KeyLink Systems Group, Alternative Technology
Inc. and the storage and security distribution business of
InTechnology plc.

"Our strategic transformation in global ECS is producing
impressive results as we grew sales at almost four times the
rate at which the market is expected to grow.  Global ECS now
represents approximately one-third of our business, further
diversifying and reducing the volatility of our revenue stream.
By further executing on significant cross-selling opportunities,
pursuing our strategic focus on the mid-market and leveraging
our unique software capabilities, we expect to continue to
outgrow the market.  With increased scale, scope and
flexibility, our strategy is proving out every day with our
customers and vendors," said Mitchell.

Global components sales of $2.77 billion were essentially flat
with the first quarter on fewer shipping days.  Sales decreased
2%  year over year as the well-publicized weakness within the
large EMS customer base continued in North America and Asia
Pacific.

The company's results for the second quarter of 2007 and 2006
include the items outlined below that impact their
comparability:

  -- during the second quarter of 2007, the company recorded a
     net restructuring charge of $2.9 million, primarily related
     to initiatives taken by the company in the period to
     improve operating efficiencies.

  -- during the second quarter of 2007, the company recorded an
     integration charge of $500,000, primarily related to the
     acquisition of KeyLink.

  -- during the second quarter of 2006, the company recorded a
     $3.1 million restructuring charge.

Arrow's net income for the first six months of 2007 was
$195.5 million on sales of $7.54 billion, compared with net
income of $174.3 million on sales of $6.63 billion in the first
six months of 2006.

At June 30, 2007, the company's consolidated balance sheet
showed $7.38 billion in total assets, $4.13 billion in total
liabilities, and $3.25 billion in total shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?244b

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- 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.

                          *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


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G E R M A N Y
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AZIDA HOLZ- UND DACHBAU: Claims Registration Ends November 30
-------------------------------------------------------------
Creditors of AZIDA Holz- und Dachbau GmbH have until Nov. 30 to
register their claims with court-appointed insolvency manager
Sebastian Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         98617 Meiningen
         Germany

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

The insolvency manager can be reached at:

         Sebastian Nolte
         Peterstr. 5
         99084 Erfurt
         Germany

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

The Debtor can be reached at:

         AZIDA Holz- und Dachbau GmbH
         Obere Gasse 4
         98667 Schoenbrunn
         Germany


CALL NOW: Claims Registration Ends November 30
----------------------------------------------
Creditors of Call Now Verwaltungsgesellschaft mbH have until
Nov. 30 to register their claims with court-appointed insolvency
manager Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Jan. 29, 2008 at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Call Now Verwaltungsgesellschaft mbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Call Now Verwaltungsgesellschaft mbH
         Langestrasse 1
         44137 Dortmund
         Germany

         Attn: Patrick Senn, Manager
         Parkguertel 15
         50823 Cologne
         Germany


CNTA GMBH: Claims Registration Ends November 12
-----------------------------------------------
Creditors of CNTA GmbH have until Nov. 12 to register their
claims with court-appointed insolvency manager Manfred
Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

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

The Debtor can be reached at:

         CNTA GmbH
         Kleinbahnhof 1
         58456 Witten
         Germany

         Attn: Dieter Lenke, Manager
         Blumenstr. 82
         99192 Erfurt
         Germany


COIL CONTAINER: Claims Registration Ends November 22
----------------------------------------------------
Creditors of Coil Container Internationale Logistik GmbH have
until Nov. 22 to register their claims with court-appointed
insolvency manager Georg Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         Germany

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

The insolvency manager can be reached at:

         Georg Henningsmeier
         Osdorfer Landstr. 230
         22549 Hamburg
         Germany
         Tel: 040 8078810
         Fax: 040 807881-20

The District Court of Cuxhaven opened bankruptcy proceedings
against Coil Container Internationale Logistik GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Coil Container Internationale Logistik GmbH
         Am Seepark 39
         27607 Langen
         Germany

         Attn: Wolfgang Linke, Manager
         Geschwornenweg 174
         28201 Bremen
         Germany


DMX-BAU GMBH: Claims Registration Ends November 30
--------------------------------------------------
Creditors of DMX-Bau GmbH have until Nov. 30 to register their
claims with court-appointed insolvency manager Dr. Harald
Schwartz.

Creditors and other interested parties are encouraged to attend
the meeting at 4:00 p.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 Amberg
         Room 115
         Meeting Hall V
         First Floor
         Baustadelgasse 1
         Amberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Harald Schwartz
         Waisenhausgasse 3-4
         92224 Amberg
         Germany
         Tel: 09621/91100
         Fax: 09621/911022

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

The Debtor can be reached at:

         DMX-Bau GmbH
         Weiher 11
         92289 Ursensollen
         Germany


HECKLER & KOCH: S&P Rates EUR120 Million Senior Notes at B-
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' senior
secured debt rating on the EUR120 million 9.25% senior secured
notes issued by Germany-based small-arms defense contractor
Heckler & Koch GmbH (B-/Negative/--).  At the same time, S&P
assigned a recovery rating of '4' to the debt, indicating our
expectation of average (30%-50%) recovery in the event of a
payment default.

Recovery prospects are based on a discrete-asset valuation and
are supported by a favorable insolvency regime and an absence of
prior-ranking liabilities.  The security package is comprised of
the issuer's shares pledge and subsidiaries' guarantees, which
we consider weak.

The recovery rating of '4' assumes that the guarantees provided
by the company's subsidiaries are enforceable, and that its
unfunded pension liabilities remain at the current level of
about EUR50 million (including the EUR13.5 million IFRS pension
adjustment).  In addition, the amount of bid, performance, and
advance payment bond facilities available at default is assumed
to be about EUR30 million.  This is at the same level as
reported in December 2006, excluding the Barclays Bank facility
which requires a bank balance for the corresponding amount.
Should these figures materially change, S&P will review the
recovery rating.


IKB DEUTSCHE: PwC Report Cites Risk Management Deficiencies
-----------------------------------------------------------
The Supervisory Board and the Board of Managing Directors of IKB
Deutsche Industriebank AG have evaluated the report prepared by
PricewaterhouseCoopers in connection with the crisis affecting
the US subprime mortgage market and agreed with PwC’s risk
assessment.

Within the scope of the report, PwC determined the risk
situation of the IKB Group.  PwC also analyzed how the bank’s
risk-bearing capacity could have been compromised by Rhineland
Funding Capital Corporation (Rhineland Funding), to the extent
seen.  In addition, PwC assessed IKB’s accounting and valuation
policies and evaluated the appropriateness of its risk
management and control processes, taking into account the bank’s
wholly-owned subsidiary IKB Credit Asset Management GmbH (IKB
CAM).  PwC were also asked to investigate whether the
Supervisory Board was informed sufficiently and accurately by
the Board of Managing Directors about IKB’s risk situation.

                         Key Findings

Risk Situation

The PwC report analyzed the bank’s risk situation, taking into
account the cover provided by the risk shield.  The risk shield
includes the assumption by KfW and the pool of banks of IKB's
financial obligations under the EUR8.1 billion liquidity
commitments to Rhineland Funding, and it covers further risks
IKB was exposed to vis-a-vis other liquidity providers to
Rhineland Funding.  IKB’s remaining risk positions relating to
Rhineland Funding do not present a meaningful risk of default.

The pool of banks led by KfW will assume first losses on certain
risk positions carried on IKB’s balance sheet up to an amount of
EUR1 billion.  These risk positions are related to a portfolio
with an aggregate volume of EUR3.3 billion comprising sub-prime
assets, securities exposed to strong market fluctuations, and
first-loss pieces or assets exposed to particularly high default
risk.  Irrespective thereof, IKB continues to carry investments
on its balance sheet that are outside the risk shield.  This
portfolio, amounting to approximately EUR3 billion, is exposed
to significantly lower risks than the EUR3.3 billion protected
by the pool of banks.

Further expected restructuring charges, including the default
risk exposure at Rhinebridge are included in the full year
forecast for the current financial year of the expected Group
loss under IFRS of up to EUR700 million.  Rhinebridge is a
structured investment vehicle sponsored by IKB that like
Rhineland Funding had invested in collateralized loan
obligations and is exposed to certain sub-prime investments.

Risk Management and Control Processes

A central issue criticized by PwC's report concerns deficiencies
in risk analysis, risk management, and reporting for both on-
balance and off-balance portfolio investments.  These
investments had increased considerably, as they provided a
significant contribution to realizing the bank’s ambitious
growth targets.  To a large degree, the management of these
portfolio investments had been entrusted to IKB CAM.  The
resulting role and importance assigned to IKB CAM significantly
exceeded the function of a pure advisor to IKB.  The control
structures applied to IKB CAM were inadequate in light of the
extensive authority assigned to IKB CAM, and hence, its
influence on the bank’s risk position.  Decisions on large-scale
investments in the US sub-prime segment could thus be taken
without adequate control.

Accounting Impact

PwC sees a necessity to consolidate Rhineland Funding.  The
issuing entities of securities held within the Bank’s own fund
investments should in their view also be consolidated.  The
Board of Managing Directors will follow PwC’s advice regarding
consolidation.  It therefore decided to restate the IFRS Group
accounts for the financial year ended March 31, 2007.

This restatement will lead to higher mark-to market losses due
to the fair value concept and is likely to result in a reduction
by up to EUR180 million of the previously communicated IFRS
Group annual operating profit 2006/07 of EUR263 million.  Due to
the fair value approach significantly higher earnings volatility
is expected in the future.

In addition, the Board of Managing Directors currently reviews
the appropriateness of an adjustment to the German GAAP
financial statements of the AG as of March 31, 2007.  If such an
adjustment is made, the financial result will be reduced but
remain a profit.  The hybrid capital market instruments will not
be affected.

Reporting to the Bank’s Supervisory Board

Regarding the reporting to IKB’s Supervisory Board, PwC conclude
that the Board of Managing Directors did not inform the
Supervisory Board about the risks from IKB’s sub-prime exposure.
The Steering Committee received information for the first time
on July 27, 2007 and the entire Supervisory Board on July 29,
2007.

The Supervisory Board was informed about the liquidity facility
granted to Rhineland Funding but not about the far reaching risk
assumptions for liquidity lines of other liquidity providers.
The Supervisory Board was also not informed about IKB’s complex
interdependency with the conduit and the risks for IKB of a
disruption of the market for Asset Backed Commercial Paper.

The credit risk reports regularly presented to the Supervisory
Board did not include sufficient analysis of the financial risk
regarding Rhineland Funding.  According to the PwC report, the
audit reports that were presented to the Supervisory Board did
not include any indications of the existence of subprime risks
for IKB either.  This applies in particular to a special audit
concerning risk and interest management, which was commissioned
by the Supervisory Board and carried out by an independent
accounting firm.  Hence, the Supervisory Board was unable to
recognize the special risk situation that led to IKB’s
existential crisis.

The PwC report concludes that the Board of Managing Directors
did not inform the Supervisory Board adequately about the
overall economic picture.

              About IKB Deutsche Industriebank AG

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Oct. 4, 2007,  Fitch Ratings
has downgraded IKB Deutsche Industriebank AG's hybrid debt
securities to Long-term 'BB-' from 'A'.  They remain on Rating
Watch Negative.  IKB is rated Long-term Issuer Default 'A+' with
Stable Outlook, Short-term IDR 'F1', Support '1' and Individual
'F'.  Its subordinated debt issues are rated 'A'.

IKB's hybrid capital instruments rated Long-term 'BB-' and on
RWN are:

   -- EUR75 million IKB Funding Trust I's perpetual notes

   -- EUR400 million Funding Trust II's perpetual notes

   -- EUR100 million IKB International SA's capital contribution
      certificates maturing in 2009

   -- EUR200 million Hybrid Raising GmbH's perpetual capital
      notes linked to a silent participation in IKB

   -- EUR200 million Capital Raising GmbH's perpetual notes
      linked to a silent participation in IKB

   -- EUR70 million IKB International SA's capital contribution
      certificates maturing in 2010

   -- EUR150 million Propart Funding Ltd's profit participation
      certificates maturing in 2015.


IKB DEUTSCHE: Restructures Board & Realigns Business Model
----------------------------------------------------------
The Supervisory Board of IKB Deutsche Industriebank AG disclosed
the resignation of Markus Guthoff and Frank Braunsfeld from the
management board, effective immediately.  The board changes
followed the assessment of a report prepared by
PricewaterhouseCoopers in connection with the crisis affecting
the US subprime mortgage market and agreed with PwC’s risk
assessment.

Aside from Messrs. Guthoff and Braunsfeld, Stefan Ortseifen and
Volker Doberanzke also ceased to be members of the Board of
Managing Directors.  In addition, Winfried Reinke, Managing
Director of IKB CAM, has been discharged of his duties.

Reinhard Grzesik was appointed as a member of IKB’s Board of
Managing Directors with effect from 15 October 2007, and will
assume the position of Chief Financial Officer.  Dr. Grzesik is
an experienced CFO, with many years of experience in the
international banking market –- having served as CFO of Depfa
Plc -– and a proven restructuring expert.

IKB CEO Guenther Braeunig said: ”The changes made at Board level
permit the company to make a fresh start.  We are delighted that
we could convince Dr. Reinhard Grzesik, a proven finance and
restructuring expert, to join IKB.”

                        Board Action Plan

The Board of Managing Directors has defined a comprehensive
action plan consisting of measures already planned and further
consequences taken from the PwC report.

On Sept. 3, 2007, the bank announced that it would limit market
price and interest rate risks to a larger extent.  IKB’s risk-
bearing capacity concept will be revised and simplified.  The
departments risk management and credit risk controlling will be
consolidated.  Furthermore, a Risk Committee chaired by the
Chief Risk Officer will be established.

In addition, the risk reporting procedures to the Supervisory
Board should be improved.

Dr. Braeunig said: “The acute crisis of IKB has been mastered.
We have a clear restructuring schedule for IKB.”

                       IKB Restructuring

IKB’s future business model will be focused more substantially
on the three core business units Corporate Clients (comprising
Domestic Corporate Clients, Leasing and Private Equity), Real
Estate Financing, and Structured Financing, in Germany and
abroad.

The corresponding planning framework has been presented to the
Supervisory Board.  It envisages that returns will be at a
significantly lower level in the coming years but they will be
achieved on the basis of a more conservative risk structure.

Dr. Brauunig said: “IKB will focus on its tasks as a reliable
partner for medium-sized companies, leveraging on its expertise
as a specialist financing house.  IKB's outstanding position in
an attractive market offers sufficient potential for sustained
business success.  IKB’s Board of Managing Directors envisages a
medium term operating profit at a low three-digit million Euro
level.”

Several success factors will be crucial for IKB’s further
development.  Top priority is assigned to securing the bank’s
core businesses, and retaining key personnel.

"Our staff have demonstrated a very high level of commitment,
which proves their loyalty to IKB,” Dr. Brauunig commented.  “We
have been receiving a great deal of support from our clients.
Clearly, this demonstrates that our commitment to the medium-
sized companies has been, and remains the right strategy. The
new business generated during recent months was at a gratifying
level.”

A strong and reliable partner is another essential component of
the bank’s business strategy.  Against this background, IKB
welcomes KfW’s decision to evaluate strategic options for its
stake in IKB.  Dr. Braeunig said: “IKB is the finance house for
German medium-sized businesses.  More than that: we are also
specialists for acquisition finance, project finance, and real
estate finance.  We have a lot to offer to a strong partner.“

              About IKB Deutsche Industriebank AG

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Oct. 4, 2007,  Fitch Ratings
has downgraded IKB Deutsche Industriebank AG's hybrid debt
securities to Long-term 'BB-' from 'A'.  They remain on Rating
Watch Negative.  IKB is rated Long-term Issuer Default 'A+' with
Stable Outlook, Short-term IDR 'F1', Support '1' and Individual
'F'.  Its subordinated debt issues are rated 'A'.

IKB's hybrid capital instruments rated Long-term 'BB-' and on
RWN are:

   -- EUR75 million IKB Funding Trust I's perpetual notes

   -- EUR400 million Funding Trust II's perpetual notes

   -- EUR100 million IKB International SA's capital contribution
      certificates maturing in 2009

   -- EUR200 million Hybrid Raising GmbH's perpetual capital
      notes linked to a silent participation in IKB

   -- EUR200 million Capital Raising GmbH's perpetual notes
      linked to a silent participation in IKB

   -- EUR70 million IKB International SA's capital contribution
      certificates maturing in 2010

   -- EUR150 million Propart Funding Ltd's profit participation
      certificates maturing in 2015.


IKB DEUTSCHE: Sees Higher 2007 Loss Due to Restructuring Costs
--------------------------------------------------------------
Due to higher expected restructuring costs, the Board of
Managing Directors of IKB Deutsche Industriebank AG estimates
that the forecasted net loss for the AG according to German GAAP
for the current financial year will increase from EUR450 million
to approximately EUR500 million.

The forecast of a full year net loss for the Group of up to
EUR700 million under IFRS remains unchanged.

Following the restructuring of IKB and the announced realignment
of the business model, the Board of Managing Directors
anticipates a net profit in the low three-digit million Euro
level in the medium term.

              About IKB Deutsche Industriebank AG

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Oct. 4, 2007,  Fitch Ratings
has downgraded IKB Deutsche Industriebank AG's hybrid debt
securities to Long-term 'BB-' from 'A'.  They remain on Rating
Watch Negative.  IKB is rated Long-term Issuer Default 'A+' with
Stable Outlook, Short-term IDR 'F1', Support '1' and Individual
'F'.  Its subordinated debt issues are rated 'A'.

IKB's hybrid capital instruments rated Long-term 'BB-' and on
RWN are:

   -- EUR75 million IKB Funding Trust I's perpetual notes

   -- EUR400 million Funding Trust II's perpetual notes

   -- EUR100 million IKB International SA's capital contribution
      certificates maturing in 2009

   -- EUR200 million Hybrid Raising GmbH's perpetual capital
      notes linked to a silent participation in IKB

   -- EUR200 million Capital Raising GmbH's perpetual notes
      linked to a silent participation in IKB

   -- EUR70 million IKB International SA's capital contribution
      certificates maturing in 2010

   -- EUR150 million Propart Funding Ltd's profit participation
      certificates maturing in 2015.


LMS LOGISTIK: Claims Registration Period Ends Nov. 26
-----------------------------------------------------
Creditors of LMS Logistik & Markt-Service GmbH have until
Nov. 26 to register their claims with court-appointed insolvency
manager Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 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:

         Dr. Georg Bernsau
         Zeilweg 42
         D 60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Offenbach am Main opened bankruptcy
proceedings against LMS Logistik & Markt-Service GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LMS Logistik & Markt-Service GmbH
         Attn: Hans-Joachim Bernhardt, Manager
         Kloecknerstr. 3
         63110 Rodgau
         Germany


MARIENTHALER GASTHOF: Claims Registration Period Ends Nov. 26
-------------------------------------------------------------
Creditors of Marienthaler Gasthof Hartmann GmbH have until
Nov. 26 to register their claims with court-appointed insolvency
manager Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Dec. 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Marienthaler Gasthof Hartmann GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Marienthaler Gasthof Hartmann GmbH
         Pastor-Winkelmann-Str. 2
         46499 Hamminkeln
         Germany


MOTHERMIK GMBH: Claims Registration Period Ends Nov. 23
-------------------------------------------------------
Creditors of Mothermik GmbH have until Nov. 23 to register their
claims with court-appointed insolvency manager Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/304-790
         Fax: 0261/911-4729
         E-mail: http://www.lieser-rechtsanwaelte.de

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

The Debtor can be reached at:

         Mothermik GmbH
         Attn: Jan H. Kramb, Manager
         Industriestr. 3
         56291 Pfalzfeld
         Germany


OVERINGSHOF PROJEKT: Claims Registration Ends November 30
---------------------------------------------------------
Creditors of Overingshof Projekt GmbH have until Nov. 30 to
register their claims with court-appointed insolvency manager
Carl Wiegand.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Krefeld
         Meeting Hall H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         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:

         Carl Wiegand
         Kempener Strasse 27
         47839 Krefeld
         Germany
         Tel: 02151-74810
         Fax: +4902151748120

The District Court of Krefeld opened bankruptcy proceedings
against Overingshof Projekt GmbH on Sept. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Overingshof Projekt GmbH
         Hüserheide 52
         47918 Toenisvorst
         Germany

         Attn: Patrick Andreas Neitzel, Manager
         Robert-Koch-Str. 5
         41564 Kaarst
         Germany


STRUTHMANN GMBH: Claims Registration Period Ends Oct. 30
--------------------------------------------------------
Creditors of Struthmann GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Christian
Plail.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 pm. on Nov. 26, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Noerdlingen
         Meeting Hall F/I
         Kaisheimer House
         Tandelmarkt 5
         Noerdlingen
         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:

         Christian Plail
         Eserwallstrasse 1 - 3
         86150 Augsburg.
         Germany
         Tel: 0821/509330
         Fax: 0821/5093333

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

The Debtor can be reached at:

         Struthmann GmbH
         Attn: Dieter Struthmann, Manager
         Augsburger Strasse 23
         86637 Wertingen
         Germany


TISCHLEREI SCHMELING: Claims Registration Period Ends Oct. 30
-------------------------------------------------------------
Creditors of Tischlerei Schmeling GmbH have until Oct. 30 to
register their claims with court-appointed insolvency manager
Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

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

The Debtor can be reached at:

         Tischlerei Schmeling GmbH
         Attn: Michael Schmeling, Manager
         Viehgasse 6
         45481 Muelheim an der Ruhr
         Germany


UNI-ELEKTRONIK GMBH: Claims Registration Period Ends Oct. 30
------------------------------------------------------------
Creditors of Uni-Elektronik GmbH have until Oct. 30 to register
their claims with court-appointed insolvency manager Dr. Dirk
Herzig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27
         Fuerstenstrasse 21
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Herzig
         Promenadenstrasse 3
         09111 Chemnitz
         Tel: (0371) 382370
         Fax: (0371) 3823710
         E-Mail: DHerzig@schubra.de

The District Court of Chemnitz opened bankruptcy proceedings
against Uni-Elektronik GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Uni-Elektronik GmbH
         Attn: Thomas Windisch, Manager
         Fil. Gablenz-Center Chemnitz
         Helenen Str. und Anna-Esche-Str.12
         09212 Limbach-Oberfrohna
         Germany


WOHNMOEBEL-VERWALTUNGS GMBH: Claims Period Ends on Oct. 25
----------------------------------------------------------
Creditors of Wohnmoebel-Verwaltungs GmbH have until Oct. 25 to
register their claims with court-appointed insolvency manager
Frank Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Wohnmoebel-Verwaltungs GmbH
         Industriestr. 5
         97528 Sulzdorf a.d.L.
         Germany


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


ELAN CORP: Third Parties Eye Biogen Acquisition
-----------------------------------------------
Elan Corporation plc has noted the announcement on Oct. 12, 2007
by Biogen Idec Inc. that Biogen has received expressions of
interest from third parties and that its Board of Directors has
authorized its management to evaluate potential interest in
acquiring the company.

Elan has a 50% interest in the TYSABRI collaboration.  TYSABRI
was discovered and largely developed by Elan, and was partnered
with Biogen in 2000 for multiple indications.  Under the terms
of the Collaboration Agreement, if a third party acquires
control of Biogen, Elan has several options:

   -- the right to acquire for fair value the 50% economic
      interest in TYSABRI currently held by Biogen;

   -- under certain circumstances, the ability to sell its 50%
      economic interest in TYSABRI; or,

   -- to continue with the existing agreement.

Elan also may consider restructuring the Collaboration Agreement
in connection with a third party's acquisition of Biogen.

If Biogen's evaluation process results in a change of control,
Elan will evaluate the forgoing options in the best interest of
its shareholders.  Elan has engaged Lehman Brothers to assist in
assessing and analyzing all options as appropriate.

                         About the Company

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

                          *     *     *

As reported in the TCR-Europe on Oct. 15, 2007, Standard &
Poor's Ratings Services revised its outlook on Elan
Corp. PLC to positive from stable and affirmed the ratings on
the company and its subsidiaries, including the 'B' corporate
credit rating.

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service the rating agency confirmed its B3 Corporate
Family Rating for Elan Corporation plc and assigned a B2
probability-of-default rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%


ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008
----------------------------------------------------------------
The U.S. Food and Drug Administration informed the Elan
Corporation plc and Biogen Idec that it will extend its
regulatory review of TYSABRI(R) (natalizumab) as a treatment for
Crohn's disease by up to three months.

The companies have been informed by the FDA that the Agency
requires additional time to review information regarding the
proposed TYSABRI risk management plan for Crohn's disease.
Under this revised timeline, the companies anticipate action
from FDA on or before Jan. 13, 2008.

On December 15, 2006, the companies submitted to the FDA a
supplemental Biologics License Application (sBLA) for TYSABRI as
a treatment of moderately to severely active Crohn's disease.
This sBLA includes the results of three randomized, double-
blind, placebo-controlled, multi-center trials of TYSABRI
assessing the safety and efficacy as both an induction and
maintenance therapy - ENCORE (Efficacy of Natalizumab in
Crohn's Disease Response and Remission), ENACT-1 (Efficacy of
Natalizumab as Active Crohn's Therapy) and ENACT-2 (Evaluation
of Natalizumab As Continuous Therapy).  The sBLA includes data
from more than 1,500 Crohn's patients treated with TYSABRI, as
well as proposed labeling and a risk management plan.  TYSABRI
is a humanized monoclonal antibody believed to block entry of
inflammatory immune cells into the wall of the intestine,
thus limiting inflammatory damage in Crohn's disease.  TYSABRI
is the first potential treatment for Crohn's disease with this
proposed mechanism of action.

                         About TYSABRI

In the US, TYSABRI is approved as a monotherapy treatment for
relapsing forms of MS.  TYSABRI increases the risk of
progressive multifocal leukoencephalopathy, an opportunistic
viral infection of the brain that usually leads to death or
severe disability.  Patients should be monitored at regular
intervals for any new or worsening signs or symptoms suggestive
of PML.  Because of the increased risk of PML, TYSABRI is
generally recommended for patients who have had an inadequate
response to, or are unable to tolerate, alternate MS therapies.
It is available in the US only through a restricted distribution
program called the TOUCH Prescribing
Program.

In the European Union, TYSABRI is indicated as a single disease-
modifying therapy in highly active relapsing-remitting MS
patients.  It is for patients with high disease activity despite
treatment with a beta-interferon or in patients with rapidly
evolving severe relapsing-remitting MS.

Serious adverse events that occurred in TYSABRI-treated patients
included hypersensitivity reactions (e.g., anaphylaxis),
infections, depression and gallstones.  In MS trials, the
incidence and rate of other serious and common adverse events,
including the overall incidence and rate of infections, were
balanced between treatment groups.  Herpes infections were
slightly more common in patients treated with TYSABRI.  Serious
opportunistic and other atypical infections have been observed
in TYSABRI-treated patients, some of whom were receiving
concurrent immunosuppressants.  Common adverse events reported
in TYSABRI-treated patients includee headache, fatigue, infusion
reactions, urinary tract infections, joint and limb pain, lower
respiratory infections, rash, gastroenteritis, abdominal
discomfort, vaginitis, and diarrhea.

Worldwide, more than 10,000 MS patients are currently receiving
therapy with TYSABRI, either in the commercial setting or in
clinical trials.  TYSABRI was discovered by Elan and is co-
developed with Biogen Idec.

                       About the Company

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

                          *     *     *

As reported in the TCR-Europe on Oct. 15, 2007, Standard &
Poor's Ratings Services revised its outlook on Elan
Corp. PLC to positive from stable and affirmed the ratings on
the company and its subsidiaries, including the 'B' corporate
credit rating.

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service the rating agency confirmed its B3 Corporate
Family Rating for Elan Corporation plc and assigned a B2
probability-of-default rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%


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


ALITALIA SPA: Baldassarre Group Eyes Three-Year Restructuring
-------------------------------------------------------------
The Antonio Baldassarre-led consortium has no plans to cut jobs
in Alitalia S.p.A. should it acquire the Italian government's
49% stake in the national carrier, Agenzia Giornalistica Italia
reports.

The consortium, composed of Engineering S.p.A., I Viaggi del
Ventaglio S.p.A., SAFNA, Aermar Srl, Mivtach shamir H Ltd. and
Reficere, plans to restore Alitalia's finances within two-to-
three years, AGI reports.

Mr. Baldassarre said the consortium, which will have a starting
capital of EUR1 billion to EUR1.5 billion, does not plan to
downscale Alitalia's operations in Milan Malpensa and Rome
Fiumicino airports, and instead increase routes, AGI adds.

Mr. Baldassare told Thomson Financial that the consortium plans
to launch long-haul routes to Africa and the Middle East as well
as maintain Alitalia's existing role, he said.  He expects
Alitalia to allow the possible buyers to perform diligence on
the company's books.

As reported in the TCR-Europe on Oct. 10, 2007, Alitalia decided
to open talks, through the financial advisor Citi and industrial
advisor Roland Berger, with:

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

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/ -- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.


FIAT SPA: Finance Unit to Repay EUR123.4 Million Bonds
------------------------------------------------------
Fiat S.p.A.'s Fiat Finance & Trade Ltd. S.A., a company
organized under the laws of Luxembourg, will repay
EUR123,400,000 equal to the first amortization installment of
the outstanding “Fiat Step Up Amortizing 2001 - 2011” bonds of
EUR617,000,000 on Nov. 7, 2007.

The repayment is in compliance with the provisions of the
instructions to the rules of the markets organized and managed
by Borsa Italiana S.p.A.

In accordance with the conditions of the bond, the repayment
will reduce by one-fifth the face value of each outstanding
bond.  As a result, the face value will then amount to EUR800
each for a total residual amount of EUR493,600,000.

Consequently, the smallest denomination of each bond will thus
be reduced from EUR1,000 to EUR800.

                         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
===================


BASTAU OJSC: Proof of Claim Deadline Slated for Nov. 23
-------------------------------------------------------
OJSC Bastau has declared insolvency.  Creditors have until
Nov. 23 to submit written proofs of claims to:

         OJSC Bastau
         Tsarev Str. 12
         Aksu
         Pavlodar
         Kazakhstan


BEST OIL: Creditors Must File Claims Nov. 23
--------------------------------------------
LLP Best Oil Ltd. has declared insolvency.  Creditors have until
Nov. 23 to submit written proofs of claims to:

         LLP Best Oil Ltd.
         Energetikov Side Street Three
         Almaty District
         Astana
         Kazakhstan


BM TRADE: Claims Filing Period Ends Nov. 23
-------------------------------------------
LLP BM Trade Ltd. has declared insolvency.  Creditors have until
Nov. 23 to submit written proofs of claims to:

         LLP BM Trade Ltd.
         Tauelsizdyk Str. 101a
         Taldykorgan
         Almaty
         Kazakhstan


MEHANOMONTAGE OJSC: Creditors' Claims Due on Nov. 23
----------------------------------------------------
OJSC Mehanomontage has declared insolvency.  Creditors have
until Nov. 23 to submit written proofs of claims to:

         OJSC Mehanomontage
         Suyunbai ave. 343
         Suyunbai ave. 343
         Almaty
         Kazakhstan
         Tel: 8 (3272) 35-89-37, 35-69-77, 35-77-26


NESTLE FOOD: Claims Registration Ends Nov. 23
---------------------------------------------
Representation of LLP Nestle Food in Republic of Kazakhstan has
declared its closure.  Creditors have until Nov. 23 to submit
written proofs of claims to:

         Representation of LLP Nestle Food
         Mynbayev Str. 53a
         Almaty
         Kazakhstan


SEITKOJA LLP: Proof of Claim Deadline Slated for Nov. 20
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Seitkoja insolvent on Sept. 4.

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

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


UJBAT TRADING: Creditors Must File Claims Nov. 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Ujbat Trading insolvent on Sept. 4.

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

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


ZHETYSU COMMERCE: Claims Filing Period Ends Nov. 23
---------------------------------------------------
LLP Zhetysu Commerce has declared insolvency.  Creditors have
until Nov. 23 to submit written proofs of claims to:

         LLP Zhetysu Commerce
         Micro District Jetysu, 12/5
         Taldykorgan
         Almaty
         Kazakhstan


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


ASIA-MEGA-CENTRE LLC: Creditors Must File Claims by November 21
---------------------------------------------------------------
LLC Asia-Mega-Centre has declared insolvency.  Creditors have
until Nov. 21 to submit written proofs of claim to:

         LLC Asia-Mega-Centre
         Moskovskaya Str. 136-2
         Bishkek
         Kyrgyzstan


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


FIRST DATA: Expands Commercial Payment Markets on Deecal Buy
------------------------------------------------------------
First Data Corp. has acquired Deecal International, a specialist
software solutions provider for commercial payments.

The acquisition positions First Data strongly in the expanding
commercial payments market.  It enhances the company's global
commercial payments offering, providing a state-of-the-art
management information capability that First Data will make
available to banking, corporate and public sector clients around
the world.

David Yates, president, First Data International, said:
"Commercial cards are an increasingly important component of
card portfolios for financial and corporate organisations.  This
acquisition positions First Data strongly to support our banking
clients in Europe, the United States and other major markets,
providing high-quality online management information in support
of their national and multinational corporate customers.
Through the acquisition, we welcome 32 new employees with highly
valued skills and expertise into First Data."

Des Cahill, managing director of Deecal International added: "As
part of First Data, we now have access to a global market and
the backing of an established and highly successful global
electronic payments company. O ur clients, whether domestic or
multinational, will benefit from First Data's support for the
Deecal platform, and our employees will enjoy the expanded
career development opportunities that this acquisition
represents."

Founded in 1991, Deecal International is a privately owned
company headquartered in Dublin, Ireland.  The company offers a
complete commercial card e-payment solution that can be fully
integrated into existing procurement, payment and accounting
infrastructure and workflows.  The solution supports the full
range of commercial cards, business, purchasing and corporate
travel and entertainment cards and meets the needs of both
domestic and multinational organisations. It is offered using a
hosted ASP service model that ensures rapid implementation and
minimises start-up costs.

Deecal has a client base of more than 200 banks, corporations
and government agencies across Europe and in the United States.
The company maintains direct connections with banks, payment
card associations and travel agents to provide daily reporting.

                      About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/
-- provides  electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.


FIRST DATA: Moody's Rates US$3.75 Bln Sr. Unsecured Notes at B3
---------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to First Data
Corporation's US$3.75 billion senior unsecured cash pay notes,
the proceeds of which will be used to permanently finance a
portion of its leveraged buyout by Kohlberg, Kravis, Roberts &
Co, which closed on Sept. 24, 2007.  The ratings are subject to
Moody's review of final documentation.  The rating outlook for
First Data is stable.

The total LBO transaction value is approximately US$29 billion.
Financing for the transaction includes US$1 billion of Holdings
senior PIK notes (3.4% of proposed financing sources), and
US$6.4 billion of common equity contributed by equity sponsor
KKR (21.7%).  The company has committed bridge financing for all
unsold debt instruments.

The B2 Corporate Family Rating is constrained by considerable
financial leverage pro forma for the buyout (pro forma debt to
EBITDA approximates 9x) and reflects an expectation that credit
metrics, including free cash flow to debt, will remain weak for
at least eighteen months following the transaction's close.  The
main factors that help mitigate the company's high leverage are
FDC's large size, service breadth, liquidity, and leading market
positions in the steadily growing markets (with revenue growth
in the mid to high single digit range with minimal fluctuation
for economic cyclicality) of electronic commerce and payment
solutions for financial institutions, merchants, and other
organizations worldwide.

The company's corporate family rating, pro forma for the
anticipated financial leverage of the buyout, is weakly
positioned in the B2 category because of its high debt burden.
The rating assumes free cash flow to debt of less than 1% and
EBITDA less capital expenditures interest coverage of about 1.1x
(including PIK interest) during the twelve months that follow
the acquisition's close.  FDC has targeted certain initiatives
that are underway to improve its cost structure and exit its
official check and money order processing business (Integrated
Payment Systems, IPS).  The cost savings initiatives include
efforts to reduce corporate overhead spending, streamline
business unit costs, consolidate data and command centers, and
capitalize on global labor sourcing opportunities.  The B2
rating assumes these initiatives will generate at least US$150
million of near-term savings by the end of 2008.

With respect to liquidity, the company is expected to have near
full availability under its US$2 billion senior secured revolver
(about US$200 million drawn at the LBO's closing and less than
US$100 million incremental draws in the 12 months subsequent to
closing) and will have over US$500 million of available cash on
hand.  The senior secured credit facilities have a debt to
EBITDA financial maintenance covenant, which Moody's views as
providing a substantial cushion, set at a ratio of 7.25x senior
debt to EBITDA, to be first tested on a quarterly basis for the
fourth quarter of 2008.  This test ratio then steps down by
0.25x each year thereafter to 6.0x at December 2013.  The
company is expected to generate at least modest free cash flow
by the end of 2008.

The B3 rating on the company's US$3.75 billion senior unsecured
cash pay notes, one notch below the Corporate Family Rating,
reflects a loss given default of LGD 5 (77%).

The stable rating outlook reflects Moody's expectation that the
company will achieve moderate organic revenue growth and EBITDA
improvement over the next 12-18 months.  Cash flow, financial
leverage, and interest coverage are expected to remain weak for
the rating category during this period.  Given the weak pro
forma credit metrics, a moderate decline in profitability could
put downward pressure on the ratings.  Downward ratings pressure
could also occur were Moody's to expect the company's free cash
flow to be negative on a sustained twelve month basis.  Weak
credit metrics make an upgrade unlikely in the near term.  Over
the intermediate term, the ratings could be upgraded were FDC to
achieve favorable revenue and profit growth and debt reduction,
and if free cash flow to debt were to be sustained in the mid
single digits or higher.

These ratings were assigned:

   -- US$3.75 billion senior unsecured cash pay notes (due 2015)
      - B3, LGD 5 (77%)

Based in Greenwood Village, Colorado, First Data Corporation is
a global leader in electronic commerce and payment solutions for
financial institutions, merchants, and other organizations
worldwide including those in New Zealand, the Netherlands and
Mexico.


FIRST DATA: Fitch Rates US$2 Billion Sr. Unsecured Notes at B-
--------------------------------------------------------------
Fitch Ratings has assigned a 'B-' rating to First Data Corp.'s
proposed senior unsecured notes offering as:

  -- Up to $2 billion senior unsecured notes due 2015 rated
     'B-/RR6'.

Fitch previously assigned these ratings to FDC on Sept. 17,
2007, following its leveraged buyout by Kohlberg Kravis Roberts
& Co.:

  -- Long-term Issuer Default Rating 'B+';

  -- $2 billion senior secured revolving credit facility due
     2013 'BB/RR2';

  -- $13 billion senior secured term loan B due 2014 rated
     'BB/RR2'.

The Rating Outlook is Stable.

Liquidity is adequate with approximately $500 million in cash
and $1.8 billion available under a $2 billion senior secured
credit facility maturing in 2013.  Fitch expects FDC to generate
minimal free cash flow in the first year following the close of
its acquisition by KKR.

FDC's debt pro forma is approximately $23 billion, consisting
of:

   -- a $13 billion senior unsecured term loan B due 2014;

   -- $2 billion in senior unsecured notes expiring 2015;

   -- $4.5 billion remaining on a senior unsecured 12-month
      bridge facility expiring September 2008;

   -- $2.5 billion drawn on a senior subordinated 12-month
      bridge facility expiring September 2008; and

   -- $1 billion of senior unsecured PIK notes due 2016 issued
      at a holding company and structurally subordinated to all
      other existing debt.

FDC has bank commitments in place that require the remaining
bridge facilities to either be replaced or converted into
equivalent eight-year senior unsecured notes and nine-year
senior subordinated notes.  Of the $4.5 billion remaining under
the senior unsecured bridge facility, $2.75 billion is in the
form of senior unsecured PIK notes for the first four years,
converting to cash pay notes in 2011.


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


AFFILIATED COMPUTER: Earns US$37.6 Million in Fourth Quarter
------------------------------------------------------------
Affiliated Computer Services Inc. reported net income of
$37.6 million for the fourth quarter ended June 30, 2007,
compared with net income of $86.1 million for the same period
last year.  Fourth quarter fiscal year 2007 revenues were $1.52
billion, a 10% increase compared to fourth quarter fiscal year
2006 revenues of $1.38 billion.

Fiscal year 2007 revenues were $5.77 billion, compared with
revenues of $5.35 billion for fiscal year 2006.  Excluding the
divestiture of the Welfare to Workforce Services business, total
revenue growth was 10% compared to the prior fiscal year.  Net
income for fiscal year 2007 was $253.1 million, compared with
net income of $358.8 million for fiscal year 2006.

Lynn Blodgett, ACS' president and chief executive officer, said,
"I am proud of our dedicated employees and their efforts that
drove our strong finish to the year.  Despite non-operational
distractions, we generated record company revenues for the year,
significantly improved our client renewal rates, and enjoyed
outstanding cash flow results.  We are focused on running our
business, growing revenues and profit, and emphasizing
innovation in our offerings."

During the fourth quarter of fiscal 2007, the company completed
the following acquisitions:

  -- CDR Associates LLC for a purchase price of approximately
     $27.0 million and a potential earnout of up to $15 million,
     based on future results.  CDR, with trailing twelve month
     revenues of approximately $17.0 million, expands ACS'
     existing services to the healthcare payor market by adding
     credit balance audit services and a web-based credit
     balance system.

  -- certain assets of Albion Inc. for a purchase price of
     approximately $31.0 million.  Albion, with trailing twelve
     month revenues of approximately $25 million, specializes in
     integrated eligibility software solutions for the health
     and human services market and will enable ACS to offer an
     end-to-end integrated eligibility offering across multiple
     HHS programs.

Cash flow from operations for fiscal year 2007 was $738 million,
or 13% of revenue, and free cash flow was $378 million, or 7% of
revenue.  Capital expenditures and additions to intangibles were
$360 million, or 6% of revenues.

Fiscal year 2007 new business signings were $607.0 million of
annual recurring revenue with an estimated total contract value
of $2.8 billion.  In terms of annual recurring revenue,
approximately 79% of new business signings were business process
outsourcing deals and approximately 21% were information
technology solutions signings.  Additionally, the company
renewed $869.0 million of annual recurring revenue with an
estimated total contract value of $2.4 billion during fiscal
year 2007.

At June 30, 2007, the company's consolidated balance sheet
showed $5.98 billion  in total assets, $3.92 billion in total
liabilities, and $2.06 billion in total shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2448

                    About Affiliated Computer

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                          *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.


SYMMETRY MEDICAL: Reveals Accounting Errors at U.K. Unit
--------------------------------------------------------
Symmetry Medical Inc. disclosed that the Audit Committee of its
Board of Directors has initiated an independent review of
apparent irregularities with respect to the Company's accounting
policies and practices at its Sheffield, U.K. operating unit.

The review follows a report by management earlier this week to
the Audit Committee regarding apparent improper accounting
activities at its Sheffield, U.K. operating unit.  Based on the
information reported by management, certain transactions at
issue appear to have resulted in the overstatement of revenues
by that unit dating back to 1999, well prior to the Company's
acquisition of the Sheffield, U.K. operations in June 2003.

From its initial review, management estimates that the
overstatement of revenue and income before taxes for the entire
nine-year period amounts to approximately US$12 million to
US$16 million.  The impact to the financial statements of the
Company for the period subsequent to its acquisition of the
Sheffield unit in June 2003 through 2007 is yet to be
determined.

The employees at the Sheffield, U.K. operating unit believed to
be primarily involved in this activity, including the Senior
Vice President for Europe, are either no longer with the Company
or have been suspended pending the completion of the review.

                     Financial Restatements

Based on the information reported by management to date, the
Audit Committee believes that it may be necessary for the
Company to restate its financial statements for the periods
subsequent to the date of the Sheffield, U.K. acquisition. As a
result, the Company's historic financial statements for those
periods can no longer be relied upon.

                        Event of Default

The Company's lead bank has informed the Company that, as a
result of these matters, an event of default has occurred under
the Company's credit agreement.  Such default permits the bank,
at its election, to exercise various remedies.  The Company is
in discussion with its lead bank concerning the Company's
situation.

"The Audit Committee has retained special legal counsel to
advise it and to investigate these matters thoroughly," Francis
T. Nusspickel, Chairman of the Audit Committee of the Board of
Directors, said.  "Our principal concern is to move quickly to
determine what occurred and how it occurred and to ensure the
integrity of our financial reporting and controls throughout the
Symmetry organization."

"We are treating this matter with the utmost importance," Brian
Moore, President and Chief Executive Officer, said.  I do want
to stress that, based upon available information, we believe
that this matter affects only the Sheffield, U.K. operating
unit. Changes have been made to the Sheffield site management by
the Company and I will assume interim responsibility for the
Sheffield facility.  We expect a new Chief Operating Officer for
Europe to be in place by the end of the year who will be based
at Sheffield and take over responsibility for this unit. While
the situation is concerning, we expect to continue serving the
needs of our customers with continuing operations from all of
our worldwide units including Sheffield."

                   About Symmetry Medical Inc.

Headquartered in Warsaw, Poland, Symmetry Medical Inc. --
http://www.symmetrymedical.com/-- provides implants and related
instruments and cases to the orthopedic device industry.  The
Company also designs, develops and produces these products for
companies in other segments of the medical device market,
including arthroscopy, dental, laparoscopy, osteobiologic and
endoscopy sectors and provides limited specialized products and
services to non-healthcare markets, such as the aerospace
market.


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


ALAPAEVSKENERGOGASPROM LLC: Creditors Must File Claims by Nov. 5
----------------------------------------------------------------
Creditors of AlapaevskEnergoGasProm LLC have until Nov. 5 to
submit proofs of claim to:

         Semenov S.V.
         Interim manager
         POB 439
         620000 Ekaterinburg
         Russia

The Arbitration court of Sverdlovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. А60-14190/07-С11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia


ARZAMASTSEVSKIJ PRODUCTION: Asset Sale Slated for Nov. 6
--------------------------------------------------------
Laptev S.N., the Competitive proceedings manager of
Arzamastsevskij Production-Agricultural Cooperative will open a
public auction for the company's properties at 11:00 a.m. on
Nov. 6 at:

         Lenina Str. 4
         Arzamastsevo Settlement
         Karakulinskij Raion
         Udmurtia
         Russia

The company has set a RUR1,015,000 starting price for the
auctioned assets.

Interested participants have until Nov. 6 to deposit an amount
equivalent to 10% of the starting price to:

         Arzamastsevskij Production-Agricultural Cooperative
         Settlement Account 40702810628020000161
         Correspondent Account 30101810900000000716
         OJSC AK BARS BANK
         Izhevsk branch
         Russia

Bidding documents must be submitted to:

         Raskolnikova Str. 146
         Sarapul
         Udmurtia
         Russia
         Tel: (34147) 40874


CHEBOKSARY-AVIA OJSC: Creditors Must File Claims by Nov. 6
----------------------------------------------------------
Creditors of Fuel-Filling Company Cheboksary-Avia OJSC have
until Nov. 6 to submit proofs of claim at:

         Kalinina Str. 66-331
         428013 Cheboksary
         Russia

The Arbitration court of Chuvash commenced bankruptcy
supervision procedure on the company.  The Court appointed
Ignatyev G.S. as Interim manager.  The case is docketed under
Case No. А79-6764/2007.

The Debtor can be reached at:

         Mostovaya Str. 91
         Troitskaya Station
         Sunzhenskij Raion
         386245 Ingushetia
         Russia


ENGELS KOLKHOZ: Asset Sale Slated for November 14
-------------------------------------------------
Osadchuk Yu. N., the Competitve proceedings manager will open a
public auction for the company's properties at noon on Nov. 14
at:

         Office 109
         Novinskaya Str. 13
         Ekaterinburg
         Russia

The company has set a RUR12,784,000 starting price for the
auctioned assets.

Interested participants have until Nov. 13 to deposit an amount
of RUR10,000 to:

         Engels Kolkhoz
         Settlement Account 40702810865510000426
         Commecial Bank Ural Jewelry (OJSC)
         Ekaterinburg
         Russia

Bidding documents must be submitted to:

         Office 217
         Novinskaya Str. 13
         Ekaterinburg
         Russia

The Debtor can be reached at:

         Engels Kolkhoz
         Pelevina village
         Baikalovskij raion
         Sverdlovsk
         Russia


FOOD INTEGRATED 4: Creditors Must File Claims by Nov. 6
-------------------------------------------------------
Creditors of Food Integrated Plant 4 CJSC have until Nov. 6 to
submit proofs of claim to:

         Babenko I.V.
         Interim manager
         POB 6
         194214 SPb
         Russia

The Arbitration court of St. Petersburg and the Leningrad will
convene on Jan. 13, 2008 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
А56-19105/07.

The Court is located at:

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

The Debtor can be reached at:

         Food Integrated Plant 4 CJSC
         Bely-Kuna Str. 34
         St. Petersburg
         Russia


GALBSTADT CJSC: Creditors Must File Claims by Dec. 6
----------------------------------------------------
Creditors of Asset Management Agro-Industrial Financial Company
Galbstadt CJSC have until Dec. 6 to submit proofs of claim to:

         Pitsun V.E.
         Competitive proceedings manager
         POB 25
         Slavgorod
         658820 Altai krai
         Russia

The Arbitration court of Altai krai declared the company
insolvent on Sept. 5, 2007.  The case is docketed under Case No.
А03-877/07-Б.

The Debtor can be reached at:

         Asset Management Agro-Industrial Financial Company
         Galbstadt CJSC
         Traktornaya Str. 46
         Galbstadt Settlement
         Nemetskij National Raion
         Altai krai
         Russia


MOUNTING WORKPIECES: Creditors Must File Claims by Dec. 6
---------------------------------------------------------
Creditors of Mounting Workpieces Plant OJSC have until Dec. 6 to
submit proofs of claim to:

         Dudenevskoye Shosse 17
         Bogorodsk
         607600 Nizhnij Novgorod
         Russia

The Arbitration court of Nizhnij Novgorod commenced competitive
proceedings against the company after finding it insolvent.
The case is docketed under Case No. А43-4889/2007, 33-80.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         Mounting Workpieces Plant OJSC
         Dudenevskoye Shosse 17
         Bogorodsk
         607600 Nizhnij Novgorod
         Russia


NERCHINSKAYA CJSC: Bankruptcy Hearing Slated for Feb. 13
--------------------------------------------------------
The Arbitration court of Chita will convene at 2:30 p.m. on
Feb. 13, 2008 to hear the bankruptcy supervision procedure on
Gold-Industrial Company Nerchinskaya CJSC.  The case is docketed
under Case No. А78-4422/2007-Б-339.

The Interim Manager is:

         Karpov S.E.
         POB 734
         672000 Chita
         Russia

The Debtor can be reached at:

         Gold-Industrial Company Nerchinskaya CJSC
         Zhuravleva Str. 10
         673400 Nerchinsk
         Russia


NOVOTOMNIKOVSKIJ LLC: Creditors Must File Claims by Nov. 6
----------------------------------------------------------
Creditors of Horse Farm Novotomnikovskij LLC have until Nov. 6
to submit proofs of claim at:

         Michurinskaya Str. 106
         392018 Tambov
         Russia

The Arbitration court of Tambov commenced bankruptcy supervision
procedure on the company.  The Court appointed Hludentsov A.V.
as Interim Manager.  The case is docketed under Case No. А64-
3398/07-21.

The Debtor can be reached at:

         Horse Farm Novotomnikovskij LLC
         Novotomnikovo settlement
         Morshanskij raion
         Tambov
         Russia


ROSNEFT OIL: Earns US$7.66 Billion for Second Quarter 2007
----------------------------------------------------------
OAO Rosneft Oil Co. released it financial results for the second
quarter and first half ended June 30, 2007, prepared according
to U.S. Generally Accepted Accounting Principles.

Rosneft posted US$7.66 billion in net income on US$10.76 billion
in net revenues for the second quarter of 2007, compared with
US$1.08 billion in net income on US$8.6 billion in net revenues
for the same period in 2006.

Adjusted net income increased to US$1.66 billion for the second
quarter of 2007, adjusted for the effect of non-operating
accrual of fines and penalties related to pre-acquisition
Yuganskneftegaz tax debt, income from consolidation of Yukos-
Mamontovo, and the effect of proceeds from the Yukos bankruptcy.

Rosneft posted US$8.01 billion in net income on US$19 billion in
net revenues for the first half of 2007, compared with US$1.88
billion in net income on US$15.93 billion in net revenues for
the same period in 2006.

Adjusted net income increased to US$2.35 million for the first
half of 2007, adjusted for the effect of non-operating accrual
of fines and penalties related to pre-acquisition
Yuganskneftegaz tax debt proceeds, income from consolidation of
Yukos-Mamontovo and receipt of the Yukos bankruptcy receivables.

The improved financial performance in the second quarter of 2007
over the same period in 2006 was largely due to strong
improvements in organic performance, specifically accelerated
production growth rates and improved domestic product sales, the
new level of vertical integration at the Company following the
acquisition of five new refineries in May 2007 and the purchase
of new upstream assets.

"The results of the second quarter of 2007 demonstrate strong
organic performance both through industry-leading production
growth and increased profitability," Sergey Bogdanchikov,
president of Rosneft, said.  "These financial results include
the recently acquired assets for approximately half the second
quarter and further improvements in profitability will be
realized as we continue to integrate and optimize our portfolio.
We will continue to work to demonstrate leading financial
performance and earnings growth among Russian oil majors."

                          About Rosneft

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

                            *   *   *

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


RUSPROMBANK LLC: Creditors Must File Claims by Dec. 6
-----------------------------------------------------
Creditors of RusPromBank (Russian Industrical Bank) LLC have
until Dec. 6 to submit proofs of claim at:

         POB 48
         109052 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration court of Moscow commenced competitive
proceedings against the company after finding it insolvent. The
case is docketed under Case No. А40-40586/07-103-128 Б.

The Competitive proceedings manager is:

         State Agency for Deposit Insurance
         Verhnij Taganskij Tupik 4
         109240 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         RusPromBank (Russian Industrical Bank) LLC
         Mira Pr. 192
         129128 Moscow
         Russia


SISTEMA JSFC: Buys 28.16% Stake in Dalcombank for US$11.7 Mln
-------------------------------------------------------------
JSFC Sistema has completed the acquisition of a 28.16% stake in
Dalcombank, a commercial bank based in the Far East of Russia,
for a total cash consideration of US$11.7 million.

As a result of this acquisition Sistema increased its ownership
in Dalcombank to 48.16% for a combined cash consideration of
US$20 million.

The acquisition of shares in Dalcombank is in line with the
development of Sistema`s banking group, which presently
comprises Moscow Bank for Reconstruction and Development (MBRD)
and East-West United Bank (Luxembourg).  Dalcombank is a leading
bank in the Far East region of Russia with a wide retail
network, which complements the existing network of the Group.

"Banking business is one of the key 'points of growth' for
Sistema.  The acquisition of shares in Dalcombank will allow us
to enter several regions of the Far East at the same time and to
significantly expand our client base," Alexander Goncharuk,
president and CEO of Sistema, commented.

                          About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.

Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of US$
18.5 billion as at Sept. 30, 2006.  Sistema's shares are listed
under the symbol 'SSA' on the London Stock Exchange, under the
symbol 'AFKS' on the Russian Trading System (RTS), and under the
symbol 'SIST' on the Moscow Stock Exchange (MSE).

                        *     *     *

As of Oct. 10, 2007, Sistema carries Moody's Investors'
Service's B1 long-term corporate family rating and probability
of default rating, Standard & Poor's BB- issuer credit rating
with positive outlook and Fitch Ratings' BB- issuer default
rating with stable outlook.


SVETLANA-MICROELECTRONICS: Creditors Must File Claims by Nov. 6
---------------------------------------------------------------
Creditors of Design-Enginnering Bureau Svetlana-Microelectronics
CJSC have until Nov. 6 to submit proofs of claim to:

         Rosladin P.N.
         Interim manager
         Smol'nogo Str. 1/3, 6
         191060 St. Petersburg
         Russia

The Arbitration court of St. Petersburg and the Leningrad will
convene at 11:00 a.m. on Jan. 11, 2008 to hear the company's
bankruptcy supervision procedure.

The Court is located at:

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

The Debtor can be reached at:

         Design-Enginnering Bureau Svetlana-Microelectronics
         CJSC
         Engel'sa Pr. 27
         194156 St. Petersburg
         Russia


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


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

         Peter De Maria
         Liquidator
         Hanflanderstrasse 49
         8640 Rapperswil SG
         Switzerland

The Debtor can be reached at:

         LLC AGOS
         Lachen SZ
         Switzerland


BFU MEDIA: Zug Court Closes Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Zug entered Sept. 12 an order closing
the bankruptcy proceedings of JSC BFU Media Holding.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC BFU Media Holding
         Untermuli 9
         6302 Zug
         Switzerland


CARROSSERIE METE: Creditors' Liquidation Claims Due November 5
--------------------------------------------------------------
Creditors of LLC Carrosserie Mete have until Nov. 5 to submit
their claims to:

         Unterrindal 21
         9604 Unterrindal
         Switzerland

The Debtor can be reached at:

         LLC Carrosserie Mete
         Lutisburg
         Switzerland


ICP-EFTPOS JSC: Creditors' Liquidation Claims Due October 31
------------------------------------------------------------
Creditors of JSC ICP-Eftpos have until Oct. 31 to submit their
claims to:

         JSC Centrapriv Zug
         Liquidator
         Alpenstrasse 15
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC ICP-Eftpos
         Zug
         Switzerland


ISOTIS INC: Adjourns Special Stockholders Meeting to October 23
---------------------------------------------------------------
IsoTis, Inc., has adjourned the special meeting of stockholders
it called to approve the acquisition of IsoTis by Integra
LifeSciences Holdings Corporation pursuant to an agreement and
plan of merger dated as of Aug. 6, 2007.

The special meeting of stockholders was held at 9 a.m. Pacific
time Oct. 11, 2007.  An insufficient number of shares was
present at the meeting to establish the quorum necessary to
approve the proposed transaction.  As a result, IsoTis
determined to adjourn the meeting to Oct. 23, 2007. until 7:30
a.m. Pacific time to permit additional time to collect the
proxies necessary to establish a quorum and approve the
acquisition by Integra.

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

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

                       Bankruptcy Warning

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

                         About Integra

Integra LifeSciences Holdings Corp. (NASDAQ: IART) develops,
manufactures, and markets surgical implants and medical
instruments used primarily in neurosurgery, extremity
reconstruction, orthopedics, and general surgery.  The Company
is based in Plainsboro, New Jersey.

                         About IsoTis

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

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


LENT ELECTRONICS: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC LENT Electronics on Sept. 6.

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 LENT Electronics
         Alte Strasse 27
         5734 Reinach AG
         Switzerland


MASSIVHAUS SWISS: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Massivhaus Swiss on Sept. 11.

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 Massivhaus Swiss
         Untere Bruhlstrasse 21
         4800 Zofingen
         Switzerland


REICHEN TRANSPORTE: Solothurn Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Wolfwil in Solothurn entered Aug. 27
an order closing the bankruptcy proceedings of LLC Reichen
Transporte.

The Bankruptcy Service of Wolfwil can be reached at:

         Bankruptcy Service of Wolfwil
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC Reichen Transporte
         Industrie Bannli 12
         4628 Wolfwil
         Gau SO
         Switzerland


TECHDOC LLC: Creditors' Liquidation Claims Due November 15
----------------------------------------------------------
Creditors of LLC TechDoc have until Nov. 15 to submit their
claims to:

         Steiglenweg 7
         6356 Rigi Kaltbad
         Switzerland

The Debtor can be reached at:

         LLC TechDoc
         Weggis LU
         Switzerland


U-POINT LLC: Creditors' Liquidation Claims Due October 25
---------------------------------------------------------
Creditors of LLC U-Point have until Oct. 25 to submit their
claims to:

         Bernhard Wahli
         Liquidator
         Dunnernstrasse 32
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC U-Point
         Oensingen
         Gau SO
         Switzerland


XEBION LLC: Creditors' Liquidation Claims Due November 21
---------------------------------------------------------
Creditors of LLC Xebion have until Nov. 21 to submit their
claims to:

         Walter Gahwiler
         Liquidator
         Eleonorenstrasse 2
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Xebion
         Klosters-Serneus
         Prattigau/Davos GR
         Switzerland


===========
T U R K E Y
===========


ULKER BISKUVI: Moody's Lifts B1 Corporate Family Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service raised the Corporate Family Rating and
Probability of Default Rating of Ulker Biskuvi San. A.S.,
formerly known as Ulker Gida San. Tic. A.S., to Ba3 from B1
reflecting the company's solid position in the Turkish biscuit
market and strong profitability.  The outlook is stable.

The upgrade mainly reflects:

   (i) the company's solid position in the Turkish market for
       biscuits and related products, with an estimated share of
       approximately 60%, and the resilience to foreign
       competition evidenced in recent years;

  (ii) the company's high albeit somewhat volatile
       profitability, strong financial metrics and adequate
       liquidity position in the medium term;

(iii) its established position in the local market, extensive
       distribution network, high brand recognition and large
       and diversified customer base; and

  (iv) the overall positive growth prospects for the Turkish
       economy, which should benefit from a higher degree of
       stability after the general elections in July this year.

Ulker Biskuvi's rating continues to remain constrained by:

   (i) its status as largely privately held company, coupled
       with less creditor-friendly policies such as dividend
       distributions to shareholders and related-party
       transactions;

  (ii) its rather limited size and the concentration of its
       sales in the local Turkish market, albeit in a currently
       favorable market environment;

(iii) a degree of uncertainty as to the profitability of the
       company's expansion plans in neighboring countries;

  (iv) the negative free cash flow generation experienced over
       the past two years, mainly as a result of related-party
       transactions and opportunistic investments in financial
       assets.

Moody's believes that, with YTL120.6 million of cash on balance
sheet and several uncommitted bilateral facilities in place with
local and international banks, Ulker Biskuvi's liquidity should
be adequate to cover the company's ongoing maintenance capex
(around YTL16 million per year), debt obligations in the medium
term and expansion capex commitments, which relate predominantly
to an investment of around YTL60 million in Ideal Kek.

The outlook is stable, reflecting the company's strong market
position in the Turkish biscuit market, the fragmentation of the
domestic retail market and the expectation that Ulker's brand
recognition will continue to be supported by product innovation.
Although further upward pressure on the ratings is unlikely in
the near term, a stabilization of the company's results at
current levels, the profitable internationalization of its
operations coupled with evidence of more creditor-friendly
financial policies limiting related-party transactions and
discretionary investments, could be positive for the rating.
Ratings could be negatively impacted by a major debt-funded
acquisition, lower returns from international investments or a
sharp downturn in domestic demand, leading to a contraction in
EBITA margins towards the mid single digits, an increase in its
debt/EBITDA ratio beyond 3.0x and further deterioration in FCF
generation.

The rating action follows the assignment on April 4, 2007 of a
probability of default rating of B1 to the corporate family.
The stable outlook was not affected.

Headquartered in Istanbul, Turkey, Ulker Biskuvi is one of the
operating divisions of the larger Ulker Group.  The company is
involved in the manufacturing and commercialization of a variety
of consumer products including biscuits, chocolate coated
biscuits, bars, wafers, crackers and baby food.  In 2006, Ulker
Biskuvi reported net sales and EBITDA of approximately YTL1.8
billion (US$1.26 billion) and YTL120 million (US$84.5 million),
respectively.


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


BI GLOBAL: Creditors Must File Claims by October 19
---------------------------------------------------
Creditors of LLC Bi Global (code EDRPOU 32662514) have until
Oct. 19 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. 23/328-b.

The Debtor can be reached at:

         LLC Bi Global
         M. Raskovaya Str. 11
         02002 Kiev
         Ukraine


IVANO-FRANKOVSK RENT 1: Proofs of Claim Deadline Set October 19
---------------------------------------------------------------
Creditors ano-Frankovsk Rent Road Repair-Building Management 1
(code EDRPOU 05466237) have until Oct. 19 to submit their proofs
of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is under
docketed Case No. B-7/161.

The Debtor can be reached at:

         Ivano-Frankovsk Rent Road Repair-Building Management 1
         Makogon Str. 23A
         Ivano-Frankovsk
         Ukraine



LANOVTSY LLC: Proofs of Claim Deadline Set October 19
-----------------------------------------------------
Creditors of LLC Petroleum Base Lanovtsy (code EDRPOU 31966178)
have until Oct. 19 to submit their proofs of claim to:

         Andrew Briksa
         Temporary Insolvency Manager
         Prince Ostrozhsky Str. 60/17
         Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company.  The case is under docketed Case
No. 11/B-942.

The Court is located at:

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

The Debtor can be reached at:

         LLC Petroleum Base Lanovtsy
         Vishnevetskaya Str. 2
         Lanovtsy
         Lanovetsky District
         Ternopol
         Ukraine


NOVOPETROVSKAYA LLC: Creditors Must File Claims by October 19
-------------------------------------------------------------
Creditors of LLC Agricultural Firm Novopetrovskaya (code EDRPOU
33362719) have until Oct. 19 to submit their proofs of claim to:

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
under docketed Case No. 16/151-06.

The Debtor can be reached at:

         LLC Agricultural Firm Novopetrovskaya
         Romenskaya Str. 1
         Shtepovka
         Lebedinsky District
         42220 Sumy
         Ukraine


SPECIAL SECONDARY: Creditors Must File Claims by October 19
-----------------------------------------------------------
Creditors of LLC Special Secondary Metals (code EDRPOU 23847704)
have until Oct. 19 to submit their proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is under docketed Case No. 19/144/07.

The Debtor can be reached at:

         LLC Special Secondary Metals
         Lenin Lane 111-a
         69095 Zaporozhje
         Ukraine


UKRAINA BANK: Liquidator Receives UAH230,000 in August
------------------------------------------------------
Ukraina Bank's liquidator received in August UAH230,000 in
relation to the bankruptcy proceedings against the bank, The
Financial Times reports, citing Interfax as its source.

The amount includes UAH184,000 in repaid credits and UAH3,000
from sales of the bank's property, FT adds.

The TCR-Europe reported on April 9, 2007, that the liquidator
had paid a total of UAH805.32 million to the insolvent bank's
first, second, and third line creditors, including UAH200.55
million given to individual depositors and UAH604.77 million
shelled out to businesses.

As previously reported, Ukraine President Viktor Yuschenko
signed a law extending the liquidation of JSC Ukraina Bank until
Jan. 1, 2009.

According to the report, the law comes into force from the day
it is published.  The bill, adopted by the Verkhovna Rada on
March 20, 2007, outlines the procedure for paying UAH821.8
million owed to creditors.  President Yuschenko was deputy and
then first deputy of Ukraina Bank's board chairman from 1990 to
1993.

                       About Ukraina Bank

Headquartered in Kyiv, Ukraine, Ukraina Bank --
http://www.krid.crimea.ua/-- encountered financial troubles
that began in 1998.  On July 16, 2001, the National Bank of
Ukraine cancelled its banking license and started liquidation
proceedings.


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


ATLANTIC CARRIERS: Claims Filing Period Ends November 14
--------------------------------------------------------
Creditors of Atlantic Carriers Ltd. have until Nov. 14 to send
their full names, address and descriptions, full particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to:

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

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Oct. 10 for the creditor's voluntary winding-up
procedure.


BAUSCH & LOMB: Moody's Withdraws PIK & Sub Notes Ratings
--------------------------------------------------------
Moody's Investors Service withdrew Bausch & Lomb Incorporated's
proposed Caa1 ratings for US$175 million PIK notes and US$175
million senior subordinated notes.

Concurrently, Moody's affirmed the company's existing ratings.
The outlook for the proposed ratings remains stable.

Recently, BOL revised its capital structure by increasing its
proposed U.S. term loan by US$100 million to US$1.2 billion and
increasing its offering of proposed senior unsecured notes to
US$650 million from US$400 million.  As a result, the company
will not be issuing the proposed US$175 million senior PIK notes
and the proposed US$175 million senior subordinated notes.

Moody's continued the review for possible downgrade of Bausch &
Lomb Incorporated's (Oldco) existing ratings with the
expectation that they will be withdrawn at the close of the
transaction.

Ratings are subject to review of final documentation.

These ratings were withdrawn from Bausch & Lomb Incorporated
(Newco):

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

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

This Bausch & Lomb Incorporated's (Newco) ratings were affirmed
with updated LGD assessments:

   -- B2 Corporate Family Rating;

   -- B2 Probability of Default Rating;

   -- SGL-2 Speculative Grade Liquidity Rating;

   -- B1 rating (to LGD3/36% from LGD3/35%) on a US$500 million
      Senior Secured Revolver;

   -- B1 rating (to LGD3/36% from LGD3/35%) on a US$1,200
      million U.S. Senior Secured Term Loan;

   -- B1 rating (to LGD3/36% from LGD3/35%) on a US$300 million
      Delayed Draw Term Loan; and

   -- Caa1 rating (to LGD5/89% from LGD5/86%) on US$650 million
      Senior Unsecured Notes.

This Bausch & Lomb, B.V.'s ratings were affirmed with updated
LGD assessments:

   -- B1 rating (to LGD3/36% from LGD3/35%) on a US$575 million
      European Senior Secured Term Loan.

The ratings related to Bausch & Lomb Incorporated (Oldco)
ratings remain on review for possible downgrade and will be
withdrawn at the close of the transaction.

Headquartered in Rochester, New York, Bausch & Lomb Incorporated
is a leading worldwide provider of eye care products, including
contact lens, lens care, ophthalmic pharmaceuticals, and
surgical products.  BOL is being acquired by Warburg Pincus, a
private equity firm.  For the twelve months ended June 30, 2007,
the company reported US$2.4 billion in revenues.


BAXI HOLDINGS: S&P Affirms B Credit Ratings on Amended Financing
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on U.K.-based heating products
manufacturer Baxi Holdings Ltd.  The rating was removed from
CreditWatch with negative implications, where it had been placed
on July 4, 2007.  The outlook is negative.

At the same time, the second-lien secured debt rating on the
GBP100 million mezzanine notes issued by finance subsidiary
Heating Finance PLC and guaranteed by Baxi and other
subsidiaries was affirmed at 'CCC+' and removed from CreditWatch
with negative implications.  The recovery rating on the notes is
'6', indicating our expectation of negligible (0%-10%) recovery
in the event of a payment default.

The rating action follows senior lenders' consent to facility
amendments proposed by the company and reflects S&P’s
expectation that the amendments to Baxi's senior facilities and
proposed investment will be completed before the end of October
2007.

On Sept. 19, 2007, Baxi's principal shareholders –- funds
advised by BC Partners and Electra Partners -- agreed to invest
GBP40 million of new equity and unsecured loan notes in the
company.

"We expect the funding to be used to address operational
difficulties in certain businesses, by financing restructuring
plans that began in 2006 and are now to be intensified, in an
attempt to partially mitigate the effect of margin pressures
over the longer term," said Standard & Poor's credit analyst
Louise Newey.

Standard & Poor's expects that Baxi's financial risk profile
will remain under pressure against a background of harsh trading
conditions for the rest of 2007 and into 2008.

"Although Baxi is undertaking measures to reduce costs, we
expect credit protection ratios to stay highly leveraged, making
the group vulnerable to adverse developments in its key
markets," Ms. Newey added.  "There remains a risk that the
planned restructuring fails to address operational failures, and
that the market environment weakens further, resulting in
sustained pressure on the financial profile."

A downgrade could result if the debt-to-EBITDA ratio rises above
5x; if there is a reversion to negative free operating cash flow
generation; or if Baxi's business prospects deteriorate further.

Rating upside remains unlikely over the medium term, and would
require improvement in cash generation and debt reduction, with
adjusted FFO to debt sustained at about 15% and debt to EBITDA
at, or less than, 4x.


BRITISH AIRWAYS: CEO Says Iberia Deal is “Not Transformational”
---------------------------------------------------------------
Willie Walsh, chief executive of British Airways plc, has ruled
out further capital investment into a bid for Spanish airline
Iberia Lineas Aereas de Espana SA, the Daily Telegraph reports.

"Iberia is very interesting to us but the deal is not
transformational," Mr. Walsh was quoted by the Daily Telegraph
as saying.  "It would be beneficial but would it be wise to
spend EUR4 billion (GBP2.8 billion) acquiring Iberia when there
may be other things that come available?"

According to Mr. Walsh, BA is eyeing a tie-up with a US airline,
although any transatlantic deal depends on the relaxation of
regulatory obstacles.

Mr. Walsh has revealed that US rules restricting foreign
carriers to only minority stakes in US airlines could be
liberalized by 2010 as a condition of the EU-US "open skies"
deal, the Daily Telegraph relates.

"A link between a European and a US carrier is
transformational," Mr. Walsh said.  "If that were possible it
would definitely be something worth chasing."

The executive insisted to keep BA's participation in the Iberia
bid to a minority role, Alistair Osborne writes for the Daily
Telegraph.

                           Iberia Bid

In May 2007, BA, which holds a 10% stake in Iberia, has joined
with TPG Capital, Vista Capital, Inversiones Ibersuizas and
Quercus Equity to investigate a possible consortium offer for
the Spanish carrier.

As previously reported in the TCR-Europe on Aug. 29, 2007, BA
and its private equity partner, Texas Pacific Group, are set to
cut their indicative offer of EUR3.60 per share for Spanish
airline Iberia in a move that could derail the bid.

The consortium anticipates cost of debt amid current credit
market turmoil and the prospect of falling air fares to drag
down its original offer price to a significantly lower figure.

The consortium believes that an offer of closer to EUR3.2 per
share would be more realistic while Iberia management thinks the
Spanish carrier is worth significantly more than EUR3.60 a
share.

However, it is still uncertain whether a formal bid will be
made.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                         *     *     *

As reported in the TCR-Europe on Aug. 16, 2007, Moody's
Investors Service upgraded the senior unsecured rating
of British Airways plc to Ba1, one notch lower than the
Corporate Family Rating (upgraded to Baa3, stable outlook),
reflecting the subordination of unsecured debt to a substantial
portion of secured debt.

The debt instruments affected by the rating action are:

   -- GBP100 million 10.875% senior unsecured notes due 2008 to
      Ba1 from Ba2;

   -- GBP250 million 7.25% senior unsecured notes due 2016 to
      Ba1 from Ba2;

   -- US$115 million 5.25% and US$85 million 7.625% senior
      unsecured industrial revenue notes due 2032 to Ba1 from
      Ba2;

   -- EUR300 million 6.75% perpetual guaranteed preferred
      securities to Ba2 from Ba3 issued by British Airways
      Finance (Jersey) L.P.


BROOKES SPECIALIST: Brings In Liquidators from Mazars
-----------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Brookes Specialist Engineers Ltd.
(formerly Venture Manufacturing Ltd.) on Oct. 4 for the
creditor's voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         The Broadway
         Dudley
         West Midlands
         DY1 4PY
         England


CABLE & WIRELESS: Dismisses Speculation on Business Disposal
------------------------------------------------------------
Cable & Wireless plc is unlikely to sell its business, Jim
Marsh, chief executive of Europe, Asia & U.S told Reuters,
dismissing speculations.

According to Mr. Marsh, considering C&W's unique asset
capability, it might in fact be on the acquisition trail.  He
added that the telecoms group is investing significantly in
Asia.

"The question is, if you have a unique capability like we do,
why would you want to sell that?" Mr. Marsh was quoted by
Reuters as saying.  "Surely it's more likely that you'd want to
continue to build up the business you have today, by buying
things.  So it's unlikely that we will choose to sell the
business when we've got such unique asset capability."

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


COOPER TIRE: Closes US$7MM Rongcheng Stake Sale to ArcelorMittal
----------------------------------------------------------------
Cooper Tire & Rubber Company closed the sale of its wholly owned
subsidiary's 25% interest in Rongcheng Chengshan Steel Cord
Company to ArcelorMittal Wire Drawing Asia Sarl for $7.4
million.

Cooper Tire's acquisition of 51% of Cooper Chengshan Passenger
Tire Company Ltd., and Cooper Chengshan Tire Company Ltd., was
completed in early 2006 and included a 25% ownership position in
the steel cord factory which is located adjacent to the tire
manufacturing facility in Rongcheng City, Shandong, China.

"We continue to divest our interest in what we consider
non-core businesses, which includes the steel cord business,”
Roy V. Armes, Cooper Tire President and CEO, said.  “While it
was not considered a core product for Cooper, it did provide a
steady supply of quality steel cord to support our Chinese
manufacturing facilities.  This is a continuing effort by Cooper
to focus on our core tire manufacturing and marketing efforts.
The new owner will remain one of our key suppliers of
steel cord."

               About Cooper Tire & Rubber Company

Headquartered in Findlay, Ohio, Cooper Tire & Rubber Company
(NYSE:CTB) -- http://www.coopertires.com/html/-- is a
manufacturer of replacement tires.  The company focuses on the
manufacture and sale of passenger and light truck replacement
tires.  It also manufactures radial medium and bias light truck
tires, and materials and equipment for the truck tire retread
industry. The Company also manufactures and sells motorcycle and
racing tires.  Cooper has two business segments: North American
Tire Operations and International Tire Operations.  The North
American Tire Operations segment produces passenger car and
light truck tires, primarily for sale in the United States
replacement market, and materials and equipment for the tread
rubber industry.  The International Tire Operations segment has
manufacturing facilities in the United Kingdom and China. The
segment has two administrative offices and a sales office in
China.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 21, 2007,
Moody's Investors Service affirmed these ratings on Cooper Tire
& Rubber Company: (i) corporate family rating, B2; (ii)
probability of default, B2; (iii) senior unsecured notes B2,
LGD-4, 56%; (iv) shelf filing for unsecured notes, (P)B2 ,LGD-4,
56%; (v) shelf filing for preferred stock, (P)Caa1, LGD-6, 97%;
and (vi) speculative grade liquidity, SGL-2.


ELEKSEN GROUP: Brings In Joint Administrators from Deloitte
-----------------------------------------------------------
Lee Antony Manning and Neville Barry Kahn of Deloitte & Touche
LLP were appointed joint administrators of Eleksen Ltd. (Company
Number 03608207) and Eleksen Group Plc (Company Number 05372849)
on Oct. 8.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The companies can be reached at:

         Eleksen Ltd. and Eleksen Group Plc
         Pinewood Studios
         Pinewood Road
         Ivor Heath
         Buckinghamshire
         SL0 0NH
         England
         Tel: 0870 072 7272
         Fax: 0870 072 7273


FAREPAK FOOD: 97% of Creditors Vote to Liquidate Assets
-------------------------------------------------------
Farepak Food & Gifts Ltd. (fka Floatraise Ltd., Kleeneze U.K.
Ltd. and Kleeneze Investments Ltd.) and Farepak Mail Order Ltd.
(fka Farepak Hampers Ltd., Farepak Ltd. and Farepak Hampers
Ltd.) called in Martha H. Thompson and Dermot Power of BDO Stoy
Hayward as joint liquidators on Oct. 4, 2007, for the creditor's
voluntary winding-up proceeding.

Farepak moved from administration to creditors' voluntary
liquidation following the joint administrators' proposals, a
course of action approved by 97% of the company's creditors.

According to published reports, Farepak creditors reacted on the
absence of compensation payouts, a year after the company went
into administration.

In a report by Scott Mcnab for the Scotsman, the creditors'
committee warned that no cash payments were likely to be made
before Christmas this year.

"We’ve not had a single penny from the administrators at all,
which we find very distressing,” Louise McDaid, Farepak Victims
Committee chairperson was quoted by the Scotsman as saying.

"At no point have we even been contacted to let us know what’s
been happening," Ms. McDaid added.

As reported in the TCR-Europe in January 2007, administrators
BDO Stoy Hayward LLP revealed in a report to creditors that the
113,000 customers and agents of Farepak Food & Gifts Ltd., who
filed claims for GBP38.8 million in cash, are entitled to only 5
pence for every pound they lost.

Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak
Holdings Ltd., and Farepak Mail Order Ltd. appointed BDO Stoy
Hayward LLP as joint administrators on Oct. 13, 2006.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

                          About Farepak

Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak
Holdings Ltd., and Farepak Mail Order Ltd. can be reached at:

         Farepack House
         Westmead Industrial Estate
         Westlea
         Swindon
         Wiltshire SN5 7YZ
         United Kingdom
         Tel: 01793 486 441
         Web site: http://www.farepak.co.uk/


FOCUS DIY: Moody's Withdraws Caa3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service withdrew the Caa3 corporate family
rating assigned to Focus DIY Holdings Limited (Focus).

Moody's has withdrawn Focus's rating at the request of the
company.  This follows the European Commission approval of the
acquisition of Focus by a vehicle owned by Cerberus Group on 25
July 2007 and the repayment of existing debt instruments.

Headquartered in Crewe, UK Focus DIY Holdings Limited is one of
the largest DIY retailer, by market share, in the UK.  Cerberus
is a private equity investment company.


FORD MOTOR: Expects to Sell British Marques in Two Months
---------------------------------------------------------
John Fleming, head of Ford Motor Co.'s European operations,is
looking to sell Jaguar and Land Rover brands in two months' time
to a single bidder, various reports say.  Mr. Fleming expressed,
according to reports, that the two luxury brands could not be
sold separately because they are highly integrated.

On the other hand, Mr. Fleming stated that Ford continues to
evaluate the effects of a possible sale of its Swedish brand,
Volvo, to the firm, the reports add.

Early this month, the Troubled Company Reporter said, citing
Financial Times, that Terra Firma Capital Partners Limited has
joined the bid for Ford's British marques as Guy Hands, Terra's
head, began to accomplish due diligence for the bid.

Terra joined four other suitors, Ripplewood Holdings LLC, Tata
Motors Limited, TPG Capital L.P. also known as Texas Pacific
Group, and One Equity Partners in the bid.  Mahindra & Mahindra
and Cerberus, had earlier quit the buying race.

Ford had been expecting indicative bids this month.  The car
maker seeks to finalize the sale deal by December or early next
year.

                         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.

                          *     *     *

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.


GENERAL MOTORS: S&P Keeps Ratings on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that its long-term
ratings on General Motors Corp. remain on CreditWatch with
positive implications, where they were placed Sept. 26, 2007.
S&P placed the ratings on CreditWatch when GM and its main
union, the United Auto Workers, reached a tentative new labor
contract.  The UAW has since approved that contract, and GM
discussed the contract's economics.  S&P expect to resolve the
CreditWatch listing by Oct. 31, 2007.

"We view the new contract as favorable to GM compared with past
agreements and believe the contract will support GM's turnaround
plan in North America," said Standard & Poor's credit analyst
Robert Schulz.

S&P will resolve the GM CreditWatch listing first, but S&P will
subsequently conduct similar reviews of Ford Motor Co. (B/Watch
Pos/B-3) and Chrysler LLC (B/Watch Pos/--).  Chrysler has
reached an agreement with the UAW, and S&P expect Ford to reach
one soon.


LUDGATE HEALTH: Taps Liquidators from UHY Hacker Young
------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of Ludgate Health & Beauty Ltd. on
Oct. 3 for the creditor's voluntary winding-up proceeding.

The joint liquidators can be reached at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England


MARKFIELD SERVICES: Appoints Liquidator from Deloitte & Touche
--------------------------------------------------------------
Christopher James Farrington of Deloitte & Touche LLP was
appointed liquidator of Markfield Services Ltd. on Oct. 10 for
the creditor's voluntary winding-up procedure.

The liquidator can be reached at:

         Deloitte & Touche LLP
         1 Woodborough Road
         Nottingham
         NG1 3FG
         England


RHINEBRIDGE PLC: S&P Junks Capital Notes; Fails Loss Limit Test
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
commercial paper, medium-term notes, and mezzanine capital notes
issued by Rhinebridge PLC and Rhinebridge LLC (collectively,
Rhinebridge), two co-issuing structured investment vehicles.  At
the same time, Standard & Poor's lowered its issuer credit
rating on Rhinebridge.  The ratings remain on CreditWatch with
negative implications, where they were placed Sept. 12, 2007.
The CCC-/Watch Neg rating on Rhinebridge's combo notes remains
unchanged.

Since the Sept. 12, 2007 rating action, the vehicle has been in
restricted funding mode and has been selling assets to generate
funds to meet maturing liabilities.  S&P have closely monitored
the asset sales and market prices on the remaining portfolio of
assets.

The rating actions reflect the recent sharp decline in some
assets, which led to a significant decrease in Rhinebridge's net
asset value as a percentage of capital.  This decline in NAV has
breached a trigger of 50%, and the vehicle is now failing its
major capital loss limit test.  If Rhinebridge fails to cure
this test within five business days, it will enter enforcement
mode, which could lead to an acceleration of all liabilities and
a forced asset sale.

Standard & Poor's current rated outstanding debt of the vehicle
is US$791 million in CP and US$130 million in mezzanine capital
notes.  The portfolio is predominantly invested in structured
finance assets, the majority of which are in U.S. RMBS.

Rhinebridge is a SIV structure managed by IKB Credit Asset
Management GmbH (London branch), which is responsible for
purchasing assets, managing the portfolio, and overseeing the
issuance of CP and MTNs.

          Ratings Lowered and on Creditwatch Negative

Rhinebridge PLC and Rhinebridge LLC
   Up to US$20 billion European and U.S. CP and MTN programs and
   Up to US$3 billion capital note program

   Class                       Rating
                       To                   From
                       --                   ---
Issuer credit rating   A+/Watch Neg/A-1     AAA/Watch Neg/A-1+
CP                     A-1/Watch Neg        A-1+/Watch Neg
MTNs                   A+/Watch Neg         AAA/Watch Neg
Mezz capital notes     CCC+/Watch Neg       BB-/Watch Neg


SHAW GROUP: Names Brian Ferraioli as Chief Financial Officer
------------------------------------------------------------
The Shaw Group Inc. appointed Brian K. Ferraioli as executive
vice president and chief financial officer of the company.

Accordingly, Mr. Dirk Wild, who was serving as Senior Vice
President and Interim Chief Financial Officer will no longer
serve as Interim Chief Financial Officer.  Mr. Wild will
continue serving the company in the capacity as Vice President
and Chief Accounting Officer.

As reported in the Troubled Company Reporter on July 16, 2007,
Mr. Ferraioli accepted an offer to join the company as Executive
Vice President, Finance, and agreed to assume the role of Chief
Financial Officer of the company after the Company filed its
Quarterly Report on Form 10-Q for the third quarter of the
company’s 2007 fiscal year and before the Company reported its
fourth quarter fiscal year 2007 financial results.

Immediately prior to joining the company and since November
2002, Mr. Ferraioli, age 52, served as Vice President and
Controller for Foster Wheeler, Ltd., a global engineering and
construction contractor and power equipment supplier.  From July
2000 until November 2002, Mr. Ferraioli served as Vice President
and Chief Financial Officer of Foster Wheeler USA Corporation.
Prior to that, from July 1998 until July 2000, Mr. Ferraioli
served as Vice President and Chief Financial Officer of Foster
Wheeler Power Systems, Inc.

A full-text copy of the employment agreement between the company
and Mr. Ferraioli is available for free at:

            http://ResearchArchives.com/t/s?2449

                        About Shaw Group

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

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

                          *     *     *

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

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


SOUTH QUAY: Claims Filing Period Ends November 5
------------------------------------------------
Creditors of South Quay Hair & Beauty Ltd. have until Nov. 5 to
send in their names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Peter Kubik
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of the company on Oct. 3 for the
creditors' voluntary winding-up proceeding.


SOUTHEND ENTERPRISE: Claims Filing Period Ends December 10
----------------------------------------------------------
Creditors of Southend Enterprise Agency Ltd. have until Dec. 10
to detail their names and addresses (and solicitors if
applicable) together with particulars of their debts or claims,
in writing, or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Oct. 8 for the creditors' voluntary winding-up
proceeding.


SYMMETRY MEDICAL: Reveals Accounting Errors at U.K. Unit
--------------------------------------------------------
Symmetry Medical Inc. disclosed that the Audit Committee of its
Board of Directors has initiated an independent review of
apparent irregularities with respect to the Company's accounting
policies and practices at its Sheffield, U.K. operating unit.

The review follows a report by management earlier this week to
the Audit Committee regarding apparent improper accounting
activities at its Sheffield, U.K. operating unit.  Based on the
information reported by management, certain transactions at
issue appear to have resulted in the overstatement of revenues
by that unit dating back to 1999, well prior to the Company's
acquisition of the Sheffield, U.K. operations in June 2003.

From its initial review, management estimates that the
overstatement of revenue and income before taxes for the entire
nine-year period amounts to approximately US$12 million to
US$16 million.  The impact to the financial statements of the
Company for the period subsequent to its acquisition of the
Sheffield unit in June 2003 through 2007 is yet to be
determined.

The employees at the Sheffield, U.K. operating unit believed to
be primarily involved in this activity, including the Senior
Vice President for Europe, are either no longer with the Company
or have been suspended pending the completion of the review.

                     Financial Restatements

Based on the information reported by management to date, the
Audit Committee believes that it may be necessary for the
Company to restate its financial statements for the periods
subsequent to the date of the Sheffield, U.K. acquisition. As a
result, the Company's historic financial statements for those
periods can no longer be relied upon.

                        Event of Default

The Company's lead bank has informed the Company that, as a
result of these matters, an event of default has occurred under
the Company's credit agreement.  Such default permits the bank,
at its election, to exercise various remedies.  The Company is
in discussion with its lead bank concerning the Company's
situation.

"The Audit Committee has retained special legal counsel to
advise it and to investigate these matters thoroughly," Francis
T. Nusspickel, Chairman of the Audit Committee of the Board of
Directors, said.  "Our principal concern is to move quickly to
determine what occurred and how it occurred and to ensure the
integrity of our financial reporting and controls throughout the
Symmetry organization."

"We are treating this matter with the utmost importance," Brian
Moore, President and Chief Executive Officer, said.  I do want
to stress that, based upon available information, we believe
that this matter affects only the Sheffield, U.K. operating
unit. Changes have been made to the Sheffield site management by
the Company and I will assume interim responsibility for the
Sheffield facility.  We expect a new Chief Operating Officer for
Europe to be in place by the end of the year who will be based
at Sheffield and take over responsibility for this unit. While
the situation is concerning, we expect to continue serving the
needs of our customers with continuing operations from all of
our worldwide units including Sheffield."

                   About Symmetry Medical Inc.

Headquartered in Warsaw, Poland, Symmetry Medical Inc. --
http://www.symmetrymedical.com/-- provides implants and related
instruments and cases to the orthopedic device industry.  The
Company also designs, develops and produces these products for
companies in other segments of the medical device market,
including arthroscopy, dental, laparoscopy, osteobiologic and
endoscopy sectors and provides limited specialized products and
services to non-healthcare markets, such as the aerospace
market.


V L COLLECTIONS: Names Michael C. Kienlen Liquidator
----------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of V L Collections Ltd. on Oct. 10 for the creditor's voluntary
winding-up procedure.

The liquidator can be reached at:

         Armstrong Watson
         Central House
         47 St. Paul's Street
         Leeds
         LS1 2TE
         England


VIEWFRAME PICTURES: Taps Joint Administrators from BDO Stoy
-----------------------------------------------------------
David Harry Gilbert and Simon Michaels of BDO Stoy Hayward LLP
were appointed joint administrators of Viewframe Pictures Plc
(Company Number 02175209) on Oct. 3.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Viewframe Pictures Plc
         Unit 2 Victoria Industrial Park
         Victoria Road
         Dartford
         DA1 5AJ
         England


* Featured Conferences by Beard Audio for October 2007
------------------------------------------------------
Beard Audio Conferences presents three bankruptcy-related audio
conferences for October 2007.

  * The Subprime Sector Meltdown:
    Legal Developments and Latest Opportunities
    with Stephen B. Selbst

  * Partnerships in Bankruptcy: Unwinding the Deal
    with Alexander M. Laughlin and H. Jason Gold

  * Using Virtual Data Rooms to Expedite
    M&A and Insolvency Proceedings
    with Eric S. Kurtzman and Jonathan A. Carson

To register, visit http://www.beardaudioconferences.com


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com;
              http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  China’s New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency – Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergers—the New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Today’s Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien D. 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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