TCREUR_Public/071023.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

           Tuesday, October 23, 2007, Vol. 8, No. 210

                            Headlines


A U S T R I A

CHINA RESTAURANT: Claims Registration Period Ends November 7
F.I.P. FINANZDIENSTLEISTUNG: Court Orders Business Shutdown
HANUSEK LLC: Claims Registration Period Ends November 27
IVG E-LEARNING: Claims Registration Period Ends November 12
KARL LOCKAUER: St. Poelten Court Orders Business Shutdown

MIRJANA GRBIC: Creditors' Meeting Slated for November 11
PUNJAB CHAUHAN: Claims Registration Period Ends November 7
SYCOM LLC: Vienna Court Orders Business Shutdown


B E L A R U S

BELPROMSTROIBANK: Moody's Puts B2/NP Currency Deposit Ratings


B E L G I U M

CHIQUITA BRANDS: Fresh Express Acquires Verdelli Farms
LEVI STRAUSS: Closes US$525MM Tender Offer for 12.25% Sr. Notes
SOLUTIA INC: Court Approves Fifth Amended Disclosure Statement
SOLUTIA INC: Court Sets November 29 Plan Confirmation Hearing


D E N M A R K

BLOCKBUSTER: Names E. Peterson as EVP, Gen. Counsel & Secretary


F R A N C E

SMOBY-MAJORETTE: Former Chairman and CEO Faces Probe
SPANSION INC: Posts US$72 Mln Net Loss in Quarter Ended Sept. 30


G E R M A N Y

A-K-H LACKIER: Claims Registration Period Ends November 2
AGFAPHOTO GMBH: Agfa-Gevaert Denies Rumors on EUR60 Mln Claim
COLLECTION E: Creditors Must File Claims by November 23
DOMINO MASSIVHAUS: Claims Registration Ends November 22
ELEKTRO - BAU SYLT: Claims Registration Ends December 5

ERSTE EXACT: Claims Registration Period Ends November 2
FZS GMBH: Creditors' Meeting Slated for November 15
H. SCHICK: Claims Registration Period Ends November 2
HIEBER GMBH: Claims Registration Ends November 19
HUELSMANN BAU: Claims Registration Ends November 22

IKB DEUTSCHE: KfW Explores Options for 37.8% Stake; Mulls Sale
KUECHEN-IDEE GMBH: Claims Registration Ends November 19
MBM ENTERTAINMENT: Creditors Must File Claims by December 18
MOENUS TEXTILMASCHINEN: Claims Registration Period Ends Nov. 2
P.R.R.O. BAU-GMBH: Creditors Must File Claims by November 26

S.E.A. IMPORT-EXPORT: Creditors Must File Claims by December 18
SEIL-SANDER ERNST: Creditors Must File Claims by November 23
SELL ACTIVITY: Claims Registration Period Ends October 29
STELLWERK 13: Claims Registration Ends November 30
SUEDO GMBH: Claims Registration Period Ends December 2

SUK SANIERUNGS: Claims Registration Period Ends November 12
SYLT LIFE: Claims Registration Ends December 5
TAXI-DIETZ: Claims Registration Ends November 19
TEC KOMPLETTBAU: Claims Registration Ends December 7
TECTUM BAU: Creditors' Meeting Slated for November 2

TISCHLERTEAM VOLMER: Creditors' Meeting Slated for November 21
TRAUM STATION: Creditors' Meeting Slated for November 16
TREVIUS GESELLSCHAFT: Creditors' Meeting Slated for December 14


G R E E C E

WIND HELLAS: Inks Deal with PPC to Acquire 50% Stake in Tellas
WIND HELLAS: Fitch Watches B Ratings on Tellas Acquisition


I T A L Y

ALITALIA SPA: Strike Against Downscale Plan Cancels 254 Flights
XEROX CORPORATION: Earns US$753 Mln in First Nine Months of 2007


K A Z A K H S T A N

ALK-STORY LLP: Proof of Claim Deadline Slated for November 23
AMANAT-INVESTSU LLP: Creditors Must File Claims November 23
CST GROUP: Claims Filing Period Ends November 20
DIONIS GOLF: Creditors' Claims Due on November 20
DUKAT TRADING: Claims Registration Ends November 23

KAPKOMSTROY LLP: Proof of Claim Deadline Slated for November 23
KOK-ARYK LLP: Creditors Must File Claims November 23
KOKSHETAU INDUSTRIYA: Claims Filing Period Ends November 20
OK-JETPES LLP: Creditors' Claims Due on November 20
ZIYA TRADE: Claims Registration Ends November 23


K Y R G Y Z S T A N

MARVEL LLC: Proof of Claim Deadline Slated for November 23


L U X E M B O U R G

AGILENT TECHNOLOGIES: Inks Marketing Agreement with BioTrove


N E T H E R L A N D S

BAUSCH & LOMB: Extends Securities Tender Offers to Oct. 26


R U S S I A

AGROPROMDORSTROY AZNAKAEVSKIJ: Claims Deadline Set December 13
HOMYAKOVSKIJ OJSC: Creditors Must File Claims by December 13
INTERNATIONAL PAPER: Board Okays Annual Election of Directors
KUBAN' FLOWERS: Creditors Must File Claims by November 12
LAVINSKIJ LLC: Creditors Must File Claims by November 12

MURMANFISHPROM OJSC: Asset Sale Slated for November 2
NORTH-WEST TELECOM: Fitch Hikes Ratings to BB- on 15% Share Sale
PLANT PEARL: Asset Sale Slated for November 13
PRIKASPIJBUROIL-HAL'MG: Court Hearing Slated for March 4, 2008
RAMA FACTORY: Orenburg Court Starts Competitive Proceedings

SEVERSKAYA LLC: External Bankruptcy Hearing Slated for Dec. 5
YUKOS OIL: Moscow Court to Hear US$681 Mln Moravel Case Nov. 7
ZABSIBGASPROM OJSC: Creditors Must File Claims by November 12


S P A I N

EMPRESAS HIPOTECARIO 5: Fitch Junks EUR31 Million Series D Notes
SANTANDER EMPRESAS 4: Moody's Junks EUR46 Million Series F Notes
SANTANDER EMPRESAS 4: S&P Junks EUR46 Million Class F Notes


S W I T Z E R L A N D

AWM BAU-PLAN: Claims Registration Period Ends October 30
BIOPONICS LLC: Solothurn Court Starts Bankruptcy Proceedings
BUHLMANN DIENSTLEISTUNGEN: Liquidation Claims Due October 29
GALERIE DU SOLSTICE: Creditors’ Liquidation Claims Due Oct. 29
L + F KOMMUNIKATION: Basel Court Closes Bankruptcy Proceedings

SECURITY TECHNOLOGY: Creditors’ Liquidation Claims Due Nov. 5
VON GRUNIGEN: Creditors’ Liquidation Claims Due October 29
WIGLA LLC: Creditors’ Liquidation Claims Due October 29
WITTUR JSC: Creditors’ Liquidation Claims Due November 5
ZAUGG JSC: Bern Court Closes Bankruptcy Proceedings


U K R A I N E

ARSHYN LLC: Creditors Must File Claims by October 24
INDUSTRIAL SPECIAL: Proofs of Claim Deadline Set October 24
INVESTMENT COMPANY: Creditors Must File Claims by October 24
KOZHANKA SUGAR: Creditors Must File Claims by October 24
LATORITSA LLC: Proofs of Claim Deadline Set October 24

NEON LLC: Creditors Must File Claims by October 24
RENASCENCE LTD: Proofs of Claim Deadline Set October 24
RESOURCE LTD: Proofs of Claim Deadline Set October 24
SING LLC: Proofs of Claim Deadline Set October 24
SMILA MECHANICAL: Proofs of Claim Deadline Set October 24

STEPOVOE LLC: Proofs of Claim Deadline Set October 24
UKRAINIAN INDUSTRY: Proofs of Claim Deadline Set October 24
YUVENTA PLUS: Proofs of Claim Deadline Set October 24


U N I T E D   K I N G D O M

ADOMENT LTD: J. M. Titley Leads Liquidation Procedure
ATTRIC GROUP: Brings In Liquidators from KPMG
ATTRIC PBI: Calls In Liquidators from KPMG
BRUSH COMPANY: Taps Liquidators from Smith & Williamson
DREAMS RESTAURANT: Joint Liquidators Take Over Operations

FASHION RETAIL: Hires Liquidators from Moore Stephens
FORD MOTOR: Expresses Possible Expansion of Philippine Facility
GENERAL MOTORS: Global Third Quarter Sales Increase by 4%
KENDLE INT'L: Names Mary Briggs Vice President for Global Sales
JS CHINN: Taps Joint Administrative Receivers from PwC

NORTHERN ROCK: Bryan Sanderson Succeeds Matt Ridley as Chairman
QUALFAB ENGINEERING: Appoints Liquidators from KPMG
REMY WORLDWIDE: Court Approves Kurtzman Carson as Noticing Agent
REMY WORLDWIDE: Wants Until December 22 to File Schedules
REXAM PLC: To Build New Beverage Can Plant in Denmark

RHINEBRIDGE PLC: Missed Payment Cues S&P's Default Ratings
RHINEBRIDGE PLC: Unpaid Loan Cues Fitch’s Default Ratings
SINTILLATION LTD: Names Martin Dominic Pickard Liquidator
STONELEIGH FURNITURE: Calls In Liquidators from Moore Stephens
SWEDIA NETWORKS: Brings In Liquidators from Deloitte & Touche

WALES MILLENNIUM: Wants Wales Funding to Secure Future

* Large Companies with Insolvent Balance Sheet


                            *********

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


CHINA RESTAURANT: Claims Registration Period Ends November 7
------------------------------------------------------------
Creditors owed money by LLC China Restaurant Xinya (FN 92293a)
have until Nov. 7 to file written proofs of claim to court-
appointed estate administrator Rainer Radlinger at:

         Mag. Rainer Radlinger
         c/o Dr. Gerhard Schilcher
         Backerstrasse 1/3/13
         1010 Vienna
         Austria
         Tel: 513 23 44
         Fax: 513 23 44 15
         E-mail: wien@kosch-partner.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Nov. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 20 (Bankr. Case No. 2 S 125/07f).  Gerhard Schilcher
represents Mag. Radlinger in the bankruptcy proceedings.


F.I.P. FINANZDIENSTLEISTUNG: Court Orders Business Shutdown
-----------------------------------------------------------
The Trade Court of Vienna entered Sept. 21 an order shutting
down the business of LLC F.I.P. Finanzdienstleistung (FN
277913x).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 13 (Bankr. Case No 4 S 107/07y).


HANUSEK LLC: Claims Registration Period Ends November 27
--------------------------------------------------------
Creditors owed money by LLC HANUSEK (FN 262738f) have until
Nov. 27 to file written proofs of claim to court-appointed
estate administrator Georg Unger at:

         Dr. Georg Unger
         c/o Dr. Arno Maschke
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: office@sup.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 18 (Bankr. Case No. 4 S 109/07t).  Arno Maschke
represents Dr. Unger in the bankruptcy proceedings.


IVG E-LEARNING: Claims Registration Period Ends November 12
-----------------------------------------------------------
Creditors owed money by LLC IVG e-learning (FN 273868y) have
until Nov. 12 to file written proofs of claim to court-appointed
estate administrator Christian Ebmer at:

         Mag. Christian Ebmer
         Schillerstr. 12
         4020 Linz
         Austria
         Tel: 0732/656969
         Fax: 0732/656969-60
         E-mail: office@hep.co.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Sept. 20  (Bankr. Case No. 12 S 72/07m).  


KARL LOCKAUER: St. Poelten Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of St. Poelten entered Sept. 21 an order shutting
down the business of KEG Karl Lockauer (FN 184314a).

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

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


MIRJANA GRBIC: Creditors' Meeting Slated for November 11
--------------------------------------------------------
Creditors owed money by KEG Mirjana GRBIC (FN 267742p) are
encouraged to attend the first creditors' meeting at 9:30 a.m.
on Nov. 11.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Creditors have until Nov. 27 to file written proofs of claim to
court-appointed estate administrator Franz Stefan Pechmann at:

         Dr. Franz Stefan Pechmann
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 503 19 95
         Fax: 503 19 95 12
         E-mail: office@pechmann.cc   

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 19 (4 S 110/07i).


PUNJAB CHAUHAN: Claims Registration Period Ends November 7
----------------------------------------------------------
Creditors owed money by KEG PUNJAB CHAUHAN (FN 277888i) have
until Nov. 7 to file written proofs of claim to court-appointed
estate administrator Kurt Bernegger at:

         Kurt Bernegger
         c/o Mag. Maria Kainer
         Jaquingasse 21
         1030 Vienna
         Austria
         Tel: 01/799 15 80
         Fax: 01/796 59 14
         E-mail: kanzlei@bernegger-wt.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Nov. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 20 (Bankr. Case No. 2 S 124/07h).  Maria Kainer
represents Mr. Bernegger in the bankruptcy proceedings.


SYCOM LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered Sept. 19 an order shutting
down the business of LLC Sycom (FN 99579s).

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

The estate administrator can be reached at:

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

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


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


BELPROMSTROIBANK: Moody's Puts B2/NP Currency Deposit Ratings
-------------------------------------------------------------
Moody's Investors Service assigned B2 long-term and Not Prime
short-term foreign currency deposit ratings to Open Joint-Stock
Company Belpromstroibank.

Moody's also affirmed the bank's E+ bank financial strength
rating and its Ba1/Not Prime long-term and short-term local
currency deposit ratings.  All of the bank's ratings carry a
stable outlook.

BPS-Bank is majority-owned by the government of Belarus, which
holds a 90% stake in its capital.  The bank's loan portfolio
chiefly comprises commercial loans to large Belarusian
companies, although retail and SME lending levels are increasing
significantly.

According to Moody's, BPS-Bank's E+ BFSR, which translates to a
Baseline Credit Assessment of B2, remains underpinned by its
leading market position as the country's fourth largest bank by
assets, good financial indicators and asset quality.  However,
it is constrained by the bank's fairly weak corporate governance
due to the high likelihood of the government's interference in
the bank's business, as well as large albeit declining borrower
concentration and growing competition with the other large
Belarusian banks.

The bank's Ba1/Not Prime long-term and short-term local currency
deposit ratings continue to factor in Moody's assessment of a
very high probability of systemic support in the event of a
stress situation given:

   (i) the bank's 90% ownership by the Belarus government and
       government-owned companies, as well as

  (ii) the bank's strong position in the country's banking
       system represented by its 8.3% market share of retail
       deposits.

As a result, the long-term local currency deposit rating enjoys
a four-notch uplift from the bank's B2 Baseline Credit
Assessment.

BPS-Bank's B2 long-term foreign currency deposit rating is
constrained by the B2 foreign currency deposit ceiling for
Belarus and could be upgraded if this ceiling were to be
upgraded.  In the medium term, the bank's foreign currency
deposit rating has little downside potential as it is already
constrained by the relevant country ceiling.

Based in Minsk, Belarus, JSC BPS-Bank reported total IFRS
consolidated assets of US$1.18 billion, shareholders' equity of
US$102.2 million and net income of US$15.05 million at end-
1H2007 (vs. US$1.08 billion, US$91 million and US$16.7 million,
respectively, at year-end 2006).


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B E L G I U M
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CHIQUITA BRANDS: Fresh Express Acquires Verdelli Farms
------------------------------------------------------
Chiquita Brands International Inc.'s wholly owned subsidiary,
Fresh Express, has acquired privately held Verdelli Farms, one
of the premier regional processors of value-added salads,
vegetables and fruit snacks on the East Coast of the United
States.  The company, which markets its products under the
Harvest Select and Verdelli Farms brands, operates in 10 states
from Massachusetts to Virginia.  Verdelli Farms will be
integrated into Chiquita's Fresh Express unit.

"The acquisition of Verdelli Farms, with its focus on meeting
the needs of consumers for fresh, healthy and convenient foods,
superior food safety and strong customer relationships, is a
great fit within our sustainable growth strategy and an
excellent complement to our Fresh Express brand," said Fernando
Aguirre, chairman and chief executive officer of Chiquita Brands
International.  "The acquisition accelerates our expansion into
the Northeast, where there is strong demand from the largest
U.S. concentration of value- added salads consumers, but where
the Fresh Express brand has been under- represented."

Mr. Aguirre continued, "We are also pleased that Dan, Mike and
Jen Verdelli, as well as other members of Verdelli Farms' strong
management team, will remain with the company following the
acquisition and offer leadership talent that is a good cultural
fit with our focus on innovative value-added products, food
safety, freshness, customer service and category development."

                    About Fresh Express

Fresh Express is the No. 1 brand of value-added salads, with a
total U.S. market share of approximately 47 percent.  Through
this acquisition of Verdelli Farms' modern manufacturing
capabilities and efficient distribution capacity, Fresh Express
will be able to expand its share in the Northeast from
approximately 30% today and gain an effective platform for
growth in this important region.  In addition, the acquisition
will allow Fresh Express to gain networkwide cost synergies in
distribution and logistics costs while achieving up to a two-day
improvement in the freshness of salads it delivers to customers
and consumers in the Northeast.

Harrisburg, Pa.-based Verdelli Farms is a third-generation,
family-owned business founded in 1924.  The company employs
approximately 400 people and has annual revenues of
approximately US$80 million.  In 2006, the company produced more
than 8 million cases of fresh salads, vegetables and fruit
snacks for more than 80 customers in 10 states from
Massachusetts to Virginia.

Fresh Express, a wholly owned subsidiary of Chiquita Brands
International, Inc., is the world's largest producer of fresh
salads. With a rich history that traces its roots back to 1926
and the beginnings of the fresh produce industry in Salinas,
Calif., where the company is headquartered, Fresh Express is
recognized as a leader in food safety and as the creator of the
ready-to-eat fresh salad category. Fresh Express is responsible
for a number of other important "firsts" in the fresh salad
category, including the first complete salad kit and the first
salad blend with multiple varieties of lettuces and greens.

                         About Chiquita

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


LEVI STRAUSS: Closes US$525MM Tender Offer for 12.25% Sr. Notes
---------------------------------------------------------------
Levi Strauss & Co. has completed its tender offer for any and
all of its US$525 million outstanding aggregate principal amount
of 12.25% Senior Notes due 2012 and related consent
solicitation.

A total of US$506.2 million of the outstanding aggregate
principal amount of the Notes were tendered prior to the
expiration date of midnight, New York City time, on Oct. 17,
2007.  The company has accepted for purchase all Notes tendered
pursuant to the tender offer and consent solicitation, resulting
in a total payment of US$563.7 million, including approximately
US$20 million in accrued and unpaid interest and US$15.2 million
in consent payments, to holders of the Notes.

The company has retained Credit Suisse Securities (USA) LLC as a
dealer, manager and solicitation agent in connection with the
tender offer and consent solicitation.  Questions about the
tender offer and consent solicitation may be directed to Credit
Suisse at 212-325-4951 (collect).

                  About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co.
-- http://www.levistrauss.com/-- is a branded apparel company.   
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.  Levi
Strauss & Co. distributes its Levi's and Dockers products
primarily through chain retailers and department stores in the
United States, and through department stores, specialty
retailers and franchised stores abroad.  The company distributes
its Levi Strauss Signature products through mass channel
retailers in the United States and abroad.

Levi Strauss Europe is headquartered in Brussels, Belgium, while
Levi's Asia Pacific division is based in Singapore.  Levi's has
operations in Brazil, Mexico, Chile and Peru.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 16, 2007
Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co.'s
second amended and restated US$750 million 5-year Asset-Based
Revolving Credit Facility.  The rating outlook is stable.

Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank
Credit Facility rating; and BB- Senior Unsecured Notes rating.


SOLUTIA INC: Court Approves Fifth Amended Disclosure Statement
--------------------------------------------------------------
The Honorable Prudence Carter of the U.S. Bankruptcy Court for
the Southern District of New York approved the Fifth Amended
Disclosure Statement of Solutia Inc. and its debtor-affiliates
as containing adequate information within the meaning of Section
1125 of the Bankruptcy Code.

Judge Beatty found that each of the objections to the Disclosure
Statement have either been (i) withdrawn or rendered moot by
proposed modifications to the Disclosure Statement or (ii)
overruled.  In addition, the Debtors and Industrial Waste Area
Generator Group II have agreed that the entry of the Disclosure
Statement Order will be without prejudice to IWAG's rights to
raise any and all issues at the Confirmation Hearing.

Judge Beatty also determined that the solicitation procedures
provide a fair and equitable voting process and are consistent
with Section 1126.

Ballots will be provided to holders of claims in Classes 3
(Senior Secured Note Claims), Class 5 (CPFilms Claims), Class 11
(Monsanto Claim), Class 12 (Noteholder Claims), Class 13
(General Unsecured Claims), Class 14 (Retiree Claim), Class 15
(Pharmacia Claims), Class 19 (Security Claims) and holders of
Equity Interests entitled to Vote in Class 20 (Equity Interests)
because those claims and interests are classified as being
impaired by, and entitled to vote under, the Consensual Plan.  
The Ballots and Master Ballots for holders of claims in Class 3
will not be counted and will be disregarded for all purposes in
the event that the Senior Secured Note Claims are determined to
be unimpaired under the Plan.

Pursuant to Rule 3018(a) of the Federal Rules of Bankruptcy
Procedure, the record date for purposes of determining which
Holders of Claims and Equity Interests are entitled to receive
Solicitation Packages and, where applicable, vote on the Amended
Plan, will be Oct. 22, 2007.  Only Holders of Claims and Equity
Interests as of the Record Date will be entitled to vote to
accept or reject the Plan, and where applicable, make any
election set forth on the Ballot or participate in the Rights
Offering.

Judge Beatty ordered that all Ballots and Master Ballots cast on
behalf of Beneficial Holders must be properly executed,
completed and delivered to the Debtors, voting agent, Voting
Agent Financial Balloting Group, LLC, no later than 5:00 p.m. on
Nov. 26, 2007.  The Debtors, subject to Court approval, will
have the ability to extend in writing the Voting Deadline.  
Certification of Ballots will be filed no later than Nov. 28,
2007, at 2:00 p.m.

Plan Confirmation Objection deadline is due Nov. 21, 2007, at
5:00 p.m.  In the event that multiple objections to the Plan
Confirmation are filed, the Debtors and any other party-in
interest are authorized to file a single, omnibus reply to those
objections.

"With the disclosure statement approved, a fully consensual plan
of reorganization in hand, and the confirmation hearing
scheduled, we now have a clear path to emergence from Chapter
11," Jeffry N. Quinn, chairman, president and chief executive
officer of Solutia, said in a press statement.

The Debtors anticipate for their Plan to be effective by June
30, 2008.
                       About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and is continued to Oct. 19, 2007.  (Solutia
Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


SOLUTIA INC: Court Sets November 29 Plan Confirmation Hearing
-------------------------------------------------------------
The Honorable Prudence Carter Beatty of the U.S. Bankruptcy
Court for the Southern District of New York set Nov. 29, 2007,
as the hearing date to consider confirmation of Solutia Inc. and
its debtor-affiliates' Fifth Amended Plan of Reorganization.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and is continued to Oct. 19, 2007.  (Solutia
Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


=============
D E N M A R K
=============


BLOCKBUSTER: Names E. Peterson as EVP, Gen. Counsel & Secretary
---------------------------------------------------------------
Blockbuster Inc. has appointed Eric H. Peterson as Executive
Vice President, General Counsel and Secretary.

Most recently, Mr. Peterson was Executive Vice President and
General Counsel for the former TXU Corporation, a US$32 billion
Fortune 200 Dallas-based energy company.  He joined the energy
services company in 2002 as its first ever general counsel, was
responsible for the successful resolution of the company's
complex legal affairs in conjunction with its then European
operations and was an integral part of the executive management
team responsible for the company's turnaround.

Prior to TXU, Mr. Peterson served as general counsel for DTE
Energy, an US$8.6 billion publicly traded, integrated utility in
Detroit.  Before that he was a partner in the Texas-based law
firm, Worsham, Forsythe & Wooldridge LLP, now known as Hunton &
Williams, where in addition to practicing corporate law, he
served as a top legal advisor to TXU, the firm's largest client.

"Eric is an accomplished and skilled legal professional with an
extensive background in highly competitive, fast-moving
industries," said Jim Keyes, Blockbuster Chairman and Chief
Executive Officer.  "In addition to his considerable legal
expertise, he is a seasoned business executive who will
contribute significantly to our efforts to transform Blockbuster
into the most convenient source for media entertainment."

Mr. Peterson graduated cum laude and Phi Beta Kappa with a
Bachelor's degree from Southern Methodist University where he
also earned his law degree.  He received the "Best General
Counsel" award in 2004 from the Dallas Business Journal, is a
member of the SMU Corporate Counsel Symposium's Board of
Directors, and serves on numerous professional and non-profit
boards, including the United Way of Metropolitan Dallas.


Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie  
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Thailand,
Australia, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 9,
2007, Standard & Poor's Ratings Services lowered its ratings on
Dallas-based Blockbuster Inc. to 'B-' from 'B'.  The outlook is
negative.


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


SMOBY-MAJORETTE: Former Chairman and CEO Faces Probe
----------------------------------------------------
Jean-Christophe Breuil, the former chairman and CEO of French
toymaker Smoby-Majorette, is to undergo investigation for
allegedly misappropriating funds via foreign dummy companies,
the Financial Times reports, citing Les Echos as its source.

Meanwhile, Les Echos revealed Marius Millet, the chairman of the
Lons-le-Saunier commercial court, is among those eyeing to
acquire Smoby Engineering and Mob, the company's two
subsidiaries.  The successful buyer is set to be announced next
week.

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

According to La Tribune's Julieta Garnier, the court blamed
Smoby's buyer, MGA Entertainment, for failing to revive the
company.  MGA's debt restructuring negotiation with Smoby's
creditor banks fell through and it failed to pay the EUR11
million it pledged to invest in Smoby.

MGA is considering an appeal against the court's decision.

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

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,  
development, production and distribution of toys for children
from birth to age 10.  Its toy collection includes over 2,000
products divided into groups for specific age ranges.  Its
products are marketed under such brand names as Smoby, Berchet,
Ecoiffier, Majorette, Solido, Smoby Engineering and Mob.  The
Company's principal subsidiaries include Ecoiffier, which
focuses on the design and production of toys, and Mob, which is
a producer of plastic packaging.  Smoby has a presence in over
90 countries globally, with commercial and/or industrial
operations in South America, Asia and throughout Europe.  The
Company's products are sold worldwide through a network of 18
subsidiaries, with 65% of sales generated outside of France.  


SPANSION INC: Posts US$72 Mln Net Loss in Quarter Ended Sept. 30
----------------------------------------------------------------
Spansion Inc. disclosed last week results for its third quarter
ended Sept. 30, 2007.  For the third quarter of 2007, the
company reported a net loss of US$72 million, compared with a
net loss of US$67 million in the second quarter of 2007, which
included a one-time gain on the sale of real estate.  The
company reported net sales of US$611 million, compared to net
sales of US$609 million in the second quarter of 2007.

Gross margin for the third quarter of 2007 rose slightly
sequentially to 18%.  Spansion reduced its operating loss to
US$59 million in the third quarter, a reduction of 9% compared
to the second quarter of 2007.

"ASPs have stabilized, reversing the steep decline we saw in the
first half of the year and our book to bill is extremely strong
at 1.3, driven by the wireless division," said Bertrand Cambou,
president and chief executive officer, Spansion Inc.  "The
strong backlog is the result of the continued share gains of our
90nm MirrorBit(R) Flash memory solutions."

The company's consumer, set top box and industrial division  
achieved sales of US$294 million, up from US$272 million in net
sales in the second quarter of 2007.  For the first time since
the third quarter of 2006, the CSID division experienced a
firming ASP per bit due to a more balanced supply and demand
environment.   Shipments of high density MirrorBit solutions
increased again in the quarter.

In the wireless solutions division, net sales for the third
quarter declined sequentially from US$338 million to US$317
million due to a prior inventory build up in the Japanese
handset market, resulting in a US$40 million impact.  Revenue in
the WSD business outside Japan grew significantly, up by US$20
million sequentially due to increased sales at the top five
handset OEMs.  Outside Japan, ASP per bit was firming.  
Worldwide unit shipments increased from 82 million to 96 million
units in the third quarter.  

Spansion announced it has signed a definitive merger agreement
to acquire Saifun Semiconductors Ltd to consolidate all
MirrorBit IP, design and manufacturing expertise into a single
company.  The combination will enable Spansion to expand
operating margins, diversify its product portfolio and drive the
company’s entry into new markets.  Upon closing, Saifun will
operate as a wholly owned subsidiary, responsible for driving
the new IP licensing and royalty business for Spansion.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$3.80 billion in total assets, US$2.14 billion in total
liabilities and US$1.66 billion in total stockholders' equity.

                         Current Outlook

The company expects net sales for the fourth quarter of 2007 to
be in the range of US$640 million to US$700 million with growth
in all major business segments.

Gross margin for the fourth quarter 2007 is forecast to be
approximately flat.  Improving business performance will be
offset by costs related to the accelerated production ramp of
Spansion's 300mm, SP1 facility, starting in the fourth quarter.

                       About Spansion Inc.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,  
manufactures, markets and sells flash memory solutions  for  
wireless, automotive, networking and consumer electronics
applications.  

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

                        *     *     *

As of Oct. 18, 2007, Spansion Inc. still carries Moody's 'B3'
long term corporate family rating last placed on Dec. 5, 2005.  
Outlook is Stable.


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


A-K-H LACKIER: Claims Registration Period Ends November 2
---------------------------------------------------------
Creditors of A-K-H Lackier GmbH have until Nov. 2 to register
their claims with court-appointed insolvency manager Sandra
Bitter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 23, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Bogen 2-4
         33098 Paderborn
         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:

         Sandra Bitter
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251/180660
         Fax: 05251/1806666

The District Court of Paderborn opened bankruptcy proceedings
against A-K-H Lackier GmbH on Oct. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A-K-H Lackier GmbH
         Stettiner Str. 52
         33106 Paderborn
         Germany

         Attn: Sabrina Kleibrink, Manager
         Dorfstr. 10
         33106 Paderborn
         Germany


AGFAPHOTO GMBH: Agfa-Gevaert Denies Rumors on EUR60 Mln Claim
-------------------------------------------------------------
The German and international press have published various
articles on alleged claims and lawsuits by the insolvency
receiver of AgfaPhoto GmbH.  Agfa-Gevaert has not received any
formal claims by the insolvency receiver of AgfaPhoto nor is
Agfa-Gevaert currently engaged in litigation proceedings with
the insolvency receiver of AgfaPhoto.  Agfa-Gevaert has
meritorious positions on the reported alleged claims and will
defend itself vigorously if any such claims were brought.

According to certain press reports, the insolvency receiver of
AgfaPhoto would be claiming an amount of EUR60 million from
Agfa-Gevaert in connection with a capital increase of AgfaPhoto
in the context of the divestiture of Agfa-Gevaert's Consumer
Imaging Business in 2004.  Agfa-Gevaert has not received a
formal claim by the insolvency receiver of AgfaPhoto nor is it
aware that such a claim would have been filed.  Agfa-Gevaert is
of the firm opinion that the alleged claim lacks a sustainable
basis.  The capital increase was scrutinized by independent
auditors and the modalities of the capital increase were
reviewed and accepted by the competent court.  Agfa-Gevaert will
defend itself vigorously against any claims challenging the
appropriateness of the capital increase.

In the same vein, it is reported that Agfa-Gevaert would be
engaged in arbitration proceedings with the insolvency receiver
of AgfaPhoto before the International Chamber of Commerce  
concerning an alleged payment obligation of EUR46 million.  No
such proceedings are currently pending and Agfa-Gevaert is not
aware that the insolvency receiver would have lodged a claim
with the ICC.  Immediately after the insolvency filing of
AgfaPhoto in May 2005, Agfa-Gevaert has, in order to support the
preliminary receiver and the new management in the objective to
preserve the operations and employment of AgfaPhoto, agreed to
perform certain distribution activities.  To this end an
agreement was signed with AgfaPhoto's preliminary receiver, Dr.
Ringstmeier, and the new management of AgfaPhoto according to
which Agfa-Gevaert is to pay for the goods supplied by AgfaPhoto
only if and when the end customer has paid its invoices.  It was
further agreed that Agfa-Gevaert itself would not be exposed to
any commercial or financial risks in connection with the
distribution of AgfaPhoto's consumer imaging products.  The
settlement of payments under this arrangement with the
insolvency receiver of AgfaPhoto is an ongoing process.  Agfa-
Gevaert regrets to have to express itself on an ongoing
commercial settlement process through the media.

                     About AgfaPhoto GmbH

Headquartered in Cologne, Germany, AgfaPhoto GmbH --
http://www.agfaphoto.com/-- manufactures photographic film,
papers, chemicals, and disposable cameras.  It also offers
online print service, on-site processing, kiosk systems and
wholesale finishing.  The company has 1,800 employees.

Six months after it was sold to its management and a group of
investors, the company filed for insolvency at the district
court of Cologne and appointed Andreas Ringstmeier provisional
administrator.  The company blamed the growing popularity of
digital photography for its demise.  It has 32 subsidiaries
outside Germany that are not affected by the insolvency.  The
company owes money to suppliers and pension security body
Pensionssicherungsverein.


COLLECTION E: Creditors Must File Claims by November 23
-------------------------------------------------------
Creditors of Collection E - Exclusiv Polstermoebel GmbH & Co. KG
have until Nov. 23 to register their claims with court-appointed
insolvency manager Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Dec. 14, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Claudia Jansen
         Bockenheimer Landstr. 20
         60323 Frankfurt
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Collection E - Exclusiv Polstermoebel GmbH & Co. KG on
Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Collection E - Exclusiv Polstermoebel GmbH & Co. KG
         Siemensstr. 2
         32312 Luebbecke
         Germany


DOMINO MASSIVHAUS: Claims Registration Ends November 22
-------------------------------------------------------
Creditors of Domino Massivhaus GmbH have until Nov. 22 to
register their claims with court-appointed insolvency manager
Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Zi. Nr. 144/I
         Residenzplatz 4-6
         87435 Kempten
         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:

         Mathias Dorn
         Allgauer Strasse 1
         87435 Kempten
         Germany
         Tel: (0831) 580 0434
         Fax: (0831) 580 0464

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

The Debtor can be reached at:

         Domino Massivhaus GmbH
         Poststrasse 27
         87439 Kempten
         Germany


ELEKTRO - BAU SYLT: Claims Registration Ends December 5
-------------------------------------------------------
Creditors of Elektro - Bau Sylt GmbH have until Dec. 5 to
register their claims with court-appointed insolvency manager
Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.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 Niebuell
         Hall 1
         Sylter Bogen 1 A
         25899 Niebuell
         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:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany

The District Court of Niebuell opened bankruptcy proceedings
against Elektro - Bau Sylt GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Elektro - Bau Sylt GmbH
         Attn: Mathias Andersen, Manager
         Kiarwai 3
         25980 Sylt-Ost/Tinnum
         Germany


ERSTE EXACT: Claims Registration Period Ends November 2
-------------------------------------------------------
Creditors of Erste Exact Immobilienbeteiligungsgesellschaft mbH
have until Nov. 2 to register their claims with court-appointed
insolvency manager Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on Dec. 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Erste Exact Immobilienbeteiligungsgesellschaft mbH on
Oct. 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Erste Exact
         Immobilienbeteiligungsgesellschaft mbH
         C/o Peter Schultz-Ossmer
         Baumwall 7
         20459 Hamburg
         Germany


FZS GMBH: Creditors' Meeting Slated for November 15
---------------------------------------------------
The court-appointed insolvency manager for FZS GmbH, Joachim
Exner, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:00 a.m. on Nov. 15.

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

         The District Court of Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Jan. 8, 2008, at the same
venue.

Creditors have until Dec. 3 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Exner
         Kumpfmuehler Str. 30
         93051 Regensburg
         Germany
         Tel: 0941/2807370
         Telefax: 0941/2807379

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

The Debtor can be reached at:

         FZS GmbH
         Im Haslet 36-38
         93086 Woerth
         Germany


H. SCHICK: Claims Registration Period Ends November 2
-----------------------------------------------------
Creditors of H. Schick Haustechnik GmbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Dirk Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Dec. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Betzdorf
         Hall 109
         First Floor
         Friedrichstrasse 17
         57518 Betzdorf
         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 Obermueller
         Godesberger Allee 125-127
         D 53175 Bonn
         Germany
         Tel: 0228/81000-56
         Fax: 0228/81000-820

The District Court of Betzdorf opened bankruptcy proceedings
against H. Schick Haustechnik GmbH on Oct. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         H. Schick Haustechnik GmbH
         Attn: Johann Friedrich Schick, Manager
         Hauptstrasse 74
         57635 Hasselbach
         Germany


HIEBER GMBH: Claims Registration Ends November 19
-------------------------------------------------
Creditors of Hieber GmbH have until Nov. 19 to register their
claims with court-appointed insolvency manager Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Andree Wernicke
         Grottenau 6
         86150 Augsburg
         Germany

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

The Debtor can be reached at:

         Hieber GmbH
         Attn: Manfred Hieber and Uwe Sieber, Managers
         Schulstr. 7
         86415 Mering
         Germany


HUELSMANN BAU: Claims Registration Ends November 22
---------------------------------------------------
Creditors of Huelsmann Bau GmbH have until Nov. 22 to register
their claims with court-appointed insolvency manager Stefan
Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg, 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:

         Stefan Hinrichs
         Heiligengeiststrasse 29
         26121 Oldenburg
         Germany
         Tel: 0441 218910
         Fax: 0441 2189139

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

The Debtor can be reached at:

         Huelsmann Bau GmbH
         Burgfelder Str. 61
         26160 Bad Zwischenahn
         Germany


IKB DEUTSCHE: KfW Explores Options for 37.8% Stake; Mulls Sale
--------------------------------------------------------------
State-owned KfW Bankengruppe said it will be carrying out a
comprehensive analysis of all strategic options for its 37.8%
stake in IKB Deutsche Industriebank AG, including the
possibility of a sale.

IKB's core business and statutory purpose is to provide medium
and long-term financing and the associated advisory services for
SMEs.  It has a well-balanced range of products to meet SME
financing needs, the priority being given to investment finance.  
IKB's customers are at the same time a key target group for the
promotion by KfW Bankengruppe of small and medium-sized
enterprises.

KfW has chosen the investment bank Merrill Lynch and the law
firm Clifford Chance to provide advice on structuring,
evaluating and implementing the options.

                   About KfW Bankengruppe

Headquartered in Frankfurt, Germany, KfW Bankengruppe --
http://www.kfw.de/EN_Home/-- deals with the promotion of the  
development and transformation countries, export and project
financing, promotion of middle class, existence founders and
start ups, promotion living economy, environmental and climatic
protection, education and infrastructure.

With 3,900 employees, KFW Bankengruppe has its locations in
Berlin, Bonn and Frankfurt am Main.  Owned by the federal
government and the Laender, it is one of the leading banks in
Germany.

                      About IKB Deutsche

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.


KUECHEN-IDEE GMBH: Claims Registration Ends November 19
-------------------------------------------------------
Creditors of Kuechen-Idee GmbH have until Nov. 19 to register
their claims with court-appointed insolvency manager Jens
Wilhelm V.

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

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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 Wilhelm V
         Grosser Plan 8
         29221 Celle
         Germany
         Tel: 05141-9744624
         Fax: 05141-9744629
         E-mail: Kanzlei@Wilhelm-Kollegen.de
         Web site: www.Wilhelm-Kollegen.de

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

The Debtor can be reached at:

         Kuechen-Idee GmbH
         Attn: Klaus Boerner, Manager
         Burger Landstr. 2
         29227 Celle
         Germany


MBM ENTERTAINMENT: Creditors Must File Claims by December 18
------------------------------------------------------------
Creditors of MBM Entertainment GmbH have until Dec. 18 to
register their claims with court-appointed insolvency manager
Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against MBM Entertainment GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MBM Entertainment GmbH
         Attn: David Muehlmann, Manager
         Bahnhofstrasse 4
         99438 Bad Berka
         Germany


MOENUS TEXTILMASCHINEN: Claims Registration Period Ends Nov. 2
--------------------------------------------------------------
Creditors of Moenus Textilmaschinen GmbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Wolfgang van Betteray.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Wolfgang van Betteray
         Rheinort 1
         40213 Duesseldorf
         Germany
         Tel: 0211/13940
         Fax: +492111394251

The District Court of Moenchengladbach opened bankruptcy
proceedings against Moenus Textilmaschinen GmbH on Oct. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moenus Textilmaschinen GmbH
         Blumenberger Strasse 143 - 145
         41061 Moenchengladbach
         Germany


P.R.R.O. BAU-GMBH: Creditors Must File Claims by November 26
------------------------------------------------------------
Creditors of P.R.R.O. Bau-GmbH have until Nov. 26 to register
their claims with court-appointed insolvency manager Max-
Reinhard Winter.

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

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Max-Reinhard Winter
         Dockenhudener Strasse 20
         22587 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against P.R.R.O. Bau-GmbH on Oct. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         P.R.R.O. Bau-GmbH
         Tangstedter Weg 32
         22851 Norderstedt
         Germany


S.E.A. IMPORT-EXPORT: Creditors Must File Claims by December 18
---------------------------------------------------------------
Creditors of S.E.A. Import-Export GmbH have until Dec. 18 to
register their claims with court-appointed insolvency manager
Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany    

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

The insolvency manager can be reached at:

         Claudia Jansen
         Bockenheimer Landstrasse 20
         D 60323 Frankfurt/Main

The District Court of Frankfurt am Main opened bankruptcy
proceedings against S.E.A. Import-Export GmbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S.E.A. Import-Export GmbH
         Hoelderlinstr. 5
         60316 Frankfurt am Main
         Germany


SEIL-SANDER ERNST: Creditors Must File Claims by November 23
------------------------------------------------------------
Creditors of Seil-Sander Ernst Sander GmbH & Co. KG have until
Nov. 23 to register their claims with court-appointed insolvency
manager Ygglev Stintzing.

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

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         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:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against - Seil-Sander Ernst Sander GmbH & Co. KG on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Seil-Sander Ernst Sander GmbH & Co. KG
         Norderhofenden 10
         24937 Flensburg
         Germany


SELL ACTIVITY: Claims Registration Period Ends October 29
---------------------------------------------------------
Creditors of sell activity GmbH have until Oct. 29 to register
their claims with court-appointed insolvency manager Dirk
Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 sell activity GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         sell activity GmbH
         Lakumer Str. 6
         47137 Duisburg
         Germany

         Attn: Hans Werner Foehring, Manager
         Bauernkamp 9 a
         44894 Bochum
         Germany


STELLWERK 13: Claims Registration Ends November 30
--------------------------------------------------
Creditors of Stellwerk 13 Gastrobetreibergesellschaft mbH have
until Nov. 30 to register their claims with court-appointed
insolvency manager Wolfgang Luckas.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Dec. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 24
         Second Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Luckas
         Sulzbachstrasse 26
         66111 Saarbruecken
         Tel: 0681/ 3090 435
         Fax: 0681/ 3090 433

The District Court of Saarbruecken opened bankruptcy proceedings
against Stellwerk 13 Gastrobetreibergesellschaft mbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stellwerk 13 Gastrobetreibergesellschaft mbH
         Attn: Dieter Hoffmann, Manager
         Bahnhofstr. 34
         66571 Eppelborn
         Germany


SUEDO GMBH: Claims Registration Period Ends December 2
------------------------------------------------------
Creditors of Suedo GmbH Maschinenbau have until Dec. 2 to
register their claims with court-appointed insolvency manager
Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 7, 2008, 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 Montabaur
         Hall 106
         First Floor
         Bahnhofstrasse 47
         56410 Montabaur
         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: 0261-304790
         Fax: 0261-9114729

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

The Debtor can be reached at:

         Suedo GmbH Maschinenbau
         Attn: Cemalettin Suemer, Manager
         Vor der Bitz 16
         56470 Bad Marienberg
         Germany


SUK SANIERUNGS: Claims Registration Period Ends November 12
-----------------------------------------------------------
Creditors of SUK Sanierungs- und Kooperationsbau GmbH have until
Nov. 12 to register their claims with court-appointed insolvency
manager Ruediger Wienberg.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against SUK Sanierungs- und Kooperationsbau GmbH on
Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SUK Sanierungs- und Kooperationsbau GmbH
         Fuerstenwalder Poststrasse 110
         15234 Frankfurt (Oder)
         Germany


SYLT LIFE: Claims Registration Ends December 5
----------------------------------------------
Creditors of Sylt life GmbH & Co.KG have until Dec. 5 register
their claims with court-appointed insolvency manager Berthold
Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.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 Niebuell
         Hall 1
         Sylter Bogen 1 A
         25899 Niebuell
         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:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany

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

The Debtor can be reached at:

         Sylt life GmbH & Co.KG
         Attn: Christian Sonntag, Manager
         Kjerstr. 17
         25980 Westerland/Sylt
         Germany


TAXI-DIETZ: Claims Registration Ends November 19
------------------------------------------------
Creditors of Taxi-Dietz GmbH have until Nov. 19 to register
their claims with court-appointed insolvency manager Siegfried
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Dec. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Germany
         Tel: 02443/98120
         Fax: 0244398 1219

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

The Debtor can be reached at:

         Taxi-Dietz GmbH
         Bendenweg 44
         53902 Bad Muenstereifel
         Germany


TEC KOMPLETTBAU: Claims Registration Ends December 7
----------------------------------------------------
Creditors of TEC Komplettbau GmbH have until Dec. 7 to register
their claims with court-appointed insolvency manager Thomas
Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Jan. 31, 2008, 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 Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Thomas Linse
         Aussere Sulzbacher Str. 29
         90491 Nuremberg
         Germany
         Tel: 0911/598704
         Fax: 0911/5987379

The District Court of Fuerth opened bankruptcy proceedings
against TEC Komplettbau GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TEC Komplettbau GmbH
         Seligmannstr. 11
         91083 Baiersdorf
         Germany


TECTUM BAU: Creditors' Meeting Slated for November 2
----------------------------------------------------
The court-appointed insolvency manager for Tectum Bau Design
GmbH, Dirk Wittkowski will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:35 a.m. on Nov. 2.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on Feb. 1, 2008 at the same venue.

Creditors have until Dec. 7 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Tectum Bau Design GmbH on Sept. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tectum Bau Design GmbH
         Borodinstr. 10
         13088 Berlin
         Germany


TISCHLERTEAM VOLMER: Creditors' Meeting Slated for November 21
--------------------------------------------------------------
The court-appointed insolvency manager for Tischlerteam Volmer
GmbH, Sabine Aldermann, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:40 a.m. on Nov. 21.

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

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on Jan. 16, 2008, at the same
venue.

Creditors have until Nov. 16 to register their claims with the
court-appointed 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 Tischlerteam Volmer GmbH on Sept. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tischlerteam Volmer GmbH
         Dechenstr. 3
         44147 Dortmund
         Germany

         Attn: Hans-Christian Volmer, Manager
         Josephstr. 8
         44137 Dortmund
         Germany


TRAUM STATION: Creditors' Meeting Slated for November 16
--------------------------------------------------------
The court-appointed insolvency manager for Traum Station
Schlafsysteme GmbH, Burghard Wegener will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on Nov. 16.

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

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany
      
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Dec. 14 at the same venue.

Creditors have until Nov. 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Burghard Wegener
         Obere Karspuele 36
         D 37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

The District Court of Goettingen opened bankruptcy proceedings
against Traum Station Schlafsysteme GmbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Traum Station Schlafsysteme GmbH
         Herbert-Quant-Strasse 4
         37081 Goettingen
         Germany


TREVIUS GESELLSCHAFT: Creditors' Meeting Slated for December 14
---------------------------------------------------------------
The court-appointed insolvency manager for Trevius Gesellschaft
fuer Dialogberatung mbH, Juergen Buehs, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on Dec. 14.

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

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on Jan. 4, 2008, at the same
venue.

Creditors have until Nov. 19 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Juergen Buehs
         Oxfordstrasse 2
         53111 Bonn
         Germany
         Tel: 0228 / 98 52 10
         Fax: 022898 52 122

The District Court of Bonn opened bankruptcy proceedings against
Trevius Gesellschaft fuer Dialogberatung mbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Trevius Gesellschaft fuer Dialogberatung mbH
         Koblenzer Str. 112
         53177 Bonn
         Germany

         Attn: Thomas Rugo, Manager
         Johannes-Mueller-Str. 16
         53127 Bonn
         Germany


===========
G R E E C E
===========


WIND HELLAS: Inks Deal with PPC to Acquire 50% Stake in Tellas
--------------------------------------------------------------
WIND Hellas Telecommunications S.A. (fka Tim Hellas
Communications S.A.), a wholly-owned subsidiary of Weather
Investments SpA, has signed a definitive agreement with PPC S.A.
(Public Power Corporation), to acquire the latter's stake in
Tellas S.A., the alternative Greek fixed-line and broadband
operator.  The agreement follows the decision of PPC's Board of
Directors on July 31, 2007 to accept Weather Investments' offer
to purchase PPC's stake in Tellas.

WIND Hellas will purchase the minority stake in Tellas owned by
PPC (50% minus one share) for EUR175 million.  Also WIND Hellas
will purhase two shares from WIND Telecomunicazioni SpA, a
wholly-owned subsidiary of Weather Investments that is the other
existing shareholder in Tellas, taking WIND Hellas' aggregate
holding in Tellas to 50% plus one share.  The aggregate purchase
consideration will be financed through a combination of excess
cash at Wind Hellas and draw-down under the existing Revolving
Credit Facility.

The acquisition furthers WIND Hellas's commitment to deliver
Greek consumers integrated telecommunications services
introducing them into a new era of converged technologies.

"WIND Hellas has offered innovative mobile telephony services
for almost 15 years now.  This acquisition will enable us to
leverage on Tellas' assets and quickly evolve into an integrated
telecommunications provider that serves all customer needs in a
competitive, clear and trustworthy way," Socrates Kominakis,
WIND Hellas's CEO, stated upon signing the agreement.

The acquisition is subject, inter alia, to applicable regulatory
approvals.

Headquartered in Athens, Greece, TIM Hellas Telecommunications
S.A. (fka Tim Hellas Communications S.A.) -- http://www.tim.gr/
-- was established in 1992 and was the first company in Greece
to be granted a license for the creation of a national mobile
telephony services network (GSM).  For the obtainment of this
license TIM Hellas invested the sum of GRD30 billion, which
constituted one of the biggest investments in Greece since the
end of the Second World War.  The company initiated its
activities in the Greek market under the brand name TELESTET on
June 29, 1993, when the first call from a mobile phone took
place in Greece.

                        *     *     *

As reported in the TCR-Europe on Aug. 7, 2007, Fitch Ratings
will continue to monitor developments in the ownership of Greek
fixed-line operator Tellas SA, in particular for any impact on
the credit profile of Greek mobile operator WIND Hellas
Telecommunications S.A. (rated 'B'/Stable).

Current ratings on WIND Hellas:

   -- WIND Hellas Telecommunications S.A. Long-term Issuer
      Default Rating: 'B'; Outlook Stable;

   -- WIND Hellas Telecommunications S.A. Short-term Issuer
      Default Rating: 'B';

   -- Hellas Telecommunications (Luxembourg) V senior revolving
      credit facility: 'B+'/'RR3';

   -- Hellas Telecommunications (Luxembourg) V senior secured
      floating rate notes due 2012: 'B+' /'RR3';

   -- Hellas Telecommunications (Luxembourg) III senior notes
      due 2013: 'B+'/'RR3'; and

   -- Hellas Telecommunications (Luxembourg) II subordinated
      floating-rate notes due 2015: 'CCC+'/'RR6'.


WIND HELLAS: Fitch Watches B Ratings on Tellas Acquisition
----------------------------------------------------------
Fitch Ratings placed the ratings of Greek mobile operator
WIND Hellas Telecommunications S.A. (rated 'B') on Rating Watch
Negative following the announcement of its acquisition of 50%
plus one share of Greek fixed-line operator Tellas SA, for a
total sum of EUR180 million plus fees and the refinancing of
EUR80 million of Tellas debt.  The acquisition will be funded
from a combination of debt and cash on balance sheet.

WIND Hellas has agreed to purchase the 50% minus one share of
Tellas owned by Public Power Corporation SA, a Greek state-
controlled utility company, for EUR175 million.  A further two
shares (giving it control of the company) are to be purchased
from Italy's Wind Telecomunicazioni SpA (rated 'BB-', Negative
Outlook), also ultimately owned by Weather Investments. Tellas
will be fully consolidated by WIND Hellas as the controlling
shareholder; however, Fitch notes that half of any Tellas
funding requirements will continue to be met by Wind
Telecomunicazioni SpA.

WIND Hellas intends to incur additional debt for the acquisition
by increasing the existing super-senior ranking Revolving Credit
Facility back to its original amount of EUR250 million from the
current level of EUR150 million.  Fitch expects the increase in
adjusted net leverage to be approximately 0.5x, which will
postpone the deleveraging of the combined group beyond the
previously expected timeframe.  The agency believes the delay is
likely to be extended further by additional funding requirements
for the development of Tellas's local loop unbundling business,
and this factor drives the RWN, as WIND Hellas's IDR of 'B' was
predicated on Fitch's expectation that the company would rapidly
deleverage to approximately 6.0x EBITDA by end-2007 or early-
2008 from 7.1x at YE06.  Fitch expects to resolve the Rating
Watch through either a stabilization of the current rating or a
downgrade of up to one notch following a detailed review of the
new combined strategy and Tellas's business fundamentals.

In Fitch's view, a combination of WIND Hellas's mobile
operations and Tellas's fixed-line operations should be neutral
to positive in terms of business strategy, although there is
limited evidence to support a significant increase in
subscribers as a result of cross-selling opportunities between
WIND Hellas's approximately one million postpaid mobile
subscriber base (at second quarter of 2007) and Tellas' fixed-
line business.  Nevertheless, Greek broadband penetration is
still low by Western European standards, so opportunities exist
for alternative providers, and WIND Hellas should be able to
extract some synergies in terms of administrative, advertising
and selling costs.  The future success and further growth of
Tellas's fixed-line business in Greece will depend on the depth
and quality of its fixed network, wholesale line rental and LLU
rates, as well as its ability to access the exchanges of the
incumbent (Hellenic Telecommunications Organization, rated
'BBB', Stable Outlook).

WIND Hellas is the third-largest mobile operator in Greece and
also owns the number four operator, Q-Telecom, with a combined
4.4 million customers at second quarter of 2007.  The group
reported revenues of EUR1.153 billion and adjusted EBITDA of
EUR411 million for the 12 months to end-June 2007, equivalent to
6.5x adjusted net leverage at second quarter of 2007.

WIND Hellas Ratings on RWN:

   -- WIND Hellas Telecommunications S.A. Long-term Issuer
      Default Rating: 'B';

   -- WIND Hellas Telecommunications S.A. Short-term Issuer
      Default Rating: 'B'

   -- Hellas Telecommunications (Luxembourg) V senior revolving
      credit facility: 'B+'/'RR3'

   -- Hellas Telecommunications (Luxembourg) V senior secured
      floating-rate notes due 2012: 'B+' /'RR3'

   -- Hellas Telecommunications (Luxembourg) III senior notes
      due 2013: 'B+'/'RR3'

   -- Hellas Telecommunications (Luxembourg) II subordinated
      floating-rate notes due 2015: 'CCC+'/'RR6'


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


ALITALIA SPA: Strike Against Downscale Plan Cancels 254 Flights
---------------------------------------------------------------
Employees at Alitalia S.p.A. staged on Oct. 22, 2007, an
industrial protest against the national carrier's plan to
downscale operations at Milan's Malpensa International Airport,
Reuters reports.

The four-hour strike spurred Alitalia to cancel 197 flights at
Malpensa and another 57 at the nearby Linate Airport, operator
SEA Aeroporti di Milano told Reuters.

As previously reported, Alitalia said it would "reposition the
activities of Milan Malpensa airport by focusing on specific
business segments."

The carrier said it may reconsider this option "if and when the
access regulations for Milan Linate airport were to be modified
concentrating the major part of air traffic from/to Lombardy on
Milan Malpensa, and if and when airport costs were reduced."

                         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.


XEROX CORPORATION: Earns US$753 Mln in First Nine Months of 2007
----------------------------------------------------------------
Xerox Corporation posted a net income of US$753 million on
US$4.3 billion of revenues for the first nine months ended
Sept. 30, 2007, compared with a net income of EUR996 million on
EUR3.8 billion of revenues for the same period in 2006

At Sept. 30, 2007, the company’s consolidated balance sheet
showed US$23.4 billion in total assets, US$15.5 billion in total
liabilities and US$7.9 billion in shareholders’ equity

“This quarter’s solid results are proof positive that our
business model is on track, generating double-digit profit
growth and fueling a strong annuity pipeline that serves us well
for the long term,” said Anne M. Mulcahy, Xerox chairman and
chief executive officer.

“With the industry’s broadest set of digital color systems,
we’re knocking down cost and quality barriers to make color
printing affordable for businesses of any size. Now, color makes
up more than half of our total equipment sales,” she added. “Our
investments in innovation, rich portfolio of services, and
acquisitions of companies that strengthen our leadership in
document management are delivering value for our customers and
our shareholders. The result is strong third-quarter
performance, leading us to increase our expectations for full-
year earnings growth.”

During the third quarter, Xerox saw the benefit of the 38 office
and production products launched this year as well as broader
distribution to small and mid-size businesses through the
acquisition of Global Imaging Systems.  Equipment sales were up
14 percent over the prior year, including a 2 point benefit from
currency.  Already in 2007, Xerox has rolled out more than twice
the number of new products it launched last year.  More than
two-thirds of Xerox’s equipment sale revenue comes from products
launched in the past two years.

Just recently, Xerox closed on its US$32 million acquisition of
Advectis, Inc., which provides one of the mortgage industry’s
most widely-used solutions for electronic document
collaboration.  The all-cash purchase of Advectis expands
Xerox’s expertise in automating work processes, helping
customers in document-intensive businesses like lending and
finance to reduce costs and simplify how work gets done.

                        About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,  
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 23, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Stamford, Connecticut-based Xerox Corp. to positive from stable.
Ratings on the company, including the 'BB+' long-term and 'B-1'
short-term corporate credit ratings, were affirmed.


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


ALK-STORY LLP: Proof of Claim Deadline Slated for November 23
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Construction Company Alk-Stroy insolvent.

Creditors have until Nov. 23 to submit written proofs of claims
to:

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


AMANAT-INVESTSU LLP: Creditors Must File Claims November 23
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Amanat-Investsu insolvent on
Sept. 8.

Creditors have until Nov. 23 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Jeleznodorojnaya Str. 23
         Sastobe
         Tulkubassky District
         South Kazakhstan
         Kazakhstan


CST GROUP: Claims Filing Period Ends November 20
------------------------------------------------
LLP CST Group has declared insolvency.  Creditors have until
Nov. 20 to submit written proofs of claims to:

         LLP CST Group
         Baitursyn uly Str. 78-19
         Almaty
         Kazakhstan


DIONIS GOLF: Creditors' Claims Due on November 20
-------------------------------------------------
LLP Dionis Golf has declared insolvency.  Creditors have until
Nov. 20 to submit written proofs of claims to:

         LLP Dionis Golf
         Al-Farabi ave. 142
         Almaty
         Kazakhstan


DUKAT TRADING: Claims Registration Ends November 23
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Dukat Trading (RNN 600900502700) declared insolvent
on Aug. 28.

Creditors have until Nov. 23 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makatayev Str. 117
         Almaty
         Kazakhstan
         Tel: 8 (3272) 34-39-77
              8 701 772 00-03


KAPKOMSTROY LLP: Proof of Claim Deadline Slated for November 23
---------------------------------------------------------------
LLP Construction Company Kapkomstroy has declared insolvency.  
Creditors have until Nov. 23 to submit written proofs of claims
to:

         LLP Construction Company Kapkomstroy
         Aimautov Str. 11
         Shymkent
         South Kazakhstan
         Kazakhstan


KOK-ARYK LLP: Creditors Must File Claims November 23
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Kok-Aryk insolvent on Aug. 27.

Creditors have until Nov. 23 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Jeleznodorojnaya Str. 23
         Sastobe
         Tulkubassky District
         South Kazakhstan
         Kazakhstan


KOKSHETAU INDUSTRIYA: Claims Filing Period Ends November 20
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kokshetau Industriya insolvent.

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

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


OK-JETPES LLP: Creditors' Claims Due on November 20
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Ok-Jetpes insolvent.

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

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


ZIYA TRADE: Claims Registration Ends November 23
------------------------------------------------
LLP Trade Company Ziya Trade has declared insolvency.  Creditors
have until Nov. 23 to submit written proofs of claims to:

         LLP Trade Company Ziya Trade
         Tauelsizdyk Str. 101-40
         Taldykorgan
         Almaty
         Kazakhstan


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


MARVEL LLC: Proof of Claim Deadline Slated for November 23
----------------------------------------------------------
LLC Marvel has declared insolvency.  Creditors have until
Nov. 23 to submit written proofs of claim to:

         LLC Marvel
         Chui Ave. 125-53
         Bishkek
         Kyrgyzstan
         Tel: (0-543) 91-31-11


===================
L U X E M B O U R G
===================


AGILENT TECHNOLOGIES: Inks Marketing Agreement with BioTrove
------------------------------------------------------------
Agilent Technologies Inc. and BioTrove Inc. have signed an
agreement to co-market the Agilent 6410 Triple Quadrupole Mass
Spectrometer with BioTrove's RapidFire high-throughput sample
preparation systems.  The two systems together provide an
integrated solution for ultra-high-throughput preparation and
analysis of in vitro biological assays in pharmaceutical drug
research.

"This relationship enables clients to integrate the fastest
sample-preparation system on the market with the strength of
leading-edge analytical mass spectrometry," said Guenter Nill,
Agilent general manager, pharmaceutical and biotech market.  "It
significantly benefits pharmaceutical companies that want to
spend less time and money discovering new leads and developing
more effective medicines."

Using innovative microfluidic technology for sample preparation
and analysis faster than eight seconds per sample, RapidFire
Mass Spectrometry eliminates bottlenecks created by traditional
mass spectrometry throughput.  It has been used by 10 of the top
15 pharmaceutical companies as an established drug-discovery
tool for more than four years.  RF-MS is routinely used in
applications including the high-throughput screening of
previously intractable drug targets, cytochrome P450 inhibition
and other pre-clinical ADME assays, as well as in directed
evolution studies.

The Agilent 6410 Triple Quadrupole LC/MS establishes a new
standard for value in a triple quadrupole mass spectrometer,
delivering outstanding sensitivity and great ease of use along
with traditional Agilent reliability.  Femtogram-level
sensitivity and rugged, reliable performance make this the
instrument of choice for drug discovery and development.

"The Agilent-BioTrove collaboration provides an improved,
integrated high-throughput screening solution, enabling
biopharmaceutical companies to better use their talent, time and
targets," said Al Luderer, Ph.D., president and CEO, BioTrove.
"BioTrove's expertise in sample preparation for high-throughput
screening and early ADME is a natural complement to Agilent's
strength in analytical mass spectrometry.  Together, we are
enabling walk-away analysis of lead compounds against valuable
targets that would be otherwise impossible to screen, helping
biopharma clients meet the challenge of accelerating drug
discovery research."

The combined solutions can be seen at the following events:

  -- Chemical and Pharmaceutical Structure Analysis Conference
     in Langhorne, Pa., on Oct. 22-25; and

  -- American Association of Pharmaceutical Scientists
     Conference in San Diego on Nov. 11-15.

                      About BioTrove Inc.

BioTrove Inc. -- http://www.biotrove.com/-- offers two
innovative technology platforms: RapidFire(TM), which enables
the acceleration of drug discovery and pipeline decisions, and
OpenArray(TM), which advances genomic research in a wide range
of life science fields, including agriculture, disease research,
bio-defense, and public health.  With more than half of the
world's ten largest pharmaceutical companies as clients, and
partnerships with prestigious research and public health centers
around the world, BioTrove's products and services ensure that
an industry committed to accuracy and speed can meet business
goals.

RapidFire(TM) Mass Spectrometry (RFMS) uses an innovative
microfluidic technology to facilitate analysis at faster than 10
seconds per sample, eliminating the bottleneck created by
traditional mass spectrometry throughput.  RFMS is routinely
used in many applications including the high-throughput
screening of previously intractable drug targets, cytochrome
P450 inhibition and other ADME assays and directed evolution
studies.

The OpenArray(TM) Platform enables genomics researchers to
generate SNP and real time qPCR data in the hundreds of
thousands of data points per day, significantly increasing the
number of samples analyzed while significantly decreasing the
time and cost required.  The flexible format and nanoliter scale
of the OpenArray(TM) system allows for easy adjustment of sample
and assay numbers, achieving economical, high-throughput
genomics.

                   About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                       *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


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


BAUSCH & LOMB: Extends Securities Tender Offers to Oct. 26
----------------------------------------------------------
Bausch & Lomb is extending to 8:00 a.m., New York City time, on
Oct. 26, 2007, the expiration date in regard to its offers to
purchase its outstanding:

    (i) 6.95% Senior Notes due 2007;
   (ii) 5.90% Senior Notes due 2008;
  (iii) 6.56% Medium-Term Notes due 2026;
   (iv) 7.125% Debentures due 2028;
    (v) 2004 Senior Convertible Securities due 2023, and
   (vi) Floating Rate Convertible Senior Notes due 2023;

all pursuant to its cash tender offers and consent solicitations
for the Debt Securities and the Convertible Debt Securities.

On Oct. 4, 2007, the company has received tenders and consents
representing a majority in principal amount of each series of
the Debt Securities and the consent payment deadline has passed
and withdrawal rights have terminated with respect to the Debt
Securities.

All other terms and conditions of the tender offers and consent
solicitations are unchanged.  

The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including closing of the
proposed merger between the company and an affiliate of Warburg
Pincus LLC, which is expected to occur on or about Oct. 26,
2007.

Citigroup Global Markets Inc., Banc of America Securities LLC,
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities
Inc. are acting as dealer managers for the tender offers and
consent solicitations.

Questions regarding the transaction and the procedures for
consenting may be directed to Citigroup Global Markets Inc. by
telephone at (800) 558-3745 (toll-free), Banc of America
Securities LLC by telephone at (888) 292-0070 (toll-free) for
the Debt Securities and (888) 583-8900 x2200 (toll-free) for the
Convertible Debt Securities, Credit Suisse Securities (USA) LLC
by telephone at (212) 325-7596 (collect) or J.P. Morgan
Securities Inc. by telephone at (212) 270-1477 (collect).

Global Bondholder Services is the information agent for the
tender offers and consent solicitations.  Requests for
documentation should be directed to Global Bondholder Services
at (866) 540-1500 (toll-free).

                      About Bausch & Lomb

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 18, 2007
Moody's Investors Service affirmed these ratings and updated LGD
assessments of Bausch & Lomb's: (i) B2 corporate family rating;
(ii) B2 probability of default rating; (iii) SGL-2 speculative
grade liquidity rating; (iv) B1 rating (to LGD3/36% from
LGD3/35%) on a US$500 million senior secured revolver; (v) B1
rating (to LGD3/36% from LGD3/35%) on a US$1,200 million U.S.
senior secured term loan; (vi) B1 rating (to LGD3/36% from
LGD3/35%) on a US$300 million delayed draw term loan; and (vii)
Caa1 rating (to LGD5/89% from LGD5/86%) on US$650 million senior
unsecured notes.  The outlook for these ratings remains stable.


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


AGROPROMDORSTROY AZNAKAEVSKIJ: Claims Deadline Set December 13
--------------------------------------------------------------
Creditors of AgroPromDorStroy Aznakaevskij OJSC have until
Dec. 13 to submit proofs of claim at:

         POB 103
         Nizhnekamsk-6
         423576 Tatarstan
         Russia

The Arbitration court of Tatarstan commenced competitive
proceedings on the company.  The case is docketed under
Case No. ?65-19612/2005-??4-26.

The as Competitive proceedings manager is:

         Radyno R.A.
         Proletarskaya Str. 216
         460035 Orenburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         AgroPromDorStroy Aznakaevskij OJSC
         Al'metyevslij Trakt 11
         Aznakaevo
         423330 Tatarstan
         Russia


HOMYAKOVSKIJ OJSC: Creditors Must File Claims by December 13
------------------------------------------------------------
Creditors of Cold-Store Complex Homyakovskij OJSC have until
Dec. 13 to submit proofs of claim at:

         Office 1
         Frunze Str. 7
         300041 Tula
         Russia

The Arbitration court of Tula commenced one-year competitive
proceedings against the company after finding it insolvent. The
Court appointed Zubanov D.A. as Competitive proceedings manager.  
The case is docketed under Case No. A 68-1518/07-61/?.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         Cold-Store Complex Homyakovskij OJSC
         Homyakovskaya Str. 16A
         300908 Tula
         Russia


INTERNATIONAL PAPER: Board Okays Annual Election of Directors
-------------------------------------------------------------
The board of directors of International Paper Co. has authorized
an amendment to the company's certificate of incorporation to
declassify the board of directors and to provide for the annual
election of directors.  

The company's proxy statement will include a proposal to
shareholders, recommended by the board, to approve the amendment
at the 2008 annual shareholders' meeting.

The directors of International Paper currently are elected by
class to staggered three-year terms.  If the amendment is
approved, declassification will be phased in over a three-year
period.

Beginning with the 2011 annual meeting, all directors will be
elected annually for one-year terms.  The phased-in approach
allows for a simplified transition under both New York law and
the company's certificate of incorporation, and provides needed
continuity throughout the company's transformation plan.

"Our board of directors has reviewed these issues carefully and
decided to begin instituting this change," said John Faraci,
International Paper chairman and chief executive officer.  "Over
the past several years, the company considered the issue of
annual director elections, and with the transformation plan well
underway, we believe the timing is right to move forward."

Separately, the board of directors also unanimously authorized
an amendment to the company's certificate of incorporation to
provide for the election of directors by majority vote, after a
2007 shareholder proposal, endorsed by the board, in favor of
the change.

The company's proxy statement will include a proposal to
shareholders, recommended by the board, to approve this
amendment at the 2008 annual shareholders' meeting.

Details of these actions will be provided in the company's proxy
statement, which will be sent to all shareholders in advance of
the 2008 annual meeting.

                    About International Paper

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

                         *     *     *

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


KUBAN' FLOWERS: Creditors Must File Claims by November 12
---------------------------------------------------------
Creditors of Kuban' Flowers OJSC have until Nov. 12 to submit
their proofs of claim.

The Interim Manager is:

         Bakanov S.Yu.
         Block 2
         Guryevskij Proezd 27
         115597 Moscow
         Russia

The Arbitration court of Krasnodar krai will convene at
10:30 a.m. on Feb. 18, 2008 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case
No.
?-32-14070/2007-37/394-?.

The Debtor can be reached at:

         Kuban' Flowers OJSC
         POB 76
         Kropotkin-14
         352394 Krasnodar krai
         Russia


LAVINSKIJ LLC: Creditors Must File Claims by November 12
--------------------------------------------------------
Creditors of Breeding Horse Farm Lavinskij LLC have until
Nov. 12 to submit their proofs of claim.

The Interim manager is:

         Korchagin N.N.
         Office 37
         Krymova Str. 12
         432071 Ulyanovsk
         Russia

The Arbitration court of Ulyanovsk will convene at 10:00 a.m. on
Feb. 14, 2008 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. ?72-5293/
07-22/63-?.

The Debtor can be reached at:

         Breeding Horse Farm Lavinskij LLC
         Belyj Klyuch Village
         Surskij Raion
         433243 Ulyanovsk
         Russia


MURMANFISHPROM OJSC: Asset Sale Slated for November 2
-----------------------------------------------------
The Competitve proceedings manager of MurmanFishProm OJSC will
open a public auction for the company's properties at 3:00 p.m.
on Nov. 2 at:

         Generalova Str. 29/11
         183010 Murmansk
         Russia
         Tel: (8-815-2) 25-42-21

The starting prices for the auctioned assets are:

   -- Lot1: RUR612,000; and
   -- Lot2: RUR486,000.

Interested participants have until 3:00 p.m. on Nov. 1 to submit
their bidding documents at:

         Generalova Str. 29/11
         183010 Murmansk
         Russia
         Tel: (8-815-2) 25-42-21


NORTH-WEST TELECOM: Fitch Hikes Ratings to BB- on 15% Share Sale
----------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Rating
on Russia-based OAO North-West Telecom to 'BB-' from 'B+', and
NWT's National Long-term Rating to 'A+(rus)' from 'A(rus)'.  
Fitch also removed both ratings from Rating Watch Positive and
assigned a Stable Outlook.  The agency affirmed the Short-term
Rating at 'B'.

"The decision follows the announcement that NWT has closed the
sale of its 15% stake in Telecominvest, approved by the
company's board in July 2007, for US$410 million.  Most of the
proceeds will be reinvested, to speed up broadband development
and network modernization, and improve NWT's competitive
position in the long term," says Nikolay Lukashevich, Director
in Fitch's Telecommunications, Media and Technology group.

The ratings reflect NWT's dominant market position as a regional
incumbent telecoms operator.  The company controls about 75% of
the local services market and is well positioned to retain its
dominance in this segment.  It is also a near-monopoly provider
of zonal interconnect services, capitalizing on the lack of
alternative infrastructure.  Although in the medium term the
competitive threat in this segment is insignificant, in the long
term it may come under some pressure.

NWT's positions are virtually unrivalled in the residential
segment, a prime benefit of the lack of effective unbundling
regulation in Russia.  Its market share is smaller in the
corporate segment, where it controls about 55% of fixed lines.  
However, Fitch believes that a further significant decline in
NWT's share in this segment is unlikely, and in absolute terms
the number of serviced corporate fixed lines has grown.  NWT's
client base is well diversified, which provides it with stable
and highly visible operating cash flow.

NWT owns and operates the largest last-mile and backbone
telecoms network in the region, which helps protect its
interconnect revenue and gives it strategic competitive
advantages.  It benefits from large economies of scale, which
allow it to better control costs and offer lower tariffs on key
services than its peers.  NWT benefits from the highest
operating efficiency among its domestic peers, which helps it
economize on labor costs and maintain profitability.  Regulatory
changes in 2006-2007 were largely to the benefit of fixed-line
incumbents including NWT; they helped it grow revenue and
earnings substantially, and pricing caps were relaxed.

NWT's profitability has been strong and improving since 2004; it
is better than that of many of its domestic peers.  However, the
company faces only limited growth opportunities as tangible
fixed-line expansion is no longer expected.  Future growth will
be primarily driven by broadband and other data services, which
may eventually give the company sufficient diversification away
from traditional voice revenue.  The ratings also reflect the
effect of NWT's 50.8% majority shareholder, Svyazinvest, on its
decision-making process, and its potential lobbying support,
although no direct cash support is expected.

NWT has been only moderately leveraged since 2004, as indicated
by net debt/EBITDA of 1.4x at end-2006.  This ratio will decline
further by end-2007 owing to the Telecominvest divestment.  
However, the planned increase in capex in 2008-2009 will turn
free cash flow generation negative, driving debt and leverage
up.  Fitch does not expect net debt/EBITDA to rise significantly
above the mid-term target of 1.9x recommended by Svyazinvest,
however.  In August 2007 NWT issued US$100 million syndicated
loan, which will refinance shorter-term maturities.


PLANT PEARL: Asset Sale Slated for November 13
----------------------------------------------
The Competitive proceedings manager of Plant Pearl OJSC will
open a public auction for the company's properties at 11:00 a.m.
on Nov. 13 at http://www.fabrikant.ru

The company has set a RUR61,200,000 starting price for the
auctioned assets.

Interested participants have until Nov. 8 to deposit an amount
equivalent to 10% of the starting price to the settlement
account of Plant Pearl OJSC.

Electronic bidding documents must be submitted at
http://www.fabrikant.ru

For any information related to the auction can be obtained at
Tel: 8 (83178) 62105.


PRIKASPIJBUROIL-HAL'MG: Court Hearing Slated for March 4, 2008
--------------------------------------------------------------
The Arbitration court of Volgograd will convene on March 4, 2008
to hear the bankruptcy supervision procedure on   
PrikaspijBurOil-Hal'mg LLC.  The case is docketed under Case
No. ?12-13650/07-?50.

The Interim manager is:

         Gridneva I.V.
         Balahninskaya Str. 4
         400001 Volgograd
         Russia

The Debtor can be reached at:

         PrikaspijBurOil-Hal'mg LLC  
         Dzerzhinskogo Sq. 1
         400006 Volgograd
         Russia


RAMA FACTORY: Orenburg Court Starts Competitive Proceedings
-----------------------------------------------------------
The Arbitration court of Orenburg commenced competitive
proceedings on Rama Factory LLC.  The case is docketed under
Case No. ?47-4654/2007-14/6??.

The Competitive proceedings manager is:

         Jembulatov S.M.
         Proletarskaya str. 216
         460035 Orenburg
         Russia

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia


SEVERSKAYA LLC: External Bankruptcy Hearing Slated for Dec. 5
-------------------------------------------------------------
The Arbitration court of Krasnodar krai will convene at noon on
Dec. 5 to hear the external management bankruptcy procedure on
Fuel-and-Energy Company Severskaya LLC.  The case is docketed
under Case No. ?-32-6529/2007-1/209 ?.

The External insolvency manager is:

         Galotin I.V.
         Letter ?
         Tovarnaya Str. 7
         350033 Krasnodar
         Russia

The Debtor can be reached at:

         Fuel-and-Energy Company Severskaya LLC
         St. Severskaya
         353240 Krasnodar krai
         Russia


YUKOS OIL: Moscow Court to Hear US$681 Mln Moravel Case Nov. 7
--------------------------------------------------------------
The Moscow Arbitration Court will commence on Nov. 7, 2007, a
retrial of a US$681 million claim by Moravel Investment Ltd.
against OAO Yukos Oil Co., RIA Novosti reports.

As reported in the TCR-Europe on Sept. 14, 2006, the Moscow
District Federal Arbitration Court rejected an appeal by
Moravel, a unit of Yukos' core shareholder Group Menatep, to
charge US$681 million from Yukos.

The Federal Arbitration Court upheld a July 17, 2006 ruling of
the Moscow Arbitration Court rejecting the company's appeal to
enforce a decision made by a London arbitration tribunal on
Sept. 16, 2005, to charge the principal amount of the debt and
interest from Yukos.

On Sept. 30, 2003, Societe Generale Bank extended a
US$1.6 billion loan to Yukos under which it may demand early
repayment over threats of default.  The bank then demanded the
repayment of the remaining US$655.25 million debt when Yukos ran
into financial difficulties.  When Yukos failed to meet its
obligations, the bank re-assigned its claim to Moravel
Investment which then took the case to an arbitration tribunal
in London.

                         About Yukos Oil

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

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

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

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

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

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


ZABSIBGASPROM OJSC: Creditors Must File Claims by November 12
-------------------------------------------------------------
Creditors of Gasification Association Subsidiary CJSC of
ZabSibGasProm OJSC have until Nov. 12 to submit proofs of claim
at:

         34 Apartment
         Soviet Army Str. 1-?
         Lebedyan'
         399612 Lipetsk
         Russia

The Arbitration court of Tambov will convene at 9:50 a.m. on
March 19, 2008 to hear the company's bankruptcy supervision
procedure.  The Court appointed Beketov Yu.D. as Interim
manager.  The case is docketed under Case No. ?64-4666 /07-21.

The Debtor can be reached at:

         Gasification Association Subsidiary CJSC of
         ZabSibGasProm OJSC
         Yuzhnaya Str. 16
         Uvarovo
         93460 Tambov
         Russia


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


EMPRESAS HIPOTECARIO 5: Fitch Junks EUR31 Million Series D Notes
----------------------------------------------------------------
Fitch has assigned expected ratings to Empresas Hipotecario TDA
CAM 5 Fondo de Titulizacion de Activos' notes, totaling EUR1.43
billion due November 2053:

   -- EUR200.0 million Series A1: 'AAA'; Outlook Stable
   -- EUR1 billion Series A2: 'AAA'; Outlook Stable
   -- EUR95 million Series A3: 'AAA'; Outlook Stable
   -- EUR59.5 million Series B: 'A'; Outlook Stable
   -- EUR45.5 million Series C: 'BBB'; Outlook Stable
   -- EUR31 million Series D: 'CCC'; Outlook Stable

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The ratings address payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger for the class B and C notes, as well as the
repayment of principal at legal maturity.  The rating on the
class D notes is supported by the recovery rate that noteholders
are expected to receive during the life of the transaction,
which has been calculated on the basis of principal and accrued
interest amounts as a proportion of the original class D note
balance.

This transaction is a cash flow securitization of a
EUR1.4 billion static pool of loans granted by Caja de Ahorros
del Mediterraneo (rated 'A+/F1') to small- and medium-sized
Spanish enterprises and self-employed individuals.

This is the fifth SME loan securitization to be brought to
market by CAM and shares similar structural features with the
originator's previous SME loan securitizations rated by Fitch in
February 2007 and July 2006 and it securitizes a collateral
portfolio that is 100% secured on first-ranking mortgages.  The
issuer will be legally represented and managed by Europea de
Titulizacion SGFT, SA (the sociedad gestora), a special-purpose
management company with limited liability incorporated under the
laws of Spain.


SANTANDER EMPRESAS 4: Moody's Junks EUR46 Million Series F Notes
----------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the Spanish enterprise loan-backed securities to be issued by
Fondo de Titulizacion de Activos, Santander Empresas 4:

   -- (P)Aaa to the EUR830.2 million Series A1 notes;
   -- (P)Aaa to the EUR1,763.6 million Series A2 notes;
   -- (P)Aaa to the EUR622.3 million Series A3 notes;
   -- (P)Aa3 to the EUR90.2 million Series B notes;
   -- (P)A3 to the EUR97.4 million Series C notes;
   -- (P)Baa3 to the EUR79.7 million Series D notes;
   -- (P)Ba2 to the EUR56.6 million Series E notes; and
   -- (P)C to the EUR46 million Series F notes.

Fondo de Titulizacion de Activos, Santander Empresas 4 is a
securitisation of loans granted to Spanish enterprises and self-
employed individuals carried out by Banco Santander, S.A. (Banco
Santander).  Although some major corporations are debtors of the
provisional pool, the level of granularity observed is in line
with that observed in some previous SME deals.  It is the fourth
SME transaction carried out by Banco Santander.

In Moody's view, strong features within this deal include, among
others:

  (1) a strong swap agreement guaranteeing an excess spread of
      0.60% and covering the servicing fee should Banco
      Santander be substituted as servicer of the pool;

  (2) a 12-month artificial write-off mechanism;

  (3) a fully sequential amortization of the subordinated notes
      (series B, C, D and E);

  (4) a well diversified pool in terms of geography; and (5) the
      good performance of the FTPYME Santander I deal.

The weaknesses of this deal include:

  (1) some limitations on the historical information submitted
      by the originator;

  (2) the lack of pool information to assess certain pool
      characteristics;

  (3) the fact that a significant portion of the loans are paid
      in semi-annual or annual installments; and

  (4) the negative impact of the interest deferral trigger on
      the subordinated series. Moody's has incorporated these
      increased risks into its credit enhancement calculation.

The provisional pool of underlying assets comprised, as of
September 2007, a portfolio of 18,535 loans granted to 17,463
borrowers, all of whom are Spanish enterprises or self-employed
individuals. The loans were originated between 1996 and June
2007, with a weighted average seasoning of 0.9 years and a
weighted average remaining life of 8.0 years. The interest rate
is floating for 91% of the pool and fixed for the rest. The
weighted average interest rate is 4.95%. 34% of the outstanding
of the portfolio is secured by a first-lien mortgage guarantee
over different types of properties, with a weighted average loan
to value equal to 82%. Geographically, the pool is concentrated
in Madrid (21%), Catalonia (15%) and Andalusia (15%), and is
around 47% concentrated in the "buildings and real estate"
sector according to Moody's industry classification. At closing,
none of the loans will have amounts more than 30 days past due.
In comparison with its predecessor (Santander Empresas 3), the
most outstanding differences are:

  (1) lower weighted average seasoning, accompanied by a lower
      weighted remaining term;

  (2) lower borrower concentration, pertaining to the largest
      exposures;

  (3) higher concentration in the buildings and real estate
      sector; and

  (4) lower proportion of loans secured by a first-lien mortgage
      guarantee.

Moody's based the provisional ratings primarily on:

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

  (b) the historical performance and other statistical
      information;

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

  (d) the credit enhancement provided through the Guaranteed
      Investment Contract (GIC) account, the excess spread, the
      reserve fund and the subordination of the notes; and

  (e) the legal and structural integrity of the transaction.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.

The provisional ratings address the expected loss posed to
investors (excluding, as concerns Series F, the payment of
interest corresponding to the "Parte Extraordinaria" as defined
in the legal documentation) by the legal final maturity (July
2050).  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal at par
with respect to the Series A1, A2, A3, B, C, D and E notes, and
for ultimate payment of interest (excluding, as concerns Series
F, the payment of interest corresponding to the "Parte
Extraordinaria" as defined in the legal documentation) and
principal at par with respect to the Series F notes, on or
before the final legal maturity date. Moody's ratings address
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


SANTANDER EMPRESAS 4: S&P Junks EUR46 Million Class F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR3.586 billion floating-rate notes to be
issued by Fondo de Titulizacion de Activos Santander Empresas 4
(Santander Empresas 4), a special purpose entity incorporated in
Spain.
  
At closing, Banco Santander S.A. will sell to Santander Empresas
4 a EUR3.5 billion closed portfolio of secured and unsecured
loans granted to Spanish SMEs.  To fund this purchase, Santander
de Titulizacion, S.G.F.T., S.A., the trustee, will issue seven
classes of floating-rate, quarterly paying notes on behalf of
Santander Empresas 4.  The class F notes will be issued to fund
the reserve fund.
  
The preliminary ratings on the notes reflect the subordination
of the respective classes of notes below them, the reserve fund,
the presence of the interest rate swap (which provides the
weighted-average coupon on the notes and an excess spread of 60
bps), comfort provided by various other contracts, the rating on
SAN (AA/Stable/A-1+), and the downgrade language.
  
Santander Empresas 4 will be the sixth securitization of credit
exposure to a static pool of SAN's domestic small and midsize
corporate clients.  This securitization comprises a mixed pool
of underlying mortgage-backed and unsecured assets.  The
structure will be very similar to that of Fondo de Titulizacion
de Activos Santander Empresas 3.
  
The swap will provide credit enhancement to the transaction by
providing additional excess spread and adjusted notional.
  
The notes will be weak-linked to the rating on SAN as swap
counterparty.

                          Ratings List

Fondo de Titulizacion de Activos Santander Empresas 4
   EUR3.586 Billion Floating-Rate Notes
  
                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. EUR)
           -----          ------            --------
            A1             AAA                 830.2
            A2             AAA               1,763.6
            A3             AAA                 622.3
            B              AA                   90.2
            C              A                    97.4
            D              BBB                  79.7
            E              BB-                  56.6
            F(1)           CCC-                 46.0
  
        (1) These notes will fund the reserve fund.


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


AWM BAU-PLAN: Claims Registration Period Ends October 30
--------------------------------------------------------
The Bankruptcy Court of March in Schwyz commenced bankruptcy
proceedings against LLC AWM BAU-PLAN on Sept. 4.

Creditors have until Oct. 30 to file their written proofs of
claim.

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         LLC AWM BAU-PLAN
         St. Gallerstrasse 68
         8853 Lachen
         March SZ
         Switzerland


BIOPONICS LLC: Solothurn Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Oensingen in Solothurn commenced
bankruptcy proceedings against LLC Bioponics on Aug. 22.

The Bankruptcy Service of Oensingen can be reached at:

         Bankruptcy Service of Oensingen
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC Bioponics
         Passwangstrasse 3
         4228 Erschwil
         Thierstein SO
         Switzerland


BUHLMANN DIENSTLEISTUNGEN: Liquidation Claims Due October 29
------------------------------------------------------------
Creditors of LLC Buhlmann Dienstleistungen have until Oct. 29 to
submit their claims to:

         Josef Buhlmann
         Liquidator
         Lindenstrasse 3
         6260 Reiden
         Willisau LU
         Switzerland

The Debtor can be reached at:

         LLC Buhlmann Dienstleistungen
         Reiden
         Willisau LU
         Switzerland


GALERIE DU SOLSTICE: Creditors’ Liquidation Claims Due Oct. 29
--------------------------------------------------------------
Creditors of LLC Galerie du Solstice Sarl have until Oct. 29 to
submit their claims to:

         Ruth Bovay
         Liquidator
         Grand-Rue 17
         1436 Teycovagnes
         Yverdon VD
         Switzerland

The Debtor can be reached at:

         LLC Galerie du Solstice Sarl
         Treycovagnes
         Yverdon VD
         Switzerland


L + F KOMMUNIKATION: Basel Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Basel entered Sept. 7 an order closing
the bankruptcy proceedings of JSC L + F Kommunikation.

The Bankruptcy Service of Basel can be reached at:

         Bankruptcy Service of Basel
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC L + F Kommunikation
         St. Alban-Tal 43
         4052 Basel BS
         Switzerland


SECURITY TECHNOLOGY: Creditors’ Liquidation Claims Due Nov. 5
-------------------------------------------------------------
Creditors of LLC Security Technology Management have until
Nov. 5 to submit their claims to:

         Peter Hagenbuch
         Liquidator
         Untergasse 10
         7206 Igis
         Landquart GR
         Switzerland

The Debtor can be reached at:

         LLC Security Technology Management
         Klosters-Serneus
         Prattigau/Davos GR
         Switzerland


VON GRUNIGEN: Creditors’ Liquidation Claims Due October 29
----------------------------------------------------------
Creditors of JSC von Grunigen Immobilien have until Oct. 29 to
submit their claims to:

         Urs Wyss
         Liquidator
         Steinackerweg 7
         3049 Sariswil
         Switzerland

The Debtor can be reached at:

         JSC von Grunigen Immobilien
         Saanen BE
         Switzerland


WIGLA LLC: Creditors’ Liquidation Claims Due October 29
-------------------------------------------------------
Creditors of LLC WIGLA have until Oct. 29 to submit their claims
to:

         Kurt Glatzfelder
         Liquidator
         Juraweg 1
         5113 Holderbank AG
         Switzerland

The Debtor can be reached at:

         LLC WIGLA
         Holderbank AG
         Switzerland


WITTUR JSC: Creditors’ Liquidation Claims Due November 5
--------------------------------------------------------
Creditors of JSC Wittur have until Nov. 5 to submit their claims
to:

         Treuhand & Unternehmensberatung W. Schlegel
         Liquidator
         Bahnhofstrasse 11
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         JSC Wittur
         Oberageri ZG
         Switzerland


ZAUGG JSC: Bern Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Bern entered Sept. 13 an order closing
the bankruptcy proceedings of JSC Zaugg.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         4912 Aarwangen BE
         Switzerland

The Debtor can be reached at:

         JSC Zaugg
         Steingasse 6
         4934 Madiswil
         Aarwangen BE
         Switzerland


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


ARSHYN LLC: Creditors Must File Claims by October 24
----------------------------------------------------
Creditors of LLC Arshyn (code EDRPOU 30273438) have until
Oct. 24 to submit written proofs of claim to:

The Court is located at:

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

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company.  The case is docketed as 3/98-b.

The Debtor can be reached at:

         LLC Arshyn
         Korotun Str. 1
         Korosten
         11500 Zhytomir
         Ukraine


INDUSTRIAL SPECIAL: Proofs of Claim Deadline Set October 24
-----------------------------------------------------------
Creditors of LLC Industrial Special Service (code EDRPOU
34445848) have until Oct. 24 to submit written proofs of claims
to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B-39/151-07.

The Debtor can be reached at:

         LLC Industrial Special Service
         Moscowsky Avenue 94
         Kharkov
         Ukraine


INVESTMENT COMPANY: Creditors Must File Claims by October 24
------------------------------------------------------------
Creditors of CJSCAL Investment Company (code EDRPOU 32867280)
have until Oct. 24 to submit written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed as B-24/167-07.

The Debtor can be reached at:

         CJSCAL Investment Company
         Voennaya Str. 37
         61050 Kharkov
         Ukraine


KOZHANKA SUGAR: Creditors Must File Claims by October 24
--------------------------------------------------------
Creditors of OJSC Kozhanka Sugar Plant (code EDRPOU 00372471)
have until Oct. 24 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed as B13/287-07.

The Debtor can be reached at:

         OJSC Kozhanka Sugar Plant
         Kozhanka
         Fastov District
         08550 Kiev
         Ukraine


LATORITSA LLC: Proofs of Claim Deadline Set October 24
------------------------------------------------------
Creditors of LLC Latoritsa (code EDRPOU 02969946) have until
Oct. 24 to submit written proofs of claim to:

         The Economic Court of Zakarpatye
         Kociubinsky Str. 2a
         Uzhgorod
         88000 Zakarpatye
         Ukraine

The Economic Court of Zakarpatye commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed as 6/171.

The Debtor can be reached at:

         LLC Latoritsa
         Drachinskaya Str. 4
         Drachino
         Svaliava District
         89300 Zakarpatye
         Ukraine


NEON LLC: Creditors Must File Claims by October 24
--------------------------------------------------
Creditors of LLC Neon (code EDRPOU 31236135) have until Oct. 24
to submit written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed as B-24/159-07.

The Debtor can be reached at:

         LLC Neon
         Artem Str. 46
         Kharkov
         Ukraine


RENASCENCE LTD: Proofs of Claim Deadline Set October 24
-------------------------------------------------------
Creditors of LLC Science-Production Firm Renascence Ltd. (code
EDRPOU 32161930) have until Oct. 24 to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 24/258-b.

The Debtor can be reached at:

         LLC Science-Production Firm Renascence Ltd.
         Glybochetskaya Str. 29-31
         04050 Kiev
         Ukraine


RESOURCE LTD: Proofs of Claim Deadline Set October 24
-----------------------------------------------------
Creditors of LLC Resource Ltd. (code EDRPOU 23880794) have until
Oct. 24 to submit written 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 docketed as 21/225/07.

The Debtor can be reached at:

         LLC Resource Ltd.
         Lobanovsky Str. 6-a
         69006 Zaporozhje
         Ukraine


SING LLC: Proofs of Claim Deadline Set October 24
-------------------------------------------------
Creditors of LLC Sing (code EDRPOU 31031589) have until Oct. 24
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 24/257-b.

The Debtor can be reached at:

         LLC Sing
         Pirogov Str. 1/35
         01030 Kiev
         Ukraine


SMILA MECHANICAL: Proofs of Claim Deadline Set October 24
---------------------------------------------------------
Creditors of CJSC Smila Mechanical Plant (code EDRPOU 00383872)
have until Oct. 24 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 14/2747.

The Debtor can be reached at:

         CJSC Smila Mechanical Plant
         Artem Str. 108
         Smila
         Cherkassy
         Ukraine

STEPOVOE LLC: Proofs of Claim Deadline Set October 24
-----------------------------------------------------
Creditors of LLC Stepovoe (code EDRPOU 03742245) have until
Oct. 24 to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed as B 29/171-07.

The Debtor can be reached at:

         LLC Stepovoe
         Pavlograd District
         Gagarin Str. 7
         Poperechnoe
         51460 Dnipropetrovsk
         Ukraine


UKRAINIAN INDUSTRY: Proofs of Claim Deadline Set October 24
-----------------------------------------------------------
Creditors of LLC Science-Technical Firm Ukrainian Industry (code
EDRPOU 21213792) have until Oct. 24 to submit written proofs of
claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B-19/211-07.


YUVENTA PLUS: Proofs of Claim Deadline Set October 24
-----------------------------------------------------
Creditors of LLC Yuventa Plus (code EDRPOU 32768958) have until
Oct. 24 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/286-b.

The Debtor can be reached at:

         LLC Yuventa Plus
         Ac. Tupolev Str. 19
         Kiev
         Ukraine


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


ADOMENT LTD: J. M. Titley Leads Liquidation Procedure
-----------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Adoment Ltd. (t/a Care 24) on Sept. 12 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


ATTRIC GROUP: Brings In Liquidators from KPMG
---------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Attric Group Ltd. on Oct. 9 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


ATTRIC PBI: Calls In Liquidators from KPMG
------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Attric PBI Ltd. on Oct. 9 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


BRUSH COMPANY: Taps Liquidators from Smith & Williamson
-------------------------------------------------------
Anthony Murphy, Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of The Brush
Company Ltd. on Oct. 11 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


DREAMS RESTAURANT: Joint Liquidators Take Over Operations
---------------------------------------------------------
Ian C. Schofield and William Duncan of PKF (U.K.) LLP were
appointed joint liquidators of Dreams Restaurant Ltd. (t/a Los
Suenos) on Sept. 28 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


FASHION RETAIL: Hires Liquidators from Moore Stephens
-----------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of Fashion Retail (Liverpool) Ltd.
on Oct. 12 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         3-5 Rickmansworth Road
         Watford
         Hertfordshire
         WD18 0GX
         England

The company can be reached at:

         Fashion Retail (Liverpool) Ltd.
         39 Windsor End
         Beaconsfield
         Bucks
         HP9 2JN
         England


FORD MOTOR: Expresses Possible Expansion of Philippine Facility
---------------------------------------------------------------
Ford Motor Co. could expand up to 7% its production facility in
the Philippines if there is sustained local economic growth and
if regional integration opened up more markets in Southeast
Asia, the Philippine Daily Inquirer reports.

However, Ford's vice-president for the governmental affairs in
Asia-Pacific and Africa, Lian Benham, told the Inquirer that
Ford is continually studying expansion opportunities in the
country.  Mr. Benham said "the ASEAN market is still largely
untapped," indicating a possible future for its Philippine
operations.  However, Mr. Benham said that the company has to
come up first with a competitive situation to make it a
"feasible reality."

The Ford official described the Philippine government's efforts
to improve the country's competitiveness as "heartening."  Mr.
Benham added that Ford is "fully committed to the Philippines,
which is a very key hub for Ford in the Asian region."

Mr. Benham, who was in the Philippines on a three-day visit as
part of the US-ASEAN Busines Council business mission, said that
despite optimism on the Philippine market, investors are greatly
concerned about the smuggling and high cost of power in the
country.  He also said that the strict implementation of the ban
imposed on the importation of used vehicles was crucial to the
expansion of the domestic vehicle market.

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: Global Third Quarter Sales Increase by 4%
---------------------------------------------------------
General Motors Corp. sold a record 2.38 million cars and trucks
around the world in the third quarter of 2007, a 4% increase
compared with last year, according to preliminary sales figures.  
GM also reported record sales outside the United States, marking
the 21st consecutive quarter of year-over-year sales increases
outside the U.S.

"GM's record third quarter sales were driven by exceptionally
strong demand in emerging markets and our improving
competitiveness in developed markets.  GM global sales of 7.06
million vehicles for the first nine months of the year reflects
solid results and more than 2 percent growth.  We're on track to
have our second-best annual sales performance in our almost 100-
year history," John Middlebrook, GM vice president, Global
Sales, Service and Marketing Operations, said.  "In the third
quarter we experienced record sales around the globe including a
22% increase in Latin America, Africa and the Middle East -- an
all-time quarterly record for that region -- and 16% growth in
the Asia-Pacific region.  We're also pleased to post a sales
gain of 15% in Europe where we sold more than 523,600 vehicles
and set a Q3 record."

GM posted record third quarter sales in Europe with deliveries
of 523,600 vehicles, up 15%.  GM had the highest quarterly
volume increase of the top-ten manufacturers in Europe. Growth
in Russia led the increase with a record 65,700 vehicles sold,
up 75%. GM's growth in Russia is also supported by the start of
Opel Antara production in St. Petersburg.  GM is on track to
sell more than 200,000 vehicles in Russia this year.  Chevrolet
achieved record European sales of 113,000 vehicles, up 28%.

Opel/Vauxhall grew volume more than 12 percent in Europe.
Cadillac sales were up 61% and HUMMER sales were up 28% in the
region.  For the first nine months of the year, GM Europe
regional sales are up more than 8% to 1.65 million vehicles.

In North America, planned reductions in daily rental sales and
softness in the U.S. market due to increasing fuel prices and
concerns about housing, resulted in sales of 1.20 million
vehicles, a decline of 6% compared with last year.  Despite a
competitive U.S. market for full-size pickups, GM continued to
show pickup truck segment leadership in the quarter thanks to
the North America Truck of the Year Chevrolet Silverado and all-
new GMC Sierra.  GM's mid-car and mid-utility crossover segments
also saw retail sales gains on the strength of mid-cars Saturn
Aura, Pontiac G6 and Chevrolet Impala, and mid-utility
crossovers GMC Acadia, Saturn Outlook and Buick Enclave.  The
newly-launched 2008 Chevrolet Malibu is building momentum as
dealer demand is taxing available supply.

Chevrolet global sales of 1.18 million vehicles in the third
quarter of 2007 were up more than 5% compared with a year ago.  
The brand grew by 46% in Asia-Pacific, 28% in Europe and 27% in
Latin America, Africa and the Middle East.

GMC sales in North America were up 8% in Q3, largely due to the
popularity of the Acadia mid-utility crossover and all-new
Sierra full-size pickup truck.  Saturn sales for the first nine
months of the year were up more than 13% due to the sales
performance of three new vehicles, the Sky roadster, Aura mid-
car and Outlook mid-utility crossover vehicle.

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 18, 2007,
Moody's Investors Service changed the outlook of General Motors
Corporation's long-term-debt rating to positive from negative,
and also raised the company's speculative grade liquidity rating
to SGL-1 from SGL-3 following the company's announcement of the
terms of its new contract with the UAW.  GM's existing long-term
ratings -- including B3 corporate family, Ba3 senior secured,
and Caa1 senior unsecured -- are unchanged.  The ratings of GMAC
(senior rating of Ba1/Negative outlook) are also unaffected.

As reported in the Troubled Company Reporter on Oct. 17, 2007,
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.

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


KENDLE INT'L: Names Mary Briggs Vice President for Global Sales
---------------------------------------------------------------
Kendle has appointed Mary Briggs, as Vice President for Global
Sales.  Ms. Briggs will lead the ongoing sales growth strategy
as well as develop the global sales organization as Kendle
continues to expand its worldwide presence.  She will report
directly to Vice President and Chief Marketing Officer Simon
Higginbotham and will work closely with senior executives from
across the company's core service brands -- Clinical
Development, Regulatory Affairs, Biometrics and Late Phase -- to
drive sales growth in each brand.

"I am delighted to welcome Mary to this new and crucial role as
Kendle continues to grow to meet the needs of both customers and
shareholders," said Mr. Higginbotham.  "She has established a
track record of outstanding sales leadership in the drug
development industry, including significant roles within large
global CROs and top biopharmaceutical companies.  Her
considerable reputation throughout the industry coupled with
extensive experience make her uniquely qualified to maintain and
grow Kendle's record sales environment, which delivered results
at triple the reported sector growth rate for Phase I- IV
clinical development services in 2006."

Ms. Briggs brings more than two decades of sales, management and
consulting experience in the biopharmaceutical industry to the
position.  She is an accomplished speaker, having served on
numerous speakers' bureaus, including ongoing speaking
engagements for the Drug Information Association, National
Pharmacists Association and several leading biopharmaceutical
companies.  Furthermore, Ms. Briggs has trained hundreds of
investigators on building their clinical trial business as well
as nontraditional approaches to patient recruitment.

Since joining Kendle in 2005 as Senior Director, Strategic
Accounts, Ms. Briggs has developed sales growth strategies that
have lead to outstanding relationships with customers and
propelled her team to best-in-class sales achievement.

                         About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research  
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions -- North America, Europe
(United Kingdom), Asia/Pacific (Australia), Africa, and Latin
America (Brazil).

                          *     *     *

As of July 3, 2007, the company carried Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  Moody's said the outlook is stable.

In addition, the company also carried Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook is
stable.


JS CHINN: Taps Joint Administrative Receivers from PwC
------------------------------------------------------
Stuart Maddison, Robert Hunt and Tony Barrell of
PricewaterhouseCoopers LLP were appointed joint administrative
receivers of JS Chinn Holding Ltd. and certain of its
subsidiaries on Oct. 18, 2007.

"The Group has suffered significant trading and cash flow
difficulties in the last year in respect of a major contract
that JS Chinn is currently working on.  This issue, coupled with
a significant pension deficit, are the predominant factors in
the directors' decision to invite its secured lender to appoint
administrative receivers to all the companies within the Group,"
Stuart Maddison disclosed.

"We are currently assessing the financial position of each of
the companies within the group and the position of the major
contract.  With the support of key customers and suppliers we
are hopeful of a sale of all or part of the group to safeguard
the jobs of the workforce," Mr. Maddison added.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.  

Headquartered in Coventry, England, JS Chinn Holdings Ltd.
operates in the aerospace, military and light engineering
sector.  It operates from four sites in Coventry and Hinckley
and employs around 280 employees.  The group reported annual
turnover of around GBP22 million in 2006.


NORTHERN ROCK: Bryan Sanderson Succeeds Matt Ridley as Chairman
---------------------------------------------------------------
Northern Rock plc has appointed Bryan Sanderson CBE to take over
as the company’s chairman.  Mr. Sanderson’s appointment will
take effect upon him obtaining approval from the Financial
Services Authority under its approved persons regime.

Mr. Sanderson is a former chairman of BUPA and of Standard
Chartered plc.  He was previously a director of BP plc and
chairman of the Learning and Skills Council.

Dr. Matt Ridley made clear in September that he was willing to
resign, but the Board asked him to remain in his role as
chairman until the new funding arrangements were in place and
until he had represented Northern Rock before the Treasury
Select Committee.  He and the Board now believe that in the
interests of all stakeholders in the Company, the time is right
to accept his resignation as a director and chairman of the
Company.  Dr. Ridley’s resignation will take effect from the
date on which Mr. Sanderson’s approval from the FSA is granted.

Sir Ian Gibson, senior independent director of Northern Rock
plc, said: “The Board is delighted to welcome Bryan Sanderson to
the Company.  He has a wealth of experience in business, banking
and working with government that will prove invaluable to
Northern Rock when considering future strategic options.  I want
to thank Matt Ridley for his hard work as chairman since 2004
and particularly for his commitment during the very difficult
circumstances of the last few months.

Bryan Kaye Sanderson CBE has had a long career with BP and was a
managing director of the company from 1992 to 2000.  
Subsequently he became chairman of Standard Chartered PLC from
May 2003 to November 2006 and non-executive chairman of BUPA
from 2001 to 2006 having previously been chairman of the
Learning and Skills Council from 2000 to 2004.  He was also a
non-executive director of both Six Continents plc and Mitchells
& Butler plc between August 2001 and April 2003.  He is
currently a non-executive director of Durham Cricket Club and
was a director of Sunderland PLC from 1997 – 2006.

                     About Northern Rock plc

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

                          *     *     *

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


QUALFAB ENGINEERING: Appoints Liquidators from KPMG
---------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Qualfab Engineering Ltd. (formerly
Meadowmetal Ltd.) on Oct. 9 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         8 Princes Parade
         Liverpool
         L3 1QH
         England


REMY WORLDWIDE: Court Approves Kurtzman Carson as Noticing Agent
----------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates sought
and obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Kurtzman Carson Consultants, LLC,
as their official noticing agent nunc pro tunc Oct. 8, 2007.

Remy Worldwide Holdings, Inc.'s Senior Vice-President and Chief
Financial Officer Kerry A. Shiba related that although the
Debtors have sought a deadline extension to file their schedules
of assets and liabilities, they anticipate thousands of entities
to whom certain notices, pleadings and other documents are
required to be served.

Mr. Shiba contended that the appointment of Kurtzman Carson as
the Debtors' noticing agent will expedite the distribution of
the notices, thereby relieving the Clerk of the Court of the
administrative processing burden.  

As Kurtzman Carson has provided similar services in large
Chapter 11 cases, and as a result of experience and cost-
effective methods, the firm is eminently qualified to serve as
the Debtors' Noticing Agent, Mr. Shiba asserted.

As the Debtors' Noticing Agent, Kurtzman Carson is expected to:

   (a) notify all potential creditors of the filing of the
       Debtors' Chapter 11 cases and of the setting of the
       first meeting of the creditors, if any;

   (b) file affidavits of service for all mailings, including
       a copy of each notice, a list of persons to whom the
       notice is mailed, and the date mailed;

   (c) maintain an official copy of the Schedules, listing
       creditors and amounts owed; and

   (d) provide any other distribution services as are necessary
       and required.

Kurtzman Carson will also be providing the Debtors with
consulting services regarding noticing, claims management and
reconciliation, plan solicitation, balloting, disbursements and
any other services as may be agreed by the parties.

The Debtors add that if necessary, despite the fact that the
Debtors do not anticipate establishing a claims bar date in
light of the "prepackaged" nature of their Chapter 11 cases,
Kurtzman Carson may undertake claims-related duties, including:

   (a) docketing all claims filed and maintaining the Official
       Claim Register on behalf of the Court Clerk, and provide
       the Clerk with an exact duplicate of the Claims;

   (b) specify in the claims register for each claim docket:

       -- the Claim No. assigned,
       -- the date received,
       -- the name and address of the Claimant,
       -- the filed amount of the claim, if liquidated, and
       -- the allowed amount of the claim.;

   (c) record all transfers of claims and provide notices of
       those transfers as required, pursuant to Rule 3001(e) of   
       the Federal Rules of Bankruptcy Procedure; and
  
   (d) maintain the Official Mailing List for all entities who
       have filed proofs of claim.

The Debtors will pay Kurtzman Carson for the firm's reasonable
fees and expenses, in accordance with the firm's fee structure,
upon the firm's submission on a monthly basis, of reasonably
detailed invoices to the Debtors and the Informal Committee.

James Le, Kurtzman Carson's chief operating officer, assured
that Court that his firm is a "disinterested person" as defined
under Section 101(14) of the Bankruptcy Code.  Kurtzman Carson
is not connected with the Debtors, their creditors, and other
parties-in-interest, the U.S. Trustee, or any person employed by
the U.S. Trustee, and that the firm does not hold or represent
any interest adverse to the Debtors, their estates, or any class
of creditors or equity interest holders, Mr. Le maintains.

                     About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 4,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REMY WORLDWIDE: Wants Until December 22 to File Schedules
---------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend
their time to file Schedules and Statements for an additional 45
days, until Dec. 22, 2007.

Under Section 521 of the Bankruptcy Code and Rule 1007 of the
Federal Rules of Bankruptcy Procedure, a debtor is required
to file a schedule of assets and liabilities; schedule of
current income and expenditures; schedule of executory contract
and unexpired leases; and statement of financial affairs within
15 days after the Petition Date.

Under Rule 1007-1 of the Local Rules of Bankruptcy Practice and
Procedure of the United States Bankruptcy Court for the District
of Delaware, that deadline is automatically extended to 30 days
after the Petition Date if (i) the debtor has more than 200
creditors and (ii) the debtor's bankruptcy petition is
accompanied by a list of all of the debtor's creditors and their
addresses.

In the event the Debtors' prepackaged plan of reorganization is
confirmed prior to the filing deadline, the Debtors ask the
Court to waive the requirement that the Schedules and Statements
be filed.

Due to the staffing constraints as a result of the numerous
operational matters that the Debtors' legal and accounting staff
are required to address in the early days of the Chapter 11
cases, the Debtors will not be in a position to complete the
Schedules and Statements within the initial 30-day deadline,
Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, the Debtors' proposed co-counsel,
explains.

Completing the Schedules and Statements will require the
assembly and review of information from multiple locations
throughout the world, Mr. Enos says.  Mr. Enos also points out
that production of the Schedules and Statements would likely be
of little value given the expected short duration of the Chapter
11 cases.  Mr. Enos notes that certain of the information to be
included in the Schedules and Statements is available in the
disclosure statement accompanying the Debtors' Plan.

                    About Remy Worldwide

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

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

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


REXAM PLC: To Build New Beverage Can Plant in Denmark
-----------------------------------------------------
Rexam Plc disclosed plans to build a greenfield aluminium
beverage can plant in Fredericia, Denmark.

The new facility, which is the first of its kind in Denmark,
represents a capital investment of some GBP78 million (EUR112
million) spread over three years, two thirds of which will be
incurred in 2008.  The plant is expected to be operational
during the first half of 2009 and is being built in response to
strong growth in the region and increasing customer demand.  It
will initially have a capacity of 1.2 billion cans and produce
33cl and 50cl cans.

Due to this strong growth, the European beverage can industry
overall is running at very high utilization rates.  The new
plant supports Rexam's capacity needs and will help to optimize
its supply of beverage cans to the Northern European market.

"This is a significant investment for our customers and for
Rexam," Leslie Van de Walle, Chief Executive Officer, Rexam,
commented.  "The European beverage can market, excluding
Germany, has grown annually by 8% in recent years and is
anticipated to continue to grow at a similar rate over the next
three years fuelled, among others things, by strong growth in
the Nordic region.  Our new plant will enable us to capture
growth, better serve our customers and further consolidate our
global leadership position in beverage cans." Mr. Van De Walle
added.

Headquartered in London, England, Rexam Plc --
http://www.rexam.com/-- is a global consumer packaging company
and a beverage can maker.  Rexam serves the beverage, beauty,
pharmaceuticals and food markets with around 100 manufacturing
operations in more than 20 countries.

                          *   *   *

In June 2007, Moody's Investors Service assigned a provisional
(P)Ba2 rating to the proposed issuance of capital securities by
Rexam Plc rated Baa3 for senior unsecured debt.

The assigned rating and the basket designation will be subject
to satisfactory final documentation.  Moody's said the outlook
for the ratings is stable.


RHINEBRIDGE PLC: Missed Payment Cues S&P's Default Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
the commercial paper, medium-term notes, mezzanine capital
notes, and combination 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 vehicles are managed by the London branch of IKB Credit
Asset Management GmbH, which is responsible for purchasing
assets, managing the portfolio, and overseeing the issuance of
CP and MTNs.
  
On Oct. 18, 2007, S&P received notice there has been a mandatory
acceleration event, following IKB Credit Asset Management's
decision that the portfolio value would not cover future senior
liabilities.  This is known as a senior creditor payment event.
  
Accordingly, the vehicle will now be managed by the security
trustee and S&P is waiting for confirmation from the trustee as
to what it intends to do next.  This event has meant that
liabilities due on Oct. 18, 2007 have not been paid and the
ratings are consequently being lowered to 'D'.
  
The rating actions on Rhinebridge reflect, amongst other things,
the following factors: CP coming due, the value of the portfolio
of assets, the net asset value, and the mode of operation.
  
The outstanding CP stands at US$791 million and the book value
of the portfolio is US$1.074 billion.  The portfolio market
value required to repay all CP would therefore be approximately
70% and to fully repay all rated liabilities approximately 92%
of book value.  The current market value of the portfolio is 63%
(the valuation is based on mark-to-market prices updated and
reported to us by the manager).  For the purposes of our
calculation, S&P assumes that any cash available would be used
to repay CP and that the remaining balance will then be repaid
with proceeds from asset sales.  This represents a significant
erosion of collateral value of US$69 million since S&P’s
previous rating action.  It is a result of updated valuations
performed by the manager and in particular on CDOs of ABS assets
in the portfolio.  
  
Compared with other SIVs which Standard & Poor's currently has
on CreditWatch, Rhinebridge has low levels of cash in the
vehicle and no detailed refinancing plans have been presented to
S&P.  On that basis, and because the CDO of ABS assets have re-
priced so dramatically, S&P’s view is that the proceeds from
assets if they were to be sold in the short-term would be below
the amount required to make full payment on senior liabilities.
  
S&P took rating actions based on, amongst other factors, the
amount of CP coming due, the market value of the portfolio of
assets, and the composition of the asset pool.  The asset pool
is predominately invested in structured finance ABS, with the
majority of it invested in U.S. RMBS and CDOs of ABS.  In
addition, we considered the NAV and the current mode of
operation for the vehicle.  
  
At that time, the vehicle was in a restricted funding mode of
operation as a result of breaching one of its operating tests.
The test in question was one that fails as a result of a fall
below 50% in the NAV as a percentage of capital.  The vehicle
has been unable to correct the breach of the test and this led
to the occurrence of an enforcement event on Oct. 18, 2007.
  
According to the information S&P reviewed, the amount of CP
outstanding totaled US$791 million and the portfolio of assets
had a book value of US$1.143 billion.  The valuation required to
meet all CP payments was calculated to be approximately 71% of
book value.  For the purposes of our calculation, we assumed
that any cash available would be used to repay CP and that the
remaining balance will then be repaid with proceeds from asset
sales. The portfolio valuation was 80%.  In addition,
Rhinebridge had exhausted its liquidity sources and its assets
would have to be sold in a short period to meet maturing
liabilities. On that basis, the ratings were lowered.
  
The portfolio valuation is based on mark-to-market prices
updated and reported to us by the manager.

                          Ratings List
  
Rhinebridge PLC And Rhinebridge LLC
  
  Class                         Ratings
                         To                  From
  
  Issuer credit rating   D                   A+/Watch Neg/A-1  
  CP                     D                   A-1/Watch Neg
  MTNs/senior notes      D                   A+/Watch Neg
  Mezz capital notes     D                   CCC+/Watch Neg
  Combo notes            D                   CCC-/Watch Neg


RHINEBRIDGE PLC: Unpaid Loan Cues Fitch’s Default Ratings
---------------------------------------------------------
Derivative Fitch has downgraded Rhinebridge Plc's US and Euro
commercial paper, US and Euro medium-term notes, senior,
mezzanine and combo capital notes.  Approximately US$215 million
US CP, US$576 million Euro CP, US$120 million senior capital
notes and US$130 million mezzanine capital notes are affected.

These downgrades for Rhinebridge Plc and Rhinebridge LLC
programs have occurred:

   -- US CP: Downgraded to 'D' from 'F3';
   -- US MTNs: Downgraded to 'D' from 'BBB-';
   -- Euro CP: Downgraded to 'D' from 'F3';
   -- Euro MTNs: Downgraded to 'D' from 'BBB-';
   -- Senior capital notes: Downgraded to 'D' from 'B';
   -- Combo capital notes: Downgraded to 'D' from 'CCC-';
   -- Mezzanine capital notes: Downgraded to 'D' from 'CCC-'.

Rhinebridge is a structured investment vehicle managed by IKB
Credit Asset Management GmbH, London branch, which takes
leveraged credit risk by investing in a diversified portfolio of
highly rated assets through issuing a mix of CP and capital
notes.

The rating action is based on:

   -- failure to pay when due the US$65 million CP maturing on
      Oct. 18 2007 and failure to pay any CP following the
      mandatory acceleration event on Oct. 18 2007;

   -- Rhinebridge declaring a senior creditor payment event in
      light of a rapid decline in the portfolio value such that  
      the manager has determined that the market value of the
      remaining assets within the portfolio may be insufficient
      to meet the amount of outstanding senior liabilities in
      full;

Rhinebridge drew upon committed liquidity on Sept. 7, 2007 to
honor maturing liabilities.  This caused Rhinebridge to breach
an NCO liquidity test and the vehicle immediately entered a
restricted investment operating state.  Rhinebridge again drew
upon committed liquidity on Sept. 10, 2007 to honor further
maturing liabilities.  Failure to cure this breach after five
business days resulted in Rhinebridge entering a restricted
funding operating state.

On Oct. 11, 2007, Rhinebridge failed its major capital loss test
due to more than 50% of the value of capital being eroded.  This
test remained in breach for five business days leading to an
enforcement event on Oct. 18, 2007 resulting in the security
over the assets becoming enforceable.

In addition, the manager declared a senior creditor payment
event on Oct. 18, 2007 due to a revaluation of the CDO of ABS
assets, which represented 35% of the current portfolio notional,
resulting in the manager deciding that there may be insufficient
portfolio value to repay all senior liabilities in full.

A senior creditor payment event results in a mandatory
acceleration event whereby any time subordination between senior
creditors is removed and all notes are immediately due and rank
pari passu.  However, the timing of portfolio unwind is at the
discretion of the security trustee whom we expect to try to
maximize the final payment to senior creditors.

Fitches rating action is a result of the decision not to honor
payment of US$65 million CP maturing on Oct. 18, 2007 and
therefore representing a default of the note due to failure to
pay.  Note that the rating addressed the timeliness of payment
of the notes not their expected recovery value.


SINTILLATION LTD: Names Martin Dominic Pickard Liquidator
---------------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed liquidator of
Sintillation Ltd. on Oct. 11 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Sovereign Court
         Witan Gate
         Milton Keynes
         MK9 2HP
         England


STONELEIGH FURNITURE: Calls In Liquidators from Moore Stephens
--------------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Stoneleigh Furniture Ltd. on
Sept. 27 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


SWEDIA NETWORKS: Brings In Liquidators from Deloitte & Touche
-------------------------------------------------------------
Stephen Anthony John Ramsbottom and Richard Michael Hawes of
Deloitte & Touche LLP were appointed joint liquidators of Swedia
Networks U.K. Ltd. on Oct. 4 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         3 Rivergate
         Temple Quay
         Bristol
         BS1 6GD
         England


WALES MILLENNIUM: Wants Wales Funding to Secure Future
------------------------------------------------------
The Welsh Assembly Government is in talks to consider the
bailout of Wales Millennium Centre, following a leaked report
published by BBC Wales Dragon's Eye program allegedly warning
that the arts venue is in danger of insolvency, various reports
say.

According to BBC, the unpublished review commissioned by the
Assembly Government and completed in June 2007, revealed that
the GBP106 million arts center has up to GBP13.5 million in
debts and could possibly sustain considerable losses in future
years.

Lalayn Baluch of The Stage says officials at Cardiff's GBP106
million arts center want the Assembly Government to increase its
public funding to GBP4 million from the GBP750,000 subsidy it
receives every year.  The debt is currently guaranteed by the
assembly government until December 2007.

“Should the Assembly Government decide to provide further
support to WMC I would of course be looking at how the center
could operate more efficiently within its available budget,”
Heritage Minister Rhodri Glyn Thomas was quoted by Western
Mail's David Williamson as saying.

Mr. Thomas expects the results of the talks after the
publication of the draft Assembly Government budget on Nov. 5,
2007.

Wales Millennium had issued an earlier statement reassuring the
public that the center was not affected by the financial
negotiations, BBC relates.

                      Going Concern Doubt

KPMG LLP, which audited the company's 2006 financials, has
expressed significant doubt about the group's ability to
continue as a going concern, citing considerable uncertainty
over a suitable settlement with the Welsh Assembly Government.

                       About the Company

The Wales Millennium Centre – http://wmc.org.uk/-- is a center  
for the performing arts located on the Cardiff Bay waterfront.  
Opened in November 2004, it has hosted performances of opera,
ballet, dance, comedy and musicals.  The building comprises two
theaters, shops, bars and restaurants, and seven resident Welsh
arts organizations.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE    
------
Arbel                     PA.ARB    (116)         194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Groupe Eurotunnel         GET      (2935)        9958    (9345)
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ      (2718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cinemaxx AG               MXC        (27)         177      (32)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
Gerresheimer AG           GXI         (7)       1,241      (11)
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschlan          304008Z  (1199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185         3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU       (145)         897       209


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475    (1421)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                 ZILLP      (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597    (1991)


UNITED KINGDOM
--------------
Abbey National M          1143535Z   (35)         352      N.A.
Abbey National I          1136391Z   (15)         542     (283)
Abbott Mead Vickers       648824Q     (2)         168      (16)
Adecco UK Ltd.            1055417Z   (39)         317      (23)
ADT UK Ltd.               1111215Z (1068)         573     (873)
Advent Capital            1151975Z  (167)         364      N.A.
Alfred McAlpine           1077274Z   (14)         212    (1450)
Alldays Plc               317056Q   (120)         252     (202)
Allied Domeq              1241527Z  (133)        1358     (785)  
Ambassador Square         1166551Z   (65)         452      N.A.
Amey Plc                  AMY        (49)         932      (47)
Angel Trans Car           1202559Z    (1)         257       (1)
Aqualisa Finance          1245271Z   (11)         170    (4930)
Arrow Light Rail          1198663Z   (36)         383        2
Asset Finance Sep         1101338Z    (9)         281       36
Atkins (WS) Plc           ATK       (150)       1,390       62
Augustus Ltd.             1244991Z   (47)         204      N.A.
Avecia Finance P          1190071Z  (900)         341      N.A.
BAE Systems Land          1111359Z  (456)         505     (196)
BAE Systems Prop          1151751Z  (102)       1,264      (43)      
BCH Group Plc             BCH         (6)         188      (44)
Belgrave Square           1167111Z   (63)         371      N.A.
Blenheim Group            BEH       (153)         198      (34)
BMG Music                 1240823Z   (20)         204     (110)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc              1046Z   (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Bupa Gatwick Par          1103954Z    (5)         274       25
Bupa Operational          1105858Z    (0)         332       (5)
Campbell Soup UK          1209535Z  (114)         411      N.A.
Channel Tunnel G          1109258Z (6108)       4,979    (5505)
Choo Group Finan          1246951Z   (25)         207       (3)
Cineworld Group           CINE      (115)         748        7
City Airport Rai          1220023Z    (1)         133      166
Clariant Horsfor          1196783Z    (1)         802      (70)
Colt Telecom              1133847Z  (665)         567      (51)
Compass Group             CPG       (668)       2,972     (298)
Conocophilips I           1203767Z   (74)         259      104
Curos International       1077746Z  (550)         382      N.A.
Costain Group             COST      (108)         595      (61)
CWCB Finance Lea          1158927Z   (40)         220        0
Danka Bus System          DNK.L     (108)         540       34
Deeside Power             1134295Z   (45)         829        3
Dignity Plc               DTY        (55)         552       36
Disney Magic Plc          1182559Z   (83)         385       47
Duelguide Mezzan          1238103Z   (83)         677      (42)
Easynet Group             ESY.L      (45)         323       38
EDF Energy Cotta          1204983Z   (51)       1,091      (33)
EDF Energy Custo          1124979Z  (468)       5,406     (791)
Electrical and Music              
   Industries Group       EMI      (2266)       2,950     (296)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Exxonmobil Aviat          1175831Z   (30)         697      (15)
Exxonmobil Marin          1196527Z   (13)         368      (21)
First Choice Hol          1098394Z  (235)         725      140
Gala Group Inves          1177047Z    (1)       1,615      325
Galiform Plc              GFRM      (152)         889       35
GE Real Estate I          1251695Z    (6)         354     (164)
Global Green Tech Group             (156)         408      (18)
Giant Midco Ltd           1248039Z    (8)       4,563       (4)
Gracechurch Card          1243983Z    (0)         798       (0)
Greencore Uk Hol          1140527Z  (155)      1,045      (419)
Health Management         1189999Z   (42)        576        19
Heath Lambert
   Fenchurch Group Plc    92313Z     (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Hospital Finance          1162463Z   (98)         533      (50)
Hospital Finance          1162455Z  (101)       1,311     (252)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Ineos Fluor Hold          1203807Z  (153)         292       48
Invensys PLC                        (276)       3,914      357
Jaguar Cars Ltd           1105106Z  (571)       1,380     (123)
Jarvis Plc                JRVS.L     (28)         370      (22)
Jpmorgan Cazenov          1076890Z    (2)         342       35
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Ledge 563 Ltd             1267023Z   (61)         467     (279)
Lioncover Insura          1120431Z    (0)         785      N.A.
Lloyds Nimrod Ma          1129783Z    (7)         409      N.A.
Lloyds TSB Equip          1238423Z    (1)         214      (98)
Lloyds TSB Equip          1214495Z    (1)         404     (194)
Logicacmg Intern          1096818Z  (658)         618      (45)
Lombard Corporat          1162975Z   (17)         269        4
London And Regio          1153855Z   (46)       1,104      (29)
London Stock Exchange     LSE       (689)         526     (195)
LR Office Develo          1224303Z   (23)         247      (18)
M 2003 Plc                        (2,204)       7,205     (756)
M Communications          1124183Z   (12)         247       95
Mai Services Hol          1153207Z  (200)         865     (402)
Maunsell Intl             1113991Z  (615)       2,136      608
Menzies Hotels I          1247671Z    (5)         133   (4,053)
Metrix Funding N          1251463Z    (4)       3,927       86
Misys Plc                 MSY         (7)       1,123     (131)
Modern Market Re          1189911Z  (137)         221      N.A.
Mytravel Group            MT.L      (380)       1,818     (488)
Nilerace Ltd              1244303Z    (6)         245       59
On Line Finance           1162639Z  (146)         274      (76)
Orange Plc                ORNGF     (594)       2,902        7
Patalex Iv Prod.          1238983Z    (3)         331      (19)
Pipe Holdings I           1251311Z   (16)         618    3,810
Pipe Holdings             1242767Z   (13)         504       24
Quartz Acquisiti          1244175Z    (5)         224      (23)
Rb Leasing Septe          1116599Z    (2)         242      (11)
Redcastle 214 Ox          1195151Z   (15)         235        6
Regus Plc                 273187Q    (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Royal Bank Asset          1163079Z    (7)       1,065       (3)
Saatchi & Saatchi         SSI       (119)         705      (41)
Scottish Windows          1265663Z   (34)         427       13
SFI Group                 SUF       (108)         178     (162)
Sicpa Uk Ltd              1186567Z   (26)       1,457       76
Skyepharma PLC            SKP        (95)         211        2
Spirit Group Ret          1205775Z  (108)         261      N.A.
Star Energy Hg G          1229703Z    (6)         167   (6,800)
Stonebridge Unde          1173615Z   (51)         477      N.A.
Swiss Re Service          1209591Z   (49)         330       25
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Tiphook Financia         1099202Z   (50)         255     (108)
Toys R Us Proper          1250327Z   (17)         990      (79)
Tunstall Group F          1250991Z   (14)         282       79
Tunstall Group A          1251031Z   (19)         660       21
Warwick Leasing           1104882Z    (7)         440      (38)
Westbury Hotel L          1214607Z    (2)         219       (0)
Westlb Fund Inve          1132591Z   (43)         378      (22)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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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