TCREUR_Public/071024.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, October 24, 2007, Vol. 8, No. 211

                            Headlines


A U S T R I A

B & S BAU: Claims Registration Period Ends Oct. 25
VEST TELEKOM: Claims Registration Period Ends Oct. 25
VZ-KASBACHSTUBEN: Claims Registration Period Ends Oct. 25


B E L G I U M

SENSIENT TECH: Paying US$0.18 Per Share Quarterly Dividend
TENNECO INC: Elects Dennis J. Letham to Board of Directors


F R A N C E

BOSTON SCIENTIFIC: Mulls Restructuring & Sale of Some Businesses
BOSTON SCIENTIFIC: S&P Holds Ratings & Removes Negative Watch
BOSTON SCIENTIFIC: Posts US$272M Net Loss in Qtr. Ended Sept. 30
XEROX CORP: Denies Speculations on Lexmark International Bid


G E R M A N Y

AM PULS: Claims Registration Ends November 8
ATG IMMOBILIEN: Creditors' Meeting Slated for November 28
AUFHAU- UND AUSBEIN: Creditors' Meeting Slated for October 31
BADEN-BADENER VERSICHERUNG: Fitch Rates Q-IFS at Bq
BERNHARD KIRCHER: Creditors Must File Claims by November 5

BLUE-CAR GMBH: Claims Registration Period Ends Nov. 7
CC ORGANISATIONSBERATUNG: Claims Registration Ends November 7
DNS POLSTERMOEBEL: Claims Registration Ends October 30
ELEKTRO STROH: Claims Registration Ends November 7
FUERST & APEL: Claims Registration Ends December 12

GAIL GMBH: Creditors Must File Claims by November 5
GEBAUDESERVICE HEINZ: Creditors' Meeting Slated for Dec. 12
H.T.S. GMBH: Creditors Must File Claims by November 2
HEINZ RULAND: Creditors' Meeting Slated for October 26
IVL-COURIERSYSTEM EUROPE: Claims Registration Ends October 31

KFZ-TECHNIK SCHLEHUBER: Claims Registration Period Ends Nov. 2
LA SALA VERWALTUNGS: Claims Registration Period Ends November 5
MANFRED RIEMER: Creditors Must File Claims by November 1
PICTORA GMBH: Creditors' Meeting Slated for December 7
PKS BAUMARKT: Claims Registration Ends November 14

PRO KONZEPTA: Claims Registration Ends October 31
RHEIN-MAIN: Claims Registration Ends Jan. 2, 2008
TRANSPORTE SERVICE: Claims Registration Ends December 7


I T A L Y

ALITALIA SPA: September Traffic Declines Year-on-Year


K A Z A K H S T A N

BES-ATA LLP: Proof of Claim Deadline Slated for November 23
DUNIYE LLP: Creditors Must File Claims November 23
EKIBASTUZ PROM: Claims Filing Period Ends November 23
G.A. TRADE: Creditors' Claims Due on November 23
IBRAY-K LLP: Claims Registration Ends November 20

JIHAZ-CONTRACT LTD: Proof of Claim Deadline Slated for Nov. 23
KYZYLORDINSKAYA SLUJBA: Creditors Must File Claims November 23
NEFTESTROY INVEST: Claims Filing Period Ends November 27
OMEGA LLP: Creditors' Claims Due on November 20
RANO LLP: Claims Registration Ends November 27


K Y R G Y Z S T A N

TECHNOTRADE LLC: Creditors Must File Claims by November 23


N E T H E R L A N D S

CONCERTO I: Fitch Keeps Junk Ratings on EUR64.5 Million Notes
CONCERTO II: Fitch Rates EUR38.8 Million Notes at BB-


R U S S I A

ELEKTRO-TEPLOVAYA: Creditors Must File Claims by Dec. 13
KERAMZIT OJSC: Bankruptcy Hearing Slated for Jan. 26, 2008
KOLKHOZ VPERED: Creditors Must File Claims by Dec. 13
ROSNEFT OIL: Expects RUR27 Billion from Yukos Oil in December
ROSNEFT OIL: May Issue US$3 Billion Bonds to Cut Debt

SVIYAGA OJSC: Asset Sale Slated for November 19
YUKOS OIL: To Pay RUR27 Billion Debt to Rosneft by December


S P A I N

FONCAIXA FTGENCAT 3: Fitch Junks EUR6.5 Million Class E Notes
IM GOYA: Moody's Rates EUR26.6 Million Class D Notes at Ba2
SANTANDER EMPRESAS 2: Fitch Holds Junk Ratings on Class F Notes


S W I T Z E R L A N D

F & F RADIO-TV: Zurich Court Closes Bankruptcy Proceedings
IMC IDEA: Creditors' Liquidation Claims Due November 2
IMH INSTITUT: Claims Registration Period Ends October 28
K. ROTH JSC: Creditors' Liquidation Claims Due October 31
LEMFORDER JSC: Creditors' Liquidation Claims Due October 30

OPEN SOFTWARE: Creditors' Liquidation Claims Due October 31
SANOTEX LLC: Claims Registration Period Ends October 28
SIRIOS MANAGEMENT: Claims Registration Period Ends October 28
TURIPLAN JSC: Zurich Court Closes Bankruptcy Proceedings
UNIQUE LIFESTYLE: Claims Registration Period Ends October 29


T U R K E Y

ANADOLU EFES: Fitch Affirms IDR at BB+ on Beer Unit Support


U K R A I N E

NAFTOGAZ UKRAINY: Pending Law Amendment Spurs Reporting Delay


U N I T E D   K I N G D O M

ACTUANT CORP: Two-for-One Stock Split Takes Effect on Nov. 8
BRITISH AIRWAYS: Seeks Closer Relationship with U.S. Partner
CERIDIAN CORP: Plans to Offer US$1.3 Billion Notes
CERIDIAN CORP: S&P Assigns 'B' Credit Rating with Neg. Outlook
CHRYSLER LLC: UAW Leaders Urge Key Locals to Accept Labor Pact

DCT SECURITY: David Elliott Leads Liquidation Procedure
DIASYS CORP: Fiondella Milone Raises Going Concern Doubt
FEDERAL-MOGUL: Sept. 30 Balance Sheet Upside-Down by US$1.4 Bln
GENERAL MOTORS: New Labor Agreement Cues S&P to Hold 'B' Rating
LES COOPER: Brings In Liquidators from Mazars

OLDCO2005 LTD: Appoints P. J. Long as Liquidator
RHINEBRIDGE PLC: Moody's Junks Senior & Mezannine Capital Notes
TOWNPLACE UK: Taps J. A. Kirkpatrick to Liquidate Assets


                            *********

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


B & S BAU: Claims Registration Period Ends Oct. 25
--------------------------------------------------
Creditors owed money by LLC B & S Bau- Sanierungs (FN 212254p)
have until Oct. 25 to file written proofs of claim to court-
appointed estate administrator Harald Korp at:

         Dr. Harald Korp
         WKG Wagner-Korp-Gruenbart Rechtsanwalte GmbH
         Hauptstrasse 36
         4770 Andorf
         Austria
         Tel: 07766/41 0 66
         Fax: 07766/41066-20
         E-mail: andorf@wkg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Scharding, Austria, the Debtor declared
bankruptcy on Sept. 21 (Bankr. Case No. 17 S 34/07t).  


VEST TELEKOM: Claims Registration Period Ends Oct. 25
-----------------------------------------------------
Creditors owed money by LLC Vest Telekom (FN 212284h) have until
Oct. 25 to file written proofs of claim to court-appointed
estate administrator Markus Kostner at:

         Dr. Markus Kostner
         c/o Dr. Otmar Schimana  
         Schoepfstrasse 6a/II
         6020 Innsbruck
         Austria
         Tel: 0512/561570
         Fax: 0512/56157015
         E-mail: markus.kostner@aon.at
                 office@schimana.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:20 p.m. on Nov. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Sept. 24 (Bankr. Case No. 19 S 95/07d).  Otmar
Schimana  represents Dr. Kostner in the bankruptcy proceedings.


VZ-KASBACHSTUBEN: Claims Registration Period Ends Oct. 25
---------------------------------------------------------
Creditors owed money by LLC VZ-Kasbachstuben Gastro (FN 261495b)
have until Oct. 25 to file written proofs of claim to court-
appointed estate administrator Markus Kostner at:

         Dr. Markus Kostner
         c/o Dr. Otmar Schimana  
         Schoepfstrasse 6a/II
         6020 Innsbruck
         Austria
         Tel: 0512/561570
         Fax: 0512/56157015
         E-mail: markus.kostner@aon.at
                 office@schimana.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Sept. 24 (Bankr. Case No. 19 S 94/07g).  Otmar
Schimana represents Dr. Kostner in the bankruptcy proceedings.


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


SENSIENT TECH: Paying US$0.18 Per Share Quarterly Dividend
----------------------------------------------------------
Sensient Technologies Corporation's Board of Directors has
declared a regular quarterly cash dividend on its common stock
of US$0.18 per share.  The cash dividend will be paid on Dec. 3,
2007, to shareholders of record on Nov. 8, 2007.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and  
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia, United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.  In Asia, it has operations in Japan.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company.  Approximately US$508 million of debt
was outstanding as of June 30, 2007.


TENNECO INC: Elects Dennis J. Letham to Board of Directors
----------------------------------------------------------
Dennis J. Letham was elected to Tenneco Inc.'s board of
directors, effective immediately.  Mr. Letham is executive vice
president, finance and chief financial officer of Anixter
International Inc., a distributor of communications products,
wire & cable products, fasteners and other small components for
original equipment manufacturers.

"We are pleased to add Dennis Letham to our board with his
extensive financial background and global business experience,"
Gregg Sherrill, chairman and CEO, Tenneco, said.  "We look
forward to his contributions as we accelerate our growth
globally and capitalize on opportunities to enhance shareholder
value."

Mr. Letham has more than 17 years experience as a chief
financial officer and for the past 12 years, has overseen all of
Anixter International's finance, accounting, tax and internal
audit activities in the 49 countries in which the company
operates.

Prior to assuming his role as chief financial officer in 1995,
Mr. Letham served as executive vice president and chief
financial officer of Anixter Inc., the principal operating
subsidiary of Anixter International Inc.

He joined Anixter International in 1993.  Previously, he had a
ten-year career with National Intergroup Inc., where he held a
number of senior financial management positions including senior
vice president and chief financial officer.

                       About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and  
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings
and securities ratings on Rating Watch Negative.  Fitch
confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank
facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv)
Subordinated 'B'.


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


BOSTON SCIENTIFIC: Mulls Restructuring & Sale of Some Businesses
----------------------------------------------------------------
Boston Scientific Corporation has announced several new
initiatives designed to enhance short- and long-term shareholder
value, including the restructuring or sale of several business
units, as well as substantial expense and head count reductions
intended to bring expenses in line with revenues.  The company
also said it is making good progress toward the execution of its
previously announced plans to sell non-strategic assets and
monetize the majority of its public and private investment
portfolio.  The company said these initiatives will help provide
better focus on core businesses and priorities, which will
strengthen Boston Scientific for the future and lead to
increased, sustainable and profitable sales growth.

The company plans to reduce its operating expenses against a
2007 baseline of approximately US$4.1 billion by an estimated
US$475 million to US$525 million in 2008, representing a
reduction of 12 to 13 percent, with a further reduction of an
estimated US$25 million to US$50 million in 2009.

The company plans to eliminate approximately 2,300 positions
worldwide, or approximately 13 percent of an 18,000-person, non-
direct labor workforce baseline as of June 30, 2007.  Eligible
employees affected by the head count reductions will be offered
severance packages, outplacement services and other appropriate
assistance and support.  The reduction activities will be
initiated this month and are expected to be substantially
completed worldwide by the end of 2008. Reductions outside the
United States will be initiated following completion of
information sharing and consultations with required bodies.  In
addition, another approximately 2,000 employees are expected to
leave the company in connection with the previously announced
business divestitures.

The reductions will result in total pre-tax charges of
approximately US$450 million to US$475 million, or US$0.20 to
US$0.22 per diluted share.  These mostly cash charges will be
recorded primarily as restructuring expenses, with a portion
recorded through other lines of the income statement.
Approximately US$275 million to US$300 million will be recorded
in the fourth quarter of 2007 with the remainder expected to be
recorded throughout 2008 and 2009.

The company plans to restructure several businesses and product
franchises in order to leverage resources, strengthen
competitive positions, and create a more simplified and
efficient business model.  Key components of the business
restructuring plan include:

-- The Peripheral Interventions and Interventional Cardiology
    businesses will be combined under a single management
    structure to help create a more integrated business focused
    on interventional specialists, while enhancing technology
    and management efficiencies.

-- The Electrophysiology business will be integrated with the
    Cardiac Rhythm Management business to better serve the
    needs of electrophysiologists by creating a more efficient
    organization.

-- The Oncology business and its four franchises will be
    restructured.  Three will be integrated into other
    businesses within Boston Scientific, and the Oncology
    Venous Access franchise will be combined with the Fluid
    Management business.

-- The Company is actively seeking buyers for the combined
    Fluid Management/Oncology Venous Access business, as well
    as its Cardiac Surgery and Vascular Surgery businesses.
    The Company has announced it has entered into a definitive
    agreement to sell its Auditory business.  Collectively,
    these businesses represent approximately US$550 million in
    2007 sales for Boston Scientific.

-- The International group will be consolidated from three
    regions to two.  The existing three regions are: Europe,
    Asia Pacific/Japan, and Inter-Continental; the two new
    regions will be: Europe/Middle East/Africa, and
    Canada/Latin America/Asia Pacific/Japan.

"The expense and head count reductions we are announcing today
are intended to bring our expenses back in line with our
revenues, while preserving our ability to make investments in
quality, R&D, capital and our people that are essential to our
long-term success," said Jim Tobin, Boston Scientific President
and Chief Executive Officer.  "While difficult, these reductions
are in the best interest of the Company and will create greater
value for our customers and their patients, as well as for our
employees and shareholders.  These actions will enable us to
institute meaningful change that will create lasting benefits."

"We understand the impact these reductions will have on our
employees, and we are committed to helping ease the transition,"
said Mr. Tobin.  "We will treat everyone with respect and
dignity, and we will provide support to affected employees."

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.


BOSTON SCIENTIFIC: S&P Holds Ratings & Removes Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Natick, Massachussetts-based Boston Scientific Corp. (including
the 'BB+' corporate credit rating) and removed them from
CreditWatch, where they were placed with negative implications
Aug. 3, 2007.  The rating outlook is negative.
      
"The rating action reflects expectations that more aggressive
cost-cutting efforts and moderate debt paydown (via asset sales)
will modestly improve debt protection measures, notwithstanding
continuing pressures in two of the company's key markets," said
Standard & Poor's credit analyst Cheryl Richer.
     
The 'BB+' rating reflects Boston Scientific's broad portfolio of
market-leading medical devices and its strong cash flows.  These
strengths are offset by high debt leverage, operational
difficulties, and a contraction in both the cardiac rhythm
management and drug-eluting stent markets.
     
The company's acquisition of Guidant Corp. increased debt to
US$9 billion from US$2 billion; debt was US$8.9 billion at June
31, 2007, and debt leverage increased to more than 4x for the 12
months ended June 31, 2007 as a result of continued EBITDA
erosion.  In August 2007, Boston Scientific paid down US$750
million of debt. Pro forma (but adjusted for US$125 million and
US$25 million of operating leases and unfunded post retirement
benefit obligations, respectively), debt to EBITDA was 3.8x at
June 30, 2007.  S&P expect leverage to approach 3.5x by year end
2008, unless the company experiences a further, substantial
erosion in sales.


BOSTON SCIENTIFIC: Posts US$272M Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Boston Scientific Corporation disclosed financial results for
the third quarter ended Sept. 30, 2007, as well as guidance for
net sales for the fourth quarter of 2007.

Reported net loss for the third quarter of 2007 was US$272
million. Reported results for the third quarter of 2007 included
after-tax acquisition- and divestiture-related charges of US$435
million, which included an expected loss of approximately US$352
million, primarily associated with the impairment of goodwill in
connection with the anticipated sale of the company's auditory
and drug pump businesses and US$75 million of in-process
research and development related to the acquisition of Remon
Medical Technologies Inc.

Adjusted net income for the quarter, excluding acquisition- and
divestiture-related charges and amortization expense, was
US$299 million.  

Reported net income for the third quarter of 2006 was US$76
million.  Reported results for the third quarter of 2006
included after-tax acquisition-related charges of US$77 million.  

Adjusted net income for the third quarter of 2006, excluding
acquisition-related charges and amortization expense, was
US$271 million.

Net sales for the third quarter of 2007 were US$2.048 billion as
compared to US$2.026 billion for the third quarter of 2006.

Worldwide sales of the company's drug-eluting coronary stent
systems for the third quarter of 2007 were US$448 million as
compared to US$572 million for the third quarter of 2006.   

Worldwide sales of coronary stent systems for the third quarter
of 2007 were US$507 million as compared to US$607 million for
the third quarter of 2006.

Worldwide sales of the company's CRM group for the third quarter
of 2007 were US$517 million, as compared to worldwide CRM sales
of US$446 million for the third quarter of 2006.  

"The quarter represented something of a turn for us, with a
number of positive developments, including our attaining the
number one position in worldwide drug-eluting stent sales,
significant market share growth in drug-eluting stents, strong
year-over-year cardiac rhythm management growth and continued
solid growth in Endosurgery," said Jim Tobin, president and
chief executive officer of Boston Scientific.  "Going forward,
the restructuring initiatives we announced earlier this week
will help us better focus on our core businesses and priorities,
to strengthen the company for the future and should lead to
improved, long-term, profitable sales growth."

                 Guidance for Fourth Quarter 2007

The company estimates net sales for the fourth quarter of 2007
between US$2.05 billion and US$2.15 billion.  

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$31.334 billion in total assets, US$15.817 billion in
total liabilities, and US$15.517 billion in total shareholders'
equity.

                     About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--          
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its ratings on
Natick, Massachussetts-based Boston Scientific Corp. (including
the 'BB+' corporate credit rating) and removed them from
CreditWatch, where they were placed with negative implications
Aug. 3, 2007.  S&P said the rating outlook is negative.


XEROX CORP: Denies Speculations on Lexmark International Bid
------------------------------------------------------------
Xerox Corp., along with Dell Inc., is said to be eyeing Lexmark
International Inc.  However, Xerox CEO Anne Mulcahy denies the
speculation, stating that Lexmark will not enhance shareholder
value.  Rather, Xerox aims to acquire software, distribution and
services.

Analysts say that Lexmark is likely to consider a leverage
buyout after the company disclosed missed second quarter
revenues and income goals, and deferred third quarter results.  
In addition, shares dropped 32% over the past year.

Eastman Kodak Company, which is believed to be a Lexmark suitor,
doens't have plans to acquire a company.

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.

                          *     *     *

Standard & Poor's Ratings Services revised its rating outlook on
Xerox Corp. to positive from stable on May 2007.  Ratings on the
company, including the 'BB+' long-term and 'B-1' short-term
corporate credit ratings, were affirmed.  The ratings still hold
to date.


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


AM PULS: Claims Registration Ends November 8
--------------------------------------------
Creditors of AM PULS DIENSTLEISTUNGEN Dortmund GmbH have until
Nov. 8 to register their claims with court-appointed insolvency
manager Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against AM PULS DIENSTLEISTUNGEN Dortmund GmbH on Oct. 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AM PULS DIENSTLEISTUNGEN Dortmund GmbH
         Europaplatz 4 5
         44269 Dortmund
         Germany

         Attn: Annegret Frenzel, Manager
         Karl-Pruemer-Str. 12
         44141 Dortmund
         Germany


ATG IMMOBILIEN: Creditors' Meeting Slated for November 28
---------------------------------------------------------
The court-appointed insolvency manager for ATG Immobilien Ivest
GmbH, Ruediger Wienberg will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
12:05 p.m. on Nov. 28.

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 11:50 a.m. on Feb. 27, 2008 at the same
venue.

Creditors have until Jan. 3, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against ATG Immobilien Ivest GmbH on Oct. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ATG Immobilien Ivest GmbH
         Kurfuerstendamm 37
         10719 Berlin
         Germany


AUFHAU- UND AUSBEIN: Creditors' Meeting Slated for October 31
-------------------------------------------------------------
The court-appointed insolvency manager for Aufhau- und Ausbein-
Arbeiten GmbH, Hartwig Albers, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
12:10 p.m. on Oct. 31.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Feb. 6, 2008, at the same
venue.

Creditors have until Dec. 14 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Aufhau- und Ausbein-Arbeiten GmbH on
Sept. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Aufhau- und Ausbein-Arbeiten GmbH
         Waidmannsluster Damm 22
         13509 Berlin
         Germany


BADEN-BADENER VERSICHERUNG: Fitch Rates Q-IFS at Bq
---------------------------------------------------
Fitch Ratings has rated Baden-Badener Versicherung
Aktiengesellschaft at 'Bq' Quantitative Insurer Financial
Strength.

The net improvement in the level of Q-IFS ratings also reflects
the improved earnings and higher level of capitalization of some
market participants.  It should be recalled that the Q-IFS
ratings are point-in-time ratings using year-end 2006 and prior
years' annual financial results and are based on publicly
available financial information, unless otherwise indicated.
Consequently, Q-IFS ratings are not qualified by the addition of
rating Outlook opinions.

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, Independent
Financial Advisers and other counterparties to insurers.  The
model incorporates a "rating logic" that mirrors the
quantitative analysis used to assign traditional IFS ratings,
and the model itself is subject to rating committee review.  
However, individual ratings are not established or reviewed by
the rating committee


BERNHARD KIRCHER: Creditors Must File Claims by November 5
----------------------------------------------------------
Creditors of Bernhard Kircher GmbH Industriebedarf have until
Nov. 5 to register their claims with court-appointed insolvency
manager Michael Wellstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Ludwigshafen am Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Wellstein
         L 11, 20-22
         68161 Mannheim
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Bernhard Kircher GmbH Industriebedarf on
Oct. 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bernhard Kircher GmbH Industriebedarf
         Obersuelzer Strasse 24
         67269 Gruenstadt
         Germany


BLUE-CAR GMBH: Claims Registration Period Ends Nov. 7
-----------------------------------------------------
Creditors of blue-car GmbH have until Nov. 7 to register their
claims with court-appointed insolvency manager Raimund
Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Raimund Schafmeister
         Moltkestr. 12
         32756 Detmold
         Germany

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

The Debtor can be reached at:

         blue-car GmbH
         Attn: Guido Meyer, Manager
         Klingenbergstr. 23-27
         32758 Detmold
         Germany


CC ORGANISATIONSBERATUNG: Claims Registration Ends November 7
-------------------------------------------------------------
Creditors of CC Organisationsberatung GmbH & Co. KG have until
Nov. 7 to register their claims with court-appointed insolvency
manager Thomas Farian.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thomas Farian
         Stuttgarter Strasse 78
         71638 Ludwigsburg
         Germany
         Tel: 07141/95470

The District Court of Ludwigsburg opened bankruptcy proceedings
against CC Organisationsberatung GmbH & Co. KG on Oct. 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CC Organisationsberatung GmbH & Co. KG
         Attn: Arthur Woehner, Manager
         Koenigsallee 37
         71638 Ludwigsburg
         Germany


DNS POLSTERMOEBEL: Claims Registration Ends October 30
------------------------------------------------------
Creditors of DNS Polstermoebel GmbH have until Oct. 30 to
register their claims with court-appointed insolvency manager
Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203-206
         39104 Magdeburg
         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:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: Heiko.Rautmann@gmx.de  

The District Court of Magdeburg opened bankruptcy proceedings
against DNS Polstermoebel GmbH on Oct. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DNS Polstermoebel GmbH
         Gewerbestr. 1
         39326 Rogatz
         Germany

         Attn: Norman Schulz, Manager
         Steintorstr. 67
         39326 Rogatz
         Germany


ELEKTRO STROH: Claims Registration Ends November 7
--------------------------------------------------
Creditors of Elektro Stroh GmbH have until Nov. 7 to register
their claims with court-appointed insolvency manager Thomas
Christmann.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Thomas Christmann
         Graf-Johann-Strasse 8
         66121 Saarbruecken
         Germany
         Tel: 0681/301 404 69
         Fax: 0681/635 321

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

The Debtor can be reached at:

         Elektro Stroh GmbH
         Attn: Raimund Stroh, Manager
         Hirschbrunnenstr. 5
         66663 Merzig-Hilbringen
         Germany


FUERST & APEL: Claims Registration Ends December 12
---------------------------------------------------
Creditors of FUERST & APEL Handelsgesellschaft mbH have until
Dec. 12 to register their claims with court-appointed insolvency
manager Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 16, 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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Peter Scholl
         Andreasstrasse 39
         99084 Erfurt
         Germany
         Tel: 0681/301 404 69
         Fax: 0681/635 321

The District Court of Meiningen opened bankruptcy proceedings
against FUERST & APEL Handelsgesellschaft mbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FUERST & APEL Handelsgesellschaft mbH
         Attn: Dr. Klaus Fuerst and Rainer Apel, Managers
         Walkmuehlenweg 17
         98617 Meiningen
         Germany


GAIL GMBH: Creditors Must File Claims by November 5
---------------------------------------------------
Creditors of Gail GmbH have until Nov. 5 to register their
claims with court-appointed insolvency manager Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Mayen
         Hall 17
         St. Veit-Strasse 38
         56727 Mayen
         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:

         Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228 / 81 000-858
         Fax: 0228 / 81 000-820
         E-mail: rae-bonn@dhpg.de

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

The Debtor can be reached at:

         Gail GmbH
         Jahnstr. 13
         56751 Polch
         Germany

         Attn: Felix Schopp, Manager
         Kanalweg 28
         56299 Ochtendung
         Germany


GEBAUDESERVICE HEINZ: Creditors' Meeting Slated for Dec. 12
-----------------------------------------------------------
The court-appointed insolvency manager for Gebaudeservice Heinz
Kuehl GmbH, Dr. Joachim Heitsch will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:25 a.m. on Dec. 12.

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 9:00 a.m. on March 6, 2008 at the same
venue.

Creditors have until Jan. 6, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Gebaudeservice Heinz Kuehl GmbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gebaudeservice Heinz Kuehl GmbH
         Meinekestrasse 12
         10719 Berlin
         Germany


H.T.S. GMBH: Creditors Must File Claims by November 2
-----------------------------------------------------
Creditors of H.T.S. GmbH have until Nov. 2 to register their
claims with court-appointed insolvency manager Andreas Schulte-
Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn
         Germany

The District Court of Bonn opened bankruptcy proceedings against
H.T.S. GmbH on Oct. 4.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         H.T.S. GmbH
         Am Hambuch 9
         53340 Meckenheim
         Germany


HEINZ RULAND: Creditors' Meeting Slated for October 26
------------------------------------------------------
The court-appointed insolvency manager for Heinz Ruland GmbH &
Co. Kommanditgesellschaft, Dr. Joerg Bornheimer will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:40 a.m. on Oct. 26.

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

         The District Court of Bonn
         Hall W 1.25
         First Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on Dec. 14 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne
         Germany
         Tel: 0221-2726120
         Fax: 0221-27261299

The District Court of Bonn opened bankruptcy proceedings against
Heinz Ruland GmbH & Co. Kommanditgesellschaft on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.


The Debtor can be reached at:

         Heinz Ruland GmbH & Co. Kommanditgesellschaft
         Attn: Heinz Ruland, Manager
         Kommerner Strasse 4
         53879 Euskirchen
         Germany


IVL-COURIERSYSTEM EUROPE: Claims Registration Ends October 31
-------------------------------------------------------------
Creditors of IVL-Couriersystem Europe GmbH & Co.KG have until
Oct. 31 to register their claims with court-appointed insolvency
manager Robert Multrus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Hall 210
         Rosenheim
         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:

         Robert Multrus
         Rathausstr. 10
         83022 Rosenheim
         Germany
         Tel: 08031/8074790
         Fax: 08031/80747966

The District Court of Rosenheim opened bankruptcy proceedings
against IVL-Couriersystem Europe GmbH & Co.KG on Oct. 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IVL-Couriersystem Europe GmbH & Co.KG
         Bahnhofstr. 9
         83088 Kiefersfelden
         Germany


KFZ-TECHNIK SCHLEHUBER: Claims Registration Period Ends Nov. 2
--------------------------------------------------------------
Creditors of Kfz-Technik Schlehuber GmbH have until Nov. 2 to
register their claims with court-appointed insolvency manager
Jan-Michael Lippe.

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 Saarbruecken
         Area Hall 13
         First 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:

         Jan-Michael Lippe
         Bahnhofstrasse 101
         66111 Saarbruecken
         Germany
         Tel: 0681/31026
         Fax: 0681/390008

The District Court of Saarbruecken opened bankruptcy proceedings
against Kfz-Technik Schlehuber GmbH on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kfz-Technik Schlehuber GmbH
         Saarwiesenweg 4
         66333 Voelklingen
         Germany

         Attn: Uwe Schlehuber, Manager
         Hammerstr. 80
         66333 Voelklingen
         Germany


LA SALA VERWALTUNGS: Claims Registration Period Ends November 5
---------------------------------------------------------------
Creditors of La Sala Verwaltungs-GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager
Oliver Schulte.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 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:

         Oliver Schulte
         Moltkestr. 12
         32756 Detmold
         Germany

The District Court of Detmold opened bankruptcy proceedings
against La Sala Verwaltungs-GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         La Sala Verwaltungs-GmbH
         Bahnhofstr.
         32816 Schieder-Schwalenberg
         Germany

         Attn: Gert-Peter Maekelburger, Manager
         Laerchenweg 4
         32760 Detmold
         Germany


MANFRED RIEMER: Creditors Must File Claims by November 1
--------------------------------------------------------
Creditors of Manfred Riemer Installationstechnik GmbH have until
Nov. 1 to register their claims with court-appointed insolvency
manager Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Nov. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Walter Broehan
         Muehlenstrasse 56
         23552 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Manfred Riemer Installationstechnik GmbH on Oct. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Manfred Riemer Installationstechnik GmbH
         Reiferstr. 22 A
         D- 23554 Luebeck
         Germany


PICTORA GMBH: Creditors' Meeting Slated for December 7
------------------------------------------------------
The court-appointed insolvency manager for Pictora GmbH-
Malereiwerkstatte, Dr. Joachim Heitsch will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:50 a.m. on Dec. 7.

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 9:35 a.m. on March 7, 2008 at the same
venue.

Creditors have until Jan. 11, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Pictora GmbH-Malereiwerkstatte on Oct. 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Pictora GmbH-Malereiwerkstatte
         Charlottenburger Str. 128
         13086 Berlin
         Germany


PKS BAUMARKT: Claims Registration Ends November 14
--------------------------------------------------
Creditors of PKS Baumarkt GmbH have until Nov. 14 to register
their claims with court-appointed insolvency manager Stephan
Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel: (0371) 262010
         Telefax: (0371) 2620111
         E-mail: chemnitz@pluta.net

The District Court of Chemnitz opened bankruptcy proceedings
against PKS Baumarkt GmbH on Sept. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PKS Baumarkt GmbH
         Attn: Cornelia Gerlach, Manager
         Neustadter Str. 19
         08289 Schneeberg
         Germany


PRO KONZEPTA: Claims Registration Ends October 31
-------------------------------------------------
Creditors of Pro Konzepta Werbegesellschaft mbH have until
Oct. 31 to register their claims with court-appointed insolvency
manager Sylvia Hofmann.

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

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.309
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Sylvia Hofmann
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151-66729-0
         Telefax: 06151-66729-20
         E-mail: darmstadt@ltb-anwaelte.de

The District Court of Darmstadt opened bankruptcy proceedings
against Pro Konzepta Werbegesellschaft mbH on Oct. 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Pro Konzepta Werbegesellschaft mbH
         Am Leuschnerpark 4
         64347 Griesheim
         Germany

         Attn: Willi Hauser, Manager
         Kurt-Schumacher-Str. 37
         55593 Ruedesheim
         Germany


RHEIN-MAIN: Claims Registration Ends Jan. 2, 2008
-------------------------------------------------
Creditors of Rhein-Main Bau GmbH have until Jan. 2, 2008 to
register their claims with court-appointed insolvency manager
Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 22, 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 Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden
         Germany
         Tel: 0611-150 40
         Fax: 0611-301 774

The District Court of Wiesbaden opened bankruptcy proceedings
against Rhein-Main Bau GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rhein-Main Bau GmbH
         Carl-von-Linde-Str. 2
         65197 Wiesbaden
         Germany


TRANSPORTE SERVICE: Claims Registration Ends December 7
-------------------------------------------------------
Creditors of Transporte, Service und Paketdienst GmbH have until
Dec. 7 to register their claims with court-appointed insolvency
manager Eberhard Stoc.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Krefeld
         Meeting Room H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         Germany

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

The insolvency manager can be reached at:

         Eberhard Stoc
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: (02151) 5813-0
         Fax: +4921515813134

The District Court of Krefeld opened bankruptcy proceedings
against Transporte, Service und Paketdienst GmbH on Sept. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Transporte, Service und Paketdienst GmbH
         Attn: Eleonore Beier, Manager
         Holtschneiderweg 27a
         41379 Brueggen
         Germany


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


ALITALIA SPA: September Traffic Declines Year-on-Year
-----------------------------------------------------
Alitalia S.p.A.'s September 2007 traffic data compared to the
same period in 2006 showed a slight decrease in both passenger
and cargo businesses.

Passenger business showed a decrease in terms of traffic (-0.7%)
with an increase of capacity offered by 0.4% compared with the
same period of 2006.

September 2007 Cargo statistics, compared to September 2006,
showed a decrease in terms of goods flown (-0.7%) with capacity
offered down 7.5%.

Passengers Operations

Traffic, measured in Revenue Passenger Kilometers, decreased
0.7% and the capacity, measured in Available Seat Kilometers,
increased 0.4%. Therefore load factor decreased 0.8 percentage
points reaching 77.5%.

Alitalia carried 2.25 million passengers, up 2% compared to the
previous year.

   -- Domestic Passenger Network: traffic increased by 4.4% with
      offered capacity up 3.2%.  Load factor was 68.3%;

   -- International Passenger Network: traffic increased by 0.1%
      and offered capacity decreased by 0.2%.  Load factor was
      75.3%; and

   -- Intercontinental Passenger Network: traffic decreased by
      2.7% and capacity was down 0.2%.  Load factor was 82.6%.

Cargo Operations

September 2007 Cargo performance showed, compared to September
2006, a traffic decrease by 0.7% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 7.5%.

Overall Load factor was 64.3% with an increase by 4.4 percentage
points. Regarding the All-Cargo sector, Load factor was 79% with
an increase by 16.3 percentage points compared with the same
period of 2006.

                         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.


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


BES-ATA LLP: Proof of Claim Deadline Slated for November 23
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Bes-Ata insolvent on Aug. 22.

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


DUNIYE LLP: Creditors Must File Claims November 23
--------------------------------------------------
LLP Trade House Duniye has declared insolvency.  Creditors have
until Nov. 23 to submit written proofs of claims to:

         LLP Trade House Duniye
         Office 253
         Vavilov Str. 13
         Almaty District
         010010, Astana
         Kazakhstan


EKIBASTUZ PROM: Claims Filing Period Ends November 23
-----------------------------------------------------
LLP Ekibastuz Prom Tech has declared insolvency.  Creditors have
until Nov. 23 to submit written proofs of claims to:

         LLP Ekibastuz Prom Tech
         Lenin Str. 27-63
         Ekibastuz
         Pavlodar
         Kazakhstan


G.A. TRADE: Creditors' Claims Due on November 23
------------------------------------------------
LLP G.A. Trade has declared insolvency.  Creditors have until
Nov. 23 to submit written proofs of claims to:

         LLP G.A. Trade
         Micro District Molodejny-4, 20-32
         Taldykorgan
         Almaty
         Kazakhstan


IBRAY-K LLP: Claims Registration Ends November 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Ibray-K 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


JIHAZ-CONTRACT LTD: Proof of Claim Deadline Slated for Nov. 23
--------------------------------------------------------------
LLP Jihaz-Contract Ltd has declared insolvency.  Creditors have
until Nov. 23 to submit written proofs of claims to:

         LLP Jihaz-Contract Ltd
         Satpayev Str. 145/1
         Pavlodar
         Kazakhstan


KYZYLORDINSKAYA SLUJBA: Creditors Must File Claims November 23
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared State Utility Enterprise Kyzylordinskaya Slujba Po
Sboru Communalnyh Platejey insolvent on Sept. 3.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahayev Str. 71
         Kyzylorda
         Kazakhstan


NEFTESTROY INVEST: Claims Filing Period Ends November 27
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Neftestroy Invest insolvent.

Creditors have until Nov. 27 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


OMEGA LLP: Creditors' Claims Due on November 20
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Omega 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


RANO LLP: Claims Registration Ends November 27
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Rano insolvent.

Creditors have until Nov. 27 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


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


TECHNOTRADE LLC: Creditors Must File Claims by November 23
----------------------------------------------------------
LLC Technotrade has declared insolvency.  Creditors have until
Nov. 23 to submit written proofs of claim to:

Inquiries can be addressed to (0-502) 15-41-90.


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


CONCERTO I: Fitch Keeps Junk Ratings on EUR64.5 Million Notes
-------------------------------------------------------------
Fitch Ratings has upgraded Concerto I B.V.'s Class B and C notes
with all other classes of note ratings remaining, all due
September 2012:

   -- EUR3.6 million Class B-1 (ISIN XS0115802547): upgraded to
      'A' from 'B', 'DR2' recovery rating withdrawn

   -- EUR8.4 million Class B-2 (ISIN XS0115835398): upgraded to
      'A' from 'B', 'DR1' recovery rating withdrawn

   -- EUR30 million Class C (ISIN XS0115802976): upgraded to
      'CCC' / 'DR2' from 'CC' / 'DR5'

   -- EUR4 million Class D-1 (ISIN XS0115803354): remain at 'C'
      / 'DR6'

   -- EUR15.5 million Class D-2 (ISIN XS0115836107): remain at
      'C' / 'DR6'

   -- EUR15 million Combination Note 2 (ISIN XS0116778191):
      remain at 'C' / 'DR6'

In August 2000, Concerto I B.V., a limited liability company
incorporated under Dutch Law, issued EUR455.5 million of various
classes of fixed- and floating-rate notes and invested the net
proceeds in a portfolio of speculative-grade debt securities and
loans.

The upgrade of the Class B notes reflects the increase in the
credit enhancement available to the senior notes as a result of
the transaction's ongoing de-leveraging.  Following the end of
the reinvestment period (Sept. 22, 2006), the Class A notes have
paid down substantially on each payment date. As of 24 September
2007, the nominal of both Classes A1 and A2 had been completely
repaid.  Since the last review in April 2006, the over-
collateralization levels have improved as a result of the de-
leveraging and the interest coverage levels have also improved,
but the OC and IC levels of both the Class C and D Notes
continue to fall below the covenanted levels.  Under Fitch's
distressed note analysis scenarios, the Class C note is no
longer distressed to the same extent as at the previous review
but the other notes are relatively unchanged, and that is
reflected in the ratings actions for those notes.


CONCERTO II: Fitch Rates EUR38.8 Million Notes at BB-
-----------------------------------------------------
Fitch Ratings has upgraded Concerto II B.V.'s Class B notes and
affirmed its other classes of notes, all due September 2013:

   -- EUR10.1 million Class A-1 (ISIN XS0132896381): affirmed at
      'AAA'

   -- EUR4.2 million Class A-2 (ISIN XS0132896464): affirmed at
      'AAA'

   -- EUR47.5 million Class B (ISIN XS0132896977): upgraded to
      'AAA' from 'A'

   -- EUR32.8 million Class C-1 (ISIN XS0132898080): affirmed at
      'BBB-'

   -- EUR13.5 million Class C-2 (ISIN XS0132898163): affirmed at
      'BBB-'

   -- EUR18.8 million Class D (ISIN XS0132898247): affirmed at
      'BB-'

   -- EUR20 million combination notes (ISIN XS0132899302):
      affirmed at 'BB-'

In August 2001, Concerto II B.V., a limited liability company
incorporated under Dutch Law, issued EUR500 million of various
Classes of fixed- and floating-rate notes and invested the net
proceeds in a portfolio of speculative-grade debt securities and
loans.

The upgrade of the Class B notes reflects the increase in the
credit enhancement available to the senior notes as a result of
the transaction's ongoing deleveraging. Following the end of the
reinvestment period (Sept. 11, 2006), the Class A notes have
paid down substantially on each payment date.  As of Sept. 11,
2007, the outstanding nominal of both Classes A1 and A2
represented approximately 4.4% of the original outstanding
nominal of each note.  The over-collateralization levels have
improved as a result of the de-leveraging and recently the
interest coverage levels have also improved.  Although the
weighted average spread test remains in breach of the covenanted
level, the portfolio quality has remained stable and there have
been no further defaults.

During cash-flow simulations, Fitch noted that as the
transaction becomes more seasoned, the Class D notes exhibits
significant sensitivity to interest rate changes.  This is due
to a mismatch in interest types: the Class D is a fixed rate
note paying 11.27%, whilst the assets generate interest from a
mixture of fixed and floating rate notes.  Fitch will continue
to monitor this sensitivity on an on going basis.


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


ELEKTRO-TEPLOVAYA: Creditors Must File Claims by Dec. 13
--------------------------------------------------------
Creditors of Elektro-Teplovaya Energy Company Municipal Unitary
Enterprise have until Dec. 13 to submit proofs of claim at:

         Office 61
         Potapovskij Per. 9/11
         101000 Moscow
         Russia

The Arbitration court of Ryazansk commenced competitive
proceedings against the company after finding it insolvent.  The
Court appointed Tymko A.I. as Competitive proceedings manager.
The case is docketed under Case No. ?54-919/2007 ?20.

The Debtor can be reached at:

         Elektro-Teplovaya Energy Company Municipal Unitary
         Enterprise
         K. Marks Str. 11
         Mihailov
         391710 Ryazan
         Russia


KERAMZIT OJSC: Bankruptcy Hearing Slated for Jan. 26, 2008
----------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:00 a.m. on
Jan. 26, 2008, to hear the bankruptcy supervision procedure on
Keramzit OJSC.  The case is docketed under Case No. ?14-8897/
2007 46/16?.

The Interim manager is:

         Tsygankov D.A.
         Office 71
         Revolution Prospekt 1?
         394036 Voronezh
         Russia
         Tel: 84-253-23-2-56

         The Arbitration Court of Voronezh
         Office 609
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         Keramzit OJSC
         Sovhoznaya Str. 19
         Buturlinovka
         Voronezh
         Russia


KOLKHOZ VPERED: Creditors Must File Claims by Dec. 13
-----------------------------------------------------
Creditors of Kolkhoz (state-owned farm) Vpered have until
Dec. 13 to submit proofs of claim at:

         Apartment 904
         Kulibina Str. 17
         394029 Voronezh
         Russia

The Arbitration court of Tver commenced competitive proceedings
against the company after finding it insolvent. The Court
appointed Polonyankin A.I. as Competitive proceedings manager.
The case is docketed under Case No. ?66-11048/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         Kolkhoz (state-owned farm) Vpered
         Petrovskoye village
         Sonkovskij raion
         Tver
         Russia


ROSNEFT OIL: Expects RUR27 Billion from Yukos Oil in December
-------------------------------------------------------------
OAO Rosneft Oil Co. expects to receive RUR37 billion as payment
from OAO Yukos Oil by December, Interfax News reports citing
vice president Peter O'Brien.

According to Rosneft's financial report for the first half of
2007, the company received US$9.8 billion from Yukos'
bankruptcy.   Of the amount, the company spent US$483 million to
repay loans and US$1.396 billion to repay receivables, and
retained US$7.92 billion as revenues.

As reported in the TCR-Europe on Oct. 18, 2007, Rosneft posted
US$7.66 billion in net income on US$10.76 billion in net
revenues for the second quarter of 2007, compared with
US$1.08 billion in net income on US$8.6 billion in net revenues
for the same period in 2006.  Rosneft posted US$8.01 billion in
net income on US$19 billion in net revenues for the first half
of 2007, compared with US$1.88 billion in net income on US$15.93
billion in net revenues for the same period in 2006.

                        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
$9.35 billion, as payment for $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 $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 $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.

                          About Rosneft

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

                            *   *   *

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


ROSNEFT OIL: May Issue US$3 Billion Bonds to Cut Debt
-----------------------------------------------------
OAO Rosneft Oil Co. mulls issuing up to US$3 billion in
convertible bonds to repay part of its debt, Thomson Financial
cites a sourced Vedomosti report.

Rosneft, a banking industry source told Vedomosti, may issue
between US$2 billion-US$3 billion.  Another source told
Vedomosti that the issue would exceed US$2 billion.

As of June 30, 2007, Rosneft had debts totaling US$27.3 billion,
and that US$17.1 billion of this amount must be paid off by mid-
2008.

                          About Rosneft

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

                            *   *   *

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


SVIYAGA OJSC: Asset Sale Slated for November 19
-----------------------------------------------
Tyurin I.V., the Competitive proceedings manager of Sviyaga OJSC
will open a public auction for the company's properties at noon
on Nov. 19 at:

         Federatsii Str. 148
         Ulyanovsk
         Russia

The starting prices for the auctioned assets are:

   -- Lot1: RUR15,200;
   -- Lot2: RUR2,068,400; and
   -- Lot3: RUR2,367,600.

Interested participants have until noon on Nov. 16 to submit
their bidding documents and transfer their deposits.


YUKOS OIL: To Pay RUR27 Billion Debt to Rosneft by December
-----------------------------------------------------------
OAO Rosneft Oil Co. expects to receive RUR37 billion as payment
from OAO Yukos Oil by December, Interfax News reports citing
vice president Peter O'Brien.

According to Rosneft's financial report for the first half of
2007, the company received US$9.8 billion from Yukos'
bankruptcy.   Of the amount, the company spent US$483 million to
repay loans and US$1.396 billion to repay receivables, and
retained US$7.92 billion as revenues.

As reported in the TCR-Europe on Oct. 18, 2007, Rosneft posted
US$7.66 billion in net income on US$10.76 billion in net
revenues for the second quarter of 2007, compared with
US$1.08 billion in net income on US$8.6 billion in net revenues
for the same period in 2006.  Rosneft posted US$8.01 billion in
net income on US$19 billion in net revenues for the first half
of 2007, compared with US$1.88 billion in net income on US$15.93
billion in net revenues for the same period in 2006.

                         About Rosneft

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

                         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
$9.35 billion, as payment for $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 $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 $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.


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


FONCAIXA FTGENCAT 3: Fitch Junks EUR6.5 Million Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Foncaixa FTGENCAT 3, FONDO DE
TITULIZACION DE ACTIVOS's notes following a satisfactory
performance review:

   -- EUR405.7 million Class A(G) notes (ISIN: ES0337937017):
      affirmed at 'AAA'

   -- EUR10.7 million Class B notes (ISIN: ES0337937025):
      affirmed at 'AA'

   -- EUR7.8 million Class C notes (ISIN: ES0337937033):
      affirmed at 'BBB+'

   -- EUR6.5 million Class D notes (ISIN: ES0337937041):
      affirmed at 'BB+'

   -- EUR6.5 million Class E notes (ISIN: ES0337937058):
      affirmed at 'CCC-'

The rating actions follow the transaction's stable performance,
low delinquency levels and increased levels of credit
enhancement.  As of the September 2007 report, the total amount
of outstanding delinquencies remains low at 1.34% of the
outstanding portfolio, of which 0.11% are payments in arrears of
more than 90 days and only 0.04% in arrears over 180 days.  
There have been no defaults to date.  The credit enhancement of
the classes has increased due to the amortization of the senior
notes in line with the underlying collateral.  The class A(S)
notes have been paid in full and 90.30% of A(G) note balance
remains outstanding.

The transaction represents a cash flow securitization of a
static portfolio of loans to small- and medium-sized Spanish
enterprises granted by Caja de Ahorros y Pensiones de Barcelona
(rated 'AA-/F1+').  The class A(G) notes benefit from a
guarantee of interest and principal by Generalitat de Catalunya
(Autonomous Community of Catalonia, rated 'A+/F1').

The portfolio is currently composed of 7,739 loans, 85.80% of
which are secured by commercial or residential mortgage.  All
loans are concentrated in Catalonia.  This is a requirement
under the Generalitat de Catalunya guarantee.  Loans linked to
the real estate and construction sectors represents 40.62% of
outstanding portfolio.  The current credit enhancement for the
senior notes is provided by the class B, C, D and E notes.  In
addition, a guaranteed excess spread serves as a first layer of
loss protection.

Foncaixa FTGENCAT 3 is a special-purpose vehicle incorporated
under the laws of Spain with limited liability.  Its sole
purpose is to acquire the portfolio of loans as collateral for
the issuance of fixed-income securities.  The assets of Foncaixa
FTGENCAT 3 were acquired on its behalf by GestiCaixa S.G.F.T.,
S.A., a special-purpose management company with limited
liability and incorporated under the laws of Spain.


IM GOYA: Moody's Rates EUR26.6 Million Class D Notes at Ba2
-----------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by IM Goya Hipotecario I Fondo de
Titulizacion de Activos:

   -- Aaa to the EUR399 million Class A1 due 2040;
   -- Aaa to the EUR1,421.2 million Class A2 due 2040;
   -- Aa3 to the EUR28.5 million Class B due 2040;
   -- A3 to the EUR24.7 million Class C due 2040; and
   -- Ba2 to the EUR26.6 million Class D due 2040.

The transaction represents the securitization of Spanish
residential mortgage loans originated by Barclays Bank S.A (a
subsidiary of Barclays Bank plc (Aa1/P-1)).  The assets
supporting the Notes are prime mortgage loans secured on
residential and non-residential properties located in Spain.  
The portfolio will be serviced by Barclays Bank S.A.

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

The securitized pool comprises some loans secured by non-
residential properties (15%), second homes (15%), non owner
occupied properties (14%) and loans granted to self-employed
borrowers (18%).  Moody's took all these elements into account
when assessing the credit enhancement.

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


SANTANDER EMPRESAS 2: Fitch Holds Junk Ratings on Class F Notes
---------------------------------------------------------------
Fitch has affirmed Fondo de Titulizacion de Activos Santander
Empresas 2's notes following a satisfactory performance review:

   -- Class A(1) notes due June 2050 (ISIN ES0338058003):
      affirmed at 'AAA'

   -- Class A(2) notes due June 2050 (ISIN ES0338058011):
      affirmed at 'AAA'

   -- Class B notes due June 2050 (ISIN ES0338058029): affirmed
      at 'AA'

   -- Class C notes due June 2050 (ISIN ES0338058037): affirmed
      at 'A'

   -- Class D notes due June 2050 (ISIN ES0338058045): affirmed
      at 'BBB+'

   -- Class E notes due June 2050 (ISIN ES0338058052): affirmed
      at 'BB+'

   -- Class F (Reserve) notes due June 2050: affirmed at 'CCC'

The transaction continues to exhibit stable performance.  While
the portfolio's high concentration in the Spanish real estate
sector is an area of potential concern, the portfolio has
performed in line with expectations.  In addition, the
transaction has benefited from increased levels of credit
enhancement resulting from amortization of the senior notes in
line with the portfolio.  The most senior Class A(1) note has
amortized to 51% of the original balance.

As of the August trustee report, there are no defaults (defined
as delinquencies more than 365 days overdue) due to the recent
date of inception.  There are currently no delinquencies of more
than 180 days, while delinquencies of more than 90 days
constitute 0.06%.  The delinquency levels were calculated using
Derivative Fitch methodology for SME CDO transactions.

This transaction represents a cash flow securitization of a
static EUR2.9 billion portfolio of loans granted by Banco
Santander Central Hispano (Banco Santander, rated 'AA'/'F1+') to
small- and medium-sized Spanish enterprises, self-employed
borrowers and larger companies.  This transaction is different
from other Spanish SME CDOs, as it will not benefit from a
guarantee from the Kingdom of Spain ('AAA'/'F1+').

Fondo de Titulizacion de Activos Santander Empresas 2 is a
special purpose vehicle incorporated under the laws of Spain
with limited liability.  Its sole purpose is to acquire a
portfolio of loans from Banco Santander as collateral for the
issuance of fixed-income securities.  The issuer will be legally
represented and managed by Santander de Titulizacion S.G.F.T.,
S.A., a special purpose management company with limited
liability incorporated under the laws of Spain.


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


F & F RADIO-TV: Zurich Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Niederglatt in Zurich entered Sept. 19
an order closing the bankruptcy proceedings of LLC F & F Radio-
TV.

The Bankruptcy Service of Niederglatt can be reached at:

         Bankruptcy Service of Niederglatt
         8172 Niederglatt
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC F & F Radio-TV
         Glattalstrasse 196
         8153 Rumlang
         Switzerland


IMC IDEA: Creditors' Liquidation Claims Due November 2
------------------------------------------------------
Creditors of JSC IMC Idea Marketing Concepts have until Nov. 2
to submit their claims to:

         Axel Wend
         Liquidator
         Carrefour de Rive 1
         1207 Geneve
         Switzerland

The Debtor can be reached at:

         JSC IMC Idea Marketing Concepts
         Zug
         Switzerland


IMH INSTITUT: Claims Registration Period Ends October 28
--------------------------------------------------------
The Bankruptcy Court of in Aargau commenced bankruptcy
proceedings against LLC IMH Institut fur moderne Heilkunde on
Aug. 30.

Creditors have until Oct. 28 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC IMH Institut fur moderne Heilkunde
         Rutistrasse 6
         5400 Baden AG
         Switzerland


K. ROTH JSC: Creditors' Liquidation Claims Due October 31
---------------------------------------------------------
Creditors of JSC K. Roth have until Oct. 31 to submit their
claims to:

         Kurt Roth
         Liquidator
         Neumattweg 5
         3671 Brenzikofen
         Konolfingen BE
         Switzerland

The Debtor can be reached at:

         JSC K. Roth
         Wiedlisbach BE
         Switzerland


LEMFORDER JSC: Creditors' Liquidation Claims Due October 30
-----------------------------------------------------------
Creditors of LLC Lemforder have until Oct. 30 to submit their
claims to:

         Dr. Karel Zoller
         Liquidator
         Alpenstr. 14
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Lemforder
         Neuheim
         Switzerland


OPEN SOFTWARE: Creditors' Liquidation Claims Due October 31
-----------------------------------------------------------
Creditors of LLC Open Software Consulting have until Oct. 31 to
submit their claims to:

         JSC OBT
         Liquidator
         Bahnhofstrasse 3
         8570 Weinfelden TG
         Switzerland

The Debtor can be reached at:

         LLC Open Software Consulting
         Elsau
         Winterthur ZH
         Switzerland


SANOTEX LLC: Claims Registration Period Ends October 28
-------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC SANOTEX on May 8.

Creditors have until Oct. 28 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC SANOTEX
         Oberdorfstrasse 1
         5106 Veltheim AG
         Switzerland


SIRIOS MANAGEMENT: Claims Registration Period Ends October 28
-------------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Sirios management on July 3.

Creditors have until Oct. 28 to file their written proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Sirios management
         Graben 5
         6300 Zug
         Switzerland


TURIPLAN JSC: Zurich Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Winterthur in Zurich entered Sept. 17
an order closing the bankruptcy proceedings of JSC Turiplan.

The Bankruptcy Service of Winterthur can be reached at:

         Bankruptcy Service of Winterthur
         8400 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Turiplan
         Seuzachstr. 42
         8413 Neftenbach
         Winterthur ZH
         Switzerland


UNIQUE LIFESTYLE: Claims Registration Period Ends October 29
------------------------------------------------------------
The Bankruptcy Court of Kussnacht in Schwyz commenced bankruptcy
proceedings against JSC Unique Lifestyle Holidays on Aug. 21.

Creditors have until Oct. 29 to file their written proofs of
claim.

The Bankruptcy Service of Kussnacht can be reached at:

         Bankruptcy Service of Kussnacht
         6403 Kussnacht SZ
         Switzerland

The Debtor can be reached at:

         JSC Unique Lifestyle Holidays
         Reiherweg 9
         6403 Kussnacht am Rigi SZ
         Switzerland


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


ANADOLU EFES: Fitch Affirms IDR at BB+ on Beer Unit Support
-----------------------------------------------------------
Fitch Ratings has affirmed Turkish brewer Anadolu Efes Biracilik
ve Malt Sanayii A.S.'s Long-term local currency senior unsecured
and Long-term Issuer Default ratings at 'BB+'.  The National
Long-term rating is also affirmed at 'AA+'(tur).  The Outlooks
on both the local currency IDR and National rating are Stable.  
Efes's foreign currency IDR, which is constrained by Turkey's
Country Ceiling, is affirmed at 'BB' with a Stable Outlook.

The rating affirmations reflect Fitch's view that the Efes
operations are supported in a positive way by the combination of
its Turkey beer unit and the international beer unit of Efes
Breweries International.  The domestic beer unit is
characterized by growing free cash flow (Fitch's calculation for
fiscal year 2006 after dividends of US$73 million is US$40
million) and its performance is underpinned by its virtually
unchallenged local market share of 82%.  While EBI's business is
in investment mode and on a consolidated basis offsets all the
cash generated by the Turkish operations (in fiscal year 2006 it
had negative free cash flow of US$69 million after capex of
US$124 million), it has positive growth prospects as it is
mainly located in Russia, which is the third-largest beer market
in the world and one of few that is still expected to grow, at
5% per year in the next three to five years.

Within the following credit metrics Fitch adjusts the group's
figures to exclude the 50.3% pro-rata consolidation of its
associate Coca Cola Icecek (rated local currency IDR 'BBB' and
foreign currency IDR 'BB').  The rating of Efes is also
supported by the moderate leverage (as measured by lease-
adjusted net debt/EBITDAR) of its beer operations.  Leverage
peaked at 1.8x at fiscal year ending 2006 but Fitch expects it
to fall to approximately 1.5x by fiscal year 2007 thanks to
profit growth.  While the agency projects that group net free
cash flow generation will continue to be slightly negative
during fiscal year 2007 and fiscal year 2008, the EBITDAR
increase of at least 5%-10% should allow leverage to continue
diminishing.

On flat volume increases in fiscal year 2006 and of 4.5% in
first half of 2007, the operating profits (fiscal year 2006:
TRY243 million) of the group's Turkish operations delivered
enviable and accelerating growth of 12% in fiscal year 2006 and
26% in first half of 2007. Operating profit per hectolitre of
beer sold continues to grow (fiscal year 2005: TRY0.30; fiscal
year 2006: TRY0.34; first half of 2007: TRY0.46), as the scale
achieved by Efes enables it to minimize the marginal cost of
production and distribution.  Fitch views this trend as
sustainable, with profit growth set to continue in the future.

The EBI operations reported sales growth of US$157 million to
US$639 million in fiscal year 2006 thanks to the first-time
inclusion that year of Krasny Vostok (but net of the disposal of
a stake in a minor Romanian brewery), as well as 10% organic
volume growth.  Unfortunately, all the US$20 million ncrease in
EBITDAR achieved in fiscal year 2006 was absorbed by the higher
interest charges that EBI paid on its debt.  Although KV had
been suffering (even before being acquired) from relatively
lower profitability than EBI (which diluted EBI's fiscal year
2006 profit margin by approximately 160bp to 8.7%), the benefits
of its integration should come through in fiscal year 2007.

The above-mentioned expansion of EBI meant that two-thirds of
the fiscal year 2006 debt of the group's beer operations US$860
million was located at EBI.  Group debt consists mainly of a
US$500 million syndicated facility, of which a US$300 million
tranche is borrowed by EBI and guaranteed by the mother company,
Efes, thus reducing concerns about any subordination across the
debt incurred by the two units.  Fitch also includes into total
debt put and call options totaling US$127 million.  These are at
the level of EBI.


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


NAFTOGAZ UKRAINY: Pending Law Amendment Spurs Reporting Delay
-------------------------------------------------------------
NAK Naftogaz Ukrainy attributed the delay in the publication of
its 2006 IFRS financial report to the pending amendments to the
Ukrainian state budget law for 2007, Interfax News reports.

"The publication of Naftogaz Ukrainy's IFRS financial report for
2006 is being delayed because the auditors are expecting
amendments to be made to the 2007 state budget to provide the
company with 2.4 billion hryvni in subsidies that are envisioned
in the government-approved financial plan of Naftogaz Ukrainy
and the main indicators of the consolidated movement of the
company's funds as confirmation of the government ensuring the
company's uninterrupted activities," a Naftogaz spokesman was
quoted by Interfax as saying.

The spokesman added that that Naftogaz's IFRS financial report
for 2005 reflects the company's actual financing standing.

As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed
the ratings of Naftogaz on Rating Watch Negative.  The ratings
include the company's Long-term foreign and local currency
Issuer Default Ratings of 'B+', senior unsecured rating of 'B+'
and Recovery Rating of 'RR4'.  

The RWN has been triggered by two separate events:

   -- Naftogaz has failed to publish fiscal year 2006 IFRS
      financial statements.  According to Fitch, publishing
      the statements is a covenant in Naftogaz's 2009 Eurobond
      issue documentation; receipt of these accounts by
      bondholders was due by Aug. 31, 2007.  

      On Oct. 25, 2007, Naftogaz's de facto bondholders will
      meet in London to vote on whether to force a technical
      default of the bond issue, or whether to grant Naftogaz a
      waiver to Dec. 31, 2007.

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

According to Fitch, the RWN is likely to be finally resolved by
end-2007.  If adequate information is not available by this
date, Fitch is likely to withdraw its Naftogaz ratings.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                            *   *   *

As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed
the ratings of Naftogaz on Rating Watch Negative.  The ratings
include the company's Long-term foreign and local currency
Issuer Default Ratings of 'B+', senior unsecured rating of 'B+'
and Recovery Rating of 'RR4'.  

Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a
Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-
Default rating from Moody's with a stable
outlook.


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


ACTUANT CORP: Two-for-One Stock Split Takes Effect on Nov. 8
------------------------------------------------------------
Actuant Corporation's Board of Directors has approved a two-for-
one split of its Class A common stock payable on Nov. 8, 2007,
to shareholders of record on Oct. 29, 2007.  The stock split
will be in the form of a stock dividend.

Bob Arzbaecher, Chief Executive Officer of Actuant, said "This
stock split, our second in four years, recognizes Actuant's
consistent growth in sales, earnings and cash flows.  Since the
spin-off of APW, Ltd in August of 2000, Actuant's stock value
has appreciated from US$7.65 per share to approximately US$68
per share, a compounded average annual growth rate of over 35%.
We believe that Actuant's business model of core sales growth
plus acquisitions, combined with margin improvement from our
LEAD (Lean Enterprise Across Disciplines) and AIM (Acquisition
Integration Model) processes and our Return on Invested Capital
(ROIC) focus will continue to drive our future success."

                       About Actuant Corp.

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

                          *     *     *

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


BRITISH AIRWAYS: Seeks Closer Relationship with U.S. Partner
------------------------------------------------------------
British Airways plc is looking to establish a closer
relationship with oneworld alliance partner American Airlines
following an US$8 billion transatlantic joint venture deal
between Delta Air Lines and Air France, Reuters reports.

"American Airlines is a key partner for us and in the long term
we would like a closer relationship with them," a BA spokesman
was quoted by Reuters as saying.  "But we're not going to go
into what those two words might mean."

However, the spokesman told the Associated Press, BA won't seek
anti-trust immunity at this stage.

BA tried to forge a transatlantic tie-up with American Airlines
twice but failed after competition regulators insisted it would
have to give up landing slots at London's Heathrow airport to
obtain approval, AP relates.  

BA also denied that it was in talks with Sir Michael Bishop, the
controlling shareholder of its smaller rival bmi, which holds
13% of all Heathrow slots, Reuters says.

Meanwhile, Sir Richard Branson's Virgin Atlantic pledged to
oppose a third attempt by BA as "they would be incredibly
dominant in terms of market power.  I don't think people would
be very happy about it at all," Virgin Atlantic chief executive
Steve Ridgway was cited by the Daily Telegraph's Alistair
Osborne.

As previously reported in the TCR-Europe on Oct. 18, 2007, BA is
eyeing a tie-up with a US airline, although any transatlantic
deal depends on the relaxation of regulatory obstacles.

BA chief executive Willie Walsh has revealed that US rules
restricting foreign carriers to only minority stakes in US
airlines could be liberalized by 2010 as a condition of the EU-
US "open skies" deal.

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

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

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

                         *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


CERIDIAN CORP: Plans to Offer US$1.3 Billion Notes
--------------------------------------------------
Ceridian Corporation disclosed that Foundation Merger Sub, Inc.
intends to offer up to $1.3 billion of notes in connection with
the Ceridian acquisition by affiliates of Thomas H. Lee
Partners, L.P. and Fidelity National Financial, Inc.

Foundation Merger Sub, Inc. was formed in connection with
Ceridian's agreement to merge with an entity controlled by
affiliates of Thomas H. Lee Partners, L.P. and Fidelity National
Financial, Inc.  The notes will be issued by Foundation Merger
Sub, Inc.  Ceridian will assume all of the obligations under the
notes upon consummation of the merger.

The net proceeds from the offering of the notes, together with
other financing sources, will be used to consummate the merger
and pay related fees and expenses.

Headquartered in Minneapolis, Minnesota, Ceridian Corporation
(NYSE: CEN) - http://www.ceridian.com/-- provides human  
resources outsourcing in the United States, Canada and the
United Kingdom, and offers a broad range of human resource
services, including payroll, benefits administration, tax
compliance, HR information systems and Employee Assistance
Program and work-life solutions.


CERIDIAN CORP: S&P Assigns 'B' Credit Rating with Neg. Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Minneapolis, Minnesota-based Ceridian Corp.  
The outlook is negative.     

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to Ceridian's proposed $2.55 billion secured
first-lien credit facilities.  The first-lien credit facilities,
which comprise a $300 million first-lien revolving credit
facility and a $2.25 billion first-lien term loan, are rated
'B+', with a recovery rating of '2', indicating the expectation
for substantial (70%-90%) recovery in the event of a payment
default.     

S&P also assigned its 'CCC+' rating to the company's $1 billion
senior unsecured notes (to be comprised of $600 million
unsecured notes due 2015 and $400 million unsecured payment-in-
kind toggle notes due 2015), and $300 million of senior
subordinated notes.  The debt is rated 'CCC+', two notches below
the corporate credit rating, because of the amount of priority
debt in the capital structure.  Issue proceeds will be used to
partially fund the $5.2 billion acquisition by sponsors Thomas
H. Lee Partners L.P. and Fidelity National Financial Inc.     

"The ratings on Ceridian reflect a very aggressive capital
structure, offset by predictable recurring revenue streams with
defensible market positions," said Standard & Poor's credit
analyst Phil Schrank.     

Ceridian is an information services company that serves the
human resources, and through its Comdata Network Inc.
subsidiary, the transportation and retail markets.  Barriers to
entry in Ceridian's markets are high, the result of developed
niche market positions, economies of scale, and long-term
customer relationships.  Profitability measures have improved
gradually as a result of the divestiture of underperforming or
nonstrategic assets, operating improvements, and the
contributions from recent acquisitions.  Revenues totaled about
$1.5 billion in 2006.


CHRYSLER LLC: UAW Leaders Urge Key Locals to Accept Labor Pact
--------------------------------------------------------------
United Auto Workers union leaders are trying to sweet talk
members at three Chrysler LLC plants in Indiana, Michigan and
Illinois, each employing more than 1,00 workers, to approve a
tentative labor contract between the union and the carmaker,
various sources say.

According to Josee Valcourt of the Wall Street Journal, lobbying
efforts are directed at:

   * members of a key local in Kokomo, Indiana, who are voting
     today, Oct. 23, 2007,

   * members of a key local in Sterling Heights, Michigan, who
     are voting on tomorrow, and

   * members of a small local in Belvidere, Illinois, voting
     later this week.

As reported in the Troubled Company Reporter, four large union
locals, representing a majority vote of Chrysler's 45,000 union
members, rejected the United Auto Workers union's pact with
Chrysler LLC over the weekend.  Locals from Delaware, Missouri
and Ohio turned down the pact on Saturday while a Detroit local
with 2,200 UAW members, vetoed it on Sunday.

Union officials are expected to release the results later this
week, the AFP reports.

As previously reported, Bill Parker, Chair of the 2007 UAW
Chrysler National Negotiating Committee, who voted against the
new tentative labor agreement between Chrysler LLC and the
United Auto Workers union, released a minority report to the
members of the UAW Chrysler Council, urging the Council to
reject Chrysler's offer and let the Committee return to the
bargaining table.

The UAW Chrysler Council, which includes local union leaders
from Chrysler LLC facilities throughout the U.S., voted
overwhelmingly to recommend ratification of the tentative
agreement reached on Oct. 10, 2007.

Mr. Parker, however, disclosed that the National Negotiating
Committee had a split vote on the contract.

                       About Chrysler LLC

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

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

                           *    *    *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the
US$5 billion "second-out" first-lien term loan tranche.  This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


DCT SECURITY: David Elliott Leads Liquidation Procedure
-------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
DCT Security Services Ltd. on Oct. 11 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


DIASYS CORP: Fiondella Milone Raises Going Concern Doubt
--------------------------------------------------------
Fiondella, Milone & LaSaracina LLP expressed substantial doubt
about the ability of DiaSys Corporation to continue as a going
concern after it audited the company's financial statements for
the fiscal year ended June 30, 2007.  The auditing firm points
to the company's recurring losses from operations, cash used by
operating activities, negative working capital, and accumulated
deficit.

The company posted a $785,234 net loss on $1,678,154 of net
sales for the year ended June 30, 2007, as compared with a
$1,047,794 net loss on $1,688,097 of net sales in the prior
year.

At June 30, 2007, the company's balance sheet showed $2,488,871  
in total assets, $1,679,567 in total liabilities and $809,304
stockholders' equity.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2474

                      About DiaSys Corp.

Headquartered in Waterbury, Connecticut, DiaSys Corporation
(OTC BB:DYXC.OB) -- http://www.diasys.com/-- designs, develops,  
manufactures and distributes proprietary medical laboratory
equipment, consumables and infectious disease test-kits to
healthcare & veterinary laboratories worldwide.  The Company
operates in Europe through its wholly owned subsidiary based in
Wokingham, England and through distributors in South America.


FEDERAL-MOGUL: Sept. 30 Balance Sheet Upside-Down by US$1.4 Bln
---------------------------------------------------------------
Federal-Mogul Corporation's balance sheet showed total assets of
US$7.5 billion and total liabilities of US$9 billion, resulting
in a total shareholders' deficit of US$1.4 billion as of
Sept. 30, 2007.

The company earned US$14 million for the quarter ended
Sept. 30, 2007, compared to net income of US$3 million for the
third quarter of 2006.  The year-to-date results reflect an 8%
increase in sales, improved gross margin and reduced selling,
general and administrative expenses.

For the three months ended Sept. 30, 2007, the company recorded
net sales of US$1,686 million, an increase of US$137 million, or
9%, compared to the third quarter of 2006.  The most significant
factors impacting sales were increased volumes of US$91 million
and favorable foreign currency of US$62 million.

"The Federal-Mogul team is dedicated to our strategy for
sustainable global profitable growth.  The results achieved
during the first three quarters of 2007 reflect the Company's
commitment to continuously improve performance while creating
value for our customers through world-class products, services
and innovative technology," said Chairman, President and Chief
Executive Officer Jose Maria Alapont.  "We are also hopeful that
our Plan of Reorganization will be confirmed, enabling emergence
from Chapter 11."

                    About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some USUS$6 billion.  Federal-Mogul
also has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland, and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing
started on June 18, 2007 and is expected to end on Oct. 1, 2007.


GENERAL MOTORS: New Labor Agreement Cues S&P to Hold 'B' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.

Earlier, the ratings on GMAC LLC (BB+/Watch Neg/B-1; 49% GM-
owned), the automotive finance and insurance operation, and on
GMAC's Residential Capital LLC mortgage unit (BBB-/Watch Neg/A-
3) were placed on CreditWatch with negative implications.  The
GM rating action has no effect on the ratings on GMAC or ResCap.
      
"The rating affirmation and stable outlook reflects our view
that GM's new contract with the United Auto Workers is a
substantial positive for the company's efforts to return
automotive operations in North America to positive cash
generation," said Standard & Poor's credit analyst Robert
Schulz, "despite a number of negatives that will challenge GM's
ability to continue reducing cash use in North America in the
near term."  The stable outlook indicates S&P's belief that GM
will continue to make progress on its turnaround program in
North America, that auto operations outside North America will
remain improved contributors, and that GM will manage its
liquidity to satisfactory levels.
     
GM will face several serious challenges during the next two
years, however.  First, the greatest portion of cash benefits
from the contract will not begin to accrue to GM until 2010, and
the health care cost savings are subject to final court
approval.  Until then, GM could continue to use substantial cash
in its automotive operations.  These causes of negative
automotive cash flow include the potential for a recession in
the U.S., and even without a recession, a weak outlook for U.S.
light-vehicle sales in 2008.  S&P expect U.S. light-vehicle
sales to be about 16 million units in 2008, virtually flat with
sales in 2007, which has turned out to be a weaker year than
initially expected.  Other uses of cash will include cash
restructuring costs (including the cost of any future attrition
plans to which GM and the UAW may agree) and GM's need to fund
certain UAW contract provisions prior to 2010.  Furthermore,
over the next two years, GM will introduce key new vehicles in
North America at a relatively slower pace than it did in 2006
and 2007.
     
GMAC's automotive finance and insurance operations remain
profitable.  But the ResCap mortgage unit has had very poor
results recently, and this will depress GM's consolidated
results.  GMAC will retain a significant portion of its earnings
during the next two years, rather than pay dividends to GM.
     
S&P expect over time to place greater weight on the substantial
health care and other cash savings beginning in 2010 as
stipulated in the current UAW contract.  But it is important to
note that GM's automotive results, industry conditions, and the
economic outlook will be crucial components of any such future
review, and accordingly, the threshold for a revision of the
outlook back to negative is low given the current lack of
visibility into prospective results in North America.
     
GM is making progress on its North American turnaround, and S&P
expect that trend to continue.  S&P also expect GM to maintain
substantial cash balances and access to liquidity during the
next two years.  GM will likely continue to use cash into 2008,
and the stable outlook reflects that expectation, but does not
include the much sharper use of cash that would result from the
type of decline in U.S. light-vehicles sales that would
accompany a recession.
     
The outlook could be revised to negative or the ratings lowered,
despite the health care savings that will start to accrue in
2010, if S&P came to expect that GM's substantial cash outflow
would fail to continue moderating or begins to worsen because of
setbacks, whether GM-specific or stemming from market
conditions.  S&P do not expect to revise the outlook to positive
within the next year, given the uncertain economic outlook and
ongoing turnaround plan execution risk.


LES COOPER: Brings In Liquidators from Mazars
---------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Les Cooper Steels Ltd. on Oct. 8
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         The Broadway
         Dudley
         West Midlands
         DY1 4PY
         England

The company can be reached at:

         Unit 9
         Pillaton Hall Farm
         Cannock Road
         Pillaton
         Penkridge
         Staffordshire
         ST19 5RZ
         England


OLDCO2005 LTD: Appoints P. J. Long as Liquidator
------------------------------------------------
P. J. Long of PKF (U.K.) LLP was appointed liquidator of
Oldco2005 Ltd. (formerly Red Letter Days Ltd., Red Letter Days
Plc, Lidmanor Ltd.) on Oct. 4 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         PKF (U.K.) LLP
         Farringdon Place
         20 Farringdon Road
         London
         EC1M 3AP
         DX 479
         Chancery Lane
         England


RHINEBRIDGE PLC: Moody's Junks Senior & Mezannine Capital Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on the
debt programmes of Rhinebridge PLC and Rhinebridge LLC:

* Euro Commercial Paper and US Commercial Paper Programmes

   -- Current Rating: Prime-1 on review for possible downgrade;
   -- New Rating: Not Prime;

* Medium Term Note Programme

   -- Current Rating: Aaa/Prime-1 on review for possible
      Downgrade

   -- New Rating: Withdrawn

* Capital Note Programme

* Senior Capital Notes

   -- Current Rating: Aaa on review for possible downgrade;
   -- New Rating: Caa3;

* Mezzanine Capital Notes

   -- Current Rating: A3 on review for possible downgrade;
   -- New Rating: Ca;

* Combinational Capital Notes

   -- Current Rating: Baa2 on review for possible downgrade
   -- New Rating: Withdrawn

These rating actions follow previous actions taken on
September 5 placing the various Capital Note tranches on review
for possible downgrade, and on September 17 placing the senior
debt programmes on review for possible downgrade.

Rhinebridge is a Structured Investment Vehicle managed by IKB
Credit Asset Management GmbH, London Branch.  The vehicle's
assets include RMBS (65%, 25% of which is guaranteed by monoline
insurance companies), and Structured Finance CDOs (35%). A
majority of the RMBS are exposures to US subprime mortgages.

Moody's rating action reflects further deterioration in the
market value of the portfolio which resulted in a Mandatory
Acceleration Event on October 18.  Specifically, the Net Asset
Value of the portfolio has declined severely over the last six
business days.

Rhinebridge has no outstanding debt under the Medium Term Note
programme and no outstanding Combination Capital Notes.  As no
further debt can be issued, the associated ratings have been
withdrawn.


TOWNPLACE UK: Taps J. A. Kirkpatrick to Liquidate Assets
--------------------------------------------------------
J. A. Kirkpatrick of Wilkins Kennedy was appointed liquidator of
Townplace U.K. Ltd. (formerly Premier Serviced Apartments Ltd.)
on Oct. 9 for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         RG1 2SB
         England

  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
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                 * * * End of Transmission * * *