TCREUR_Public/071025.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 25, 2007, Vol. 8, No. 212

                            Headlines


A U S T R I A

ALKRO ALUMINIUMKONSTRUKTIONEN: Claims Registration Ends Oct. 29
ESTRO FLOOR: Claims Registration Period Ends Oct. 30
M. STOCKER LAGER: Claims Registration Period Ends Oct. 30
R.OBOJKOVITS LLC: Claims Registration Period Ends Oct. 29
SANLI BAU- & HANDELS: Administrator Declares Insufficient Assets


D E N M A R K

TDC A/S: CFO Hans Munk Nielsen to Retire by January 2008


F R A N C E

HEXCEL CORP: Earns US$17.3 Mln in Third Quarter Ended Sept. 30


G E R M A N Y

AIRSEVEN GMBH: Claims Registration Ends Nov. 14
ASAT HOLDINGS: Regains Nasdaq Listing Compliance
ASERNO SYSTEMHAUS: Claims Registration Ends November 17
BETTINGER FLUESSIGGAS: Creditors Must File Claims by November 16
BUCKEYE TECH: Earns US$13.5 Mln in First Quarter Ended Sept. 30

CHRYSLER LLC: UAW Key Locals in Michigan Accept Labor Contract
CHRYSLER LLC: UAW Local 685 Rejects Tentative Labor Agreement
DRUCKWERK GMBH: Claims Registration Period Ends Nov. 12
EIGENHEIM-VERTRIEBS: Creditors Must File Claims by November 16
FACILITYNETINFO GMBH: Claims Registration Ends Nov. 15

FATTLER METALLBAU: Creditors Must File Claims by November 16
GERD RINNERT: Creditors' Meeting Slated for Nov. 8
H + H WOHNBAU: Claims Registration Ends Nov. 15
JUTRA GMBH: Claims Registration Period Ends Nov. 12
KS MALERBETRIEB: Claims Registration Period Ends Nov. 9

LANG OFFICE: Claims Registration Ends Nov. 13
MYGUIDE HANDELS: Claims Registration Ends November 16
PENTA GEBAUDEMANAGEMET: Creditors’ Meeting Slated for Nov. 30
S + H INTERNATIONALER: Claims Registration Period Ends Nov. 10
TDBY GMBH: Claims Registration Period Ends Nov. 12

WK-BAUELEMENTE GMBH: Claims Registration Ends November 18


H U N G A R Y

AES CORP: Unit Says It Will Proceed with Brasiliana Stake Buy


I T A L Y

ALITALIA SPA: Aeroflot to Decide on Bid in Two Weeks
DANA CORP.: Gets Go Signal to Begin Soliciting Votes on Plan
XEROX CORP: Earns US$254 Million in Quarter Ended September 30


K A Z A K H S T A N

ARLAN-EXPRESS LLP: Proof of Claim Deadline Slated for Dec. 1
BRIF MARKET: Creditors Must File Claims Dec. 5
BIOHIMAGRO LLP: Claims Filing Period Ends Dec. 5
DAN IMPEX: Creditors' Claims Due on Dec. 4
HIMZAVOD LLP: Claims Registration Ends Dec. 5
LEVOBEREJNY ELEVATOR: Creditors Must File Claims Dec. 1

MAGELLAN LLP: Claims Filing Period Ends Dec. 1


K Y R G Y Z S T A N

KOICHU COMPANY: Proof of Claim Deadline Slated for November 23
ORIENT LLC: Creditors' Meeting Slated for October 26


R U S S I A

AGRIFIRM TSAREVSKIJ: Creditors Must File Claims by Dec. 13
FIRST UNITED: Moody's Assigns B3/NP Currency Deposit Ratings
INTERNATIONAL INDUSTRIAL: Fitch Holds B IDR with Stable Outlook
KURKINOREPAIRBUILD MUE: Asset Sale Slated for November 13
NATIONAL STANDARD: Moody's Assign B3/NP Currency Deposit Ratings

NOVATEK OAO: Inks Joint Cooperation Protocol with Total
OILPRODUCT LLC: Creditors Must File Claims by Nov. 13
ROSNEFT OIL: Wants to Close Tomskneft Stake Sale by Yearend
SIBERIAN PLANT: Bankruptcy Hearing Slated for Feb. 20, 2008
SREDNETERESHANSKIJ OJSC: Asset Sale Slated for November 12

TATARSTAN INNOVATION: Creditors Must File Claims by Dec. 13
TATARSTANAGRIINDUSTSUPPLY OJSC: Asset Sale Slated for Nov. 13
TVERBESSER CJSC: Creditors Must File Claims by Dec. 13
ZABAIKAL'SKAYA CONSTRUCTION: Claims Filing Period Ends Nov. 13
ZARYA CJSC: Creditors Must File Claims by Dec. 13


S W I T Z E R L A N D

AMBALL SHOP: Creditors' Liquidation Claims Due January 3, 2008
CAF’CONC LLC: Creditors' Liquidation Claims Due October 31
ESCORIAL GASTRO: Creditors' Liquidation Claims Due October 31
LUXMARK JSC: Creditors' Liquidation Claims Due November 1
MOMENTUM COSMETICS: Zug Court Closes Bankruptcy Proceedings

MONDIAL SECURITIES: Zurich Court Closes Bankruptcy Proceedings
POPCOM LLC: Creditors' Liquidation Claims Due October 31
SAPOR JSC: Creditors' Liquidation Claims Due November 1
SCHWARM TREUHAND: Creditors' Liquidation Claims Due November 1
VANEBO CONSULTING: Creditors' Liquidation Claims Due October 31


U K R A I N E

ALMAZ-OIL LLC: Proofs of Claim Deadline Set October 26
BATKIVSCHINA-AGRO LLC: Creditors Must File Claims by October 26
KARPATBUILDING: Creditors Must File Claims by October 26
KOBZAR LLC: Creditors Must File Claims by October 26
LIUTENKA HEMP: Proofs of Claim Deadline Set October 26

MALAYA VISKA: Creditors Must File Claims by October 26
NAYADA-K LLC: Proofs of Claim Deadline Set October 26
SOUTH SEED: Creditors Must File Claims by October 26
SPUTNIK-AUTO LLC: Proofs of Claim Deadline Set October 26
TPK LLC: Proofs of Claim Deadline Set October 26


U N I T E D   K I N G D O M

ABOUT DESIGN: Joint Liquidators Take Over Operations
AVANT GARDE: Names Joint Administrators from Menzies
BOSSY BOOTS: J. M. Titley Leads Liquidation Procedure
BRITISH ENERGY: Wire Winding Issue Affects Four Boiler Units
BRITISH ENERGY: Court Approves Share Premium Reserve Reduction

CHALVINGTON PRESS: Taps Tenon Recovery as Administrators
CHEYNE FINANCE: Receivers to Sell Investment Portfolio to RBS
CHEYNE FINANCE: Moody's Cuts Ratings on Debt Securities to Ca
LECTA SA: S&P Lowers Ratings to B+ on Negative Reassessment
M-REAL: S&P Lowers Ratings to B- on Negative Reassessment

MELROSE RESOURCES: Moody's Assigns B2 Corporate Family Rating
NORSKE SKOGINDUSTRIER: S&P Affirms Ratings at B+
RGN SHEPHERD: Appoints Joint Administrator from Begbies Traynor
RHINEBRIDGE PLC: Brings In Deloitte as Receivers
RIVE DROITE: Brings In Joint Administrators from Grant Thornton
SAPPI LTD: S&P Lowers Ratings to BB on Negative Reassessment

SECAL GROUP: Taps Liquidators from BDO Stoy Hayward
SIMPLY GO: Brings In Liquidators from KPMG
SIMPLY SALADS: Calls In Liquidators from KPMG
SMURFIT KAPPA: Issues Profit Warning for Full Year 2007
SMURFIT KAPPA: S&P Affirms B+ Ratings on Financial Risks

WHITAKERS PROPERTY: Appoints Liquidators from Tenon Recovery
YELOFIN NETWORKS: Hires Liquidators from Vantis

* Upcoming Meetings, Conferences and Seminars

                            *********

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


ALKRO ALUMINIUMKONSTRUKTIONEN: Claims Registration Ends Oct. 29
---------------------------------------------------------------
Creditors owed money by LLC ALKRO Aluminiumkonstruktionen Markus
Kroyer (FN 226735i) have until Oct. 29 to file written proofs of
claim to court-appointed estate administrator Wilhelm Lackner
at:

         Mag. Wilhelm Lackner
         Esterhazyplatz 6a
         7000 Eisenstadt
         Austria
         Tel: 02682/64044
         Fax: 02682/64044 30
         E-mail: ra.schreiner@aon.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Nov. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Wulkaprodersdorf, Austria, the Debtor declared
bankruptcy on Sept. 26 (Bankr. Case No. 26 S 139/07d).  


ESTRO FLOOR: Claims Registration Period Ends Oct. 30
----------------------------------------------------
Creditors owed money by LLC ESTRO FLOOR Fussbodentechnik (FN
134065f) have until Oct. 30 to file written proofs of claim to
court-appointed estate administrator Markus Brandt at:

         Dr. Markus Brandt
         Silberzeile 9
         4780 Scharding
         Austria
         Tel: 07712/2864
         Fax: 07712/2864-10
         E-mail: office@brandt.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 Andorf, Austria, the Debtor declared bankruptcy
on Sept. 27 (Bankr. Case No. 17 S 36/07m).  


M. STOCKER LAGER: Claims Registration Period Ends Oct. 30
---------------------------------------------------------
Creditors owed money by LLC M. Stocker Lager- und Transport (FN
240932m) have until Oct. 30 to file written proofs of claim to
court-appointed estate administrator Katharina Widhalm-Budak  
at:

         Dr. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 01/513 10 37
         Fax: 01/513 10 37 22
         E-mail: widhalm-budak@anwaltsteam.at      

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Gerasdorf bei Vienna, Austria, the Debtor
declared bankruptcy on Sept. 27 (Bankr. Case No. 36 S 111/07a).  


R.OBOJKOVITS LLC: Claims Registration Period Ends Oct. 29
---------------------------------------------------------
Creditors owed money by LLC R.Obojkovits (FN 116444t) have until
Oct. 29 to file written proofs of claim to court-appointed
estate administrator Wolfgang Steflitsch at:

         Mag. Wolfgang Steflitsch
         Hauptplatz 14
         7400 Oberwart
         Austria
         Tel: 03352/32634-0
         Fax: 03352/33719
         E-mail: office@ra-steflitsch.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Nov. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Oberwart, Austria, the Debtor declared
bankruptcy on Sept. 21 (Bankr. Case No. 26 S 136/07p).  


SANLI BAU- & HANDELS: Administrator Declares Insufficient Assets
----------------------------------------------------------------
Mag. Katharina Pitzal, the court-appointed estate administrator
for KEG Sanli Bau- & Handels (FN 273599b), declared Sept. 26
that the Debtor's property is insufficient to cover creditors'
claim.

The Trade Court of Vienna entered an order shutting down the
Debtor's business on the same date.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 6 S 106/07s).

The estate administrator can be reached at:

         Mag. Katharina Pitzal
         c/o Dr. Hannelore Pitzal
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at


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


TDC A/S: CFO Hans Munk Nielsen to Retire by January 2008
--------------------------------------------------------
Hans Munk Nielsen, chief financial officer and member of the
executive committee of TDC A/S, has decided to retire at the
latest by the end of January 2008 after almost 17 years with the
company.  TDC is in the process of identifying Mr. Nielsen's
successor.

"It has not been an easy decision as I have always taken great
interest in TDC, and for which reason TDC has taken up much of
my attention during the last several years.  But I feel now it
is time for me to start a new chapter and also, from a business
point of view, I think that timing is right", Mr. Nielsen said.

Mr. Nielsen, aged 61, joined TDC in 1991 and thus has
contributed considerably to the development of TDC changing from
a public corporation into a company listed on the Copenhagen and
the New York Stock Exchanges and most recently into the present
ownership structure as a modern company owned by equity funds.

Mr. Nielsen has been Jens Alder's close partner since November
2006, when Mr. Alder joined TDC as president and chief executive
officer.

"Being new in TDC it has been extremely valuable for me to have
Hans by my side.  He knows the history, has the overview, and is
one of the smartest brains in the company.  He is reliable and
professional and has been a driving force behind TDC's financial
development.  So I will miss him, yet, I also understand his
decision", Mr. Alder said.

Besides being CFO at TDC Mr. Nielsen is member of the board of
the Nordic Stock Exchange, OMX, and Nordea Invest.  It is his
plan to supplement this with a few more directorships.

"I am convinced that I can contribute to business in general
through my directorships.  But apart from that it is my ambition
to improve my fitness ratings and to resume my passion for
literature and philosophy and of course spend more time with my
family", Mr. Nielsen said.

                        About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
affirmed TDC A/S's Long-term Issuer Default rating at 'BB-'
including TDC's and NTC Holdings' debt.  The Short-term IDR is
affirmed at 'B'.  All the ratings are removed from Rating Watch
Negative.  A Stable Outlook is assigned to the Long-term IDR.

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the existing non-financial speculative-grade corporate
issuers in Europe, Middle East and Africa, Moody's Investors
Service confirmed its Ba3 Corporate Family Rating for TDC A/S.

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

* Issuer: TDC A/S

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$6-billion
   Sr. Unsecured
   Medium-Term
   Note Program             Ba3      B1       LGD5    81%

   DEM500-billion 5%
   Sr. Unsecured            Ba3      B1       LGD5    81%
   Regular Bond/
   Debenture Due 2008

   JPY3-billion 1.28%
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       Ba3      B1       LGD5    81%

   EUR350-million 5.625%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba3      B1       LGD5    81%

   EUR750-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Ba3      B1       LGD5    81%

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

At the same time, Standard & Poor's Ratings Services affirmed
all its ratings on Danish telecoms operator TDC A/S and its
parent company Nordic Telephone Co. Holding ApS, including the
'BB-/B' corporate credit ratings on TDC.  S&P said the outlook
is stable.


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


HEXCEL CORP: Earns US$17.3 Mln in Third Quarter Ended Sept. 30
--------------------------------------------------------------
Hexcel Corporation reported financial results for the third
quarter of 2007.  

The company reported net income of US$17.3 million for the third
quarter of 2007, compared to net income of US$15.7 million for
the third quarter of 2006.  Income from continuing operations
for the third quarter of 2007 was US$18.1 million, compared to
income from continuing operations of US$15.2 million in 2006.  
Net loss from discontinued operations was US$800,000, which
includes an after-tax loss on sale of US$2.4 million.  
Discontinued operations primarily consist of the U.S.
electronics, ballistics and general industrial reinforcement
product lines, which were sold to JPS Industries on Aug. 6,
2007.

Net sales from continuing operations in the quarter were
US$281.1 million, 11.4% higher than the US$252.3 million
reported for the third quarter of 2006.  Related operating
income for the third quarter was US$30.2 million compared to
US$23.9 million for the same period last year.

                 Chief Executive Officer Comments

Mr. Berges commented, "The third quarter saw continued strong
sales to most of the commercial aerospace market.  Sales to
Boeing, regional aircraft builders and for engines and nacelles
were up significantly for the third quarter in a row.  Airbus
sales were again down for the quarter, but only slightly as the
impact of the A380 delay began a year ago.  The first A380 has
been delivered to Singapore Airlines and based on the current
recovery schedule we expect favorable year-over-year sales
comparisons going forward.  We are encouraged that two new
customers have recently committed to add the A380 to their fleet
and hope to see renewed interest as this groundbreaking aircraft
enters active service."

"We generated nice year-over-year improvements in both gross
margin and operating margin, and we still expect to meet our
margin guidance targets for the year.  With new aerospace
programs, higher build rates, new product qualifications, new
process developments and facilities underway, these are exciting
times for us.  The employees of Hexcel recognize the tremendous
opportunities in front of them, and are working relentlessly to
turn these opportunities into a more profitable future."

                     Discontinued Operations

The company completed the sale of EBGI to JPS Industries for an
initial cash purchase price of US$62.5 million plus up to
US$12.5 million of additional payments dependent upon future
sales of the Ballistics product line.  Any additional payments
will be recorded as income when earned.

                           Income Taxes

The company's effective income tax rate for the third quarter
2007 was 29.5% as compared to 22.0% for the third quarter of
2006.  The 2006 provision included the reversal of US$3.6
million of the valuation allowance against the company's U.S.
deferred tax assets related to capital losses.  The year to date
tax rate is now 38.1%.  The reduction in the third quarter rate
as compared to the 42.3% in the first half of 2007 primarily
reflects a favorable audit settlement, including the release of
US$1.1 million of FIN 48 reserves.  

                     Total Debt, Net of Cash

Total debt, net of cash, of US$293.2 million as of Sept. 30,
2007, decreased by US$93.4 million from US$386.6 million as of
Dec. 31, 2006.  The year-to-date results include US$84.0 million
of proceeds from the sale of the discontinued operations.  The
US$15.0 million liability recorded in the second quarter for the
settlement of the Zylon matter is expected to be paid in the
fourth quarter.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$1.02 billion in total assets, US$636.0 million in
total liabilities, and US$384.3 million in total shareholders'
equity.

                        About Hexcel Corp.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.  The company has operations in Australia, Brazil,
China, France, Japan, among others.

                        *     *     *

To date, Hexcel Corp. still carries Moody's Investors Service's
'Ba3' corporate family rating last placed on April 3, 2007.


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


AIRSEVEN GMBH: Claims Registration Ends Nov. 14
-----------------------------------------------
Creditors of AirSeven GmbH have until Nov. 14 to register their
claims with court-appointed insolvency manager Peter Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         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 Steuerwald
         Bruchtorwall 6
         38100 Braunschweig
         Germany
         Tel: 0531/244 80-0
         Fax: 0531/244 80-80
         E-mail: psteuerwald@hausherr-steuerwald.de  

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

The Debtor can be reached at:

         AirSeven GmbH
         Bauerstr. 9
         38350 Helmstedt
         Germany


ASAT HOLDINGS: Regains Nasdaq Listing Compliance
------------------------------------------------
The Nasdaq Listing Qualifications Panel has informed ASAT
Holdings Limited that the company had regained compliance with
the US$35,000,000 market value requirement.  As a result, the
appeal hearing will be moot and canceled, and ASAT's American
Depositary Shares shall remain listed on The Nasdaq Capital
Market.

The company has received a Nasdaq Staff Determination letter
dated Sept. 17, 2007, indicating that the company's market value
of listed securities had been below US$35,000,000 as required
for continued inclusion by Marketplace Rule 4320(e)(2)(B) and
that its ADSs were, therefore, subject to delisting.

On Sept. 24, 2007, ASAT requested an appeal hearing before a
Panel to avoid delisting.  ASAT subsequently appealed to the
Panel and provided information and other communication to the
Panel.
    
Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of      
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China and Germany.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in an US$88.3 million
total stockholders' deficit.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


ASERNO SYSTEMHAUS: Claims Registration Ends November 17
-------------------------------------------------------
Creditors of Aserno Systemhaus GmbH have until Nov. 17 to
register their claims with court-appointed insolvency manager
Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 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 Aachen
         Meeting Hall K 3
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Johannes Klefisch
         Rotter Bruch 6
         52068 Aachen
         Germany
         Tel: 0241/949740
         Fax: 0241/870203
         
The District Court of Aachen opened bankruptcy proceedings
against Aserno Systemhaus GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Aserno Systemhaus GmbH
         Pascalstr. 26
         52076 Aachen
         Germany

         Attn: Hans-Juergen Vieten, Manager
         Pascalstr. 26
         52076 Aachen
         Germany


BETTINGER FLUESSIGGAS: Creditors Must File Claims by November 16
----------------------------------------------------------------
Creditors of Bettinger Fluessiggas Handel GmbH have until
Nov. 16 to register their claims with court-appointed insolvency
manager Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Roepke
         Muelheimer Strasse 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Bettinger Fluessiggas Handel GmbH on Oct. 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bettinger Fluessiggas Handel GmbH
         Annastr.9a
         46562 Voerde
         Germany


BUCKEYE TECH: Earns US$13.5 Mln in First Quarter Ended Sept. 30
---------------------------------------------------------------
Buckeye Technologies Inc. on Monday disclosed results of its
operations for the first quarter ended Sept. 30, 2007.

The company reported net earnings of US$13.5 million on net
sales of US$197.4 million for the July-September quarter,
compared to  net earnings of US$15.9 million on net sales of
US$200.2 million in the same period last year.  These results
include a US$2.2 million one-time favorable tax benefit related
to the recently enacted reduction in Germany's corporate tax
rate.

Chairman and chief executive officer John B. Crowe said, "As I
said in our performance update last week, first quarter net
sales were up 3% compared to the same period last year.  The
earnings improvement is a combination of higher prices, better
mix and cost control.  Nonwovens shipments were especially
strong with net sales up 10% compared to the same period last
year.  Strong cash flow enabled us to reduce debt by US$26
million during the just completed quarter.  Demand for our
specialty wood and cotton products, nonwoven materials and fluff
pulp continues to be strong."

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$971.9 million in total assets, US$594.1 million in
total liabilities, and US$377.8 million in total stockholders'
equity.

                    About Buckeye Technologies

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE: BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                       *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


CHRYSLER LLC: UAW Key Locals in Michigan Accept Labor Contract
--------------------------------------------------------------
More than 9,000 United Auto Workers union members at four major  
Chrysler LLC plants in Michigan, voted on Wednesday on a
proposed labor contract between the union and the carmaker,
various papers report.

Sources say that 78% of the union members at Chrysler’s assembly
plant in Warren, Michigan, accepted the contract, and  86% of
workers at a metal stamping plant in Sterling Heights, Michigan,
voted yes.  Both plants have a total of 5,200 workers.  Results
from another stamping plant in Warren, and an assembly plant in
Sterling Heights were not yet available.

Meanwhile, back in Kokomo, Indiana, 78% of 751 union members at
Local 1166, a transmission-casing plant, vetoed the tentative
contract on Tuesday, Mike Ramsey of Bloomberg News reports
citing Jim Lederle, recording secretary for the local.

In a separate report, UAW Local 685, with 4,500 employees at
three Chrysler LLC transmission plants in Kokomo, Indiana,
rejected the tentative labor contract by a 72% margin.

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.

A 600-member UAW local in Beldivere, Illinois, will cast their
votes tomorrow, concluding the poll, according to Micheline
Maynard of the New York Times.

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 $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
$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
$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.


CHRYSLER LLC: UAW Local 685 Rejects Tentative Labor Agreement
-------------------------------------------------------------
United Auto Workers Local 685, with 4,500 employees at three
Chrysler LLC transmission plants in Kokomo, Indiana, rejected a
tentative labor contract between the union and the carmaker by a
72% margin, Mike Ramsey of Bloomberg News reports citing local
president Guy Barger.

The result has raised the likelihood of the pact to fail on an
overall level.  Results for nearby Local 1166 were not
available, Mr. Ramsey relates.

As reported in yesterday's Troubled Company Reporter, union
leaders were trying to sweet talk members at three Chrysler
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.

Lobbying efforts were directed at:

   * members of a key local in Kokomo, Indiana, who voted
     Oct. 23, 2007,

   * members of a key local in Sterling Heights, Michigan, who
     are voting today, Oct. 24, 2007, and

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

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.

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.


DRUCKWERK GMBH: Claims Registration Period Ends Nov. 12
-------------------------------------------------------
Creditors of DruckWerk GmbH have until Nov. 12 to register their
claims with court-appointed insolvency manager Raimund
Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 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


EIGENHEIM-VERTRIEBS: Creditors Must File Claims by November 16
--------------------------------------------------------------
Creditors of Eigenheim-Vertriebs GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Eike Edo Happe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Eike Edo Happe
         Stresemannallee 30
         60596 Frankfurt am Main
         Germany

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Eigenheim-Vertriebs GmbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Eigenheim-Vertriebs GmbH
         Elisabethenstrasse 10 b
         61348 Bad Homburg
         Germany


FACILITYNETINFO GMBH: Claims Registration Ends Nov. 15
------------------------------------------------------
Creditors of FacilityNetInfo GmbH have until Nov. 15 to register
their claims with court-appointed insolvency manager Christina
Siegert.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Christina Siegert
         Oskar-von-Miller­Ring 34-36
         80333 Munich
         Germany
         Tel: 089-24440930
         Fax: 089-244409365

The District Court of Munich opened bankruptcy proceedings
against FacilityNetInfo GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FacilityNetInfo GmbH
         Werner-Eckert-Str. 14
         81829 Munich
         Germany


FATTLER METALLBAU: Creditors Must File Claims by November 16
------------------------------------------------------------
Creditors of Fattler Metallbau GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Dec. 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bruno M. Kuebler
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Fattler Metallbau GmbH on Oct. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fattler Metallbau GmbH
         Am Plan 15
         15831 Grossbeeren
         Germany


GERD RINNERT: Creditors' Meeting Slated for Nov. 8
--------------------------------------------------
The court-appointed insolvency manager for Gerd Rinnert
Tischlerei GmbH, Joachim Voigt-Salus will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:50 a.m. on Nov. 8.

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 Feb. 7, 2008 at the same venue.

Creditors have until Dec. 5 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Gerd Rinnert Tischlerei GmbH on Sept. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gerd Rinnert Tischlerei GmbH
         Neuendorfer Str. 64-69
         13585 Berlin
         Germany


H + H WOHNBAU: Claims Registration Ends Nov. 15
-----------------------------------------------
Creditors of H + H Wohnbau GmbH have until Nov. 15 to register
their claims with court-appointed insolvency manager Dr. Uwe
Rottler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Friedberg (Hessen)
         Hall 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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. Uwe Rottler
         Wilhelmstr. 1b
         79098 Freiburg
         Germany         
         Tel: 0761/703940


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

The Debtor can be reached at:

         H + H Wohnbau GmbH
         Am Kirchplatz 2
         79241 Ihringen
         Germany


JUTRA GMBH: Claims Registration Period Ends Nov. 12
---------------------------------------------------
Creditors of JuTra GmbH Internationale Spedition Import + Export
have until Nov. 12 to register their claims with court-appointed
insolvency manager Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting at 12:50 p.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ingmar Jarchow
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against JuTra GmbH Internationale Spedition Import + Export on
Oct. 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         JuTra GmbH Internationale
         Spedition Import + Export
         Attn: Waldemar Jundt, Manager
         Gutsmuthsweg 7
         20539 Hamburg
         Germany


KS MALERBETRIEB: Claims Registration Period Ends Nov. 9
-------------------------------------------------------
Creditors of KS Malerbetrieb GmbH have until Nov. 9 to register
their claims with court-appointed insolvency manager Dr.
Reinhard Th. Schmid.

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

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall One
         First Floor
         Ritterstr.5 (Eingang Strohstrasse)
         Esslingen
         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. Reinhard Th. Schmid
         Hasenbergsteige 5
         70178 Stuttgart
         Germany
         Tel: 0711/66907-91
         Fax: 0711/6645068

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

The Debtor can be reached at:

         KS Malerbetrieb GmbH
         Schulstr. 3
         70794 Filderstadt
         Germany


LANG OFFICE: Claims Registration Ends Nov. 13
---------------------------------------------
Creditors of Lang Office Vertriebsgesellschaft mbH have until
Nov. 13 to register their claims with court-appointed insolvency
manager Dr. Alexander Naraschewski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Alexander Naraschewski
         Adalbertstr. 2
         26382 Wilhelmshaven
         Germany
         Tel: 04421/507090
         Fax: 04421/507099
         E-mail: info@naraschewski.de  

The District Court of Detmold opened bankruptcy proceedings
against Lang Office Vertriebsgesellschaft mbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lang Office Vertriebsgesellschaft mbH
         Olympiastr. 1
         26419 Schortens
         Germany


MYGUIDE HANDELS: Claims Registration Ends November 16
-----------------------------------------------------
Creditors of MyGuide Handels GmbH have until Nov. 16 to register
their claims with court-appointed insolvency manager Franz J.
Abel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany
     
The Court will verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Dec. 11 at the same venue,
while creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Franz J. Abel
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany

The District Court of Saarbruecken opened bankruptcy proceedings
against MyGuide Handels GmbH on Oct. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MyGuide Handels GmbH
         Neutorstr. 13
         AUT-5020 Salzburg
         Germany

         Attn: Michael Jens Funke, Manager
         Langfeld 38
         66130 Saarbruecken
         Germany


PENTA GEBAUDEMANAGEMET: Creditors’ Meeting Slated for Nov. 30
-------------------------------------------------------------
The court-appointed insolvency manager for PENTA
Gebaudemanagemet GmbH, Christoph Schulte-Kaubruegger will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:45 a.m. on Nov. 30.

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 9:30 a.m. on March 3, 2008 at the same
venue.

Creditors have until Jan. 10, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         PENTA Gebaudemanagemet GmbH
         Koepenicker Str. 325
         12555 Berlin
         Germany


S + H INTERNATIONALER: Claims Registration Period Ends Nov. 10
--------------------------------------------------------------
Creditors of S + H Internationaler Holzhandel GmbH have until
Nov. 10 to register their claims with court-appointed insolvency
manager Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at noon on Jan. 4, 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Wolfgang Weidemann
         Wendenstrasse 4
         20097 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against S + H Internationaler Holzhandel GmbH on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S + H Internationaler Holzhandel GmbH
         Attn: Viktor Sterk, Manager
         Ruthenberger Markt 15
         24539 Neumuenster
         Germany


TDBY GMBH: Claims Registration Period Ends Nov. 12
--------------------------------------------------
Creditors of TDBY GMBH have until Nov. 12 to register their
claims with court-appointed insolvency manager Friedrich-Wilhelm
Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Dec. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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:

         Friedrich-Wilhelm Klein
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/493700
         Fax: 0202/4937099

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

The Debtor can be reached at:

         TDBY GmbH
         Fischerstrasse 21 A
         42859 Remscheid
         Germany
         
         Attn: Benjamin Er, Manager
         Buechelstrasse 9
         42855 Remscheid
         Germany


WK-BAUELEMENTE GMBH: Claims Registration Ends November 18
---------------------------------------------------------
Creditors of WK-Bauelemente GmbH have until Nov. 18 to register
their claims with court-appointed insolvency manager Ulrich
Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Munich
         Germany
         Tel: 2603966
         Fax: 2609204

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

The Debtor can be reached at:

         WK-Bauelemente GmbH
         Attn: Hamdi Cinar, Manager
         Puechbergerstr. 15
         81549 Munich
         Germany


=============
H U N G A R Y
=============


AES CORP: Unit Says It Will Proceed with Brasiliana Stake Buy
-------------------------------------------------------------
AES Brasil head Britaldo Soares told reporters that it is still
keen on buying a 49.9% stake in the Brasiliana holding firm from
Banco Nacional de Desenvolvimento Economico e Social SA.

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2007, AES Corp. said that it could use up to US$600
million from the placement of senior unsecured notes to fund the
acquisition of the Brasiliana stake.  Banco Nacional, along with
AES, would hire an independent auditor to appraise Brasiliana's
value.  Banco Nacional wants to sell its 49.99% stake in
Brasiliana, where AES holds 50.01%.

Mr. Soares commented to BNamericas, "AES' main interest in
Brazil is its Brasiliana stake and we're interested in using our
option to purchase the shares we don't own."  He was referring
to AES' right of first refusal.

BNamericas states that these firms are also considering buying
the stake:

          -- EDB,
          -- Cemig, and
          -- CPFL Energia.

                       About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                     About AES Corporation

Headquartered in Arlington, Virginia, AES Corporation (NYSE:
AES) -- http://www.aes.com/-- is a power company is a holding
company that through its subsidiaries, operates a portfolio of
electricity generation and distribution businesses in 28
countries on five continents.  The company's employs 30,000
people.  It operates two types of businesses.  The distribution
business, which it refers to as Utilities and the generation
business, where it sells power to wholesale customers, such as
utilities or other intermediaries.  In addition to its
traditional generation and distribution operations, it is also
developing an alternative energy business.  During the year
ended Dec. 31, 2006, it operated in seven segments, which
include Latin America Generation, Latin America Utilities, North
America Generation, North America Utilities, Europe & Africa
Generation, Europe & Africa Utilities and Asia Generation.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                            *   *   *

As reported in the Troubled Company Reporter on Oct. 12, 2007,
Moody's Investors Service affirmed The AES Corporation's
Corporate Family Rating at B1 and the senior unsecured rating
assigned to its new senior unsecured notes offering at B1
following its upsizing to US$2 billion from US$500 million.

Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's
US$2 billion issuance of senior unsecured notes maturing 2015
and 2017.  AES' long-term Issuer Default Rating is rated 'B+' by
Fitch.  Fitch said the rating outlook is stable.


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


ALITALIA SPA: Aeroflot to Decide on Bid in Two Weeks
----------------------------------------------------
OAO Aeroflot will decide in the next two weeks whether to bid
for the Italian government's 49.9% stake in Alitalia S.p.A.,
various reports say.

"We have inquired about the procedure, how Alitalia’s management
and board of directors see the sale of the state-run stake in
the airline," Mikhail Poluboyarinov, Aeroflot's deputy chief
executive officer for finance and planning, told Kommersant.  

Mr. Poluboyarinov, Bloomberg News reports, added Aeroflot may
team up with another interested buyer for Alitalia and could
raise up to EUR1 billion to fund the deal.

As reported in the TCR-Europe on Oct. 23, 2007, Alitalia will
choose the buyer for Italy's stake on Nov. 10, 2007.  Alitalia
chairman Maurizio Prato told the Italian parliament that he will
recommend an industrial buyer for Italy's stake within the first
ten days of November, Agenzia Giornalistica Italia relates.  The
government will then decide how to finalize the sale of its
stake.

Alitalia decided to open talks, through the financial advisor
Citi and industrial advisor Roland Berger, with:

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

                         About Alitalia

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

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


DANA CORP.: Gets Go Signal to Begin Soliciting Votes on Plan
------------------------------------------------------------
Dana Corp. and its debtor-affiliates obtained the U.S.
Bankruptcy Court for the Southern District of New York's consent
to begin soliciting votes from creditors on their Joint Plan of
Reorganization.

In approximately one week, Dana expects to begin mailing
solicitation packages to eligible creditors, who are required to
submit their ballots by November 28, 2007.

Before it could proceed with the solicitation process, Dana was
required to show that the disclosure statement attached to the
Plan contained "adequate information" necessary for parties
entitled to vote on the Plan make an informed judgment on the
Plan.  Dana thrice amended the Plan and the Disclosure Statement
to address objections raised by parties-in-interest and provide
updates to recent developments in their Chapter 11 cases.

The Plan, as amended, provides for (i) the Debtors'
restructuring as a sustainable, viable business through several
restructuring initiatives that were undertaken during the
Chapter 11 cases; and (ii) a global settlement among the Debtors
and their unions, Centerbridge Partners, L.P., and certain
creditors.

In November 2006, Dana outlined its restructuring goals, aiming
to achieve a total of US$405,000,000 to US$540,000,000 in
combined annual cost and margin improvement.  Among other
initiatives, Dana reached agreements for pricing adjustments
with its major customers General Motors Corp., Toyota Motor
Engineering & Manufacturing North America, Inc., Ford Motor
Company, and Chrysler Company, LLC.  

The Plan provides for the disposal of preferred shares of
reorganized Dana, to be named New Dana Holdco after the Debtors'
emergence from Chapter 11, which is expected to raise
US$790,000,000 in new capital.  Centerbridge and members of an
ad hoc steering committee, which hold in the aggregate
approximately US$800,000,000 in Dana bonds, have agreed to
backstop the rights offering, pursuant to the terms of a
commitment letter, which remains subject to Bankruptcy Judge
Burton R. Lifland's approval.

Centerbridge will (i) pay US$250,000,000 for New Series A
Preferred Stock of New Dana Holdco, and (ii) together with six
other backstop parties, invest up to US$540,000,000 for New
Series B Preferred Stock not purchased by "qualified investors",
which constitute holders of bonds and trade claims of at least
US$25,000,000.

The Plan provides for the full payment of administrative,
secured claims and reinstatement of Asbestos personal injury
claims but provides for zero recovery to holders of the existing
Dana stock Dana and subordinated claims.  General unsecured
creditors will obtain 72% to 86% recovery, depending on the
total amount of claims that will ultimately be allowed in the
class.  Dana expects to shell out 78 to 86 cents on the dollar
if the total allowed amount is between US$2,500,000,000 and
US$2,750,000,000, and notches lower at 72 to 78 cents on the
dollar if the total allowed amount is between US$2,750,000,000
and US$3,000,000,000.

Holders of general unsecured claims, including bondholder and
trade claims, will be entitled to vote on the Plan.  The Debtors
will post the tabulated voting results on the Plan on Dec. 6,
2007.

The Debtors have scheduled a hearing to seek confirmation of the
Plan on Dec. 10, 2007 at 10:00 a.m., Eastern Time.  Objections
to the Plan's confirmation are due Nov. 28.

                     About Dana Corporation
    
Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for  
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.  
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.  

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.


XEROX CORP: Earns US$254 Million in Quarter Ended September 30
--------------------------------------------------------------
Xerox Corporation reported third-quarter 2007 financial results.

The company reported US$254 million of net income on US$4.3
billion revenues for the quarter ended Sept. 30, 2007, compared
with US$536 million of net income on US$3.8 billion revenues for
the same quarter last year.

Total revenue of US$4.3 billion grew 12% in the quarter with
post-sale and financing revenue -- Xerox’s annuity streams that
represent more than 70% of total revenue -– up 11%.  Both total
revenue and post-sale revenue included a currency benefit of 3
percentage points as well as the benefit from Xerox’s
acquisition of Global Imaging Systems.

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

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$23.3 billion and total liabilities of US$15.5
billion, resulting in a US$7.8 billion stockholders' equity.  
Equity last year was US$7.0 billion.

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.


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


ARLAN-EXPRESS LLP: Proof of Claim Deadline Slated for Dec. 1
------------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Arlan-Express (RNN 090500030038).

Creditors have until Dec. 1 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


BRIF MARKET: Creditors Must File Claims Dec. 5
----------------------------------------------
LLP Brif Market Intelligence has declared insolvency.  Creditors
have until Dec. 5 to submit written proofs of claims to:

         LLP Brif Market Intelligence
         Sixth Floor
         Jybek Joly ave. 76
         Almaty
         Kazakhstan
         Tel: 8 (7272) 50-12-91


BIOHIMAGRO LLP: Claims Filing Period Ends Dec. 5
------------------------------------------------
LLP Company Biohimagro has declared insolvency.  Creditors have
until Dec. 5 to submit written proofs of claims to:

         LLP Company Biohimagro
         Saumalkol
         Ayirtausky Distrist
         North Kazakhstan
         Kazakhstan


DAN IMPEX: Creditors' Claims Due on Dec. 4
------------------------------------------
CJSC Dan Impex has declared insolvency.  Creditors have until
Dec. 4 to submit written proofs of claims to:

         CJSC Dan Impex
         Tole bi Str. 21
         Almaty
         Kazakhstan


HIMZAVOD LLP: Claims Registration Ends Dec. 5
---------------------------------------------
LLP Chemical Factory Himzavod has declared insolvency.  
Creditors have until Dec. 5 to submit written proofs of claims
to:

         LLP Chemical Factory Himzavod
         Baitursynov Str. 15a-68
         Alga
         Aktube
         Kazakhstan
         Tel: 8 (31337) 54-80-29


LEVOBEREJNY ELEVATOR: Creditors Must File Claims Dec. 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared OJSC Levoberejny Elevator insolvent on Sept. 11.

Creditors have until Dec. 1 to submit written proofs of claims
to:

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


MAGELLAN LLP: Claims Filing Period Ends Dec. 1
----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Magellan (RNN 090500028610).

Creditors have until Dec. 1 to submit written proofs of claims
to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


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


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

         LLC Koichu Company
         Intergelpo Str. 1
         Bishkek
         Kyrgyzstan


ORIENT LLC: Creditors' Meeting Slated for October 26
----------------------------------------------------
Creditors of LLC GKPB Orient will convene at 1:00 p.m. on
Oct. 26 at:

         OJSC SKGP Jyldyz-Shparta
         Den Syaopin Str. 18/2
         Bishkek
         Kyrgyzstan


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


AGRIFIRM TSAREVSKIJ: Creditors Must File Claims by Dec. 13
----------------------------------------------------------
Creditors of AgriFirm Tsarevskij Meat Integrated Plant CJSC have
until Dec. 13 to submit their proofs of claim at:

         POB 28
         Guzovskogo Str. 14
         428000 Cheboksary
         Russia

The Arbitration court of Cheboksary commenced one-year
competitive proceedings against the company after finding it
insolvent.  The case is docketed under Case No. ?79-1718/2007.

The Competitive proceedings manager is:

         Kolsanov I.A.
         Uralskaya Str. 134
         350059 Krasnodar
         Russia

The Debtor can be reached at:

         AgriFirm Tsarevskij Meat Integrated Plant CJSC
         Beregovaya Str. 2
         Alatyr
         429820 Cheboksary
         Russia


FIRST UNITED: Moody's Assigns B3/NP Currency Deposit Ratings
------------------------------------------------------------
Moody's Investors Service assigned first-time B3/Not-Prime local
currency deposit ratings, B3/Not-Prime foreign currency deposit
ratings, and an E+ Bank Financial Strength Rating to Russia's
First United Bank.  The outlooks on all ratings are stable.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa2.ru long-term national scale credit rating to the bank.
Moscow-based Moody's Interfax is majority-owned by Moody's.

According to Moody's, the E+ BFSR, which translates into a
Baseline Credit Assessment of B3, is supported by FUB's
established ties with OAO Novatek (Baa3/Stable), Russia's
second-largest gas company, the bank's satisfactory financial
indicators, notably profitability and asset quality, as well as
the ability of the bank's shareholders to make additional
contributions to maintain its adequate capitalisation.

FUB's BFSR is constrained primarily by its limited franchise
value and geographical concentration of business as, until
recently, the bank had been focused on servicing a relatively
narrow group of corporate and individual clients in its home
Oblast of Samara (Ba1/Stable).  Other negative rating drivers
are large credit risk concentrations and undiversified structure
of funding, which is to a large extent reliant on related
parties.  The bank's shareholders have recently adopted a new
strategy focused on territorial expansion outside the home
territory and retail business development.  If implementation of
the strategy results in a material increase in FUB's market
shares and sustainable decline in concentrations on the both
sides of its balance sheet, this could have positive
implications for the bank's long-term deposit rating of B3.

The local currency deposit rating assigned to FUB is supported
by the bank's Baseline Credit Assessment of B3 and does not
factor in any support from its shareholders. In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain, while systemic support in the
event of need is unlikely.  The foreign currency deposit rating
is assigned at the same level as the bank's local currency
deposit rating and is not constrained by the foreign currency
deposit ceiling for Russia.

First United Bank is headquartered in Samara, Russian Federation
and reported total assets of US$470 million under IFRS as of
Dec. 31, 2006.  The bank ranked 99th among Russian banks in
terms of total assets as of June 30, 2007.


INTERNATIONAL INDUSTRIAL: Fitch Holds B IDR with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed Russia-based International Industrial
Bank's ratings at Long-term Issuer Default 'B', Short-term IDR
'B', Individual 'D', Support '5' and National Long-term
'BBB(rus)'.  The Support Rating Floor is also affirmed at 'No
Floor'.  The Outlooks for the Long-term IDR and National Long-
term rating remain Stable.

The ratings reflect IIB's limited, albeit growing, franchise;
significant business concentrations, including with related
parties; and potentially vulnerable liquidity.  At the same
time, the ratings also consider IIB's strong capitalization,
good profitability results and very low loan impairment to date.

Asset volumes are growing significantly, driven by expanding
lending; but somewhat slower than the Russian corporate market
as a whole.  IIB's core focus is the large corporate segment,
where it already has an established presence, although mid-sized
corporates grew in importance and accounted for around 26% of
end of first half of 2007 loans.  Concentration levels are
falling, although they remain significant: the top 20
borrowers/loans ratio was 26% at end of first half of 2007,
compared to 31% at end-2006.  Reported related-party lending,
net of allowance for impairment losses, is decreasing and
reached 26% of equity at end of first half of 2007, compared to
a maximum level of 50% permitted under a covenant in IIB's
eurobond issues.

Liquidity has been carefully managed so far.  However, despite
funding diversification efforts in second half of 2006 to 2007,
dependence on core funding clients remains notable (the top 20
customers accounted for 44% of end of first half of 2007
liabilities).  Combined with a small cushion of liquid assets,
this makes the liquidity position potentially vulnerable.

Capitalization remains strong.  Although IIB's strategy is to
gradually increase leverage, the Basle I total capital ratio is
covenanted not to fall below 20% until 2010.

Rating upside could come from a strengthening of the liquidity
position and continued broadening of the franchise and
reductions in concentrations, combined with maintenance of
adequate capitalization.  A significant tightening of liquidity
or deterioration in asset quality would be likely to exert
downward pressure on the ratings.

At end of first half of 2007, IIB was one of the top 30 Russian
banks by total assets.  Business is mainly focused on larger
corporates.  The network is small, with only two branches and
five other outlets.  IIB is controlled by Sergei Pugachev (72%
stake), who also has significant industrial interests in a broad
range of sectors, consolidated under the management company
United Industrial Corporation (also known as OPK).  Since 2001,
Mr. Pugachev has been a member of the upper house of the Russian
parliament (Federation Council) from Tyva Republic


KURKINOREPAIRBUILD MUE: Asset Sale Slated for November 13
---------------------------------------------------------
Auction Center Region LLC will open a public auction for the
company's properties at 2:00 p.m. on Nov. 13 at:

         Office 610
         Ryazanskaya Str. 1
         Tula
         Russia

The company has set a RUR46,443,600 starting price for the
auctioned assets.

Interested participants have until Nov. 6 to deposit an amount
equivalent to 5% of the starting price to the settlement account
of Auction Center Region LLC.

Bidding documents must be submitted at:

         Office 610
         Ryazanskaya Str. 1
         Tula
         Russia

The Debtor can be reached at:

         KurkinoRepairBuild MUE
         Zheleznodorozhnaya Str. 1
         Kurkino Village
         Kurkinskij Raion
         Tula
         Russia


NATIONAL STANDARD: Moody's Assign B3/NP Currency Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service assigned first-time B3/Not-Prime local
currency deposit ratings, B3/Not-Prime foreign currency deposit
ratings, and an E+ Bank Financial Strength Rating to Russia's
National Standard Bank.  The outlooks on all ratings are stable.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa3.ru long-term national scale credit rating to the bank.
Moscow-based Moody's Interfax is majority-owned by Moody's.

According to Moody's, the E+ BFSR, which translates into a
Baseline Credit Assessment of B3, is supported by NS-Bank's
satisfactory financial indicators, notably adequate capital
position and low cost base.  The bank's BFSR is also underpinned
by its ultimate owner's ample financial resources, providing
opportunities for market share growth through acquisitions.

NS-Bank's BFSR is constrained primarily by its very short period
of activity under the present business model as a new strategy
aimed at its transformation from a captive bank into a market-
oriented financial institution was adopted only in 2006.  
Further limiting the bank's BFSR are significant credit risk
concentrations, insufficiently diversified structure of funding,
which is to a large extent reliant on related parties, as well
as relatively modest profitability and a dependence on gains
from securities trading.

The local currency deposit rating assigned to NS-Bank is
supported by the bank's Baseline Credit Assessment of B3 and
does not factor in any support from its shareholders.  In
Moody's view, although such support cannot be ruled out, its
scope and timeliness are rather uncertain, while systemic
support in the event of need is unlikely.  The foreign currency
deposit rating is assigned at the same level as the bank's local
currency deposit rating and is not constrained by the foreign
currency deposit ceiling for Russia.

National Standard Bank is headquartered in Moscow and reported
total assets of US$968 million under IFRS as of Dec. 31, 2006.


NOVATEK OAO: Inks Joint Cooperation Protocol with Total
-------------------------------------------------------
OAO Novatek and Total E&P Activities Petrolieres have signed a
Protocol for joint cooperation in exploration and development
activities.  The Protocol contemplates that the companies will
form working groups to define Russian and foreign assets for
joint participation in natural gas and gas condensate projects.

The cooperation with Total is supported by one of Novatek's main
shareholders, OAO Gazprom.  The signing of the Protocol was
unanimously approved by the company's Board of Directors.

                       About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration,
production and processing of natural gas and liquid
hydrocarbons.  The company's upstream activities are
concentrated in the prolific Yamal-Nenets Region in Western
Siberia.

                         *   *   *

As reported in the TCR-Europe on Oct. 1, 2007, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
OAO NOVATEK, Russia's largest independent gas producer, to 'BB'
from 'BB-', following a review of the company's first-half 2007
performance.  S&P said the outlook is positive.


OILPRODUCT LLC: Creditors Must File Claims by Nov. 13
-----------------------------------------------------
Creditors of North-West OilProduct LLC have until Nov. 13 to
submit proofs of claim at:

         Lenina Str. 191
         Blagoveschensk
         Russia

The Arbitration court of Amur commenced bankruptcy supervision
procedure on the company.  The Court appointed Miroshnichenko
M.V. as Interim manager.  The case is docketed under Case No.
??4-5726/07-11/195 ?.

The Debtor can be reached at:

         North-West OilProduct LLC
         Saint-Innocent Str. 1
         Blagoveschensk
         Russia


ROSNEFT OIL: Wants to Close Tomskneft Stake Sale by Yearend
-----------------------------------------------------------
OAO Rosneft Oil Co. plans to complete the sale of a 50% stake in
OAO Tomskneft, a former subsidiary of OAO Yukos Oil Co., by the
end of 2007, Interfax News reports.

As reported in the TCR-Europe on July 6, 2007, Rosneft said the
proceeds from the sale have enabled it to complete recent
announced acquisitions without raising any further debt.

The company is also selling assets acquired from Yukos like
Tomskneft VNK, Strezhevsky Oil Refinery, and other units
operating in western and eastern Siberia, Interfax relates.  The
company said it has received payment for 50% of Tomskneft VNK
and other assets.

As previously reported in the Troubled Company Reporter-Europe,
Rosneft has acquired other Yukos' assets through its
subsidiaries in a series of auctions that started on March 27,
2007.  Notably, its RN-Razvitiye unit repurchased its 9.44%
stake from Yukos on March 27 for RUR197.8 billion; Neft-Aktiv
acquired
Yukos' East Siberian assets, which includes major oil production
firm Tomskneft, for RUR177.7 billion.

                          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.


SIBERIAN PLANT: Bankruptcy Hearing Slated for Feb. 20, 2008
-----------------------------------------------------------
The Arbitration court of Novosibirsk will convene on Feb. 20,
2008, to hear the bankruptcy supervision procedure on Siberian
Plant of Mining Machinery CJSC.  The case is docketed under Case
No. ?45-11255/07-29/35.

The Interim Manger is:

         Tsarev S.I.
         POB 33
         630011 Novosibirsk
         Russia

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         Siberian Plant of Mining Machinery CJSC
         Ob'edinenia Str. 3
         Novosibirsk
         Russia


SREDNETERESHANSKIJ OJSC: Asset Sale Slated for November 12
----------------------------------------------------------
Shirikova E.V., the Competitve proceedings manager of Raion Food
Integrated Plant Srednetereshanskij OJSC will open a public
auction for the company's properties at 11:00 a.m. on Nov. 12
at:

         Office 106
         Komsomol'skij Per. 3
         Ulyanovsk
         Russia

The company has set a RUR1,015,838 starting price for the
auctioned assets.  Deposit required is 20% of the starting
price.

Interested participants have until noon on Nov. 7 to submit
their bidding documents at:

         Office 106
         Komsomol'skij Per. 3
         Ulyanovsk
         Russia
         Tel/fax: (8422) 42-08-23

Information related to the auction can be obtained at:

         Karbolitovskaya Str. 10
         Kemerovo
         Russia


TATARSTAN INNOVATION: Creditors Must File Claims by Dec. 13
-----------------------------------------------------------
Creditors of Tatarstan Innovation Petrochemical Company CJSC
have until Dec. 13 to submit their proofs of claim at:

         POB 59
         420049 Kazan
         Russia

The Arbitration court of Tatarstan commenced competitive
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?65-4746/2007-??4-31.

The Court is located at:

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

The Debtor can be reached at:

         Tatarstan Innovation Petrochemical Company CJSC
         Shugurovo Township
         Leninogorskij
         Tatarstan
         Russia


TATARSTANAGRIINDUSTSUPPLY OJSC: Asset Sale Slated for Nov. 13
-------------------------------------------------------------
Auction Center Osnova LLC, the bidding organizer of
TatarstanAgriIndustSupply (Tatarstanagropromsnab) OJSC will open
a public auction for the company's properties at 2:00 p.m. on
Nov. 13 at:

         Chetaeva Str. 28
         Kazan
         Tatarstan
         Russia

The company has set a RUR300 million starting price for the
auctioned assets.

Interested participants have until Nov. 8 to deposit an amount
equivalent to 5% of the starting price to the settlement account
of Auction Center Osnova LLC.

Bidding documents must be submitted to:

         Chetaeva Str. 28
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         TatarstanAgriIndustSupply (Tatarstanagropromsnab) OJSC
         Lesnaya Str. 1
         St. Kindery
         Vysokogorskij Raion
         Tatarstan
         Russia

Any Information related to the auction can be obtained at
Tel: (843) 517-47-47, 517-48-48.


TVERBESSER CJSC: Creditors Must File Claims by Dec. 13
------------------------------------------------------
Creditors of TverBesser CJSC have until Dec. 13 to submit their
proofs of claim.

The Arbitration Court of Tver declared the company insolvent on
Sept. 17.  The case is docketed under Case No. ?66-391/2007.

The Competitive proceedings manager is:

         Maltabar A.A.
         POB 619
         170006 Tver
         Russia

The Court is located at:

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

The Debtor can be reached at:

         TverBesser CJSC
         Gorki Krasnye 1
         Tver
         Russia


ZABAIKAL'SKAYA CONSTRUCTION: Claims Filing Period Ends Nov. 13
--------------------------------------------------------------
Creditors of Zabaikal'skaya Construction Company CJSC have until
Nov. 13 to submit their proofs of claim.

The Arbitration court of Chita region commenced six months
competitive proceedings on the company.  The case is docketed
under Case No. ?78-4401/2007 ?-337.

The Competitive proceedings manager is:

         Cheremuhin B.P.
         POB 86
         672045 Chita
         Russia

The Debtor can be reached at:

         Zabaikal'skaya Construction Company CJSC
         Zabaikal'sk
         Chita
         Russia


ZARYA CJSC: Creditors Must File Claims by Dec. 13
-------------------------------------------------
Creditors of Dzerzhinsk Chemical Absorbent Plant Zarya CJSC have
until Dec. 13 to submit their proofs of claim at:

         POB 137
         Lenina pr. 2
         03011 Nizhnij Novgorod
         Russia

The Arbitration court of Nizhnij Novgorod declared the company
insolvent on Sept. 11.  The case is docketed under Case No.
?43-2429/2007 27-27.

The Competitive proceedings manager is:

         POB 619
         170006 Tver
         Russia

The Debtor can be reached at:

         Dzerzhinsk Chemical Absorbent Plant Zarya CJSC
         Lermontova Str. 20
         Dzerzhinsk
         Nizhnij Novgorod
         Russia


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


AMBALL SHOP: Creditors' Liquidation Claims Due January 3, 2008
--------------------------------------------------------------
Creditors of LLC Amball Shop have until Jan. 3, 2008, to submit
their claims to:

         Walter Keller
         Liquidator
         Stampfli Rechtsanwalte
         Rotistrasse 22
         4500 Solothurn
         Switzerland

The Debtor can be reached at:

         LLC Amball Shop
         Olten SO
         Switzerland


CAF’CONC LLC: Creditors' Liquidation Claims Due October 31
----------------------------------------------------------
Creditors of LLC Caf’Conc have until Oct. 31 to submit their
claims to:

         Francis Schmidt
         Liquidator
         Oetlingerstrasse 194
         4057 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Caf’Conc
         Basel BS
         Switzerland


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

         Kurt Kaser
         Liquidator
         Birkenstrasse 20
         8306 Bruttisellen
         Switzerland

The Debtor can be reached at:

         LLC Escorial Gastro
         Zurich
         Switzerland


LUXMARK JSC: Creditors' Liquidation Claims Due November 1
---------------------------------------------------------
Creditors of JSC Luxmark have until Nov. 1 to submit their
claims to:

         Georges Daranyi
         Liquidator
         Postfach 205
         4020 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Luxmark
         Basel BS
         Switzerland


MOMENTUM COSMETICS: Zug Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Zug entered Sept. 14 an order closing
the bankruptcy proceedings of JSC Momentum Cosmetics.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Momentum Cosmetics
         Hammerstrasse 3
         6312 Steinhausen ZG
         Switzerland


MONDIAL SECURITIES: Zurich Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Zurich entered Sept. 17 an order
closing the bankruptcy proceedings of JSC Mondial Securities.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Mondial Securities
         Alfred Escher-Strasse 17
         8002 Zurich
         Switzerland


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

         Martin Gutmann
         Liquidator
         Schwarzenburgstrasse 467
         3098 Koniz BE
         Switzerland

The Debtor can be reached at:

         LLC POPCOM
         Koniz BE
         Switzerland


SAPOR JSC: Creditors' Liquidation Claims Due November 1
-------------------------------------------------------
Creditors of JSC Sapor have until Nov. 1 to submit their claims
to:

         Karolina Weber-Davi
         Liquidator
         Rutistrasse 18 a
         8702 Zollikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Sapor
         Baar AG
         Switzerland


SCHWARM TREUHAND: Creditors' Liquidation Claims Due November 1
--------------------------------------------------------------
Creditors of JSC Schwarm Treuhand have until Nov. 1 to submit
their claims to:

         Theodor Schwarm
         Liquidator
         Lierenstrasse 26
         5417 Untersiggenthal
         Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Schwarm Treuhand
         Untersiggenthal
         Baden AG
         Switzerland


VANEBO CONSULTING: Creditors' Liquidation Claims Due October 31
---------------------------------------------------------------
Creditors of LLC Vanebo Consulting have until Oct. 31 to submit
their claims to:

         Gartenweg 21
         6343 Buonas
         Switzerland

The Debtor can be reached at:

         LLC Vanebo Consulting
         Risch ZG
         Switzerland


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


ALMAZ-OIL LLC: Proofs of Claim Deadline Set October 26
------------------------------------------------------
Creditors of LLC Trade House Almaz-Oil (code EDRPOU 31806269)
have until Oct. 26 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 21/63/07.

The Debtor can be reached at:

         LLC Trade House Almaz-Oil
         Nizhne-Dneprovskaya Str. 6-A
         69091 Zaporozhje
         Ukraine


BATKIVSCHINA-AGRO LLC: Creditors Must File Claims by October 26
---------------------------------------------------------------
Creditors of Agricultural LLC Batkivschina-Agro (code EDRPOU
23816807) have until Oct. 26 to submit written proofs of claim
to:

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

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company.  The case is docketed as 4/116-b.

The Debtor can be reached at:

         Agricultural LLC Batkivschina-Agro
         Popilniansky District Pavoloch, Mistechko str.
         13545 Zhytomir
         Ukraine


KARPATBUILDING: Creditors Must File Claims by October 26
--------------------------------------------------------
Creditors of Karpatbuilding (code EDRPOU 30918694) have until
Oct. 26 to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced the bankruptcy supervision
procedure on the company.  The case is docketed as 4/98.

The Debtor can be reached at:

         Karpatbuilding
         Princess Olga Str. 5V
         79044 Lvov
         Ukraine


KOBZAR LLC: Creditors Must File Claims by October 26
----------------------------------------------------
Creditors of LLC Agricultural Firm Kobzar (code EDRPOU 32170332)
have until Oct. 26 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed as 10/4137.

The Debtor can be reached at:

         LLC Agricultural Firm Kobzar
         Morintsy
         Zvenigorodsky District
         Cherkassy
         Ukraine


LIUTENKA HEMP: Proofs of Claim Deadline Set October 26
------------------------------------------------------
Creditors of OJSC Liutenka Hemp Plant (code EDRPOU 05467984)
have until Oct. 26 to submit written proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 18/245.

The Debtor can be reached at:

         OJSC Liutenka Hemp Plant
         Liutenka
         Gadiatsky District
         Poltava Ukraine


MALAYA VISKA: Creditors Must File Claims by October 26
------------------------------------------------------
Creditors of OJSC Malaya Viska Poultry Factory (code EDRPOU
04350278) have until Oct. 26 to submit written proofs of claim
to:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed as 11/125.

The Debtor can be reached at:

         OJSC Malaya Viska Poultry Factory
         Schors Str. 100
         Malaya Viska
         26200 Kirovograd
         Ukraine

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine


NAYADA-K LLC: Proofs of Claim Deadline Set October 26
-----------------------------------------------------
Creditors of LLC Nayada-K (code EDRPOU 32248335) have until
Oct. 26 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 22/332-b.

The Debtor can be reached at:

         LLC Nayada-K
         Alexamder Matrosov Str. 33A
         01103 Kiev
         Ukraine


SOUTH SEED: Creditors Must File Claims by October 26
----------------------------------------------------
Creditors of LLC South Seed Trade have until Oct. 26 to submit
written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company.  The case is docketed as 24/109-07-
6999.

The Debtor can be reached at:

         LLC South Seed Trade
         Prokhorovskaya Str. 28
         65005 Odessa
         Ukraine


SPUTNIK-AUTO LLC: Proofs of Claim Deadline Set October 26
---------------------------------------------------------
Creditors of LLC Sputnik-Auto (code EDRPOU 32311223) have until
Oct. 26 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/330-b.

The Debtor can be reached at:

         LLC Sputnik-Auto
         Mezhygorskaya Str. 82-A
         04080 Kiev
         Ukraine


TPK LLC: Proofs of Claim Deadline Set October 26
------------------------------------------------
Creditors of LLC Company TPK (code EDRPOU 34392566) have until
Oct. 26 to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B-19/204-07.


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


ABOUT DESIGN: Joint Liquidators Take Over Operations
----------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of About Design Ltd. on
Oct. 4 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         About Design Ltd.
         c/o Wilkins Kennedy
         6c Church Street
         Reading
         Berkshire
         RG1 2SB
         England


AVANT GARDE: Names Joint Administrators from Menzies
----------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of Avant Garde
Travel Ltd. (Company Number 02901009) on Oct. 15.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

         Avant Garde Travel Ltd.
         33 Monument Green
         Weybridge
         KT13 8QJ
         England
         Tel: 01932 854 666
         Fax: 01932 854 777


BOSSY BOOTS: J. M. Titley Leads Liquidation Procedure
-----------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Bossy Boots (U.K.) Ltd. on Aug. 3 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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

The company can be reached at:

         Bossy Boots (U.K.) Ltd.
         9 Glenfield House
         Philips Road
         Blackburn
         BB1 5PF
         England


BRITISH ENERGY: Wire Winding Issue Affects Four Boiler Units
------------------------------------------------------------
British Energy Group plc's Hartlepool Reactor 1 is currently
undertaking a statutory outage.  During planned inspection of
its boiler closure units, an issue related to a wire winding has
been identified which will delay the restart of this unit,
originally scheduled for early November 2007.

As this issue may have implications for sister units at
Hartlepool and Heysham 1, British Energy has taken a
conservative decision to take two of these units (Hartlepool
Reactor 2 and Heysham 1 Reactor 1) out of service for assessment
and inspection.  Heysham 1 Reactor 2 is currently on a refueling
outage and its return to service will be delayed.  In all, four
units are affected by this decision.

British Energy is currently assessing the return to service
dates for these units.  In determining these dates, the company
will consider the potential to integrate any additional
inspection work arising from our assessment within planned
outages over the balance of the year.

The design of these boiler closure units is unique to Hartlepool
and Heysham 1 power stations.

The company will give a further update in due course.

                     About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As reported in the TCR-Europe on Sept. 5, 2007, Fitch Ratings
has affirmed British Energy Group plc's and British Energy
Holdings plc's Long-term Issuer Default Ratings at 'BB+'.  BEH's
amortizing bonds are also affirmed at 'BB'.  BEH's bonds are
rated below the Long-term IDR because, in the event of
insolvency, the bonds rank behind several other payments,
including amounts owed to the Nuclear Liabilities' Fund.  Fitch
said the Outlooks for BEG's and BEH's Long-term IDRs remain
Stable.

As of July 26, 2007, British Energy Group plc carries a long-
term corporate family rating of B2 from Moody's with a stable
outlook.

S&P rates British Energy's long-term foreign and local issuer
credit at BB+ with negative outlook.


BRITISH ENERGY: Court Approves Share Premium Reserve Reduction
--------------------------------------------------------------
The Court of Session in Edinburgh, Scotland has approved a
reduction of GBP2.29 billion in British Energy Group plc's share
premium reserve from GBP2.34 billion to GBP40 million, thereby
increasing the level of distributable reserves available to the
company.

As a result of the conversion and sale by the Nuclear
Liabilities Fund of part of its interest in the company, 450
million convertible shares were allotted to the NLF on
June 6, 2007 and were, on sale to qualified institutional
investors, re-designated as ordinary shares in the company.  

The effect of the NLF's conversion and sale was, among other
things, to credit GBP2,295 million to the company's share
premium reserve, calculated on the basis of the offer price of
the company's convertible shares at the time of the conversion
and sale.  

As previously disclosed, in the event of an impairment of the
company's assets, the conversion could have adversely impacted
the company's ability to pay dividends in accordance with its
dividend policy.  Accordingly, the Directors sought and
obtained the consent of shareholders on July 19, 2007 to seek
confirmation of the court to a reduction in the share premium
reserve level.  On Oct. 22, 2007, the Court of Session approved
this reduction.

                     About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As reported in the TCR-Europe on Sept. 5, 2007, Fitch Ratings
has affirmed British Energy Group plc's and British Energy
Holdings plc's Long-term Issuer Default Ratings at 'BB+'.  BEH's
amortizing bonds are also affirmed at 'BB'.  BEH's bonds are
rated below the Long-term IDR because, in the event of
insolvency, the bonds rank behind several other payments,
including amounts owed to the Nuclear Liabilities' Fund.  Fitch
said the Outlooks for BEG's and BEH's Long-term IDRs remain
Stable.

As of July 26, 2007, British Energy Group plc carries a long-
term corporate family rating of B2 from Moody's with a stable
outlook.

S&P rates British Energy's long-term foreign and local issuer
credit at BB+ with negative outlook.


CHALVINGTON PRESS: Taps Tenon Recovery as Administrators
--------------------------------------------------------
Andrew Pear and Carl Stuart Jackson of Tenon Recovery were
appointed joint administrators of Chalvington Press Ltd.
(Company Number 3042597) on Oct. 5.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Chalvington Press Ltd.
         Unit 1
         Caker Stream Road
         Alton
         GU34 2QA
         England
         Tel: 01420 590 900
         Fax: 01420 592 920


CHEYNE FINANCE: Receivers to Sell Investment Portfolio to RBS
-------------------------------------------------------------
The receivers of Cheyne Finance plc, being Neville Kahn, Nick
Edwards and Nicholas Dargan of Deloitte & Touche LLP, have
entered into an exclusivity agreement relating to the potential
sale of the entire investment portfolio to The Royal Bank of
Scotland plc.

The action follows detailed discussions with a number of
different bidders over the past few weeks and after consultation
with the informal creditors' committees.

Goldman Sachs has earlier emerged as one of the front-runners to
bail out the bankrupt investment fund, The Sunday Telegraph
reported this week.

As previously reported in the TCR-Europe on Oct. 22, 2007, the
receivers of Cheyne Finance, determined on Oct. 17, 2007, that
the Issuer is, or is about to become, unable to pay its debts as
they fall due to "Senior Creditors" and any other persons whose
claims against the Issuer are required to be paid in priority
thereto, as contemplated by Section 123(1) of the United Kingdom
Insolvency Act 1986.

Accordingly, the receivers have notified The Bank of New York,
as Security Trustee, that an "Insolvency Event" has occurred.

The receivers are making good progress in their pursuit of
refinancing and whole book solutions and are in advanced
negotiations with a number of parties.

"The Cheyne Finance receivership is highly complex but we are
very pleased with the progress being made to implement a
refinancing or whole book solution of which we are in advanced
negotiations.  [Wednes]day's determination has not had a
detrimental effect on these negotiations and we have no need for
immediate liquidation of the assets within the book," Neville
Kahn, receiver and Deloitte partner, commented.

On Sept. 4, 2007, Nick Edwards, Neville Kahn and Nick Dargan of
Deloitte have been appointed receivers of Cheyne Finance.

The appointment of a receiver is required under the terms of the
company's Security Trust Deed following the occurrence of an
Enforcement Event.  The appointment has been duly made by The
Bank of New York as Security Trustee.

On Aug. 28, 2007, mark-to-market losses in the Investment
Portfolio of Cheyne Finance have caused a breach of the Major
Capital Loss Test and therefore triggered an Enforcement Event.

Cheyne Finance plc is a structured investment vehicle managed by
Cheyne Capital Management Ltd.

                          *     *     *

On Oct. 22, 2007, Standard & Poor's Ratings Services downgraded
the commercial paper, medium-term notes, and capital notes
issued by Cheyne Finance PLC and Cheyne Finance LLC (together
'Cheyne Finance') to D on 19 October 2007, following the
occurrence of an Insolvency Event on 17 October 2007.  The
issuer credit rating of Cheyne Finance was also lowered to D.

As reported in the TCR-Europe on Oct. 8, 2007, Moody's Investors
Service downgraded the ratings assigned to the Medium Term Note
and Commercial Paper programs of Cheyne Finance PLC and Cheyne
Finance LLC (Cheyne Finance) as:

   * Euro MTN and US MTN programs

   -- Current rating: Aaa on review for possible downgrade;
   -- New Rating: Ba3 on review with direction uncertain.

   * Euro Commercial Paper, US Commercial Paper, Euro MTN, and
     US MTN programs

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


CHEYNE FINANCE: Moody's Cuts Ratings on Debt Securities to Ca
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions on debt
securities issued by Cheyne Finance Capital Notes LLC:

   -- Mezzanine Capital Notes: Downgraded to Ca from Caa2;
   -- Combination Capital Notes: Downgraded to Ca from Caa3.

Moody's downgraded the ratings assigned to various debt programs
of Cheyne Finance PLC, Cheyne Finance LLC, and Cheyne Finance
Capital Notes LLC on September 5 and October 4.  A Mandatory
Acceleration Event was declared on October 17 following a
determination by the Security Trustee that the vehicle is, or is
likely to become, unable to repay all of its Commercial Paper,
Medium Term Notes, and drawn liquidity as they fall due.

The rating of Ba3 on review with direction uncertain assigned to
Cheyne Finance's Euro and US Medium Term Note programs on
October 4 is unaffected by this rating action.  The rating
remains on review with direct uncertain in order to reflect
certain restructuring proposals that are currently under
consideration by the vehicle's Security Trustee.

Cheyne Finance, a Structured Investment Vehicle managed by
Cheyne Capital Management Ltd., has experienced severe declines
in capital net asset value since July 2007.  NAV is measured as
the difference between the portfolio market value and the
notional amount outstanding of senior liabilities, expressed as
a percentage of paid-in capital.  The vehicle's NAV dropped from
91% on July 27 to 30% on October 18.  This precipitous drop
resulted from the vehicle's exposure to US RMBS (47%, 18% of
which is wrapped by monoline insurance companies) and CDOs of
ABS (7%) that have themselves experienced severe price declines
during this period.

In light of such unprecedented market price volatility, Moody's
updated its SIV rating methodology as announced on Sept. 5,
2007.  For each SIV, we now model expected loss using a stressed
volatility for the distribution of market prices based on price
declines observed during the last four months.  With this
stress, only those tranches that can sustain an additional price
decline of two times the decline observed in this period will
retain Aaa/P-1 ratings.

For example, if the NAV of a SIV was par in early July and
declined 30% to a current value of 70%, we assume that the
probability of a deterioration in NAV by an additional 60% to
levels below 10% is negligible (i.e. consistent with Aaa/P-1
ratings).  Our analysis therefore assumes that all asset prices
move in a highly correlated manner.

In rating senior debt for each SIV, Moody's assumes that the
probability of wind-down is 100%.  In the modeling of capital
notes, Moody's also assume that wind-down occurs with certainty
for vehicles such as Axon Finance, Cheyne Finance, and
Rhinebridge that are already in wind-down, or in Moody's
opinion, are highly likely to enter this state.  For other
vehicles, we assess the probability of wind-down on a case-by-
case basis and attach a probability that is both a function of
NAV and qualitative support factors provided by the vehicle's
sponsor or other market participants.  Such support factors
include the purchase of a vehicle's senior debt by a sponsor,
transactions in repurchase agreements, arrangements for the
restructuring of a vehicle, or potential participation in the
Master Liquidity Enhancement Conduit initiative.

Given the current state of the market, Moody's has increased the
monitoring frequency of our SIV ratings; in some cases, Moody's
monitors the ratings daily, paying particular attention to the
evolving liquidity situation of the vehicles and to changes in
portfolio market value.

Moody's ratings address only the credit risks associated with
the above programs.  Other risks have not been addressed but may
have a significant effect on yield and/or other payments to
investors.


LECTA SA: S&P Lowers Ratings to B+ on Negative Reassessment
-----------------------------------------------------------
Standard & Poor's Ratings Services had downgraded Lecta S.A.’s
long-term ratings to B+ in a broadly negative reassessment of
the industry's risks and expectations.  Lecta S.A. is one of
several forest products companies reassessed.

"The rating actions reflect a generally negative reassessment of
the business and financial risks and expectations of the
companies concerned.  The reassessment was carried out in light
of sustained structural challenges across large parts of the
industry.  These have resulted in weak profitability and cash
generation, and subsequent underperformance relative to the
rating requirements.  An expected recovery in financial
performance that was factored into the previous ratings has not
materialized, and looks increasingly uncertain.  In light of
this, we deem it necessary to base the ratings more on actual
performance rather than on expectations," said Standard & Poor's
credit analyst Andreas Zsiga.      

Following a general stabilization and improvement in performance
in 2006 and the early part of 2007, the sector has recently
faced a number of adverse developments.  They include a further
sustained weakening of the U.S. dollar and uncertainties about
the prospects for demand in the face of slowing economic
conditions.  These factors are compounded by sustained inflation
in the cost of key inputs such as fiber and energy, growing
challenges in wood and fiber sourcing as a result of amongst
other things Russian timber export duties, rising competition
for raw materials from the bio-fuel industry, and, in the case
of recycled fiber, growing competition from China.     

These problems accentuate key structural flaws in the sector.
The weakening U.S. dollar has reduced the competitiveness of the
European industry, lowered export earnings, increased imports
into Europe, and redirected export volumes from elsewhere back
into the European market, which effectively impairs pricing
power across the European industry.  This is aggravated by heavy
dependency on exports in several key paper grades, such as
magazine and coated fine paper, where 20%-25% of production is
sold abroad. Separately, traditional export markets in emerging
economies are becoming increasingly self-sufficient at
competitive cost levels.

These problems are currently most prevalent in the publishing
and printing grades.  The hygiene and packaging board segments
are less cyclical and resilient to substitution, and demonstrate
solid growth and pricing prospects.  However, the overall
picture is one of higher business risk across the sector.     

Internal cost efficiency initiatives are unlikely to be
sufficient to restore profitability and financial strength.
Capacity balance and management remain critical to pricing,
margins, and cash generation.  Except in newsprint, European
operating rates have improved.  However, price increases have
been modest due to the redirection of export volumes as a result
of the weak U.S. dollar.     

"We fear that pricing power will remain impaired, and that the
combination of softening demand and the weak U.S. dollar could
hold back operating rates over the medium term in the publishing
and printing grades.  Consequently, we believe that further
major restructuring, including capacity closures and maintained
capacity discipline over the medium to longer term, is necessary
if the European paper industry is to regain pricing power and
improve performance," said Mr. Zsiga.    

On a positive note, interest in restructuring and preparedness
to tackle over-capacity appear to have strengthened among key
players, suggesting that the industry landscape could look very
different within the next 18 months.  This could improve
industry conditions, but any impact is likely to be gradual and
is not guaranteed at this point.  The credit implications for
individual companies could differ substantially, depending on
how they act and the financial implications of those actions.  
The forest product sector is essentially a commodity industry,
with low barriers to entry and a history of boom-and-bust
cycles.  Even if consolidation and capacity reductions take
place, the sector will have to demonstrate capacity discipline
and sustained pricing power over a lengthy period before we can
factor such improvements into our view on business and financial
risk.      

                           Ratings List

                         To                  From
                         --                  ----
Stora Enso Oyj           BBB-/Negative/A-3   BBB/Negative/A3

Sappi Ltd.               BB/Stable/B         BB+/Negative/B

Lecta S.A.               B+/Stable/B         BB-/Stable/B

M-Real                   B-/Stable/B         B/Negative/B

UPM-Kymmene Corp.        BBB/Negative/A-3    BBB/Stable/A2  
                                             Outlook Revised

Norske Skogindustrier
   ASA                   BB+/Negative/B      B+/Stable/B
                                             Affirmed

SCA                      BBB+/Stable/A-2

Holmen AB                BBB+/Stable/A-2

Smurfit Kappa Group PLC  BB-/Stable/--

Sequana Capital          --/--/B     


M-REAL: S&P Lowers Ratings to B- on Negative Reassessment
---------------------------------------------------------
Standard & Poor's Ratings Services had downgraded M-Real’s long-
term ratings to B- in a broadly negative reassessment of the
industry's risks and expectations.  M-Real is one of several
forest products companies reassessed.

"The rating actions reflect a generally negative reassessment of
the business and financial risks and expectations of the
companies concerned.  The reassessment was carried out in light
of sustained structural challenges across large parts of the
industry.  These have resulted in weak profitability and cash
generation, and subsequent underperformance relative to the
rating requirements.  An expected recovery in financial
performance that was factored into the previous ratings has not
materialized, and looks increasingly uncertain.  In light of
this, we deem it necessary to base the ratings more on actual
performance rather than on expectations," said Standard & Poor's
credit analyst Andreas Zsiga.      

Following a general stabilization and improvement in performance
in 2006 and the early part of 2007, the sector has recently
faced a number of adverse developments.  They include a further
sustained weakening of the U.S. dollar and uncertainties about
the prospects for demand in the face of slowing economic
conditions.  These factors are compounded by sustained inflation
in the cost of key inputs such as fiber and energy, growing
challenges in wood and fiber sourcing as a result of amongst
other things Russian timber export duties, rising competition
for raw materials from the bio-fuel industry, and, in the case
of recycled fiber, growing competition from China.     

These problems accentuate key structural flaws in the sector.
The weakening U.S. dollar has reduced the competitiveness of the
European industry, lowered export earnings, increased imports
into Europe, and redirected export volumes from elsewhere back
into the European market, which effectively impairs pricing
power across the European industry.  This is aggravated by heavy
dependency on exports in several key paper grades, such as
magazine and coated fine paper, where 20%-25% of production is
sold abroad. Separately, traditional export markets in emerging
economies are becoming increasingly self-sufficient at
competitive cost levels.

These problems are currently most prevalent in the publishing
and printing grades.  The hygiene and packaging board segments
are less cyclical and resilient to substitution, and demonstrate
solid growth and pricing prospects.  However, the overall
picture is one of higher business risk across the sector.     

Internal cost efficiency initiatives are unlikely to be
sufficient to restore profitability and financial strength.
Capacity balance and management remain critical to pricing,
margins, and cash generation.  Except in newsprint, European
operating rates have improved.  However, price increases have
been modest due to the redirection of export volumes as a result
of the weak U.S. dollar.     

"We fear that pricing power will remain impaired, and that the
combination of softening demand and the weak U.S. dollar could
hold back operating rates over the medium term in the publishing
and printing grades.  Consequently, we believe that further
major restructuring, including capacity closures and maintained
capacity discipline over the medium to longer term, is necessary
if the European paper industry is to regain pricing power and
improve performance," said Mr. Zsiga.    

On a positive note, interest in restructuring and preparedness
to tackle over-capacity appear to have strengthened among key
players, suggesting that the industry landscape could look very
different within the next 18 months.  This could improve
industry conditions, but any impact is likely to be gradual and
is not guaranteed at this point.  The credit implications for
individual companies could differ substantially, depending on
how they act and the financial implications of those actions.  
The forest product sector is essentially a commodity industry,
with low barriers to entry and a history of boom-and-bust
cycles.  Even if consolidation and capacity reductions take
place, the sector will have to demonstrate capacity discipline
and sustained pricing power over a lengthy period before we can
factor such improvements into our view on business and financial
risk.      

                           Ratings List

                         To                  From

Stora Enso Oyj           BBB-/Negative/A-3   BBB/Negative/A3

Sappi Ltd.               BB/Stable/B         BB+/Negative/B

Lecta S.A.               B+/Stable/B         BB-/Stable/B

M-Real                   B-/Stable/B         B/Negative/B

UPM-Kymmene Corp.        BBB/Negative/A-3    BBB/Stable/A2  
                                             Outlook Revised

Norske Skogindustrier
   ASA                   BB+/Negative/B      B+/Stable/B
                                             Affirmed

SCA                      BBB+/Stable/A-2

Holmen AB                BBB+/Stable/A-2

Smurfit Kappa Group PLC  BB-/Stable/--

Sequana Capital          --/--/B     


MELROSE RESOURCES: Moody's Assigns B2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
to Melrose Resources Plc.

Concurrently, Moody's assigned a provisional (P)B3 rating to the
proposed EUR250 million (US$355 million) Notes to be issued.  
The outlook of the ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign a definitive rating to the securities. A definitive
rating may differ from a provisional rating.

The B2 Corporate Family Rating reflects:

   (i) its small scale in terms of hydrocarbon reserves and
       production;

  (ii) the project and execution risk entailed by its large
       capex program in order to grow production;

(iii) the relatively high level of leverage driven by past
       acquisitions and its capex program;

  (iv) the negative free cash position which is expected to
       continue until 2010; and

   (v) the company's asset concentration in Egypt exposing it to
       country risk, although somewhat mitigated by the stable
       Production Sharing Contracts legal framework the
       company is operating in this country.

Melrose ratings also factor in:

   (i) the stable cash flow base from its PSCs in Egypt with a
       fixed gas price providing stability vis-a-vis other E&P
       peers, although with a relatively low price realization;

  (ii) the low cost structure and good operational track record
       with a large share of on-shore hydrocarbon resources;

(iii) the company's full ownership and operatorship of its main
       producing assets providing full control of development
       and cost;

  (iv) strong production growth expected to continue with a near
       tripling of hydrocarbon production between 2006 and 2011;
       and

   (v) the management long industry experience and prudent
       approach to organic and external growth exemplified by
       the use of a mix of debt- and equity-financing in past
       acquisitions.

The stable outlook reflects Moody's expectation that the
company:

   (i) will continue to improve its cash-flow generation, buoyed
       by anticipated strong production growth via the
       completion of its ambitious capex program and the
       positive market momentum;

  (ii) as well as achieving free cash flow breakeven by 2010 and
       reduce leverage with debt to EBITDA (before
       decommissioning charges and unsuccessful exploration
       charge as defined by the company as EBITDAX) falling
       below 2.0x on a sustainable basis in the medium term.

The (P)B3 rating assigned to the EUR250 million 2015 notes
issued at Melrose Resources Plc recognizes their contractual
subordination to the US$200 million revolving credit facility
also at the Melrose Resources Plc as both benefit from similar
joint and several upstream guarantees from the company's
subsidiaries; however those guarantees provided to the proposed
notes are subordinated to the guarantees provided to the
revolver credit facility by those same subsidiaries.

Ratings affected:

   -- B2 Corporate Family Rating assigned to Melrose Resources
      Plc

   -- B2 Probability of Default rating has also been assigned to
      Melrose Resources Plc

   -- P(B3) rating assigned to EUR250 million Senior
      Subordinated Notes due 2015 at Melrose Resources Plc. An
      LGD5, 72% LGD rate has been assigned.

Melrose Resources Plc, incorporated in the UK, is a relatively
small exploration & production company with operations located
in Egypt, the US, Bulgaria, France and Turkey.  The group has
pro-forma SPE proved reserves of oil and gas of 53 million
barrel oil equivalent and generated in 2006 US$116 million in
revenues.


NORSKE SKOGINDUSTRIER: S&P Affirms Ratings at B+
------------------------------------------------
Standard & Poor's Ratings Services had affirmed Norske
Skogindustrier’s long-term ratings to B+ in a broadly negative
reassessment of the industry's risks and expectations.  Norske
Skogindustrier ASA is one of several forest products companies
reassessed.

"The rating actions reflect a generally negative reassessment of
the business and financial risks and expectations of the
companies concerned.  The reassessment was carried out in light
of sustained structural challenges across large parts of the
industry.  These have resulted in weak profitability and cash
generation, and subsequent underperformance relative to the
rating requirements.  An expected recovery in financial
performance that was factored into the previous ratings has not
materialized, and looks increasingly uncertain.  In light of
this, we deem it necessary to base the ratings more on actual
performance rather than on expectations," said Standard & Poor's
credit analyst Andreas Zsiga.      

Following a general stabilization and improvement in performance
in 2006 and the early part of 2007, the sector has recently
faced a number of adverse developments.  They include a further
sustained weakening of the U.S. dollar and uncertainties about
the prospects for demand in the face of slowing economic
conditions.  These factors are compounded by sustained inflation
in the cost of key inputs such as fiber and energy, growing
challenges in wood and fiber sourcing as a result of amongst
other things Russian timber export duties, rising competition
for raw materials from the bio-fuel industry, and, in the case
of recycled fiber, growing competition from China.     

These problems accentuate key structural flaws in the sector.
The weakening U.S. dollar has reduced the competitiveness of the
European industry, lowered export earnings, increased imports
into Europe, and redirected export volumes from elsewhere back
into the European market, which effectively impairs pricing
power across the European industry.  This is aggravated by heavy
dependency on exports in several key paper grades, such as
magazine and coated fine paper, where 20%-25% of production is
sold abroad. Separately, traditional export markets in emerging
economies are becoming increasingly self-sufficient at
competitive cost levels.

These problems are currently most prevalent in the publishing
and printing grades.  The hygiene and packaging board segments
are less cyclical and resilient to substitution, and demonstrate
solid growth and pricing prospects.  However, the overall
picture is one of higher business risk across the sector.     

Internal cost efficiency initiatives are unlikely to be
sufficient to restore profitability and financial strength.
Capacity balance and management remain critical to pricing,
margins, and cash generation.  Except in newsprint, European
operating rates have improved.  However, price increases have
been modest due to the redirection of export volumes as a result
of the weak U.S. dollar.     

"We fear that pricing power will remain impaired, and that the
combination of softening demand and the weak U.S. dollar could
hold back operating rates over the medium term in the publishing
and printing grades.  Consequently, we believe that further
major restructuring, including capacity closures and maintained
capacity discipline over the medium to longer term, is necessary
if the European paper industry is to regain pricing power and
improve performance," said Mr. Zsiga.    

On a positive note, interest in restructuring and preparedness
to tackle over-capacity appear to have strengthened among key
players, suggesting that the industry landscape could look very
different within the next 18 months.  This could improve
industry conditions, but any impact is likely to be gradual and
is not guaranteed at this point.  The credit implications for
individual companies could differ substantially, depending on
how they act and the financial implications of those actions.  
The forest product sector is essentially a commodity industry,
with low barriers to entry and a history of boom-and-bust
cycles.  Even if consolidation and capacity reductions take
place, the sector will have to demonstrate capacity discipline
and sustained pricing power over a lengthy period before we can
factor such improvements into our view on business and financial
risk.      

                           Ratings List

                         To                  From

Stora Enso Oyj           BBB-/Negative/A-3   BBB/Negative/A3

Sappi Ltd.               BB/Stable/B         BB+/Negative/B

Lecta S.A.               B+/Stable/B         BB-/Stable/B

M-Real                   B-/Stable/B         B/Negative/B

UPM-Kymmene Corp.        BBB/Negative/A-3    BBB/Stable/A2  
                                             Outlook Revised

Norske Skogindustrier
   ASA                   BB+/Negative/B      B+/Stable/B
                                             Affirmed

SCA                      BBB+/Stable/A-2

Holmen AB                BBB+/Stable/A-2

Smurfit Kappa Group PLC  BB-/Stable/--

Sequana Capital          --/--/B     


RGN SHEPHERD: Appoints Joint Administrator from Begbies Traynor
---------------------------------------------------------------
Simon Robert Thomas and Timothy John Edward Dolder of Begbies
Traynor LLP were appointed joint administrators of RGN Shepherd
Ltd. (Company Number 03763542) on Oct. 15.

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.  

The company can be reached at:
         
         R.G.N. Shepherd Ltd.
         Denbigh Industrial Estate
         Second Avenue
         Bletchley
         Milton Keynes
         MK1 1ED
         England
         Tel: 01908 379 439
         Fax: 01908 646 606


RHINEBRIDGE PLC: Brings In Deloitte as Receivers
------------------------------------------------
Nick Dargan, Debbie Young and Neville Khan of Deloitte and
Touche LLP were appointed receivers of Rhinebridge Plc on
Oct. 23, 2007.

Rhinebridge ran into difficulty due to the recent events in the
credit markets resulting in its inability to fund its short term
debt repayments while at the same time the market value of the
assets have deteriorated.

This has led to a senior creditor payment event which triggered
both an enforcement event and a mandatory acceleration event
leading to the appointment of receivers.  Currently Rhinebridge
is unable to make any debt payments or purchase any new assets.

"The receivership aims to provide a stable platform to review
the options.  At this time we are not obliged to sell assets and
will work closely with the investors, the manager and the
administrator to consider the available strategies to maximize
value," Nick Dargan stated.

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

Rhinebridge Plc is a Dublin-listed structured investment vehicle
managed by IKB Credit Asset Management GmbH, London Branch.

A report by PricewaterhouseCoopers in connection with the crisis
affecting the US subprime mortgage market revealed deficiencies
in risk analysis, risk management, and reporting for both on-
balance and off-balance portfolio investments within IKB.  The
auditors expected restructuring charges as a result, which
include the default risk exposure at Rhinebridge are included in
the full year forecast for the current financial year of the
expected Group loss under IFRS of up to EUR700 million.

                           *    *    *

As reported in the TCR-Europe on Oct. 24, 2007,  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

In a TCR-Europe report on Oct. 23, 2007,  Standard & Poor's
Ratings Services has lowered its ratings on
the commercial paper, medium-term notes, mezzanine capital
notes, and combination capital notes issued by Rhinebridge PLC
and Rhinebridge LLC (collectively, Rhinebridge), two co-issuing
structured investment vehicles.  At the same time, Standard &
Poor's lowered its issuer credit rating on Rhinebridge.

On Oct. 18, 2007, Standard & Poor's received notice there has
been a mandatory acceleration event, following IKB Credit Asset
Management's decision that the portfolio value would not cover
future senior liabilities.  This is known as a senior creditor
payment event.

Accordingly, the vehicle will now be managed by the security
trustee and S&P is waiting for confirmation from the trustee as
to what it intends to do next.  This event has meant that
liabilities due on Oct. 18, 2007 have not been paid and the
ratings are consequently being lowered to 'D'.

At the same time, Derivative Fitch has downgraded Rhinebridge
Plc's US and Euro commercial paper, US and Euro medium-term
notes, senior, mezzanine and combo capital notes.  Approximately
US$215 million US CP, US$576 million Euro CP, US$120 million
senior capital notes and US$130 million mezzanine capital notes
are affected.

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

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


RIVE DROITE: Brings In Joint Administrators from Grant Thornton
---------------------------------------------------------------
Daniel Robert Whiteley Smith and Malcolm Brian Shierson of Grant
Thornton UK LLP were appointed joint administrators of Rive
Droite Music Ltd. (Company Number 02776451) on Oct. 11.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         Rive Droite Music Ltd.
         Home Park House
         Hampton Court Road
         Kingston Upon Thames
         KT1 4AE
         England
         Tel: 020 8977 0666
         Fax: 020 8977 0660


SAPPI LTD: S&P Lowers Ratings to BB on Negative Reassessment
------------------------------------------------------------
Standard & Poor's Ratings Services had downgraded Sappi Ltd’s
long-term ratings to BB in a broadly negative reassessment of
the industry's risks and expectations.  Sappi is one of several
forest products companies reassessed.

"The rating actions reflect a generally negative reassessment of
the business and financial risks and expectations of the
companies concerned.  The reassessment was carried out in light
of sustained structural challenges across large parts of the
industry.  These have resulted in weak profitability and cash
generation, and subsequent underperformance relative to the
rating requirements.  An expected recovery in financial
performance that was factored into the previous ratings has not
materialized, and looks increasingly uncertain.  In light of
this, we deem it necessary to base the ratings more on actual
performance rather than on expectations," said Standard & Poor's
credit analyst Andreas Zsiga.      

Following a general stabilization and improvement in performance
in 2006 and the early part of 2007, the sector has recently
faced a number of adverse developments.  They include a further
sustained weakening of the U.S. dollar and uncertainties about
the prospects for demand in the face of slowing economic
conditions.  These factors are compounded by sustained inflation
in the cost of key inputs such as fiber and energy, growing
challenges in wood and fiber sourcing as a result of amongst
other things Russian timber export duties, rising competition
for raw materials from the bio-fuel industry, and, in the case
of recycled fiber, growing competition from China.     

These problems accentuate key structural flaws in the sector.
The weakening U.S. dollar has reduced the competitiveness of the
European industry, lowered export earnings, increased imports
into Europe, and redirected export volumes from elsewhere back
into the European market, which effectively impairs pricing
power across the European industry.  This is aggravated by heavy
dependency on exports in several key paper grades, such as
magazine and coated fine paper, where 20%-25% of production is
sold abroad. Separately, traditional export markets in emerging
economies are becoming increasingly self-sufficient at
competitive cost levels.

These problems are currently most prevalent in the publishing
and printing grades.  The hygiene and packaging board segments
are less cyclical and resilient to substitution, and demonstrate
solid growth and pricing prospects.  However, the overall
picture is one of higher business risk across the sector.     

Internal cost efficiency initiatives are unlikely to be
sufficient to restore profitability and financial strength.
Capacity balance and management remain critical to pricing,
margins, and cash generation.  Except in newsprint, European
operating rates have improved.  However, price increases have
been modest due to the redirection of export volumes as a result
of the weak U.S. dollar.     

"We fear that pricing power will remain impaired, and that the
combination of softening demand and the weak U.S. dollar could
hold back operating rates over the medium term in the publishing
and printing grades.  Consequently, we believe that further
major restructuring, including capacity closures and maintained
capacity discipline over the medium to longer term, is necessary
if the European paper industry is to regain pricing power and
improve performance," said Mr. Zsiga.    

On a positive note, interest in restructuring and preparedness
to tackle over-capacity appear to have strengthened among key
players, suggesting that the industry landscape could look very
different within the next 18 months.  This could improve
industry conditions, but any impact is likely to be gradual and
is not guaranteed at this point.  The credit implications for
individual companies could differ substantially, depending on
how they act and the financial implications of those actions.  
The forest product sector is essentially a commodity industry,
with low barriers to entry and a history of boom-and-bust
cycles.  Even if consolidation and capacity reductions take
place, the sector will have to demonstrate capacity discipline
and sustained pricing power over a lengthy period before we can
factor such improvements into our view on business and financial
risk.      

                           Ratings List

                         To                  From

Stora Enso Oyj           BBB-/Negative/A-3   BBB/Negative/A3
Sappi Ltd.               BB/Stable/B         BB+/Negative/B
Lecta S.A.               B+/Stable/B         BB-/Stable/B
M-Real                   B-/Stable/B         B/Negative/B
UPM-Kymmene Corp.        BBB/Negative/A-3    BBB/Stable/A2  
                                             Outlook Revised
Norske Skogindustrier
   ASA                   BB+/Negative/B B+/Stable/B Affirmed
SCA                      BBB+/Stable/A-2
Holmen AB                BBB+/Stable/A-2
Smurfit Kappa Group PLC  BB-/Stable/--
Sequana Capital          --/--/B     


SECAL GROUP: Taps Liquidators from BDO Stoy Hayward
---------------------------------------------------
C. K. Rayment and M. Dunham of BDO Stoy Hayward LLP were
appointed joint liquidators of Secal Group Ltd. (formerly Secal
Ltd. and Willoughby (16) Ltd.) on Oct. 10 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Secal Group Ltd.
         c/o BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


SIMPLY GO: Brings In Liquidators from KPMG
------------------------------------------
Jonathan Scott Pope and David John Crawshaw of KPMG LLP
Restructuring were appointed joint liquidators of Simply Go Ltd.
on Oct. 10 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP Restructuring
         Arlington Business Park
         Theale
         Reading
         RG7 4SD
         England

The company can be reached at:

         Simply Go Ltd.
         c/o KPMG Corporate Recovery
         100 Temple Street
         Bristol
         BS1 6AG
         England


SIMPLY SALADS: Calls In Liquidators from KPMG
---------------------------------------------
Jonathan Scott Pope and David John Crawshaw of KPMG LLP
Restructuring were appointed joint liquidators of Simply Salads
(U.K.) Ltd. on Oct. 10 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         KPMG LLP Restructuring
         Arlington Business Park
         Theale
         Reading
         RG7 4SD
         England

The company can be reached at:

         Simply Salads (U.K.) Ltd.
         c/o KPMG Corporate Recovery
         100 Temple Street
         Bristol
         BS1 6AG
         England


SMURFIT KAPPA: Issues Profit Warning for Full Year 2007
-------------------------------------------------------
Smurfit Kappa Group plc issued a trading update in advance of
planned investor relations meetings.

For the third quarter of 2007, SKG will report continued and
sequential EBITDA growth; increased EBITDA margin; and, a
significant increase in free cash flow.  Free cash flow will be
applied towards further debt reduction.

As with its industry peer group, SKG continues to experience
significant input cost pressure, the financial impact of which
will continue into the fourth quarter of 2007.  Current and
expected trading conditions are characterized by continued cost
inflation and corrugated price recovery.

Consequently, SKG anticipates that its full year 2007 EBITDA
will be towards the lower end of the range of current market
expectations.

SKG will report 2007 third quarter results on Nov. 13.  SKG will
provide initial guidance for 2008 at that time.

                  About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.


SMURFIT KAPPA: S&P Affirms B+ Ratings on Financial Risks
--------------------------------------------------------
Standard & Poor's Ratings Services had affirmed Smurfit Kappa
Group’s long-term ratings at B+ in a broadly negative
reassessment of the industry's risks and expectations.  Smurfit
Kappa Group is one of several forest products companies
reassessed.

"The rating actions reflect a generally negative reassessment of
the business and financial risks and expectations of the
companies concerned.  The reassessment was carried out in light
of sustained structural challenges across large parts of the
industry.  These have resulted in weak profitability and cash
generation, and subsequent underperformance relative to the
rating requirements.  An expected recovery in financial
performance that was factored into the previous ratings has not
materialized, and looks increasingly uncertain.  In light of
this, we deem it necessary to base the ratings more on actual
performance rather than on expectations," said Standard & Poor's
credit analyst Andreas Zsiga.      

Following a general stabilization and improvement in performance
in 2006 and the early part of 2007, the sector has recently
faced a number of adverse developments.  They include a further
sustained weakening of the U.S. dollar and uncertainties about
the prospects for demand in the face of slowing economic
conditions.  These factors are compounded by sustained inflation
in the cost of key inputs such as fiber and energy, growing
challenges in wood and fiber sourcing as a result of amongst
other things Russian timber export duties, rising competition
for raw materials from the bio-fuel industry, and, in the case
of recycled fiber, growing competition from China.     

These problems accentuate key structural flaws in the sector.
The weakening U.S. dollar has reduced the competitiveness of the
European industry, lowered export earnings, increased imports
into Europe, and redirected export volumes from elsewhere back
into the European market, which effectively impairs pricing
power across the European industry.  This is aggravated by heavy
dependency on exports in several key paper grades, such as
magazine and coated fine paper, where 20%-25% of production is
sold abroad. Separately, traditional export markets in emerging
economies are becoming increasingly self-sufficient at
competitive cost levels.

These problems are currently most prevalent in the publishing
and printing grades.  The hygiene and packaging board segments
are less cyclical and resilient to substitution, and demonstrate
solid growth and pricing prospects.  However, the overall
picture is one of higher business risk across the sector.     

Internal cost efficiency initiatives are unlikely to be
sufficient to restore profitability and financial strength.
Capacity balance and management remain critical to pricing,
margins, and cash generation.  Except in newsprint, European
operating rates have improved.  However, price increases have
been modest due to the redirection of export volumes as a result
of the weak U.S. dollar.     

"We fear that pricing power will remain impaired, and that the
combination of softening demand and the weak U.S. dollar could
hold back operating rates over the medium term in the publishing
and printing grades.  Consequently, we believe that further
major restructuring, including capacity closures and maintained
capacity discipline over the medium to longer term, is necessary
if the European paper industry is to regain pricing power and
improve performance," said Mr. Zsiga.    

On a positive note, interest in restructuring and preparedness
to tackle over-capacity appear to have strengthened among key
players, suggesting that the industry landscape could look very
different within the next 18 months.  This could improve
industry conditions, but any impact is likely to be gradual and
is not guaranteed at this point.  The credit implications for
individual companies could differ substantially, depending on
how they act and the financial implications of those actions.  
The forest product sector is essentially a commodity industry,
with low barriers to entry and a history of boom-and-bust
cycles.  Even if consolidation and capacity reductions take
place, the sector will have to demonstrate capacity discipline
and sustained pricing power over a lengthy period before we can
factor such improvements into our view on business and financial
risk.      

                           Ratings List

                         To                  From

Stora Enso Oyj           BBB-/Negative/A-3   BBB/Negative/A3

Sappi Ltd.               BB/Stable/B         BB+/Negative/B

Lecta S.A.               B+/Stable/B         BB-/Stable/B

M-Real                   B-/Stable/B         B/Negative/B

UPM-Kymmene Corp.        BBB/Negative/A-3    BBB/Stable/A2  
                                             Outlook Revised

Norske Skogindustrier
   ASA                   BB+/Negative/B      B+/Stable/B
                                             Affirmed

SCA                      BBB+/Stable/A-2

Holmen AB                BBB+/Stable/A-2

Smurfit Kappa Group PLC  BB-/Stable/--

Sequana Capital          --/--/B     


WHITAKERS PROPERTY: Appoints Liquidators from Tenon Recovery
------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Whitakers Property &
Electrical Maintenance Ltd. on Oct. 9 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Richmonds House
         White Rose Way
         Doncaster
         DN4 5JH
         England


YELOFIN NETWORKS: Hires Liquidators from Vantis
-----------------------------------------------
M. Weller and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of Yelofin Networks Ltd.
(formerly Getnetworked Ltd., Etail 4 Ltd.) on Oct. 17 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England
  

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

July 10-13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.abiworld.org/events

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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