TCREUR_Public/071026.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

            Friday, October 26, 2007, Vol. 8, No. 213

                            Headlines


A U S T R I A

B & S BAU: Ried im Innkreis Court Orders Business Shutdown
BKW LLC: Wels Court Orders Business Shutdown
MEZNER BAU: Claims Registration Period Ends Nov. 6
NIESS RAUMAUSSTATTUNG: Wels Court Orders Business Shutdown
NIGHT-ST LLC: Steyr Court Orders Business Shutdown

RITSCHI BITSCH: Feldkirch Court Orders Business Closure
T.U.L. TRANSPORT: Claims Registration Period Ends Nov. 1
TIMETRADING.AT LLC: Claims Registration Period Ends Nov. 2


B U L G A R I A

PROCREDIT BANK: Fitch Rates IDR at BB+ on Owner Support


D E N M A R K

HOUGHTON INTERNATIONAL: Signs Merger Pact with AEA Affiliate


F I N L A N D

ARROW ELECTRONICS: Earns US$98.3 Million in 2007 Third Quarter
HILTON HOTELS: Gets European Commission Antitrust Clearance
HILTON HOTELS: Prices Cash Tender Offers for Five Notes


F R A N C E

ALLIANZ GLOBAL: UK High Court Sanctions Scheme of Arrangement
DELPHI CORP: U.S. District Court to Hear ERISA Suit on Nov. 13
EUROTUNNEL GROUP: Reduces Rail-Freight Pricing for 2008
HARMAN INT'L: Equity Firms Drop Merger; Inks New Buyback Deal
HARMAN INTERNATIONAL: Terminated Deal Cues S&P's Positive Watch


G E R M A N Y

AIJAH AUTOMOTIVE: Claims Registration Period Ends Nov. 15
BAUGESCHAFT HENNING: Creditors Must File Claims by Nov. 19
BAUTECH FLIESEN: Claims Registration Ends Nov. 23
CHRYSLER LLC: 55% UAW Workers Voted to Accept Tentative Pact
CLASSIC-EVENTS GMBH: Claims Registration Period Ends Nov. 13

DACHDECKEREI JESSEN: Claims Registration Ends Nov. 26
DIPLOM-INGENIEUR JUERGEN: Claims Registration Period Ends Nov. 9
EUROGRUND IMMOBILIEN: Claims Registration Period Ends Nov. 16
GOHLIS-SANIERUNGS: Claims Registration Period Ends Nov. 12
HOFFMANN BETEILIGUNGEN: Claims Registration Period Ends Nov. 16

INDUSTRIEMASCHINEN DUEVEL: Creditors Must File Claims by Nov. 19
KARL-HEINZ JUSTEN: Creditors Must File Claims by November 19
SARECO-KOMPOSTIERUNG: Creditors Must File Claims by November 19
SONNENSTUDIO WAHLSTEDT: Claims Registration Ends Nov. 26
TCI COMPRESSORS: Claims Registration Period Ends Nov. 9

TRULBER STANZ-UND: Creditors' Meeting Slated for Nov. 6
WILHELM PREUSS: Claims Registration Period Ends Nov. 19


G R E E C E

WIND HELLAS: PPC Purchase Deal Cues S&P's Negative Outlook


I T A L Y

PARMALAT SPA: Hancock Sues BofA over Fraud Role


K A Z A K H S T A N

EKSAM LLP: Creditors Must File Claims Dec. 1
JOL-BARS LLP: Claims Filing Period Ends Dec. 1
MIHAILOVSKY MELZAVOD: Creditors' Claims Due on Dec. 1
REK XXI LLP: Claims Registration Ends Dec. 1
SANTI-M LLP: Creditors Must File Claims Dec. 1

TAIMAS PROMOTION: Claims Filing Period Ends Nov. 28
URBAN INSHAAT: Creditors' Claims Due on Dec. 1
VOKZAL-SERVICE JSC: Claims Registration Ends Nov. 28


K Y R G Y Z S T A N

HIMHLORTECH LLC: Proof of Claim Deadline Slated for November 23


L U X E M B O U R G

AXIUS EUROPEAN: Moody's Rates EUR15 Million Class E Notes at Ba3


N E T H E R L A N D S

BAUSCH & LOMB: Faces 573 Product Liability Suits
COPERNICUS EURO I: Fitch Rates Class D Notes at B
FIRST DATA: Extends Long-Term Contract with National City Bank
FIRST DATA: Subsidiary Reaches Agreement with Meijer


P O L A N D

OWENS-ILLINOIS: Appoints Hugh H. Roberts as Director


P O R T U G A L

BEARINGPOINT INC: Eddie Munson Joins Board of Directors


R U S S I A

BERKUT LLC: Creditors Must File Claims by Nov. 13
BREAD DEOT 18 ASKIZSKAYA: Asset Sale Slated for Nov. 11
ELECTRIC-POWER: Asset Sale Slated for November 15
ENGINEERING-AND-INNOVATION: Claims Filing Period Ends Dec. 13
KAMELLA SUNRISE: Creditors Must File Claims by Nov. 13

LENGASENERGO CJSC: Asset Sale Slated for Nov. 14
MISHKINSKIJ OJSC: Creditors Must File Claims by Nov. 13
OMSKTRANSSTROY CJSC: Creditors Must File Claims by Dec. 13
PUT' LLC: Creditors Must File Claims by Nov. 13
SAKMARSKAYA LLC: Asset Sale Slated for November 16

SIBERIA ROADS: Creditors Must File Claims by Nov. 13
SISTEMA JSFC: Moody's Lifts Corporate Family Rating to Ba3
VLADIVOSTOK CERAMICS: Creditors Must File Claims by Dec. 13
VOZDVIZHENSKIJ OJSC: Creditors Must File Claims by Nov. 13


S W E D E N

FLEXTRONICS INT'L: Earns US$121 Mln in Quarter Ended Sept. 28
TUPPERWARE BRANDS: Earns US$6.9 Mln in Quarter Ended Sept. 29


S W I T Z E R L A N D

CAFFE PER TUTTI: Claims Registration Period Ends October 29
CREOSOTA LLC: Creditors' Liquidation Claims Due November 1
DELTA DENT: Creditors' Liquidation Claims Due November 15
FUCHS PROCOM JSC: Zug Court Closes Bankruptcy Proceedings
GHELD LLC: Creditors' Liquidation Claims Due November 1

SALCO GRAIN: Zug Court Closes Bankruptcy Proceedings
VENTURA ON TIME: Claims Registration Period Ends October 31
VERSCHLEISS-TECHNIK: Creditors' Liquidation Claims Due Dec. 13
WOOD-SLIMP LLC: Creditors' Liquidation Claims Due November 2
ZIA TERESA LLC: Creditors' Liquidation Claims Due November 1


U K R A I N E

AVTOK OJSC: Proofs of Claim Deadline Set October 27
BLAGO LLC: Proofs of Claim Deadline Set October 27
CARSAN LLC: Proofs of Claim Deadline Set October 27
DIAMANT BANK: Fitch Assigns BB- Rating with Stable Outlook
EXPRESS CAR: Proofs of Claim Deadline Set October 27

HOUSING ECONOMY: Creditors Must File Claims by October 27
PRIAZOVSKY HOUSING: Proofs of Claim Deadline Set October 27
PRODSUPPLY ENERGY: Proofs of Claim Deadline Set October 27
SLAVIANSKOE LLC: Proofs of Claim Deadline Set October 27
SOUTH INDUSTRIAL: Proofs of Claim Deadline Set October 27

ZNAMIANKA SUGAR: Proofs of Claim Deadline Set October 27


U N I T E D   K I N G D O M

ACCESS DEVICES: Taps Liquidators from Smith & Williamson
ALLIANZ INSURANCE: UK High Court Sanctions Scheme of Arrangement
APM LTD: Joint Liquidators Take Over Operations
AZIMUTH NETWORKS: M. C. Bowker Leads Liquidation Procedure
BRITISH ENERGY: Reactor Closures Cue S&P's Watch on BB+ Ratings

CABLE & WIRELESS: Shortlisted to Bid for Honduras Mobile License
CARVALHO DESIGN: Calls In Liquidators from Vantis Redhead French
CONTINENTAL REINSURANCE: UK High Court Sanctions Scheme
ENESCO GROUP: Plan Confirmation Hearing Set for November 19
ENESCO GROUP: Unsecured Creditors to Get 27% Under Amended Plan

GREYFRIARS INSURANCE: UK High Court Sanctions Scheme
HEDDINGTON INSURANCE: UK High Court Sanctions Scheme
IDEAL SHEET: Appoints M. H. Abdulali as Liquidator
JS CHINN: Financial Woes Trigger Administrative Receivership
MANORPEACH LTD: Brings In Liquidators from Mazars

MELROSE RESOURCES: S&P Junks Proposed EUR250 Million Bond
MITSUI SUMITOMO: UK High Court Sanctions Scheme of Arrangement
NORWEST TECHNOLOGY: Names M. C. Bowker Liquidator
OCEAN MARINE: UK High Court Sanctions Scheme of Arrangement
OSLO REINSURANCE: UK High Court Sanctions Scheme of Arrangement

PHOENIX TRAINING: Taps Ian S. Carr to Liquidate Assets
REFCO INC: Shareholders Sue Mayer Brown Over Role in Collapse
ROMBAS LTD: Brings In Liquidators from Vantis Business Recovery
SEA INSURANCE: UK High Court Sanctions Scheme of Arrangement
SOVEREIGN INSURANCE: UK High Court Sanctions Scheme
SOVEREIGN MARINE: UK High Court Sanctions Scheme of Arrangement

TOKIO MARINE: UK High Court Sanctions Scheme of Arrangement
VICTORIA INTERNATIONAL: Hires Liquidators from Mazars
WAUSAU INSURANCE: UK High Court Sanctions Scheme of Arrangement
WHOLE FOODS: FTC Wants Expedited Review on Completed Merger Deal

* Begbies Traynor Names Bob Maxwell New Partner at Leeds Office

* BOOK REVIEW: Panic on Wall Street: A History of America's
               Financial Disasters


                            *********


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


B & S BAU: Ried im Innkreis Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Ried im Innkreis entered Sept. 27 an order
shutting down the business of LLC B & S Bau- Sanierungs (FN
212254p).

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

The estate administrator can be reached at:

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

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


BKW LLC: Wels Court Orders Business Shutdown
--------------------------------------------
The Land Court of Wels entered Sept. 24 an order shutting down
the business of LLC BKW (FN 273040f).

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

The estate administrator can be reached at:

         Dr. Johannes Hofmann
         Ringstrasse 38
         4600 Wels
         Austria
         Tel: 07242/65358
         Fax: 07242/65358-25
         E-mail: ra.hofmann@aon.at

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Sept. 12 (Bankr. Case No 20 S 117/07t).


MEZNER BAU: Claims Registration Period Ends Nov. 6
--------------------------------------------------
Creditors owed money by LLC MEZNER Bau Management Service (FN
286658g) have until Nov. 6 to file written proofs of claim to
court-appointed estate administrator Andrea Simma at:

         Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:25 a.m. on Nov. 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 21 (Bankr. Case No. 28 S 107/07z).


NIESS RAUMAUSSTATTUNG: Wels Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Wels entered Sept. 25 an order shutting down
the business of LLC Niess Raumausstattung (FN 244477a).

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

The estate administrator can be reached at:

         Mag. Martin Edelmann
         Stadtplatz 36
         4840 Voecklabruck
         Austria
         Tel: 07672/29360
         Fax: 07672/29360-13
         E-mail: anwaelte@vb-lex.at

Headquartered in Laakirchen, Austria, the Debtor declared
bankruptcy on Sept. 25 (Bankr. Case No 20 S 118/07i).


NIGHT-ST LLC: Steyr Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Steyr entered Sept. 26 an order shutting down
the business of LLC NIGHT-ST (FN 236419a).

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

The estate administrator can be reached at:

         Dr. Gerwald Schmidberger
         c/o Dr. Heinz Kassmannhuber
         Stelzhamerstrasse 11
         4400 Steyr
         Austria
         Tel: 07252/50300
         E-mail: office@sks-law.at

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on Sept. 11 (Bankr. Case No 14 S 34/07h).  Heinz Kassmannhuber
represents Dr. Schmidberger in the bankruptcy proceedings.


RITSCHI BITSCH: Feldkirch Court Orders Business Closure
-------------------------------------------------------
The Land Court of Feldkirch entered Sept. 21 an order closing
the business of KG Ritschi Bitsch Flatz (FN 237694a).

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

The estate administrator can be reached at:

         Dr. Anton Weber
         Rathausstrasse 35a
         6900 Bregenz
         Austria
         Tel: 05574/43681
         Fax: 05574/48312
         E-mail: anton.weber@aon.at

Headquartered in Bregenz, Austria, the Debtor declared
bankruptcy on Sept. 18 (Bankr. Case No 14 S 37/07i).


T.U.L. TRANSPORT: Claims Registration Period Ends Nov. 1
--------------------------------------------------------
Creditors owed money by LLC T.U.L. Transport und Handels GmbH &
Co KG (FN 274721b) (fka LLC Jahreswagen Stuttgart
Automobilvertriebs & Co KG) have until Nov. 1 to file written
proofs of claim to court-appointed estate administrator Georg
Schuchlenz  at:

         Dr. Georg Schuchlenz
         Waaggasse 18/3
         9020 Klagenfurt
         Austria
         Tel: 0463/51 65 30
         Fax: 0463/516530-73
         E-mail: office@dr-schuchlenz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 12 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Sept. 26 (Bankr. Case No. 41 S 94/07g).


TIMETRADING.AT LLC: Claims Registration Period Ends Nov. 2
----------------------------------------------------------
Creditors owed money by LLC timetrading.at (FN 241348z) have
until Nov. 2 to file written proofs of claim to court-appointed
estate administrator Stephan Medwed at:

         Dr. Stephan Medwed
         Sterneckstrasse 43
         9020 Klagenfurt
         Austria
         Tel: 0463/55 120
         Fax: 0463/55120-31
         E-mail: stephan.medwed@medwed.at

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

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Sept. 27 (Bankr. Case No. 41 S 99/07t).


===============
B U L G A R I A
===============


PROCREDIT BANK: Fitch Rates IDR at BB+ on Owner Support
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of ProCredit Bank
(Bulgaria) at Long-term foreign currency Issuer Default Rating
'BB+' with Stable Outlook; Short-term foreign currency IDR 'B';
Long-term local currency IDR 'BB+' with Stable Outlook; Short-
term local currency IDR 'B'; Individual 'D' and Support '3'.

PCB's Long-term IDR, Short-term IDR and Support rating reflect
potential support available from its 59%-owner, Frankfurt-based
ProCredit Holding AG (rated 'BBB-'/'F3'/Outlook Stable).  The
ratings also consider the centralized control and risk
management by PCH, and the bank's high degree of integration
within the ProCredit group.  The Individual rating reflects the
bank's small size, tight capitalization, and the credit and
operational risks associated with rapid growth.  The Individual
rating also reflects the bank's good asset quality to date and
adequate profitability.

Operating income is dominated by net interest revenue.  Margins
are wide thanks to a focus on the higher-yielding micro-finance
and SME sectors, a trend that should continue despite pressure
from competition.

Despite significant growth since inception, PCB has shown good
asset quality to date: at end-June 2007, loans overdue by 90
days were a very low 0.33% of total gross loans.

Since 2002, PCB's capitalization has been eroded due to rapid
loan growth.  PCH has demonstrated its willingness to support
the bank's capital adequacy by providing resources when needed
even though the bank is run with capital ratios that are just
above the minimum regulatory ones, which Fitch considers tight.
At end-June 2007, Fitch's eligible capital to risk-weighted
assets ratio was in the range of 12%.  PCB is planning to raise
EUR5.1 million of new capital in October 2007.  During 2007, it
has issued an additional EUR8.5 million of perpetual
subordinated debt.  Additional capital injections are planned
for 2008 and once a year until 2011.

PCB is the third-largest bank by total assets in a global
network of 22 banks set up to carry out micro- and SME lending
in emerging economies.  It was the 16th-largest bank in Bulgaria
by end-June 2007 assets.  PCH is expected to exercise the call
option to buy an additional 19.7% in PCB, currently owned by the
European Bank for Reconstruction and Development, in first
quarter of 2008, and also Internationale Projekt Consult GmbH's
1.45% stake during 2008, which would bring its stake in PCB to
80.29%.  Commerzbank owns the remaining 19.71% in the bank.


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


HOUGHTON INTERNATIONAL: Signs Merger Pact with AEA Affiliate
------------------------------------------------------------
Houghton International Inc. has entered into an agreement to
merge with a newly formed affiliate of AEA Investors LLC.  The
merger agreement is subject to shareholder approval and the
satisfaction of the various closing conditions, including
regulatory approvals, and is expected to close before the end of
the year.  As Houghton is privately held, the terms of the
transaction were not disclosed.

Houghton does not anticipate any immediate changes in its
facilities, employment or range of product and service
offerings, and all of the members of senior management are
expected to continue on with the company.  After the merger, the
business will continue to be conducted under the Houghton
International name.

"We are pleased to announce that our shareholders will be able
to realize significant value for their Houghton shares, while at
the same time, Houghton will be able to continue uninterrupted
in its long history of innovation in serving our customers
around the world," said William F. MacDonald Jr., president of
Houghton International.  "Through the proposed partnership with
AEA Investors LLC, we expect to enjoy greater access to capital,
which will enable us to provide our customers with customized
metalworking fluids and chemical management services."

"The entire team at AEA is excited to partner with the
management team of Houghton International to continue the growth
and expansion of this long-standing industry leader," said Brian
Hoesterey, a partner at AEA.  "We plan to support Houghton
through our experience in the chemical industry, global
footprint, operating resources and access to capital. We seek to
help management drive both organic and acquisition-based growth,
leveraging Houghton's strong positions in its key markets."

CIBC World Markets Corp. acted as exclusive financial advisor to
Houghton, and Morgan, Lewis & Bockius LLP acted as legal
counsel.  Fried, Frank, Harris, Shriver & Jacobson LLP acted as
legal counsel to AEA Investors LLC.

                          About AEA

AEA -- http://www.aeainvestors.com/-- is one of the most
experienced international private equity investment firms with
investors that include former and current CEOs of major
multinational corporations, family groups, endowment funds and
institutions from around the world.  With offices in New York,
London and Hong Kong, AEA invests in companies in four sectors:
value-added industrial products, specialty chemicals, consumer
products and services to those sectors.

                About Houghton International

Headquartered in Valley Forge, Pennsylvania, Houghton
International Inc. -- http://www.houghtonintl.com/--
manufactures oils and specialty chemicals for lubrication in
most of the big Midwestern industries: metalworking, automotive,
and steel.  Its products range from aluminum and steel rolling
lubricants to rust preventatives to fire-resistant hydraulic
fluids.  The FLUIDCARE division helps manufacturers reduce costs
through chemical management and recycling.  It maintains more
than 30 sales and manufacturing facilities in North and South
America, Europe, Africa, Australia, and Asia.  The company was
founded in 1865.  It has operations in Austria, China, Denmark,
Brazil, Chile, Singapore, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2007, Standard & Poor's Ratings Services placed its
ratings on Houghton International Inc. on CreditWatch with
negative implications.  The corporate credit rating on the
Valley Forge, Pennsylvania-based manufacturer and supplier of
industrial fluids and chemical management services is 'B+'.

Moody's Investors Service placed the ratings of Houghton
International Inc. under review for possible downgrade following
the announcement that it has entered into an agreement to merge
with a newly formed affiliate of AEA Investors LLC.  The review
for downgrade reflects the likelihood of greatly increased
leverage following this transaction, which is expected to close
in the fourth quarter of 2007 and is subject to shareholder
approval and satisfaction of various closing conditions,
including regulatory review.  The ratings under review are B2
Corporate family rating, B2 Probability of default rating, B2
rating od US$90 million Gtd Sr Sec Term Loan due 2011, and B2
rating of US$25 million Gtd Sr Sec Revolving Credit Facility due
2010.


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F I N L A N D
=============


ARROW ELECTRONICS: Earns US$98.3 Million in 2007 Third Quarter
--------------------------------------------------------------
Arrow Electronics Inc. reported third quarter 2007 net income of
US$98.3 million on net sales of US$4.03 billion, compared with
net income of US$85.9 million on sales of US$3.45 billion for
the same period in 2006.  Sales increased 17% year over year.

"We performed well in a market that was challenging.  Our level
of sales, as well as working capital to sales, remained near
record levels and we generated the highest level of cash flow
for a third quarter in six years and the highest return on
working capital for a third quarter in seven years, all while we
continued to invest in the long-term future of Arrow," said
William E. Mitchell, chairman, president and chief executive
officer of Arrow Electronics.

Global enterprise computing solutions sales of US$1.17 billion
increased 97 percent year over year and decreased 8 percent
sequentially in the seasonally soft third quarter.  Year-over-
year growth was aided by the impact of the acquisitions of
KeyLink Systems Group, Alternative Technology, Inc. and the
storage and security distribution business of InTechnology plc.
On a pro forma basis, sales increased 15% year over year.  "We
again outgrew the market with strong double-digit performance in
industry standard servers, storage, software, and services, as
well as modest growth in proprietary servers. While we achieved
strong top-line performance with revenue near the high end of
our guidance, our mix of products and investments in the
business to accelerate future growth had an unfavorable impact
on profitability this quarter.  We expect to continue to outgrow
the market and return to more normal levels of profitability in
the fourth quarter," said Mr. Mitchell.

Global components sales of US$2.86 billion increased 3 percent
compared with the second quarter and were flat year over year as
the well-publicized weakness within the large EMS customer base
continued.  "We again gained market share on a worldwide basis
and added to our industry leading position in the face of an
increasingly more competitive market in all regions this
quarter.  We were particularly pleased with our success in Asia
Pacific, where we generated record operating income dollars for
a third quarter as earnings increased 173 percent year over
year. We had good success with efficiency initiatives to drive
down our operating expenses worldwide going forward, and we will
continue to invest in strategic opportunities to build for the
future," Mr. Mitchell said.

"Based upon the information known to us today, we generally
expect normal seasonality in both of our businesses.  We believe
that total fourth quarter sales will be between US$4.15 and
US$4.45 billion, with global component sales between US$2.65 and
US$2.85 billion and global enterprise computing solutions sales
between US$1.50 and US$1.60 billion.  Earnings per share, on a
diluted basis, excluding any charges and including estimated
amortization of intangible assets of US$.02 to US$.03, are
expected to be in the range of US$.90 to US$.95, an increase of
25 percent to 32 percent from last year's fourth quarter," said
Paul J. Reilly, senior vice president and chief financial
officer.

                   About Arrow Electronics

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

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

                        *     *     *

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


HILTON HOTELS: Gets European Commission Antitrust Clearance
-----------------------------------------------------------
Hilton Hotels Corporation has received clearance from the
European Commission for its pending merger with BH Hotels LLC,
an entity controlled by investment funds affiliated with The
Blackstone Group L.P.

Approval by the European Commission was the final remaining
regulatory approval that is a condition to closing of the
merger.  The merger is expected to close on Oct. 24, 2007.
Hilton will announce the completion of the merger once it has
closed.  Consent solicitations. Requests for documentation may
be directed to Global Bondholder Services Corporation, the
Information Agent, which can be contacted at (212) 430-3774
(for banks and brokers only) or (866) 924-2200  (for all others
toll- free).

                About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.

                          *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
disclosure that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


HILTON HOTELS: Prices Cash Tender Offers for Five Notes
-------------------------------------------------------
Hilton Hotels Corporation has determined the total consideration
and tender offer consideration to be paid pursuant to its cash
tender offers and related consent solicitations for its:

   -- 7.625% Notes due 2008,
   -- 7.200% Notes due 2009,
   -- 8.250% Notes due 2011,
   -- 7.625% Notes due 2012, and
   -- 7.500% Notes due 2017.

The total consideration payable for Notes accepted for payment
that were validly tendered with consents and not validly
withdrawn at or prior to 5:00 p.m., New York City time, on
Sept. 25, 2007, will be an amount equal to the total
consideration per US$1,000 principal amount of Notes.  The
tender offer consideration payable per US$1,000 principal amount
of Notes accepted for payment that are validly tendered after
the Note Consent Payment Deadline but at or prior to 8:00 a.m.,
New York City time, on Oct. 24, 2007, will be an amount equal to
the total consideration minus the consent payment of US$30.00
per US$1,000 principal amount of Notes.  In each case, holders
whose Notes are accepted for payment in the tender offers will
receive accrued and unpaid interest for such Notes from the last
interest payment date to, but not including, the payment date
for Notes purchased in the tender offers.

The company disclosed information relating to the determination
of the applicable total consideration and tender offer
consideration per US$1,000 principal amount of Notes.

Pricing Information for Tender Offers for the Notes:

  a) CUSIP No.: 432848AU3
     Security: 7.625% Notes due 2008
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.599%
     Total Consideration: US$1,016.45
     Consent Payment: US$30
     Tender Offer Consideration: US$986.45

  b) CUSIP No.: 432848AR0
     Security: 7.200% Notes due 2009
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.306%
     Total Consideration: US$1,058.53
     Consent Payment: US$30
     Tender Offer Consideration: US$1,028.53

  c) CUSIP No.: 432848AT6
     Security: 8.250% Notes due 2011
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.342%
     Total Consideration: US$1,119.13
     Consent Payment: US$30
     Tender Offer Consideration: US$1,089.13

  d) CUSIP No.: 432848AX7
     Security: 7.625% Notes due 2012
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.489%
     Total Consideration: US$1,141.54
     Consent Payment: US$30
     Tender Offer Consideration: US$1,111.54

  e) CUSIP No.: 432848AS8
     Security: 7.500% Notes due 2017
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.948%
     Total Consideration: US$1,201.50
     Consent Payment: US$30
     Tender Offer Consideration: US$1,171.50

As previously announced, the total consideration per US$25.00
principal amount of Hilton's 8.000% Quarterly Interest Bonds due
2031 validly tendered and not validly withdrawn pursuant to
Hilton's tender offer and consent solicitation for the Bonds at
or prior to the 5:00 p.m., New York City time, on Oct. 16, 2007
is US$25.25.  The tender offer consideration payable for Bonds
accepted for payment that are validly tendered after the Bond
Consent Payment Deadline but at or prior to the Offer Expiration
Date, will be an amount equal to the Bonds Total Consideration
minus the consent payment of US$1.00 per US$25.00 principal
amount of Bonds.

Also as previously announced, the total consideration for
Hilton's 7.430% Chilean Inflation-Indexed (UF) Notes due 2009
(the CLP Notes and, together with the Notes and the Bonds, the
Securities) in Chilean pesos has been set at CLP65,560.95 per
CLP50,000 original principal amount of CLP Notes.  All of the
CLP Notes were validly tendered and not validly withdrawn prior
to 5:00 p.m., New York City time, on Oct. 1, 2007, and,
accordingly, all CLP Notes are eligible to receive the total
consideration.  Hilton expects to determine the total
consideration in U.S. dollars payable in respect of its CLP
Notes tendered pursuant to Hilton's tender offer and consent
solicitation for the CLP Notes on Oct. 22, 2007, unless such
determination date is extended by Hilton.

The tender offer for each issue of Securities will expire at
8:00 a.m., New York City time, on the Offer Expiration Date.  As
indicated in the Offer to Purchase, it is expected that the
Offer Expiration Date will be extended to coincide with the date
that the Merger becomes effective.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
Hilton's Offer to Purchase and Consent Solicitation Statement
dated Sept. 12, 2007 and the related Consent and Letter of
Transmittal, as amended.  The tender offers and consent
solicitations are being conducted in connection with the
previously announced merger agreement that provides for the
acquisition of Hilton by BH Hotels LLC, an entity controlled by
investment funds affiliated with The Blackstone Group L.P.  The
tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the Merger having
occurred, or such Merger occurring substantially concurrent with
the Offer Expiration Date.  However, the completion of the
tender offers and consent solicitations is not a condition to
completion of the Merger.  Further details about the terms and
conditions of the tender offers and the consent solicitations
are set forth in the Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR  (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210  (toll-free) ((203) 719-4210
(collect)), respectively.  Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  Requests
for documentation may be directed to Global Bondholder Services
Corporation, the Information Agent, which can be contacted at
(212) 430-3774  (for banks and brokers only) or (866) 924-2200
(for all others toll-free).

                About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.

                          *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
disclosure that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


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


ALLIANZ GLOBAL: UK High Court Sanctions Scheme of Arrangement
-------------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


DELPHI CORP: U.S. District Court to Hear ERISA Suit on Nov. 13
--------------------------------------------------------------
A fairness hearing on a US$47,000,000 settlement of a litigation
filed against Delphi Corp. over an alleged violation of the
Employees Retirement Income Security Act is set Nov. 13, 2007.

The Delphi ERISA Consolidated Complaint was filed in the United
States District Court for the Eastern District of Michigan on
behalf of Plaintiffs and a class of all persons who were
participants in or beneficiaries of the following Delphi-
sponsored, defined-contribution plans:

    (1) the Delphi Savings-Stock Purchase Program for Salaried
        Employees in the United States;

    (2) the Delphi Personal Savings Plan for Hourly-Rate
        Employees in the United States;

    (3) the ASEC Manufacturing Savings Plan; and

    (4) the Delphi Mechatronic Systems Savings-Stock Purchase
        Program from May 28, 1999, to Nov. 1, 2005, and whose
        accounts included investments in Delphi or General
        Motors (GM) common stock.

Plaintiffs allege that during the Class Period, the Defendants
breached their fiduciary duties to Plaintiffs and the Class
members by:

  * failing to prudently and loyally manage the Plans' assets;

  * failing to act in accordance with Plan documents and ERISA;

  * failing to monitor fiduciaries;

  * failing to disclose to and inform the other fiduciaries of
    the Plans of information which the other fiduciaries
    reasonably needed to know to fulfill their fiduciary duties
    to Plan participants and beneficiaries; and

  * breaching their obligations as co-fiduciaries.

The Defendants in the case are:

  -- the Delphi Corporation Board of Directors' Executive
     Committee and its members;

  -- the Investment Policy Committee and its members; and

  -- J.T. Battenberg III, Robert H. Brust, Alan S. Dawes, Susan
     A. McLaughlin, and John D. Opie (collectively, the Delphi
     Officer and Director Defendants),

  -- General Motors Investment Management Company (GMIMCo), and

  -- State Street Bank & Trust Company.

Not all claims are against every Defendant.

                     Settlement Update

On Aug. 31, 2007, Plaintiffs filed their motion for preliminary
approval of a Settlement between the Named ERISA Plaintiffs and
Defendants Delphi, ASEC Manufacturing, Delphi Mechatronic
Systems, the Delphi Corporation Board of Directors Executive
Committee and its members, the Investment Policy Committee and
its members, and the Delphi Director and Officer Defendants.

Claims asserted against State Street are not a part of the
Settlement.  Plaintiffs continue to litigate their claims
against State Street.

On Sept. 5, 2007, the Court issued an order granting preliminary
approval of the Settlement. At the Fairness Hearing, to be held
on Nov. 13, 2007 at 9:30 a.m., the Court will decide, among
other things:

  -- whether to approve the Settlement;

  -- whether to dismiss with prejudice the litigation against
     Settling Defendants pursuant to the terms of the
     Settlement Stipulations;

  -- whether the Notice and the Publication Notice and the
     means of disseminating same were satisfactory and complied
     with applicable law;

  -- whether to bar all Barred Claims against the Releasee
     Parties by any Barred Person;

  -- whether to establish a reserve of 25% of the Gross
     Settlement Fund for a potential award of attorneys' fees
     and expenses; and

  -- whether to grant each Named Plaintiff a case
     contribution award of up to US$5,000 payable from the
     Gross Settlement Fund.

As part of the Settlement, the Settling Defendants agree to pay
US$47,000,000, consisting of Approximately US$22,500,000 in cash
to be paid from available insurance policies, and an "allowed
interest" in the Delphi Corporation Chapter 11 case that counsel
expect to be valued at US$24,500,000.

After payment of and establishment of reserves for any taxes and
Court-approved costs, attorneys' fees, and expenses, including
any Court-approved compensation to be paid to the Named
Plaintiffs, the Settlement proceeds will be paid to the Plans
and, after payment of implementation expenses, the remaining
amount will be allocated to the Plan accounts of members of the
Settlement Class according to a Plan of Allocation to be
approved by the Court.  If necessary, a Plan account will be
created for those members of the Settlement Class who no longer
have Plan accounts.

Any payments to the Plans are subject to certain conditions and
limitations set forth in the Settlement Stipulation.  Until the
Delphi ERISA Action has been concluded and fully and finally
resolved with respect to all Barred Persons, there will be no
distribution from the Net Settlement Fund that would cause the
balance remaining in the Net Settlement Fund to be less than the
aggregate of Named Plaintiffs' claims for potential damages with
respect to all claims against Barred Persons that have not been
concluded and fully and finally resolved.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.


EUROTUNNEL GROUP: Reduces Rail-Freight Pricing for 2008
-------------------------------------------------------
Eurotunnel Group (aka Groupe Eurotunnel SA) has introduced a new
rail-freight pricing structure for 2008, with a reduction
compared to the pricing in 2007, an including measures to ensure
cross-Channel open access for all rail operators.

The new conditions aim to implement open real and efficient
access to infrastructure in line with European directives.

Eurotunnel's initiative aims to re-launch rail-freight through
the Channel Tunnel by encouraging the transfer of freight
transport to rail, in line with the environmental protection
objectives put in place by the governments on either side of the
Channel.

Eurotunnel met with all of the cross-Channel rail-freight
partners to study the conditions for the survival and
development of this activity in an open access environment.  The
efforts made by all partners, strengthened by the establishment
of a support mechanism by the British government, enable
Eurotunnel to launch a comprehensive, competitive strategy.

                      New Pricing Structure

The new railway pricing structure announced by Eurotunnel,
applicable from today is intended to re-launch cross-Channel
rail-freight, according to European directives, within an Open
Access framework.

   -- average toll of GBP3,000/EUR4,500 per train, representing
      a reduction of 50% compared to the 2007 average price
      (GBP5,300/EUR8,000);

   -- simplified pricing structure allowing operators to
      optimize their trainloads, replacing an obsolete pricing
      structure;

   -- guarantee to all operators of an equitable and efficient
      open access to cross-Channel freight facilities thanks to
      a capping on essential services costs of GBP400/EUR600;
      and

   -- total cost competitive compared to road transport to
      encourage rail freight development and modal transfer to
      rail, which is less polluting.

For Eurotunnel, this development represents an opportunity to
tap into new markets with considerable potential.  These new
conditions should lead to a reversal of the downward trend in
cross-Channel rail-freight followed by a rapid return to 1997
levels, with a development target of 6 million tons thereafter.

It will also lead to an increase in freight on the British and
French national rail networks, which will equally improve their
revenues.

This new freight strategy, which relates to long distance
international traffic, is an opportunity for modal switch for
more than 4 billion tonne.kilometres of freight per year in
France alone, the equivalent of an 8% growth in rail-freight,
representing over a quarter of the French government's
objective.

"This voluntary and pragmatic strategy, which is backed by our
existing railway partners and by the British government, shows
that Eurotunnel is strongly committed to the re-launch of cross-
Channel rail-freight," Jacques Gounon, chairman and CEO of
Groupe Eurotunnel disclosed.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group (aka Groupe Eurotunnel S.A.) --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle
trains, which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel S.A. (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                    Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.

For the first half ended June 30, 2007, Group Eurotunnel posted
net loss of EUR32 million compared with a net loss of EUR105
million for the same period in 2006.

Since the completion at the end of June 2007 of the exchange
tender offer launched by Groupe Eurotunnel SA, TNU SA and TNU
PLC (fka Eurotunnel S.A. and Eurotunnel Plc) and their
subsidiaries TNU became a subsidiary of Groupe Eurotunnel SA.


HARMAN INT'L: Equity Firms Drop Merger; Inks New Buyback Deal
-------------------------------------------------------------
Harman International Industries, Incorporated, entered into an
agreement with affiliates of Kohlberg Kravis Roberts & Co. L.P.
and GS Capital Partners relating to the parties' Merger
Agreement, entered in May 2007.  Terms of the new agreement
include:

   a) KKR and GSCP will purchase US$400 million of 1.25% senior
      notes convertible under certain circumstances into Harman
      common stock, convertible at a price of $104 per share.
      KKR and GSCP have agreed to not sell or hedge their
      position for at least one year.

   b) The parties have agreed to terminate their Merger
      Agreement dated April 26, 2007 without litigation or
      payment of a termination fee.

As reported in the Troubled Company Reporter on Sept. 25, 2007,
Harman was informed that KKR and GSCP no longer intended to
complete their acquisition of Harman by a company formed by
investment funds affiliated with or sponsored by KKR and GSCP.

KKR and GSCP have informed Harman that they believe that a
material adverse change in Harman's business has occurred, that
Harman has breached the merger agreement and that they are not
obligated to complete the merger.

Harman disagreed that a material adverse change has occurred or
that it has breached the merger agreement.

The company also disclosed that Brian F. Carroll, Member of KKR,
will join Harman's Board of Directors.  The company will use the
proceeds from the KKR/GSCP investment to repurchase Harman
common stock through an accelerated share repurchase program.

"We are pleased to have reached an understanding with KKR and
GSCP. Although we do not agree with the reasons for cancellation
of the original merger agreement, we view this US$400 million
investment as a vote of confidence in our business and its
prospects for continued growth," Dr. Sidney Harman, Executive
Chairman of Harman, said.  "Our company benefits from excellent
customer relationships built on world-class products, brands and
technology, and we are well positioned to capitalize on market
opportunities in the automotive, consumer and professional
sectors."

"The significant stock repurchase we announced underscores our
Board's confidence in Harman's financial outlook," Dinesh
Paliwal, Harman Chief Executive Officer, added.  "This
settlement enables us to move forward in a decisive manner to
implement our initiatives to ensure the long-term growth of the
Company and avoid the time, cost and distraction of litigation.
We welcome Brian Carroll and expect that he will make an active
contribution to our business through his service on the Board."

"Harman is a leader in audio and infotainment systems, and
enjoys strong leadership in Chairman Sidney Harman and CEO
Dinesh Paliwal," Henry R. Kravis, Co-Founding Member of KKR,
said.  "The merger unfortunately could not be completed, but we
are pleased to make this investment in the company.  We believe
this investment and our representation on the Board is an
outstanding way to support Harman and its management team in the
future."

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.


HARMAN INTERNATIONAL: Terminated Deal Cues S&P's Positive Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications for the 'BB-' corporate credit rating on Harman
International Industries Inc., a Washington, D.C.-based audio
equipment manufacturer, to positive from developing.

The revision reflects published reports that the merger
agreement with KKR and GS Capital Partners, the private equity
buyers that agreed to acquire Harman in April 2007, has been
terminated without litigation or payment of a termination fee.
Accordingly, S&P no longer expect to lower the rating on Harman.

"The CreditWatch positive listing means that we could raise the
ratings on Harman because the company's balance sheet will
likely be less leveraged than it would have been if the merger
transaction had proceeded as originally planned," said Standard
& Poor's credit analyst Nancy Messer.

Standard & Poor's expects to resolve the CreditWatch listing
after meeting with management and reviewing the company's
business and financial prospects in light of the termination of
the merger agreement.

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.


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


AIJAH AUTOMOTIVE: Claims Registration Period Ends Nov. 15
---------------------------------------------------------
Creditors of AIJAH automotive GmbH have until Nov. 15 to
register their claims with court-appointed insolvency manager
Arno Wolf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg
         Hall 235
         Homburger Road 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:

         Arno Wolf
         Minnholzweg 2 b
         61476 Kronberg im Taunus
         Germany
         Tel: (06173) 78 34 - 0
         Fax: (06173) 78 34 - 22
         E-Mail: wolf@ra-amend.de

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

The Debtor can be reached at:

         AIJAH automotive GmbH
         Dieselstrasse 18
         61231 Bad Nauheim
         Germany

         Attn: Markus Noeske, Manager
         Steinfurther Strasse 35
         61231 Bad Nauheim
         Germany


BAUGESCHAFT HENNING: Creditors Must File Claims by Nov. 19
----------------------------------------------------------
Creditors of Baugeschaft Henning GmbH have until Nov. 19 to
register their claims with court-appointed insolvency manager
Dr. Wilhelm Wessel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall B
         First Stick
         Jungfernstieg 3
         23701 Eutin
         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. Wilhelm Wessel
         Roeckstrasse 1
         23568 Luebeck
         Germany

The District Court of Eutin opened bankruptcy proceedings
against Baugeschaft Henning GmbH on Oct. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Baugeschaft Henning GmbH
         Attn: Henning Scheffler, Manager
         Sierksdorfer Strasse 12
         23730 Neustadt in Holstein
         Germany


BAUTECH FLIESEN: Claims Registration Ends Nov. 23
-------------------------------------------------
Creditors of Bautech Fliesen GmbH have until Nov. 23 to register
their claims with court-appointed insolvency manager Rudolf
Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Rudolf Rossmann
         Weisskopfstr. 13
         c/o Kanzlei Gabrielli Kaufer u. Koll.
         86343 Königsbrunn
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Bautech Fliesen GmbH on Oct. 5.  Connsequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bautech Fliesen GmbH
         Deutschenbaurstr. 37b
         86157 Augsburg
         Germany


CHRYSLER LLC: 55% UAW Workers Voted to Accept Tentative Pact
------------------------------------------------------------
Results from four major Chrysler LLC plants in Michigan came in
in favor of a tentative labor contract between the carmaker and
the United Auto Workers union, tilting the ratification scale
towards the approval of the pact, Josee Valcourt and Neal E.
Boudette of the Wall Street Journal report citing people
familiar with the matter.  Except for a union local in
Beldivere, Illinois, about 55% of the total vote count from 26
of 27 union locals has accepted the tentative agreement.

As reported in yesterday's Troubled Company Reporter, 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.

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.


CLASSIC-EVENTS GMBH: Claims Registration Period Ends Nov. 13
------------------------------------------------------------
Creditors of "de Winter" Classic-Events GmbH have until Nov. 13
to register their claims with court-appointed insolvency manager
Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 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:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against "de Winter" Classic-Events GmbH on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         "de Winter" Classic-Events GmbH
         Am Sandtorkai 56
         20457 Hamburg
         Germany

         Attn: Michael Klussmann, Manager
         Holstenglacis 3/5
         20355 Hamburg
         Germany


DACHDECKEREI JESSEN: Claims Registration Ends Nov. 26
-----------------------------------------------------
Creditors of Dachdeckerei Jessen & Rohmann GmbH have until
Nov. 26 to register their claims with court-appointed insolvency
manager Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Dec. 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Dachdeckerei Jessen & Rohmann GmbH on Oct. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dachdeckerei Jessen & Rohmann GmbH
         Attn: Bernhard Jessen und Ralph Rohmann
         Ausackerbrueck 9
         24986 Satrup
         Germany


DIPLOM-INGENIEUR JUERGEN: Claims Registration Period Ends Nov. 9
----------------------------------------------------------------
Creditors of Diplom-Ingenieur Juergen Klemmer Bauunternehmung
GmbH have until Nov. 9 to register their claims with court-
appointed insolvency manager Klaus W. Gerling.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Dec. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         Second Floor
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Klaus W. Gerling
         MediaPark 6 B
         50670 Cologne
         Germany

The District Court of Bonn opened bankruptcy proceedings against
Diplom-Ingenieur Juergen Klemmer Bauunternehmung GmbH on Oct. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Diplom-Ingenieur Juergen Klemmer Bauunternehmung GmbH
         Attn: Juergen Klemmer, Manager
         Tranke 9
         53773 Hennef
         Germany


EUROGRUND IMMOBILIEN: Claims Registration Period Ends Nov. 16
-------------------------------------------------------------
Creditors of EUROGRUND Immobilien-Management GmbH have until
Nov. 16 to register their claims with court-appointed insolvency
manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 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:

         Dirk Decker
         Speersort 4 - 6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against EUROGRUND Immobilien-Management GmbH on Oct. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EUROGRUND Immobilien-Management GmbH
         Attn: Thomas Leptien, Manager
         Wendenstrasse 433
         20537 Hamburg
         Germany


GOHLIS-SANIERUNGS: Claims Registration Period Ends Nov. 12
----------------------------------------------------------
Creditors of Gohlis-Sanierungs-GmbH have until Nov. 12 to
register their claims with court-appointed insolvency manager
Axel Roth.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         First Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig
         Germany
         Tel: 0341/1493105
         Fax: 0341/1493111

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

The Debtor can be reached at:

         Gohlis-Sanierungs-GmbH
         Attn: Andreas Kunz, Manager
         Flemmingstrasse 9a
         04177 Leipzig
         Germany


HOFFMANN BETEILIGUNGEN: Claims Registration Period Ends Nov. 16
---------------------------------------------------------------
Creditors of Hoffmann Beteiligungen GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

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

The Debtor can be reached at:

         Hoffmann Beteiligungen GmbH
         Behnsenstr. 2
         30449 Hannover
         Germany

         Atnn: Manfred Hoffmann, Manager
         Ringstrasse 40
         32427 Minden
         Germany


INDUSTRIEMASCHINEN DUEVEL: Creditors Must File Claims by Nov. 19
----------------------------------------------------------------
Creditors of Industriemaschinen Duevel GmbH & Co. KG have until
Nov. 19 to register their claims with court-appointed insolvency
manager Rolf-Dieter Moenning.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on Dec. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Rolf-Dieter Moenning
         Juelicher Strasse 116
         52070 Aachen
         Tel: 0241/94618-0
         Fax: 0241/533562
         Germany

The District Court of Aachen opened bankruptcy proceedings
against Industriemaschinen Duevel GmbH & Co. KG on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Industriemaschinen Duevel GmbH & Co. KG
         Eisenbahnweg 30
         52068 Aachen
         Germany


KARL-HEINZ JUSTEN: Creditors Must File Claims by November 19
------------------------------------------------------------
Creditors of Karl-Heinz Justen GmbH have until Nov. 19 to
register their claims with court-appointed insolvency manager
Ralf Bornemann.

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

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

The insolvency manager can be reached at:

         Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany

The District Court of Mayen opened bankruptcy proceedings
against Karl-Heinz Justen GmbH on Oct. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Karl-Heinz Justen GmbH
         Keutelstr. 21a
         56729 Ettringen
         Germany


SARECO-KOMPOSTIERUNG: Creditors Must File Claims by November 19
---------------------------------------------------------------
Creditors of SARECO-Kompostierung GmbH have until Nov. 19 to
register their claims with court-appointed insolvency manager
Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 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:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against SARECO-Kompostierung GmbH on Oct. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SARECO-Kompostierung GmbH
         Georgsweder Damm 6
         20539 Hamburg
         Germany


SONNENSTUDIO WAHLSTEDT: Claims Registration Ends Nov. 26
--------------------------------------------------------
Creditors of Sonnenstudio Wahlstedt GmbH have until Nov. 26 to
register their claims with court-appointed insolvency manager
Dr. Carsten Krage.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Carsten Krage
         Wall 55
         24103 Kiel
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Sonnenstudio Wahlstedt GmbH on Oct. 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Sonnenstudio Wahlstedt GmbH
         Hofkoppel 24
         23812 Wahlstedt
         Germany


TCI COMPRESSORS: Claims Registration Period Ends Nov. 9
-------------------------------------------------------
Creditors of TCI Compressors & Expanders GmbH have until Nov. 9
to register their claims with court-appointed insolvency manager
Christian Heintze.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Dec. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Christian Heintze

The District Court of Chemnitz opened bankruptcy proceedings
against TCI Compressors & Expanders GmbH on Oct. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TCI Compressors & Expanders GmbH
         Attn: Kirsten Guenter, Manager
         Melanchtonstr. 1
         08451 Crimmitschau
         Germany


TRULBER STANZ-UND: Creditors' Meeting Slated for Nov. 6
-------------------------------------------------------
The court-appointed insolvency manager for Trulber Stanz-und
Spezialmaschinenbau GmbH, Stefan Roth will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:00 a.m. on Nov. 6.

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

         The District Court of Pirmasens
         Hall 235
         Second Floor
         Pirmasens
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 3:00 p.m. on Dec. 4 at the same venue.

Creditors have until Nov. 27 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Stefan Roth
         Bachstrasse 5-7
         68165 Mannheim
         Germany
         Tel: 0621/44004-41
         Fax: 0621/448 399

The District Court of Pirmasens opened bankruptcy proceedings
against Trulber Stanz-und Spezialmaschinenbau GmbH on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Trulber Stanz-und Spezialmaschinenbau GmbH
         Trulber Muehle 2
         66957 Trulben
         Germany


WILHELM PREUSS: Claims Registration Period Ends Nov. 19
-------------------------------------------------------
Creditors of Wilhelm Preuss GmbH & Co. KG have until Nov. 19 to
register their claims with court-appointed insolvency manager
Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 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 Duisburg
         Hall C315
         Third 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:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Wilhelm Preuss GmbH & Co. KG on Oct. 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wilhelm Preuss GmbH & Co. KG
         Gerhart-Hauptmann-Str. 84
         47058 Duisburg
         Germany

         Attn: Hans-Peter Preuss, Manager
         Falkenweg 11
         45478 Muelheim an der Ruhr
         Germany


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


WIND HELLAS: PPC Purchase Deal Cues S&P's Negative Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from
stable its outlook on Greek mobile telecommunications operator
WIND Hellas Telecommunications S.A. (fka Tim Hellas
Telecommunications S.A.) and related entities.  At the same
time, the 'B' long-term corporate credit rating and all long-
term debt ratings were affirmed.

The outlook revision follows the company's announcement that it
has agreed to buy Greek utility Public Power Corp. S.A.'s
(BBB+/Stable/--) 50% minus one share stake in Tellas S.A., the
alternative Greek fixed-line and broadband operator, for
EUR175 million in cash.

The recovery rating of '3' on Hellas V's EUR1.125 billion senior
secured notes, indicating our expectation of meaningful (50%-
70%) recovery in the event of a payment default, is unchanged.

"Importantly, the transaction will negatively impact liquidity;
specifically existing cash balances, available committed
funding, and free cash flow generation," said Standard & Poor's
credit analyst Melvyn Cooke.

WIND Hellas will use a part of its current balance sheet cash
and is increasing its currently fully available EUR150 million
revolving facility to EUR250 million in order to fund the
acquisition.

The negative outlook reflects weaker-than-expected liquidity
resulting from the transaction.  It also reflects Standard &
Poor's view that significant deleveraging remains unlikely in
the face of an aggressive financial policy.  The long-term
bullet debt maturities and increased debt make the capital
structure particularly vulnerable to significant operating
underperformance in the medium term.

The outlook also anticipates that the group will defend its
current market position and at least maintain its market share,
and that Tellas' future potential funding needs will remain
manageable within the group's liquidity post-transaction.
S&P expects Tim Hellas to achieve pro forma lease-adjusted net
debt (including PIK notes) to EBITDA of slightly more than 7.5x
by year-end 2007.

A downgrade could arise if liquidity deteriorates further
following the Tellas acquisition or if the company fails to
deliver sufficient revenue growth to support the group's capital
structure.

"On the other hand, the outlook could revert to stable if WIND
Hellas' operating performance remains solid and if Tellas'
operating performance materially improves from current levels,
strengthening liquidity to levels more commensurate with the
current ratings," added Mr. Cooke.


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


PARMALAT SPA: Hancock Sues BofA over Fraud Role
-----------------------------------------------
The U.S. District Court for the Southern District of New York
has issued a protective order limiting the examination of two
witnesses pursuant to Rule 30(b)(6) of the Federal Rules of
Civil Procedure, such that only the counsel in the Hancock
Action may question them.

Rule 30(b)(6) provides the deposition of a public or private
corporation, partnership, association or governmental agency, or
any officer, director, or other persons who consent to testify
on its behalf.

District Judge Lewis Kaplan has overruled Hartford Life
Insurance Company's objection that Bank of America Corporation,
Bank of America, N.A., and Banc of America Securities LLC, did
not offer any authority for its position, nor did it cite
procedural standards or any case law, but rather appeals to
"fairness."

Hartford had contended that the Multi-District Litigation
parties should be included in the deposition of BofA's witness,
especially when the deposition is about a document BofA had
previously shielded from examination, and scheduled to occur in
the MDL in any event.

Dr. Enrico Bondi, Extraordinary Administrator of the Parmalat
companies, also opposed BofA's request, asserting that he should
be allowed to use the testimony of the Rule 30(b)(6) witnesses
in his case.  Dr. Bondi said that preventing him from using the
testimony of those witnesses defeats the discovery purposes of
the multi-district panel's decision to consolidate the cases.

BofA insisted that Hartford and Dr. Bondi should not be allowed
to question the witnesses about a document they did not choose
to use or challenge, since more than six days has passed after
the close of fact discovery.

During the hearing, Judge Kaplan said, "I see no sufficient
reason why they now should be given another bite at the apple,"
and maintained that all of the parties had been given ample
opportunity to examine BofA.

Judge Kaplan, however, said that he sees no reason why litigants
in the MDL proceedings should be foreclosed from using BofA's
testimony in other cases.

                 BofA Seeks Barclays Documents

BofA asks the District Court to compel the compliance of
Barclays Bank, PLC and Barclays Bank Capital, Inc., with the
discovery requests, pursuant to Rule 45 of the Federal Rules of
Civil Procedure.

According to BofA, Barclays possesses potentially relevant
information, but has refused to produce it despite being served
with subpoenas.  In addition, counsel in the Hancock Action had
allegedly traveled to New York, to convene a Rule 30(b)(6)
deposition, at which Barclays failed to appear.

BofA asserts that Barclays should not be allowed to ignore its
discovery obligations.  BofA wants Barclays to provide a Rule
30(b)(6) witness for the fact discovery, and to tax Barclays
with the costs of the court reporting and the travel expenses
incurred by BofA's counsel.

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


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


EKSAM LLP: Creditors Must File Claims Dec. 1
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Eksam insolvent.

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

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


JOL-BARS LLP: Claims Filing Period Ends Dec. 1
----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Jol-Bars (RNN 090500023950).

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


MIHAILOVSKY MELZAVOD: Creditors' Claims Due on Dec. 1
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Mihailovsky Melzavod insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Bekturov Str. 115-57
         Pavlodar
         Kazakhstan


REK XXI LLP: Claims Registration Ends Dec. 1
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Rek XXI insolvent.

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

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


SANTI-M LLP: Creditors Must File Claims Dec. 1
----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Santi-M (RNN 090500033474).

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


TAIMAS PROMOTION: Claims Filing Period Ends Nov. 28
---------------------------------------------------
LLP Taimas Promotion has declared insolvency.  Creditors have
until Nov. 28 to submit written proofs of claims to:

         LLP Taimas Promotion
         Baizakov Str. 90
         Almalinsky
         Almaty
         Kazakhstan


URBAN INSHAAT: Creditors' Claims Due on Dec. 1
----------------------------------------------
Branch of JSC Urban Inshaat Sanayi Ve Tidjaret Anonim Shirketi
in Almaty has declared insolvency.  Creditors have until Dec. 1
to submit written proofs of claims to:

         Branch of JSC Urban Inshaat Sanayi
         Ve Tidjaret Anonim Shirketi
         Kazybek bi Str. 20a
         Almaty
         Kazakhstan


VOKZAL-SERVICE JSC: Claims Registration Ends Nov. 28
----------------------------------------------------
Western Regional Branch of JSC Vokzal-Service has declared
insolvency.  Creditors have until Nov. 28 to submit written
proofs of claims to:

         Western Regional Branch of
         JSC Vokzal-Service
         Room 528
         Moldagulov ave. 49, JDU
         Aktobe
         Aktube
         Kazakhstan


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


HIMHLORTECH LLC: Proof of Claim Deadline Slated for November 23
---------------------------------------------------------------
Kyrgyz-Russian Joint LLC Himhlortech has declared insolvency.
Creditors have until Nov. 23 to submit written proofs of claim
to:

         Kyrgyz-Russian Joint LLC Himhlortech
         Promzona-1
         Tashkumyr
         Osh
         Kyrgyzstan
         Tel: (+996 312) 56-92-66


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


AXIUS EUROPEAN: Moody's Rates EUR15 Million Class E Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to six
classes of Notes to be issued by Axius European CLO S.A., a
special purpose company incorporated in Luxembourg.  The ratings
are:

   -- Aaa to the EUR250,000,000 Class A Senior Secured Floating
      Rate Notes due 2023;

   -- Aa2 to the EUR10,000,000 Class B1 Senior Secured
      Deferrable Floating Rate Notes due 2023;

   -- Aa2 to the EUR9,000,000 Class B2 Senior Secured Deferrable
      Fixed Rate Notes due 2023;

   -- A2 to the EUR16,500,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2023;

   -- Baa3 to the EUR 16,000,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2023; and

   -- Ba3 to the EUR15,000,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2023.

The EUR33,500,000 Subordinated Notes due 2023 are not rated by
Moody's.

The ratings assigned by Moody's to the various Classes of Senior
Secured Notes address the expected loss posed to investors by
the legal final maturity in 2023.  It is not an opinion about
the ability of the Issuer to pay interest.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.

These definitive ratings are based upon:

   1. an assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. the protection against losses through the subordination of
      the more junior classes of Notes to the more senior
      classes of Notes;

   3. the overcollateralization of the Notes;

   4. the expertise of Invesco Senior Secured Management, Inc.
      as portfolio manager; and

   5. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of EUR338.8 million, comprised
primarily of European senior secured loans.  Second lien loans,
mezzanine loans and senior unsecured loans might also be
included in the portfolio up to a limit of 15% of the collateral
balance.

This portfolio will be partially acquired on the closing date
and partially during the 12 month ramp-up period.  At the end of
the ramp-up period, the portfolio will have to be in compliance
with several portfolio guidelines (which include, among other
tests, a target par amount constraint, a diversity score test, a
weighted average rating factor test and a weighted average
spread test).  Thereafter, the portfolio of loans will be
actively managed and Invesco will have the option to buy or sell
assets in the portfolio.  Any addition or removal of assets will
be subject to the reinvestment criteria that includes, amongst
other, the portfolio guidelines described there above.


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


BAUSCH & LOMB: Faces 573 Product Liability Suits
------------------------------------------------
Bausch and Lomb Inc. disclosed that its has been named as a
defendant in approximately 573 product liability lawsuits
pending in various U.S. federal and state courts as well as
certain other non-U.S. jurisdictions.  These include 550
individual actions filed on behalf of individuals who claim they
suffered personal injury as a result of using a ReNu solution,
and a federally filed consolidated class action.

On Aug. 14, 2006, the Judicial Panel on Multidistrict Litigation
created a coordinated proceeding and transferred an initial set
of MoistureLoc product liability lawsuits to the Federal
District Court for the District of South Carolina.

On Jan. 2, 2007, the New York State Litigation Coordinating
Panel ordered the consolidation of cases filed in New York
State, and assigned the coordination responsibilities to the
Supreme Court of the State of New York, New York County before
the Honorable Helen Freedman of the Commercial Division of the
New York County Supreme Court.

On Oct. 11, 2007, the U.S. District Court for the District of
South Carolina granted B&L's motion to dismiss the consolidated
class action.

As of Oct. 16, 2007, 209 of the 225 cases filed in federal
courts have been transferred to the JPML.  Also, 308 of the 344
cases filed in state courts have been filed in the New York
Consolidated Proceeding.

These cases and claims involve complex legal and factual
questions relating to causation, scientific evidence, actual
damages and other matters.  Litigation of this type is also
inherently unpredictable, particularly given that these matters
are at an early stage, there are many claimants and many of the
claimants seek unspecified damages.  Accordingly, it is not
possible at this time to predict the outcome of these matters or
to reasonably estimate a range of possible loss.

While the company intends to vigorously defend these matters, it
could in future periods incur judgments or enter into
settlements that individually or in the aggregate could have a
material adverse effect on its results of operations and
financial condition in any such period.

                     About Bausch & Lomb

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

                         *     *     *

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


COPERNICUS EURO I: Fitch Rates Class D Notes at B
-------------------------------------------------
Fitch Ratings has upgraded Copernicus Euro CDO I B.V.'s Class B
notes and affirmed Classes A, C and D, following a satisfactory
performance review:

   -- Class A notes (ISIN XS0131033994): affirmed at 'AAA'

   -- Class B-1 notes (ISIN XS0131035007): upgraded to 'AAA'
      from 'A-'

   -- Class B-2 notes (ISIN XS0131115536): upgraded to 'AAA'
      from 'A-'

   -- Class C-1 notes (ISIN XS0131036310): affirmed at 'BBB'

   -- Class C-2 notes (ISIN XS0131113838): affirmed at 'BBB'

   -- Class D notes (ISIN XS0131037045): affirmed at 'B', 'DR1'

The upgrade of the Class B notes reflects the increase in the
credit enhancement available to the senior notes as a result of
the transaction's ongoing deleveraging.  Following the end of
the reinvestment period (Aug. 11, 2006), the Class A notes have
paid down substantially, to 30% of their original balance, as at
Sept. 10, 2007.

No assets are now rated 'CCC+' or below, which has improved from
6.12% in October 2006.  The average portfolio credit quality,
represented by the Weighted Average Fitch Factor, has improved
to 52 from 53 in October 2006, both equivalent to a 'B' rating.
All portfolio coverage tests are currently in compliance.


FIRST DATA: Extends Long-Term Contract with National City Bank
--------------------------------------------------------------
First Data Corp. has further extended its long-term contract
with National City Bank for its debit and credit card
portfolios, which are currently processed by First Data.  First
Data will continue to provide comprehensive processing services
for 5.6 million signature debit card accounts and 3.8 million
credit card accounts.  Terms of the contract were not disclosed.

"We're very pleased to extend our relationship with this very
valuable client," said Susan Henricks, president of First Data's
financial institution business.  "I think we've demonstrated
over the years that we're committed to investing in the product
and service innovations that help financial institutions like
National City grow and protect their customer relationships."

National City is also a member of First Data's STAR(R) Network,
a coast-to-coast electronic payments network specializing in
secure, real-time purchase and ATM transactions.  First Data's
relationship with National City extends back to 1996.

                         About First Data

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2007, Fitch Ratings has assigned a 'B-' rating to First
Data Corp.'s proposed US$2 billion senior unsecured notes due
2015 offering.

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's Investors Service has assigned these
ratings:

   -- Corporate Family Rating - B2

   -- US$2 billion senior secured revolving credit facility
      (expires 2013) - Ba3, LGD2 (27%)

   -- US$13 billion senior secured Term Loan B (due 2014) - Ba3,
      LGD2 (27%).


FIRST DATA: Subsidiary Reaches Agreement with Meijer
----------------------------------------------------
First Data Corp.'s subsidiary, TeleCheck Services, Inc., a
leading check acceptance company has reached an agreement to
offer TeleCheck Electronic Check Acceptance(R)(ECA(R)) Warranty
service at Meijer Supercenters in Michigan, Illinois, Indiana,
Kentucky and Ohio.

This agreement facilitates the rollout of ECA chain-wide, and
allows Meijer to cost-effectively authorize and process check
transactions electronically at the point of sale. Meijer
customers will benefit from increased security and convenience
as they present checks for payment.

"It's an honor to significantly expand our relationship with
Meijer. Meijer has built an outstanding reputation throughout
the Midwest as a value-driven, customer-oriented merchant, and
the imageless ECA solution they have chosen to deploy requires
little training for cashiers and is simple for their customers
to use," said TeleCheck president Brian Mooney.  "Meijer's
decision to implement Electronic Check Acceptance allows the
company to more effectively meet the needs of its customers who
choose to pay by check and will significantly reduce the
company's risk for check fraud."

Expanding consumer choice and convenience at the point of sale
was a key factor for Meijer in adding the ECA service.  "Checks
continue to be a preferred form of payment for many of our
customers," said Janet Emerson, executive vice president of
operations for Meijer.  "Our relationship with TeleCheck will
allow us to provide an efficient and cost-effective way to
process checks, while still providing Meijer customers with the
high level of service they expect."

With a guarantee volume of US$25 billion and total electronic
check volume of US$37 billion, TeleCheck provides a broad suite
of electronic and paper check processing services.  Today, over
40% of the more than 500 million transactions processed by
TeleCheck are ECA transactions processed at the point of
purchase.  Approximately 149,000 merchant locations process with
ECA through TeleCheck.  Steady growth of electronic check
services for merchants of all sizes has become a standard for
efficient check acceptance.

                        About Meijer

Meijer -- http://www.meijer.com/-- is a Grand Rapids, Mich.-
based retailer that operates 181 supercenters throughout
Michigan, Indiana, Illinois, Ohio and Kentucky. As the inventor
of the "one-stop shopping" concept, Meijer stores have evolved
through the years to include expanded fresh produce and meat
departments, as well as pharmacies, comprehensive electronics
departments, garden centers and apparel offerings.

                      About First Data

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2007, Fitch Ratings has assigned a 'B-' rating to First
Data Corp.'s proposed US$2 billion senior unsecured notes due
2015 offering.

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's Investors Service has assigned these
ratings:

   -- Corporate Family Rating - B2

   -- US$2 billion senior secured revolving credit facility
      (expires 2013) - Ba3, LGD2 (27%)

   -- US$13 billion senior secured Term Loan B (due 2014) - Ba3,
      LGD2 (27%).


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


OWENS-ILLINOIS: Appoints Hugh H. Roberts as Director
----------------------------------------------------
Owens-Illinois Inc. appointed Hugh H. Roberts to serve on the
company's board of directors effective immediately.  He will
also serve as a member of the compensation committee.

Mr. Roberts spent 32 years at Kraft Foods Inc., in sales,
marketing, strategic planning and general management.  He built
strong global experience while serving Kraft Foods International
as president of the Central & Eastern Europe, Middle East &
Africa region and also as president of the Asia Pacific region.
>From 2004 to June 2007, Mr. Roberts served as president, Kraft
International Commercial, an US$11 billion unit of US$34 billion
Kraft Foods Inc.

Mr. Roberts holds a bachelor's degree in economics and a
master's degree in business administration from Harvard
University in Cambridge, Mass.

"We welcome Hugh to the O-I Board of Directors. His strong
consumer marketing perspectives, clear understanding of O-I's
customers and extensive international experience will be a great
addition to the board as we move the organization into a more
market-facing company," said Al Stroucken, O-I Chairman and CEO.

                   About Owens-Illinois

Headquartered in Perrysburg, Ohio, Owens-Illinois Inc. --
http://www.o-i.com/-- is the largest manufacturer of glass
containers in the world, with leading positions in Europe, North
America, Asia Pacific and South America.  The company's
principal product lines in the glass containers product segment
are glass containers for the food and beverage industries.  Its
principal product lines in the Plastics Packaging product
segment include healthcare containers, closures and prescription
containers.  The company maintains operations in Australia,
Brazil, China, Colombia, Czech Republic, Ecuador, Estonia,
Finland, France, Germany, Hungary, Italy, Indonesia, New
Zealand, Peru, and Poland.

In September 2006, Moody's placed the company's long-term
corporate family rating and probability of default ratings at
B2, and senior unsecured debt rating and preferred stock rating
at Caa1.  These ratings stoll hold to date.  The outlook is
stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB-, which still holds to date.  S&P
said the outlook is stable.

Fitch placed the company's long-term issuer default rating at B,
senior unsecured debt rating at B-, and preferred stock rating
at CCC+.  These ratings still hold to date.  Fitch said the
outlook is positive.


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


BEARINGPOINT INC: Eddie Munson Joins Board of Directors
-------------------------------------------------------
BearingPoint Inc. has appointed Eddie Munson to its Board of
Directors.

Mr. Munson is a retired partner with KPMG and has more than 30
years of auditing experience focusing on the financial services,
government and automotive industries.  Additionally, from 1996
to 2004, Mr. Munson was a member of KPMG's Board of Directors,
where he was a member of the pension committee and chair of the
committees responsible for partner rights and board nominations.
Most recently, Munson was the national partner in charge of
KPMG's University Relations and Campus Recruiting programs.

"BearingPoint is excited to have Eddie Munson join its Board of
Directors," said Rod McGeary, BearingPoint's Chairman of the
Board.  "Munson's extensive experience as an auditor covering
key industries, coupled with his in-depth client experience will
further augment the capabilities of our current Board members."

Mr. Munson presently serves on the Board of directors of United
American Healthcare Corporation and the Skillman Foundation.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

The company reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders deficit of
US$177.3 million as of Dec. 31, 2006.


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


BERKUT LLC: Creditors Must File Claims by Nov. 13
-------------------------------------------------
The Arbitration court of Chelyabinsk commenced competitive
proceedings on these debtors:

   1. Glass-manufacturing plant Vozdvizhenskij OJSC.  The case
      is docketed under Case No. 76-11672/2007-48-215, dated
      Aug. 27, 2007.

   2. Put' LLC.  The case is docketed under Case No. 76-11089/
      2007-48-208, dated Aug. 30, 2007.

   3. Berkut LLC.  The case is docketed under Case No. 76-11092/
      2007-48-206, dated Aug. 30, 2007.

   4. Kamella Sunrise Milk products CJSC.  The case is docketed
      under Case No. 76-11090/2007-48-207, dated Aug. 30, 2007.

The Court appointed Ivanov G.B. as Competitive proceedings
manager.

Creditors of these debtors have until Nov. 13 to submit their
proofs of claim at:

         Soviet Str. 104-60
         Sterlitamak
         Bashkortostan
         453124
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia


BREAD DEOT 18 ASKIZSKAYA: Asset Sale Slated for Nov. 11
-------------------------------------------------------
The competitive proceedings manager of Bread Depot 18 Askizskaya
OJSC will open a public auction for the company's properties
from Oct. 13 to Nov. 11 at:

         Bograda 135-13
         Abakan
         Khakassia
         Russia

The starting prices for the auctioned assets are:

   -- Lot1: RUR6,517,800, and
   -- Lot2: RUR63,905,312.

Interested participants have until Nov. 11 to deposit an amount
equivalent to 10% of the starting price to the settlement
account of Bread Depot 18 Askizskaya OJSC.

Bidding documents must be submitted to:

         Bograda 135-13
         Abakan
         Khakassia
         Russia

Any information related to the auction can be obtained at
Tel: 89024671345, 89024689419.


ELECTRIC-POWER: Asset Sale Slated for November 15
-------------------------------------------------
Nezavisimaya Otsenka LLC, bidding organizer for Electric-Power
Industry-and-Energy Savings Administration MUE will open a
public auction for the company's properties at 2:00 p.m. on
Nov. 15 at:

         Siberian Str. 109
         Mezhdurechenskij Township
         Khanty-Mansi Area
         Russia

The company has set a RUR64,519,955 starting price for the
auctioned assets.

Interested participants have until Nov. 9 to deposit an amount
equivalent to 20% of the starting price to the settlement
account of Electric-Power Industry-and-Energy Savings
Administration MUE.

Bidding documents must be submitted to:

         Office 242
         Melnikaite Str. 106
         Tyumen
         Russia

The debtor can be reached at:

         Electric-Power Industry-and-Energy Savings
         Administration MUE
         Siberian Str. 109
         Mezhdurechenskij township
         Khanty-Mansi Area
         Russia

Any information related to the auction can be obtained at
Tel: (3452) 75-59-57, 89088748759.


ENGINEERING-AND-INNOVATION: Claims Filing Period Ends Dec. 13
-------------------------------------------------------------
Creditors of Tyumen Region Engineering-And-Innovation Center
CJSC have until Dec. 13 to submit proofs of claim at:

         Gorkogo Str. 31
         620075 Ekaterinburg
         Russia

The Arbitration court of Tyumen commenced competitive
proceedings against the company after finding it insolvent.  The
Court appointed Kevarkov V.G. as Competitive proceedings
manager.  The case is docketed under Case No. ?70-2160/3-2007.

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         Tyumen Region Engineering-And-Innovation Center CJSC
         Kalinina Str. 28
         Vladimir
         601500 Goose-crystal
         Russia


KAMELLA SUNRISE: Creditors Must File Claims by Nov. 13
------------------------------------------------------
The Arbitration court of Chelyabinsk commenced competitive
proceedings on these debtors:

   1. Glass-manufacturing plant Vozdvizhenskij OJSC.  The case
      is docketed under Case No. 76-11672/2007-48-215, dated
      Aug. 27, 2007.

   2. Put' LLC.  The case is docketed under Case No. 76-11089/
      2007-48-208, dated Aug. 30, 2007.

   3. Berkut LLC.  The case is docketed under Case No. 76-11092/
      2007-48-206, dated Aug. 30, 2007.

   4. Kamella Sunrise Milk products CJSC.  The case is docketed
      under Case No. 76-11090/2007-48-207, dated Aug. 30, 2007.

The Court appointed Ivanov G.B. as Competitive proceedings
manager.

Creditors of these debtors have until Nov. 13 to submit their
proofs of claim at:

         Soviet Str. 104-60
         Sterlitamak
         Bashkortostan
         453124
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia


LENGASENERGO CJSC: Asset Sale Slated for Nov. 14
------------------------------------------------
Karpova N.V., the Competitive proceedings manager of
LenGasEnergo CJSC will open a public auction for the company's
properties at 11:00 a.m. on Nov. 14 at:

         Office N2
         Block 1
         Troitskij Pr. 138
         Arkhangelsk
         Russia

The company has set a RUR3,900,000 starting price for the
auctioned assets.

Interested participants have until Nov. 8 to deposit an amount
equivalent to 20% of the starting price to the settlement
account of LenGasEnergo CJSC.

Bidding documents must be submitted to:

         Office N2
         Block 1
         Troitskij Pr. 138
         Arkhangelsk
         Russia

Any information related to the auction can be obtained at
Tel: (8182) 20-18-28.


MISHKINSKIJ OJSC: Creditors Must File Claims by Nov. 13
-------------------------------------------------------
Creditors of Milk Plant Mishkinskij OJSC have until Nov. 13 to
submit proofs of claim at:

         October Revolution Str. 67
         Ufa
         450057 Bashkortostan
         Russia

The Arbitration court of Bashkortostan commenced bankruptcy
supervision procedure on Milk Plant Mishkinskij OJSC.  The Court
appointed Kal'metyev A.M. as Interim manager.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia


OMSKTRANSSTROY CJSC: Creditors Must File Claims by Dec. 13
-----------------------------------------------------------
Creditors of OmskTransStroy CJSC have until Dec. 13 to submit
proofs of claim at:

         POB 2699
         644099 Omsk
         Russia

The Arbitration court of Omsk commenced streamlined competitive
proceedings against the company after finding it insolvent.  The
Court appointed Vinnik S.A. as Competitive proceedings manager.
The case is docketed under Case No. ?46-1515/2007.

The debtor can be reached at:

         OmskTransStroy CJSC
         Rostovka Township
         Omskij Raion
         Omsk
         Russia


PUT' LLC: Creditors Must File Claims by Nov. 13
-----------------------------------------------
The Arbitration court of Chelyabinsk commenced competitive
proceedings on these debtors:

   1. Glass-manufacturing plant Vozdvizhenskij OJSC.  The case
      is docketed under Case No. 76-11672/2007-48-215, dated
      Aug. 27, 2007.

   2. Put' LLC.  The case is docketed under Case No. 76-11089/
      2007-48-208, dated Aug. 30, 2007.

   3. Berkut LLC.  The case is docketed under Case No. 76-11092/
      2007-48-206, dated Aug. 30, 2007.

   4. Kamella Sunrise Milk products CJSC.  The case is docketed
      under Case No. 76-11090/2007-48-207, dated Aug. 30, 2007.

The Court appointed Ivanov G.B. as Competitive proceedings
manager.

Creditors of these debtors have until Nov. 13 to submit their
proofs of claim at:

         Soviet Str. 104-60
         Sterlitamak
         Bashkortostan
         453124
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia


SAKMARSKAYA LLC: Asset Sale Slated for November 16
--------------------------------------------------
Crisis Management BusinessCenter LLC, bidding organizer for
Poultry Plant Sakmarskaya LLC will open a public auction for the
company's properties at 3:00 p.m. on Nov. 16 at:

         Gaya Str. 23-a
         Orenburg
         Russia

The company has set a RUR25,660,000 starting price for the
auctioned assets.

Interested participants have until Nov. 9 to deposit an amount
equivalent to 10% of the starting price to the settlement
account of Crisis Management BusinessCenter LLC.

Bidding documents must be submitted to:

         Gaya Str. 23A
         460000 Orenburg
         Russia

The Debtor can be reached at:

         Poultry Plant Sakmarskaya LLC
         Lenina Str. 14
         Svetly Township
         Sakmarskij Raion
         Orenburg
         Russia

Any Information related to the auction can be obtained at
Tel: (3532) 78-40-23.


SIBERIA ROADS: Creditors Must File Claims by Nov. 13
----------------------------------------------------
Creditors of Siberia Roads OJSC have until Nov. 13 to submit
proofs of claim at:

         Room 503
         Krasny Prospekt 184
         630049 Novosibirsk
         Russia

The Arbitration court Novosibirsk commenced competitive
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?45-8771/07-4/41.

The Competitive proceedings manager is:

         Hmelevskij K.A.
         Room 503
         Krasny Prospekt 184
         630049 Novosibirsk
         Russia
         Tel/fax: 225-18-08

The Court is located at:

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

The Debtor can be reached at:

         Siberia Roads OJSC
         Dimitrova Pr. 15
         630132 Novosibirsk
         Russia


SISTEMA JSFC: Acquires Additional 41% Stake in Shyam Telelink
-------------------------------------------------------------
JSFC Sistema signed a share purchase agreement for the
acquisition of an additional 41% stake in Shyam Telelink Ltd.,
an Indian telecommunications operator.

Sistema also had a call option agreement, which gives it the
right to increase its stake in Shyam Telelink from 51% up to a
maximum of 74%, subject to receiving an approval from the
Foreign Investment Promotion Board of (FIPB)India.

Upon acquisition of the additional 41% stake, the overall
purchase price is expected to reach US$58.1 million.

Sistema will have the right to purchase an additional 23% stake
in Shyam Telelink during 20 months following such an acquisition
and pursuant to the call option agreement at the price which
will be based on the fair market value of the company at the
time of such additional purchase.

If the call option is not exercised within 30 months, Sistema
will be obligated to pay to the sellers an amount equal to 11.5%
of the increase in the fair market value of the company.

In addition, Sistema signed a put option agreement for 51% stake
in Shyam Telelink for a total price not less than the purchase
price of the 51% stake.  This put option in exercisable within
12 months following the acquisition of 10% stake in Shyam
Telelink.

The company applied to appropriate state authorities for
obtaining unified telecommunication licenses in order to provide
fixed-line and cellular services in 21 states of India.  The
company intends to start its network expansion if such licenses
are granted.

Sistema's acquisition of additional ownership stakes in Shyam
Telelink is subject to a number of conditions, including the
execution of additional documents and obtaining various
approvals.

                          About Sistema

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

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

                        *     *     *

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


SISTEMA JSFC: Moody's Lifts Corporate Family Rating to Ba3
----------------------------------------------------------
Moody's Investors Service upgraded the corporate family ratings
of JSFC Sistema to Ba3 from B1.  The outlook on the ratings is
positive.

Simultaneously, Moody's upgraded the existing Sistema Capital
S.A Notes and MTN program ratings to Ba3 from B3.

The upgrade reflects the combined effect of these factors:

   (i) the evolving nature of the company as a diversified
       conglomerate, as opposed to a holding company for its
       telecommunications assets;

  (ii) robust year-on-year revenue growth and sustainable
       profitability levels;

(iii) relatively low leverage of below 2.2x Total Adjusted Debt
       to reported OIBDA in 2006 and below 2.0x in the first
       half of 2007;

  (iv) the vigorous performance of Sistema's key underlying
       telecom assets and the recent upgrade of the ratings of
       Mobile Telesystems by Moody's to Ba2 with a positive
       outlook; and

   (v) a relatively high degree of predictability and
       transparency in the company's financial policies and
       acquisition activities over the past 12 months.

The upgrade of the US$350 million 8.875% Sistema Capital S.A
Notes due in 2011 and the MTN program ratings from B3 to Ba3
reflects Moody's understanding that the subordination factor
driving the issuer rating two notches below the corporate family
rating will be eliminated within the next six months, as the
USD350 million notes issued by Sistema Finance S.A and secured
with 10% of common stock of MTS mature in April 2008.  The
removal of the notching assumes that Sistema will not be
incurring any new debt senior to the rated Notes.  Moody's
believes that Sistema is adequately positioned to repay the
senior secured Notes at maturity on April 14, 2008 with its
strong cash balances of approximately US$270 million as of 1H
2007 and an inflow of dividends totaling approximately US$500
million.

Moody's notes the growing diversification of Sistema's portfolio
into potentially lucrative areas such as retail, real estate,
banking and technology, with non-telecom businesses contributing
up to 40% of the total revenue and over 30% in operating income
in 2006 (based on a pro-rata accounting of 52.8%-owned MTS and
59%-owned Comstar).  The higher proportion of capital-intensive
lower-margin businesses substantially complements the
consolidated revenue base but to an extent erodes the group's
financial metrics -- with profitability, leverage and coverage
being the most affected.  Although the substantial portion of
debt at various independent subsidiaries and existing minority
shareholdings at various levels add complexity to the group,
Moody's positively notes Sistema's ability to create a portfolio
of rated and unrated businesses with significant potential value
in the future and to shape dividend distributions from these
subsidiaries.

Moody's cautions that the ratings do not incorporate any event
or integration risks related to large-scale acquisitions on an
opportunistic basis; such activities would be assessed by the
agency on a case-by-case basis for their impact on the ratings.

The positive outlook is underpinned by the trends in the
development of Sistema's key underlying telecom assets, and
reflects Moody's expectations for the strengthening of and
significant equity value accretion at other businesses.  The
outlook relies on the company's consistent approach to the
execution of a conservative financial policy vis-a-vis its
subsidiaries and potential acquisitions, and maintenance of
consolidated leverage below the indicated 3.0x level.  The
rating is currently constrained by the relatively low cash flow
generation and high potential capital needs of the non-telecom
assets of Sistema, as well as the remaining event risk.

Upward pressure on the rating would be exerted by sustainably
growing diversification in both revenue and OIBDA, positive free
cash flow generation and adherence to the conservative financial
policy.

Downward pressure on the rating would be exerted by material
debt-financed acquisitions resulting in the leverage levels
above those currently anticipated by Moody's and further
significant erosion of the group's margins due to lower-than-
expected performance.

Headquartered in Moscow, Russia, Sistema is one of the largest
diversified service providers in Russia.  The company has a
diversified portfolio of telecom, technology, insurance, real
estate, banking, media and other businesses.


VLADIVOSTOK CERAMICS: Creditors Must File Claims by Dec. 13
-----------------------------------------------------------
Creditors of Vladivostok Ceramics Plant LLC have until Dec. 13
to submit proofs of claim at:

         POB 45
         690105 Vladivostok-105
         Russia

The Arbitration court of Primorski krai commenced competitive
proceedings on the company.  The Court appointed Burtylev D.V.
as Competitive proceedings manager.  The case is docketed under
Case No. ?51-1730/2007 15-8?.

The Debtor can be reached at:

         Vladivostok Ceramics Plant LLC
         Lermontova Str. 56
         Trudovoye Township
         Vladivostok
         Russia


VOZDVIZHENSKIJ OJSC: Creditors Must File Claims by Nov. 13
----------------------------------------------------------
The Arbitration court of Chelyabinsk commenced competitive
proceedings on these debtors:

   1. Glass-manufacturing plant Vozdvizhenskij OJSC.  The case
      is docketed under Case No. 76-11672/2007-48-215, dated
      Aug. 27, 2007.

   2. Put' LLC.  The case is docketed under Case No. 76-11089/
      2007-48-208, dated Aug. 30, 2007.

   3. Berkut LLC.  The case is docketed under Case No. 76-11092/
      2007-48-206, dated Aug. 30, 2007.

   4. Kamella Sunrise Milk products CJSC.  The case is docketed
      under Case No. 76-11090/2007-48-207, dated Aug. 30, 2007.

The Court appointed Ivanov G.B. as Competitive proceedings
manager.

Creditors of these debtors have until Nov. 13 to submit their
proofs of claim at:

         Soviet Str. 104-60
         Sterlitamak
         Bashkortostan
         453124
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia


===========
S W E D E N
===========


FLEXTRONICS INT'L: Earns US$121 Mln in Quarter Ended Sept. 28
-------------------------------------------------------------
Flextronics International Ltd. disclosed Tuesday results for its
second quarter ended Sept. 28, 2007.

The company reported GAAP net income of US$121 million for the
second quarter ended Sept. 28, 2007, compared with GAAP net
income of US$185 million for the same period ended Sept. 29,
2006.

Net sales increased from the year ago quarter by US$855 million,
or 18%, to US$5.6 billion in the second quarter ended Sept. 28,
2007, which is at the high end of the company's previously
provided revenue guidance of US$5.3-US$5.6 billion.  For the
second quarter ended Sept. 28, 2007, adjusted net income
increased 25% over the year ago quarter to US$146 million,
compared to US$117 million in the year ago quarter.

Adjusted operating profit increased 20% from the year ago
quarter to a record US$172 million in the second quarter ended
Sept. 28, 2007, while adjusted operating margin increased
sequentially 10 basis points to 3.1% from 3.0%.  Operating cash
flow was
US$371 million in the second quarter ended Sept. 28, 2007, and
US$516 million in the six-month period ended Sept. 28, 2007.
Free cash flow amounted to US$297 million in the second quarter
ended Sept. 28, 2007, and US$370 million in the six-month period
ended Sept. 28, 2007.

Mike McNamara, chief executive officer of Flextronics, stated,
"We continue to maintain a strong financial position with
overUS$1 billion in cash, no short term debt maturities, and a
record low debt to capital leverage ratio of 19%.  Inventory
turns improved to 8.0x while cash conversion cycle improved by
two days sequentially to an industry leading 11 days.  We remain
intensely focused on generating a higher return on capital while
growing our business, as evidenced by our return on invested
capital of 11.2%, which increased 80 basis points from the
previous quarter."   McNamara concluded by stating, "I am very
proud of the dedication and hard work of our employees and
management across the globe in making this a very successful
quarter for Flextronics.  We believe we are executing very well
on the controllable aspects of the business, which should
provide an excellent foundation to add the capabilities of
Solectron into the Flextronics framework."

At Sept. 28, 2007, the company's consolidated balance sheet
showed US$13.36 billion in total assets, US$6.91 billion in
total liabilities, and US$6.45 billion in total shareholders'
equity.

               About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 4, 2007,
Fitch Ratings has completed its review of Flextronics
International Ltd. following the company's acquisition of
Solectron Corp. and resolved Flextronics' Rating Watch Negative
status by affirming these ratings: Issuer Default Rating at
'BB+'; and Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.  The
Rating Outlook is Negative.

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.

The initial draw on the term loan (US$1.1 billion) will finance
the cash portion of the merger consideration.


TUPPERWARE BRANDS: Earns US$6.9 Mln in Quarter Ended Sept. 29
-------------------------------------------------------------
Tupperware Brands disclosed Tuesday its third quarter 2007
results.

The company reported net income of US$6.9 million on net sales
of US$454.7 million for the 13 weeks ended Sept. 29, 2007,
compared with net income of US$13.1 million on net sales of
US$394.9 million for the 13 weeks ended Sept. 30, 2006.

GAAP net income for the 2007 period included the following one-
time charges (after tax):

  -- costs associated with implementing new credit agreement of
     US$6.2 million

  -- purchase accounting intangibles and goodwill impairment of
     US$9.7 million

  -- acquired intangible asset amortization of US$2.3 million

  -- re-engineering and impairment charge expenses of
     US$1.8 million

  -- gain from land sales of US$3.4 million

  -- tax benefit of US$2.1 million versus US$4.7 million benefit
     from taxes in 2006

"Another quarter of strong sales and earnings reaffirms that our
strategic growth initiatives are making a significant positive
impact in the markets" said Rick Goings, chairman and chief
executive officer.  "Overall our local currency sales increase
was 10%, reflecting 20% higher sales in the emerging markets,
which accounted for 46% of sales.  Sales in our established
markets were up slightly, reflecting significant increases by
several  businesses, but a double-digit decrease in Germany,"
Goings continued.

At Sept. 29, 2007, the company's consolidated balance sheet
showed US$1.80 billion in total assets, US$1.33 billion in total
liabilities, and US$469.3 million in total shareholders' equity.

                        About Tupperware

Headquartered in Orlando, Florida, Tupperware Brands Corporation
(NYSE: TUP)-- http://www.tupperware.com/-- is a portfolio of
global direct selling companies, selling premium innovative
products across multiple brands and categories through an
independent sales force of 2 million.  Product brands and
categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products for
consumers through the Avroy Shlain, BeautiControl, Fuller,
NaturCare, Nutrimetics, Nuvo and Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Moody's Investors Service assigned a Ba1 rating to Tupperware
Brands Corporation proposed senior secured credit facilities,
consisting of a US$200 million revolving credit facility and a
US$550 million term loan A, both due 2012.  Moody's also
affirmed the company's Ba2 corporate family rating and Ba3
probability of default rating, and changed the outlook to
positive from stable.


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


CAFFE PER TUTTI: Claims Registration Period Ends October 29
-----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Caffe per tutti on Aug. 16.

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

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Caffe per tutti
         Blegi 14
         6343 Rotkreuz
         Gemeinde Risch ZG
         Switzerland


CREOSOTA LLC: Creditors' Liquidation Claims Due November 1
----------------------------------------------------------
Creditors of LLC Creosota have until Nov. 1 to submit their
claims to:

         Tagetlistrasse 35
         3072 Ostermundigen
         Berne BE
         Switzerland

The Debtor can be reached at:

         LLC Creosota
         Ostermundigen
         Berne BE
         Switzerland


DELTA DENT: Creditors' Liquidation Claims Due November 15
---------------------------------------------------------
Creditors of LLC Delta Dent have until Nov. 15 to submit their
claims to:

         LLC T.B. Beratungen
         Liquidator
         Wiesentalstrasse 135
         Mail box: 21
         7006 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         LLC Delta Dent
         Flums
         Wahlkreis Sarganserland SG
         Switzerland


FUCHS PROCOM JSC: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Zug entered Sept. 19 an order closing
the bankruptcy proceedings of JSC Fuchs ProCom.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Fuchs ProCom
         Haldenstrasse 1
         6342 Baar ZG
         Switzerland


GHELD LLC: Creditors' Liquidation Claims Due November 1
-------------------------------------------------------
Creditors of LLC Gheld have until Nov. 1 to submit their claims
to:

         Walter Wehrli
         Liquidator
         Hohenweg 258
         5023 Biberstein
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Gheld
         Biberstein
         Aarau AG
         Switzerland


SALCO GRAIN: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug entered Sept. 21 an order closing
the bankruptcy proceedings of JSC Salco Grain.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Salco Grain
         Alte Steinhauserstrasse 1
         6330 Cham ZG
         Switzerland


VENTURA ON TIME: Claims Registration Period Ends October 31
-----------------------------------------------------------
The Bankruptcy Court of Dubendorf in Zurich commenced bankruptcy
proceedings against JSC Ventura on Time on Aug. 23.

Creditors have until Oct. 31 to file their written proofs of
claim.

The Bankruptcy Service of Dubendorf can be reached at:

         Bankruptcy Service of Dubendorf
         8600 Dubendorf 2
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC Ventura on Time
         Geissbuelstrasse 15
         8604 Volketswil
         Uster ZH
         Switzerland


VERSCHLEISS-TECHNIK: Creditors' Liquidation Claims Due Dec. 13
--------------------------------------------------------------
Creditors of LLC Verschleiss-Technik Dr. Ing. Hans Wahl have
until Dec. 13 to submit their claims to:

         Manfred Gutermuth
         Liquidator
         Feldblumenstrasse 115
         8134 Adliswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Verschleiss-Technik Dr. Ing.
         Dallikon
         Dielsdorf ZH
         Switzerland


WOOD-SLIMP LLC: Creditors' Liquidation Claims Due November 2
------------------------------------------------------------
Creditors of LLC Wood-Slimp have until Nov. 2 to submit their
claims to:

         Dr. Romano Kunz
         Liquidator
         Ottoplatz 19
         7001 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         LLC Wood-Slimp
         Chur
         Plessur GR
         Switzerland


ZIA TERESA LLC: Creditors' Liquidation Claims Due November 1
------------------------------------------------------------
Creditors of LLC Zia Teresa have until Nov. 1 to submit their
claims to:

         Willi Knopfel
         Liquidator
         JSC Zago Treuhand
         Glarnerstrasse 56
         8854 Siebnen SZ
         Switzerland

The Debtor can be reached at:

         LLC Zia Teresa
         Netstal GL
         Switzerland


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


AVTOK OJSC: Proofs of Claim Deadline Set October 27
---------------------------------------------------
Creditors of OJSC Avtok (code EDRPOU 03115241) have until
Oct. 27 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-50/68-07.

The Debtor can be reached at:

         OJSC Avtok
         Dzerzhynsky Str. 64
         Kupiansk
         63702 Kharkov
         Ukraine


BLAGO LLC: Proofs of Claim Deadline Set October 27
--------------------------------------------------
Creditors of LLC Trade-Arbitrator Company Blago (code EDRPOU
34568254) have until Oct. 27 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 23/365-b.

The Debtor can be reached at:

         LLC Trade-Arbitrator Company Blago
         Iziumskaya Str. 7
         03039 Kiev
         Ukraine


CARSAN LLC: Proofs of Claim Deadline Set October 27
---------------------------------------------------
Creditors of LLC Carsan (code EDRPOU 30381147) have until
Oct. 27 to submit written proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 6/371-4/182.

The Debtor can be reached at:

         LLC Carsan
         Brothers Lisiki Str. 1-a
         Borislav
         82300 Lvov
         Ukraine


DIAMANT BANK: Fitch Assigns BB- Rating with Stable Outlook
----------------------------------------------------------
Fitch Ratings has assigned Ukraine-based Diamant Bank a National
Long-term rating of 'BB-(ukr)' with a Stable Outlook.

The rating reflects the bank's high borrower concentrations,
large exposures to the construction sector, sizeable related-
party transactions, declining profitability, low free capital
and certain weaknesses in the operating environment.

Upside potential for the rating would be possible if the bank
diversifies its customer base, reduces its dependence on
related-party transactions, strengthens capitalization and
liquidity and improves efficiency.  Significant credit losses or
a deterioration of the liquidity position would exert downward
pressure on the rating.

Diamant Bank was established in 1993 and specializes mainly in
corporate lending and private banking services. The bank was
ranked fifty-first in Ukraine by total assets, with a market
share of 0.3%, at mid-2007.  Diamant Bank has a small network of
four branches and about 30 outlets covering 10 regions of
Ukraine. It is solely owned by Mr David Zhvania, who has
recently been re-elected to the Ukraine parliament (Verkhovnaya
Rada).


EXPRESS CAR: Proofs of Claim Deadline Set October 27
----------------------------------------------------
Creditors of OJSC Express Car (code EDRPOU 25547892) have until
Oct. 27 to submit written proofs of claim to:

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

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 6/372-4/183.

The Debtor can be reached at:

         OJSC Express Car
         Plastov Str. 10
         79000 Lvov
         Ukraine


HOUSING ECONOMY: Creditors Must File Claims by October 27
---------------------------------------------------------
Creditors of State Enterprise Management on Housing Economy
(code EDRPOU 00183810) have until Oct. 27 to submit written
proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed as 15/230B.

The Debtor can be reached at:

         State Enterprise Management on Housing Economy
         Kurskaya Str. 1
         Dimitrov
         85320 Donetsk
         Ukraine


PRIAZOVSKY HOUSING: Proofs of Claim Deadline Set October 27
-----------------------------------------------------------
Creditors of Public Utility Company Priazovsky Housing Service
(code EDRPOU 33522821) have until Oct. 27 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 16/200/07.

The Debtor can be reached at:

         Public Utility Company Priazovsky Housing Service
         Ukrainskaya Str. 1
         Priazovskoe
         72400 Zaporozhje
         Ukraine


PRODSUPPLY ENERGY: Proofs of Claim Deadline Set October 27
----------------------------------------------------------
Creditors of LLC Prodsupply Energy (code EDRPOU 34413470) have
until Oct. 27 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 23/363-b.

The Debtor can be reached at:

         LLC Prodsupply Energy
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


SLAVIANSKOE LLC: Proofs of Claim Deadline Set October 27
--------------------------------------------------------
Creditors of LLC Slavianskoe (code EDRPOU 32355501) have until
Oct. 27 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 19/25/07.

The Debtor can be reached at:

         LLC Slavianskoe
         Melitopol District
         Studencheskaya Str. 27-B
         Lazurnoe
         Zaporozhje
         Ukraine


SOUTH INDUSTRIAL: Proofs of Claim Deadline Set October 27
---------------------------------------------------------
Creditors of LLC South Industrial Group (code EDRPOU 32373976)
have until Oct. 27 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 23/486-b.

The Debtor can be reached at:

         LLC South Industrial Group
         Fedorov Str. 28
         03038 Kiev
         Ukraine


ZNAMIANKA SUGAR: Proofs of Claim Deadline Set October 27
--------------------------------------------------------
Creditors of CJSC Znamianka Sugar Company have until Oct. 27 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 proceedings
against the company after finding it insolvent.  The case is
docketed as 10/127.

The Debtor can be reached at:

         CJSC Znamianka Sugar Company
         Lenin Str. 1a
         Vladimirovka
         Znamianka District
         27452 Kirovograd
         Ukraine


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


ACCESS DEVICES: Taps Liquidators from Smith & Williamson
--------------------------------------------------------
Robert William Leslie Horton and Anthony Murphy and Roger
Tulloch of Smith & Williamson Ltd. were appointed joint
liquidators of Access Devices Digital Ltd. on Sept. 20 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


ALLIANZ INSURANCE: UK High Court Sanctions Scheme of Arrangement
----------------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


APM LTD: Joint Liquidators Take Over Operations
-----------------------------------------------
M. Weller and G. Mummery of Vantis Redhead French Ltd. were
appointed joint liquidators of APM (London) Ltd. on Oct. 17 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


AZIMUTH NETWORKS: M. C. Bowker Leads Liquidation Procedure
----------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Azimuth Networks Ltd. on Oct. 19 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


BRITISH ENERGY: Reactor Closures Cue S&P's Watch on BB+ Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on U.K.-based nuclear generator British
Energy Group PLC and its subsidiary British Energy Holdings PLC
on CreditWatch with negative implications.

The 'BB' issue rating on BEH's GBP550 million senior unsecured
bonds was also placed on CreditWatch with negative implications.
This follows the group's announcement of the closure of four
reactors after the identification of wire-winding issues at
Hartlepool Reactor 1.

"The CreditWatch placement reflects uncertainty about the extent
to which the performance of BE's nuclear fleet will be affected
by the announced closures, and our longer term concerns as to
BE's operating performance," said Standard & Poor's credit
analyst Beatrice de Taisne.  "In addition, the potential
unplanned outages could have financial implications if the group
has to buy power on the market to honor its existing power sales
contracts."

Standard & Poor's expects to resolve the CreditWatch when more
information on the length and the scope of the outages becomes
public, and after a further review of the group's operating
performance.


CABLE & WIRELESS: Shortlisted to Bid for Honduras Mobile License
----------------------------------------------------------------
Cable & Wireless has been prequalified to bid for a mobile
license in Honduras, Business News Americas reports, citing a
source at Honduran telecoms regulator Conatel.

The source told BNamericas that other firms who pre-qualified
include:

         -- Spain's Telefonica,
         -- Jamaican group Digicel, and
         -- Mexico's Grupo Iusacell.

According to BNamericas, the source said that Conatel is
offering spectrum in the up to 1890 megahertz and 1970 megahertz
bands.  The regulator refers to the license as a "PCS
concession."

The auction for the mobile license will be held on
Dec. 19, 2007, BNamericas says, citing the source.  The auction
needs congressional authorization to confirm the winner.  The
winning bidder would start operating in Honduras in next year's
first quarter.

BNamericas relates that the minimum bidding price for the
license is US$10 million.  The winner will be given nine months
to set up operations.

BNamericas states that these two firms currently operate in
Honduras:

         -- Tigo, owned by Luxembourg's Millicom International
            Cellular; and

         -- America Movil unit.

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CARVALHO DESIGN: Calls In Liquidators from Vantis Redhead French
----------------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Ltd. were
appointed joint liquidators of Carvalho Design Ltd. on Oct. 16
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


CONTINENTAL REINSURANCE: UK High Court Sanctions Scheme
-------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


ENESCO GROUP: Plan Confirmation Hearing Set for November 19
-----------------------------------------------------------
The Hon. A. Benjamin Goldgar of the U.S. Bankruptcy Court for
the Northern District of Illinois set a hearing at 1:30 p.m., on
Nov. 28, 2007, to consider confirmation of the Second Amended
Plan of Liquidation filed Enesco Group, Inc. and its debtor-
affiliates.

Objections to the Plan, if any, are due November 19.

Judge Goldgar had given his conditional approval on the adequacy
of the Disclosure Statement explaining the Plan and has also set
November 19 as the last day to oppose the disclosure statement.

                       About Enesco Group

Based in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The company also has Latin-American operations in Mexico.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  In schedules of assets and debts filed with the
Court, Enesco disclosed total assets of US$61,879,068 and total
debts of US$231,510,180.

Chad H. Gettleman, Esq., and Brad A. Berish, Esq., at Adelman &
Gettleman, Ltd., represent the Official Committee of Unsecured
Creditors.  William R. Baldiga, Esq., Jessica M. Paris, Esq.,
and Robert J. Stark, Esq., at Brown Rudnick Berlack Israels LLP;
and Thomas V. Askounis, Esq., at Askounis & Borst, PC, represent
the Ad Hoc Committee of Equity Security Holders.


ENESCO GROUP: Unsecured Creditors to Get 27% Under Amended Plan
---------------------------------------------------------------
Enesco Group, Inc., and its debtor-affiliates filed its second
amended Disclosure Statement with respect to its Second Amended
Plan of Liquidation with the U.S. Bankruptcy Court for the
Northern District of Illinois, on Oct. 10, 2007.

The Debtors relate that the Plan proposes to liquidate the
remaining assets of the Debtors and distribute the proceeds to
the holders of the allowed claims.  The principal source of the
distributions will be:

   a) cash on hand as of the effective date of the Plan;

   b) proceeds from the Debtors' lender settlement;

   c) proceeds and tax refunds arising out of the resolution of
      the Hong Kong Tax Dispute;

   d) proceeds from the Contingency Litigation Agreement; and

   e) Litigation Trust Proceeds.

           Summary Treatment of Claims Under The Plan

The Plan proposes that all holders of allowed administrative
claims, allowed priority claims, other than the Internal Revenue
Service, and the allowed non-tax priority claims will have their
allowed claims paid in full on or about the effective date of
the plan from the proceeds of the Lender Settlement.

In addition, within 60 days of the effective date, general
unsecured creditors will receive their pro-rate share of
US$480,000 from the proceeds of the Lender Settlement.  The
Debtors say that general unsecured creditors are expected to
receive 27% of their claims.  Unsecured creditors will further
be entitled to receive additional future distribution.

Within the same time frame, the Internal Revenue Service will
receive US$650,000 from the proceeds of the Lender Settlement
and will be entitled to receive additional future distribution.

Additional contributions, the Debtors say, are however,
contingent on future recoveries by the Debtors and are not
guaranteed.  The Contingency Litigation Trust, the Debtors add,
are also not guaranteed.

        Summary Creditor Treatment if Plan is Not Confirmed

The Debtors tell the Court that if the Plan is not confirmed,
then they are not substantively consolidated for purposes of the
Plan or their cases are converted to ones under Chapter 7 of the
Bankruptcy Code.

At the conclusion of the Chapter 7 cases, administrative claims
will still be paid in full.  However, tax priority claims
holders will only receive 4.9% of their claims.  General
Unsecured Creditors on the other hand, will receive nothing.

The Debtors reveal that the primary reasons for the
significantly smaller distributions under this scenario are:

   1) the proceeds and other benefits from the:

      -- Lender Settlement;
      -- the Contingency Litigation Agreement; and
      -- the resolution of the Hong Kong Tax Dispute, will be
         substantially compromised or lost, resulting in a
         significantly smaller recovery by the Debtors' estates;
         and

   2) there will be additional administrative costs if the
      Plan is not confirmed.

                       About Enesco Group

Based in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The company also has Latin-American operations in Mexico.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  In schedules of assets and debts filed with the
Court, Enesco disclosed total assets of US$61,879,068 and total
debts of US$231,510,180.

Chad H. Gettleman, Esq., and Brad A. Berish, Esq., at Adelman &
Gettleman, Ltd., represent the Official Committee of Unsecured
Creditors.  William R. Baldiga, Esq., Jessica M. Paris, Esq.,
and Robert J. Stark, Esq., at Brown Rudnick Berlack Israels LLP;
and Thomas V. Askounis, Esq., at Askounis & Borst, PC, represent
the Ad Hoc Committee of Equity Security Holders.


GREYFRIARS INSURANCE: UK High Court Sanctions Scheme
----------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


HEDDINGTON INSURANCE: UK High Court Sanctions Scheme
----------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


IDEAL SHEET: Appoints M. H. Abdulali as Liquidator
--------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of
Ideal Sheet Metal Ltd. on Oct. 15 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England


JS CHINN: Financial Woes Trigger Administrative Receivership
------------------------------------------------------------
Stuart Maddison, Robert Hunt and Tony Barrell of
PricewaterhouseCoopers LLP were appointed as joint
administrative receivers to JS Chinn Holdings Ltd and certain of
its subsidiaries.

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

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

The administrative receivers were appointed to JS Chinn Holdings
Limited, Colledge & Morley (Gears) Limited, JS Chinn Engineering
Company Limited, JS Chinn Project Engineering Limited, AO Henton
Engineering Co Limited and JS Chinn and Company Limited.

The group had an annual turnover of approximately GBP22 million
in 2006 and operates in the aerospace, military and light
engineering sector.  It operates from four sites in Coventry and
Hinckley and employs approximately 280 employees.


MANORPEACH LTD: Brings In Liquidators from Mazars
-------------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint liquidators of Manorpeach Ltd. (formerly
Chemical Express Ltd. & Ingleby (783) Ltd.) on Oct. 11 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


MELROSE RESOURCES: S&P Junks Proposed EUR250 Million Bond
---------------------------------------------------------
Standard & Poor's Rating Services had assigned its 'B-' long-
term corporate credit rating to U.K.-based exploration and
production company Melrose Resources PLC.  The outlook is
stable.  At the same time a 'CCC+' senior unsecured debt rating
was assigned to a proposed EUR250 million bond to be issued by
the company.

"The ratings are restricted by the small size of the company's
production and asset base.  Melrose has limited diversity, and
the company's aggressive capital spending plans and high debt
levels further restrict the ratings," said Standard & Poor's
credit analyst Per Karlsson.

The low realization value of the gas produced by the company's
operations in Egypt and Melrose's historical focus on
exploration are additional major weaknesses.

Positive rating factors include Melrose's ability to recover
capital spending and operating costs under profit-sharing
contracts, the company's good replacement rate and healthy
liquidity, and the stability provided by fixed-price gas
contracts. Melrose's adjusted debt was US$317 million at
June 30, 2007.

Melrose's business risk profile is vulnerable, and reflects the
company's position as a small independent E&P operation, while
its financial risk profile is highly leveraged.  Fixed gas
prices provide stability over the pricing cycle, but the
company's cash flow is vulnerable.

The stable outlook is based on S&P's view that Melrose will have
sufficient liquidity and organic cash flow to support expected
capital spending and cover fixed-charge requirements over the
medium term.  In addition, S&P views the stability provided by
the company's fixed-price contracts as supportive of credit
quality.


MITSUI SUMITOMO: UK High Court Sanctions Scheme of Arrangement
--------------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


NORWEST TECHNOLOGY: Names M. C. Bowker Liquidator
-------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Norwest Technology Ltd. on Oct. 19 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         Lancashire
         BL1 1ET
         England


OCEAN MARINE: UK High Court Sanctions Scheme of Arrangement
-----------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


OSLO REINSURANCE: UK High Court Sanctions Scheme of Arrangement
---------------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


PHOENIX TRAINING: Taps Ian S. Carr to Liquidate Assets
------------------------------------------------------
Ian S. Carr of Grant Thornton U.K. LLP was appointed liquidator
of Phoenix Training Co. Ltd. on Oct. 19 for the creditors'
voluntary winding-up proceeding.

The liquidator can be reached at:

         Grant Thornton U.K. LLP
         Byron House
         Cambridge Business Park
         Cambridge
         CB4 0WZ
         England

The company can be reached at:

         Phoenix Training Co. Ltd.
         White House Farm
         Grundisburgh
         Woodbridge
         Suffolk
         IP13 6RR
         England


REFCO INC: Shareholders Sue Mayer Brown Over Role in Collapse
-------------------------------------------------------------
Refco Inc. shareholders have named Mayer Brown LLP, Refco's
former lead counsel, as defendant in a class action over the
brokerage business' collapse in 2005, CFO.com reports.

The shareholders, led by Pacific Investment Management Co., have
filed a lawsuit against Mayer Brown and Joseph Collins, one of
its senior partners.  The suit includes investors who owned
Refco common stock and bonds from mid-2004 to October 2005.  The
suit is in addition to one filed by Refco trustees earlier this
year.

Mayer Brown is accused of helping Refco hide US$430 million of
debt by preparing and editing Refco's "misleading" financial
statements and other disclosures aimed at investors.
Specifically, Mayer Brown allegedly helped Refco document a
transfer of at least US$70 million in uncollectible debt by
making it appear as though it was sold to Refco Group Holdings
Inc.  The money would later appear to be a collectible
receivable from a third party on its books.  This is allegedly
to fraudulently remove the problematic debt from Refco's books
and replace it with one that appeared collectible, claim the
shareholders.

CFO.com received a communication from Mayer Brown saying the
firm is in the process of looking at the complaint and plans to
defend itself "with vigor."  Mayer Brown added that it doubts
whether the shareholders' suit could proceed against the firm,
as it was merely an outside adviser.  Mr. Collins did not
respond to CFO.com's request for comment.

                      About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Court confirmed the Modified Joint Chapter 11 Plan
of Refco Inc. and certain of its direct and indirect
subsidiaries, including Refco Capital Markets Ltd. and Refco F/X
Associates LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.


ROMBAS LTD: Brings In Liquidators from Vantis Business Recovery
---------------------------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of Rombas Ltd. (t/a Romford
Blinds & Shutters) on 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


SEA INSURANCE: UK High Court Sanctions Scheme of Arrangement
------------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


SOVEREIGN INSURANCE: UK High Court Sanctions Scheme
---------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


SOVEREIGN MARINE: UK High Court Sanctions Scheme of Arrangement
---------------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


TOKIO MARINE: UK High Court Sanctions Scheme of Arrangement
-----------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


VICTORIA INTERNATIONAL: Hires Liquidators from Mazars
-----------------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint liquidators of Victoria International Group Ltd.
(formerly Encoretoday Ltd.) on Oct. 11 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


WAUSAU INSURANCE: UK High Court Sanctions Scheme of Arrangement
---------------------------------------------------------------
The High Court of Justice of England and Wales entered a ruling
on Sept. 17, 2007, sanctioning the schemes of arrangement
proposed to be made between Sovereign Marine & General Insurance
Company, Ltd. and its affiliates and their Scheme Creditors.
The Scheme became effective for each of the Scheme Companies on
Oct. 10, 2007.

The Scheme Companies are:

  1. Sovereign Marine & General Insurance Company, Ltd.
  2. Allianz Insurance, P.L.C.
  3. Atlantic Mutual Insurance Company
  4. Allianz Global Corporate & Specialty (France)
  5. Continental Reinsurance Corporation International, Ltd.
  6. Greyfriars Insurance Co., Ltd.
  7. Heddington Insurance (U.K.), Ltd.
  8. Mitsui Sumitomo Insurance Co. (Europe), Ltd.
  9. Oslo Reinsurance Co. (U.K.), Ltd.
  10. Sovereign Insurance (U.K.), Ltd.
  11. The Ocean Marine Insurance Co., Ltd.
  12. The Sea Insurance Co., Ltd.
  13. Tokio Marine Europe Insurance, Ltd.
  14. Wausau Insurance Co. (U.K.), Ltd.

Full-text copies of the scheme of arrangement and other related
documents may be obtained from http://wfumpools.com/orby
written request to the scheme manager at:

         PRO Insurance Solutions Ltd.
         Attn: Toby Wooldridge
         Bruton Court
         Bruton Way
         Gloucester GL1 1DA
         United Kingdom
         Tel: +44 (0) 1452 523 426
         Fax: +44 (0) 1452 523 437
         E-mail: pro_wfumpools@pro-ltd.co.uk

Creditors have until April 7, 2008, to submit written proofs of
claim to the scheme manager.

                  About the Scheme Companies

Sovereign Marine became insolvent in 1997 and implemented a
Scheme of Arrangement in January 2000.  Under the Original
Scheme, Sovereign has continued to agree claims in the normal
course and has made scheme payments on a pro-rata basis to
creditors with "Established Scheme Liabilities".  The current
scheme payment percentage is 40%.

Sovereign has reached a point with its reinsurance collections
and asset realizations where the Scheme Administrators believe
that it is time for it and its subsidiaries to enter into a
closing Scheme.  This involves setting up a mechanism to agree
the values of claims submitted by policyholders.  The value of
these claims would then be applied to the reinsurance program.
This would enable valuation statements to be prepared on a net
basis for policyholders who are also reinsurers.  Once these
amounts are known, Sovereign UK and Greyfriars would pay Agreed
Claims, less a discount for time value, in full (after
applicable set-off) and distribute any surplus assets to
Sovereign.  In turn, final dividends will then be paid by
Sovereign and Sovereign formally wound up.

If Sovereign and its two subsidiaries were to effect a closing
scheme in isolation, the effect would be to create a fragmented
pool administration, with the remaining pool companies
continuing in run-off, receiving claims notifications and
collecting reinsurance balances as they arise.

This may require policyholders to separate the presentation of
their claims for collection between each of the individual pool
companies.

With this in mind, 13 WFUM Pool Companies are proposing a
collective Scheme of Arrangement alongside the Sovereign
Companies.  This would result in all of the liabilities of the
16 WFUM Pools Companies and their remaining reinsurance being
valued in a consistent way.  The mechanism for the valuation of
policyholders claims will mirror that proposed by Sovereign.

Sovereign's Scheme Administrators believe that a unified Pool
Scheme will increase the ultimate distributions to creditors
which can be paid than would otherwise be the case if the
Sovereign Companies closed separately.

                     Chapter 15 Proceedings

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for these Debtors:
Greyfriars Insurance Company Limited; Sovereign Insurance (UK)
Ltd.; Allianz Insurance PLC; Heddington Insurance (UK) Ltd.;
Mitsui Sumitomo Insurance Company (Europe), Ltd.; The Ocean
Marine Insurance Company, Ltd.; Oslo Renisurance Company (UK)
Ltd.; The Sea Insurance Company Ltd.; Tokio Marine Europe
Insurance Ltd.; and Wausau Insurance Company (UK) Ltd. (Bankr.
S.D.N.Y. Case Nos. 07-12934 to 07-12943).

The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.


WHOLE FOODS: FTC Wants Expedited Review on Completed Merger Deal
----------------------------------------------------------------
The Federal Trade Commission has put on appeal a federal-
district-court ruling in August that approved a US$565 million
merger agreement between Whole Foods Market Inc. and Wild Oats
Markets Inc., David Kesmodel of The Wall Street Journal reports.

According to the Journal, the FTC is asking a Washington
appellate court to prohibit the companies from continuing to
combine certain operations, pending a full and expedited review
of the deal in a separate administrative-court proceeding.

                         Completed Buyout

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Whole Foods Market purchased 84.1% of Wild Oats' outstanding
common stock in a cash tender offer of US$18.50 per share and
approximately 12.7% of the outstanding shares of Wild Oats
common stock through a guaranteed delivery.

Whole Foods Market also assumed existing debt, net of cash,
totaling approximately US$137 million.

Whole Foods Market has entered into a five-year US$700 million
senior term loan agreement to fund the transaction, and has
signed a new five-year US$250 million revolving credit
agreement, which will replace its existing US$200 million
revolver.

The transaction closed on August 28, WSJ says, citing a court
filing.

                       Long Battle with FTC

In August, the U.S. Court of Appeals for the District of
Columbia has denied the FTC's request for a stay to preclude the
closing of the merger pending the FTC's appeal and has dissolved
the Aug. 20, 2007, administrative injunction, which had
prevented the transaction from going forward while the court
considered the FTC's motion.

On Feb. 21, 2007, Whole Foods Market entered into a merger
agreement with Wild Oats, pursuant to which Whole Foods Market,
through a wholly owned subsidiary, has commenced a tender offer
to purchase all of the outstanding shares of Wild Oats at a
purchase price of US$18.50 per share in cash.

On June 6, 2007, the FTC filed a suit in the federal district
court to block the proposed acquisition on antitrust grounds and
seeking a temporary restraining order and preliminary injunction
pending a trial on the merits.  Whole Foods Market and Wild Oats
consented to a temporary restraining order pending a hearing on
the preliminary injunction, which concluded on Aug. 1, 2007.

On Aug. 16, 2007, the U.S. District Court for the District of
Columbia denied the FTC's motion for a preliminary injunction.
In order to permit an orderly review by the District Court and
the Court of Appeals, Whole Foods and Wild Oats agreed not to
consummate the transaction until noon Monday, Aug. 20, 2007, in
order to permit the FTC to have an opportunity to request a stay
of the District Court's decision pending appeal.

On Aug. 17, 2007, the FTC filed with the District Court a motion
for a stay pending appeal, which was denied the same day.  The
FTC also filed a motion with the U.S. Court of Appeals for the
District of Columbia for a stay pending appeal the District
Court's order.

On Aug. 20, 2007, the United States Court of Appeals for the
District of Columbia Circuit issued an administrative injunction
preventing the transaction from going forward, pending further
order of the Court of Appeals, in order to allow the court
sufficient opportunity to review the FTC's motion.

Meanwhile, WSJ relates that earlier this month, Whole Foods
Market filed a motion asking the appellate court to dismiss the
case as moot because the companies have already completed the
transaction.

The FTC responded Monday that an appeal is warranted, in part
because Whole Foods Market continues to operate many of the Wild
Oats stores separately, WSJ says.

                     About Wild Oats Markets

Headquartered in Boulder, Colorado, Wild Oats Markets Inc. --
http://www.wildoats.com/-- is a natural and organic foods
retailer in North America with annual sales of approximately
US$1.2 billion.  Wild Oats Markets was founded in Boulder,
Colorado in 1987.  Wild Oats Markets currently operates 110
stores in 24 states and British Columbia, Canada under four
banners: Wild Oats Marketplace (nationwide), Henry's Farmers
Market (Southern California), Sun Harvest (Texas), and Capers
Community Market (British Columbia).

                    About Whole Foods Market

Founded in 1980 in Austin, Texas, Whole Foods Market, Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- was a
natural and organic foods supermarket.  In fiscal year 2006,
the company had sales of US$5.6 billion and had more than 190
stores in the United States, Canada, and the United Kingdom.

                          *     *     *

In September 2007, Moody's Investors Service downgraded Whole
Foods Market Inc.'s corporate family rating to Ba1 from Baa3
reflecting the deterioration in the company's debt protection
measures following the debt-financed acquisition of Wild Oats
Markets Inc.  The rating outlook is stable.

In August 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on Whole Foods Market Inc. to 'BB+' from
'BBB-'.  At the same time, S&P removed the ratings from
CreditWatch, where they were placed with negative implications
on Feb. 22, 2007.  The action followed the company's acquisition
of Wild Oats Markets Inc.  The outlook is negative.


* Begbies Traynor Names Bob Maxwell New Partner at Leeds Office
---------------------------------------------------------------
Begbies Traynor, a recovery and restructuring specialist in the
United Kingdom, has appointed Bob Maxwell as Partner in its
Leeds office.

Mr. Maxwell, who lives in Leeds but is originally from Dumfries,
will be involved in corporate recovery work for the banking
market, both in the Yorkshire and North East region and on a
national basis.  Mr. Maxwell joins the company from Kroll.

Mr. Bob Maxwell commented "Begbies Traynor is intent on growing
a team of corporate recovery specialists for the banking sector,
and I'm looking forward to being at the forefront of that
development.  The company is going from strength to strength at
the moment and the challenge ahead is one that excites me
greatly."

Julian Pitts, Partner at Begbies Traynor's Leeds office, said:
"Bob will make a tremendous addition to our office.  His
experience within the industry will be invaluable as we look to
grow our office in the Yorkshire region as well as targeting the
banking sector nationally."

Begbies Traynor is part of Begbies Traynor Group, the specialist
professional services organization.


* BOOK REVIEW: Panic on Wall Street: A History of America's
               Financial Disasters
-----------------------------------------------------------
Author:     Robert Sobel
Publisher:  Beard Books
Paperback:  469 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1893122468/internetbankrupt

Financial panic and its devastating consequences have always
been part of America's past, and after witnessing the events of
September 11 and the detrimental economic aftermath, they are
also part of the future.

This is a book covering 12 of the most harrowing moments in
American financial history from 1792 to 1962.

The financial panics that are analyzed help illustrate the
complexities of such events and that the causes are varied:
political, military, economic, and even psychological.

It demonstrates that Wall Street and the public are at once the
heroes, villains, and victims of past panics.


                           *********

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

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

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

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

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

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

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

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

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

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


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