TCREUR_Public/071029.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

           Monday, October 29, 2007, Vol. 8, No. 214

                            Headlines


A U S T R I A

BURDA UND BURDA: Claims Registration Period Ends Nov. 13
KURZEWSKI BAU: Claims Registration Period Ends Nov. 19
MUELLER-SCHERR: Claims Registration Ends Nov. 19
SINGH & SHARMA: Claims Registration Period Ends Nov. 20
SOELLINGER GASTRONOMIE: Claims Registration Ends Nov. 12

SWENNEN LLC: Claims Registration Period Ends Nov. 20
WOHNPROJEKT.COM LLC: Claims Registration Ends Nov. 15


F I N L A N D

HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes
HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes


F R A N C E

DELPHI CORP: Wins Court Approval of US$106 Mil. Interiors Sale
SPANSION INC: Inks Pact with SMIC To Form MirrorBit(R) Products
SPANSION INC: Names Gary Wang as President for China Unit


G E R M A N Y

ALERIS INTERNATIONAL: Consolidates Mexico Operations
APIS HEALTHCARE: Claims Registration Period Ends Nov. 23
BAUUNTERNEHMUNG HUESCHELRATH: Claims Registration Ends Nov. 10
DELTA RESEARCH: Claims Registration Period Ends Nov. 15
FOTEC INDUSTRIEFORSCHUNG: Claims Registration Ends Nov. 14

GAS- UND OELBRENNER: Claims Registration Period Ends Nov. 22
PWZ FASSADENA: Claims Registration Period Ends Nov. 20
RM VERMOEGENSVERWALTUNGS: Claims Registration Ends Nov. 11
TREND-TEPPICH-GALERIE GMBH: Claims Period Ends Nov. 12


K A Z A K H S T A N

APH ADVERTISING: Claim Filing Period Ends Dec. 4
BARAK LLP: Creditors Must File Claims by Dec. 1
COMPANY BAK-ER: Claims Filing Period Ends Dec. 1
FEREX LLP: Creditors Must File Claims by Dec. 4
GASBYTSERVICE LLP: Claims Registration Ends Dec. 1

JUPAR & K: Claim Filing Period Ends Dec. 4
KAZGU JSC: Creditors Must File Claims by Dec. 4
MONTESSORI SYSTEM: Claims Filing Period Ends Dec. 4
PETRO PLAST: Creditors' Claims Due by Dec. 4
TWINS ENGINEERING: Claims Registration Ends Dec. 4


K Y R G Y Z S T A N

KERBENPHARM JSC: Creditors Must File Claims by November 2


L U X E M B O U R G

AGILENT TECH: Moody's Rates Proposed US$500 Million Notes at Ba1
EVRAZ GROUP: Owns All of Palini e Bertoli After Option Exercise


R U S S I A

BIKINSKAYA OJSC: Court Starts Bankruptcy Supervision
EGORYEVSKIJ MILK: Bankruptcy Hearing Slated for Feb. 6, 2008
EVRAZ GROUP: Owns All of Palini e Bertoli After Option Exercise
KRASNOUFIMSKIJ ELEVATOR: Asset Sale Slated for November 15
NEFTEKUMSKIJ BREWERY: Creditors Must File Claims by Dec. 13

OMSKTRANSSTROY CJSC: Creditors Must File Claims by Dec. 13
RYMNIKSKOYE CJSC: Asset Sale Slated for November 26
SOUTH-URAL ELECTROTECHNIC: Creditors Must File Claims by Nov. 13
SOVKHOZ KUVAK-NIKOLSKIJ: Asset Sale Slated for November 12
WOOD-WORKING INTEGRATED: Creditors Must File Claims by Dec. 13


S P A I N

TDA IBERCAJA 1: S&P Lifts Class D Notes' Rating to BB+


S W I T Z E R L A N D

AMSLER + PARTNER: Creditors' Liquidation Claims Due by Nov. 30
CRYSTALCUBE LLC: Creditors' Liquidation Claims Due by Dec. 17
ECONSULTING JSC: Bankruptcy Proceedings Ongoing in Zug
HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30
I.J. EUROPA: Creditors' Liquidation Claims Due by Nov. 14

LEWIS CONSULTING: Creditors' Liquidation Claims Due by Nov. 9
MARKUS EGLI: Luzern-Land Court Closes Bankruptcy Proceedings
ORAL CREATIVE: Bankruptcy Proceedings Ongoing in Zug
RIEIRO LLC: Creditors' Liquidation Claims Due by November 10
TOMISS JSC: Creditors' Liquidation Claims Due by December 27

TOPCAP MARKETING: Zug Court Closes Bankruptcy Proceedings


U K R A I N E

AGROMAR LLC: Proofs of Claim Deadline Set for October 30
ASTRA-COM LLC: Proofs of Claim Deadline Set for October 31
ECO-JEANS Proofs of Claim Deadline Set for October 30
GEO-ST LLC: Proofs of Claim Deadline Set for October  31
INDUSTRIALBANK: Fitch Affirms IDR at B-; Outlook Stable

LIGA-N LLC: Proofs of Claim Deadline Set for October 31
MASTER-BUILDING SERVICE: Claim Filing Deadline Set for Oct. 30
MEGATRADE-NOVA 2000: Proofs of Claim Deadline Set for Oct. 30
NOEL-INFO LLC: Proofs of Claim Deadline Set for October 30
ROZHNIATOV AGRICULTURAL: Claim Filing Deadline Set for Oct. 30

ROVNO BUILDING: Proofs of Claim Deadline Set for Oct. 30
ROVNO FLAX: Proofs of Claim Deadline Set for Oct. 30
START TECHNICAL: Proofs of Claim Deadline Set for Oct. 30
TRACK LUBRICANTS: Proofs of Claim Deadline Set for Oct. 30
UKRAINIAN ENERGY: Proofs of Claim Deadline Set for Oct. 31

VESELKA LLC: Proofs of Claim Deadline Set for Oct. 31


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Ends Franchises with GB Airways and Loganair
CALMONT WEALD: Calls In Liquidators From Chantrey Vellacott DFK
CLOVER GARAGE: Joint Liquidators Take Over Operations
COOPER GREEN: Taps Tenon Recovery to Administer Assets
DRAINMATE LTD: Brings In Liquidators from Wilkins Kennedy

HALCYON RESIDENTIAL: Claims Filing Period Ends November 12
HOLLYWOOD ICONS: Taps Smith & Williamson as Administrators
JOHN PETERS: Taps Liquidators from Ernst & Young
LIP LTD: Claims Filing Period Ends December 17
LLOYDS TIMBER: Claims Filing Period Ends November 27

MSC LTD: Appoints Joint Administrators from Smith & Williamson
OK CLOTHING: Claims Filing Period Ends November 27
NORTHERN ROCK: JC Flowers Confirms Bid; Reveals Management Team
OUR PRICE: Claims Filing Period Ends November 16
REGEN SCHOOL: Appoints Liquidators from PKF

SOLO CUP: Debt Reduction Prompts S&P's Positive CreditWatch
TFC EXPRESS: Brings In Baker Tilly as Administrators
VONAGE HOLDINGS: Agrees to Settle Patent Dispute with Verizon

* BOND PRICING: For the Week Oct. 22 to Oct. 26, 2007


                            *********

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


BURDA UND BURDA: Claims Registration Period Ends Nov. 13
--------------------------------------------------------
Creditors owed money by LLC Burda und Burda (FN 107953f) have until Nov.
13 to file written proofs of claim to court-appointed estate administrator
Katharina Widhalm-Budak at:

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

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on Nov. 27 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.
27 (Bankr. Case No. 28 S 109/07v).


KURZEWSKI BAU: Claims Registration Period Ends Nov. 19
------------------------------------------------------
Creditors owed money by LLC Kurzewski Bau (FN 173432y) have until Nov. 19
to file written proofs of claim to court-appointed estate administrator
Richard Proksch at:

         Dr. Richard Proksch
         c/o  Mag. Birgit Linder
         Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:30 a.m. on Dec. 3  for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept.
25 (Bankr. Case No. 3 S 120/07b).  Birgit Linder represents Dr. Proksch in
the bankruptcy proceedings.



MUELLER-SCHERR: Claims Registration Ends Nov. 19
------------------------------------------------
Creditors owed money by LLC Mueller-Scherr Laborausruestung (FN 79328i)
have until Nov. 19 to file written proofs of claim to court-appointed
estate administrator Johannes Muehllechner at:

         Mag. Johannes Muehllechner
         Graben 21/3
         4020 Linz
         Austria
         Tel: 0732/77 22 00
         Fax: 0732/77 22 004
         E-mail: muehllechner@eurojuris.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on Dec. 3 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on Sept. 26
(Bankr. Case No. 12 S 74/07f).


SINGH & SHARMA: Claims Registration Period Ends Nov. 20
-------------------------------------------------------
Creditors owed money by LLC Singh & Sharma (FN 267596z) have until Nov. 20
to file written proofs of claim to court-appointed estate administrator
Michael Neuhauser at:

         Mag. Michael Neuhauser
         c/o Dr. Christof Stapf
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 55
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 12:30 p.m. on Dec. 4 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept.
24 (Bankr. Case No. 6 S 122/07v).  Christof Stapf represents Mag.
Neuhauser in the bankruptcy proceedings.


SOELLINGER GASTRONOMIE: Claims Registration Ends Nov. 12
--------------------------------------------------------
Creditors owed money by KG Soellinger Gastronomie (FN 5459d) have until
Nov. 12 to file written proofs of claim to court-appointed estate
administrator Erich Gugenberger at:

         Dr. Erich Gugenberger
         Attergaustr.30
         4880 St. Georgen im Attergau
         Austria
         Tel: 07667/20980
         Fax: 07667/20980-20
         E-mail: office@drgugenberger.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on Nov. 22 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in St. Georgen im Attergau, Austria, the Debtor declared
bankruptcy on Sept. 25 (Bankr. Case No. 20 S 120/07h).


SWENNEN LLC: Claims Registration Period Ends Nov. 20
----------------------------------------------------
Creditors owed money by LLC Swennen (FN 45865z) have until
Nov. 20 to file written proofs of claim to court-appointed estate
administrator Clemens Richter at:

         Mag. Clemens Richter
         c/o Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at noon on Dec. 4 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept.
21 (Bankr. Case No. 6 S 120/07z).  Daniel Lampersberger represents Mag.
Richter in the bankruptcy proceedings.


WOHNPROJEKT.COM LLC: Claims Registration Ends Nov. 15
-----------------------------------------------------
Creditors owed money by LLC wohnprojekt.com (FN 249891m) have until Nov.
15 to file written proofs of claim to court-appointed estate administrator
Andrea Eisner at:

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Vienna
         Austria
         Tel: 712 04 77
         Fax: 712 04 77 12
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:15 a.m. on Nov. 29  for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept.
21 (Bankr. Case No. 5 S 102/07w).


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


HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes
------------------------------------------------------------
Hilton Hotels Corporation has determined the total consideration
in U.S. dollars to be paid pursuant to its cash tender offer and
related consent solicitation for its 7.430% Chilean Inflation-
Indexed Notes Due 2009.

The total consideration payable for the CLP 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
Oct. 1, 2007, will be approximately US$130.02 per CLP50,000
original principal amount of CLP Notes, representing the
conversion of the CLP total consideration of CLP65,560.95 per
CLP50,000 original principal amount of CLP Notes into U.S.
dollars at a rate of CLP504.25 for every US$1.00.  All of the
CLP Notes were validly tendered and not validly withdrawn prior
to the CLP Note Consent Payment Deadline and, accordingly, all
CLP Notes are eligible to receive the total consideration.

Holders whose CLP Notes are accepted for payment in the tender
offer will receive accrued and unpaid interest for such CLP
Notes from the last interest payment date to, but not including,
the payment date for the CLP Notes purchased in the tender
offer.

The applicable total consideration and tender offer
consideration to be paid in respect of securities purchased
pursuant to Hilton's 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, 7.500% Notes
due 2017 and 8.000% Quarterly Interest Bonds due 2031, announced
in Hilton's press release dated as of Oct. 19, 2007, remain
unchanged.

The tender offer for each issue of Securities will expire at
8:00 a.m., New York City time, on Oct. 24, 2007.  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.


HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on eight classes of
commercial mortgage pass-through certificates from Hilton Hotels Pool
Trust?s series 2000-HLT to 'AAA' due to the full defeasance of a single
fixed-rate whole loan.

The fixed-rate whole loan, which serves as trust collateral, was fully
defeased on Oct. 23, 2007.  Before the defeasance, the loan was secured by
five cross-collateralized and cross-defaulted Hilton hotels in San
Francisco, California, Chicago, Illinois, McLean, Virginia, Short Hills,
New Jersey, and Phoenix, Arizona.  As part of the defeasance, the real
estate collateral securing the loan was released and replaced with
defeasance collateral.  The defeasance collateral will provide a revenue
stream sufficient to pay each scheduled principal and interest payment
when due through Oct. 1, 2010, the maturity date of the loan.


                        Ratings Raised
          Hilton Hotels Pool Trust Commercial mortgage
           pass-through certificates series 2000-HLT

                                   Rating
                                   ------
                  Classes       To         From
                  -------       --         ----
                  A-1           AAA        AA
                  A-2           AAA        AA
                  B             AAA        A
                  C             AAA        BBB-
                  D             AAA        BB+
                  E             AAA        BB
                  F             AAA        BB-
                  X             AAA        AA



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


DELPHI CORP: Wins Court Approval of US$106 Mil. Interiors Sale
--------------------------------------------------------------
Delphi Corporation and its affiliates have obtained the U.S.
Bankruptcy Court of the Southern District of New York's approval to sell
their global Interiors and Closures businesses for approximately US$106
million to a wholly owned subsidiary of The Renco Group, Inc., barring a
higher offer at an auction,
Bloomberg News reports.

The U.S. Bankruptcy Court-approved master sale and purchase
agreement contemplates a divestiture of Delphi's Interiors and
Closures Businesses to Inteva Products LLC, for a preliminary
purchase price of US$80 million, subject to certain adjustments, and
post-closing payments of approximately US$26 million.

The sale protocol outlined by Delphi contemplates an auction on
Dec. 6, 2007, with bids due Nov. 26, 2007.  A final sale hearing is
anticipated to be set for Jan. 8, 2008.  Inteva
will receive a break-up fee of not more than US$2.4 million in the event
Delphi consummates a sale transaction with another party.  The final sale
of Delphi's Interiors and Closures business is subject to the approval of
the U.S. Bankruptcy Court and other constituencies in the U.S. and abroad.

The master sale and purchase agreement involves the entire global
Interiors and Closures business line, including: book of
business, manufacturing operations, intellectual property,
personnel, supplier contracts and share of joint ventures.
Delphi's Interiors and Closures business operates manufacturing
facilities in:

   -- Gadsden, Alabama
   -- Cottondale, Alabama
   -- North Kansas City, Missouri
   -- Orion, Michigan
   -- Adrian, Michigan
   -- Woerth, Germany
   -- Matamoros, Mexico
   -- SDADS Joint Venture (Shanghai, China)
   -- KDS Joint Venture (Daegu, Korea)
   -- Other contracted manufacturing locations

                          About Delphi

Headquartered in Troy, Michigan, 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.  (Delphi
Bankruptcy News, Issue No. 88; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SPANSION INC: Inks Pact with SMIC To Form MirrorBit(R) Products
---------------------------------------------------------------
Spansion Inc. has intensified its focus in the China market by
partnering with foundry leader, Semiconductor Manufacturing
International Corporation.  Spansion will transfer its 65nm
MirrorBit(R) technology to SMIC for foundry services on 300mm
wafers in China.

SMIC and Spansion have also signed a memorandum of understanding which
would allow SMIC to enter selected segments of the Flash memory market
with a to manufacture and sell 90nm and 65nm and potentially Spansion
MirrorBit(R) Quad products for the China content delivery market.

Spansion has been investing in China for over 10 years and is
now a leading Flash memory provider to the top consumer
electronics and wireless OEMs in the region.  The investment
started with the establishment by AMD, Spansion's former parent
company, of the Suzhou final manufacturing facility - now one of
the world's largest producers of memory Multi-chip Packages.
Since then, Spansion has added local design centers in Suzhou
and Beijing, and sales and marketing offices in Beijing,
Shanghai and Shenzhen.  Through the foundry agreement with SMIC,
Spansion will have wafer-manufacturing capabilities in China.

"By partnering with SMIC, a leading foundry in China, we can
better serve our customers, with products made in China for the
China market," said Bertrand Cambou, president and CEO of
Spansion Inc.  "As a result of our team's success, we have the
opportunity to take our business to the next level and expand
opportunities in this exploding region."

As the market leader in China, SMIC provides a complete
integrated circuit foundry solution to help its customers
fulfill their China Strategy.  SMIC has diversified its memory
portfolio to include NAND Flash, NOR Flash, and Specialty DRAM
as part of its growth strategy to enter potential market
segments.  SMIC has also announced development of 90nm 2Gb
NAND Flash and 2Gb- TSOP products based on Saifun 2-bit-per-cell
as well as the Quad NROM four- bit-per-cell technology,
scheduled to enter commercial production as early as the fourth
quarter 2007.

"As Spansion has made strategic plans for the China market, SMIC
has made great strides anticipating the growing Flash memory
market.  Our partnership with the NOR Flash memory technology
leader fortifies these strategic synergies," said Dr. Richard
Chang, president and CEO of SMIC.  "With the booming China
consumer electronics market comes the opportunity to create and
nurture the growth of various Flash memory services and markets.
We look forward to collaborating with Spansion to manufacture
its leading-edge MirrorBit technology and develop Flash-based
content delivery applications."

                     Spansion In China

Spansion has more than 1,300 employees in Greater China who
continue to build momentum with the top OEMs, as demonstrated by
the awards Spansion has received.  For the third consecutive
year, Lenovo awarded Spansion Best Supplier for 2006 and
Inventec, a leading ODM/OEM awarded Spansion Best Partner
earlier this year.  Spansion's other leading partners in the
Greater China region include ARCA Technology Corporation and
MediaTek, Inc., one of the world's top ten fabless semiconductor
companies for wireless communications and digital media
solutions.  Spansion has a final manufacturing facility in
Suzhou, one of the world's largest memory producers of Multi-
chip Packages (MCPs), design centers in Suzhou and Beijing and
sales and marketing offices in Beijing, Shanghai and Shenzhen.

                        About SMIC

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation (NYSE: SMI; SEHK: 0981.HK) --
http://www.smics.com/-- is one of the leading semiconductor
foundries in the world and the largest and most advanced foundry
in Mainland China, providing integrated circuit (IC)
manufacturing service at 0.35um to 90nm and finer line
technologies.  SMIC has a 300mm wafer fabrication facility (fab)
under pilot production and three 200mm wafer fabs in its
Shanghai mega-fab, two 300mm wafer fabs in its Beijing mega-fab,
a 200mm wafer fab in Tianjin, and an in-house assembly and
testing facility in Chengdu.  SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong.  In addition, SMIC manages
and operates a 200mm wafer fab in Chengdu owned by Cension
Semiconductor Manufacturing Corporation and a 300mm wafer fab
under construction in Wuhan owned by Wuhan Xinxin Semiconductor
Manufacturing Corporation.

                         About Spansion

Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

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

                             *   *   *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012.  The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.

Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt.  Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.'  In
conjunction with the refinancing, Fitch has affirmed these
ratings:

   -- Issuer Default Rating of 'B-';

   -- US$250 million of 11.75% senior unsecured notes due 2016
      at 'CCC+/RR5'; and

   -- US$207 million of 2.25% convertible senior subordinated
      debentures due 2016 at 'CCC/RR6'.

Fitch said the rating outlook remains negative.  Approximately
US$1.1 billion of total debt is affected by Fitch's actions.


SPANSION INC: Names Gary Wang as President for China Unit
---------------------------------------------------------
Spansion Inc. has appointed Gary Wang, previously corporate vice
president of Asia Pacific Sales and Marketing, to the newly
created position of president, Spansion Greater China.
Reporting directly to the Office of the CEO, Mr. Wang will serve
as a liaison with strategic customers, government officials, and
alliance partners and ensure Spansion's business strategies are
aligned to meet the requirements in China.

"Gary and his team have done an outstanding job in increasing
our revenue and share in the region," said Bertrand Cambou,
president and CEO of Spansion Inc.  "We now look forward to
Gary's leadership in expanding our strategic relationships to
enable Spansion to capitalize on new market opportunities in the
rapidly growing China consumer electronics and wireless
markets."

Spansion is one of the leading Flash memory solution providers,
working with the top consumer electronics OEMs and wireless
handset manufacturers in the Greater China region.  Spansion has
over 1,300 employees located in China with a final manufacturing
facility in Suzhou, design centers in Suzhou and Beijing and
sales and marketing offices in Beijing, Shanghai and Shenzhen.

"I look forward to further collaborating with our customers,
partners and the government in the region," said Mr. Wang.
"China is revving up for an electronics revolution that will
drive a new wave of growth in Flash memory and I am confident
that our relationships in the region will create new innovations
to meet demand."

                         About Spansion

Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

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

                             *   *   *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012.  The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.

Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt.  Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.'  In
conjunction with the refinancing, Fitch has affirmed these
ratings:

   -- Issuer Default Rating of 'B-';

   -- US$250 million of 11.75% senior unsecured notes due 2016
      at 'CCC+/RR5'; and

   -- US$207 million of 2.25% convertible senior subordinated
      debentures due 2016 at 'CCC/RR6'.

Fitch said the rating outlook remains negative.  Approximately
US$1.1 billion of total debt is affected by Fitch's actions.


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


ALERIS INTERNATIONAL: Consolidates Mexico Operations
----------------------------------------------------
Aleris International Inc. will consolidate the operations of its
Monterrey, Mexico facility into its Monclova, Mexico plant, which was part
of the acquired Wabash Alloys LLC.

In addition, the operations of Wabash Alloy's Guelph, Canada facility will
be consolidated into the operations of Aleris and former Wabash Alloys
facilities.  Both actions are currently underway.

The Monterrey plant, which employed approximately 41 people, produced
specification aluminum alloys that were delivered to customers in both
ingot and molten form.

The Guelph plant, which employed approximately 50 people, produced niche
specification alloys which were delivered in ingot form to customers in
Canada and the United States.

"The closures are part of our ongoing initiatives to optimize our
production footprint and maximize productivity while continuing to provide
the highest quality products and services to our valued customers." Ed
Hoag vice president and general manager, Specification Alloys, said.

                    About Aleris International

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures aluminum rolled
products and extrusions, aluminum recycling and specification alloy
production.  The company is also a recycler of zinc and a leading U.S.
manufacturer of zinc metal and value-added zinc products that include zinc
oxide and zinc dust.  The
company operates 55 production facilities in in the United
States, Brazil, Germany, Mexico and Wales, and employs
approximately 9,200 employees.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time S&P affirmed
its 'B+' corporate credit rating and the other ratings on the company.
Concurrently, S&P assigned a 'B-' rating to the company's recent US$105
million 9% senior notes due 2014, which are an add-on to the company's
existing US$600 million 9% senior notes due 2014.


APIS HEALTHCARE: Claims Registration Period Ends Nov. 23
--------------------------------------------------------
Creditors of APIS HealthCare GmbH have until Nov. 23 to register their
claims with court-appointed insolvency manager Florian Stapper.

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 Leipzig
         Hall 030
         Ground 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:

         Dr. Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111
         E-mail: leipzig@stapper-korn.de

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

The Debtor can be reached at:

         APIS HealthCare GmbH
         Fuggerstrasse 1B
         04158 Leipzig
         Germany


BAUUNTERNEHMUNG HUESCHELRATH: Claims Registration Ends Nov. 10
--------------------------------------------------------------
Creditors of Bauunternehmung Hueschelrath GmbH have until
Nov. 10 to register their claims with court-appointed
insolvency manager Dr. Joerg Nerlich.

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf
         Germany

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 Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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 District Court of Duesseldorf opened bankruptcy proceedings against
Bauunternehmung Hueschelrath GmbH on Oct. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bauunternehmung Hueschelrath GmbH
         Attn: Andreas Weber, Manager
         Parkstrasse 2
         40764 Langenfeld
         Germany


DELTA RESEARCH: Claims Registration Period Ends Nov. 15
-------------------------------------------------------
Creditors of Delta Research Gmbh have until Nov. 15 to register their
claims with court-appointed insolvency manager Ulrike Hoge-Peters
-Kanzlei.

The insolvency manager can be reached at:

         Ulrike Hoge-Peters -Kanzlei
         Cronstettenstr. 30
         60322 Frankfurt am Main
         Germany
         Tel: 069/9591100
         Fax: 069/95911012

Creditors and other interested parties are encouraged to attend the
meeting at 8:55 a.m. on Dec. 6, at which time the insolvency manager will
present her first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The District Court of Offenbach am Main opened bankruptcy proceedings
against Delta Research Gmbh on Oct. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DELTA RESEARCH GMBH
         Voltastrasse 10
         63225 Langen
         Germany


FOTEC INDUSTRIEFORSCHUNG: Claims Registration Ends Nov. 14
----------------------------------------------------------
Creditors of FOTEC Industrieforschung & Entwicklungs GmbH have until Nov.
14 to register their claims with court-appointed insolvency manager
Carsten Morgenstern.

The insolvency manager can be reached at:

         Carsten Morgenstern
         Michaelstrasse 71
         09116 Chemnitz
         Germany
         Tel: (0371) 381770T
         Fax: (0371) 3817730
         E-Mail: chemnitz@hww-kanzlei.de

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 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 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 District Court of Chemnitz opened bankruptcy proceedings against FOTEC
Industrieforschung & Entwicklungs GmbH on Oct. 11.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FOTEC Industrieforschung & Entwicklungs GmbH
         Attn: Helga Scheibner, Manager
         Neefestrasse 80 a
         09119 Chemnitz
         Germany


GAS- UND OELBRENNER: Claims Registration Period Ends Nov. 22
------------------------------------------------------------
Creditors of GASOE Gas- und Oelbrenner-Service Vertriebs- und Service GmbH
have until Nov. 22 to register their claims with court-appointed
insolvency manager Sabine Aldermann.

The insolvency manager can be reached at:

         Dr. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 a.m. on Dec. 20, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Dortmund opened bankruptcy proceedings against GASOE
Gas- und Oelbrenner-Service Vertriebs- und Service GmbH on Oct. 2.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GASOE Gas- und Oelbrenner-Service Vertriebs- und
         Service GmbH
         Fasanenweg 14
         59368 Werne
         Germany


PWZ FASSADENA: Claims Registration Period Ends Nov. 20
------------------------------------------------------
Creditors of PWZ Fassaden und Raumgestaltung GmbH have until Nov. 20 to
register their claims with court-appointed insolvency manager Herbert
Feigl.

The insolvency manager can be reached at:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

Creditors and other interested parties are encouraged to attend the
meeting at 11:20 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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 District Court of Halle-Saalkreis opened bankruptcy proceedings
against PWZ Fassaden und Raumgestaltung GmbH on
Oct. 4.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PWZ Fassaden und Raumgestaltung GmbH
         Birkenweg 8
         06295 Rothenschirmbach
         Germany


RM VERMOEGENSVERWALTUNGS: Claims Registration Ends Nov. 11
----------------------------------------------------------
Creditors of RM Vermoegensverwaltungs-GmbH & Co. KG have until Nov. 11 to
register their claims with court-appointed insolvency manager Frank
Hanselmann.

The insolvency manager can be reached at:

         Frank Hanselmann
         Berliner Platz 6
         97080 Wuerzburg
         Germany
         Tel: 0931/359 800

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

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Room 14
         Second Floor
         Justiznebenstelle Tiepolostr. 6
         Wuerzburg
         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 District Court of Wuerzburg opened bankruptcy proceedings against RM
Vermoegensverwaltungs-GmbH & Co. KG on Oct. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RM Vermoegensverwaltungs-GmbH & Co. KG
         Kurgarten 5
         97688 Bad Kissingen
         Germany

         Attn: Valentin Goderbauer, Manager
         Fuerstentreppe 169
         84034 Landshut
         Germany


TREND-TEPPICH-GALERIE GMBH: Claims Period Ends Nov. 12
------------------------------------------------------
Creditors of Trend-Teppich-Galerie GmbH have until Nov. 12 to register
their claims with court-appointed insolvency manager Dr. Joerg Nerlich.

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Friedrich-Ebert-Str. 17
         42103 Wuppertal
         Germany
         Tel: 0202/40 86 150
         Fax: 0202/40 86 159

Creditors and other interested parties are encouraged to attend the
meeting at 9:20 a.m. on Dec. 3, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Wuppertal opened bankruptcy proceedings against
Trend-Teppich-Galerie GmbH on Oct. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Trend-Teppich-Galerie GmbH
         Attn: Dietmar Heinz Siebert
         Rembrandtweg 48
         46539 Dinslaken
         Germany


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


APH ADVERTISING: Claim Filing Period Ends Dec. 4
------------------------------------------------
LLP Aph Advertising has declared insolvency.  Creditors have until Dec. 4
to submit written proofs of claim to:

         LLP Aph Advertising
         Seyfullin ave. 510-109
         Almaty
         Kazakhstan


BARAK LLP: Creditors Must File Claims by Dec. 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Barak insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7235) 6-03-83
              8 (7235) 4-01-07


COMPANY BAK-ER: Claims Filing Period Ends Dec. 1
------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation of LLP
Company Bak-Er (RNN 091700000821).

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

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


FEREX LLP: Creditors Must File Claims by Dec. 4
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda declared LLP
Ferex insolvent on Sept. 11.

Creditors have until Dec. 4 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


GASBYTSERVICE LLP: Claims Registration Ends Dec. 1
--------------------------------------------------
The Tax Committee of Almaty region has ordered the compulsory liquidation
of LLP Gasbytservice (RNN 090500029663).

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

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


JUPAR & K: Claim Filing Period Ends Dec. 4
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared LLP Jupar
& K insolvent on Aug. 14.

Creditors have until Dec. 4 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-43-90


KAZGU JSC: Creditors Must File Claims by Dec. 4
-----------------------------------------------
LLP Zapadno-Kazakhstansky Gumanitarno-Uridichesky Colledge - JSC Kazgu has
declared insolvency.  Creditors have until Dec. 4 to submit written proofs
of claim to:

         LLP Zapadno-Kazakhstansky Gumanitarno-
         Uridichesky Colledge - JSC Kazgu
         Turgenev Str. 72
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (7132) 56-79-51


MONTESSORI SYSTEM: Claims Filing Period Ends Dec. 4
---------------------------------------------------
LLP Montessori System has declared insolvency.  Creditors have until Dec.
4 to submit written proofs of claim to:

         LLP Montessori System
         Makatayev Str. 130-36
         Almaty
         Kazakhstan
         Tel: 8 (3272) 79-66-59


PETRO PLAST: Creditors' Claims Due by Dec. 4
--------------------------------------------
LLP Petro Plast has declared insolvency.  Creditors have until Dec. 4 to
submit written proofs of claim to:

         LLP Petro Plast
         Gasheka Str. 26
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TWINS ENGINEERING: Claims Registration Ends Dec. 4
--------------------------------------------------
LLP Twins Engineering has declared insolvency.  Creditors have until Dec.
4 to submit written proofs of claim to:

         LLP Twins Engineering
         Office 830
         Dostyk ave. 105
         Almaty
         Kazakhstan


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


KERBENPHARM JSC: Creditors Must File Claims by November 2
---------------------------------------------------------
JSC Kerbenpharm has declared insolvency.  Creditors have until Nov. 2 to
submit written proofs of claim to:

         JSC Kerbenpharm
         Umetaliyev Str. 148
         Kerben
         Aksyisky District
         Djalal-Abad Region
         Kyrgyzstan


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


AGILENT TECH: Moody's Rates Proposed US$500 Million Notes at Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Agilent Technologies,
Inc.'s proposed offering of US$500 million senior notes due 2017 and
affirmed its existing ratings and stable outlook.  The new issue proceeds
will be used to fund the remaining purchases under Agilent's accelerated
stock buyback program and replenish cash balances.  For the nine months
ended July 31, 2007, Agilent purchased US$1.3 billion worth of common
shares, made cash acquisitions totaling US$311 million and maintained
roughly US$1.49 billion of unrestricted cash, down from US$2.05 billion at
April 30, 2007.

Moody's noted that at the current rating category, Agilent has capacity to
incur additional debt supported by higher EBITDA levels.  Pro forma for
this transaction, debt/LTM EBITDA is 1.1x (Moody's adjusted) excluding the
US$1.5 billion enhanced note obligation or 2.5x (Moody's adjusted)
including the enhanced note obligation.

The rating for the senior notes is the same as the Ba1 corporate family
rating, which reflects the company's repositioning and transition to a
business model that has the propensity to deliver enhanced operating
margins and consistently higher levels of positive free cash flow compared
to prior periods and its peers.  Agilent has adopted an outsourced
manufacturing model and reduced infrastructure costs by 35% to better
align its workforce and operating facilities with a smaller revenue base
after the disposition of its Semiconductor Products Group in 2005 and
Semiconductor Test assets in early 2006.

The rating also considers the company's more focused business strategy in
less volatile business segments affording increased growth opportunities
in Agilent's core electronic and bio-analytical test and measurement
businesses.  Additionally, the rating takes into account recent R&D and
investment efforts that were refocused to align Agilent's business with
new market opportunities to capture market share and deliver above-average
revenue growth.

The Ba1 rating is constrained by the: (i) smaller revenue base and
historic growth rates at or below the industry average; (ii) historic
single-digit operating margins (albeit improved to 10.5% as of the recent
twelve month period), with limited opportunities for further cost savings
(iii) brief track record demonstrating sustained above-average revenue
growth and consistent operating performance relative to peers following
the repositioning; (iv) potential for a sizeable acquisition or other
leveraging event that could increase debt levels and/or reduce liquidity;
and (v) financial policies that are viewed to be more shareholder
friendly.

Moody's cited the rating also captures recent competitor actions that
include Danaher's US$2.8 billion acquisition of Tektronix, a supplier of
electronic test and measurement equipment and chief rival of Agilent.
Potential risks to Agilent include Danaher's increased scale in its
Electronic Test division, Tektronix's access to greater R&D resources,
Danaher's expected implementation of cost and manufacturing improvements
at Tektronix and Danaher's likely strategy to leverage Tektronix's Asian
presence as a platform for growing its instrumentation business which
could lead to heightened competition in Asia (Asia accounts for 40% of
Agilent's sales).  Moody's will monitor these developments closely.

The stable outlook reflects Agilent's positive operating trends tempered
by the implementation of its US$2 billion share repurchase program over a
twelve-month period instead of the previously expected 24-month timeframe.
The accelerated stock repurchase will significantly exceed the level of
free cash flow (after acquisitions) that Moody's expects the company to
generate in fiscal 2007.  Moody's views this as a return to a more
aggressive use of Agilent's considerable balance sheet liquidity,
requiring the need for higher debt levels in the permanent capital
structure, which somewhat limits financial flexibility at the Ba1 level.

The stable outlook also recognizes Agilent's more stable operating
profile, refocused business strategy in less volatile business segments,
diversification across its core test and measurement markets (which
experienced improved revenue growth of 7% in the recent quarter) and
propensity for predictable free cash flow compared to prior years.

Upward ratings pressure could occur if Agilent continues to demonstrate
solid organic revenue growth and operating margin improvement over the
next several quarters driven by sustainable above-average growth in the
electronic measurement segment as well as evidence of financial policies
that better align shareholder and creditor interests.

The company's SGL-1 rating reflects very good liquidity and financial
flexibility.  This is driven by Agilent's
US$1.49 billion of unrestricted cash, Moody's expectations for free cash
flow generation (after acquisitions) of at least
US$300 million in fiscal 2007 and US$320 million in fiscal 2008, plus full
access to a US$300 million revolver.  Agilent remains in compliance with
its new unrated 5-year senior unsecured credit facility with substantial
cushion under both the interest coverage and financial leverage
maintenance covenants.

The rating for the senior notes reflect both the overall probability of
default of the company, to which Moody's previously assigned a PDR of Ba1
and a loss given default of LGD-4 for the senior notes.  The Ba1 rating of
the senior notes reflects their senior position in Agilent's capital
structure.

Agilent Technologies Inc., the issuer of the notes, is not a parent
holding company, but rather an operating entity with hard assets,
inventory and payables.  As per the note offering prospectus, the notes
are structurally subordinated to the liabilities and payables at Agilent's
operating subsidiaries, and are ranked as such in Moody's LGD waterfall.
Although the notes do not benefit from upstream guarantees, because they
are located at a first-tier operating entity, in a bankruptcy scenario
they would share the same collateral pool (on a junior basis) as the trade
creditors and lenders residing at the operating subsidiaries.

In accordance with guidance for Moody's LGD framework, Agilent's
subsidiary's US$1.5 billion floating rate enhanced note obligation
residing in the bankruptcy remote vehicle was excluded from the LGD
waterfall.  However, Moody's notes that senior noteholders are
structurally subordinated to the bankruptcy remote entity's noteholders
given that trust creditors have a first priority claim on assets and cash
flows of certain foreign operating subsidiaries that represent a
substantial portion of Agilent's cash flows.

This new rating/assessment was assigned:

   -- US$500 million Senior Unsecured Notes due 2017 -- Ba1
      (LGD-4, 52%)

These ratings were affirmed:

   -- Corporate Family Rating -- Ba1
   -- Probability of Default Rating -- Ba1
   -- Speculative Grade Liquidity -- SGL-1

Headquartered in Santa Clara, California, Agilent Technologies, Inc. is a
leading measurement technology company serving the communications,
electronics, life sciences and chemical analysis industries.  Net revenues
for the twelve months ended July 31, 2007 were US$4.7 billion.

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


EVRAZ GROUP: Owns All of Palini e Bertoli After Option Exercise
---------------------------------------------------------------
Evraz Group S.A., in August 2005, acquired a 75% plus one share interest
in Italian steel plate producer Palini e Bertoli.  Evraz recently executed
a call option in respect of the remaining 25% less one share.  Evraz paid
approximately EUR76 million for the stake.  As a result, Evraz now owns
100% of Palini e Bertoli.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'.  Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                    Projected
                         Old Debt New Debt LGD      Loss-Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  8.25% Senior Unsecured
  Regular Bond/
  Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                         Old Debt New Debt LGD      Loss Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  10.875% Senior Unsecured
  Regular Bond/
  Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


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


BIKINSKAYA OJSC: Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy supervision
procedure on OJSC Knitting Factory Bikinskaya.  The Court appointed T.P.
Nenasheva as Interim manager.
The case is docketed under Case No. ?73-3185/2007-9.

Creditors have to submit their proofs of claims at:

         T.P. Nenasheva
         DOS 44-75
         Bol'shoy Airdrome
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         OJSC Knitting Factory Bikinskaya
         Obedinenia Str. 3
         Novosibirsk
         Russia


EGORYEVSKIJ MILK: Bankruptcy Hearing Slated for Feb. 6, 2008
------------------------------------------------------------
The Arbitration Court of Altai krai will convene on Feb. 6, 2008, to hear
the bankruptcy supervision procedure on Egoryevskij Milk Plant LLC.  The
case is docketed under Case No. ??3-7522/07-?.

The Interim manager is:

         A.V. Schedurskij
         P.O. Box 934
         656050 Barnaul
         Russia

The debtor can be reached at:

         Egoryevskij Milk Plant LLC
         Sadovyi Per. 1
         Novoegoryevskoye Settlement
         Altai krai
         Russia


EVRAZ GROUP: Owns All of Palini e Bertoli After Option Exercise
---------------------------------------------------------------
Evraz Group S.A., in August 2005, acquired a 75% plus one share interest
in Italian steel plate producer Palini e Bertoli.  Evraz recently executed
a call option in respect of the remaining 25% less one share.  Evraz paid
approximately EUR76 million for the stake.  As a result, Evraz now owns
100% of Palini e Bertoli.

                         About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                           *   *   *

As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'.  Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'.  The Outlooks on the Long-term IDRs are
Stable.

Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                    Projected
                         Old Debt New Debt LGD      Loss-Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  8.25% Senior Unsecured
  Regular Bond/
  Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                         Old Debt New Debt LGD      Loss Given
  Debt Issue             Rating   Rating   Rating   Default
  ----------             -------  -------  ------   -------

  10.875% Senior Unsecured
  Regular Bond/
  Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


KRASNOUFIMSKIJ ELEVATOR: Asset Sale Slated for November 15
----------------------------------------------------------
The competitive proceedings manager of OJSC Krasnoufimskij Elevator will
open a public auction for the company's properties at 3:00 p.m. on Nov. 15
at:

         OJSC Krasnoufimskij Elevator
         Office 513
         8th March Str. 12?
         Ekaterinburg
         Russia

The company has set a RUR7,742,839 starting price for the auctioned assets.

Interested participants have until Nov. 5 to deposit an amount equivalent
to 10% of the starting price to the settlement account of Krasnoufimskij
Elevator OJSC.

Bidding documents must be submitted to:

         OJSC Krasnoufimskij Elevator
         Office 513
         8th March Str. 12?
         Ekaterinburg
         Russia

Any information related to the auction can be obtained at
Tel: 356-55-96.


NEFTEKUMSKIJ BREWERY: Creditors Must File Claims by Dec. 13
-----------------------------------------------------------
Creditors of Neftekumskij Brewery LLC have until Dec. 13 to submit proofs
of claim at:

         Office 4
         Lermontova Str. 343
         Stavropol
         Russia
         Tel: (8652) 37-16-93

The Arbitration Court of Stavropol commenced competitive proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A63-2042/07-C5.

The competitive proceedings manager is:

         N.I. Zhuravlev
         P.O. Box 32
         420049 Kazan
         Russia

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia


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

         S.A. Vinnik
         P.O. Box 2699
         644099 Omsk
         Russia

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

The debtor can be reached at:

         OmskTransStroy CJSC
         Rostovka Village
         Omskij Raion
         Omsk
         Russia


RYMNIKSKOYE CJSC: Asset Sale Slated for November 26
---------------------------------------------------
V.G. Tatarnikov, bidding organizer for CJSC Rymnikskoye will set a
repeated auction for the company's properties at 9:00 a.m. on Nov. 26 at:

         Rymnikskoye CJSC
         Yubileynaya Str. 1
         Rymnikskoye Settlement
         Brelinskij Raion
         457654 Chelyabinsk
         Russia

The starting prices for the auctioned assets are:

   -- Lot 1: RUR2,195,000; and
   -- Lot 2: RUR3,000,000

Interested participants have until Nov. 25 to submit their bidding
documents to:

         V.G. Tatarnikov
         Yubileynaya Str. 1
         Rymnikskoye Settlement
         Brelinskij Raion
         457654 Chelyabinsk
         Russia

Any information related to the auction can be obtained at:

         V.G. Tatarnikov
         Yubileynaya Str. 1
         Rymnikskoye Settlement
         Bredinskij Raion
         57654 Chelyabinsk
         Russia
         Tel: 8 (351) 794-83-29


SOUTH-URAL ELECTROTECHNIC: Creditors Must File Claims by Nov. 13
----------------------------------------------------------------
Creditors of CJSC South-Ural Electrotechnic Company have until Nov. 13 to
submit proofs of claim at:

         Office 402
         Stepana Razina Str. 3
         454005 Chelyabinsk
         Russia

The Arbitration court of Chelyabinsk will convene at 10:00 a.m. on Feb.
21, 2008 to hear the company's bankruptcy supervision procedure.  The
Court appointed S.B. Cherepanov as interim manager.  The case is docketed
under Case No. ?76-8287/2007-52-54.

The Court is located at:

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

The Debtor can be reached at:

         South-Ural Electrotechnic Company CJSC
         2nd Western Proezd 4
         Chelyabinsk
         Russia


SOVKHOZ KUVAK-NIKOLSKIJ: Asset Sale Slated for November 12
----------------------------------------------------------
V. V. Budnevskij, the competitive proceedings manager of Sovkhoz
Kuvak-Nikolskij SUE will open a public auction for the company's
properties on Nov. 12 at:

         Kuibysheva Str. 20
         Penza
         Russia

The company has set a RUR8,552,000 starting price for the auctioned
assets.  Deposit required is 10% of the starting price.

Interested participants have until Nov. 10 to submit their bidding
documents to:

         V. V. Budnevskij
         Kuibysheva Str. 20
         Penza
         Russia

Any information related to the auction can be obtained at
Tel: (8412) 34-36-14.


WOOD-WORKING INTEGRATED: Creditors Must File Claims by Dec. 13
--------------------------------------------------------------
Creditors of Wood-Working Integrated Plant of the Ministry of Defence of
the Russian Federation FSUE have until Dec. 13 to submit their proofs of
claim at:

         A.V. Arendarchuk
         P.O. Box 113
         183012 Murmansk
         Russia
         Tel/Fax: (8 8152) 47-71-20

The Arbitration Court of Omsk commenced streamlined competitive
proceedings against the company after finding it insolvent.  The Court
appointed A.V. Arendarchuk as competitive proceedings manager.  The case
is docketed under Case No. ?42-195/2007.

The Debtor can be reached at:

         Wood-Working Integrated Plant of the Ministry of
         Defence of the Russian Federation FSUE
         Poznyakova Str. 4
         Murmansk
         Russia


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


TDA IBERCAJA 1: S&P Lifts Class D Notes' Rating to BB+
------------------------------------------------------
Standard & Poor's Ratings Services has raised its credit ratings on the
class B, C, and D notes issued by TDA Ibercaja 1 Fondo de Titulizacion de
Activos.  At the same time, the rating on
the class A notes was affirmed.

S&P also removed the ratings from CreditWatch.  The class B, C, and D
notes were placed on CreditWatch positive on Aug. 1, 2007.

The rating actions follow a loan-level and cash flow analysis of the
transaction that showed an increase in credit enhancement as a result of
the amortization of the portfolio and good transactional performance.

As a result of the ongoing de-leveraging of the transaction, the aggregate
risk measures are gradually improving. The weighted-average LTV ratio of
the collateral has fallen since closing, and currently its performance is
good.  Delinquencies are below the average values recorded in the Spanish
market.

The transaction is structured so that the class B, C, and D notes benefit
from pro rata amortization under certain conditions.

The cash reserve is currently at its required level. If certain conditions
are met, the cash reserve can step down to 0.7% of the initial balance of
the notes.

The structure traps excess spread over the life of the transaction to
cover the outstanding balance of defaulted mortgages.  As a result of this
structural provision, the outstanding amount of the rated notes is lower
than the amount
of the residual portfolio.

TDA Ibercaja 1 closed in October 2003.  The notes were initially backed by
a EUR600 million portfolio of first-ranking residential mortgage loans.

The originator and servicer of this transaction is Caja de Ahorros y Monte
de Piedad de Zaragoza, Aragon y Rioja, a savings bank in Zaragoza in
northeast Spain.  IBERCAJA focuses on low-risk residential mortgage
lending to individuals, and this underpins the savings bank's good-quality
asset track
record.

Standard & Poor's has conducted a cash flow analysis, which ran through
several scenarios to test the structure's ability to meet timely payment
of interest and ultimate repayment of principal.  The cash flows have been
strong enough to allow the class B, C, and D notes to pass all Standard &
Poor's stresses at the 'A+', 'BBB+', and 'BB+' levels, respectively.

Standard & Poor's will continue to closely monitor the performance of the
transaction to ensure that the ratings on the notes remain consistent with
the credit enhancement available.

                         Ratings List

     TDA Ibercaja 1 Fondo de Titulizacion de Activos
     EUR600 Million Mortgage-Backed Floating-Rate Notes

     Ratings Removed From CreditWatch With Positive
     Implications And Raised

         Class     Rating:  To          From
         -----     ----------------------------------
           B                A+          A/Watch Pos
           C                BBB+        BBB/Watch Pos
           D                BB+         BB/Watch Pos

      Rating Affirmed

         Class             Rating
         -----             ------
           A                AAA


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


AMSLER + PARTNER: Creditors' Liquidation Claims Due by Nov. 30
--------------------------------------------------------------
Creditors of LLC Amsler + Partner have until Nov. 30 to submit their
claims to:

         Michel Philippart
         Liquidator
         Neumattweg 18
         5315 Bottstein
         Zurzach AG
         Switzerland

The Debtor can be reached at:

         LLC Amsler + Partner
         Gipf-Oberfrick
         Laufenburg AG
         Switzerland


CRYSTALCUBE LLC: Creditors' Liquidation Claims Due by Dec. 17
-------------------------------------------------------------
Creditors of LLC Crystalcube have until Dec. 17 to submit their claims to:

         Ulrich R. Hahnloser
         Liquidator
         Bergstrasse 26
         8044 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Crystalcube
         Zurich
         Switzerland


ECONSULTING JSC: Bankruptcy Proceedings Ongoing in Zug
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC
eConsulting on Aug. 21.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC eConsulting
         6300 Zug
         Switzerland


HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30
----------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended Sept. 30,
2007 of US$42.4 million as compared to net income of
US$34.2 million for the third quarter of 2006.

Net income from ongoing operations for the third quarter of 2007 was
US$53.4 million, an increase of 28% per diluted share as compared to net
income from ongoing operations of US$40.9 million in the third quarter of
2006.

During the quarter, the company purchased about 1.15 million shares of
common stock for a cost of about US$22.8 million pursuant to its
previously announced US$200 million share repurchase authorization.

Net sales in the third quarter of 2007 were US$544.2 million, an increase
of 6% from the same period last year.

Reported profit from operations in the third quarter of 2007 was US$72.9
million, an increase of 1% compared with the same period in 2006.  Profit
from ongoing operations in the third quarter of 2007 was US$84.2 million,
an increase of 10% compared with US$76.4 million in the third quarter of
2006.

Interest and debt expense was US$17 million in the third quarter of 2007,
up US$0.3 million compared with the third quarter of 2006.

Net debt, total debt less cash and cash equivalents, was
US$669 million at Sept. 30, 2007, a decrease of US$154.7 million from
year-end 2006.

Capital spending was US$24 million in the third quarter and
US$77.8 million year to date.  This compares to US$26.3 million and
US$49.2 million in the third quarter and year to date periods last year,
respectively.

                Nine Month-Result Highlights

Net income for the nine months ended Sept. 30, 2007 was
US$150.4 million as compared to a net loss of US$3.4 million for the same
period in 2006.

Net income from ongoing operations for the nine months ended Sept. 30,
2007 was US$134.9 million, an increase of 27% per diluted share versus the
same period in 2006.

Cash flow from operations for the nine months ended Sept. 30, 2007 was
US$247.5 million, an increase of US$140.5 million as compared to the same
period last year.

The company has now received US$223.2 million of tax refunds during the
year and expects to receive an additional US$21.2 million in the first
half of 2008.

Net sales for the nine months ended Sept. 30, 2007 were
US$1.596 billion, an increase of 8% as compared to the same period in
2006, excluding the impact of the FiberVisions transaction.

Interest expense for the nine months ended Sept. 30, 2007 was
US$52 million, a decrease of US$2.1 million from the same period of last
year.

As of Sept. 30, 2007, the company reported total assets of
US$2.7 billion, total liabilities of US$2.3 billion, and total
stockholders' equity of US$458.4 billion.

Full-text copies of the company's financials are available for free at
http://ResearchArchives.com/t/s?2485

                             Outlook

"We continue to demonstrate solid growth in revenues, earnings per share
and cash flow," commented Craig A. Rogerson, president and chief executive
officer.  "Our priority is to continue to invest in high return
opportunities supporting our two global franchises.  We also began
returning excess cash flow to our shareholders by reinstituting a common
stock dividend and through share repurchases."

                        About Hercules Inc

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility in Brazil.

                             *   *   *

In September 2006, Moody's placed the company's long-term corporate family
rating, senior unsecured debt rating and probability of default rating at
Ba2, senior subordinate rating at Ba3, and junior subordinate debt rating
at B1.  These ratings still hold to date.  The outlook is positive.

Standard & Poor's placed the company's long-term foreign and local issuer
credits at BB which still hold to date.  The outlook is positive.


I.J. EUROPA: Creditors' Liquidation Claims Due by Nov. 14
---------------------------------------------------------
Creditors of LLC I.J. Europa have until Nov. 14 to submit their claims to:

         Isak Krista
         Liquidator
         St. Annastrasse 1
         6030 Ebikon LU
         Switzerland

The Debtor can be reached at:

         LLC I.J. Europa
         Ebikon LU
         Switzerland


LEWIS CONSULTING: Creditors' Liquidation Claims Due by Nov. 9
-------------------------------------------------------------
Creditors of LLC Lewis Consulting have until Nov. 9 to submit their claims
to:

         Eggstrasse 36c
         8102 Oberengstringen
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Lewis Consulting
         Oberengstringen
         Dietikon ZH
         Switzerland


MARKUS EGLI: Luzern-Land Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Luzern-Land in Luzern closed the bankruptcy
proceedings of JSC Markus Egli on Sept. 14.

The Bankruptcy Service of Luzern-Land can be reached at:

         Bankruptcy Service of Luzern-Land
         6011 Kriens LU
         Switzerland

The Debtor can be reached at:

         JSC Markus Egli
         Hauptstrasse 30
         6033 Buchrain LU
         Switzerland


ORAL CREATIVE: Bankruptcy Proceedings Ongoing in Zug
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC
Oral Creative on Aug. 7.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Oral Creative
         Hinterbergstrasse 26
         6312 Steinhausen ZG
         Switzerland


RIEIRO LLC: Creditors' Liquidation Claims Due by November 10
------------------------------------------------------------
Creditors of LLC Rieiro have until Nov. 10 to submit their claims to:

         Francisco Otero-Varela
         Hauptstrasse 34
         3250 Lyss
         Aarberg BE
         Switzerland

The Debtor can be reached at:

         LLC Rieiro
         Lyss
         Aarberg BE
         Switzerland


TOMISS JSC: Creditors' Liquidation Claims Due by December 27
------------------------------------------------------------
Creditors of JSC Tomiss have until Dec. 27 to submit their claims to:

         JSC Rekonta Revisions
         Bahnhofstrasse 21
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Tomiss
         Horgen ZH
         Switzerland


TOPCAP MARKETING: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Zug closed the bankruptcy proceedings of JSC
TopCap Marketing on Sept. 21.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC TopCap Marketing
         Blegistrasse 1
         6343 Rotkreuz ZG
         Switzerland


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


AGROMAR LLC: Proofs of Claim Deadline Set for October 30
--------------------------------------------------------
Creditors of LLC Agromar (code EDRPOU 31422205) have until
Oct. 30 to submit written proofs of claim to:

         The Economic Court of Rovno
         Yavornitskiy Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed as 8/43.

The Debtor can be reached at:

         LLC Agromar
         Obiyezdnaya str.
         Mlinov
         33001 Rovno
         Ukraine


ASTRA-COM LLC: Proofs of Claim Deadline Set for October 31
----------------------------------------------------------
Creditors of LLC Astra-Com (code EDRPOU 31280184) have until Oct. 31 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 15/233-b.

The Debtor can be reached at:

         LLC Astra-Com
         Gnat Jury Str. 9, ap. 414
         03148 Kiev
         Ukraine


ECO-JEANS Proofs of Claim Deadline Set for October 30
-----------------------------------------------------
Creditors of LLC Eco-Jeans (code EDRPOU 32438755) have until Oct. 30 to
submit written proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed as B-39/53-07.

The Debtor can be reached at:

         LLC Eco-Jeans
         Lenin Avenue 32, ap. 5
         61166 Kharkov
         Ukraine


GEO-ST LLC: Proofs of Claim Deadline Set for October  31
--------------------------------------------------------
Creditors of LLC Geo-ST (code EDRPOU 23714433) have until
Oct. 31 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 15/156-b.

The Debtor can be reached at:

         LLC Geo-ST
         Druzhkovskaya Str. 6
         03113 Kiev
         Ukraine


INDUSTRIALBANK: Fitch Affirms IDR at B-; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Industrialbank's ratings at:

     Long-term Issuer Default     B-
     Short-term IDR               B
     Individual                   D/E
     Support                      5
     Support Rating Floor         No Floor

The Outlook for the Long-term IDR is Stable.

INB's ratings reflect its small size, narrow customer franchise, high
business concentrations, significant related-party exposures and
potentially vulnerable liquidity.  The weak corporate governance and
transparency of the shareholder structure are also negatives for the
credit profile.  However, the ratings also take into account reasonable
profitability and levels of loan impairment to date.  Capital ratios are
also higher than at most other Ukrainian banks, which is appropriate, in
Fitch's view, in light of the bank's risk profile.

A further significant increase in related party exposures, a marked
reduction in capital ratios (if INB succeeds in meeting growth targets
without generating or receiving new capital), sharp deterioration in asset
quality or substantial liquidity pressure could result in a ratings
downgrade.  Franchise expansion resulting in balance sheet and revenue
diversification, reduced related party exposures and increased business
transparency would be positive for INB's credit profile, but upward
pressure on the ratings is not expected in the near-term.

INB operates in Zaporizhzhia, south-east Ukraine, one of the country's key
industrial regions.  It is ultimately controlled by several businessmen
who are connected to the local steel plant, Zaporizhstal, which is a
significant domestic producer and major exporter.  INB has significant
amounts of funding from, and indirect credit exposure to, Zaporizhstal.
INB remains primarily a corporate bank, but is gradually diversifying its
business and expanding its retail banking operations.  The merger with MT
Bank in 2005 significantly broadened the branch network and resulted in
some broadening of the corporate customer base.


LIGA-N LLC: Proofs of Claim Deadline Set for October 31
-------------------------------------------------------
Creditors of LLC Liga-N (code EDRPOU 31813700) have until
Oct. 31 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 15/203-b.

The Debtor can be reached at:

         LLC Liga-N
         General Naumov Str. 23-B
         03164 Kiev
         Ukraine


MASTER-BUILDING SERVICE: Claim Filing Deadline Set for Oct. 30
--------------------------------------------------------------
Creditors of LLC Master-Building Service 97 (code EDRPOU 33397563) have
until Oct. 30 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 23/359-b.

The Debtor can be reached at:

         LLC Master-Building Service 97
         Zabolotny Str. 20-A
         03187 Kiev
         Ukraine


MEGATRADE-NOVA 2000: Proofs of Claim Deadline Set for Oct. 30
-------------------------------------------------------------
Creditors of LLC Megatrade-Nova 2000 (code EDRPOU 33397537) have until
Oct. 30 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 23/358-b.

The Debtor can be reached at:

         LLC Megatrade-Nova 2000
         Zabolotny Str. 20-A
         03187 Kiev
         Ukraine


NOEL-INFO LLC: Proofs of Claim Deadline Set for October 30
----------------------------------------------------------
Creditors of LLC Noel-Info (code EDRPOU 33398389) have until Oct. 30 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 23/360-b.

The Debtor can be reached at:

         LLC Noel-Info
         Zhukovsky Str. 22A
         Vasil
         04127 Kiev
         Ukraine


ROZHNIATOV AGRICULTURAL: Claim Filing Deadline Set for Oct. 30
--------------------------------------------------------------
Creditors of OJSC Rozhniatov Agricultural Technics (code EDRPOU 03743960)
have until Oct. 30 to submit written proofs of claim to:

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

The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed as
B-21/90.

The Debtor can be reached at:

         OJSC Rozhniatov Agricultural Technics
         Vitovsky Str. 52
         Rozhniatov
         Ivano-Frankovsk
         Ukraine


ROVNO BUILDING: Proofs of Claim Deadline Set for Oct. 30
--------------------------------------------------------
Creditors of OJSC Rovno Building Repair Food Industry (code EDRPOU
00388582) have until Oct. 30 to submit written proofs of claim to:

         The Economic Court of Rovno
         Yavornitskiy Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed as 9/17.

The Debtor can be reached at:

         OJSC Rovno Building Repair Food Industry
         Alexinskaya Str. 15a
         33009 Rovno
         Ukraine


ROVNO FLAX: Proofs of Claim Deadline Set for Oct. 30
----------------------------------------------------
Creditors of LLC Rovno Flax Combine (code EDRPOU 30272125) have until Oct.
30 to submit written proofs of claim to:

         The Economic Court of Rovno
         Yavornitskiy Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed as 8/21.

The Debtor can be reached at:

         LLC Rovno Flax Combine
         Fabrichnaya Str. 12
         33000 Rovno
         Ukraine


START TECHNICAL: Proofs of Claim Deadline Set for Oct. 30
---------------------------------------------------------
Creditors of LLC Start Technical Building Supply (code EDRPOU 33692639)
have until Oct. 30 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 23/362-b.

The Debtor can be reached at:

         LLC Start Technical Building Supply
         Zhylianskaya Str. 24
         01033 Kiev
         Ukraine


TRACK LUBRICANTS: Proofs of Claim Deadline Set for Oct. 30
----------------------------------------------------------
Creditors of CJSC Track Lubricants (code EDRPOU 23307741) have until Oct.
30 to submit written proofs of claim to:

         The Economic Court of Rovno
         Yavornitskiy Str. 59
         33001 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed as 8/49.

The Debtor can be reached at:

         CJSC Track Lubricants
         Kurchatov Str. 3
         33000 Rovno
         Ukraine


UKRAINIAN ENERGY: Proofs of Claim Deadline Set for Oct. 31
----------------------------------------------------------
Creditors of LLC Ukrainian Energy Industry (code EDRPOU 30630559) have
until Oct. 31 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 15/240-b.

The Debtor can be reached at:

         LLC Ukrainian Energy Industry
         Zodchiye Str. 18-v
         03194 Kiev
         Ukraine


VESELKA LLC: Proofs of Claim Deadline Set for Oct. 31
-----------------------------------------------------
Creditors of LLC Veselka (code EDRPOU 30487952) have until
Oct. 31 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 15/155-b.

The Debtor can be reached at:

         LLC Veselka
         Family Sosneniye Str. 9
         03680 Kiev
         Ukraine


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


BRITISH AIRWAYS: Ends Franchises with GB Airways and Loganair
-------------------------------------------------------------
British Airways plc is to end its franchise agreement with GB Airways from
March 2008 and intends to start services on some of the routes operated
under the franchise.

British Airways plans to start services from Heathrow to Faro and Malaga
and from Gatwick to Faro, Gibraltar, Ibiza, Malaga, Palma and Tunis.  The
new services will start from March 30, 2008.

The airline will also end its franchise with Loganair from
Oct. 25, 2008, and begin a codeshare arrangement with the Scottish carrier.

"UK franchises have outlived their purpose.  easyJet has made an offer to
buy GB Airways and this has enabled us to end the franchise agreement
early.  We had an option to buy GB Airways but we rejected it," British
Airways chief executive Willie Walsh, said.  "We have a significant base
at Gatwick and our focus will be on maintaining and developing it as an
integral part of our business."

There will be a transition period until the end of the franchise
agreements.  British Airways, GB Airways, easyJet and Loganair are
committed to ensuring a smooth transition for passengers during this
period.

GB Airways will continue to operate as a British Airways' franchise
partner on their existing network to destinations in Europe and North
Africa until March 29, 2008.  Loganair will continue to operate as a
franchise partner on Scottish routes until Oct. 25, 2008.

The deal between GB Airways and easyJet is expected to be completed within
eight weeks.   During this period flights will operate as normal.  On
completion, passengers can accept to be rebooked on easyJet or will be
entitled to a full refund.

The BMED franchise ended Oct. 27, 2007.

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

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

                         *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


CALMONT WEALD: Calls In Liquidators From Chantrey Vellacott DFK
---------------------------------------------------------------
D. A. Ingram and K.W. Touhey of Chantrey Vellacott DFK LLP were appointed
joint liquidators of Calmont Weald Ltd. on Oct. 9 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         16/17 Boundary Road
         Hove
         East Sussex
         BN3 4AN
         England


CLOVER GARAGE: Joint Liquidators Take Over Operations
-----------------------------------------------------
Jonathan Newell and Kerry Bailey of PKF (U.K.) LLP were appointed joint
liquidators of Clover Garage Ltd. on Oct. 19 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


COOPER GREEN: Taps Tenon Recovery to Administer Assets
------------------------------------------------------
Dilip Dattani and  Patrick Ellward of Tenon Recovery were appointed joint
administrators of Cooper Green Ltd. (Company Number 03594013) on Oct. 9.

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

The company can be reached at:

         Cooper Green Ltd.
         39 Junction Road
         Northampton
         NN2 7JA
         England
         Tel: 01604 711 888
         Fax: 01604 712 731


DRAINMATE LTD: Brings In Liquidators from Wilkins Kennedy
---------------------------------------------------------
J. A. Kirkpatrick and Keith Aleric Stevens of Wilkins Kennedy were
appointed joint liquidators of Drainmate Ltd. on Oct. 16 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         Berkshire
         RG1 2SB
         England


HALCYON RESIDENTIAL: Claims Filing Period Ends November 12
----------------------------------------------------------
Creditors of Halcyon Residential Developments Ltd. (formerly Halcyon
Residential Developments Ltd.) have until Nov. 12 to send in their full
names, their addresses and descriptions, full particulars of their debts
and claims, and names and addresses of their solicitors (if any) to:

         S. J. Parker
         Joint Liquidator
         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England

S. J. Parker and T. J. Binyon of Tenon Recovery were appointed joint
liquidators of the company on Oct. 12 for the creditors' voluntary
winding-up proceeding.


HOLLYWOOD ICONS: Taps Smith & Williamson as Administrators
----------------------------------------------------------
Stephen John Adshead and Gregory Andrew Palfrey of Smith & Williamson Ltd.
were appointed joint administrators of Hollywood Icons Ltd. (Company
Number 04643310) on Oct. 17.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides
investment management, financial advisory and accountancy services to
private clients, professional practices, mid to large corporates and
non-profit organizations.

The company can be reached at:

         Hollywood Icons Ltd.
         59 The Avenue
         Southampton
         SO17 1XS
         England
         Tel: 023 8071 0944


JOHN PETERS: Taps Liquidators from Ernst & Young
------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst & Young LLP were
appointed joint liquidators of John Peters (Furnishings) Ltd. on Oct. 14
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Ernst & Young LLP
         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5QR
         England


LIP LTD: Claims Filing Period Ends December 17
----------------------------------------------
Creditors of Lip (Learning in Partnership) Ltd. have until
Dec. 17 to give their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing, or in
person, to:

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

Duncan R. Beat of Tenon Recovery was appointed liquidator of the company
on Oct. 16 for the creditors' voluntary winding-up proceeding.


LLOYDS TIMBER: Claims Filing Period Ends November 27
----------------------------------------------------
Creditors of Lloyds Timber Frames Ltd. have until Nov. 27 to send in their
names, their addresses, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Neil Francis Hickling
         Liquidator
         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England

Neil Francis Hickling of Smith & Williamson Ltd. was appointed liquidator
of the company on Oct. 12 for the creditors' voluntary winding-up
proceeding.


MSC LTD: Appoints Joint Administrators from Smith & Williamson
--------------------------------------------------------------
Andrew Palfrey and Anthony Cliff Spicer of Smith & Williamson Ltd. were
appointed joint administrators of MSC (Europe) Ltd. (Company Number
3559099) on Oct. 5.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides
investment management, financial advisory and accountancy services to
private clients, professional practices, mid to large corporates and
non-profit organizations.

The company can be reached at:

         MSC (Europe) Ltd.
         Oregon House
         Brunel Road
         Totton
         Southampton
         SO40 3WX
         England
         Tel: 023 8066 8144
         Fax: 023 8066 8455


OK CLOTHING: Claims Filing Period Ends November 27
--------------------------------------------------
Creditors of OK Clothing Company (Hereford) Ltd. (t/a Lizzie Kellard &
Janet Elizabeth) have until Nov. 27 to send in their names, their
addresses, full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Neil Francis Hickling
         Liquidator
         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England

Neil Francis Hickling of Smith & Williamson Ltd. was appointed liquidator
of the company on Oct. 15 for the creditors' voluntary winding-up
proceeding.


NORTHERN ROCK: JC Flowers Confirms Bid; Reveals Management Team
---------------------------------------------------------------
J.C. Flowers & Co has confirmed that it is in continuing discussions with
the Board of Northern Rock plc and its advisors in respect of a possible
offer for the troubled mortgage lender.

J.C. Flowers has secured a management team, which it intends to appoint to
run Northern Rock in the event of a successful offer:

   -- Paul Myners, Chairman

   -- Richard Pym, Executive Deputy Chairman and Chief
      Executive for the initial period of stabilization

   -- Hugh Scott-Barrett, Chief Financial Officer

In addition, three executives have been appointed as advisors to the J.C.
Flowers team:

   -- Bob Bennett, former Chief Financial Officer of Northern
      Rock plc

   -- Peter Birch, former Chief Executive Officer of Abbey
      National plc

   -- Sir Martin Jacomb, former Chairman of Prudential, former
      Chairman of BZW, former Deputy Chairman of Barclays plc.

J.C. Flowers is being advised by Credit Suisse and JPMorgan Cazenove.

Credit Suisse and JPMorgan Cazenove are acting exclusively for J.C.
Flowers and for no one else in connection with the possible offer and will
not be responsible to anyone other than J.C. Flowers for providing the
protections afforded to the clients of Credit Suisse and JPMorgan Cazenove
or for providing advice in relation to the possible offer or any other
matters referred to in J.C. Flowers' announcement.

                       The Management Team

Paul Myners

Paul Myners is Non-Executive Chairman of Land Securities Group plc, a
member of the Court of the Bank of England, Chairman of Guardian Media
Group plc and of the Trustees of Tate.  He is a Trustee of Glyndebourne
and the Smith Institute.
Mr. Myners was previously Chairman of Marks and Spencer Group plc,
Chairman and Chief Executive of Gartmore and he has also been responsible
for compiling influential reports on institutional investment for H.M.
Treasury.  He has previously been an executive director of NatWest and a
non-executive director of the Bank of New York and Coutts & Co.

Richard Pym

Richard Pym is Chairman of Halfords Group plc and a Non-Executive Director
of Old Mutual plc.  He retired as Group Chief Executive of Alliance &
Leicester plc in July 2007.  He was previously a Vice-President of the
British Bankers' Association, a Non-Executive Director of Selfridges plc
and has held various
finance and management roles at Thomson McLintock & Co, British Gas, BAT
Industries and The Burton Group.

Hugh Scott-Barrett

Hugh Scott-Barrett was Chief Financial Officer of ABN AMRO Bank NV and a
member of the Managing Board until 1 August 2007.  He has held a number of
senior positions within ABN AMRO Bank including Chief Operating Officer.
Before joining ABN AMRO in 1996 he was Managing Director of SBC Warburg.

Bob Bennett

Bob Bennett was Group Finance Director of Northern Rock plc from 1993 to
2006.  He is a Non-Executive Director of Greggs plc, the UK's leading
bakery retailer.  He trained as an accountant with Spicer & Pegler.

Peter Birch

Peter Birch is Chairman of Trigold plc, a Senior Non-Executive Director of
Travelex, Dah Sing Financial Services, Finantia Bank and Lamprell plc.  He
is also a Pension Fund Trustee of CapGemini Ernst & Young.  He was Chief
Executive of Abbey National plc from 1984-99, Chairman and a Director of
Land Securities 1998-2007, and Chairman of Kensington 1998-2007.  He was
also the Senior Non-Executive Director of Trinity Mirror plc until 2007.

Sir Martin Jacomb

Sir Martin is Non-Executive Chairman of Canary Wharf plc, Non-Executive
Chairman of Share plc and Chancellor of the University of Buckingham.  His
previous experience includes Chairman of Prudential, Chairman of BZW,
Deputy Chairman of Barclays plc and directorships including the Bank of
England, Rio Tinto plc, and
Marks and Spencer plc.

                        About J.C. Flowers

J.C. Flowers is the largest investment firm focused exclusively on the
global financial services industry.  It was established in 2001 by J.
Christopher Flowers, a former Goldman Sachs Partner.  It raises and
invests capital on its own behalf and for clients which include major
financial institutions globally.

J.C. Flowers' European operation is run by Partner and Managing Director
Ravi Sinha.  Mr Sinha is Chief Executive Officer of J.C. Flowers & Co UK
Limited, an FSA-regulated investment advisor to JCF & Co.  He has led and
holds board positions on all of J.C. Flowers significant European
portfolio companies.

Sir Steven Robson is an advisor to J.C. Flowers & Co UK Ltd.  Until 2001
Sir Steven was a Second Permanent Secretary at H.M. Treasury responsible
for developments in the financial service sector.  Sir Steven is currently
a Non-Executive Director of Royal Bank of Scotland Group plc, JPMorgan
Cazenove Holdings, Xstrata Plc, Partnerships UK plc and the Financial
Reporting Council.

To date, J.C. Flowers has invested more than $6 billion in over 15
transactions in the financial institutions sector globally.  These
investments are predominantly in Europe, where two thirds or over US$4
billion worth of the portfolio is located, including major investments in
Germany, Netherlands, Luxembourg and the United Kingdom.

                     About Northern Rock plc

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

                          *     *     *

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


OUR PRICE: Claims Filing Period Ends November 16
------------------------------------------------
Creditors of Our Price Windows (London) Ltd. (formerly Delight Solutions
Ltd.) have until Nov. 16 to send in their names, addresses and
descriptions, full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Andrew Andronikou
         Peter Alan Kubik
         Joint Liquidators
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were appointed
joint liquidators of the company on Oct. 12 for the creditors' voluntary
winding-up proceeding.


REGEN SCHOOL: Appoints Liquidators from PKF
-------------------------------------------
William Duncan and Ian Schofield of PKF (U.K.) LLP were appointed joint
liquidators of Regen School on Oct. 12 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


SOLO CUP: Debt Reduction Prompts S&P's Positive CreditWatch
-----------------------------------------------------------
(UK)
Standard & Poor's Ratings Services placed its 'CCC+' corporate credit and
other ratings on Solo Cup Co. on CreditWatch with positive implications.
This action follows significant debt reduction with the proceeds of asset
sales and a sale-leaseback of manufacturing facilities as well as some
recent improvement in operating performance from very weak levels.

"We believe that a slight upgrade is possible if operating performance
keeps strengthening and prospects for continued compliance with
increasingly stringent financial covenants in the company's bank credit
facilities improve," said Standard & Poor's credit analyst Cindy Werneth.

With annual revenues of about US$2.2 billion, Highland Park, Ill.-based
Solo is one of the largest providers of disposable paper and plastic cups,
plates, and cutlery to foodservice distributors, quick-service
restaurants, and retailers in the U.S.

Operating margins (before depreciation and amortization) have been very
weak, in the mid-single digit percentage area.  With the most recent asset
sales, total debt, which S&P adjust to include about US$300 million in
capitalized operating leases and US$30 million in tax-effected
postretirement obligations, should decline to about US$1.15 billion.
Although pro forma debt leverage has improved from the highly aggressive
mid-teens times area, it remains high in the upper single-digit area.

S&P expect leverage to decline somewhat if management can continue to
build on the operating improvements it has made during the last several
months, which only began to become evident in the company's second-quarter
2007 results.

Management has had some success in reducing working capital and selling,
general and administrative costs. Ongoing efforts include various supply
chain initiatives, as well as the optimization of pricing, salesforce
productivity, and marketing outlays.  In addition, liquidity has improved
dramatically, with US$92 million of bank line availability and US$24
million of cash at July 1, 2007.  Nevertheless, S&P believe Solo will need
to renegotiate the financial covenants in its bank credit facility to
remain in compliance in 2008.

S&P expect to resolve the CreditWatch during the next few months as S&P
gain greater confidence that operating results will continue to strengthen
and the company can maintain access to its bank credit facility.


TFC EXPRESS: Brings In Baker Tilly as Administrators
----------------------------------------------------
Graham Paul Bushby and Simon Bower of Baker Tilly were appointed joint
administrators of TFC Express Ltd. (Company Number 04799296) on Oct. 10.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other
services for mid-cap and smaller publicly listed companies and private
companies, particularly those expanding into new foreign markets.
Services include business and financial planning, tax-related services,
corporate finance, litigation support, turnaround services, and technology
consulting.

Headquartered in London, England, TFC Express Ltd. --
http://www.tfcexpress.co.uk/--  provides high class meats and groceries.


VONAGE HOLDINGS: Agrees to Settle Patent Dispute with Verizon
-------------------------------------------------------------
Vonage Holdings Corp. disclosed that the cost of its settlement of a
patent dispute with Verizon Communications Inc. will be effectively capped
at US$32 million, in addition to the US$88 million already accrued and
held in escrow.

The US$88 million includes a US$66 million cash-collateralized bond, a
US$12 million second-quarter escrow payment, and a US$10 million
third-quarter escrow payment made in the fourth quarter of 2007.

Vonage and Verizon have agreed to resolve their patent lawsuit. The terms
of the resolution depend on how the Court of Appeals decides Vonage's
pending petition for rehearing regarding two of the Verizon patents (the
'574 and '711).  If Vonage wins rehearing on either the '574 or '711
patent or if the injunction is vacated as to the '574 or '711 patent,
Vonage will pay Verizon US$80 million.  If Vonage does not win rehearing
on either the '574 or '711 patent, or if the stay is lifted reinstating
the injunction, Vonage will pay US$120 million, which includes US$2.5
million payable to certain charities.

"We're pleased to put this dispute behind us and believe this settlement
is in the best interests of Vonage and its customers," said Sharon
O'Leary, Vonage Chief Legal Officer. "This settlement removes the
uncertainty of legal reviews and long-term court action and allows us to
continue focusing on our core business and customers."

The latest decision in the litigation came on September 26, 2007, when the
U.S. Court of Appeals for the Federal Circuit partially remanded a March 8
jury verdict in the U.S. District Court of Alexandria, Va. that the
company infringed on three Verizon patents.  The appellate court remanded
the infringement verdict on the 880 patent and affirmed the verdict on one
patent claim in each of the 574 and 711 patents.  The appellate court
vacated the entire damages award of US$58 million and the 5.5 percent
royalty, and directed that the trial court retry those aspects of the
original case.  Vonage's petition for a rehearing en banc was filed on
October 10, 2007.

                  Likely Effects of Litigation

The company said in its Form 10-K filing for the year ended
Dec. 31, 2006, with the U.S. Securities and Exchange Commission that its
ongoing patent litigation with Verizon, if determined against the company,
could:

    * result in the loss of a substantial number of existing
      customers or prohibit the acquisition of new customers;

    * lead to an event of default under the terms of the
      company's convertible notes, which could accelerate the
      payment of approximately US$253.6 million of principal and
      interest under the notes;

    * cause the company to accelerate expenditures to preserve
      existing revenues;

    * cause existing or new vendors to require prepayments or
      letters of credit;

    * cause the company to lose access to key distribution
      channels;

    * result in substantial employee layoffs or risk the
      permanent loss of highly-valued employees;

    * materially and adversely affect the company's brand in the
      market place and cause a substantial loss of goodwill;

    * cause the company's stock price to decline significantly
      or otherwise cause the company to fail to meet the
      continued listing requirements of the New York Stock
      Exchange, which could result in the delisting of its
      common stock from the Exchange;

    * materially and adversely affect the company's liquidity,
      including its ability to pay debts and other obligations
      as they become due; and

    * lead to the bankruptcy or liquidation of the company.

                         About Vonage

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 1.4 million subscriber lines as of
February 8, 2006.  Utilizing its voice over Internet protocol
technology platform, the company offers feature-rich, low-cost
communications services with a call quality comparable to
traditional telephone services.  While customers in the United
States represent over 95% of its subscriber lines, Vonage
continues to expand internationally, having launched its service
in Canada in November 2004, and in the United Kingdom in May
2005.


* BOND PRICING: For the Week Oct. 22 to Oct. 26, 2007
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      70.71
                          0.250    10/14/26     CDN      38.74
Republic of Austria       4.000    06/22/22     EUR      71.96
                          0.396    08/04/25     EUR      65.26
                          5.243    10/10/25     EUR      57.95

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.73
                          0.500    04/26/13     AUD      70.09
                          1.000    11/21/16     NZD      55.74
                          1.000    10/30/17     AUD      57.35
                          0.500    09/24/20     CDN      57.17
                          0.250    06/28/40     CDN      20.08

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      65.94
Alcatel S.A.              4.750    01/01/11     EUR      16.10
Altran Technologies S.A.  3.750    01/01/09     EUR      12.63
BNP Paribas               0.250    12/20/14     US$      71.13
CAP Gemini S.A.           2.500    01/01/10     EUR      55.81
                          1.000    01/01/12     EUR      52.37
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.03
                          4.375    11/01/10     EUR      54.16
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      74.59
Havas S.A.                4.000    01/01/09     EUR      10.86
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Maurel & Prom             3.500    01/01/10     EUR      22.13
Publicis Group            0.750    07/17/08     EUR      31.32
                          1.000    01/18/18     EUR      43.03
Rallye                    3.750    01/01/08     EUR      53.00
Rhodia S.A.               0.500    01/01/14     EUR      44.56
Scor S.A.                 4.125    01/01/10     EUR       2.28
Soc Air France            2.750    04/01/20     EUR      29.07
Soitec                    4.625    12/20/09     EUR      12.64
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.56
Valeo                     2.375    01/01/11     EUR      50.09
Vivendi Universal S.A.    1.750    10/30/08     EUR      31.95
Wavecom S.A.              1.750    01/01/14     EUR      26.29
Wendel Invest S.A.        2.000    06/19/09     EUR      49.44

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.64
                          0.500    12/19/17     EUR      67.61
                          5.000    05/23/20     EUR      74.89
                          1.250    07/07/20     EUR      73.10
                          1.250    07/29/20     EUR      73.53
                          6.000    07/21/25     EUR      68.78
                          5.000    09/01/25     EUR      72.48
                          8.000    08/10/30     EUR      66.63
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.90
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      54.87
Treofan AG               11.000    08/01/13     EUR      66.63

GREECE
------
Hellenic Republic         6.000    07/06/25     EUR      66.43
                          6.000    07/06/25     EUR      67.75
                          6.000    07/06/25     EUR      72.23

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      69.00

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      46.69
                          0.250    07/08/33     CDN      27.35
Irish Perm Plc            6.125    02/15/35     EUR      65.85
Magnolia Finance IV Plc   1.050    12/20/45     US$      28.84

ITALY
-----
Dexia Crediop S.p.A.      0.000    03/15/16     EUR      81.59

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      32.42

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.58
BK Ned Gemeenten          0.500    06/27/18     CDN      63.38
                          0.500    02/24/25     CDN      46.73
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.37
Energy Group O/S          7.425    10/15/17     US$      32.50
Gerling Global            6.630    08/16/21     EUR      63.41
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      67.75
                          8.250    03/16/35     EUR      60.00
                          7.000    05/17/35     EUR      64.00
                          7.250    10/05/35     EUR      56.58
                          6.000    11/02/35     EUR      61.00
Ned Waterschapbk          6.000    06/01/35     EUR      70.12
                          6.500    08/15/35     EUR      63.43
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.33
                          6.000    02/22/35     EUR      68.17
                          2.000    02/23/35     EUR      62.48
                          7.000    02/28/35     EUR      69.55
                          7.000    03/23/35     EUR      64.32
                          6.000    05/09/35     EUR      72.93

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.40

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.44

SWITZERLAND
-----------
UBS AG                    1.000     01/25/12    NZD      74.40
                          1.000     02/27/12    NZD      73.99
                          1.000     03/28/12    NZD      73.49
                          1.000     06/28/12    NZD      72.35
                          1.000     07/30/12    NZD      72.80

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      54.77
Bank of Scotland          6.000     02/07/35    EUR      66.75
HSBC Bank Plc             0.500     07/31/17    US$      64.84
                          0.500     07/31/17    EUR      66.67
National Grid Gas Plc     1.754     10/17/36    GBP      44.94
                          1.771     03/30/37    GBP      44.89
Royal BK Scotland Plc     0.250     03/27/14    US$      73.96
                          9.500     04/04/25    US$      71.18
                          7.000     06/09/25    EUR      61.99
                          7.000     06/29/30    EUR      57.29
                          6.500     02/23/45    EUR      63.33
TXU Eastern Funding Plc   6.750     05/15/09    US$       3.25
Wessex Water Finance Plc  1.369     07/31/57    GBP      29.70


                            *********

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
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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
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The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or publication
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                 * * * End of Transmission * * *