TCREUR_Public/071030.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, October 30, 2007, Vol. 8, No. 215

                            Headlines


A U S T R I A

ALTWIENER GASTSTATTEN: Claims Registration Period Ends Nov. 21
EGKF EDV-ZUBEHOER: Claims Registration Period Ends Nov. 21
ENERGIE & SOLAR: Claims Registration Period Ends Nov. 20
MUELLER-SCHERR: Claims Registration Period Ends Nov. 19
SDP PERSONALBEREITSTELLUNG: Claims Registration Ends Nov. 20

SUSNJAR LLC: Claims Registration Period Ends Nov. 20


B E L A R U S

BELARUSBANK JSSB: Moody's Assigns Ba1 & B2 Deposit Ratings


B E L G I U M

TIMKEN CO: Completes US$200 Million Acquisition of Purdy Corp.
TIMKEN CO: Earns US$41.2 Million in Quarter Ended Sept. 30


B U L G A R I A

KREMIKOVTZI AD: Moody's Changes Outlook to Neg. on Caa1 Ratings


F I N L A N D

HILTON HOTELS: Moody's Lowers Senior Unsecured Ratings to Caa1
HILTON HOTELS: Blackstone Merger Cues S&P to Withdraw Ratings
HILTON HOTELS: Merger Closing Cues Fitch to Withdraw Ratings
M-REAL: Moody's Affirms B3 Corporate Family Rating


F R A N C E

REXEL SA: Moody's May Cut Ba1 Rating After Review
XEROX CORP: Moody's Reviews Ba1 Rating and May Upgrade


G E R M A N Y

AHRENS GMBH: Creditors' Meeting Slated for Nov. 1
BAU-HERR ZWEITE: Creditors' Meeting Slated for Nov. 20
INTERNET HYPOTHEKEN: Claims Registration Period Ends Nov. 21
KATA GMBH: Claims Registration Period Ends Nov. 27
MAKE LADIES: Claims Registration Period Ends November 6

MEIN EIGENHEIM: Claims Registration Period Ends November 6
NETCENTERIT GMBH: Claims Registration Period Ends November 2
PK PLANUNGSGESELLSCHAFT: Creditors' Meeting Slated for Dec. 7
PROARTIS GMBH: Claims Registration Period Ends Nov. 21
ROCHEL GESELLSCHAFT: Claims Registration Period Ends Nov. 19

TICKETOOL GMBH: Creditors' Meeting Slated for Nov. 2
TISCHLEREI RIMA.S: Creditors' Meeting Slated for Nov. 2
TRANSPORT & LOGISTIK: Claims Registration Period Ends Nov. 5
WWW.INDUSTRIEREGAL.DE GMBH: Claims Registration Ends November 9


I R E L A N D

CELESTICA INC: Earns US$51.5 Mil. in 3rd Quarter Ended Sept. 30
WR GRACE: Earns US$16.7 Million in Quarter Ended September 30


K A Z A K H S T A N

BRIEF CENTRAL ASIA: Creditors Must File Claims by Dec. 5
BUSINESS ANALITIKA: Creditors Must File Claims by Dec. 5
INCOM TECH: Claims Filing Period Ends Dec. 1
MM-HOLDING LLP: Creditors' Claims Due by Dec. 1
OTAN LLP: Claims Registration Period Ends Dec. 5

ROYAL TRADE RIDDER: Creditors Must File Claims by Dec. 1
ROYAL TRADE SEMIPALATINSK: Claims Filing Period Ends Dec. 1
TENTEK LLP: Creditors' Claims Due by Dec. 5
TRANS BUSINESS: Claims Registration Period Ends Dec. 1


K Y R G Y Z S T A N

NOMAD COMPANY: Creditors Must File Claims by November 28


L U X E M B O U R G

ARES FINANCE 2: S&P Affirms Class E Notes' Rating at BB
ARES FINANCE SRL: S&P Affirms Class F Notes' Rating at BB


N E T H E R L A N D S

ESSENCE II: Fitch Rates EUR9.8 Million Class C Notes at BB


R U S S I A

AMURINVEST-1 CJSC: Creditors Must File Claims by Nov. 20
CARDBOARD & PAPER: Creditors Must File Claims by Dec. 20
DESNITSA CJSC: Creditors Must File Claims by Nov. 20
KOMBA CJSC: Creditors Must File Claims by Dec. 20
KOZHVINSKIJ RK: Asset Sale Slated for November 26

KYZYLSKAYA SUE: Asset Sale Slated for November 20
MOESK OJSC: Moody's Assigns Ba2 Corporate Family Rating
PARCHUMSKIJ LLC: Creditors Must File Claims by Dec. 20
SCHEKINGASSTROY OJSC: Creditors Must File Claims by Nov. 20
SEDEL'NIKOVSKIJ OJSC: Asset Sale Slated for Nov. 20

SIBHEATINSULATION ISU: Creditors Must File Claims by Dec. 20
TOMLESPROM CJSC: Creditors Must File Claims by Nov. 20
VRACHEVO-GORKI APC: Asset Sale Slated for November 21


S W I T Z E R L A N D

BRODIMPEX LLC: Claims Registration Period Ends November 5
BUSINESS SOFT: Creditors' Liquidation Claims Due by December 4
F. SCHNEIDER: Aargau Court Oversees Bankruptcy Proceedings
H. RUF JSC: Creditors' Liquidation Claims Due by November 5
HORSE SHOP: Creditors' Liquidation Claims Due by November 30

JUPITER INVESTMENT: Creditors' Liquidation Claims Due by Nov. 2
MADELUNG HANDELS: Creditors' Liquidation Claims Due by Dec. 31
RUEDI BACHMANN: Schwyz Court Closes Bankruptcy Proceedings
SEIBOLD HOLDING: Creditors' Liquidation Claims Due by Nov. 9
STAMPFLI TORSYSTEME: Solothurn Court Closes Bankruptcy Case


T U R K E Y

DOGAN YAYIN: Moody's Assigns Ba3 Corporate Family Rating


U K R A I N E

9999-LTD: Creditors Must File Claims by October 31
ALNEST LLC: Creditors Must File Claims by October 31
AVIATION SOLUTION: Creditors Must File Claims by October 31
IRIS INTERNATIONAL: Creditors Must File Claims by October 31
MAMI-TEKS LLC: Creditors Must File Claims by October 31

REFRAME LLC: Creditors Must File Claims by October 31
UNITED TRADE: Creditors Must File Claims by October 31


U N I T E D   K I N G D O M

AQUILA PLC: S&P Removes Watch on Class E's BB Ratings
B L GROUP: Appoints Joint Administrators from PwC
CARRY ON LONDON: Appoints Colin Prescott as Liquidator
COTT CORP: Weak Performance Prompts S&P to Cut Rating to B
COVERPAC POLYTHENE: Taps Vantis to Administer Assets

FEDERAL-MOGUL: Earns US$14 Million in Quarter Ended September 30
LOCKE GROUP: Appoints Deloitte & Touche as Administrators
M & G TRAILERS: Brings In Administrators from PwC
MARTINEZ CONSTRUCTION: A. Clifton Leads Liquidation Procedure
MAYBIRD HOMES: Claims Filing Period Ends November 13

MEL JONES & SON: Taps Joint Administrators from Baker Tilly
METRONET RAIL: Transport for London Submits Formal Takeover Bid
RV CAPITAL: Enters Into Administration Procedure
SAMSONITE CORP: Completes US$1.7 Bln Merger w/ CVC Capital Units
SOLO CUP: Fitch Holds B- Issuer Default Rating

STURGEON BUILDERS: Brings In Liquidators from Baker Tilly
T & K ENGINEERING: Calls In Liquidators from Moore Stephens

* Large Companies with Insolvent Balance Sheet


                            *********


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


ALTWIENER GASTSTATTEN: Claims Registration Period Ends Nov. 21
--------------------------------------------------------------
Creditors owed money by KEG Altwiener Gaststatten (FN 257846k) have until Nov.
21 to file written proofs of claim to court-appointed estate administrator
Herbert Schaffler at:

         Mag. Herbert Schaffler
         c/o Dr. Sieglinde Schubert
         Alserstrasse 13/1/2/7
         1080 Vienna
         Austria
         Tel: 368 49 50
         Fax: 368 49 50 50
         E-mail: herbert.schaffler@aon.at  
                 sieglindeschubert@aon.at      

Creditors and other interested parties are encouraged to attend the creditors'
meeting at 9:50 a.m. on Dec. 5 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 26
(Bankr. Case No. 2 S 127/07z).  Sieglinde Schubert represents Mag. Schaffler
in the bankruptcy proceedings.


EGKF EDV-ZUBEHOER: Claims Registration Period Ends Nov. 21
----------------------------------------------------------
Creditors owed money by LLC EGKF EDV-Zubehoer Handels (FN 94577i)have until
Nov. 21 to file written proofs of claim to court-appointed estate
administrator Karl Schirl at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtswanwalt.at  
                 markus.siebinger@der-rechtsanwalt.at  

Creditors and other interested parties are encouraged to attend the creditors'
meeting at 9:30 a.m. on Dec. 5 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. 26
(Bankr. Case No. 2 S 126/07b).  Markus Siebinger represents Dr. Schirl in the
bankruptcy proceedings.


ENERGIE & SOLAR: Claims Registration Period Ends Nov. 20
--------------------------------------------------------
Creditors owed money by LLC Energie & Solar Installations (FN 247084i) have
until Nov. 20 to file written proofs of claim to court-appointed estate
administrator Michael Troethandl at:

         Dr. Michael Troethandl
         Josef Folk-Gasse 7
         2514 Traiskirchen
         Austria
         Tel: 02252/86 580
         Fax: 02252/86580-3
         E-mail: troethandl@lexacta.com    

Creditors and other interested parties are encouraged to attend the creditors'
meeting at 9:00 a.m. on Dec. 4 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Traiskirchen, Austria, the Debtor declared bankruptcy on
Sept. 27 (Bankr. Case No. 11 S 104/07s).  


MUELLER-SCHERR: Claims Registration Period 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 Muehllechnerat:

         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).  


SDP PERSONALBEREITSTELLUNG: Claims Registration Ends Nov. 20
------------------------------------------------------------
Creditors owed money by LLC SDP Personalbereitstellung (FN 280476s) have until
Nov. 20 to file written proofs of claim to court-appointed estate
administrator Gerhard Stauder at:

         Mag. Gerhard Stauder
         c/o Dr. Georg Kahlig
         Siebensterngasse 42
         1070 Vienna
         Austria
         Tel: 523 47 91
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at    

Creditors and other interested parties are encouraged to attend the creditors'
meeting at 1:00 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. 25
(Bankr. Case No. 6 S 124/07p).  Georg Kahlig represents Mag. Stauder in the
bankruptcy proceedings.


SUSNJAR LLC: Claims Registration Period Ends Nov. 20
----------------------------------------------------
Creditors owed money by LLC Susnjar (FN 275970p) have until
Nov. 20 to file written proofs of claim to court-appointed estate
administrator Matthias Klissenbauer at:

         Dr. Matthias Klissenbauer
         c/o Mag. Stefan Jahns
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@klissenbauer.com
                 kanzlei@jahns.co.at  

Creditors and other interested parties are encouraged to attend the creditors'
meeting at 12:45 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. 25
(Bankr. Case No. 6 S 123/07).  Stefan Jahns represents Dr. Klissenbauer in the
bankruptcy proceedings.


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


BELARUSBANK JSSB: Moody's Assigns Ba1 & B2 Deposit Ratings
----------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to Belarusbank:
E+ bank financial strength rating , Ba1 long-term and Not Prime short-term
local currency deposit ratings, B2 long-term and Not Prime short-term foreign
currency deposit ratings.  All of the bank's ratings carry a stable outlook.

Belarusbank's E+ BFSR, which translates to a Baseline Credit Assessment of B1,
is underpinned by its dominant market position as the country's largest bank
by assets, capital and retail deposits, as well as its good asset quality and
increasing international profile.  The rating is constrained by the bank's
fairly weak corporate governance due to the high level of government
interference in the bank's business, very large borrower concentration and
historically low profitability.

The bank's Ba1/Not Prime long-term/short-term local currency deposit rating
factors in Moody's assessment of the very high probability of systemic support
in the event of a stress situation, given a) the bank's 77.26% ownership by
the Belarus government and b) the bank's dominant position in the country's
banking system, represented by its 41% share of total assets and 62% share of
retail deposits at year-end 2006. As a result, this rating enjoys a
three-notch uplift from the bank's B1 Baseline Credit Assessment.

Belarusbank's B2 long-term foreign currency deposit rating is constrained by
the country ceiling for Belarus.

As the country's largest government owned bank, Belarusbank carries out a
number of projects approved by the Government.  In particular, 55% of the
retail loans made by the bank are home loans provided under a presidential
project with subsidized terms.

According to Moody's, Belarusbank's BFSR could be upgraded if the bank reduces
the level of borrower concentration significantly and improves profitability,
while maintaining good asset quality.  Although unlikely in the medium term,
the bank's BFSR can also benefit from a lower level of government interference
in Belarusbank's business.  Conversely, downward rating pressure on the bank's
BFSR could arise from increasing borrower concentration and significantly
weakening asset quality.

Belarusbank's local currency deposit rating is expected to change in tandem
with the bank's BFSR.  The bank's foreign currency deposit rating would be
upgraded in the event of an upgrade of Belarus' foreign currency deposit
ceiling, whereas a downgrade is unlikely in the medium term as it is already
constrained by that ceiling.

Based in Minsk, Belarus, Belarusbank reported total IFRS consolidated assets,
shareholders' equity and net income of US$5.54 billion, US$591 and US$40.8
million, respectively, at year-end 2006 (US$3.63 billion, US$431 million and
US$24.2 million, respectively, a year before).


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B E L G I U M
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TIMKEN CO: Completes US$200 Million Acquisition of Purdy Corp.
--------------------------------------------------------------
The Timken Company completed its acquisition of The Purdy Corp., a precision
manufacturer and systems integrator for military and commercial aviation
customers, for US$200 million.  Both parties entered into an agreement on
Sept. 17, 2007, adding new power-transmission products and capabilities to
Timken's aerospace business.

The Purdy Corp.'s expertise includes design, manufacturing, testing, overhaul
and repair of transmissions, gears, rotor-head systems and other
high-complexity components for helicopter and fixed-wing aircraft platforms.
Founded in 1946, Purdy is based in Manchester, Connecticut, employs more than
200 people and had 2006 sales of approximately US$87 million.

Timken will operate the business as Timken Aerospace Transmissions, LLC, from
its current location in Manchester, Connecticut.  Timken will continue to make
investments in its ability to meet the power-transmission needs of its growing
customer base in the commercial and military aviation industries.

"Customers have the opportunity to benefit from the strength of a company that
is a leader in friction-management technology with growing capabilities in
power transmission," J. Ron Menning, president of aerospace and defense, said.
"We believe that the increasing breadth of our portfolio is a distinct
advantage, and Timken is rapidly developing the kind of complete aerospace
systems expertise and portfolio that will create exceptional customer and
shareholder value."

Timken offers a comprehensive line of aerospace quality bearings, along with a
select range of turbine engine components and MRO services.  Known for
consistent, critical performance and backed by stringent quality standards,
Timken aerospace products are found in aircraft engines, gearboxes, helicopter
transmissions, auxiliary power units, landing wheels, airframes and
instrumentation.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered bearings and
alloy steels.  It also provides related components and services such as
bearing refurbishment for the aerospace, medical, industrial and railroad
industries.  The company has operations in Argentina, Australia, Belgium,
Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary,
India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia,
Singapore, South America, Spain, Taiwan, Turkey, UnitedStates, and Venezuela
and employs 27,000 employees.

                            *   *   *

The Timken Company carries Moody's Investors Service's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default Ratings.  The outlook
is stable.


TIMKEN CO: Earns US$41.2 Million in Quarter Ended Sept. 30
----------------------------------------------------------
The Timken Company reported a net income of US$41.2 million for the  third
quarter 2007, compared to a net income of US$46.5 million for the same quarter
last year.

The company reported sales of US$1.26 billion in the third quarter of 2007, an
increase of 6% over the same period a year ago.  Strong sales in industrial
markets were partially offset by the strategic divestment of the company's
automotive steering and European steel tube manufacturing operations in prior
periods.  The company achieved third-quarter income from continuing operations
of US$41.2 million, up from
US$38.7 million in last year's third quarter.

"While Timken's third-quarter performance exceeded what we achieved last year,
our results still fell short of what we had expected to deliver," James W.
Griffith, Timken's president and chief executive officer, said.  "As we move
forward with our strategic initiatives, we have intensified our efforts to
drive better execution across the company during a period of strong demand in
multiple market sectors."

For the first nine months of 2007, sales were US$3.89 billion, an increase of
4% from the same period in the prior year, driven by strong industrial
markets.  The company's performance benefited from higher volume and improved
pricing, which were partially offset by higher raw-material, manufacturing and
logistics costs.

Total debt was US$601.4 million as of Sept. 30, 2007, or 25.5% of capital.
Net debt at Sept. 30, 2007, was US$513.6 million, or 22.6% of capital,
compared to US$496.8 million, or 25.2%, as of Dec. 31, 2006.  Year-to-date,
the increase in net debt was primarily due to higher working capital
requirements, driven by strong demand, and increased capital expenditures in
support of growth initiatives.

At Sept. 30, 2007, the company's balance sheet showed total assets of US$4.1
billion and total liabilities of US$2.4 billion, resulting in a shareholders'
equity of US$1.7 billion.  Equity at Dec. 31, 2006, was US$1.4 million.

                           Outlook

Timken anticipates strong global industrial demand, while automotive demand is
expected to remain stable.  The combination of strong industrial markets,
capacity additions and operating improvements is expected to drive stronger
performance.

                     About Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered bearings and
alloy steels.  It also provides related components and services such as
bearing refurbishment for the aerospace, medical, industrial and railroad
industries.  The company has operations in Argentina, Australia, Belgium,
Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary,
India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia,
Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela
and employs 27,000 employees.

                           *   *   *

The Timken Company carries Moody's Investors Service's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default Ratings.  The outlook
is stable.


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B U L G A R I A
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KREMIKOVTZI AD: Moody's Changes Outlook to Neg. on Caa1 Ratings
---------------------------------------------------------------
Moody's Investors Service changed the outlook to negative on the Caa1
corporate family rating of Kremikovtzi AD and the Caa1 rating on its EUR325
million senior secured guaranteed notes raised at Bulgaria Steel Finance BV to
reflect lower than originally expected profitability in 2007.

In 2007, Kremikovtzi's operating performance remained broadly stable and
benefited from the on-going restructuring program at the plant, as well as
supportive market conditions in first half 2007.  Kremikovtzi last 12 month
EBITDA for 2007 is expected to remain behind the initial expectation for the
year (that exceeds a US$130 million EBITDA level covenanted for the end of
2007) due to a lower than projected revenue per tonne and weaker margins
achieved by Kremikovtzi in first half 2007 reflecting strong energy and raw
material prices and inflation impact on labor and overheads costs, while the
Company continues to invest to secure future profitability and growth in volumes.

Moody's notes that Kremikovtzi is working with various Government agencies to
obtain the Integrated Complex Permit to be issued by the Bulgarian Ministry
for Environment and Water Recourses.  In particular, the Company discusses its
progress with implementation of the environmental improvements agreed as part
of its Viability plan with the EU and the Government agencies at the end of
2006.  Moody's notes that a delay with the implementation of the measures may
lead to penalties.

Moody's continues to monitor the dialogue between the Company and Law
Debentures, the Trustee under the Trust Deed in relation to the Company's
EUR325 million notes.  On Aug. 2, 2007, the Trustee gave Kremikovtzi AD
notices of Potential Events of Default in relation to conditions 5.7(c) and
5.8 of the Notes and in relation to condition 5.7(d) on Sept. 6, 2007.  The
notices allow a 30-day period for Kremikovtzi to provide relevant reports and
remedy the breaches in provision of information.  While Kremikovtzi is
providing the additional information, Moody's notes that some conditions that
gave rise to the breach under 5.7(c) preceded the Notes and may not be easily
remedied by the Company.  The Trustee has not completed its review and
Kremikovtzi continues its efforts to mitigate the stated concerns.

The majority shareholder in Kremikovtzi remains committed to the project and
continues to inject capital into the venture (including US$15 million
subordinated loan made available in October 2007).  At this stage of the
restructuring, Kremikovtzi's liquidity position and debt service obligations
are largely supported by the additional capital contributions. The Company
also relies on working capital facilities and credits, and may consider a sale
of legacy inventory to fund capacity expansion.

To stabilize the outlook on the ratings, Moody's will look for a resolute
strengthening in profitability in line with the initial projections, as well
as an improvement in cash flow generation and in the liquidity position of the
Company.

The ratings affected by this rating action are:

   -- Caa1 corporate family rating at Kremikovtzi AD;

   -- Caa1/LGD4 (55%) ratings on senior secured guaranteed notes
      at Bulgaria Steel Finance BV;

Kremikovtzi AD corporate family rating reflects application of Moody's rating
methodology for government-related issuers and comprise these inputs:

   -- Baseline credit assessment of 17 which equates to Caa1;
   -- Baa3 local currency rating of Bulgaria;
   -- Low dependence and low support.

Moody's last rating action on Kremikovtzi AD was on April 4, 2007, when the
rating agency assigned the Loss Given Default ratings.

Kremikovtzi AD is a single-site steel producer in Bulgaria that reported
BGN896 million in revenues in 2006.


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F I N L A N D
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HILTON HOTELS: Moody's Lowers Senior Unsecured Ratings to Caa1
--------------------------------------------------------------
Moody's Investors Service downgraded Hilton Corporation's corporate family
rating and senior unsecured ratings to B3 and Caa1, respectively.  All of
Hilton's ratings will be withdrawn because Moody's believes it lacks adequate
information to maintain a rating.

About 84% of Hilton's US$1.675 billion senior unsecured public bonds were
tendered for repayment pursuant to the company's tender offers and consent
solicitations.  Various supplemental indentures have been executed whereby
substantially all restrictive covenants, reporting requirements and certain
events of default were eliminated.

The downgrade reflects the closing of the leverage buy-out that will result in
weak credit metrics.  Moody's estimates pro-forma adjusted debt/EBITDA of
about 12 times trailing EBITDA, and EBITDA to interest marginally above 1x.
The rating on the senior unsecured bonds reflects the application of Moody's
Loss Given default methodology based upon the company's post LBO capital
structure.

Moody's last rating action occurred on July 5, 2007, when the company's
ratings were placed on review for possible downgrade.

Ratings downgraded:

   -- Corporate Family rating to B3 from Ba1

   -- Probability of default to B3 from Ba1

   -- Senior notes to Caa1, LGD 5, 76%

   -- Senior bank credit facilities that were repaid to Caa1,
      LGD5 76% from Ba1, LGD 4

   -- Senior, subordinated and preferred shelf to (P) Caa1,
      LGD5, 76%, (P) Caa2, LGD6, 97%, (P) Caa2 LGD6, 97%,
      respectively from (P) Ba1, LGD4, (P) Ba2, LGD 6, (P) Ba2,
      LGD 6, respectively.

The Blackstone Group's real estate and corporate private equity funds acquired
the company on Oct. 24, 2007 in an all-cash transaction.  The Blackstone Group
is a global alternative asset manager and provider of financial advisory
services.  Its alternative asset management businesses include the management
of corporate private equity funds, real estate opportunity funds, funds of
hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and
closed-end mutual funds.

                        Closing of Merger

Pursuant to the terms of the merger agreement, holders of  
Hilton's common stock will receive US$47.50 in cash, without  
interest, for each share of common stock that they own  
immediately prior to the effective time of the Merger.  As a  
result of the Merger, Hilton's common stock will cease to trade  
on the New York Stock Exchange and will be delisted.  

Hilton also announced that, as of 8:00 a.m., New York City time,  
on Oct. 24, 2007, the following principal amounts of its  
securities had been validly tendered and not withdrawn pursuant  
to Hilton's cash tender offers for these securities:

   -- US$363.7 million aggregate principal amount of its 7.625%
      Notes due 2008,

   -- US$129.5 million aggregate principal amount of its 7.200%
      Notes due 2009,

   -- US$290.7 million aggregate principal amount of its 8.250%
      Notes due 2011,

   -- US$369.9 million aggregate principal amount of its 7.625%
      Notes due 2012,

   -- US$145.1 million aggregate principal amount of its 7.500%
      Notes due 2017,

   -- US$103.6 million aggregate principal amount of its 8.000%
      Quarterly Interest Bonds due 2031 and

   -- CLP67,715,000,000 aggregate principal amount of its 7.430%
      Chilean Inflation-Indexed (UF) Notes due 2009.

All securities validly tendered and not withdrawn have been  
accepted for payment pursuant to the tender offers.  

As a result of the acceptance of securities for purchase  
pursuant to Hilton's tender offers, the supplemental indentures  
to the Indenture dated as of April 15, 1997, by and between  
Hilton and The Bank of New York Trust Company, N.A., which were  
previously executed and delivered in connection with the consent  
solicitations relating to the tender offers, have become  
operative.  

In addition, Hilton reported that it had entered into a  
supplemental indenture to the Indenture dated as of  
April 22, 2003, by and between Hilton and The Bank of New York  
Trust Company, N.A., governing Hilton's 3.375% Convertible  
Senior Notes due 2023, as required by such indenture.  This  
supplemental indenture provides that the Convertible Notes are  
now convertible into US$2,111.11 in cash per US$1,000 principal  
amount of Convertible Notes converted.  

The Merger, the repayment of certain Hilton indebtedness and the  
payment of transaction expenses has been financed with US$20.6  
billion of mortgage and mezzanine debt financing incurred by  
subsidiaries of Hilton and approximately US$5.7 billion of  
equity invested by investment funds affiliated with The  
Blackstone Group.  The Secured Debt is secured by substantially  
all of Hilton's consolidated assets and contains significant  
restrictions on the incurrence of any additional indebtedness by  
Hilton, including the prohibition of any additional Hilton  
indebtedness for money borrowed and/or evidenced by bonds,  
debentures, notes and other similar instruments, other than a  
limited right for an unsecured financing in an amount of not  
less than US$1.0 billion at Hilton, provided that Hilton makes  
the election to proceed with such an unsecured financing within  
30 days of the Merger.  Thereafter, Hilton would not be  
permitted to enter into such a financing without the unanimous  
consent of the Secured Debt holders.  The proceeds of any Hilton  
unsecured financing, if completed, would be used to repay an  
equal amount of the Secured Debt.

Acquisition financing was provided by Bear Stearns, Bank of  
America, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill  
Lynch and Morgan Stanley.  These institutions provided the  
mortgage and mezzanine financing and also served as financial  
advisors to Blackstone.  Simpson Thacher & Bartlett LLP acted as  
legal advisor to Blackstone.  UBS Investment Bank and Moelis  
Advisors acted as financial advisors to Hilton, and Sullivan &  
Cromwell LLP acted as legal advisor to Hilton.  

                 About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,     
owns, manages or franchises a hotel portfolio including Hilton(R), Conrad(R)
Hotels & Resorts, Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R),
Hampton Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand Vacations(TM),
Homewood Suites by Hilton(R) and The Waldorf=Astoria Collection(R).  The
company's portfolio includes more than 2,800 hotels and 480,000 rooms in 76
countries and territories, including Australia, Austria, Barbados, Finland,
India, Indonesia, Trinidad, and Tobago, Philippines and Vietnam.


HILTON HOTELS: Blackstone Merger Cues S&P to Withdraw Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on Hilton Hotels
Corp., including the 'BB-' corporate credit rating, following the close of the
company's merger with an
affiliate of The Blackstone Group's real estate and corporate private equity
funds.  In addition, a significant amount of Hilton's outstanding rated
securities have been tendered pursuant to its cash tender offers, or are
expected to convert pursuant to a supplemental indenture related to the
convertible securities.  S&P's withdrawal of the 'BB+' rating on the company's
senior unsecured issues contemplated the refinancing of these securities.
Hilton does not expect to publicly file financial statements going forward.
Before its withdrawal, the 'BB-' corporate credit rating was on CreditWatch;
it would likely have been lowered to no higher than the 'B' category had it
remained in place.

                          Ratings List

   * Ratings Withdrawn

     Hilton Hotels Corp.

                               To        From
                               --        ----
     Corporate Credit Rating   NR        BB-/Watch Neg/--
     Senior Unsecured          NR        BB+/Watch Neg

                 About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,     
owns, manages or franchises a hotel portfolio including Hilton(R), Conrad(R)
Hotels & Resorts, Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R),
Hampton Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand Vacations(TM),
Homewood Suites by Hilton(R) and The Waldorf=Astoria Collection(R).  The
company's portfolio includes more than 2,800 hotels and 480,000 rooms in 76
countries and territories, including Australia, Austria, Barbados, Finland,
India, Indonesia, Trinidad, and Tobago, Philippines and Vietnam.


HILTON HOTELS: Merger Closing Cues Fitch to Withdraw Ratings
------------------------------------------------------------
Fitch Ratings affirmed and withdrew the debt ratings of Hilton Hotels Corp.
The affected ratings include:

   -- Issuer Default Rating 'B'/Withdrawn;
   -- Senior credit facility 'BB+'/Withdrawn;
   -- Senior notes 'BB+'/Withdrawn;

The Negative Rating Watch has been removed.

These actions are due to the closing of Hilton's merger with affiliates of The
Blackstone Group that was announced
July 3, 2007.  Fitch will no longer provide ratings or analytical coverage of
this issuer.

                 About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,     
owns, manages or franchises a hotel portfolio including Hilton(R), Conrad(R)
Hotels & Resorts, Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R),
Hampton Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand Vacations(TM),
Homewood Suites by Hilton(R) and The Waldorf=Astoria Collection(R).  The
company's portfolio includes more than 2,800 hotels and 480,000 rooms in 76
countries and territories, including Australia, Austria, Barbados, Finland,
India, Indonesia, Trinidad, and Tobago, Philippines and Vietnam.


M-REAL: Moody's Affirms B3 Corporate Family Rating
--------------------------------------------------
Moody's Investors Service changed the outlook to negative from stable and
affirmed M-real's Corporate Family Rating of B3.

"The change of outlook reflects M-real's free cash flow generating capacity,
that is -- even in today's benign macroeconomic environment -- weak and prone
to further weakening in conditions of continuing cost inflation, adverse
foreign exchange movements and sluggish price development and which could
limit M-real's ability to repay debt maturities in 2009" said Martin Kohlhase,
lead analyst for the paper and forest products industry in Europe.

Moody's stated that the affirmation of the B3 corporate family rating reflects
that M-real's profitability and free cash flow should benefit from:

   (i) the completed construction of the Uruguayan pulp mill
       reducing capital expenditures notably going forward;

  (ii) the positive results of the ongoing working capital
       reduction program;

(iii) disposal proceeds from the Map Merchant disposal; as well
       as

  (iv) likely dividend payout restraints.

The affirmation furthermore incorporates the availability of sufficient
liquidity during 2008 to allow the company to participate in industry
discussions focusing on capacity adjustments and sector consolidation.  With
sufficient covenant headroom under the undrawn EUR500 million credit facility
(albeit taking into account the material adverse change clause), but also with
the proceeds from the MAP Merchant sale covering 2008 debt maturities, M-real
will have until the end of 2008 or early 2009 before it needs to address the
2009 maturities of EUR 328 million (including private placements in June) and
the maturity of its EUR500 million main credit facility (December).

However, the negative outlook indicates that the expected profitability and
free cash flow development of M-real during the next several quarters may not
be sufficient to cover 2009 debt maturities, exposing the company's dependence
on refinancing in the face of interest coverage metrics well below 1 and
negative pledge clauses of its bonds being an obstacle to accessing secured
bank funding.

Moody's also notes that as a result of not generating sufficient free cash
flow to service and repay its debt, M-real has been heavily reliant on asset
disposals.  In various instances in the past M-real sold individual assets at
a book loss or took impairment charges/write downs prior to the disposal.
Moody's believes that one of the few remaining assets of sizable value is its
stake in Metsa-Botnia and highlights the risk that future asset sales could be
sold below current book value.

Moody's will therefore closely monitor both:

   (i) the measures the company can take to address the debt
       maturities in 2009; as well as

  (ii) the impact of any potential industry consolidation and
       capacity adjustments on M-real's longer-term financial
       profile.

These rated entities were affected:

Outlook Actions:

   * Issuer: M-real

   -- Outlook, Changed To Negative From Stable

   * Issuer: Metsa Group Financial Services Oy

   -- Outlook, Changed To Negative From Stable

M-real, headquartered in Espoo, Finland, is among Europe's largest integrated
paper and forest products companies with sales of EUR5.6 billion and an
operating loss of EUR271 million in 2006.  As a result of its ongoing
strategic review, M-real has announced the disposal of its distribution
business as well as the closure and disposal of a number of individual paper
mills/machines.  Core activities include consumer packaging, publishing
papers, commercial printing papers and office papers. As of September 30, its
more than 12,000 employees.  M-Real has 25 production units in nine European
countries and a worldwide sales network covering over 70 countries.


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


REXEL SA: Moody's May Cut Ba1 Rating After Review
-------------------------------------------------
Moody's Investors Service placed the corporate family rating of Rexel S.A. on
review for possible downgrade following its announcement that it proposes to
make a EUR3 billion cash offer to acquire all of the outstanding ordinary
shares of Hagemeyer, including any shares issued under the outstanding
convertible bonds and existing employee share plans.  Moody's does not rate
any of Rexel's debt instruments.

If the transaction proceeds credit metrics will initially weaken from current
levels, and together with execution and integration risks, downward ratings
pressure could develop.  Moody's notes that Rexel has secured financing for
the proposed offer and the transaction will be fully debt funded.

Moody's Ba1 rating allowed for Rexel's annual bolt-on acquisition program;
however, it did not factor debt funded acquisitions of Hagemeyer's scale.  The
Ba1 rating was also based on an expectation of further de-leveraging and a
trend to a more conservative financial profile, and again, the rating did not
cater for the capital structure changes that are likely to result if the
Hagemeyer acquisition is completed.  Nevertheless, Rexel has previously stated
that it would consider opportunistic debt funded acquisitions that were value
accretive within a three year horizon and this criteria is consistent with its
plans for Hagemeyer.

Whilst leverage is expected to increase, Rexel has entered into a separate
binding agreement with Sonepar for the sale to Sonepar, following successful
completion of the proposed offer, of the American, Asian-Pacific and selected
European activities of Hagemeyer.  The price for the transfer of assets
between Rexel and Sonepar would be calculated on the same basis as the price
that would be paid to acquire the shares of Hagemeyer. Sale proceeds will be
directed to debt reduction and this will be a step to restoring credit metrics.

The size of the transaction will result in a transformational change for
Rexel.  The action would see Rexel acquiring and retaining essentially all of
Hagemeyer's Professional Products & Services activities in the Baltic
countries, Belgium, the Czech Republic, Finland, Germany, Ireland, the
Netherlands, Norway, Poland, Russia, Slovakia, Spain, and the United Kingdom,
as well as Hagemeyer's ACE activities.  Whilst significant execution and
integration risks will be introduced and this weighs on the rating, Rexel has
a demonstrated history of successfully integrating both large and small
acquisitions, with its successful purchase of the GE Supply distribution
business in the U.S. last year being the key example.

The acquisition will also increase Rexel's scale and market position and
Moody's acknowledge the strategic attraction. Larger scale should lead to
greater purchasing power and potential margin improvement.  Rexel also has a
strong existing presence in the geographies where certain new divisions will
be acquired, particularly Western Europe, and this should allow synergistic
cost savings to be quickly realized, although increasing concentration in
Europe. The acquisition will also give Rexel a unique opportunity to gain
significant market share and reach number one or two position in other
countries where it has little or no presence, such as the Baltic states,
Finland, Norway and Spain.  It will also allow Rexel to move its position in
the UK as a successful but sub-scale challenger to a market leader with
operating margin upside potential. Rexel's underlying positive operating trend
and its strong market positions also help to off-set the anticipated weakening
in its financial profile.

Conclusion of the review will be based on Moody's analysis of changes to
Rexel's business and financial risk profile.  This will include considering
the revised capital structure, impacts to the liquidity position, covenant
headroom, debt maturity profile, costs of the acquisition and cost savings,
speed of integration and timeframes and expectations for forecast credit
metrics.  Moody's will also need to understand if permanent changes to
financial policies, including whether the company will continue to target an
investment grade profile after the acquisition, or changes to broader
strategies will be made and what this will mean for the company.
Alternatively, the rating will be taken off review if the transaction does not
proceed.

Based in France, Rexel S.A. is the world's largest distributor of low and
ultra low voltage electrical parts and components.  For the twelve months
ended Dec. 31, 2006, Rexel reported total sales and EBITDA of EUR9,299 million
and EUR637 million, respectively.


XEROX CORP: Moody's Reviews Ba1 Rating and May Upgrade
------------------------------------------------------
Moody's Investors Service placed the ratings of Xerox Corporation and
supported subsidiaries under review for possible upgrade.  Overall, Moody's
believes that the combination of consistent business execution, secured debt
reduction, and positive operating trends warrant the consideration of a rating
upgrade.

Ratings under review for possible upgrade include:

Xerox Corporation:

   -- Senior unsecured at Baa3;
   -- Subordinated at Ba1.

Xerox Credit Corporation:

   -- Senior unsecured at Baa3 (support agreement from Xerox
      Corporation)

The rating review will focus on the prospects for:

   (1) continued steady business execution, that includes
       equipment installation growth that provides the basis for
       ongoing post sale revenue streams;

   (2) overall modest revenue growth;

   (3) consistent operating profitability in the 8-9% range;

   (4) ongoing strong annual cash flow from operations in excess
       of US$1.5 billion; and

   (5) the maintenance of solid liquidity and continued
       discipline with respect to share repurchase activity
       which should be contained within free cash flow
       generation.

Since Moody's changed the ratings outlook to positive in November 2006, Xerox
has continued to demonstrate good installation growth throughout its product
offering and, with a good product lineup, we believe that Xerox is well
positioned to maintain or grow its installed base over the intermediate term.
Consistent and well managed operating expenses have contributed to operating
margins remaining in the 8% to 9% range.  Importantly, the company has
consistently reduced the level of secured debt in its capital structure and
accelerated that process recently such that secured debt is less than US$500
million, down from over US$2 billion at December 2006.

Liquidity remains solid, with cash balances of US$848 million at September
2007 plus access to a US$2 billion unsecured revolving credit facility, for
which covenant room is expected to remain ample.  Combined with our
expectations of stable to improving annual free cash flow (US$1.7 billion for
the latest twelve months ended June 2007), Xerox is well positioned to meet
aggregate public debt maturities of about US$626 million through 2008, as well
as potential calls on liquidity related to outstanding shareholder litigation.

Xerox Corporation, headquartered in Norwalk, Connecticut, develops,
manufactures and markets document processing systems and related supplies and
provides consulting and outsourcing document management services.  Xerox
operates in over 160 countries worldwide and distributes products in the
Western Hemisphere through divisions, wholly owned subsidiaries and
third-party distributors.  The company maintains operations in France, Japan,
Italy, Nicaragua, among others.


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


AHRENS GMBH: Creditors' Meeting Slated for Nov. 1
-------------------------------------------------
The court-appointed insolvency manager for Ahrens GmbH & Co.KG, Dirk
Oelbermann, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:10 a.m. on Nov. 1.

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

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany         

The Court will also verify the claims set out in the insolvency manager's
report at 11:00 a.m. on Jan. 10, 2008, at the same venue.

Creditors have until Dec. 20 to register their claims with the court-appointed
insolvency manager.

The insolvency manager can be reached at:

         Dirk Oelbermann
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: (0421)792 57-0
         Fax: (0421)792 57-57

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

The Debtor can be reached at:

         Ahrens GmbH & Co.KG
         Loge 14
         27259 Varrel
         Germany


BAU-HERR ZWEITE: Creditors' Meeting Slated for Nov. 20
------------------------------------------------------
The court-appointed insolvency manager for Bau-Herr Zweite Verwaltungs GmbH &
Co. Britzer Damm KG, Udo Feser, will present his first report on the company's
insolvency proceedings at a creditors' meeting at 10:05 a.m. on Nov. 20.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
         
The Court will also verify the claims set out in the insolvency manager's
report at 9:50 a.m. on Feb. 12 at the same venue.

Creditors have until Dec. 20 to register their claims with the court-appointed
insolvency manager.

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Bau-Herr Zweite Verwaltungs GmbH & Co. Britzer Damm KG on Oct. 5.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bau-Herr Zweite Verwaltungs GmbH & Co.
         Britzer Damm KG
         Wiesenweg 10
         12247 Berlin
         Germany


INTERNET HYPOTHEKEN: Claims Registration Period Ends Nov. 21
------------------------------------------------------------
Creditors of IHD Internet Hypotheken Discount GmbH have until Nov. 21 to
register their claims with court-appointed insolvency manager Dr. Joern-H. Meyn.

The insolvency manager can be reached at:

         Dr. Joern-H. Meyn
         Herrengraben 31
         20459 Hamburg
         Germany

Creditors and other interested parties are encouraged to attend the meeting at
10:20 a.m. on Dec. 21, at which time the insolvency manager will present his
first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hamburg opened bankruptcy proceedings against IHD
Internet Hypotheken Discount GmbH on Oct. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         IHD Internet Hypotheken Discount GmbH
         Attn: Gerhard Jaite, Manager
         Wandsbeker Chaussee 180b
         22089 Hamburg
         Germany


KATA GMBH: Claims Registration Period Ends Nov. 27
--------------------------------------------------
Creditors of KaTa GmbH Rohrleitungsbau, Stahl- u. Metallbau have until Nov. 27
to register their claims with court-appointed insolvency manager Marc
Schmidt-Thieme.

The insolvency manager can be reached at:

         Marc Schmidt-Thieme
         Stephanienstr. 8
         76133 Karlsruhe
         Germany

Creditors and other interested parties are encouraged to attend the meeting at
10:00 a.m. on Jan. 8, 2008, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         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 Baden-Baden opened bankruptcy proceedings against KaTa
GmbH Rohrleitungsbau, Stahl- u. Metallbau on
Oct. 11.  Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         KaTa GmbH Rohrleitungsbau,
         Stahl- u. Metallbau
         Attn: Jitka Zelenka, Manager
         Mercedesstr.1
         76437 Rastatt
         Germany


MAKE LADIES: Claims Registration Period Ends November 6
-------------------------------------------------------
Creditors of MAKE Ladies Fashion GmbH have until Nov. 6 to register their
claims with court-appointed insolvency manager Matthias Hofmann.

The insolvency manager can be reached at:

         Matthias Hofmann
         Richard-Wagner-Strasse 64
         95444 Bayreuth
         Germany
         Tel: 0921/76400-0
         Fax: 0921/76400-11

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

The meeting of creditors will be held at:

         The District Court of Bayreuth
         Friedrichstr. 18
         Meeting Hall 520 - EG
         95444 Bayreuth
         Germany
         Tel: 0921/504-404
         Fax: 0921/504-419

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 Bayreuth opened bankruptcy proceedings against MAKE
Ladies Fashion GmbH on Oct. 15.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         MAKE Ladies Fashion GmbH
         Roehrig 42
         95463 Bindlach
         Germany

         Attn: Marcus Poellmann and Rudolf Poellmann, Managers
         Birkig 8
         95497 Goldkronach
         Germany


MEIN EIGENHEIM: Claims Registration Period Ends November 6
----------------------------------------------------------
Creditors of Mein Eigenheim Gesellschaft fuer schluesselfertiges Bauen mbH
have until Nov. 6 to register their claims with court-appointed insolvency
manager Markus Froehlich.

The insolvency manager can be reached at:

         Markus Froehlich
         Ehlersstr. 11
         88046 Friedrichshafen
         Germany
         Tel: (07541) 7008-70
         Fax: (07541) 7008-78

Creditors and other interested parties are encouraged to attend the meeting at
8:30 a.m. on Nov. 27, at which time the insolvency manager will present his
first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Meeting Hall 157/I
         Residenzplatz 4-6
         87435 Kempten
         Germany

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

The District Court of Kempten opened bankruptcy proceedings against Mein
Eigenheim Gesellschaft fuer schluesselfertiges Bauen mbH on Oct. 12.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Mein Eigenheim Gesellschaft fuer schluesselfertiges
         Bauen mbH
         Selmnau 28
         88142 Wasserburg
         Germany


NETCENTERIT GMBH: Claims Registration Period Ends November 2
------------------------------------------------------------
Creditors of NetcenterIT GmbH & Co. KG have until Nov. 2 to register their
claims with court-appointed insolvency manager Heiko Fialski.

The insolvency manager can be reached at:

          Heiko Fialski
          Raboisen 38
          20095 Hamburg
          Germany
          Tel: (040) 3344 6-0
          Fax: (040) 3344 6111

Creditors and other interested parties are encouraged to attend the meeting at
10:00 a.m. on Dec. 17, at which time the insolvency manager will present his
first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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 Walsrode opened bankruptcy proceedings against
NetcenterIT GmbH & Co. KGon Oct. 9.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          NetcenterIT GmbH & Co. KG
          Vorm Lintel 5
          27356 Rotenburg/Wuemme
          Germany


PK PLANUNGSGESELLSCHAFT: Creditors' Meeting Slated for Dec. 7
-------------------------------------------------------------
The court-appointed insolvency manager for PK Planungsgesellschaft mbH & Co.
KG, Hartwig Albers, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:55 a.m. on Dec. 7.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 9:30 a.m. on March 14, 2008, at the same venue.

Creditors have until Jan. 16, 2008, to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against PK
Planungsgesellschaft mbH & Co. KG on
Oct. 10.  Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         PK Planungsgesellschaft mbH & Co. KG
         Ruschestrasse 68
         10365 Berlin
         Germany


PROARTIS GMBH: Claims Registration Period Ends Nov. 21
------------------------------------------------------
Creditors of Proartis GmbH Ermittlungen & Consulting have until Nov. 21 to
register their claims with court-appointed insolvency manager Johannes Franke.

The insolvency manager can be reached at:

         Johannes Franke
         Verdener Platz 1
         30419 Hannover
         Germany
         Tel: 0511/794573
         Fax: 0511/794576

Creditors and other interested parties are encouraged to attend the meeting at
11:00 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 Gifhorn
         Hall 118
         Am Schlossgarten 4
         38518 Gifhorn
         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 Gifhorn opened bankruptcy proceedings against Proartis
GmbH Ermittlungen & Consulting on Oct. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Proartis GmbH Ermittlungen & Consulting
         Adolf-Kolping-Str. 9
         31319 Sehnde
         Germany


ROCHEL GESELLSCHAFT: Claims Registration Period Ends Nov. 19
------------------------------------------------------------
Creditors of Rochel Gesellschaft fuer Gasheizungs- und Sanitararbeiten GmbH
have until Nov. 19 to register their claims with court-appointed insolvency
manager Wilfried Koller.

The insolvency manager can be reached at:

         Wilfried Koller
         Schiffgraben 59
         30175 Hannover
         Germany
         Tel: 0511 342129
         Fax: 0511 3480645

Creditors and other interested parties are encouraged to attend the meeting at
10:30 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The District Court of Hannover opened bankruptcy proceedings against Rochel
Gesellschaft fuer Gasheizungs- und Sanitararbeiten GmbH on Oct. 19.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Rochel Gesellschaft fuer Gasheizungs- und
         Sanitararbeiten GmbH
         Attn: Andre Rochel, Manager
         Neuer Landweg 51
         30827 Garbsen
         Germany


TICKETOOL GMBH: Creditors' Meeting Slated for Nov. 2
----------------------------------------------------
The court-appointed insolvency manager for Ticketool GmbH, Juergen Wallner,
will present his first report on the company's insolvency proceedings at a
creditors' meeting at 8:40 a.m. on Nov. 2.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 9:10 a.m. on Jan. 4, 2008, at the same venue.

Creditors have until Dec. 21 to register their claims with the court-appointed
insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Wallner
         Budapester Str. 31
         10787 Berlin
         Germany

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

The Debtor can be reached at:

         Ticketool GmbH
         Alt- Moabit 72
         10555 Berlin
         Germany


TISCHLEREI RIMA.S: Creditors' Meeting Slated for Nov. 2
-------------------------------------------------------
The court-appointed insolvency manager for Tischlerei RIMA.S GmbH, Ruediger
Wienberg, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at
8:45 a.m. on Nov. 2.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 9:25 a.m. on Feb. 22, 2008, at the same venue.

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

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Tischlerei RIMA.S GmbH on Sept. 19.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Tischlerei RIMA.S GmbH
         Feldrain 18 a
         12623 Berlin
         Germany


TRANSPORT & LOGISTIK: Claims Registration Period Ends Nov. 5
------------------------------------------------------------
Creditors of Transport & Logistik Center Schermbeck GmbH have until Nov. 5 to
register their claims with court-appointed insolvency manager Lothar Venn.

The insolvency manager can be reached at:

         Lothar Venn
         Bruener Strasse 4-6
         46499 Hamminkeln
         Germany

Creditors and other interested parties are encouraged to attend the meeting at
10:00 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 Duisburg
         Meeting Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany
                 
The Court will also verify the claims set out in the insolvency manager's
report during this meeting, while creditors may constitute a creditors'
committee or opt to appoint a new insolvency manager.

The District Court of Duisburg opened bankruptcy proceedings against Transport
& Logistik Center Schermbeck GmbH on Oct. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Transport & Logistik Center Schermbeck GmbH
         Drierweg 65
         46514 Schermbeck
         Germany

         Attn: Simon Schneider, Manager
         Vossenbergweg 7
         46514 Schermbeck
         Germany


WWW.INDUSTRIEREGAL.DE GMBH: Claims Registration Ends November 9
---------------------------------------------------------------
Creditors of  www.industrieregal.de GmbH have until Nov. 9 to register their
claims with court-appointed insolvency manager Dr. Christian Gerloff.

The insolvency manager can be reached at:

         Dr. Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

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

The meeting of creditors will be held at:

         The District Court of Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         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 Weilheim opened bankruptcy proceedings against
www.industrieregal.de GmbH on Oct. 9.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:
         
         www.industrieregal.de GmbH
         Kurpark 5
         82467 Garmisch-Partenkirchen
         Germany


=============
I R E L A N D
=============


CELESTICA INC: Earns US$51.5 Mil. in 3rd Quarter Ended Sept. 30
---------------------------------------------------------------
Celestica Inc. disclosed its financial results for the third quarter ended
Sept. 30, 2007.

Net earnings on a GAAP basis for the third quarter were
US$51.5 million, compared to GAAP net loss of US$42.1 million for the same
period last year.  Included in the third quarter 2007 earnings are
restructuring charges of US$2.7 million compared to restructuring charges of
US$82.4 million in the third quarter last year.

Revenue was US$2.081 billion, down 13% from US$2.392 billion in the third
quarter of 2006.
    
Adjusted net earnings for the quarter were US$29.3 million compared to
adjusted net earnings of US$40.5 million for the same period last year.  The
term adjusted net earnings is defined as net earnings before amortization of
intangible assets, gains or losses on the repurchase of shares and debt,
integration costs related to acquisitions, option expense, option exchange
costs and other charges, net of tax and significant deferred tax write-offs or
recovery.

For the nine months ended Sept. 30, 2007, revenue was
US$5.8 billion compared to US$6.5 billion for the same period in 2006.  Net
loss on a GAAP basis was US$2.0 million compared to net loss of US$89.8
million last year.  Adjusted net earnings for the first nine months of 2007
were US$25.1 million compared to adjusted net earnings of US$87.0 million for
the same period in 2006.

"Our third quarter results reflect the significant progress we are making with
respect to the turnaround plans we put in place at the beginning of this
year," said Craig Muhlhauser, president and chief executive officer of Celestica.

"On a sequential basis, revenue grew 7%, operating margins almost doubled,
inventory turns improved to 8.3x and we generated more than US$200 million in
free cash flow.  We are encouraged by our progress to date and believe that
significant opportunity remains throughout the business.  Although we continue
to manage through nearer-term volatility as we complete our turnaround plans,
our entire team remains confident in our ability to drive further improvements
as we strive to build a solid foundation for Celestica's future growth and
profitability."

At Sept. 30, 2007, the company's consolidated balance sheet showed US$4.51
billion in total assets, US$2.39 billion in total liabilities, and US$2.12
billion in total shareholders' equity.

                      About Celestica Inc.

Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/--
provides innovative electronics manufacturing services.   its
global manufacturing and supply chain network, the company
delivers competitive advantage to companies in the computing,
communications, consumer, industrial, and aerospace and defense
end markets.   Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others.

                           *   *   *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service downgraded Celestica Inc.'s corporate
family rating to B1 from Ba3 and the senior subordinated note
ratings to B3 from B2.  Simultaneously, Moody's lowered the
company's speculative grade liquidity rating to SGL-2 from
SGL-1.


WR GRACE: Earns US$16.7 Million in Quarter Ended September 30
-------------------------------------------------------------
W. R. Grace & Co. disclosed financial results for the third quarter ended
Sept. 30, 2007.

Net income for the third quarter was US$16.7 million, compared with net income
of US$18.4 million in the prior year quarter.  The 2007 and 2006 third
quarters were negatively affected by Chapter 11 expenses, litigation and other
matters not related
to core operations.  Excluding such costs, and after tax
effects, net income would have been US$46.3 million for the
third quarter of 2007 compared with US$40.3 million calculated
on the same basis for the third quarter of 2006, a 14.9%
increase.

Sales for the third quarter were US$783.1 million compared with US$741.4
million in the prior year quarter, a 5.6% increase
(2.4% before the effects of currency translation).  The increase was
attributable primarily to higher selling prices
in response to rising raw material costs and to higher volumes in most product
groups, particularly outside the United States.  Sales increased 1.7% for the
Grace Davison operating segment and 10.1% for the Grace Performance Chemicals
operating segment.  Geographically, sales were up 15.2% in Europe, 8.4% in
Asia Pacific and 34.8% in Latin America, and down 7.9% in North America, where
sales were adversely affected by a lower level of residential construction in
the United States and lower sales of hydroprocessing catalysts.

Pre-tax income from core operations was US$74.0 million in the third quarter
compared with US$71.1 million in the prior year quarter, a 4.1% increase.
Pre-tax operating income of the Grace Davison operating segment was US$47.6
million, up 4.4% compared with the third quarter of 2006, attributable
principally to sales increases across most product groups and productivity
gains.  Pre-tax operating income of the Grace Performance Chemicals operating
segment was US$54.1 million, up 4.2% compared with the third quarter of 2006,
attributable primarily to higher sales of construction products (in regions
other than North America) and packaging products worldwide.  Corporate
operating costs were US$1.3 million higher than the third quarter of 2006 due
primarily to higher performance-based compensation.

Sales for the nine months ended Sept. 30, 2007 were US$2.3 billion compared
with US$2.1 billion for the prior year period, an 8.6% increase (5.3% before
the effects of currency translation).  Net income for the nine months ended
Sept. 30, 2007, was US$42.0 million, compared with net income in the
comparable period of 2006 of US$13.3 million.  

Excluding non-core and Chapter 11-related costs (and after tax effects), net
income would have been US$122.8 million for the nine months ended Sept. 30,
2007 compared with US$96.3 million calculated on the same basis for 2006, a
27.5% increase.  Pre-tax income from core operations was US$227.7 million for
the nine months ended Sept. 30, 2007, a 20.1% increase over 2006, primarily
attributable to higher sales volume in regions other than North America,
higher selling prices to offset cost inflation, and from lower overall pension
costs.

"Our business performance is on track to deliver strong financial results for
2007," Grace's President and Chief Executive Officer Fred Festa, said.  "The
quarter-over-quarter comparison was adversely affected by refill order
patterns of hydroprocessing catalysts, which were very strong last year, and
the decline in U.S. housing starts, which continues to cause lower sales of
construction products in North America.  However, we have enjoyed good growth
in several key product groups, and in Europe, Asia and Latin America where
economic activity has been strong."

                      Cash Flow and Liquidity

Grace's net cash inflow from operating activities for the nine months ended
Sept. 30, 2007, was US$65.7 million, compared with a net cash inflow of
US$49.4 million for 2006.  The increase in cash flow from operating activities
was principally attributable to higher pre-tax operating income offset by
dividends to joint venture partners and cash paid to resolve certain tax
contingencies.  Pre-tax income from core operations before depreciation and
amortization was US$311.2 million for the nine months ended Sept. 30, 2007,
13.0% higher than in the prior year, a result of the performance from core
operations.  Net cash used for investing activities was US$100.5 million for
the nine months ended Sept. 30, 2007, primarily related to routine capital
improvements, capacity expansion at certain production sites, one acquisition
and an investment in a short-term U.S. Government debt security.

At Sept. 30, 2007, Grace had available liquidity in the form of cash and cash
equivalents of US$535.0 million, marketable securities of US$28.5 million, net
cash value of life insurance of US$93.5 million, available credit under its
debtor-in-possession facility of US$173.7 million and available credit under
various non-U.S. credit facilities equivalent to
US$89.3 million.  Grace believes that these sources and amounts of liquidity
are sufficient to support its business operations, strategic initiatives and
Chapter 11 proceedings for the foreseeable future.

As of Sept. 30, the company's total assets reached US$3.79 billion while total
liabilities were US$4.2 billion, resulting in a shareholders' deficit of
US$405.8 million.

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) --
http://www.grace.com/-- supplies catalysts and silica products, especially
construction chemicals and building
materials, and container products globally including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).  David M.
Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their
restructuring efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official
Committee of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern, the legal
representative of future asbestos personal injury claimants, is represented by
Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.  Elihu
Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at
Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal
Injury Claimants.  The Asbestos Committee of Property Damage Claimants tapped
Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at
Speights & Runyan,to represent it.  Lexecon, LLC, provided asbestos claims
consulting services to the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13,
2004.  On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement.
The hearing to consider the adequacy of the Debtors' Disclosure Statement
began on Jan. 21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities will commence
on Jan. 14, 2008.


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


BRIEF CENTRAL ASIA: Creditors Must File Claims by Dec. 5
--------------------------------------------------------
LLP Agency Of Social And Marketing Research - Brief Central Asia has declared
insolvency.  Creditors have until Dec. 5 to submit written proofs of claim to:

         LLP Agency of Social and Marketing Research
         Brief Central Asia
         Sixth Floor
         Jybek Joly ave. 76
         Almaty
         Kazakhstan
         Tel: 8 (7272) 50-12-91


BUSINESS ANALITIKA: Creditors Must File Claims by Dec. 5
--------------------------------------------------------
LLP Brief Business Analitika has declared insolvency.  Creditors have until
Dec. 5 to submit written proofs of claim to:

         LLP Brief Business Analitika
         Sixth Floor
         Jybek Joly ave. 76
         Almaty
         Kazakhstan


INCOM TECH: Claims Filing Period Ends Dec. 1
--------------------------------------------
LLP Incom Tech Service has declared insolvency.  Creditors have until Dec. 1
to submit written proofs of claim to:

         LLP Incom Tech Service
         Buhar Jyrau ave. 66
         Bostandyksky District
         050057 Almaty
         Kazakhstan


MM-HOLDING LLP: Creditors' Claims Due by Dec. 1
-----------------------------------------------
LLP Mm-Holding has declared insolvency.  Creditors have until Dec. 1 to submit
written proofs of claim to:

         LLP Mm-Holding
         Micro District Samal-1, 4
         Almaty
         Kazakhstan


OTAN LLP: Claims Registration Period Ends Dec. 5
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared LLP Otan
insolvent on Sept. 6.

Creditors have until Dec. 5 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makatayev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 79-86-66
              8 (7272) 79-86-76
              8 701 125 56-55


ROYAL TRADE RIDDER: Creditors Must File Claims by Dec. 1
--------------------------------------------------------
Branch of LLP Royal Trade in Ridder has declared insolvency.  Creditors have
until Dec. 1 to submit written proofs of claim to:

         Branch of LLP Royal Trade in Ridder
         Dzerjinskogo Str. 10/2
         Ridder
         East Kazakhstan
         Kazakhstan


ROYAL TRADE SEMIPALATINSK: Claims Filing Period Ends Dec. 1
-----------------------------------------------------------
Branch of LLP Royal Trade in Semipalatinsk has declared insolvency.  Creditors
have until Dec. 1 to submit written proofs of claim to:

         Branch of LLP Royal Trade in Semipalatinsk
         Aimautov Str. 50
         Semipalatinsk
         East Kazakhstan
         Kazakhstan


TENTEK LLP: Creditors' Claims Due by Dec. 5
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared LLP Tentek
insolvent on Sept. 12.

Creditors have until Dec. 5 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul-2, 23-29
         Almaty
         Kazakhstan
         Tel: 8 (7272) 55-27-91


TRANS BUSINESS: Claims Registration Period Ends Dec. 1
------------------------------------------------------
LLP Trans Business Most has declared insolvency.  Creditors have until Dec. 1
to submit written proofs of claim to:

         LLP Trans Business Most
         Pichugin Str. 250-77
         Karaganda
         Kazakhstan


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


NOMAD COMPANY: Creditors Must File Claims by November 28
--------------------------------------------------------
LLC Nomad Company has declared insolvency.  Creditors have until Nov. 28 to
submit written proofs of claim to:

         LLC Nomad Company
         Micro District Alamedin-1, 52-17
         Bishkek
         Kyrgyzstan


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


ARES FINANCE 2: S&P Affirms Class E Notes' Rating at BB
-------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with positive
implications its rating on the class D notes issued by Ares Finance 2 S.A.
The ratings on the
class C and E notes were affirmed.
  
The CreditWatch placement follows an initial review of the most recent
transaction information received by Standard & Poor's.  This analysis showed
that the likelihood of a positive rating action has increased on the basis of
the ongoing resolution of the underlying portfolio.  The CreditWatch placement
is expected to be resolved within three months.
  
Cumulative net collections for the transaction remain below the servicer's and
Standard & Poor's base case, at EUR586 million. Although slower than expected,
collections have been slightly ahead of expectations in terms of
profitability.  Profitability is improving over time.
  
Data released in the latest quarterly advisory report shows an available funds
balance of EUR4.6 million for distribution to the noteholders.  As of Oct. 31,
2007, cash awaiting distribution from the courts was approximately EUR27.8
million. A further EUR2.8 million in cash is expected from the accepted
negotiated resolution. The residual unresolved gross book value stands at
EUR660 million, split across 2,388 loans and 1,817 borrowers.
  
The notes are ultimately backed by a pool of secured and unsecured NPLs
originated in Italy by Banca Nazionale del Lavoro SpA (AA-/Positive/A-1+).
The servicer is Societa Gestione Crediti SpA, and the portfolio advisor is
Archon Group Italia S.r.l. (ranked by Standard & Poor's as "above average" as a
commercial and residential special servicer in Italy).

                          Ratings List
  
           Class              Rating
                       To                  From
  
   * ARES FINANCE 2 S.A.
     EUR684.9 Million Asset-Backed Floating-Rate Notes
  
     Rating Placed On CreditWatch With Positive Implications
  
           D           A-/Watch Pos        A-
  
                        Ratings Affirmed
  
           C           AAA
           E           BB


ARES FINANCE SRL: S&P Affirms Class F Notes' Rating at BB
---------------------------------------------------------
Standard & Poor's Ratings Services has raised its credit rating on the class C
notes issued by Ares Finance S.r.l.  At the same time, the ratings on the
class D and E notes were placed on CreditWatch with positive implications.
The rating on the class
F notes was affirmed.
  
"The raising of the rating on the class C notes reflects the deleveraging of
the transactions, the amount of cash awaiting distribution from courts, and
the prospects of further recoveries on the residual portfolio," said credit
analyst Giorgio Frascella.
  
The CreditWatch placement of the class D and E notes follows an initial review
of the most recent transaction information received by Standard & Poor's.
This analysis showed that the likelihood of a positive rating action has
increased on the basis of the ongoing resolution of the underlying portfolio.
The CreditWatch placements are expected to be resolved within three months.
  
Cumulative net collections for the transaction remain below the servicer's and
Standard & Poor's base case, at EUR549 million. Although slower than expected,
collections have been well ahead of expectations in terms of profitability.
  
The notes are ultimately backed by a pool of secured and unsecured NPLs
originated in Italy by Banca Nazionale del Lavoro SpA (AA-/Positive/A-1+).
The servicer is Societa Gestione Crediti S.p.A., and the portfolio advisor is
Archon Group Italia S.r.l. (ranked by Standard & Poor's as "ABOVE AVERAGE" as a
commercial and residential special servicer in Italy).
  
The underlying portfolio continues to advance through the legal stages of the
resolution process. With the gradual resolution of the underlying portfolio,
net collections continue to come through steadily.  Average net collections in
the past 12 months have been around EUR50 million, only 4% lower than what was
recorded in the one-year period ending in September 2006.
  
Performance data on collections and profitability shows the servicer's
increasing reliance on court resolution.  This is consistent with the fact
that the portfolio is now in a more advanced state of the workout process.
  
As of Sept. 25, 2007, cash awaiting distribution from the courts was
approximately EUR55.6 million. A further EUR0.7 million in cash is expected
from the accepted negotiated resolution.  In the servicer's experience,
distribution from the courts takes on average one year for foreclosures, and
18 months for bankruptcy proceedings. The residual unresolved gross book value
stands at
EUR911 million, split across 4,311 loans and 2,073 borrowers.

                         Ratings List
  
           Class               Rating
                       To                    From
  
ARES FINANCE S.r.l.
   EUR633.2 Million Asset-Backed Floating-Rate Notes
  
                         Rating Raised  
  
           C           AAA                   A
  
    Ratings Placed On CreditWatch With Positive Implications
  
           D           BBB+/Watch Pos        BBB+
           E           BBB-/Watch Pos        BBB-

                        Rating Affirmed
  
           F           BB


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


ESSENCE II: Fitch Rates EUR9.8 Million Class C Notes at BB
----------------------------------------------------------  
Fitch Ratings has assigned Essence II B.V. (Essence II) floating rate notes
final ratings:

   --  EUR1.38 billion Class A: 'A-'; Stable Outlook
   --  EUR9.8 million Class B: 'BBB'; Stable Outlook
   --  EUR9.8 million Class C: 'BB'; Stable Outlook

Essence II is the issuer of a securitization transaction of Dutch residential
mortgage loans originated by wholly-owned subsidiaries of NIBC Bank (rated
'A'/'F1'/Negative Outlook).

The ratings are based on the quality of the collateral, available credit
enhancement and excess spread, the underwriting and servicing capabilities, as
well as the sound legal and financial structure.  In its collateral analysis,
Fitch has also accounted for the pre-funding and replenishment conditions
featured in the transaction to capture the dynamic credit nature of the
underlying pool.

At closing, the pool comprises 11,549 loan-parts granted to 6,172 borrowers
and is well seasoned at 31.4 months. Interest-only loans are the dominant
product type, comprising more than 68% of the mortgage pool; loans have been
primarily granted towards single-family housing (91%).  Stater Nederland B.V.
and QUION Groep B.V. are the sub-servicers of the securitization portfolio.

Initial credit enhancement, provided by subordination, is 1.4% for the Class A
notes and 0.7% for the Class B notes.  The transaction also benefits from 0.3%
margin under the interest rate swap agreement with NIBC Bank N.V.  The reserve
fund account is not funded at closing; however, it can build up to 0.5% of the
portfolio outstanding balance using available excess spread.  Finally, the
structure benefits from a liquidity facility equating to 3% of the notes'
outstanding balance.

On Aug. 15, 2007, NIBC Bank's acquisition by Kaupthing (rated 'A'/'F1'/Stable
Outlook), an Icelandic bank, was announced. Should the transaction go ahead,
NIBC Bank's ratings will be reviewed in line with Fitch's prevailing policy on
institutionally driven support.


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


AMURINVEST-1 CJSC: Creditors Must File Claims by Nov. 20
--------------------------------------------------------
Creditors of CJSC AmurInvest-1 have until Nov. 20 to submit proofs of claim to:

         Yu. P. Babinets
         P.O. Box 233
         Blagoveschensk
         675000 Amur
         Russia

The Arbitration Court of Amur commenced bankruptcy supervision procedure on
CJSC AmurInvest-1 on Oct. 8, 2007.  The case is docketed under Case No.
?04-7084/07-8/48 ?.

The Debtor can be reached at:

         CJSC AmurInvest-1
         Komarova Str. 45
         Svobodny
         Amur
         Russia


CARDBOARD & PAPER: Creditors Must File Claims by Dec. 20
--------------------------------------------------------
Creditors of  Cardboard & Paper Factory LLC have until Dec. 20 to submit
proofs of claim to:

         V. V. Grigin
         Competitive proceedings manager
         Office 203
         Electrozavodskaya Str. 7
         600009 Vladimir
         Russia

The Arbitration Court of St. Petersburg and the Leningrad region declared the
company insolvent on Sept. 4, 2007.  The case is docketed in Case No.
A56-57048/2005.

The Court is located at:

         The Arbitration Court of St. Petersburg and the                     
               
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         Cardboard & Paper Factory LLC
         Zavodskaya Str. 17
         Svetogorsk
         Vyborgskij Raion
         Leningrad
         Russia


DESNITSA CJSC: Creditors Must File Claims by Nov. 20
----------------------------------------------------
Creditors of CJSC Desnitsa have until Nov. 20 to submit proofs of claim to:

         V. P. Goncharov
         P.O. Box 345
         115230 Moscow 230
         Russia

The Arbitration Court of Moscow will convene on Jan. 15, 2008, to hear the
company's bankruptcy supervision procedure.  The case is docketed under Case
No. ?40-30967/07-71-80?.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Desnitsa
         Povarskaya Str. 52
         Moscow
         Russia


KOMBA CJSC: Creditors Must File Claims by Dec. 20
-------------------------------------------------
Creditors of CJSC Komba have until Dec. 20 to submit proofs of claim to:

         L. L. Serdyuk
         P.O. Box
         690105 Vladivostok-105
         Russia

The Arbitration Court of Moscow commenced competitive proceedings on the
company on Sept. 19.  The case is docketed under Case No. ?51-1730/2007 15-8?.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Komba
         General Dorohov Str. 12
         Moscow
         Russia


KOZHVINSKIJ RK: Asset Sale Slated for November 26
-------------------------------------------------
O. N., the competitive proceedings manager of Crushed Stone Plant Kozhvinskij
SUE, will open a public auction for the company's properties at 11:00 a.m. on
Nov. 26 at:

         Pechora Crisis Center
         110-2nd floor
         Pechorskij Pr. Str.
         Pechora
         Komi
         Russia

The company has set a RUR2.5 million starting price for the auctioned assets.

Interested participants have until Nov. 24 to deposit RUR150,000.  Bidding
documents must be submitted in a sealed form.

Information related to the auction can be obtained by calling this number,
Tel: 8(82142)33111.


KYZYLSKAYA SUE: Asset Sale Slated for November 20
-------------------------------------------------
The competitive proceedings manager of Poultry Plant Kyzylskaya SUE will open
a public auction for the company's properties at 2:00 p.m. on Nov. 20 at:

         Poultry Plant Kaa-Hemskaya LLC
         Kirova Str. 1
         Kaa-Hem Settlement
         Kyzylskij Kozhuun
         667901 Tyva
         Russia

The company has set a RUR38,836,000 starting price for the auctioned assets.

Interested participants have until Nov. 19 to submit their bidding documents
and to deposit an amount equivalent to 10% of the starting price.

Information related to the auction can be obtained by calling, Tel: (39422)
5-41-05, 5-13-18.


MOESK OJSC: Moody's Assigns Ba2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating with a
positive outlook to OJSC Moesk, the largest regional electricity distribution
grid company in Russia with a focus on the Moscow region.  

At the same time, Moody's Interfax Rating Agency, which is majority owned by
Moody's, assigned a Aa2.ru national scale rating to the company.

According to Moody's and Moody's Interfax, the Ba2 global scale rating
reflects the company's global default and loss expectation, while the Aa2.ru
NSR reflects the standing of the company's credit quality relative to its
domestic peers.

MOESK's ratings reflect:

   (i) the company's position as the monopoly distribution grid
       business in the Moscow region that will be further
       reinforced in the short-term by MOESK consolidating the
       Moscow city distribution grid company (MGESK) as well as
       the Municipal power grid company;

  (ii) MOESK's strategic and social importance for the highly
       populated and rapidly growing capital region combined
       with the plans for significant upgrade investments into
       its asset base, which should ensure some degree of the
       Moscow city government's or federal government's support
       at least for the foreseeable future;

(iii) a supportive tariff regulation that recognizes the
       importance of MOESK's business, with the potential
       medium-term introduction of a Regulated-Asset-Base
       -centred regulation to support the company's ability to
       invest and fund its investments into its asset base;

  (iv) a good cushion in financial metrics allowing for a
       meaningful debt increase, providing the company with some
       initial flexibility as to the timing and choice of
       funding sources; and

   (v) opportunities to substantially increase revenues provided
       by the fast growing economy of the Moscow region, with
       connection charges to become an important source of
       revenues and hence an ability to finance investments
       independently of the success of the regulatory reforms.

At the same time, MOESK's ratings are constrained by:

   (i) uncertainties associated with the restructuring process
       of the Russian power sector, while the company's leading
       role in the consolidation of the distribution grid
       business in the Moscow region will also contain some
       risks until this consolidation has been successfully
       executed and implemented;

  (ii) MOESK's exposure to a developing regulatory environment
       in the sector, with a RAB-based regulatory regime to come
       into force and prove itself as clear, transparent and
       independent;

(iii) a large investment program that is driven by the
       company's outdated and insufficient distribution assets
       and which may further increase due to potential increases
       in costs of new construction and asset renovation in the
       Moscow region; while the sheer magnitude of this
       program itself may challenge the company, we also
       believe that due to the similar investment plans of many
       other Russian power utilities MOESK could face
       bottlenecks in both skills and resources required to
       undertake the investment program; such a significant
       investment program therefore contains a significant
       execution risk;

  (iv) risk of a rapid deterioration in MOESK's credit metrics
       as the investment program is expected to be largely
       debt-funded;

   (v) potential pressure on liquidity, given the company's
       limited flexibility in implementing overdue and necessary
       investments;

  (vi) lack of a track record as a standalone entity following
       the break-up of Mosenergo in 2005; and  

(vii) additional risks related to Russia's general operating
       environment, from a political, economic, judicial
       perspective, as well as due to the yet developing
       corporate governance standards.

MOESK has been chosen as the consolidation center of the Moscow region's
distribution grid assets to become one of 11 inter-regional distribution grid
companies as part of the target configuration of Russia's post-restructuring
power sector.  MOESK operates in Russia's most wealthy Moscow region.  Its
position as a regulated monopoly in this market that is facing a shortage of
electricity supply allows MOESK to benefit in the long-term from the initiated
additions to the generation and transmission capacities.  In the short- and
medium-term MOESK should also benefit from gradually increasing transmission
volumes and grid connection requests.

The consolidation of the region's grid distribution assets under the helm of
the company is at its initial stage, and its largest shareholders have agreed
that the company should start corporate procedures, in particular increasing
its share capital in order to consolidate MGESK, the Moscow city grid
distribution company. After the latter is consolidated during 2008, MOESK is
expected to further consolidate other distribution grid assets from the Moscow
city and Moscow regional governments.  The objective of the consolidation
process is to ensure well managed and reasonably invested electricity
distribution grid operations to support the Russian capital's day-to-day
activities, taking into account lessons learned from the May 2005 blackout in
Moscow which has revealed risks of an outdated and underinvested grid, both
from social and political points of view.

The central scenario is that the company will remain under control of the
state and/or state-controlled entities, with the Moscow government's stake in
the enlarged MOESK to increase during 2008, while a meaningful shareholding
and impact by federal government controlled entities is expected to remain at
least in the medium term. The state's support at both local and federal levels
should at least partially mitigate risks associated with the company's large
investment program of Rbl242 billion planned for 2007 to 2010, including
MGESK's program. With MOESK's strategic importance recognized, the regulatory
authorities both at local and federal levels are expected to be supportive to
the company's investment needs, in particular in the upcoming period of
transition towards a RAB-based regulation.

The investment program is the key challenge faced by the company. Despite a
generally supportive regulation, decisions on future tariff growth will be
politically biased. Thus, transmission revenues, even with increasing revenues
from connection charges added, will be insufficient for the company to finance
its investments without raising external debt. Additionally, MOESK has yet to
confirm its ability to generate sustainable high revenues from recently
introduced regulated connection charges as this is targeted to be an important
source of its cash flow generation capacity.

Given the size and scale of MOESK's investment program and the company's
limited flexibility in changing the implementation timetable due to the
political significance and the government's close involvement, MOESK's current
cushion in credit metrics is expected to largely decrease in the upcoming
years. MOESK should remain free cash flow negative in the mid term and could
face liquidity issues should it fail to maintain a debt profile dominated by
long-term maturities.  That said, Moody's draws some comfort from the
likelihood of support from the state in different forms, first of all from the
Moscow government.

Moody's notes that the company successfully issued a 5-year Rbl 6 billion bond
in the Russian bond market in 2006. Up to the end of 2007, MOESK plans to
issue a RUR10 billion eurobond to refinance attracted bridge facilities. Under
the circumstances, Moody's points out to the lack of unused committed credit
facilities in addition to a RUR1 billion bank facility available until the end
of 2007.  However, Moody's understands that the company has good access to
Russian large state-owned banks due to the support from the Moscow city
government and large federal-government controlled shareholders.

The rating outlook is positive, incorporating the likely strengthening of the
Moscow government's shareholding in MOESK during 2008, which also increases
the likelihood of support.

Successful consolidation of MGESK, coupled with MOESK's operating performance
being strong and in line with projections, as well as the Moscow city
government's stake increasing to 25% could have a positive impact on the
ratings. Better clarity with principals and timing of potential introduction
of a RAB-based regulation, could have the same impact. The company's ability
to increase operating profit margins and cash flow generation ahead of
projections may also positively influence the rating.

A negative shift in the regulatory regime affecting the company's credit
metrics may negatively affect the rating. A negative pressure may result from
the leverage exceeding the maximum of total debt to EBITDA ratio of 3x and RCF
to total debt coverage falling down below 20-25%.

Headquartered in the city of Moscow, OJSC MOESK is Russia's largest regional
power distribution grid company servicing the Moscow region and the city of
Moscow, with total number of consumers of circa 1.4 million.  MOESK is a
regulated monopoly, whose electricity transmission revenues accounted for
about 90% of its 2006 total revenues of RUR25.5 billion.  The largest
shareholders of MOESK are RAO UES holding a 50.9% stake in the company,
Gazprom (28.2%) and the Moscow government (7.6%).


PARCHUMSKIJ LLC: Creditors Must File Claims by Dec. 20
-------------------------------------------------------
Creditors of Logging Enterprise Parchumskij LLC have until
Dec. 20 to submit proofs of claim to:

         D. V. Murashov
         December Sobytiya Str. 109-48
         664007 Irkutsk
         Russia

The Arbitration Court of Irkutsk declared the company insolvent on Sept. 18,
2007.  The case is docketed under Case No.
?19-3525/07-34.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         Logging Enterprise Parchumskij LLC
         Central Str. 1
         Parchum Settlement
         Chunskij Raion
         665510 Irkutsk
         Russia


SCHEKINGASSTROY OJSC: Creditors Must File Claims by Nov. 20
-----------------------------------------------------------
Creditors of OJSC SchekinGasStroy have until Nov. 20 to submit proofs of claim to:

         P.A. Trunkin
         P.O. Box 67
         123242 Moscow
         Russia

The Arbitration Court of Tula commenced bankruptcy supervision procedure on
SchekinGasStroy OJSC on June 14, 2007.  The case is docketed under Case No.
?68-2179/07-184/?.

The Court is located at:

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

The Debtor can be reached at:

         OJSC SchekinGasStroy
         Pirogova Str. 47
         Schekino
         301200 Tula
         Russia



SEDEL'NIKOVSKIJ OJSC: Asset Sale Slated for Nov. 20
---------------------------------------------------
V. V. Ratkovskij, the competitive proceedings manager of AgriChemService
Sedel'nikovskij OJSC, will open a public auction for the company's properties
at 11:00 a.m. on Nov. 20.

The company has set a RUR284,500 starting price for the auctioned assets.

Interested participants have until Nov. 14 to deposit an amount equivalent to
20% of the starting price to the settlement account of OJSC AgriChemService
Sedel'nikovskij.

Bidding documents must be submitted to:

         V. V. Ratkovskij
         13rd Floor
         ?. Libknehta Str. 35
         Omsk
         Russia

The Debtor can be reached at:

         OJSC AgriChemService Sedel'nikovskij
         Gor'kogo Str. 34
         Sedel'nikovo Settlement
         Sedel'nikovskij Raion
         646480 Omsk
         Russia


SIBHEATINSULATION ISU: Creditors Must File Claims by Dec. 20
------------------------------------------------------------
Creditors of CJSC SibHeatInsulation ISU have until Dec. 20 to submit proofs of
claim to:

         V.M. Parfenov
         P.O. Box 217
         664003 Irkutsk-3
         Russia

The Arbitration Court of Irkutsk commenced competitive proceedings on CJSC
SibHeatInsulation ISU on Oct. 5.  The case is docketed under Case No.
?19-6678/07-60.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         CJSC SibHeatInsulation ISU
         Zhukova Pr. 90
         Irkutsk
         Russia


TOMLESPROM CJSC: Creditors Must File Claims by Nov. 20
------------------------------------------------------
Creditors of CJSC Trade House Tomlesprom (lumber-trade) have until Nov. 20 to
submit proofs of claim to:

         E. V. Nosov
         P.O. Box 4755
         634034 Tomsk
         Russia

The Arbitration Court of Tomsk declared the company insolvent on Jan. 29,
2007.  The case is docketed under Case No. ?67-3594/ 06.

The Debtor can be reached at:

         CJSC Trade House Tomlesprom (lumber-trade)
         Frunze Pr. 20
         Tomsk
         Russia


VRACHEVO-GORKI APC: Asset Sale Slated for November 21
-----------------------------------------------------
Crisis Management Company LLC, acting on behalf of the competitive proceedings
manager of Vrachevo-Gorki APC, will open a public auction for the company's
properties at noon on Nov. 21 at:

         Crisis Management Company LLC
         Semenovskaya Sq. 7
         Moscow
         Russia

The starting price for the auctioned assets is RUR30,800,000.

Interested participants have until Nov. 15 to deposit an amount equivalent to
10% of the starting price to the settlement account of Crisis Management
Company LLC.

Bidding documents must be submitted to:

         Vrachevo-Gorki APC
         Office 5
         Soboleva Str. 7
         Smolensk
         Russia

Information related to the auction can be obtained from:

         Crisis Management Company LLC
         Semenovskaya Sq. 7
         Moscow
         Russia
         Tel: 366-44-95; 366-87-59



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


BRODIMPEX LLC: Claims Registration Period Ends November 5
---------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings against
LLC Brodimpex on Sept. 6.

Creditors have until Nov. 5 to file their written proofs of claim.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Leila Spirig-Hayoz
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         LLC Brodimpex
         Bergwerkstrasse 13
         7320 Sargans
         Wahlkreis Sarganserland SG
         Switzerland


BUSINESS SOFT: Creditors' Liquidation Claims Due by December 4
--------------------------------------------------------------
Creditors of JSC Business Soft have until Dec. 4 to submit their claims to:

         JSC Fiduciar Treuhand
         Liquidator
         Theaterweg 11
         7000 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC Business Soft
         Chur
         Plessur GR
         Switzerland


F. SCHNEIDER: Aargau Court Oversees Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC F.
Schneider Transporte on Sept. 10.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC F. Schneider Transporte
         Salzstrasse 16
         5330 Bad Zurzach
         Zurzach AG
         Switzerland


H. RUF JSC: Creditors' Liquidation Claims Due by November 5
-----------------------------------------------------------
Creditors of JSC H. Ruf have until Nov. 5 to submit their claims to:

         Eschenachstr.96
         6023 Rothenburg
         Hochdorf LU
         Switzerland

The Debtor can be reached at:

         JSC H. Ruf
         Hergiswil NW
         Switzerland


HORSE SHOP: Creditors' Liquidation Claims Due by November 30
------------------------------------------------------------
Creditors of JSC Horse Shop have until Nov. 30 to submit their claims to:

         Georg Zublin
         Liquidator
         Kastelhof
         8155 Niederhasli
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         JSC Horse Shop
         Dielsdorf ZH
         Switzerland


JUPITER INVESTMENT: Creditors' Liquidation Claims Due by Nov. 2
---------------------------------------------------------------
Creditors of JSC Jupiter Investment have until Nov. 2 to submit their claims to:

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

The Debtor can be reached at:

         JSC Jupiter Investment
         Chur
         Plessur GR
         Switzerland


MADELUNG HANDELS: Creditors' Liquidation Claims Due by Dec. 31
--------------------------------------------------------------
Creditors of JSC Madelung Handels have until Dec. 31 to submit their claims to:

         JSC AWM - A. Markstahler
         Schaffhauserstrasse 33/35
         8180 Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Madelung Handels
         Mannedorf
         Meilen ZH
         Switzerland


RUEDI BACHMANN: Schwyz Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of March in Schwyz closed the bankruptcy proceedings of
JSC Ruedi Bachmann Mode on Sept. 24.

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         JSC Ruedi Bachmann Mode
         Marktstr. 2
         8853 Lachen
         March SZ
         Switzerland


SEIBOLD HOLDING: Creditors' Liquidation Claims Due by Nov. 9
------------------------------------------------------------
Creditors of JSC Seibold Holding have until Nov. 9 to submit their claims to:

         Lorenzo.B.Vasella
         Liquidator
         mail box: 120
         8706 Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Seibold Holding
         Zug
         Switzerland


STAMPFLI TORSYSTEME: Solothurn Court Closes Bankruptcy Case
-----------------------------------------------------------
The Bankruptcy Service of Oensingen in Solothurn closed the bankruptcy
proceedings of LLC Stampfli Torsysteme on Sept. 20.

The Bankruptcy Service of Oensingen can be reached at:

         Cantonal Bankruptcy Service
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC Stampfli Torsysteme
         Luzernstrasse 2
         4553 Subingen
         Wasseramt SO
         Switzerland


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


DOGAN YAYIN: Moody's Assigns Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned Ba3 foreign currency and Ba3 domestic
currency corporate family ratings to Dogan Yayin Holding A.S.  

Moody's concurrently assigned a Turkish national scale rating of Baa1.tr and a
Probability of Default rating of Ba3 to the group. The rating outlook is stable.

Moody's said that DYH's Ba3 corporate family rating reflects its position as
the leading media conglomerate in Turkey with a well-diversified portfolio of
assets, ranging from newspaper, magazine and book publishing, to TV and radio
broadcasting, print and new media.  The Group accounted for more than 41% of
the total domestic advertising market, including 61% share of newspaper and
36% of TV advertising spending in 2006.  

The Ba3 rating also takes account of the opportunities for DYH implied by the
structurally positive outlook for growth in the US$1.9 billion Turkish
advertising market, which grew by 20% in Turkish lira terms in 2006, although
this is somewhat moderated, in Moody's view, by the potential for volatility
in what remains a relatively small-scale domestic advertising market and which
was last evident during the 2001 crisis.  More cautiously the Ba3 rating takes
account of the potential operational and financial risks associated with the
Group's strategy to invest beyond its domestic market, as well as the
investment it is making in developing Dogan TV.  Finally, Moody's noted that
maintenance of the Group's current distribution policy, which limits the
upstreaming of funds to its controlling shareholder, is also factored into the
Ba3 rating.

Moody's said that DYH's moderate business risk profile is underpinned by its
60% holding in Hurriyet Gazetecilik ve Matbaacilik A.S., the Group's flagship
newspaper publishing subsidiary. Hurriyet has a long-standing leading market
position in Turkey -- it had a 10.6% share of circulation and 42.1% of
newspaper advertising in 2006 -- which it has converted into good
profitability, as reflected in an EBITDA Margin in the mid-20s% in the three
years to 2006, and cash generation. The Ba3 rating factors in the negative
impact of the 1H2007 slowdown in newspaper advertising caused by uncertainty
ahead of the elections (5% growth year-on-year) as well as the cost of
unusually heavy 1Q2007 promotions which resulted in a reduction in
profitability at Hurriyet's newspaper business.  However, Moody's assumes that
the recovery which began during in the 2Q07 will continue into the second half
of the year, and notes that Hurriyet was able to report stable EBITDA at TL 81
million for 1H2007 thanks to the first time contribution from TME.

The rating agency added that DYH's TV holdings are positively incorporated
into the Ba3 rating, thanks to the benefits of diversification outside its
core newspaper assets, and the potential for growth in TV advertising spending
in Turkey. Moody's considers Dogan TV should be well positioned to benefit
from this thanks to its channels' improving ratings and an increasing trend in
price-per-second and power ratios. More cautiously the Ba3 rating also factors
in that Dogan TV's short term profitability and cash generation is likely to
be constrained by:

   (i) its status as a still-developing entity,

  (ii) increasing programming costs following changes in its
       content mix

(iii) rapid growth in the number of thematic channels and

  (iv) the investment required in its D-Smart digital TV
       business. The rating also factors in the risk that the
       scale of Dogan TV's investment may be larger than
       currently envisaged although this is not expected to
       include in the short to medium term the cost of any
       potentially ultimately successful bids for soccer rights
       in Turkey by D-Smart, Dogan TV's digital free-to-screen
       business.

From a strategic perspective, the Ba3 rating balances the benefits of
diversification against the risks associated with the Group's strategy to
diversify beyond its core markets and to become a leading global media player.
This was manifested initially in its ultimately unsuccessful bid to acquire
control of ProSieben.Sat1 in late 2006, and followed by Hurriyet's purchase of
67% of the share capital of TME in March 2007 for a cash consideration of
US$336 million.  Considering the fact that the Group is significantly exposed
to cyclical ad spending in Turkey with almost half of its revenues coming from
domestic advertising income in 2006; Moody's recognizes the TME acquisition as
positive in terms of geographical diversification. The agency nevertheless
remains cautious about the challenges associated with integrating the acquired
business as well as its further exposure to emerging market risks.

From a financial risk perspective, the Ba3 rating factors in DYH's record of
turnover growth and moderate profitability as reflected in its consolidated
EBITDA margin in the low double digits.  The Group's investments and disposals
during 2007 are likely to leave net debt higher than in 2006, such that
leverage as measured by Net debt/EBITDA is likely to be between 2.5 and 3x at
end-2007, although this is expected to decline gradually from 2008 to the
extent that free cash flow is applied to debt reduction.  DYH's Ba3 rating
also factors in that Hurriyet will reduce the substantial incremental debt
incurred in connection with the TME acquisition by utilizing internally
generated cash, and will resume its dividend distributions starting from 2008.
Moody's also notes that DYH's sale of its 25% stake in Dogan TV to Axel
Springer in first quarter 2007 for a total consideration of EUR375 million has
positively impacted the level of consolidated leverage, and resulted in a net
cash position of YTL396 million in First Half 2007 at DYH on a standalone
basis, which Moody's assumes will be retained going forward.

The stable rating outlook reflects Moody's view that DYH is reasonably
positioned in the Ba3 rating category, and factors in some modest headroom for
potential acquisitions.  To the extent DYH were to reduce its financial
flexibility through increased investments or debt-financed acquisitions, the
stable outlook assumes that these would be managed such that Net debt/EBITDA
on a sustainable basis would not exceed 3x, and that, in the event that free
cash flow were to turn negative as a result of working capital and/or capital
investment, this would be reversed within a reasonable time frame.  The stable
outlook also assumes that a conservative dividend distribution policy is to be
maintained at the DYH level going forward.

Headquartered in Istanbul, Turkey, DYH is the country's leading media
conglomerate.  Dogan Sirketler Grubu Holding A.S. owns 63% of DYH's equity
while 34% of DYH's shares are publicly quoted on the Istanbul Stock Exchange,
with the rest owned by the Dogan Family.  In 2006, the Group reported revenues
of YTL2.2 billion and EBITDA of YTL214 million under the financial reporting
standards issued by Turkey's Capital Markets Board. As of 17 Oct. 17, 2007,
DYH had a market capitalization of US$2.4 billion.


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


9999-LTD: Creditors Must File Claims by October 31
--------------------------------------------------
Creditors of LLC 9999-Ltd. (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 9999-Ltd.
         Yakutskaya Str. 8
         03680 Kiev
         Ukraine


ALNEST LLC: Creditors Must File Claims by October 31
----------------------------------------------------
Creditors of LLC Production Firm Alnest 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 15/238-b.

The Debtor can be reached at:

         LLC Production Firm Alnest
         Vernadsky Avenue 32
         03142 Kiev
         Ukraine


AVIATION SOLUTION: Creditors Must File Claims by October 31
-----------------------------------------------------------
Creditors of LLC Aviation Solution C.I.C. (code EDRPOU 30108325) 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 15/153-b.

The Debtor can be reached at:

         LLC Aviation Solution C.I.C.
         Sviatoshynskaya Str. 2
         Kiev
         Ukraine


IRIS INTERNATIONAL: Creditors Must File Claims by October 31
------------------------------------------------------------
Creditors of LLC Iris International (code EDRPOU 31624991) 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 15/157-b.

The Debtor can be reached at:

         LLC Iris International
         Gnat Jury Str. 9
         03164 Kiev
         Ukraine


MAMI-TEKS LLC: Creditors Must File Claims by October 31
-------------------------------------------------------
Creditors of LLC Mami-Teks (code EDRPOU 31482096) 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 15/429-b.

The Debtor can be reached at:

         LLC Mami-Teks
         Gnat Jury Str. 9
         03164 Kiev
         Ukraine


REFRAME LLC: Creditors Must File Claims by October 31
-----------------------------------------------------
Creditors of LLC Reframe (code EDRPOU 30630826) 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 24/279-b.

The Debtor can be reached at:

         LLC Reframe
         Sovkhoznaya Str. 35/37
         Kiev
         Ukraine


UNITED TRADE: Creditors Must File Claims by October 31
------------------------------------------------------
Creditors of LLC United Trade Co. (code EDRPOU 30523534) 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 15/394-b.

The Debtor can be reached at:

         LLC United Trade Co.
         Pobeda Avenue 67
         03062 Kiev
         Ukraine


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


AQUILA PLC: S&P Removes Watch on Class E's BB Ratings
-----------------------------------------------------  
Standard & Poor's Ratings Services removed from CreditWatch with positive
implications and raised its credit ratings on the class B and C notes issued
by AQUILA (ECLIPSE 2005-1) PLC.  At the same time, the ratings on the class D
and E notes were removed from CreditWatch positive, where they were placed on
July 31, 2007, and affirmed.  The rating on the class A notes was also affirmed.
  
These rating actions were triggered by prepayments of the largest loan backing
the notes (HF02), which accounted for 25.98% of the Day 1 pool balance,
together with two other loans.  This has improved credit enhancement levels
for all classes apart from the class E notes and delevered the LTV ratios for
all note classes.  These improvements to the credit enhancement and leverage
levels are sufficient to support the raising of the rating on the class B
notes to 'AAA' and the class C notes to 'A+'.
  
Further positive rating actions on the class D and E notes are constrained by
the increased exposure to the One Leicester Square and Brighton Marina loans,
with the risk that any of these loans may be the last remaining loan in the
transaction.
  
The prepayment funds have been used to pay down a significant amount of the
notes.  The funds from the HF02 loan were applied sequentially and the
proceeds from the Access and Vantage loans were applied pro rata to all note
classes.  The repayment of these three loans has resulted in the note balance
being paid
down by 44.86% of the Day 1 pool balance.
  
At closing, the notes issued in this U.K. CMBS transaction were backed by 10
loans.  This was the first transaction to be undertaken by Barclays Bank PLC
in the ECLIPSE commercial mortgage program.  The loans were secured on 44
diverse properties located across the U.K.  Following prepayment of the three
loans, seven loans now remain in the transaction, with a total balance of
GBP242.98 million.  The remaining loans are secured on 18 properties located
throughout the U.K.
  
The loan portfolio characteristics have changed with the prepayment of what
was the largest loan.  Currently, the largest loan is Great Victoria, which
represents 23.35% of the current balance (16.20% of the Day 1 balance).  This
loan was originally secured on five central London properties: 508/540 Oxford
Street and 12/22 Old Quebec Street, 81 and 82 Dean Street, 40/48 Broadway and
1/11 Carteret Street, and Verulam Gardens, Grays Inn Road.  Since closing, two
properties (80 and 81 Dean Street) were sold and one new property was
substituted (13/15 Carteret Street), resulting in a partial prepayment of GBP8
million at the April 2006 interest payment date.  In January 2007, the
Verulam Gardens property was sold.  A partial prepayment of GBP6.35 million
was made on the loan at the January 2007 IPD.
  
One loan, One Leicester Square, was added by the servicer to its watchlist in
the quarter ending October 2005.  It is a partial-bullet loan, secured by one
central London property comprising office, retail, and leisure units.  It has
been on the watchlist since October 2005, primarily due to late rent payments
by certain tenants, and the subsequent vacating of some of the space following
the eviction of one of these tenants.  In addition, various other tenants
vacated space and did not pay rent on time.
  
Since the loan was watchlisted, the borrower has continually added to the
escrow account and has made top-up payments into the rent account to cover
late rent payments.  As of the July 2007 IPD, all rent was received as due
from all tenants.  The escrow account balance was GBP493,324, which is still
being
maintained by the servicer to provide contingency for possible future rent
arrears and to accommodate tenancy on low start rent.  
  
The servicer is in constant contact with the borrower who also benefits from a
rental guarantee provided by a listed parent company.  All surplus rents can
be discharged to the borrower's general account as the loan is above its
dividend trap.

                           Ratings List
  
AQUILA (ECLIPSE 2005-1) PLC
   GBP440.65 Million Commercial Mortgage-Backed Floating-Rate
   Notes
  
          Class       To                  From
             
Ratings Removed From CreditWatch With Positive Implications and Raised
  
           B           AAA                 AA/Watch Pos
           C           A+                  A/Watch Pos
  
Ratings Removed From CreditWatch With Positive Implications And Affirmed
  
           D           BBB                 BBB/Watch Pos
           E           BB                  BB/Watch Pos
  
                          Rating Affirmed
  
           A           AAA


B L GROUP: Appoints Joint Administrators from PwC
-------------------------------------------------
Robert Nicholas Lewis, Robert William Birchall and Stephen Mark Oldfield of
PricewaterhouseCoopers LLP were appointed joint administrators of B L Bristol
Group Ltd.(Company Number 03495311), B L Bristol Ltd. (Company Number
01068172), and B L Group Ltd. (Company Number 04645713) on Oct. 17.

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

Headquartered in Norwich, England, B L Bristol Group Ltd., B L Bristol Ltd.,
and B L Group Ltd.  Supply packaging machinery to the food market.


CARRY ON LONDON: Appoints Colin Prescott as Liquidator
------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of Carry on
London Ltd. on Oct. 9 for the creditors' voluntary winding-up procedure .

The liquidator can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England



COTT CORP: Weak Performance Prompts S&P to Cut Rating to B
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Toronto-based
private label soft drink manufacturer Cott Corp. by one notch, including its
long-term corporate credit rating to 'B' from 'B+'.  At the same time, S&P
removed the ratings from CreditWatch with negative implications, where they
were placed Oct. 2, 2007.  The outlook is negative.
     
"The downgrade reflects Cott's weakened financial performance for the third
quarter and year-to-date 2007, which was below our expectations," said
Standard & Poor's credit analyst Lori Harris.  "This poor performance included
a material decline in gross margin and operating profit, volume declines in
key carbonated soft drink markets, higher raw material costs, inefficient
operations, and weakened credit protection measures," Ms. Harris added.
     
Cott's gross margin dropped to 11.6% for the nine months ended Sept. 30, 2007,
from 13.6% for the same period the previous year.  Similarly, the operating
margin declined to 7.0% for the nine months ended Sept. 30, 2007, from 8.4%
for the same period in 2006.  Although reported revenue declined 1% in the
nine months ended Sept. 30, 2007, it was down 3% excluding the impact of
foreign exchange, primarily due to CSD softness in North America.  In
addition, Cott faces other challenges, including execution problems related to
new product manufacturing and the expectation that raw material costs will
remain elevated in 2008.  Given the magnitude of these issues, Standard &
Poor's believes that Cott will remain under pressure for some time.
     
The ratings on Cott reflect its vulnerable business risk profile stemming from
the company's internal challenges, narrow product portfolio, customer
concentration, and small size in a sector dominated by companies with
substantially greater financial resources and market presence.  Furthermore,
Cott's weak operating performance has led to an ongoing decline in operating
margin since 2003.  These factors are partially offset by Cott's adequate
credit protection measures for the ratings and solid market position as the
leading private label manufacturer and marketer of take-home CSDs in the U.S.,
the U.K., and Canada.  Cott competes in the mature and highly competitive CSD
market by securing a strong private label share.  Despite this defensive
operating strategy, the company is vulnerable to pricing and market share
actions by its primary competitors.
     
The negative outlook reflects S&P's concerns about the challenges the company
faces given its weak operating performance.  S&P could lower the ratings if
Cott's operations, credit protection measures, or financial flexibility
continue to deteriorate.  Alternatively, S&P could revise the outlook to
stable if the company improves its operating performance.


COVERPAC POLYTHENE: Taps Vantis to Administer Assets
----------------------------------------------------
Peter Hughes-Holland and Frank Wessely of Vantis Plc were appointed joint
administrators of Coverpac Polythene Ltd. (Company Number 01418140) on Oct. 12.

Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) --
http://www.vantisplc.com/-- provides accounting, business and tax advisory
services in the United Kingdom.

Headquartered in Aylesbury, England, Coverpac Polythene Ltd.  --
http://www.coverpac.co.uk/-- manufactures plastic packaging.


FEDERAL-MOGUL: Earns US$14 Million in Quarter Ended September 30
----------------------------------------------------------------
(UK)
Federal-Mogul Corporation reported financial results for the three and
nine-month periods ended Sept. 30, 2007.

Federal-Mogul reported net income of US$14 million for the quarter ended Sept.
30, 2007, compared to net income of US$3 million for the third quarter of
2006.  For the nine months ended Sept. 30, 2007, the company reported net
income of US$22 million, compared to a net loss of US$83 million for the
comparable period of 2006.  The year-to-date results reflect an 8% increase in
sales, improved gross margin and reduced selling, general and administrative
expenses.

Federal-Mogul reported net sales of US$1.686 billion for the
quarter ended Sept. 30, 2007, an increase of US$137 million, or 9%, compared
to the third quarter of 2006.  The most significant factors impacting sales
were increased volumes of US$91,000,000 and favorable foreign currency of
US$62 million.  For the nine month period ended Sept. 30, 2007, net sales
increased by US$384 million to US$5.165 billion, of which US$210 million is
due to increased volumes, US$51 million is due to the May 2006 acquisition of
Federal-Mogul Goetze India and US$178 million is due to favorable foreign
currency.  These favorable impacts were partially offset by customer pricing.

Gross margin for the three and nine months ended Sept. 30,
2007 increased by US$17,000,000 and US$58 million, respectively, over the
comparable periods of 2006.  Improvements in gross margin resulted from a
combination of the October 2006 settlement of the U.K. pension plans,
productivity in excess of labor and benefits inflation, increased volumes, and
favorable foreign currency.  These favorable impacts were partially offset by
costs associated with plant rationalizations, customer pricing and increased
material costs, including commodity price inflation of US$15 million and US$50
million for the three and nine months ended Sept. 30, 2007, respectively.

Combining cash provided from operating activities with cash
used by investing activities, the company had cash outflows of
US$35 million for the nine months ended Sept. 30, 2007, compared
with cash inflows US$32 million for the comparable period of 2006.  The 2007
change in free cash flow is largely driven by increased capital expenditures
of US$81 million in support of increased global volumes and future new
business, and a voluntary contribution to the company's U.S. pension plans of
US$34 million made in September 2007.

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

                      About Federal-Mogul

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

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

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  They
submitted a Disclosure Statement explaining that plan on April 21, 2003.  They
submitted several amendments and on June 6, 2004, the Bankruptcy Court
approved the Third Amended Disclosure Statement for their Third Amended Plan.
On July 28, 2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy
Court approved that Disclosure Statement on Feb. 6, 2007.  The confirmation
hearing started on June 18, 2007 and is currently ongoing.  (Federal-Mogul
Bankruptcy News, Issue No. 146; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LOCKE GROUP: Appoints Deloitte & Touche as Administrators
---------------------------------------------------------
Adrian Peter Berry and Ian Brown of Deloitte & Touche LLP were appointed joint
administrators of Locke Group Ltd. (Company Number 4974518) on Oct. 18.

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

Headquartered in Leeds, England, Locke Group Ltd. Manufactures pockets and
waistbands.


M & G TRAILERS: Brings In Administrators from PwC
-------------------------------------------------
Gareth Andrew Calow,  Russell Stewart Cash and  David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of M & G
Trailers Ltd. (Company Number 02757815) on Oct. 15.

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

Headquartered in  Congleton, England, M & G Trailers Ltd. Manufactures trailer
chassis and commercial vehicle bodies.


MARTINEZ CONSTRUCTION: A. Clifton Leads Liquidation Procedure
-------------------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed liquidator of Martinez
Construction Ltd. on Oct. 22 for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         Bamfords Trust House
         85-89 Colmore Row
         Birmingham
         B3 2BB
         England


MAYBIRD HOMES: Claims Filing Period Ends November 13
----------------------------------------------------
Creditors of Maybird Homes Ltd. (formerly t/a Fox New Homes Ltd.) have until
Nov. 13 to send their full names, address and descriptions, full particulars
of their debts or claims and the names and addresses of their solicitors (if
any) to:

         Steven Draine
         Joint Liquidator
         Moore Stephens LLP
         3/5 Rickmansworth Road
         Watford
         Hertfordshire
         WD18 0GX
         England

Steven Draine and David Rolph of Moore Stephens LLP were appointed joint
liquidators of the company on Oct. 15 for the creditors' voluntary winding-up
proceeding.


MEL JONES & SON: Taps Joint Administrators from Baker Tilly
-----------------------------------------------------------
Guy Mander and Graham Bushby of Baker Tilly Restructuring and Recovery LlP
were appointed joint administrators of Mel Jones & Son (Transport) Ltd.
(Company Number 05331829) on Oct. 8.

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.

The company can be reached at:

         Mel Jones & Son (Transport) Ltd.
         Unit 1-3
         Rednal Industrial Estate
         West Felton
         Oswestry
         SY11 4HS
         England
         Tel: 01691 610 481


METRONET RAIL: Transport for London Submits Formal Takeover Bid
---------------------------------------------------------------
Transport for London has lodged a formal bid to take control of The Metronet
Rail Group on Oct. 25, 2007.

Under Transport for London's plans, the people and the assets of the two
Metronet companies, BCV and SSL, will be transferred into two Transport for
London nominee companies, which will be managed on a standalone basis while
the long-term structure is agreed with the Mayor and Government.

Transport for London believes it is in the best interests of all parties for
an exit from Administration as quickly as possible.  This is the best way to
maintain the continued safe operation of the Tube network, to mitigate the
performance and cost risks that inevitably come with such a situation, and to
ensure the continuation of the Tube's vital upgrade and renewal program.

"In dealing with the collapse of Metronet, and through the Administration
process, we have had two key priorities.  First, to ensure the continued safe
and reliable operation of the Tube network for passengers.  That has been
achieved and I would like to pay tribute to the hard work and dedication shown
by all Metronet and London Underground staff, as well as the Administrator and
his team.  We need to continue to work together for passengers, London
Underground Managing Director Tim O'Toole said.   "Secondly, once under
Transport for London control, we seek to put in place a stable, economic and
efficient structure that is better able to deliver our investment priorities
that will lead to increased capacity on the Tube in future."

"We strongly believe that the best and most robust way to achieve our ultimate
goal is for an exit from the Administration process as early as possible.  It
is for this reason that we have now lodged our formal bid for Metronet, which
I trust can be concluded as swiftly and efficiently as possible," Mr. O'Toole
added.

Transport for London's bid for the two Metronet companies has been constructed
on the basis that there should be no net additional cost to the organization.

The bid will be reviewed by the PPP Administrators from Ernst & Young and a
response to Transport for London will be made over the coming week or so.

                       Management Changes

The PPP Administrators have also announced some management changes at
Metronet.  Firstly, the departure of five executives from Metronet Rail BCV
Limited and Metronet Rail SSL Limited effective Oct. 31, 2007.  They are:

   -- Andrew Lezala, chief executive officer;
   -- Philip Pacey, chief financial officer;
   -- Ken Owen, SVP Commercial;
   -- David Clarke, SVP Change Management; and
   -- Paul Emberley, SVP Communications.

"I would like to thank Andrew, Phil, Ken, David and Paul for all their efforts
through a difficult time.  They have all been fully supportive to the PPP
Administrators and I wish them all the best for the future,"  Alan Bloom, PPP
Administrator from Ernst & Young, said.

Andie Harper will be taking over as chief executive officer of Metonet Rail
BCV Limited and Metronet Rail SSL Limited.  All these changes will take effect
from Oct. 31, 2007 although Andie Harper will take up his position immediately
to ensure an effective transition.

"Andie comes with a wealth of experience in the transport sector, including
running the predecessor infraco for the Jubilee, Northern and Picadilly lines
while at London Underground between 1999 and 2002.  More recently he has acted
as Project Director for the Edinburgh Tram Project and Program Director for
Washington Group International, a large U.S. construction company.  The PPP
Administrators are looking forward to working with Andie on transitioning the
businesses from administration through to exit and beyond," Mr. Bloom continued.

As previously reported in the TCR-Europe on Sept. 17, 2007, London Underground
is looking at restructuring Metronet's GBP30 billion public private
partnership contracts once it takes control of the insolvent maintenance company.

                         Metronet's Debt

Metronet owes GBP1.6 billion in secured debt, the London
Assembly says.

At London's Assembly Transport Committee meeting on Sept. 11,
2007, key players in Metronet's PPP Administration said LU's
owner Transport for London has underwritten 95% of this amount
and is ultimately liable for the debt.

In addition to the secured debt, the administrator of Metronet
has up to an GBP897 million loan facility with Transport for
London, which may be used to cover the company's estimated GBP19
million weekly operating deficit.  Under questioning from the
Committee, Mr. O'Toole, said he was in discussion with the
Department for Transport about covering the costs of Metronet's
failure, but that he does not know if or when any money would be
paid back to TfL.

In August 2007, Ernst & Young has called in NM Rotschild to carry out a
valuation of the company's operations and contracts.

                        About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/--is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.

                            *   *   *

As reported in the TCR-Europe on July 20, 2007, Moody's
Investors Service downgraded to B1 from Ba2 the senior secured
unguaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance Plc.


RV CAPITAL: Enters Into Administration Procedure
------------------------------------------------
RV Capital LLP has gone into administration after encountering liquidity
problems, resulting to losses of up to EUR20 million (GBP14 million),
published reports say.

According to the Financial Times, citing Nick Wood, administrator at Grant
Thornton, RV Capital's financial woes started during the credit market turmoil
in August 2007.

RV Capital "had been trying to recover their positions but their liquidity was
being eaten up.  They were making profits on their short-term business but
their margins in the long-term positions were getting worse and in the end
they decided they could not continue," Mr.  Wood was quoted by the Daily
Telegraph as saying.

On Oct. 24, 2007, NYSE Euronext's Liffe declared RV Capital in default as it
believes the company "is likely to be unable to meet its obligations," James
Barr, a spokesman for Liffe in London, told Bloomberg News.

However, RV Capital's clearing member Fimat will continue to oversee its open
trading positions, the Daily Telegraph relates.

Grant Thornton is currently looking for a "white knight" to acquire the
company, David Litterick writes for the Daily Telegraph.

                        About RV Capital

London-based RV Capital was founded by Jerome Roussel and Duncan Valentine in
January 2006 to provide liquidity in derivative products to banks and brokers
on listed exchanges.


SAMSONITE CORP: Completes US$1.7 Bln Merger w/ CVC Capital Units
----------------------------------------------------------------
Samsonite Corporation completed its merger with an affiliate of funds managed
and advised by CVC Capital Partners for a transaction value of approximately
US$1.7 billion.
    
On July 5, 2007, an affiliate of funds managed and advised by CVC entered into
a merger agreement with Samsonite to acquire Samsonite.

Under the terms of the agreement, Samsonite's stockholders are entitled to
receive US$1.49 in cash, without interest, for each share of Samsonite's
common stock.
    
The transaction was unanimously approved by the board of directors of
Samsonite.  Entities controlled by Ares Management LLC, Bain Capital Partners,
LLC and Teachers' Private Capital, the private investment arm of Ontario
Teachers' Pension Plan, who collectively own approximately 85% of Samsonite's
common stock, approved the transaction pursuant to a written consent and
voting agreement with CVC.
    
As a result of the transaction, Samsonite's common stock will cease to be
quoted or traded on Nasdaq's Over The Counter Bulletin Board or other
over-the-counter markets.
    
Samsonite's stockholders who hold shares of Samsonite's common stock through a
bank or broker will not have to take any action to have their shares converted
into cash, since these conversions will be handled by the bank or broker.  

Soon as practicable, Computershare Inc., the paying agent appointed for the
transaction, will send information to all Samsonite stockholders of record,
explaining how they can surrender their shares of Samsonite's common stock in
exchange for US$1.49 per share in cash, without interest.  Stockholders of
record should wait to receive this information before surrendering their shares.
    
"I am excited to continue Samsonite's successful journey to create the world's
leading travel lifestyle brand together with CVC Capital Partners," Marcello
Bottoli, CEO of Samsonite, said.
    
"CVC Capital Partners is very pleased to have completed the acquisition of
Samsonite, the world's leading travel lifestyle brand. We look forward to
working with Marcello Bottoli and his team to realize the full potential of
the business," Hardy McLain and Luigi Lanari of CVC stated.
    
                   About CVC Capital Partners
    
Headquartered in London, CVC Capital Partners http://www.cvc.com/-- is a
private equity and investment advisory firm founded in 1981.  The company
specializes in buyouts of firms in the UK, Western Europe, and Southeast Asia.
Its portfolio of nearly 40 companies consists mainly of manufacturing and
service firms, including such diverse holdings as makers of sausage casings,
fishing lures, and specialty paper.  The company has a network of 18 Offices and
175 employees throughout Europe, Asia and the United States.

                  About Samsonite Corporation

Based in Mansfield, Massachusetts, Samsonite Corporation (OTC
Bulletin Board: SAMC.OB) -- http://www.samsonite.com/--   
manufactures, markets and distributes luggage and travel-related products.
The company's owned and licensed brands, including Samsonite, American
Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and Timberland, are sold
globally through external retailers and 284 company-owned stores.  Executive
offices are located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Samsonite reported total assets of US$759.7 million and total liabilities of
US$35.6 million, resulting in US$223.6 million stockholders' deficit as of
July 31, 2007.

The company disclosed revenue of US$292.9 million, operating income of US$16.8
million and net loss to common stockholders of US$7 million for the quarter
ended July 31, 2007.


SOLO CUP: Fitch Holds B- Issuer Default Rating
----------------------------------------------
Fitch Ratings upgraded Solo Cup Company's bank debt and subordinated notes
ratings and affirmed the IDR as:

   -- Issuer default rating affirmed at 'B-';

   -- Senior secured first lien term loan upgraded to 'BB-/RR1'
      from 'B+/RR2';

   -- Senior secured revolving credit facility upgraded to 'BB-
      /RR1' from 'B+/RR2';

   -- Senior subordinated notes upgraded to 'CCC+/RR5' from
      'CCC/RR6'.

The Rating Outlook is revised to Stable from Negative. About US$820 million of
debt is covered by the ratings.  The company's Canadian bank debt is excluded
from the ratings.

The ratings upgrades within the capital structure reflect improved expected
recoveries in a distressed scenario driven by the company's substantial
reduction in funded debt since the beginning of the year.  Including the
recent sale of the paper plate assets, the Hoffmaster business line, and
pro-forma for the Japanese subsidiaries, Solo will have paid down over US$370
million of senior secured debt so far this year.

As a result, the senior leverage ratio test contained in the bank credit
agreement has been eliminated which gives the company further financial
flexibility.  The meaningful debt reduction has improved estimated recoveries
for the bank debt class (term loan and revolver) to the 'RR1' band (91%-100%)
and for the subordinated notes to the 'RR5' band (11%-30%).  As a result, the
ratings have been upgraded one notch for each obligation.

The Outlook revision reflects the company's demonstrated ability to execute
asset sales to materially reduce leverage, and the improving operating trend
resulting from the ongoing performance improvement program.  The company is
benefiting from a fully staffed and seasoned management team as its
turn-around progresses.

The ratings recognize Solo's leading market share across its product
categories; strong brand recognition; diversified raw materials mix; diverse,
stable customer base; and modest near-term debt maturities.  Concerns remain
about the company's weak (although improving) cash flows; high leverage;
margin pressure due to intense competition and higher resin and energy prices;
and low unit volume growth.  There are also a few outstanding material
weaknesses in accounting controls.

Higher raw materials prices are likely to be an ongoing headwind for Solo, but
the company is seeking to mitigate this risk through its resin sourcing and
product mix management, as well as continuing efforts to improve pricing
relative to costs.  A few issues pertaining to the Sweetheart acquisition
remain outstanding, but clear progress has been made.  This along with the
overall operational gains should continue to have a positive impact on
financial results.

Fitch expects fewer asset sales going forward but operating and free cash
flows should continue to improve, making additional deleveraging possible
through earnings growth, if not through large additional debt repayments over
the next few quarters. Fitch expects the company will be able to meet
tightening consolidated leverage ratio requirements over the same timeframe.
While some earnings potential will be lost due to the asset sales, improved
efficiencies and better product mix management are likely to more than offset
these losses.  Certain cash expenses will increase in the near term stemming
from asset sales, facility realignments, and management compensation.

Fitch anticipates improved profitability over the near term, and credit
metrics could show substantial improvement over the next one to three quarters
as cash flows are expected to trend higher, LTM earnings benefit from the
roll-off of an unusually weak 1Q07, and consulting fees are reduced or eliminated.


STURGEON BUILDERS: Brings In Liquidators from Baker Tilly
---------------------------------------------------------
Nigel Millar and Mark Wilson of Baker Tilly were appointed joint liquidators
of Sturgeon Builders Ltd. on Oct. 4 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Baker Tilly
         Abbotsgate House
         Hollow Road
         Bury
         St. Edmunds
         Suffolk
         IP32 7FA
         England


T & K ENGINEERING: Calls In Liquidators from Moore Stephens
-----------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed joint
liquidators of T & K Engineering Ltd. on Oct. 19 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

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


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


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


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

FRANCE    
------
Arbel                     PA.ARB    (116)         194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (2,718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cinemaxx AG               MXC        (27)         177      (32)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)        2280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

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

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

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


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)        1583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


NORWAY
------
Petroleum-Geo Services    PGO        (32)        2963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Gukovugol Pfd             GUUGP      (58)         144   (4,094)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)        1283     (278)
Santana Motor S.A.                   (46)         223       41


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


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (2,266)       2,950     (296)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Jpmorgan Cazenov                      (2)         342       35
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      1,2410   (1,228)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
Scottish Windows                     (34)         427       13
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Stylo Barrat SH                      (17)         180    (2145)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Vauxhall Motors                     (699)       2,584  (45,250)
Wincanton Plc             WIN        (27)       1,451      (78)

  
                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *