TCREUR_Public/071108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, November 8, 2007, Vol. 8, No. 222

                            Headlines


A U S T R I A

AN-KA KEG: Claims Registration Period Ends Nov. 16
BURDA UND BURDA: Vienna Court Orders Business Shutdown
C-MEDIA LLC: Claims Registration Period Ends Nov. 16
CASH MAKER: Claims Registration Period Ends Nov. 22
ESTRO-ANLAGENTECHNIK: Claims Registration Period Ends Nov. 26

HOME-CENTER: Claims Registration Period Ends Nov. 28
THUER & CO: Korneuburg Court Orders Business Shutdown


B E L G I U M

FEDERAL-MOGUL: Plan Proponents Incorporate Insurer Settlements
SOLUTIA INC: Wants US$713 Mln Environmental Claims Reclassified


F I N L A N D

GRAHAM PACKAGING: Sept. 30 Bal. Sheet Upside-Down by US$616 Mln


F R A N C E

BOSTON SCIENTIFIC: Selling Cardiac & Vascular Biz for US$750 Mln
DELPHI CORP: Equity Panel Balks at Disclosure Statement Changes
HEULIEZ SA: Canceled GM Model Triggers Court Protection
POLYMER GROUP: Plans to Sell 5.5 Million of Class A Common Stock


G E R M A N Y

A. HASENBEIN: Claims Registration Ends November 20
ABC-BAU GMBH: Claims Registration Ends November 20
BAUTECH GMBH: Claims Registration Ends November 30
BTT GMBH: Claims Registration Ends November 30
DEPARTMENT GMBH: Creditors' Meeting Slated for Nov. 15

DOENERPRODUKTION GMBH: Creditors' Meeting Slated for Nov. 21
DRAHTZAUN HEYER: Creditors' Meeting Slated for Nov. 15
FEUER & ROMANTIK: Claims Registration Period Ends Dec. 17
FISCHER BAU: Claims Registration Period Ends Dec. 17
G&T DISCOTHEKENVERWALTUNGS: Claims Registration Ends November 23

GARANT SCHUH: BaFin Exempts Trust Firm from Compulsory Buyout
GERHARD MISCHE: Claims Registration Period Ends  Nov. 20
HEINZ DEMSKI: Creditors' Meeting Slated for Nov. 29
INGENIEURDIENST DESIGN: Claims Registration Period Ends Nov. 20
KABEL DEUTSCHLAND: S&P Affirms B+ Rating on Stable Revenue

NORA MODE: Claims Registration Ends November 29
NRG ENERGY: Commences Cash Offer for US$4.7 Bln of Senior Notes
OBJEKTA IMMOBILIEN: Claims Registration Ends November 29
PHOENIX KAPITALDIENST: Frankfurt Court Junks Insolvency Plan
REISEBUERO CITYPARK: Claims Registration Ends November 23

ROLF HENSCHKE: Claims Registration Period Ends  Nov. 20
SPEDITIONS- UND DIENSTLEISTUNGEN: Claims Filing Ends Dec. 14
TELECONTACT GMBH: Creditors' Meeting Slated for Nov. 30
T.I.M.E. IS MORE: Claims Registration Period Ends Nov. 20


H U N G A R Y

SUN MICROSYSTEMS: Earns US$89 Million in First Quarter 2007
VIADOM EPITOIPARI: Unpaid Debt Forces Firm to Declare Insolvency


I R E L A N D

WR GRACE: Asbestos PI Committee & FCR File Reorganization Plan


I T A L Y

ALITALIA SPA: Taps Goldman Sachs as Adviser for Stake Bid


K A Z A K H S T A N

ASANKUL LLP: Proof of Claim Deadline Slated for Dec. 7
CELL-STAR LLP: Creditors Must File Claims Dec. 11
CONSTA STROY: Claims Filing Period Ends Dec. 11
DAMLE LLP: Creditors' Claims Due on Dec. 11
KAPRATAS KAZAKHSTAN: Claims Registration Ends Dec. 7

MAKS-D LLP: Proof of Claim Deadline Slated for Dec. 11
MAVR LLP: Creditors Must File Claims  Dec. 7
RIKI-AKTOBE LLP: Claims Filing Period Ends Dec. 7
SPETSTECHSERVICE-2003 LLP: Creditors' Claims Due on Dec. 7
TURPAL SERVICES: Claims Registration Ends Dec. 7

UNITECH SNAB: Creditors Must File Claims Dec. 7


K Y R G Y Z S T A N

TRUST COMPANY: Proof of Claim Deadline Slated for December 5
XANADU LIMITED: Creditors Must File Claims by December 12


R U S S I A

BAIKALZVEROPROM OJSC: Asset Sale Slated for Dec. 3
BLAGOVEST COMMERCIAL: Competitive Proceedings Ongoing
CAESAR LLC: Pskov Bankruptcy Hearing Slated for March 4
CHEBOKSARSKY LLC: Creditors Must File Claims by Nov. 27
CHEKMAGUSHEVSKIJ OJSC: Creditors Must File Claims by Nov. 27

DAVLEKANOVSKAYA OJSC: Creditors Must File Claims by Dec. 27
KIGINSKIJ OJSC: Creditors Must File Claims by Dec. 27
OILCHEMMONTAZH-1 OJSC: Creditors Must File Claims by Nov. 27
SLAVIC MECHANICAL: Bankruptcy Hearing Slated for Feb. 18, 2008
SIBTRANSALIANCE CJSC: Asset Sale Slated for Nov. 27

SISTEMA JSFC: Registers Share Issue with FFMS After Share Split
SITRONICS JSC: Inks Strategic Partnership with Nokia Siemens
STROYKREDIT BANK: Moody's Assigns B3/NP/E+/Baa3.ru Ratings
TMK OAO: Begins Pipe Production for Astrakhan Gas Field
VALUYSKIJ OJSC: Creditors Must File Claims by Dec. 27

YUKOS OIL: Owners Get Nothing from US$35.6 Billion Sale Proceeds


S P A I N

EMPRESAS 1: Fitch Junks EUR32.4 Million Class E Notes
IM GOYA: S&P Rates EUR26.6 Million Class C Notes at BB-
TDA 24: Fitch Rates Class D Notes at BB+ with Stable Outlook


S W E D E N

FORD MOTOR: S&P Retains 'B' Rating Under CreditWatch Positive


S W I T Z E R L A N D

BACHTOLD TENGER: Schaffhausen Court Closes Bankruptcy Process
COS. MED.SWISS: Solothurn Court Closes Bankruptcy Process
EXPRESS REIFEN: Thurgau Court Closes Bankruptcy Proceedings
LE BISTRO: St. Gallen Court Starts Bankruptcy Proceedings
MONEYLINE TELERATE: Liquidation Claims Due by November 12

OBB JSC: Glarus Court Closes Bankruptcy Proceedings
TOPDATA SERVICES: Creditors' Liquidation Claims Due by Nov. 14
TRANSGLOBE STEEL: Zug Court Closes Bankruptcy Proceedings
U-MODE JSC: Creditors' Liquidation Claims Due by November 14
WERNER KNUPP: Creditors' Liquidation Claims Due by November 19


U K R A I N E

EUROBUILDINGLINE-UKRAINE: Creditors Must File Claims by Nov. 11
LOKHVITSKY SUGAR: Creditors Must File Claims by November 11
LUKSON LLC: Creditors Must File Claims by November 11
NECKPROM LLC: Creditors Must File Claims by November 11
STYLE-EXTRA LLC: Creditors Must File Claims by November 11

TROLINING UKRAINE: Creditors Must File Claims by November 11


U N I T E D   K I N G D O M

ADVANCED MARKETING: Wants Until Nov. 30 to Decide on Lone Lease
ARCHCARE LTD: Brings In Administrators from Begbies Traynor
BRITISH AIRWAYS: Traffic Figures Up 2.2% in October 2007
GENERAL MOTORS: Expects US$39 Bln Non-Cash Charge in 3rd Quarter
INVENSYS PLC: Sells APV to SPX Corp for GBP250 Million

J.I.T. PACKAGING: Brings In Administrators from PwC
LOUDWATER LTD: Names Ernst & Young as Administrators
METRONET RAIL: PPP Administrator Confirms TfL as Sole Bidder
NTS LING: Joint Liquidators Take Over Operations
OPTIMUM NATIONWIDE: Calls In Liquidators from Menzies

ON-TRADING & CO: Appoints Charles M. Brook as Liquidator
PARRODA DIE: Taps Liquidators from Moore Stephens
PREMIER BET: Taps Joint Administrators from Begbies Traynor
SAFCROWN LTD: Brings In Liquidatorsw from Vantis
SANDFORD-WILSON PROJECTS: Hires Liquidatos from Vantis Business

TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3
TUDOR WINDOWS: Taps Moore Stephens as Administrators

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AN-KA KEG: Claims Registration Period Ends Nov. 16
--------------------------------------------------
Creditors owed money by KEG An-Ka (FN 258296y) have until
Nov. 16  to file written proofs of claim to court-appointed
estate administrator Max Dengg at:

         Dr. Max Dengg
         c/o Mag. Martin Dimai
         Wilhelm-Greil-Strasse 19a
         6020 Innsbruck
         Austria
         Tel: 0512/573900
         Fax: 0512/5739006
         E-mail: office@ra-max-dengg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 3 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Hall in Tirol, Austria, the Debtor declared
bankruptcy on Oct. 11  (Bankr. Case No. 19 S 100/07i).  Martin
Dimai represents Dr. Dengg in the bankruptcy proceedings.


BURDA UND BURDA: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered Nov. 13 an order shutting down
the business of LLC Burda und Burda (FN 107953f).

Court-appointed estate administrator Katharina Widhalm-Budak
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 27 (Bankr. Case No 28 S 109/07v).


C-MEDIA LLC: Claims Registration Period Ends Nov. 16
----------------------------------------------------
Creditors owed money by LLC C-Media (FN 289487t) have until
Nov. 16 to file written proofs of claim to court-appointed
estate administrator Max Dengg at:

         Dr. Max Dengg
         Wilhelm-Greil-Strasse 19a
         6020 Innsbruck
         Austria
         Tel: 0512/573900
         Fax: 0512/5739006
         E-mail: office@ra-max-dengg.at

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

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 214
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Oct. 10 (Bankr. Case No. 19 S 97/07y).


CASH MAKER: Claims Registration Period Ends Nov. 22
---------------------------------------------------
Creditors owed money by LLC CASH MAKER Handel (FN 233130p) have
until Nov. 22 to file written proofs of claim to court-appointed
estate administrator Susanne Fruhstorfer at:

         Dr. Susanne Fruhstorfer
         c/o  Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Dec. 6 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 Oct. 5 (Bankr. Case No. 2 S 136/07y).  Michael Guenther
represents Dr. Fruhstorfer in the bankruptcy proceedings.


ESTRO-ANLAGENTECHNIK: Claims Registration Period Ends Nov. 26
-------------------------------------------------------------
Creditors owed money by LLC Estro-Anlagentechnik (FN 245080m)
have until Nov. 26 to file written proofs of claim to court-
appointed estate administrator Georg Dieter at:

         Mag. Georg Dieter
         Friedhofgasse 20
         8020 Graz
         Austria
         Tel: 0316/7085-0
         Fax: 0316/7085-25
         E-mail:  law-office@rath-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall K
         Room 205
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Oct. 11 (Bankr. Case No. 40 S 25/07k).


HOME-CENTER: Claims Registration Period Ends Nov. 28
----------------------------------------------------
Creditors owed money by LLC Home-Center (FN 249772m) have until
Nov. 28 to file written proofs of claim to court-appointed
estate administrator Martina Simlinger-Haas at:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713 99 46 22
         E-mail: ra.reisnerstr31@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 11 (Bankr. Case No. 4 S 117/07v).


THUER & CO: Korneuburg Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Korneuburg entered Oct. 10  an order shutting
down the business of LLC Thuer & Co. (FN 36131i).

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

The estate administrator can be reached at:

         Dr. Reinhard Lachinger
         Haafen 6
         2100 Korneuburg
         Austria
         Tel: 02262/61 938
         Fax: 02262/619 38 33
         E-mail: office@drlachinger.at

Headquartered in Gerasdorf bei Wien, Austria, the Debtor
declared bankruptcy on Oct. 9 (Bankr. Case No 36 S 121/07x).


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


FEDERAL-MOGUL: Plan Proponents Incorporate Insurer Settlements
--------------------------------------------------------------
Federal-Mogul Corp. and its debtor-affiliates, together with the
Official Committee of Unsecured Creditors, the Official
Committee of Asbestos Claimants, the Legal Representative for
Future Asbestos Claimants, the Official Committee of Equity
Security Holders, and JPMorgan Chase Bank, N.A., as
administrative agent for Federal-Mogul Corp.'s prepetition
secured credit facility, ask the U.S. Bankruptcy Court for the
District of Delaware to approve certain modifications to the
Fourth Amended Joint Plan of Reorganization.

The Court will consider approval of the Insurer Settlements and
other Plan-related matters today, Nov. 7, 2007.

Among others, the Plan Proponents modified and restated the
Fourth Amended Plan to:

   -- reflect agreements that they have reached with the
      remaining Plan Objectors, including a coverage-in-place
      agreement among Felt Products Manufacturing Co., Federal-
      Mogul Corp., and certain signatory insurers;

   -- provide that assets of the Asbestos Personal Injury Trust
      will include:

      * the Reorganized Federal-Mogul Class B Common Stock;

      * Asbestos Insurance Action Recoveries attributable to
        any Asbestos Personal Injury Claims;

      * certain of the Asbestos Insurance Settlement Agreements
        attributable to any Asbestos Personal Injury Claims;
        and

      * insurance coverage addressed in the Asbestos
        Coverage-In-Place Agreement.

   -- provide that Class IO will consist of all outstanding
      shares of Federal-Mogul common stock, of which there were
      89,861,480 shares outstanding as of July 25, 2007, and
      will also include up to 1,482,716 additional shares; and

   -- include Rothschild Inc. among the Released Parties.

In accordance with settlements between the Debtors and various
insurers, the Plan Proponents amended the list of Settling
Asbestos Insurance Companies, a full-text copy of which is
available for free at http://ResearchArchives.com/t/s?2506

                          CIP Agreement

Pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of
the Federal Rules of Bankruptcy Procedure, the Debtors ask the
Court to approve the Asbestos Bodily Injury Coverage in Place
Agreement among Felt Products Manufacturing Co., Federal-Mogul
Corp., and certain signatory insurers.

A full-text copy of the CIP Agreement is available at no charge
at http://ResearchArchives.com/t/s?2507

The CIP Agreement outlines certain obligations that the Debtors,
the Asbestos Trust, and the CIP Insurers have agreed to
undertake in connection with the confirmation and implementation
of the Fourth Amended Plan, James E. O'Neill, Esq., at Pachulski
Stang Ziehl & Jones LLP, in Wilmington, Delaware, informs the
Court.

Pursuant to the CIP Agreement, the Debtors will:

   (1) modify the treatment of Fel-Pro and Vellumoid Claims
       under the Plan;

   (2) sell to The Travelers Indemnity Company, free and clear
       of all liens, claims, and encumbrances, all of their
       right, title and interest in the certain post-1986
       insurance policies; and

   (3) release the CIP Insurers with respect to specifically
       described categories of claims.

Moreover, the Asbestos PI Trust will establish and fund
an escrow account at an initial sum of US$3 million, plus
US$4.3 million worth of escrow replenishment funds to be held in
a Trust sub-fund for the purpose of seeking coverage from non-
participating insurers or paying unallocated defense costs and
unallocated indemnity costs relating to Fel-Pro or Vellumoid
Claims; Mr. O'Neill relates that the Debtors and the Trust will

   (a) cooperate and assist the CIP Insurers with respect to
       the defense of potentially covered claims; and

   (b) will assign to the CIP Insurers any rights to collect
       payment from any non-party insurers with respect to
       Covered Defense Costs or Covered Indemnification Costs
       for which the Settling Insurers are liable under the
       terms of the Agreement.

The Trust, Mr. O'Neill adds, will use all commercially
reasonable means to pursue insurance coverage from Columbia
Casualty Company, Continental Casualty Company, The Continental
Insurance Company, and their affiliates for all potentially
insured claims under the CNA insurance policies.

The CIP Insurers, on the other hand, agree to withdraw their
objections to the confirmation of the Plan.  The CIP Insurers,
however, will not be deemed or required to withdraw their
objections to the Plan A Settlement.

The CIP Insurers also consent to the Plan's contemplated
assignment to the Trust of insurance policy proceeds solely with
respect to Asbestos Claims.  In addition, the CIP Insurers agree
to pay Covered Defense Costs related to Fel-Pro Claims,
Vellumoid Claims or Mixed Claims and Covered Indemnification
Costs on a several liability basis.  The CIP Insurers further
agree to release the Debtors with regard to specifically
designated claims.

As part of the Settlement, Travelers Indemnity's Claim No. 10163
will be partially allowed as a Class IE secured claim for
US$700,000 to be paid in full in cash in accordance with the
Plan.

The Debtors believe that the terms of the CIP Agreement are fair
and equitable.  The CIP Agreement will fully and finally settle
and compromise remaining Plan confirmation objections to the
treatment of Fel-Pro and Vellumoid Claims, Mr. O'Neill points
out.

                     Other Insurer Settlements

The Debtors also ask the Court to approve separate settlements
that they have reached with Cooper Industries, LLC, and these
insurance companies:

   * OneBeacon America Insurance,

   * Seaton Insurance Company,

   * Stonewall Insurance Company,

   * TIG Insurance Company,

   * The ACE USA Companies comprised of Century Indemnity
     Company, Pacific Employers Insurance Company, Central
     National Insurance Company of Omaha, U.S. Fire Insurance
     Company, Insurance Company of North America, St. Paul
     Mercury Insurance Company, and ACE property and Casualty
     Insurance Company, and

   * The Travelers Indemnity Company and Travelers Casualty and
     Surety Company.

The Insurers' predecessors are alleged to have issued certain
liability insurance policies to Debtor Federal-Mogul Products,
Inc.'s predecessor.  The Debtors purchased F-M Products, then
known as Wagner Electric Corp., from Cooper in 1998.

Numerous asbestos claims have been asserted against F-M Products
with respect to certain insurance policies.  Both the Debtors
and Cooper assert rights under the Subject Policies.  Federal-
Mogul Corp. and F-M Products assert that the Insurers are
obligated under the Subject Policies to make liability payments
and pay defense costs in connection with the Asbestos Claims.

The Insurers dispute the Debtors' and Cooper's assertions as to
coverage under the Subject Policies.

The Debtors and the Insurers have initiated lawsuits against
each other in various jurisdictions in connection with insurance
coverage under the Subject Policies.

Among other things, the Insurer Settlements:

   -- settle and resolve the Coverage Dispute among the
      Debtors, Cooper, and the Insurers;

   -- dismiss, with prejudice, certain of the Coverage Actions;

   -- withdraw the Insurers' claims and objections to
      confirmation of the Plan, if any;

   -- limit the Insurers' future actions against the Debtors;
      and

   -- preserve certain rights and claims as among the parties.

Under the Settlements, the Insurers agree to pay the Debtors
these amounts:

          Insurer              Settlement Amount
          -------              -----------------
          ACE USA Companies        US$34,000,000
          OneBeacon                    8,000,000
          Seaton                         837,500
          Stonewall                    3,000,000
          TIG                          8,010,000
          Travelers                    1,000,000

If the Court approves Plan A, Cooper will be entitled to 12% of
the Settlement Amount.  If the Court approves Plan B, Cooper
will be entitled to 20% of the Settlement Amount.

In return for the Settlement Amounts, the Debtors agree to
release the Insurers of all rights to insurance coverage for
released claims under the Subject Policies.  The Debtors will
also provide the Insurers with releases relating to Asbestos
Claims under the Pneumo Asbestos Insurance Policies.

Specifically, the Insurer Settlements provide for:

   -- a complete release of the Debtors' and the Asbestos
      Personal Injury Trust's rights with respect to the
      Subject Policies issued prior to 1987;

   -- a complete release of the Debtors' rights with respect to
      Asbestos Claims under the Pneumo Asbestos Insurance
      Policies; and

   -- a partial release of the Trust's rights with respect to
      Pneumo Asbestos Claims under the Pneumo Asbestos
      Insurance Policies.

Cooper will also release the Insurers from all product claims
relating to the pre-1987 Subject Policies, certain Asbestos
Claims, and any violation of the Unfair Claims Practices Acts or
similar statutes under state law or certain negligence, breach
of contract and bad faith causes of action.

Concurrent with the effectiveness of the Debtors' and Cooper's
releases, the Insurers release, covenant not to sue, and forever
discharge the Debtors and Cooper from and against all
obligations and claims in connection with the Subject Policies.

Mr. O'Neill clarifies that the Insurer Settlements do not apply
to:

   * the Debtors' rights to coverage relating to non-Asbestos
     Claims under the Pneumo Asbestos Policies;

   * Cooper's rights to coverage relating to non-products or
     non-completed operations limits of the Subject Policies;
     and

   * MagneTek National Electric Coil, Inc.,'s rights to
     coverage relating to non-products or non-completed
     operations limits of the Subject Policies for claims other
     than Asbestos Claims.

The Insurer Settlements do not negatively impact the rights of
Asbestos claimholders or non-party insurance companies, Mr.
O'Neill maintains.  The net proceeds of the Settlement Amount
arising from the the Debtors' insurance rights, he points out,
will be paid to the Trust for the benefit of the Asbestos
claimholders.  Any qualifying insurer will receive adequate
protection for loss of its contribution rights resulting from
the Settlements, Mr. O'Neill assures the Court.

TIG confirms that upon Court approval of its Settlement with the
Debtors and Cooper, it will withdraw, without further act or
deed, its objections to the Plan and any pending motions that it
has filed in the Debtors' Chapter 11 cases.

Cooper clarifies that it has not yet agreed to the Travelers
Settlement as proposed at this time.  Cooper reserves all its
rights to raise objections to the Settlement should ongoing
negotiations not conclude successfully.

                          Modified TDPs

In addition, the Plan Proponents modified the form of Asbestos
Personal Injury Trust Agreement and Asbestos Personal Injury
Trust Distribution Procedures, a full-text copy of which is
available for free at http://ResearchArchives.com/t/s?2508

In accordance with a Court-approved stipulation with Owens-
Illinois, Inc., the Plan Proponents modified the Asbestos PI
TDPs to provide, among other things, that nothing in the Plan
limits or impairs a claimant's obligation under applicable law
to respond fully to lawful discovery in an underlying civil
action regarding the claimant's submission of factual
information to the Trust for the purpose of obtaining
compensation for asbestos-related injuries from the Trust.

In exchange for the TDP modifications, Owens-Illinois has agreed
to withdraw its objections to the Plan with prejudice.

               Objections to Insurer Settlements

About six entities oppose the Insurer Settlements among the
Debtors, Cooper, ACE USA Companies, OneBeacon, Seaton,
Stonewall, TIG, and Travelers:

   * CNA,

   * Fireman's Fund Insurance Company and National Surety
     Company,

   * PepsiAmericas, Inc.; and

   * the Hartford Companies comprised of First State Insurance
     Company, Hartford Accident and Indemnity Company, and New
     England Insurance Company.

The proposed orders approving the Insurer Settlements include
language that purports to affect our rights of contribution and
subrogation against the Settling Insurers, the Objecting
Entities complain.

"[A]ll non-settling insurers' contribution claims that would
have been allowable and/or recoverable against the settling
insurer but for any applicable injunctions [should] be credited,
dollar-for-dollar, against any claim for coverage by the Debtors
and/or the Trust against the non-settling insurer," Michael W.
Yurkewicz, Esq., at Klehr, Harrison, Harvey, Branzburg & Ellers
LLP, in Wilmington, Delaware, argues on Hartford's behalf.

Mr. Yurkewicz contends that the Proposed Approval Orders include
new potentially misleading surplusage regarding their effect on
the rights and obligations of non-settling insurers.  "This new
language is unnecessary, does nothing to clarify the
Settlements, and potentially creates confusion," he asserts.

CNA also objects to the CIP Agreement between the Debtors and
the CIP Insurers arguing that the CIP Agreement "thrusts upon
[it] new burdens that did not exist under the current claims
handling protocols and were not warranted under the applicable
policies and law."  The CIP Agreement does not adequately
preserve its rights, CNA contends.

In addition, Certain Underwriters at Lloyd's, London, and
Certain London Market Companies, complain that they were not
given adequate notice of the Insurer Settlements; thus, they are
unable to determine if, and to what extent, their rights are
affected by the Settlements.

The Objecting Entities thus ask the Court to disapprove the
Insurer Settlements unless the Proposed Approval Orders are
clarified to state that they will not eliminate, affect, or
impair any of their rights or obligations, including potential
rights of contribution and subrogation against the Settling
Insurers.

The Underwriter ask the Court to convene the hearing to consider
approval of the Insurer Settlements on November 14 to give them
adequate time to review the Settlements.

                      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.

(Federal-Mogul Bankruptcy News, Issue No. 151; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SOLUTIA INC: Wants US$713 Mln Environmental Claims Reclassified
---------------------------------------------------------------
Solutia Inc. and certain of its affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to
reclassify certain environmental proofs of claim, conditioned
upon the occurrence of the effective date of the Debtors' Fifth
Amended Joint Plan of Reorganization, dated October 19, 2007.

Under the Plan, the Environmental Claims will be treated
differently from general unsecured claims.  According to
Jonathan
S. Henes, Esq., at Kirkland & Ellis LLP, in New York, the
Environmental Claims will be dealt with according to these
terms:

  (i) Solutia will remain responsible for certain Environmental
      Liabilities, as defined in the Plan, with respect to the
      sites where the company was an owner or operator on or
      after the "spinoff."

(ii) Monsanto Company, as Pharmacia Corporation's attorney-in-
      fact, will be responsible for Environmental Liabilities
      with respect to sites for which those debts were
      transferred to Solutia pursuant to the Spinoff, but where
      Solutia was never an owner or operator.

(iii) Solutia and Monsanto will share responsibility for
      Environmental Liabilities with respect to the off-site
      areas in Anniston, Alabama and Krummrich, Illinois, in
      accordance with the allocation set forth in a settlement
      agreement between Solutia and Monsanto.

The Plan provides that claims of governmental agencies relating
to environmental liabilities with respect to the Shared Sites
and the Retained Sites "shall be reinstated and unaffected by
the chapter 11 cases and will be liquidated or adjudicated
pursuant to applicable law and in the ordinary course of
business."

Mr. Henes asserts that the future treatment of Environmental
Liabilities, including the Environmental Claims, is an important
component of the Plan and the Global Settlement among Solutia,
Monsanto, Pharmacia, the Official Committee of Unsecured
Creditors, the Official Committee of Equity Security Holders,
and other parties reallocating certain liabilities that Solutia
assumed when it was created.

Since the Petition Date, approximately 389 Environmental Claims
were filed against the Debtors in the aggregate amount of
US$713,296,201, excluding unliquidated portions of the Claims,
Mr. Henes says.

                          NRD Claims

The Debtors ask Judge Beatty to reclassify five environmental
claims which will not be treated as general unsecured claims to
the extent they satisfy the Plan's definition of "NRD Claims."

The NRD Claims are:

                                               Asserted
Claimant                  Claim No.   Claim Amount  Claim Class
--------                  ---------   ------------  -----------
California Dept. of Fish     5816             US$290  Unsecured
Kansas Dept. of Health &    13551        4,084,000  Unsecured
Environment
United States               11276     Unliquidated
Undetermined
State of Alabama            11277     Unliquidated  Priority
State of Illinois           11275       31,965,157
Unclassified

                       Legacy Site Claims

Solutia has identified around 100 Environmental Claims which,
they believe, relate to Environmental Liabilities with respect
to Legacy Sites.

Pursuant to the Plan, Solutia will receive a discharge from
Legacy Site Claims.  Also, under the Solutia-Monsanto Agreement,
Monsanto will hold Solutia harmless with regard to those Claims.
Accordingly, to the extent they satisfy the Plan's definition of
Legacy Site Claims, the Legacy Claims will not be treated as
general unsecured claims and holders of the Legacy Claims will
not receive a distribution from the Debtors' estates on account
of such claims.

As a result, the Debtors ask Judge Beatty to reclassify the
Legacy Claims as Legacy Site Claims, effective upon the Plan
Effective Date.

A complete list of the Legacy Site Claims is available for free
at http://ResearchArchives.com/t/s?24ce

                     Retained Site Claims

Solutia believes that 13 Environmental Claims relate to
Environmental Liabilities with respect to Retained Sites.

Pursuant to the Plan, to the extent they met the Plan's
definition of Environmental Sites, the Retained Site Claims will
be reinstated and unaffected by the chapter 11 cases.

Accordingly, the Retained Site Claims will not be treated as
general unsecured claims, and holders of Retained Site Claims
will not receive a distribution from the Debtors' estates on
account of those claims.  Instead, the Retained Site Claims will
be satisfied by the reorganized Debtors in the ordinary course
of business, Mr. Henes asserts.

Thus, the Debtors seek reclassification the Retained Site Claims
as Environmental Liabilities with respect to Retained Sites,
effective upon the Effective Date.

A complete list of the Retained Site Claims is available for
free at http://ResearchArchives.com/t/s?24cf

                       Shared Site Claims

The Debtors ask Judge Beatty to reclassify about 30
Environmental Claims Claims as Environmental Liabilities with
respect to Shared Sites.

Pursuant to the Plan, the Shared Site Claims will be reinstated
and unaffected by the Chapter 11 cases.  Holders of the Shared
Site claims will not receive distribution from the Debtors'
estates on account of those claims, but instead will be
satisfied in full by either Pharmacia, Monsanto or the
reorganized debtors in the ordinary course of business.

A complete list of the Shared Site Claims is available for free
at http://ResearchArchives.com/t/s?24d0

      Reclassification Will Benefit Environmental Claimants

The Debtors state that they are not seeking any determinations
on the merits of the Environmental Claims.  According to them,
the reclassification of the Environmental Claims will not
adversely impact the rights of the holders of the Environmental
Claims, but will benefit the claimants from appropriate
classification in "pass-through classes" under the Plan, as
compared to the impaired treatment provided for holders of
general unsecured claims under the Plan.

Accordingly, to clarify the rights, including voting rights, of
parties under the Plan, and to enable the Debtors to maintain an
accurate claims register and ensure that the holders of
Environmental Claims are treated in accordance with the terms of
the Plan, the Environmental Claims need to be reclassified,
contingent upon the occurrence of the Effective Date, Mr. Henes
maintains.

The Debtors reserve the right to:

  -- object in the future to any of the Environmental Claims or
     portions (a) that are not reclassified pursuant to the
     Objection or (b) that are determined not to be an NRD
     Claim, a Legacy Site Claim, an Environmental Liability with
     respect to Retained Sites or Environmental Liability with
     respect to Shared Sites as those terms are defined in the
     Plan, based on the merits of the Surviving Claims and any
     procedural or substantive grounds; and

  -- seek to disallow, reduce or reclassify the Surviving
     Claims.

Except as provided for in the Plan, the Debtors reserve any and
all of their rights and defenses with respect to the
Environmental Claims under applicable law.

In addition, notwithstanding the reclassification of any Claim
as an NRD Claim, Legacy Site Claim, Environmental Liability with
respect to Retained Sites or Environmental Liability with
respect to Shared Sites, as between Monsanto and Solutia, the
allocation of liability for any individual claim will be
governed by the applicable provisions of the Agreement, provided
that nothing in will impair or adversely affect any claim, cause
of action, or right of a governmental agency related to
Environmental Liabilities with respect to the Retained Sites or
the Shared Sites.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.
Solutia has operations in Malaysia, China, Singapore, Belgium,
and Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  A hearing to
consider confirmation of the Debtors' Reorganization Plan is
scheduled for Nov. 29, 2007.

(Solutia Bankruptcy News, Issue No. 105; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


=============
F I N L A N D
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GRAHAM PACKAGING: Sept. 30 Bal. Sheet Upside-Down by US$616 Mln
---------------------------------------------------------------
Graham Packaging Holdings Company's consolidated balance sheet
at Sept. 30, 2007, showed US$2.46 billion in total assets and
US$3.08 billion in total liabilities, resulting in a US$616.1
million total partners' deficit.

The company incurred a net loss US$13.4 million for the three
months ended Sept. 30, 2007, compared to a net loss of US$15.0
million for the same period in 2006.  The net loss for the nine
months ended Sept. 30, 2007, was US$23.9 million compared to a
net loss of  US$40.2 million for the same period in 2006.

Net sales for the three months ended Sept. 30, 2007, totaled
US$621.5 million, a decrease of US$21.5 million, or 3.3%, from
net sales of US$643.0 million for the same period in 2006.

The overall decrease in net sales was attributed to lower
volume, higher sales of lower-priced containers, price
reductions in response to competitive pressure, and a decrease
in resin costs which are passed through to customers.  Net sales
were down 6.7% in North America.  Net sales increased 20.4% in
Europe in the third quarter and 25.0% in South America, due to
favorable exchange rates and higher volume.

Net sales for the nine-month period ended Sept. 30, 2007,
totaled US$1.89 billion, a decrease of US$47.0 million, or 2.4%,
compared to the same nine-month period in 2006.

Operating income for the three months ended Sept. 30, 2007,
totaled US$44.2 million, an increase of US$4.2 million from
US$40.0 million for the same period in 2006.

Operating income for the nine months ended Sept. 30, 2007,
totaled US$151.8 million, an increase of US$25.4 million, or
20.1%, over operating income of US$126.5 million in the
comparable period in 2006.

Operating income for the three- and nine-month periods increased
despite the lower sales because of ongoing expense-reduction
initiatives, decreases in project start-up costs, lower
integration costs related to the company's acquisition of O-I
Plastics, and favorable currency translation.

"Many of our key markets, like isotonic beverages, are flat to
down over last year," said Warren Knowlton, chief executive
officer of Graham Packaging.  "This had particular impact in the
third quarter.  We continue to adapt to this slower sales
environment with clear focus on cost saving, productivity gains,
and quality improvement initiatives that offset the current
sales picture."

Covenant compliance EBITDA totaled US$434.3 million for the four
quarters ended Sept. 30, 2007, an increase from covenant
compliance EBITDA of US$427.8 million for the four quarters
ended June 30, 2007.  Covenant compliance EBITDA is EBITDA
further adjusted to exclude non-recurring items, non-cash items
and other adjustments required in calculating covenant
compliance under the company's credit agreement and notes.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?24f7

                      About Graham Packaging

Based in York, Pennsylvania, Graham Packaging Holdings Company,
the parent company of Graham Packaging Company L.P. --
http://www.grahampackaging.com/-- is a worldwide leader in the
design, manufacture and sale of customized blow molded plastic
containers for the branded food and beverage, household,
automotive lubricants and personal care/specialty product
categories and, as of the end of Sept. 2007, operated 85
manufacturing facilities in Argentina, Belgium, Brazil, Canada,
Ecuador, England, Finland, France, Hungary, Mexico, the
Netherlands, Poland, Spain, Turkey, the U.S. and Venezuela


===========
F R A N C E
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BOSTON SCIENTIFIC: Selling Cardiac & Vascular Biz for US$750 Mln
----------------------------------------------------------------
Boston Scientific Corporation signed a definitive agreement for
the sale of its Cardiac Surgery and Vascular Surgery businesses
to the Getinge Group for a cash price of US$750 million and
is expected to close within the next 45-90 days, subject to
regulatory approvals and customary conditions.

The company disclosed its intent to sell the Cardiac Surgery and
Vascular Surgery businesses on Aug. 16, as part of its plan to
divest non-strategic assets and increase shareholder value.

Boston Scientific acquired the Cardiac Surgery business in April
2006 as part of the Guidant transaction.

The Cardiac Surgery business is a developer of medical
technologies designed for use in surgical cardiac procedures,
including beating-heart bypass surgery systems and endoscopic
vessel harvesting for coronary bypass surgery.  The business
employs approximately 450 people.

Boston Scientific acquired the Vascular Surgery business in
1995.  The Vascular Surgery business develops synthetic grafts
and patches used to surgically treat vascular disease, including
the repair of abdominal aortic aneurysms and peripheral vascular
anatomy.  The business has approximately 250 employees. The
combined revenues of the two businesses in 2006 were
approximately US$275 million.

"Working with the talented employees of the Cardiac Surgery and
Vascular Surgery businesses, our goal is to drive growth and
bring new technologies to these markets, ultimately benefiting
cardiac and vascular surgeons and their patients," Johan
Malmquist, president and chief executive officer of the Getinge
Group of Stockholm, Sweden, said.  "We are excited to complement
our existing portfolio with these valuable businesses, each of
which brings leading market positions and impressive product
lines."

"This transaction completes an  element of our plan to divest
non-strategic assets, focus on our core businesses and increase
shareholder value," Jim Tobin, president and chief executive
officer of Boston Scientific, said.  "We deeply appreciate the
contributions our Cardiac Surgery and Vascular Surgery employees
have made to Boston Scientific, our customers and their
patients. We know they will continue to serve customers
and patients well going forward."

                       About Getinge Group

Headquartered in Rochester, New York, The Getinge Group --
http://www.getinge.com/-- is a provider of equipment and
systems to customers within health care, extended care and
pharmaceutical industries/laboratories.  The Group comprises
three business areas: Medical Systems (systems for surgery and
intensive care), Infection Control (system equipment for
disinfection and sterilization) and Extended Care (care
ergonomics). The Group maintains positions within the majority
of the company's product lines.

                    About Boston Scientific

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

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Boston Scientific Corp. (including the 'BB+' corporate credit
rating) and removed them from CreditWatch, where they were
placed with negative implications Aug. 3, 2007.  The rating
outlook is negative.


DELPHI CORP: Equity Panel Balks at Disclosure Statement Changes
---------------------------------------------------------------
The Official Committee of Equity Security Holders of Delphi
Corporation and its debtor-affiliates submitted an emergency
motion with the U.S. Bankruptcy Court for the Southern District
of New York to adjourn the hearing scheduled on Nov. 8, 2007, to
a later date, on, and fix a new time to object to,

   (i) the Debtors' request for approval of the Disclosure
       Statement,

  (ii) the proposed procedures for soliciting votes on the
       Plan, and

(iii) the proposed amendment to the Delphi-Appaloosa Equity
       Purchase and Commitment Agreement.

As reported in the yesterday's Troubled Company Reporter, Delphi
Corp. asked the Court to adjourn until "later this month" the
hearing currently scheduled for Nov. 8 to consider potential
amendments to its Joint Plan of Reorganization and related
Disclosure Statement as well as a proposed amendment to its
Investment Agreement.

Delphi continues to expect that it will emerge from Chapter 11
during the first quarter of 2008.

Bonnie Steingart, Esq., at Fried, Frank, Harris, Shriver
& Jacobson LLP, in New York, noted that on Oct. 29, 2007,
under the guise of filing "amendments," the Debtors jettisoned
the Plan and Disclosure Statement filed on Sept. 6, 2007.  The
new October plan and October disclosure statement, he notes,
materially modify, among other things,

   (i) the Debtors' total enterprise value by approximately
       US$900 million;

  (ii) the total enterprise value on which the purchase price
       for the plan investors is based by US$1 billion;

(iii) the ownership structure of reorganized Delphi;

  (iv) the capital structure of reorganized Delphi;

   (v) the nature and amount of distributions to each major
       stakeholder class (other than, notably, the parties with
       claims pursuant to the MDL settlements); and

  (vi) the rights offering and warrants described in the
       September Plan and September Disclosure Statement.

Ms. Steingart points out that the magnitude of the changes in
recoveries and structure results in a new Chapter 11 plan that:

   (1) eschews the Delphi-Appaloosa Equity Purchase and
       Commitment Agreement approved by the Court on August 2,
       2007;

   (2) is not consensual;

   (3) amounts to a massive shift in value being distributed to
       stakeholders; and

   (4) changes the financial underpinnings of the September
       Plan.

Thus, whether viewed in form or substance the magnitude of the
changes are enormous, Ms. Steingart asserts.  She pointed out
there are approximately 340 pages of changed and new disclosure.

Ms. Steingart noted that the Debtors, in asking the Court on
Sept. 27, 2007, and again on Oct. 3, 2007, to continue the
hearing on the September Disclosure Statement, represented to
the Court that only "laser-like" changes to the September Plan
would be forthcoming.  However, the changes the Debtors propose
are far from "laser-like," drastically modifying stakeholder
recoveries and the structure of distributions under the
September Plan, as well as give rise to numerous disclosure and
confirmation objections.

Ms. Steingart recounted that since the adjournment of the
Oct. 3, 2007 Disclosure Statement Hearing, the Debtors have
met with their stakeholders on several occasions.  During
these meetings and discussions, many of which the Equity
Committee was excluded from participating in, apparently the
Debtors completely abandoned the consensual deal and yielded
to pressure exerted by the ad hoc committee of bondholders,
the Official Committee of Unsecured Creditors and the Plan
Investors.  During this period the Equity Committee received
draft term sheets which reflected continuing diminution of
recoveries for equity.  The end result has been changes to
recoveries that are so profound they can only be described as a
new Chapter 11 plan.  The recovery to equity holders as a
practical matter has been eviscerated.

Specifically, Ms. Steingart detailed, the distribution of
primary equity has been eliminated, the warrants have changed
from a five-year to a six-month duration, and equity's
participation in the discount rights offering has been
eliminated and the entire participation is now given to
unsecured creditors.  To add insult to injury, the New Plan, she
said, also incorporates a "death trap" provision with respect to
the proposed meager recovery to equity holders.  In addition,
certain unsecured creditors are receiving a recovery that is
greater than the amount of their claims, which is disguised by a
manipulation of the Debtors'
total enterprise value.

Ms. Steingart also noted that:

    -- the Plan Investors have renegotiated their deal and are
       now receiving significantly more for their investment
       under the New EPCA than what was agreed to in the
       Current EPCA.  This is true even though the Plan
       Investors, who  received significant fees to date for
       their "commitment,"  remain bound by the Current EPCA,
       which is still in place and has not been terminated.
       Furthermore, there is a total lack of transparency as to
       why the Debtors have sought to alter drastically the
       consensual deal.

    -- It appears that management was negotiating its
       compensation and incentive plans with the Plan Investors
       and the Creditors Committee at the same time they were
       allowing the renegotiation of the terms of the Plan and
       the EPCA.  The New Disclosure Statement provides plans
       and programs under which emergence bonuses for
       executives alone are far in excess of the recoveries now
       proposed for equity.

Ms. Steingart asserts that in any event, due process mandates
that parties be provided at least 25 days to evaluate the New
Disclosure Statement, as required by Rules 2002(b) and 3017(a)
of the Federal Rules of Bankruptcy Procedure.  As much as the
Debtors may desire, they are not entitled to require creditors
and equity holders to analyze and evaluate the New Disclosure
Statement and formulate appropriate objections in four days, she
contends.

Bankruptcy Rule 2002(b) requires that parties-in-interest be
given 25 days' notice of "the time fixed for filing objections
and the hearing to consider approval of a disclosure statement"
while Bankruptcy Rule 3017(a) provides that the court will hold
a hearing to consider approval of the Disclosure Statement on 25
days' notice.

Thus, to protect the integrity of the Chapter 11 process, the
Equity Committee asks the Court to require the Debtors to comply
with the notice and hearing requirements of Bankruptcy Rules
2002(b) and 3017(a).

This will ensure that all parties in interest have ample
opportunity to evaluate the implications of the New Plan and the
adequacy of the disclosures in the New Disclosure Statement with
respect to the new structure, Ms. Steingart asserts.

Brandes Investment Partners, L.P., a registered investment
advisory firm that provides investment advisory services, echoed
the Equity Committee's calls for an adjournment of the
Disclosure Statement Hearing.

Brandes Investment, which currently has under management almost
4% of the issued and outstanding shares of Delphi, agrees with
the Equity Committee's position that given the significant
revisions from the Original Plan and the impact the substantive
rights and recoveries of the Debtors' stakeholders, the Debtors
have now put forth in their 11-hour filing is, in effect, a
completely new plan.  In view of these changes, the Debtors
should be required to comply with the notice and hearing
requirements and adjourn the Disclosure Statement Hearing,
Brandes maintains.

     Equity Committee Wants New Disclosure Statement Denied

As required by Section 1125(a)(1) of the Bankruptcy Code, a
Chapter 11 disclosure statement must contain information
sufficient to enable holders of claims and interests in the
debtor's estates to make an informed judgment on the plan.

Despite the many economic and structural changes in the Debtors'
proposed plan, which affect virtually every one of the Debtors'
constituencies, the New Disclosure Statement does not provide
information critical to the ability of the Debtors' stakeholders
to make an informed judgment to vote to accept or reject the New
Plan, Ms. Steingart asserts.  Moreover, she notes, the proposed
plan is unconfirmable as a matter of law.

In that light, the Equity Committee asks the Court to deny
approval of the proposed amended Disclosure Statement filed on
Oct. 29, 2007.

As previously reported, the Equity Committee supported the Plan
and Disclosure Statement filed on Sept. 6, 2007, which was based
upon a consensual deal reached with stakeholders in the
Chapter 11 cases.  However, the Equity Committee notes that the
documents submitted by the Debtors on October 29 provides for a
virtually unrecognizable revised plan of reorganization and
disclosure statement that reflects a complete re-trade of the
consensual deal memorialized in the Original Plan.

Ms. Steingart avers that this re-trade, on information and
belief, was instigated by groups who are using the tightening in
the credit markets and certain minor short term inventory
adjustments related to General Motors Corp. as a pretext for
demanding more value for themselves, at the expense of existing
equity.

According to Ms. Steingart, the tightening of the credit markets
was hardly an unforeseen subsequent event; to the contrary,
reports of decreased credit capacity date back to the mid-July
2007 timeframe, almost two months prior to the filing of the
Original Plan and Original Disclosure Statement on September 6.
Similarly, she notes, forecasts relating to North American
automotive production levels were announced prior to the time
the Original Disclosure Statement was filed and by their own
admission the Debtors characterized such information as
overstated.

The Debtors, according to Ms. Steingart, nonetheless facilitated
this improper and unwarranted re-trade by, among other things:

     * excluding the Equity Committee from the critical
       negotiation sessions at which the New Plan was
       formulated, and only "inviting" them back to the table
       after existing equity's recoveries had already been
       gutted;

     * acceding to the demands of unsecured creditors that they
       be given the right (allocated to existing equity under
       the Original Plan) to participate in a discount equity
       offering that was intended to be a significant source of
       value for existing equity;

     * agreeing to replace equity holders' previously agreed
       recoveries with "rights" with de minimus value to
       monetize portions of other stakeholders' primary
       distributions of new common stock; and

     * permitting the Plan Investors, led by Appaloosa
       Management, L.P., to renegotiate their contractual
       commitment to invest in the reorganized Debtors,
       effectively creating a windfall of value for their
       investment.

Ms. Steingart asserts that the New Disclosure Statement does not
contain sufficient disclosure as to:

A. The reasons why the Debtors determined it necessary and in
    the best interest of stakeholders to renegotiate the fully
    consensual agreement embodied in the Original Plan or the
    basis for the changes underlying the New Plan.

       The New Disclosure Statement provides no rational basis
       for the Debtors' significant downward adjustment of its
       total enterprise value, approximately US$900,000,000, and
       the subsequent shifting of value from equity holders to
       unsecured creditors and to the Plan Investors.

       The New Disclosure Statement's vague references to
       "lowered projections" and "changes in the Business Plan"
       provide no such explanation because the changes in the
       Business Plan consist of reduced EBITDAR projections for
       a single year of the Debtors' four year business plan,
       with increases in projected cash flows for the entire
       2008 through 2011 period due to the New Plan's changes
       in the reorganized Debtors' capital structure and the
       reduction of its debt burden.  These changes neither
       justify nor explain the virtual elimination of an
       estimated US$470 million of value to equity holders.

B. Any reasonable justification for the Debtors' allowing the
    Plan Investors and others to escape their commitments to
    the terms of the Original Plan as set forth in the EPCA
    approved by the Court on Aug. 2, 2007.

       The EPCA has not been terminated and remains in full
       force.  Thus, it appears that the Debtors made the
       fundamental changes embodied in the New Plan, with its
       effective elimination of the ability of existing equity
       holders to realize any meaningful value from the
       Debtors' reorganization, simply because the Plan
       Investors and others allied with the Plan Investors
       demanded that they do so.  The absence of justification
       is especially egregious since the Plan Investors were
       awarded and paid substantial fees and break up
       protections in exchange for their commitment to the deal
       embodied in the Original Plan.

C. Additional material information about the New Plan to which
    the Debtors' stakeholders, including existing equity, must
    have in order to make an informed decision with respect to
    the New Plan.

       For instance, one of the Debtors' most significant
       assets is its affirmative claims against and defenses to
       claims by GM.  It is the proposed settlement of these
       claims that has enabled the Debtors to reach its
       transformation agreements with GM and various unions,
       formulate a Chapter 11 plan and propose to pay creditors
       in full on their allowed claims.  This value from GM
       appropriately provided the source of the recovery to
       equity under the Original Plan.  Yet, despite the
       importance of the GM claims and the settlement thereof,
       the New Disclosure Statement's assessment of the claims
       falls well short of what is needed to make an informed
       judgment as to the merits and reasonableness of the
       settlement.

Ms. Steingart also asserts that the New Disclosure Statement
must not be approved because it relates to a plan that is
patently unconfirmable.  He cites, among other things:

  * The New Plan Impermissibly Provides Senior Unsecured
    Creditors With More Than Par-Plus-Accrued Recovery.

       Under the New Plan, all unsecured creditors will receive
       a 100% recovery, but instead of a combination of cash
       and primary equity at a plan value of US$45 per share,
       senior unsecured creditors will receive a distribution
       of primary equity at a New Plan value of US$41.58, plus
       rights to acquire additional equity shares at US$34.98, a
       significant discount to the New Plan value of US$41.58.
       However, the equity distributions to GM under the New
       Plan remain based on the total enterprise value set
       forth in the Original Plan of US$45 per share.  Assuming
       a consistent plan value of US$45 per share for all
       distributions to all stakeholders, under the New Plan,
       senior unsecured creditors are to receive more than
       their allowed claims -— a recovery that is strictly
       prohibited by Section 1129(b)(2)(B) of the Bankruptcy
       Code.

  * The GM Settlement, a Cornerstone of the New Plan and the
    Basis for Recoveries, is Not Reasonable or Appropriate.

       The GM Settlement is not reasonable and in the best
       interests of the Debtors' estates because it does not
       provide for an equitable allocation of value.  Current
       equity holders are not receiving sufficient value from
       the GM Settlement in exchange for releases of claims
       against GM, which have value in the billions of dollars;
       the GM Claims cannot be released by equity in exchange
       for US$69 million of very short-term securities.

  * The New Plan Impermissibly Provides for Post-Petition
    Interest on Creditors Claims.

       As a general rule, unsecured creditors are not entitled
to postpetition interest unless the debtors can demonstrate it
is required under either the best interest test set forth in
Section 1129(a)(7)(ii) of the Bankruptcy Code or the fair and
equitable test set forth in Section 1129(b)(1).  The New Plan
provisions for postpetition interest can not be justified under
both tests.

  * The Treatment of the Section 510(b) Equity Claims under the
    New Plan Violates the Bankruptcy Code

       Under the MDL Settlement and pursuant to the New Plan,
       the Securities Class and ERISA Class would receive, in
       the aggregate, in addition to insurance proceeds and
       certain other payments, an allowed claim and interest
       totaling US$204 million, which claims is to be paid in
       the same plan currency that will be distributed to
       general unsecured creditors.  By this treatment under the
       New Plan, these claims by recipients of the MDL
       Settlement, claims arising out of the purchase or sale of
       equity securities would be placed in a class senior to
       equity, when at best they should be pari passu with
       equity pursuant to Section 510(b) of the Bankruptcy Code.

          Lead Plaintiffs: Some Issues Remain Unresolved

The lead plaintiffs in the consolidated securities class action
entitled In re Delphi Corp. Securities Litigation, Master Case
No. 05-md-1725 (GER) (E.D.Mich.), which previously agreed to,
among other things, a US$204 million general unsecured claim to
settle its lawsuit against the Debtors, say that they are still
discussing with the Debtors their concerns based upon the
current versions of, and the proposed revisions to, the Plan and
Disclosure Statement.

The Debtors on Oct. 29, 2007, said they will modify the Plan
currency that will be utilized to satisfy Lead Plaintiffs'
US$204 million allowed claim.  Under the revised Plan, this
claim, upon the required final approval by the Bankruptcy Court
and the U.S. District Court for the Eastern District of
Michigan, will now be satisfied with shares of New Common Stock
of reorganized Delphi and rights to participate in a Discount
Rights Offering.

Michael S. Etkin, Esq., at Lowenstein Sandler PC, in New York,
relates that the current versions of the Disclosure Statement
and Plan address many of Lead Plaintiffs' concerns, but not all
of them.

The Debtors previously agreed to make several revisions to
insure consistency between the Disclosure Statement and Plan and
the Stipulation of Settlement resolving the Securities
Litigation.

The parties have not yet been able to reach agreement on two of
Lead Plaintiffs' proposed revisions to the Disclosure Statement
and Plan involving third party releases and certain conditions
to the effectiveness of the Plan.

To the extent the Lead Plaintiffs' outstanding concerns with the
Disclosure Statement are not resolved on or prior to the hearing
on Nov. 8, 2007 or any adjourned date, the Lead Plaintiffs
reserve the right to raise any and all remaining objections to
the Disclosure Statement at the hearing.

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 94; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


HEULIEZ SA: Canceled GM Model Triggers Court Protection
-------------------------------------------------------
The Tribunal de Grande Instance in Bressuire, France, has placed
Heuliez SA under court protection on Oct. 26, 2007, and will
subsequently appoint an administrator to handle the company's
reorganization efforts, Bloomberg News reports.

The convertible-maker sought the court protection after General
Motors Corp.'s Opel division canceled the production of its
Tigra Twintop series.  Absent an investor to help pay off its
debts, Heuliez could last as long as 18 months under court
protection, Bloomberg adds.

The court will hear the company's progress in mid-January.

Headquartered in Cerizay, France, Heuliez SA --
http://www.heuliez.com/-- works as a production and design unit
for various automakers.  It specializes in producing short
series for niche markets, such as convertibles or station-
wagons.


POLYMER GROUP: Plans to Sell 5.5 Million of Class A Common Stock
----------------------------------------------------------------
Polymer Group Inc. and selling stockholders consisting of
MatlinPatterson Global Opportunities Partners L.P. and certain
of its affiliates, propose to sell 5,455,000 shares of the
company's Class A Common Stock, consisting of 3,636,000 shares
proposed to be sold by the company and 1,819,000 shares to be
sold by the selling shareholders.

Polymer Group will not receive any proceeds from the sale of the
shares by the selling stockholders.  The company intends to use
the proceeds of the shares sold by the company to repay debt
under its existing senior secured credit facility.

Additionally, the company disclosed that upon the pricing of the
offering, it expects that its Class A Common Stock will be
listed on the New York Stock Exchange and will trade under the
ticker symbol "PGO."

The offering was made through an underwriting syndicate led by
J.P. Morgan Securities Inc. and Citigroup Global Markets Inc.
The other co- managing underwriters are Deutsche Bank Securities
Inc., Robert W. Baird & Co. Incorporated and KeyBanc Capital
Markets Inc.

A copy of the preliminary prospectus relating to this offering
may be obtained from:

          J.P. Morgan Securities Inc.
          No. 4 Chase Metrotech Center, CS Level
          Brooklyn, NY 11245
          Tel (718) 242-8002

                -- or --

          Citigroup Global Markets Inc.
          8th Floor, Brooklyn Army Terminal
          140 58th Street
          Brooklyn, NY 11220
          Tel (718) 765- 6732

                    About Polymer Group Inc.

Headquartered in Charlotte, North Carolina, Polymer Group Inc.
(OTC:POLGA) -- http://www.polymergroupinc.com/-- is a global
manufacturer and marketer of nonwoven and oriented polyolefin
products.  The company supplies engineered materials to a number
of consumer and industrial product manufacturers in the world.
The company's product offerings are sold to converters that
manufacture a range of end-use products.  It is also a producer
of spunmelt and spunlace products, and employs a range of
nonwovens technologies that allow it to supply products tailored
to customers' needs.  The company develops, manufactures and
sells an array of products.  The companyhas manufacturing
offices in Argentina, China, France, among others.

                         *     *     *

Moody's Investor Services placed Polymer Group Inc.'s long term
corporate family and bank loan debt ratings at 'B1' in November
2005.  The ratings still hold to date with a negative outlook.


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


A. HASENBEIN: Claims Registration Ends November 20
--------------------------------------------------
Creditors of A. Hasenbein GmbH have until Nov. 20 to register
their claims with court-appointed insolvency manager Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Dec. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 05251-1806666

The District Court of Paderborn  opened bankruptcy proceedings
against A. Hasenbein GmbH on Oct. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A. Hasenbein GmbH
         Windmuehlenweg 2
         37696 Marienmuenster
         Germany

         Attn: Alfons Hasenbein, Manager
         Steinrieke 38
         33034 Brakel
         Germany


ABC-BAU GMBH: Claims Registration Ends November 20
--------------------------------------------------
Creditors of ABC-Bau GmbH have until Nov. 20 to register their
claims with court-appointed insolvency manager Joachim M. E.
Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Joachim M. E. Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany
         Tel: 030/2128020
         Fax: 030/21280222

The District Court of Dessau opened bankruptcy proceedings
against ABC-Bau GmbH on Oct. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ABC-Bau GmbH
         Lindenstrasse 8
         06406 Bernburg
         Germany

         Attn: Klaus Uwe Marsch, Manager
         Richard-Neuendorff-Strasse 20
         06406 Bernburg
         Germany


BAUTECH GMBH: Claims Registration Ends November 30
--------------------------------------------------
Creditors of Bautech GmbH have until Nov. 30 to register their
claims with court-appointed insolvency manager Stefan Denkhaus.

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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany

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

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Bautech GmbH on Oct. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bautech GmbH
         Attn: Frank Werner, Manager
         Lerchenweg 1
         19303 Doemitz
         Germany


BTT GMBH: Claims Registration Ends November 30
----------------------------------------------
Creditors of BTT GmbH have until Nov. 30 to register their
claims with court-appointed insolvency manager Berend Boehme.

Creditors and other interested parties are encouraged to attend
the meeting at 09:50 a.m. on Dec. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         Germany

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

The insolvency manager can be reached at:

         Berend Boehme
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 0421/79257-0
         Fax: 0421/79257-57
         E-mail: boehme@oelb.de

The District Court of Delmenhorst opened bankruptcy proceedings
against BTT GmbH on Oct. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         BTT GmbH
         Attn: Sandra Löffel and Holger Morzuch, Managers
         Nelkenstr. 2c
         27793 Wildeshausen
         Germany


DEPARTMENT GMBH: Creditors' Meeting Slated for Nov. 15
------------------------------------------------------
The court-appointed insolvency manager for Department GmbH,
Christoph Rosenmueller, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:10 a.m. on Nov. 15.

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 10:00 a.m. on Feb. 28, 2008 at the same
venue.

Creditors have until Dec. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Department GmbH on Sept. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Department GmbH
          Winsstr. 57/QGB
          10405 Berlin
          Germany


DOENERPRODUKTION GMBH: Creditors' Meeting Slated for Nov. 21
------------------------------------------------------------
The court-appointed insolvency manager for Doenerproduktion
GmbH, Hartwig Albers, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
12:05 p.m. on Nov. 21.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:45 a.m. on Feb. 27, 2008, at the same
venue.

Creditors have until Dec. 31 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 Doenerproduktion GmbH on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Doenerproduktion GmbH
         Altenbraker Str. 18
         12053 Berlin
         Germany


DRAHTZAUN HEYER: Creditors' Meeting Slated for Nov. 15
------------------------------------------------------
The court-appointed insolvency manager for Drahtzaun Heyer GmbH
& Co. Kommanditgesellschaft, Ralph Buenning will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:45 a.m. on Nov. 15.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

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

Creditors have until Dec. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ralph Buenning
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-mail: InsOBremen@schubra.de
         Website: http://www.schubra.de

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

The Debtor can be reached at:

         Drahtzaun Heyer GmbH & Co. Kommanditgesellschaft
         Borgwardstr. 13
         28279 Bremen
         Germany


FEUER & ROMANTIK: Claims Registration Period Ends Dec. 17
---------------------------------------------------------
Creditors of Feuer & Romantik Feuerstatten GmbH i. L. have until
Dec. 17 to register their claims with court-appointed insolvency
manager Jens Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 7, 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 Uelzen
         Hall 2
         Main Building
         Fritz-Roever-Str 5
         29525 Uelzen
         Germany

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

The insolvency manager can be reached at:

         Jens Hamdorf
         Hallerstrasse 76
         20146 Hamburg
         Germany
         Tel: 040/414638-0
         Fax: 040/445635

The District Court of Uelzen opened bankruptcy proceedings
against Feuer & Romantik Feuerstatten GmbH i. L. on Oct. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Feuer & Romantik Feuerstatten GmbH i. L.
         Tueschau 13
         29482 Kuesten
         Germany


FISCHER BAU: Claims Registration Period Ends Dec. 17
----------------------------------------------------
Creditors of Fischer Bau GmbH have until Dec. 17 to register
their claims with court-appointed insolvency manager Peter
Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall 105
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Peter Scholl
         Andreasstr. 39
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Fischer Bau GmbH on Oct. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fischer Bau GmbH
         Attn: Nico and Katja Hilgardt, Managers
         Drachenberg 49
         98617 Meiningen
         Germany


G&T DISCOTHEKENVERWALTUNGS: Claims Registration Ends November 23
----------------------------------------------------------------
Creditors of G&T Discothekenverwaltungs- Beteiligungs GmbH have
until Nov. 23 to register their claims with court-appointed
insolvency manager Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Ulrich Kraft
         Wasastr. 15
         01219 Dresden
         Germany
         Web site: http://www.hww-kanzlei.de/

The District Court of Dresden opened bankruptcy proceedings
against G&T Discothekenverwaltungs- Beteiligungs GmbH on Oct.
12.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         G&T Discothekenverwaltungs- Beteiligungs GmbH
         Bremer Strasse 57
         01067 Dresden
         Germany


GARANT SCHUH: BaFin Exempts Trust Firm from Compulsory Buyout
-------------------------------------------------------------
Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaFin),
Germany's financial supervisory authority, has exempted Erste
Amplificator, Garant Schuh + Mode AG's to-be-interim majority
shareholder, from making a compulsory offer to buy out the
insolvent shoemaker's minority owners, the Financial Times
reports citing Borsen Zeitung as its source.

BaFin made the exemption after Erste Amplificator pledged to
sell its stake in Garant Schuh to at least one strategic
investor by June 30, 2008, Borsen Zeitung relates.

Erste Amplificator is a trust firm created by insolvency manager
Friedrich W. Metzeler to acquire new shares on Garant Schuh's
upcoming capital increase.  Following the capital hike, Erste
Amplificator will hold a 76% stake in the company, the paper
relates.

As previously reported in the TCR-Europe on March 21, 2007,
citing Borsen Zeitung, the Debtor's shareholders voted to launch
capital measures to get out of insolvency and avoid liquidation.

The capital measures initially entail cutting the share capital
and then increasing it by issuing new stocks at EUR9.63 per
share, Borsen Zeitung relates.  Current shareholders would see
their holdings diluted to 24%, while new investors could control
up to 76% of voting rights.

Headquartered in Duesseldorf, Germany, Garant Schuh & Mode AG --
http://www.garantschuh.de/-- retails footwear, leather goods
and accessories.  The Garant Schuh & Mode group is a cooperative
of 4,000 stockists in 14 European countries, with a total of
5,800 stores.  The Company has member firms in Germany, France,
the Netherlands, Austria and Belgium.

Garant Schuh filed for commencement of bankruptcy proceedings in
September 2004 after failing to obtain cash from banks to cover
a financing gap.  The District Court of Duesseldorf opened
bankruptcy proceedings against the company in December 2004.


GERHARD MISCHE: Claims Registration Period Ends  Nov. 20
--------------------------------------------------------
Creditors of Gerhard Mische Verwaltungs GmbH have until Nov. 20
to register their claims with court-appointed insolvency manager
Matthias Landwehr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Matthias Landwehr
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Gerhard Mische Verwaltungs GmbH on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gerhard Mische Verwaltungs GmbH
         Trifte 61
         32657 Lemgo
         Germany

         Attn: Christina Welke, Manager
         Suedfeldstr. 6 a
         32602 Vlotho
         Germany


HEINZ DEMSKI: Creditors' Meeting Slated for Nov. 29
---------------------------------------------------
The court-appointed insolvency manager for Heinz Demski Logistik
GmbH, Haro Helms, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Nov. 29.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Feb. 14, 2008 at the same
venue.

Creditors have until Dec. 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

          Haro Helms
          Schillerstr. 10
          28195 Bremen
          Germany
          Tel: 0421/337790
          Fax: 0421/3377933
          E-mail: helms@dr-stankewitz.de
          Website: http://www.dr-stankewitz.de/

The District Court of Bremen opened bankruptcy proceedings
against Heinz Demski Logistik GmbH on Oct. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Heinz Demski Logistik GmbH
          Foehrenstr. 76-78
          28207 Bremen
          Germany


INGENIEURDIENST DESIGN: Claims Registration Period Ends Nov. 20
---------------------------------------------------------------
Creditors of IDK Ingenieurdienst, Design, Konstuktion GmbH have
until Nov. 20 to register their claims with court-appointed
insolvency manager Dr. Margit Watzinger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Rosenheim
         Room 210
         Rosenheim
         Germany

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

The insolvency manager can be reached at:

         Dr. Margit Watzinger
         Stollstr. 5
         83022 Rosenheim
         Germany
         Tel: 08031/233890
         Fax: 08031/13892

The District Court of Rosenheim opened bankruptcy proceedings
against IDK Ingenieurdienst, Design, Konstuktion GmbH on
Oct. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         IDK Ingenieurdienst,
         Design, Konstuktion GmbH
         Marienplatz 11
         83512 Wasserburg
         Germany


KABEL DEUTSCHLAND: S&P Affirms B+ Rating on Stable Revenue
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on German cable operator Kabel
Deutschland GmbH, and removed it from CreditWatch, where it was
placed on Sept. 20, 2007, following its announcement that it
will acquire networks serving about 1.2 million cable TV
subscribers from the Orion Group for about ?585 million.  The
outlook is negative.

"The affirmation primarily reflects KDG's stable revenue stream
from its analog cable TV offering, which benefits from certain
utility characteristics and allows good profitability," said
Standard & Poor's credit analyst Matthias Raab.

The proposed acquisition of 1.2 million CATV subscribers from
Orion and the potential acquisition of a further 0.4 million
subscribers, provides KDG with a significantly higher portion of
direct customers, which should support its profitability.

The affirmation also acknowledges the good EBITDA growth
potential from the uptake of high-speed Internet and telephony
services (together with CATV called triple play) and from
digital TV services.  All together, this is likely to result in
significant EBITDA growth in the current fiscal year ending
March 31, 2008.

"Nevertheless, we are concerned about KDG's tight covenant
headroom under its existing senior term loan documentation in
the near to medium term, in particular if all 1.6 million
subscribers are acquired," said Mr. Raab.

The transaction is expected to close in spring 2008, after
clearance from the German cartel office.  S&P appreciates the
business logic of the transaction, which should improve KDG's
profitability and competitive position in its service area, as
most of the new subscribers are already connected to KDG's level
3 network.  S&P is concerned about the potential significant
increase in KDG's indebtedness of up to EUR793 million, which
would result in reduced covenant headroom, delayed deleveraging
capacity, and lower free operating cash flow generation due to
higher interest payments and capital expenditures.


NORA MODE: Claims Registration Ends November 29
-----------------------------------------------
Creditors of Nora Mode GmbH have until Nov. 29 to register their
claims with court-appointed insolvency manager Dr. Juergen
Sander.

Creditors and other interested parties are encouraged to attend
the meeting at 09:15 a.m. on Jan. 10, 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 Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

         Dr. Juergen Sander
         An der Beeke 22
         28844 Weyhe
         Germany
         Tel: 0421/806666
         Fax: 0421/8066611

The District Court of Syke opened bankruptcy proceedings against
Nora Mode GmbH on Oct. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Nora Mode GmbH
         Attn: Juergen Volk, Manager
         Gerhard-Hauptmannstrasse 8
         31582 Nienburg/Weser
         Germany


NRG ENERGY: Commences Cash Offer for US$4.7 Bln of Senior Notes
---------------------------------------------------------------
NRG Energy Inc. has commenced conditional cash offers to
purchase any and all of its US$4.7 billion of outstanding senior
notes at 101% of the principal amount, plus accrued interest, as
required by the indentures for its 7.25% senior notes due 2014,
7.375% senior notes due 2016 and 7.375% senior notes due 2017,
in connection with the implementation of a new holding company
structure to facilitate its capital allocation plan.

In addition to these contractually required offers, NRG
disclosed a concurrent alternative solicitation of consents that
will provide each investor with an opportunity to forgo its
right to require NRG to make the offers to purchase with respect
to its Notes.

The cash tender offers are conditioned on the consummation of a
merger to implement the holding company structure, as
contemplated by the merger agreement dated Nov. 2, 2007, among
NRG Energy and two newly formed subsidiaries, NRG Holdings Inc.
and NRG Merger Sub Inc.

Upon consummation of the merger, NRG Energy, Inc. will remain
the issuer of the Notes and will become a wholly owned
subsidiary of Holdco.  In the event that the merger is not
consummated for any reason, NRG will be under no obligation to
consummate the tender offers, although NRG reserves the right to
accept tenders and purchase tendered Notes even if the merger is
not consummated.

The concurrent alternative consent solicitation for each series
of Notes is not conditioned on receipt of consents representing
a minimum percentage of outstanding Notes of any series.  Each
holder of Notes that consents to forgo the requirement for the
tender offer with respect to its Notes will receive a minimum
consent fee of US$1.25 in cash per US$1,000 principal amount of
Notes upon consummation of the merger, whether or not any other
holders of Notes elect to consent.

Furthermore, in the event that holders of a majority in
aggregate principal amount of a particular series of Notes
consent to forgo the tender offer, consenting holders of Notes
of that series will receive upon consummation of the merger a
consent fee per US$1,000 principal amount of Notes equal to
US$1.25 divided by the percentage of Notes of that series which
consented.

In the event that a majority of consents for a particular series
of Notes are received, NRG will not be obligated to purchase any
Notes of that series and will have the option to terminate the
tender offer for that series of Notes in its discretion.

Notes may either be tendered into a tender offer for a
particular series or may be consented, but not both.  Notes of
any series that are tendered into a tender offer will not be
eligible to receive the consent payment, even if consents
representing a majority in aggregate principal amount of that
series are received, thereby eliminating the requirement for the
tender offer with respect to all outstanding Notes of that
series.

In addition, Notes that are neither tendered nor consented will
not be eligible to receive the consent payment under any
circumstances.

In connection with the transaction, Bank of America has provided
NRG Energy with a US$4.2 billion senior unsecured debt financing
commitment, subject to customary conditions, to fund the tender
offers together with a portion of NRG's cash on hand.

In addition, the company entered into a new US$1 billion senior
credit facility at Holdco on June 8, 2007, as part of NRG's
refinancing transaction.  NRG intends to fund the Holdco
facility upon consummation of the merger and pay the proceeds to
NRG Energy as an equity contribution.

NRG will use the net proceeds for the prepayment of a portion of
its existing Term B loan, resulting in a reduction in debt at
NRG Energy but no change to the company's consolidated debt
levels.

Upon completion, the restricted payments capacity under the
indentures governing the Notes will increase by an amount equal
to the equity contribution.  In light of the company's projected
earnings and cash flow profile, the company plans to target an
annual return of capital to shareholders, consisting of both
fixed dividend and variable share repurchase components, of
approximately 3% per annum.

The tender offers are being made pursuant to the provisions of
the indentures governing the Notes that require NRG to make an
offer to repurchase Notes at a price of 101% of the principal
amount thereof, plus accrued interest, upon a “Change of
Control.”

The holding company merger, if completed, will constitute a
“Change of Control” under the indentures governing the Notes.
Conducting the tender offers as described above will fulfill
NRG's obligation with respect to the change of the control
provisions of the indentures governing the Notes.

NRG will not have any obligation to make any other offer as a
consequence of implementing the holding company structure
pursuant to the merger agreement as described above.  However,
NRG reserves the right, whether or not the tender offers or the
consent solicitations are consummated, to acquire Notes from
time to time in the future through open market purchases,
privately negotiated purchases, redemptions, tender offers or
otherwise, upon such terms and at such prices as NRG in its sole
discretion may determine.

The tender offers and the consent solicitations will expire at
9:00 a.m., New York City time, on Tuesday, Dec. 4, 2007, unless
extended.  NRG reserves the right, but is not obligated, to
extend the tender offers and the consent solicitations. Tenders
may be withdrawn and consents may be revoked at any time prior
to expiration.

The complete terms of the tender offers and consent
solicitations are contained in the Notice of Conditional Offers
to Purchase and Concurrent Alternative Consent Solicitations
Statement dated Nov. 2, 2007, which is being sent to holders of
Notes.  Each tender offer or consent solicitation with respect
to a series of Notes is independent of the others.

Banc of America Securities LLC is the exclusive dealer manager
for the tender offers and solicitation agent for the consent
solicitations. Questions regarding the tender offers and the
consent solicitations can be addressed to Banc of America
Securities LLC at (888) 292-0070 or (212) 847-5188.  Requests
for documents may be directed to MacKenzie Partners Inc., the
information agent, at (800) 322-2885 or (212) 929-5500.

                        About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                          *     *     *

Standard & Poor's Ratings Services rated NRG Energy Inc.'s
US$4.7 billion unsecured bonds at 'B'.  In addition, Standard &
Poor's rated NRG Energy Inc.'s corporate credit rating at 'B+'.
The outlook is stable.


OBJEKTA IMMOBILIEN: Claims Registration Ends November 29
--------------------------------------------------------
Creditors of Objekta Immobilien GmbH have until Nov. 29 to
register their claims with court-appointed insolvency manager
Dr. Joerg Behrends.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg, Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Behrends
         Scheideweg 161
         26127 Oldenburg
         Germany
         Tel: 0441 - 3616220
         Fax: 0441 - 36162229

The District Court of Oldenburg opened bankruptcy proceedings
against Objekta Immobilien GmbH on Oct. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Objekta Immobilien GmbH
         Attn: Markus Scheiner, Manager
         Lagerstr. 79
         26125 Oldenburg
         Germany


PHOENIX KAPITALDIENST: Frankfurt Court Junks Insolvency Plan
------------------------------------------------------------
The District Court of Frankfurt (Main) has disposed of Phoenix
Kapitaldienst GmbH's insolvency plan, acting on a complaint
filed by Irish creditor Citco Global Custody, The Financial
Times reports, citing Borsen Zeitung as its source.

The insolvency plan foresees a EUR200 million payment to around
30,000 Phoenix Kapitaldienst investors.

The court, however, has yet to act on a complaint filed by a
total of 20 banks and financial service providers, asking for
the appointment of a special insolvency administrator for
Phoenix Kapitaldienst.

In a TCR-Europe report on Oct. 31, 2007, the banks are accusing
Frank Schmitt, Phoenix Kapitaldienst's insolvency administrator,
of deceiving investors and catering to his own interests.
Mr. Schmitt also allegedly used trustee funds belonging to
investors, reportedly approved and arranged by members of the
creditors' committee.

Phoenix Kapitaldienst is a German security-trading bank, which
has up to EUR230 million in debts.  The District Court of
Frankfurt (Main) opened insolvency proceedings for the company
on July 1, 2005.


REISEBUERO CITYPARK: Claims Registration Ends November 23
---------------------------------------------------------
Creditors of Reisebuero Citypark GmbH & Co. KG have until
Nov. 23 to register their claims with court-appointed insolvency
manager  Sandra Kramer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Sandra Kramer
         Morianstrasse 45
         42103 Wuppertal
         Germany
         Tel: 0202/283310
         Fax: 0202/2833175

The District Court of Wuppertal opened bankruptcy proceedings
against Reisebuero Citypark GmbH & Co. KG on Oct. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Reisebuero Citypark GmbH & Co. KG
         Friedrichstrasse 303
         43551 Velbert
         Germany

         Attn: Alexander Beyer, Manager
         Funckstrasse 69
         42115 Wuppertal
         Germany


ROLF HENSCHKE: Claims Registration Period Ends  Nov. 20
-------------------------------------------------------
Creditors of Rolf Henschke GmbH Heizung-Sanitar-Installation
have until Nov. 20 to register their claims with court-appointed
insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Dec. 20, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/6286260
         Fax: 0391/6286266
         E-Mail: magdeburg@Rechtsanwaelte-Schwarz.de

The District Court of Magdeburg opened bankruptcy proceedings
against Rolf Henschke GmbH Heizung-Sanitar-Installation on
Nov. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Rolf Henschke GmbH
         Heizung-Sanitar-Installation
         Attn: Rolf Henschke, Manager
         Dahlenwarsleber Str. 3
         39326 Hohenwarsleben
         Germany


SPEDITIONS- UND DIENSTLEISTUNGEN: Claims Filing Ends Dec. 14
------------------------------------------------------------
Creditors of Speditions- und Dienstleistungen Guba GmbH have
until Dec. 14 to register their claims with court-appointed
insolvency manager Marcello Di Stefano.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall 208
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Marcello Di Stefano
         Jonny Schehr Str. 1
         99085 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Speditions- und Dienstleistungen Guba GmbH on Oct. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Speditions- und Dienstleistungen Guba GmbH
         Attn: Susan Guba, Manager
         Pfarrgasse 3
         36469 Tiefenort
         Germany


TELECONTACT GMBH: Creditors' Meeting Slated for Nov. 30
-------------------------------------------------------
The court-appointed insolvency manager for TeleContact GmbH,
Sebastian Laboga will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:05 a.m. on
Nov. 30.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Feb. 8, 2008 at the same venue.

Creditors have until Dec. 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against TeleContact GmbH on Oct. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         TeleContact GmbH
         Alboinstr. 36 – 42
         12103 Berlin
         Germany


T.I.M.E. IS MORE: Claims Registration Period Ends Nov. 20
---------------------------------------------------------
Creditors of T.I.M.E. is more enjoy GmbH have until Nov. 20 to
register their claims with court-appointed insolvency manager
Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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 Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against T.I.M.E. is more enjoy GmbH on Oct. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         T.I.M.E. is more enjoy GmbH
         Schiessstrasse 30
         40549 Duesseldorf
         Germany

         Attn: Jean-Pierre Joseph Schwarz, Manager
         Columbusstrasse 62
         40549 Duesseldorf
         Germany


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


SUN MICROSYSTEMS: Earns US$89 Million in First Quarter 2007
-----------------------------------------------------------
Sun Microsystems Inc. reported Monday results for its fiscal
first quarter, which ended Sept. 30, 2007.

Net income for the first quarter of fiscal 2008 on a GAAP basis
was US$89 million, as compared with a net loss of US$56 million
for the first quarter of fiscal 2007.  GAAP net income for the
first quarter of fiscal 2008 includes a US$113 million
restructuring charge.

Revenues for the first quarter of fiscal 2008 were US$3.219
billion, an increase of approximately 1% as compared with
US$3.189 billion for the first quarter of fiscal 2007.  Total
gross margin as a percent of revenues was 48.5%, an increase of
5.0 percentage points, as compared with the first quarter of
fiscal 2007.

Cash generated from operations for the first quarter of fiscal
2008 was US$574 million, and cash and marketable debt securities
balance at the end of the quarter was US$5.193 billion.

"We showed continued execution and operating discipline and
delivered a very solid first quarter with continued revenue
growth, profitability and gross margin expansion," said Jonathan
Schwartz, chief executive officer of Sun Microsystems.  "We saw
particular strength in our high-end systems lineup, good growth
in our subscription-based identity management software
offerings, and even more adoption and momentum behind the award-
winning open source SolarisTM 10 Operating System and our
virtualization offerings.  Growth remains our top priority for
fiscal 2008 as we look to capitalize on our UltraSPARC(R) T2
servers, delivering outstanding Solaris and Linux performance
with extreme energy efficiency."

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$14.358 billion in total assets, US$8.165 billion in
total liabilities, and US$6.193 in total shareholders' equity.

                   About Sun Microsystems Inc.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                         *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


VIADOM EPITOIPARI: Unpaid Debt Forces Firm to Declare Insolvency
----------------------------------------------------------------
Viadom Epitoipari Zrt. has declared insolvency after its
creditors filed HUF46 billion in claims against the motorway
construction firm, Budapest Sun reports citing Nepszabadsag.

The Dunapart-based company only has HUF5 billion in assets,
Nepszabadsag relates.

Viadom is part of the three-company consortium building
Balatonkeresztur-Nagykanizsa stretch of the M7 motorway, and is
responsible for two-thirds of the construction, Nepszabadsag
reports.

According to the daily, the consortium may miss the May 2008
deadline for completing the construction.

Jozsef Meszaros, Project Director for the other members of the
consortium -- Porr and Terrag-Asdag -- told  Nepszabadsag that
it has hired subcontractors to continue the construction of the
motorway.


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


WR GRACE: Asbestos PI Committee & FCR File Reorganization Plan
--------------------------------------------------------------
The Official Committee of Asbestos Personal Injury Claimants and
David T. Austern, the Court-appointed future claims
representative, delivered to the U.S. Bankruptcy Court for the
District of Delaware on Nov. 5, 2007, a joint plan of
reorganization for W.R. Grace & Co. and its 61 debtor-
affiliates.

The PI/FCR Plan provides for the creation of an asbestos trust
to which all of the asbestos personal injury claims against the
Debtors will be channeled and resolved.  The Asbestos Trust will
be funded by the Sealed Air Payment, which will consist of:

   -- US$512.5 million in cash, plus interest accrued from
      Dec. 21, 2002, until the effective date of the Plan, at a
      rate of 5.5% per annum compounded annually; and

   -- 18 million shares of Sealed Air Common Stock, as adjusted
      for a two-for-one stock split in March 2007.

The Sealed Air Payment stems from a settlement agreement,
approved by the Court on June 27, 2005, resolving certain
fraudulent transfer claims asserted by the Debtors and Sealed
Air Corporation.

The PI/FCR Plan will become effective only after the Court has
found that the Debtors' aggregate liability for all existing and
future asbestos PI Claims and Demands will be at least
US$4 billion, pursuant to a final Court order.

To recall, the Debtors filed a joint plan of reorganization and
disclosure statement on Nov. 13, 2004, and amended that Plan on
Jan. 13, 2005.  A condition to the confirmation of the
Debtors' Plan was for the Court to find that the Debtors'
maximum aggregate payment for all asbestos-related liabilities
and trust administrative costs and expenses will not exceed
US$1.6 billion.

                       Estate Consolidation

The PI/FCR Plan provides that, subject to the occurrence of the
Effective Date, the Debtors will be deemed consolidated for Plan
purposes only.  Each and every claim filed or to be filed
against the Debtors will be deemed filed against the deemed
consolidated Debtors and will be deemed one Claim against and
obligation of the deemed consolidated Debtors.

The deemed consolidation, however, will not affect:

   -- the Debtors' legal and organizational structure;

   -- any Encumbrances that are required to be maintained under
      the PI/FCR Plan in connection with executory contracts
      and unexpired leases that were entered during the
      Debtors' Chapter 11 cases or that have been or will be
      assumed pursuant to the Plan or in connection with any
      exit financing;

   -- the Sealed Air Settlement Agreement; and

   -- the settlement agreement between the Debtors and
      Fresenius Medical Care Holdings, Inc.

Consolidation of the Debtors will not have any effect on any
Plan Claims being reinstated and left unimpaired under the
PI/FCR Plan; and the legal, equitable, and contractual rights to
which the holders of any Plan Claims are entitled will be left
unaltered by the Plan.

                Injunction and Discharge Provisions

On the Effective Date, all Asbestos Personal Injury and Personal
Damage Claimholders, and all entities that have asserted claims
against any insurance company that has issued asbestos insurance
policies to the Debtors, are enjoined from taking any action for
the purpose of collecting, recovering, or receiving payments,
satisfaction, or recovery on account of those Claims, including:

   (a) commencing, conducting, or continuing any lawsuit in any
       forum against any Asbestos Protected Party or any of
       their properties and interests;

   (b) enforcing, levying, attaching, collecting, or otherwise
       recovering by any means, any judgment or award against
       any Entity released under any provision of the PI/FCR
       Plan;

   (c) creating, perfecting, or otherwise enforcing any
       Encumbrance against any Entity released under any
       provision of the PI/FCR Plan; and

   (d) setting off, seeking reimbursement of, indemnification
       or contribution from, or subrogation against any Entity
       released under any provision of the PI/FCR Plan.

The Asbestos Protected Party includes the Debtors, the
Reorganized Debtors, the Non-Debtor Affiliates, the Resolved
Asbestos Insurance Companies, the Sealed Air and Fresenius
Indemnified Parties, the Settled Asbestos Insurance Companies,
and their representatives.

                      Employee Compensation

All of the Debtors' obligations under employment and severance
contracts and policies; and all compensation and benefit plans,
policies, and programs will be treated as though they are
executory contracts that are deemed assumed under the PI/FCR
Plan.

                    Dissolution of Committees

On the Effective Date, the PI Committee, the Official Committee
of Asbestos Property Damage Claimants, the Official Committee of
Unsecured Creditors, and the Official Committee of Equity
Security Holders will be dissolved.  The Debtors will continue
to retain the FCR.

A full-text copy of the PI/FCR Plan is available for free at
http://ResearchArchives.com/t/s?2504

A full-text copy of the Glossary of Terms of the PI/FCR Plan is
available for free at http://ResearchArchives.com/t/s?2505

                      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,
Pennsylvania.  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.  (W.R. Grace Bankruptcy News,
Issue No. 143; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


ALITALIA SPA: Taps Goldman Sachs as Adviser for Stake Bid
---------------------------------------------------------
AP Holding S.p.A., AirOne S.p.A.'s acquisition vehicle, has
hired Goldman Sachs to advise on its bid to acquire the Italian
government's 49.9% stake in Alitalia S.p.A., Thomson Financial
reports.

AP Holding, backed financially by Intesa Sanpaolo S.p.A., said
Nomura is joining its "core banking group" that consists of
Italian and foreign investment banks, created specifically for
the Alitalia bid, Thomson Financial relates.

AP Holding has also acquired the services of:

   -- Boston Consulting Group as industrial adviser;
   -- Sabre Airline Solutions as technical adviser; and
   -- Bonelli Erede Pappalardo as legal adviser.

"AP Holding, supported by its working group, believes it can
offer an efficient solution for a solid industrial operation and
for the long-term relaunch of Alitalia," AP Holding was cited by
Thomson Financial as saying.

According to industry analysts, Air France-KLM and Deutsche
Lufthansa AG offers stronger industrial ties for Italy's
national carrier, while AP's financial strength and
international links have been a concern for Alitalia's unions,
Thomson Financial adds.

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

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

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

                       About Alitalia

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

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


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


ASANKUL LLP: Proof of Claim Deadline Slated for Dec. 7
------------------------------------------------------
LLP Microcredit Organization Asankul has declared insolvency.
Creditors have until Dec. 7 to submit written proofs of claims
to:

         LLP Microcredit Organization Asankul
         Ablaihan Str. 5
         Ushtobe
         Karatalsky District
         Almaty
         Kazakhstan


CELL-STAR LLP: Creditors Must File Claims Dec. 11
-------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Cell-Star (RNN 090400210903).

Creditors have until Dec. 11 to submit written proofs of claims
to:

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


CONSTA STROY: Claims Filing Period Ends Dec. 11
-----------------------------------------------
The Tax Committee of Almaty region has ordered the compulsory
liquidation of LLP Construction Company Consta Stroy (RNN
090400215343).

Creditors have until Dec. 11 to submit written proofs of claims
to:

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


DAMLE LLP: Creditors' Claims Due on Dec. 11
-------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Damle insolvent.

Creditors have until Dec. 11 to submit written proofs of claims
to:

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


KAPRATAS KAZAKHSTAN: Claims Registration Ends Dec. 7
----------------------------------------------------
LLP Kapratas Kazakhstan- Kapratas Kazakhstan has declared
insolvency.  Creditors have until Dec. 7 to submit written
proofs of claims to:

         LLP Kapratas Kazakhstan-
         Kapratas Kazakhstan
         Office 305
         Satpayev Str. 5
         Almaty
         Kazakhstan


MAKS-D LLP: Proof of Claim Deadline Slated for Dec. 11
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Maks-D insolvent.

Creditors have until Dec. 11 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (31622) 25-79-32


MAVR LLP: Creditors Must File Claims  Dec. 7
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Mavr insolvent.

Creditors have until Dec. 7 to submit written proofs of claims
to:

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


RIKI-AKTOBE LLP: Claims Filing Period Ends Dec. 7
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Riki-Aktobe insolvent.

Creditors have until Dec. 7 to submit written proofs of claims
to:

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


SPETSTECHSERVICE-2003 LLP: Creditors' Claims Due on Dec. 7
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Spetstechservice-2003 insolvent.

Creditors have until Dec. 7 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


TURPAL SERVICES: Claims Registration Ends Dec. 7
------------------------------------------------
LLP Turpal Services has declared insolvency.  Creditors have
until Dec. 7 to submit written proofs of claims to:

         LLP Turpal Services
         Micro District 5, 24-48
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 60-07-91


UNITECH SNAB: Creditors Must File Claims Dec. 7
-----------------------------------------------
LLP Unitech Snab Service has declared insolvency.  Creditors
have until Dec. 7 to submit written proofs of claims to:

         LLP Unitech Snab Service
         Valihanov Str. 41-39
         Astana
         Kazakhstan


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


TRUST COMPANY: Proof of Claim Deadline Slated for December 5
------------------------------------------------------------
LLC Trust Company has declared insolvency.  Creditors have until
Dec. 5 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-48-84.


XANADU LIMITED: Creditors Must File Claims by December 12
---------------------------------------------------------
Branch of the Company Xanadu Limited has declared insolvency.
Creditors have until Dec. 12 to submit written proofs of claim
to:

         Branch of the Company Xanadu Limited
         Abdrahmanov Str. 191
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-42-52


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


BAIKALZVEROPROM OJSC: Asset Sale Slated for Dec. 3
--------------------------------------------------
A. A. Markin, the competitive proceedings manager of OJSC
BaikalZveroProm, will open a public auction for the company's
properties at 11:00 a.m. on Dec. 3 at:

         Rzhanova Str. 4
         Slyudyanka
         Irkutsk
         Russia

The starting price for the auctioned assets is RUR300,000.
Deposit required is 20% of the starting price.

Interested participants have until noon on Nov. 27 to submit
their bidding documents to:

         A. A. Markin
         P.O. Box 2
         665830 Angarsk
         Russia

The Debtor can be reached at:

         OJSC BaikalZveroProm
         Kirova Str. 193-6
         Kultuk raion Settlement
         Slyudyanskij Raion
         Irkutsk
         Russia

Information related to the auction can be obtained by calling,
Tel: 8-914-882-9532.


BLAGOVEST COMMERCIAL: Competitive Proceedings Ongoing
-----------------------------------------------------
Creditors of Blagovest Commercial Bank LLC are invited to submit
their proofs of claim at:

         Blagovest Commercial Bank LLC
         Stromynka str.,13?
         107014 Moscow
         Russia


CAESAR LLC: Pskov Bankruptcy Hearing Slated for March 4
-------------------------------------------------------
The Arbitration Court of Pskov will convene on March 4, 2008, to
hear the bankruptcy supervision procedure on North-West Meat-
Industrial Company Caesar LLC.  The case is docketed under Case
No. ?52-3844/2007.

The interim manager is:

         P. E. Tarasov
         P.O. Box 19
         ???-100
         170100 Tver'
         Russia

The Debtor can be reached at:

         North-West Meat-Industrial Company Caesar LLC
         Tyamsha Village 1
         Pskov Raion
         180504 Pskov
         Russia


CHEBOKSARSKY LLC: Creditors Must File Claims by Nov. 27
-------------------------------------------------------
Creditors of Meat Integrated Plant Cheboksarsky LLC have until
Nov. 27 to submit proofs of claim to:

         S. N. Berezov
         Interim manager
         Office 37
         Krymova Str. 12
         432071 Ulyanovsk
         Russia

The Arbitration Court of Chuvashia commenced bankruptcy
supervision procedure on the company on Oct. 4.  The case is
docketed under Case No. ?79-6311/2007.

The Debtor can be reached at:

         Meat Integrated Plant Cheboksarsky LLC
         Kanashskoye Shosse 27
         Cheboksary
         428003 Chuvashia
         Russia


CHEKMAGUSHEVSKIJ OJSC: Creditors Must File Claims by Nov. 27
------------------------------------------------------------
Creditors of OJSC Milk Plant Chekmagushevskij have until Nov. 27
to submit proofs of claim to:

         I. Sh. Ulyaev
         Interim manager
         P.O. Box 33
         Ufa
         450047 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on the company on Sept. 12.  The case is
docketed under Case No. ?07-7255/07-?-???.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Milk Plant Chekmagushevskij
         Lenina Str. 4
         Chekmagushevo Settlement
         452200 Bashkortostan
         Russia


DAVLEKANOVSKAYA OJSC: Creditors Must File Claims by Dec. 27
-----------------------------------------------------------
Creditors of OJSC Footwear Factory Davlekanovskaya have until
Dec. 27 to submit proofs of claim to:

         E. G. Ivanov
         Competitive proceedings manager
         Apartment 9
         October prospekt Str. 89/3
         Ufa
         450057 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced a one-year
competitive proceeding on the company on Oct. 10.  The case is
docketed under Case No. ?07-19703/05-?-???.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Footwear Factory Davlekanovskaya
         Mazhita Gafuri Str. 4
         Davlekanovo
         453400  Bashkortostan
         Russia


KIGINSKIJ OJSC: Creditors Must File Claims by Dec. 27
-----------------------------------------------------
Creditors of OJSC Butter Factory Kiginskij have until Dec. 27 to
submit proofs of claim to:

         R. G. Rahmangulov
         Competitive proceedings manager
         Moloduezhi Boulevard 2-326
         Ufa
         450071 Bashkortostan
         Russia

The Arbitration Court Bashkortostan commenced competitive
proceedings against the company after finding it insolvent on
Sept. 27.  The case is docketed under Case No. ?07-22990/06-?-
???.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Butter Factory Kiginskij
         Karamaly Str. 8
         Verhniye Kigi Township
         452500 Kiginskij Raion
         Russia


OILCHEMMONTAZH-1 OJSC: Creditors Must File Claims by Nov. 27
------------------------------------------------------------
Creditors of OJSC OilChemMontazh-1 have until Nov. 27 to submit
proofs of claim to:

         G. G. Fedorov
         P.O. Box 52
         423600 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced a one-year
competitive proceeding against the company after finding it
insolvent on Sept. 17.  The case is docketed under Case No.
?65-11786/2007-??4-35.

The Court is located at:

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

The Debtor can be reached at:

         OJSC OilChemMontazh-1
         P.O. Box 4
         Stroybase
         Naberezhnye Chelny
         Tatarstan
         Russia


SLAVIC MECHANICAL: Bankruptcy Hearing Slated for Feb. 18, 2008
--------------------------------------------------------------
The Arbitration Court of Krasnodar krai will convene at 10:00
a.m. on Feb. 18, 2008, to hear the bankruptcy supervision
procedure of CJSC Slavic Mechanical Plant.  The case is docketed
under Case No. ?-32-13937/2007-37/395-?.

The interim manager is:

         P. N. Yurin
         Office 34
         Ordjonikidze Str. 27
         350000 Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Slavic Mechanical Plant
         Druzhby Narodov Str. 13
         353560 Slavyansk-on-Kuban'
         Russia


SIBTRANSALIANCE CJSC: Asset Sale Slated for Nov. 27
---------------------------------------------------
The competitive proceedings manager of CJSC SibTransAliance will
open a public auction sale of the right of claim to OJSC Pulp-
and-Paper Mill Baikal'skij at 3:00 p.m. on Nov. 27.

The starting price for the auctioned assets is RUR118,955.
Deposit required is 20% of the starting price.

Interested participants have until Nov. 22 to submit their
bidding documents to:

         CJSC SibTransAliance
         Lapina Str. 43 ?-3
         664025 Irkutsk
         Russia

Information related to the auctioned can be obtained by calling,
Tel: 20-33-06.


SISTEMA JSFC: Registers Share Issue with FFMS After Share Split
---------------------------------------------------------------
Sistema JSFC has registered its share issue with the Federal
Financial Markets Service (FFMS), which is the result of the
previously announced split of the nominal value of the company's
ordinary shares by 1,000 times.

The share split is being implemented with the objective of
raising liquidity levels in the trading of Sistema's shares in
Russia.

After the split is completed, the number of outstanding shares
will increase to 9,650,000,000 ordinary shares, with a par value
of RUR0.09 per share.  The company's share capital will remain
RUR868,500,000.  State registration number 1-05-01669-A has been
assigned to the share split.

Sistema's share split will be effected on the record date of
November 13, 2007.  The RTS, MICEX and MSE stock exchanges will
temporarily suspend trading in Sistema's shares in Russia,
pending the registration of the report on the results of the
share split by the FFMS.

                          About Sistema

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

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

                         *     *     *

As reported in the TCR-Europe on Oct. 26, 2007, Moody's
Investors Service upgraded the corporate family ratings of JSFC
Sistema to Ba3 from B1.  The outlook on the ratings is positive.

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

The company carries Standard & Poor's BB- issuer credit rating
with positive outlook and Fitch Ratings' BB- issuer default
rating with stable outlook..


SITRONICS JSC: Inks Strategic Partnership with Nokia Siemens
------------------------------------------------------------
JSC Sitronics has signed a letter of intent to establish a
strategic partnership with Nokia Siemens Networks.

Within the framework of the partnership, Nokia Siemens Networks
has signed an initial framework purchase agreement with
Sitronics subsidiary, JSC Mikron, which is the largest
manufacturer and exporter of microelectronic components in
Russia.  Within the terms of the agreement, Mikron will become
the official global supplier of analogue power management
electronic components for Nokia Siemens Networks products.

"Nokia Siemens Networks will benefit from our broad expertise in
the technology sector and our global service delivery
capability.  This agreement with Nokia Siemens Networks is the
first step in our cooperation, on which we intend to build by
providing further high quality products," Sergey Aslanyan,
president and chief executive officer of Sitronics, commented.

"Nokia Siemens Networks has been supplying infrastructure
equipment to Sitronics' sister companies, Mobile TeleSystems and
Moscow City Telephone Network, since the mid 1990s.  We are
pleased to have the opportunity to work with another company in
the Sistema Group, which has a successful track record in
delivering efficient technological solutions.  We believe this
partnership will not only help us introduce greater efficiencies
within our business, but will also enable us to include the best
of products available in the market and provide solutions to our
customers," Volker Ziegler, head of North East region of Nokia
Siemens Networks, added.

                       About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

For the 12 months ended Dec. 31, 2006, Sitronics' revenues and
OIBDA were US$1.61 billion and US$183.6 million, respectively.
As of Dec. 31, 2006, Sitronics had total assets of US$1.65
billion.

                            *   *   *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.  As the technology arm of AFK Sistema
(rated 'BB-'/Outlook Stable), the rating reflects a weak
standalone credit profile, offset somewhat by increased
financial flexibility following the IPO.


STROYKREDIT BANK: Moody's Assigns B3/NP/E+/Baa3.ru Ratings
----------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Bank Stroykredit:

   -- a bank financial strength rating of E+; and

   -- long-term and short-term local and foreign currency
      deposit ratings of B3/Not Prime.

Concurrently, Moody's Interfax Rating Agency assigned a long-
term national scale rating of Baa3.ru to BSK.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.  The outlook on the global scale ratings is
stable, while the national scale rating carries no specific
outlook.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect BSK's global default and loss
expectation, while the Baa3.ru national scale rating reflects
the standing of the bank's credit quality relative to its
domestic peers.

Moody's notes that BSK is unlikely to receive support from its
owners or from the Russian government in case of distress.
Hence, the B3 long-term foreign currency deposit rating assigned
to the bank does not incorporate any probability of external
support.

According to Moody's, the E+ BFSR is constrained by the bank's
narrow franchise, the sizeable proprietary trading portfolio,
the high concentration of the loan portfolio, a material volume
of related-party loans and the predominantly short-term nature
of its funding base.  More positively, the rating also reflects
the bank's fairly broad geographical coverage and its
established relationships with a relatively diversified
corporate clientele including large industrial customers, as
well as a good financial performance with improving core
profitability.

Moody's notes that an upgrade of BSK's deposit ratings might be
possible in the event of a significant expansion and
diversification of the bank's market franchise, including
further development of its retail business, provided this is
accompanied by stable growth in the bank's core income, good
quality of assets, a notable reduction in the share of
proprietary trading business and related-party exposure, as well
as an appropriate lengthening of its funding base.

Although a downgrade of BSK's current ratings is a remote
likelihood, it may be a possible development if the bank
proprietary trading activity leads to an increased volatility of
income or negative financial results.  A BFSR downgrade may also
be driven by a growth in concentration or some other form of
decline in the quality of the bank's assets, including an
increase in related-party business.

Domiciled in Moscow, Bank Stroykredit conducts its business
through the head office, as well as 12 branches and 16
supplementary offices providing it with wide geographical
coverage (Tyumen, Novorossiysk, Omsk, Samara, Irkutsk, Saratov,
St. Peterburg, Nefteugansk, Nizhnevartovsk etc.).  As at the end
of 2006, BSK reported total assets of US$566 million (2005:
USD484 million), total capital of US$83 million (2005: US$62
million) and net income of US$15 million (2005: US$22 million).

In 2006 the bank adopted a new strategy envisaging an
accelerated development of its retail business.  It intends to
take advantage of its geographical diversification and to focus
its efforts on regional business, especially as relates to
retail operations (currently approximately 60% of the bank's
retail business and 40% of its corporate business is run out of
Moscow).


TMK OAO: Begins Pipe Production for Astrakhan Gas Field
-------------------------------------------------------
OAO TMK has started production of special corrosion-resistant
seamless line pipes used for the transportation of gas extracted
from wells operating in aggressive environments.

This new pipe range was especially developed by TMK's R&D center
for the Astrakhan gas condensate field, which has a complex
geological structure and contains high pressure formations
saturated with corrosive and toxic agents.  TMK's Sinarsky Pipe
Plant has already produced a batch of seamless line pipes
capable of withstanding the impact of the field's destructive
substances.

The pipes passed all bench and field tests, evidencing that
TMK's corrosion-resistant seamless line pipes can be used for
the transportation of oil and gas with high concentrations of
hydrogen sulfide and carbon dioxide.  These new TMK pipes meet
current Gazprom specifications and will provide  an alternative
to imported pipes.

"Production of pipes designed for gas-condensate wells with high
concentrations of hydrogen sulfide is new and very promising for
OIE.  These new products will allow us to meet the demand for
high performance pipes from Gazprom and other oil and gas
companies operating in various hydrocarbon fields," Konstantin
Semerikov, CEO of TMK, commented.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                            *   *   *

As reported in the TCR-Europe on July 20, 2007, Moody's
Investor's Service upgraded the corporate family rating
for TMK OAO from B1 to Ba3.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, assigned a
Aa3.ru national scale credit rating with a stable outlook to the
company.

As of Nov. 7, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings with a stable
outlook.


VALUYSKIJ OJSC: Creditors Must File Claims by Dec. 27
-----------------------------------------------------
Creditors of OJSC Meat Integrated Plant Valuyskij have until
Dec. 27 to submit proofs of claim to:

         V. R. Krotov
         Competitive proceedings manager
         Apartment 23
         Promyshlennyj Proezd 3
         308023 Belgorod
         Russia
         Tel/fax: (4722) 34-13-74

The Arbitration Court of Belgorod commenced competitive
proceedings against the company after finding it insolvent on
Oct. 10.  The case is docketed under Case No. ?08-1958/07-24 ?.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Meat Integrated Plant Valuyskij
         Surzhikova Str. 112
         Valuyki
         Belgorod
         Russia


YUKOS OIL: Owners Get Nothing from US$35.6 Billion Sale Proceeds
----------------------------------------------------------------
A series of bankruptcy auctions for OAO Yukos Oil Co.'s assets,
which began in March 2007, has raised RUR877.06 billion (US$35.6
billion) this year, about US$3 billion less than the company's
total liabilities, including taxes, debts and fines, Bloomberg
relates.

However, Nikolai Lashkevich, spokesman for Yukos' court-
appointed manager Eduard Rebgun, told Bloomberg that
shareholders will not get anything from the amount as "there is
no money from the asset sales" available to pay them.

As reported in the TCR-Europe on Nov. 5, 2007, Yukos has paid up
to RUR1.867 trillion to its bankruptcy creditors, with RUR76
billion in outstanding claims left, RIA Novosti reports, citing
Mr. Rebgun.

According to the report, Yukos has paid:

   -- RUR995 billion in taxes, RUR579 billion of which incurred
      during the company's bankruptcy process, to Russia's
      federal budget; and

   -- RUR872 billion in claims by commercial creditors,
      including Deutsche Bank AG, Banque Societe Generale Vostok
      and Mazeikiu Nafta.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for
$9.35 billion, as payment for $27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a $1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a $1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


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


EMPRESAS 1: Fitch Junks EUR32.4 Million Class E Notes
-----------------------------------------------------
Fitch Ratings has affirmed IM Grupo Banco Popular EMPRESAS 1,
FONDO DE TITULIZACION DE ACTIVOS's notes following a
satisfactory performance review, as follows:

   -- EUR138.1 million Class A1 notes (ISIN: ES0347843007):
      affirmed at 'AAA'

   -- EUR1.136 billion Class A2 notes (ISIN: ES0347843015):
      affirmed at 'AAA'

   -- EUR28.8  million Class B notes (ISIN: ES0347843023):
      affirmed at 'AA'

   -- EUR27 million Class C notes (ISIN: ES0347843031): affirmed
      at 'A+'

   -- EUR54.9 million Class D notes (ISIN: ES0347843049):
      affirmed at 'BBB+'

   -- EUR32.4 million Class E notes (ISIN: ES0347843056):
      affirmed at 'CCC'

The rating actions reflect the transaction's stable performance,
low delinquency levels and increased levels of credit
enhancement.  As of the Sept. 2007 report, the total amount of
outstanding delinquencies represents 6.7% of the outstanding
portfolio, of which only 0.28% are payments in arrears of more
than 90 days and 0.08% in arrears over 180 days.  Although the
6.7% seems relatively high level of delinquencies, there has
been improvement since closing.  Most of the delinquencies are
expected to be recovered before they reach 90 days.  The credit
enhancement of the Classes has increased due to the amortization
of the senior notes in line with the underlying collateral.
Currently, 24.95% of the Class A1 notes balance remains
outstanding.  All other notes are at their initial level.

The transaction represents a cash-flow securitization of a
static portfolio of loans to small- and medium-sized Spanish
enterprises granted by six entities of the Grupo Banco Popular
(namely Banco Popular Espanol ('AA'/'F1+'); Banco de Andalucia
('AA-'/'F1+'); and four other unrated entities.

The portfolio is currently composed of 9,143 loans, 82.61% of
which are secured by first-ranking mortgages.  Highest obligor
concentration, 17.4% of the outstanding collateral balance, is
in Madrid and 24.5% of the collateral is linked to the real
estate sector.  The current credit enhancement for the senior
notes is provided by the Class B, Class C and Class D notes, as
well as the reserve fund.

IM GBP EMPRESAS 1 is a special purpose vehicle incorporated
under the laws of Spain with limited liability.  Its sole
purpose is to acquire the portfolio of loans as collateral for
the issuance of fixed-income securities.  The assets of IM GBP
EMPRESAS 1 were acquired on its behalf by InterMoney
Titulizacion S.G.F.T., S.A., a special purpose management
company with limited liability and incorporated under the laws
of Spain.


IM GOYA: S&P Rates EUR26.6 Million Class C Notes at BB-
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the EUR1.9 billion mortgage-backed floating-rate notes issued
by IM GOYA Hipotecario I, Fondo de Titulizacion de Activos, a
special purpose entity incorporated in Spain.

IM GOYA I is a fund whose sole purposes is to purchase the
collateral from Barclays Bank S.A., issue the notes, and carry
out related activities.  The issuer holds a distinct and closed
pool of assets available for distribution to the noteholders.
The assets are insulated from the insolvency of the originator
and the trustee.

The originator of this transaction is Barclays Bank S.A., a
subsidiary of Barclays Bank PLC.  Barclays Bank S.A. maintains a
position in all sectors of Spanish banking.

The mortgage loans representing the collateral of the
transaction are Certificados de Transmision Hipotecaria.  These
loans are mainly originated in Madrid, Andalucía, and Catalonia,
and could be for any purpose.

The fund acquired a group of mortgage loans held by Barclays
Bank S.A. granted to individuals domiciled in Spain.  Barclays
Bank S.A. issued the CTHs and the issuer subscribed to them.  IM
GOYA I then financed its purchase of the CTHs by issuing the
notes.

A basis swap agreement between the fund manager (on the issuer's
behalf) and Barclays Bank PLC converts the interest payments
received on the CTHs (one-year EURIBOR, one-month EURIBOR, one-
year MIBOR, and three-month MIBOR) into three-month EURIBOR.

In this transaction, Barclays Bank S.A. acts as originator,
servicer, and paying agent. The swap counterparty is the Spanish
branch of Barclays Bank PLC.

As in other Spanish transactions, interest and principal are
combined into a single priority of payments, with some triggers
in the payment of interest to protect senior noteholders.

                          Ratings List

IM GOYA Hipotecario I, Fondo De Titulizacion De Activos
   EUR1.9 Billion Mortgage-Backed Floating-Rate Notes

           Class          Rating           Amount
                                         (Mil. EUR)

           A1             AAA               399.0
           A2             AAA             1,421.2
           B              A                  28.5
           C              BBB+               24.7
           D              BB-                26.6


TDA 24: Fitch Rates Class D Notes at BB+ with Stable Outlook
------------------------------------------------------------
Fitch Ratings has affirmed all TDA 24, Fondo de Titulizacion
tranches, following an updated loan-by-loan and cash flow
analysis.  The portfolio is backed by mortgage loans originated
in Spain by Banco de la Pequena y Mediana Empresa, S.A.
(Bankpime), Caja de Ahorros de Castilla La Mancha (rated 'A/F1')
and Union de Credito financiero Mobiliario e Inmobiliario
(Credifimo).  The rating actions are:

   -- Class A1 (ISIN ES0345782009) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0377952017) affirmed at 'AAA'; Outlook
      Stable

   -- Class IO affirmed at 'AAA'; Outlook Stable

   -- Class B (ISIN ES0377952025) affirmed at 'A'; Outlook
      Stable

   -- Class C (ISIN ES0377952033) affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN ES0377952041) affirmed at 'BB+'' Outlook
      changed to Negative from Stable

The change in Outlook for class D follows a draw on the reserve
fund in Sept. 2007.  The transaction was re-modeled including
revising a number of assumptions such as the current and
expected levels of delinquency, defaults, prepayments and
recoveries in line with the relevant rating scenarios, based on
performance to date.  The drawing of the reserve fund represents
14.87% of the original reserve fund balance, and it currently
stands at 0.93% of the note balance, which is above the initial
level of 0.82% at closing.  The transaction includes a
provisioning mechanism, where the notes are amortized by the
amount of loans more than 12 months arrears using available
excess spread.  This excess spread is reduced by the I/O strip
which matures in June 2009; therefore the reserve fund was
utilized.

The three months-plus arrears reached a maximum of 0.50% in
April 2007; and 0.11% of the loans were in the eight to nine
months arrears bucket.  Three months later, they migrated into
the default bucket, as this is defined as 12 moths in arrears.
Therefore the cumulative defaults increased from 0.04% in June
2007 to 0.20% in August 2007.  The latest report shows, the nine
months-plus arrears are 0.08% of the current balance, which is
likely to migrate into defaults over the coming payment dates.

The replenishment of the reserve fund will depend on the
recovery level from the defaulted loans and also on the level of
excess spread available.  As the total recovery can be lengthy
and the excess spread will be minimal until the end of the I/O
note, there is a high probability of additional draws on the
reserve fund.

Credifimo, a specialist mortgage lender in Spain originated 27%
of the pool balance. The new pool cut showed that the percentage
of the loans more than three months in arrears originated by
Credifimo increased to 83%. The remaining 17% of delinquent
loans were originated by CCM.  A higher proportion of the loans
in arrears were from the regions of Andalucia and Canary Islands
than at time of closing.


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


FORD MOTOR: S&P Retains 'B' Rating Under CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications, following
the agreement between Ford and the United Auto Workers of a new
labor contract.  Ford's UAW workers are expected to vote on
ratification of the contract in the coming days, and S&P expect
the required approval level to be obtained.  The ratings were
placed on CreditWatch on Sept. 26, 2007, based on S&P's belief
that Ford would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date. Ford's 'B-3' short-term
rating was not on CreditWatch.

"We expect to view the new Ford contract as favorable compared
with past agreements, and similar to the recent GM and Chrysler
LLC contracts in many ways," said Standard & Poor's credit
analyst Robert Schulz, "but Ford's challenges in turning around
its North American auto operations remain substantial."  The new
contract is reported to contain many of the same features as the
GM contract, including a new VEBA trust designed to take
responsibility for postretirement health care expenses and a
lower-tier wage structure for new hires.

The main focus of S&P's analysis in resolving the CreditWatch
listing will be the effect of the new contract on Ford's
liquidity in the next several months, as well as prospects for
Ford's cash flow and liquidity during the next two years.  S&P
will view the new contract in light of Ford's multiyear plan to
return its North American operations to profitability, and S&P
will weigh the costs and benefits of the new contract over time,
given the company's workforce and retiree demographics.  All
three Michigan-based automakers are facing a range of challenges
unrelated to their new contracts, including slowing U.S. light-
vehicle sales and shifts away from what had been their most
profitable vehicle segments in recent years.


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


BACHTOLD TENGER: Schaffhausen Court Closes Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Schaffhausen entered Sept. 24 an order
closing the bankruptcy proceedings of JSC Bachtold Tenger
Holzbau.

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC Bachtold Tenger Holzbau
         Obere Hofwiesen 13
         8226 Schleitheim SH
         Switzerland


COS. MED.SWISS: Solothurn Court Closes Bankruptcy Process
---------------------------------------------------------
The Bankruptcy Service of Oensingen in Solothurn entered
Sept. 20 an order closing the bankruptcy proceedings of
LLC Cos.med.swiss international.

The Bankruptcy Service of Oensingen can be reached at:

         Bankruptcy Service of Oensingen
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC Cos.med.swiss international
         Rotistrasse 2a
         4532 Feldbrunnen
         Switzerland


EXPRESS REIFEN: Thurgau Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Thurgau entered Sept. 28 an order
closing the bankruptcy proceedings of JSC Express Reifen Lommis.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Express Reifen Lommis
         Flugplatzstrasse
         9506 Lommis
         Munchwilen TG
         Switzerland


LE BISTRO: St. Gallen Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC Le Bistro St. Gallen on Sept. 13.

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

         Bankruptcy Service of St. Gallen
         Addolorata Tazza
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Le Bistro St. Gallen
         Bohl 2
         9000 St. Gallen
         Switzerland


MONEYLINE TELERATE: Liquidation Claims Due by November 12
---------------------------------------------------------
Creditors of LLC Moneyline Telerate (Switzerland) have until
Nov. 12 to submit their claims to:

         Seefeldstrasse 25
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Moneyline Telerate (Switzerland)
         Zurich
         Switzerland


OBB JSC: Glarus Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Glarus entered Sept. 11 an order closing
the bankruptcy proceedings of JSC OBB.

The Bankruptcy Service of Glarus can be reached at:

         Bankruptcy Service of Glarus
         8750 Glarus GL
         Switzerland

The Debtor can be reached at:

         JSC OBB
         Kerenzerstrasse
         8758 Obstalden GL
         Switzerland


TOPDATA SERVICES: Creditors' Liquidation Claims Due by Nov. 14
--------------------------------------------------------------
Creditors of LLC Topdata Services have until Nov. 14 to submit
their claims to:

         Marlis Arenz
         Liquidator
         Tuttwilerstr. 22
         8357 Guntershausen bei Aadorf
         Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Topdata Services
         Aadorf
         Frauenfeld TG
         Switzerland


TRANSGLOBE STEEL: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Zug entered Oct. 1 an order closing
the bankruptcy proceedings of JSC Transglobe Steel Trading.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Transglobe Steel Trading
         6300 Zug
         Switzerland


U-MODE JSC: Creditors' Liquidation Claims Due by November 14
------------------------------------------------------------
Creditors of JSC U-Mode have until Nov. 14 to submit their
claims to:

         Francis Ullmann
         Liquidator
         Im Wygartli 33
         4114 Hofstetten
         Switzerland

The Debtor can be reached at:

         JSC U-Mode
         Basel BS
         Switzerland


WERNER KNUPP: Creditors' Liquidation Claims Due by November 19
--------------------------------------------------------------
Creditors of JSC Werner Knupp Bau have until Nov. 19 to submit
their claims to:

         Werner Knupp
         Liquidator
         Birkemosli
         6214 Schenkon
         Sursee LU
         Switzerland

The Debtor can be reached at:

         JSC Werner Knupp Bau
         Oftringen
         Zofingen AG
         Switzerland


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


EUROBUILDINGLINE-UKRAINE: Creditors Must File Claims by Nov. 11
---------------------------------------------------------------
Creditors of LLC Eurobuildingline-Ukraine (code EDRPOU 34356638)
have until Nov. 11 to submit their 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 under Case No. 23/378-b.

The Debtor can be reached at:

         LLC Eurobuildingline-Ukraine
         Kikvidze Str. 18-A
         04050 Kiev
         Ukraine


LOKHVITSKY SUGAR: Creditors Must File Claims by November 11
-----------------------------------------------------------
Creditors of OJSC Lokhvitsky Sugar Plant have until Nov. 11 to
submit their proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/120.

The Debtor can be reached at:

          OJSC Lokhvitsky Sugar Plant
          Matrosov Str. 10
          Krasnozavodskoe
          Lokhvitsky District
          37240 Poltava
          Ukraine


LUKSON LLC: Creditors Must File Claims by November 11
------------------------------------------------------
Creditors of LLC Lukson (code EDRPOU 32560447) have until
Nov. 11 to submit their proofs of claim to:

         Victoriya Evstafieva
         Liquidator
         49023 Dnipropetrovsk Ukraine P.O. Box 1523
         Tel. (056)371-66-58

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/125-07.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

          LLC Lukson
          Quay of Victory Str. 10
          49000 Dnipropetrovsk
          Ukraine


NECKPROM LLC: Creditors Must File Claims by November 11
-------------------------------------------------------
Creditors of LLC Neckprom (code EDRPOU 34190366) have until
Nov. 11 to submit their 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 under Case No. 23/401-b.

The Debtor can be reached at:

         LLC Neckprom
         Baggovutovskaya Str. 8/10
         04107 Kiev
         Ukraine


STYLE-EXTRA LLC: Creditors Must File Claims by November 11
----------------------------------------------------------
Creditors of LLC Company Style-Extra (code EDRPOU 34405564) have
until Nov. 11 to submit their 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 under Case No. 23/402-b.

The Debtor can be reached at:

         LLC Company Style-Extra
         Volinskaya Str. 60
         03151 Kiev
         Ukraine


TROLINING UKRAINE: Creditors Must File Claims by November 11
------------------------------------------------------------
Creditors of Corporation Trolining Ukraine (code EDRPOU
30782724) have until Nov. 11 to submit their 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 under Case No. 23/389-b.

The Debtor can be reached at:

         Corporation Trolining Ukraine
         Zheleznodorozhnoe Highway 47
         01103 Kiev
         Ukraine

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


ADVANCED MARKETING: Wants Until Nov. 30 to Decide on Lone Lease
---------------------------------------------------------------
Advanced Marketing Services Inc., Publishers Group Incorporated,
and Publishers Group West Incorporated ask the U.S. Bankruptcy
Court for the District of Delaware to extend until Nov. 30,
2007, the time by which they may assume or reject their sole
remaining unexpired lease of a non-residential real property,
located in Indianapolis, Indiana, with The Prudential Company of
America, as landlord.

The Court recently extended the Lease Decision Period with
respect to the Indianapolis Lease to October 31, 2007.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors have obtained
prior written consent of the lessor of the Indianapolis Lease to
the requested November 30 extension.

Under Section 365(d)(4)(B)(ii) of the Bankruptcy Code, the Court
may grant a subsequent extension "only upon prior written
consent of the lessor in each instance."

The Debtors seek extension of the Indianapolis Lease Decision
Period without prejudice to their right to seek further
extensions.

The Court will convene a hearing on November 27 at 11:00 a.m.,
to consider the Debtors' request.  Pursuant to Del.Bankr.LR
9006-2, the Debtors' Lease Decision Period with respect to the
Indianapolis Lease is automatically extended until the
conclusion of that hearing.

                   About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  In schedules filed with the Court,
Advanced Marketing disclosed total assets of US$213,384,791 and
total debts of US$216,608,357.  Publishers Group West disclosed
total assets of US$39,699,451 and total debts of US$83,272,493.
Publishers Group Inc. disclosed zero assets but US$41,514,348 in
liabilities.

On Aug. 24, 2007, the Debtors' exclusive period to file a
chapter 11 plan expired.  On the same date, the Debtors and
Creditors Committee filed a Plan & Disclosure Statement.  On
September 26, the Court approved the adequacy of the Disclosure
Statement explaining the Second Amended Plan.  The hearing to
consider confirmation of the Plan is set on Nov. 15, 2007.
(Advanced Marketing Bankruptcy News, Issue No. 22; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


ARCHCARE LTD: Brings In Administrators from Begbies Traynor
-----------------------------------------------------------
Lloyd Biscoe and Mark Robert Fry of Begbies Traynor were
appointed joint administrators of Archcare Ltd. (Company Number
01680217) on Oct. 17.

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

The company can be reached at:

         Archcare Ltd.
         Kingsdown Park
         Upper Street
         Kingsdown
         Deal
         CT14 8EU
         England
         Tel: 01304 389 170


BRITISH AIRWAYS: Traffic Figures Up 2.2% in October 2007
--------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
October 2007.

In October 2007, passenger capacity, measured in Available-Seat-
Kilometers, was 1.3% above October 2006.  Traffic, measured in
Revenue Passenger Kilometers, rose 2.2%.  This resulted in a
passenger load factor up 0.6 points versus last year, to 75.9%.
The increase in traffic comprised a 10.4% increase in premium
traffic and a 0.9% rise in non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, fell by 3.0%.

                       Market Conditions

Market conditions are broadly unchanged, as reported by the
company in its interim results on Friday, Nov. 2, 2007.

                     Strategic Developments

The company concluded arrangements for a long term multiple
option facility for US$1,700,000,000.  The facility will be used
to finance aircraft delivered over  the next five years.

British Airways launched a sale of more than 350,000 Club World
seats to 46 destinations across the globe.  The sale runs until
midnight on Nov. 27,  2007, for selected travel dates between
Dec. 1, 2007 and March 20, 2008.

The airline announced an end to its franchise agreement with GB
Airways from March 2008 and its intention to start services on
some of the routes previously operated under the franchise.  BA
plans to start services from Heathrow to Faro and Malaga and
from Gatwick to Faro, Gibraltar, Ibiza, Malaga, Palma and Tunis
from March 30, 2008.  The airline will also end its franchise
with Loganair from Oct. 25, 2008 and begin a codeshare
arrangement with the Scottish carrier.

BA CityFlyer announced the acquisition of two Avro RJ85 regional
jets for Spring 2008.  The airline has signed leases for the two
aircraft with BAE Systems Regional Aircraft, to replace the two
oldest RJ100s in the BA CityFlyer fleet of 10 aircraft.  The
new, lighter aircraft will be able to carry more passengers on
longer routes from London City Airport.

British Airways will operate flights from Gatwick to Poznan in
Poland and Antalya in Turkey next summer.  There will be daily
flights to Poznan from March 30, 2008 and three flights per week
to Antalya from April 10, 2008.

An order was placed for 150 new electric powered baggage tugs to
improve operational performance after its move to Terminal 5.
The new baggage tugs are part of British Airways' GBP25 million
investment in more than 550 airport vehicles, which will work
around the new terminal when it opens on March 27, 2008.  All of
the baggage tugs will be delivered between October 2007 and
March 2008.

                     About British Airways

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

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

                         *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


GENERAL MOTORS: Expects US$39 Bln Non-Cash Charge in 3rd Quarter
----------------------------------------------------------------
General Motors Corp. disclosed Tuesday that it will record a net
non-cash charge of US$39 billion for the third quarter of 2007
related to establishing a valuation allowance against its
deferred tax assets in the U.S., Canada and Germany.

In accordance with the Financial Accounting Standards Board's
Statement of Financial Accounting Standards No. 109, Accounting
for Income Taxes, GM has evaluated its deferred tax assets
quarterly to determine if valuation allowances were required.
As previously disclosed in GM's 2006 Form 10-K, GM had
determined in prior periods that a valuation allowance was not
necessary for its DTAs in the U.S., Canada or Germany based on
several factors, including the degree to which the company's
three-year historical cumulative losses were attributable to
special items or charges, several of which were incurred as a
result of actions to improve future profitability; the long
duration of its deferred tax assets; and the expectation of
continued strong earnings at GMAC Financial Services and
improved earnings in GM North America.

SFAS No. 109 guidelines require that a valuation allowance
should now be established due to more recent events and
developments during the 2007 third quarter.  A significant
negative factor was the company's three-year historical
cumulative loss in the third quarter of 2007 in the U.S., Canada
and Germany on an adjusted basis.  Another significant factor
was the ongoing weakness at GMAC Financial Services related to
its Residential Capital LLC mortgage business, including
substantial U.S. losses incurred in 2007.  Finally, the company
faces more challenging near-term automotive market conditions in
the U.S. and Germany.

"The establishment of a valuation allowance does not have any
impact on cash, nor does such an allowance preclude us from
using our loss carryforwards or other deferred tax assets in the
future," said Fritz Henderson, GM vice chairman and chief
financial officer.

"It's also important to note that the establishment of a
valuation allowance does not reflect a change in the company's
view of its long-term automotive financial outlook," Henderson
added.  "GM continues to believe that its new product
introductions, combined with the new GM-UAW labor agreement,
once fully implemented, will significantly improve GM's
competitive position in the U.S. and better position the company
to utilize tax benefits in the U.S. and Canada in the future."

SFAS No. 109 requires that companies assess whether valuation
allowances should be established against their deferred tax
assets based on the consideration of all available evidence
using a "more likely than not" standard.  In making such
judgments, significant weight is given to evidence that can be
objectively verified.  A company's current or previous losses
are given more weight than its future outlook, and a recent
three-year historical cumulative loss is considered a
significant factor that is difficult to overcome.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


INVENSYS PLC: Sells APV to SPX Corp for GBP250 Million
------------------------------------------------------
Invensys Plc agreed to sell APV to SPX Corporation for a cash
consideration of GBP250 million, subject to customary regulatory
approvals.  The disposal is being made on a "debt free/cash
free" basis and completion is expected to take place by end
December 2007.

APV is a global supplier of process engineering solutions for
the food, beverage, pharmaceutical and healthcare industries.
During the year ended March 31, 2007,  APV produced operating
profit before exceptional items of GBP16 million on revenue of
GBP421 million and at that date had gross assets of GBP284
million.

APV will be treated as a discontinued operation in the second
quarter results to Sept. 30, 2007, which are due to be published
on Nov. 8, 2007, and its net assets of GBP78 million will be
included in the Sept. 30, 2007 balance sheet as "Assets held for
sale".

Following discussions with the Trustee of its main U.K. pension
fund, the Invensys Pension Scheme, Invensys Plc has agreed to
contribute GBP70 million of the proceeds to the Scheme at
completion.  The effect of this additional payment upon the
payment schedule announced last year will be evaluated as part
of the actuarial review of the Scheme as at March 31, 2008.  The
U.S. pension scheme will receive 4% of the proceeds and the
balance will be used to pay down corporate debt.

"I am pleased that APV will be owned by SPX Corporation as it is
a good strategic fit with their existing businesses.  This is an
good deal for both Invensys and SPX and we wish APV every
success in the future," Ulf Henriksson, CEO of Invensys plc,
commented.

"This transaction enables us to focus management attention on
our other operations as we seek to become a sustainable, high
performance and cohesive company," Mr. Henriksson added.

                       About SPX Corp

Headquartered in Charlotte, North Carolina, SPX Corporation
(NYSE:SPW) -- http://www.spx.com/-- is a global multi-industry
manufacturing company.  It provides flow technology, test and
measurement products and services, thermal equipment and
services, and industrial products and services.  Its
infrastructure-related products and services include wet and dry
cooling systems, thermal service and repair work, heat
exchangers and power transformers into the global power market.
It has four business segments: Flow Technology, Test and
Measurement, and Thermal Equipment and Services, and Industrial
Products and Services.

                       About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.

As reported in the TCR-Europe on May 28, 2007, at March 31,
2007, the Company's balance sheet GBP2 billion in
total assets and GBP2.1 billion in total liabilities, resulting
in a GBP140 million stockholders' deficit.

                        *     *     *

Invensys Plc carries these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B2
      -- Probability of Default Rating: Ba3
      -- Outlook: Stable

   * Standard & Poor's Ratings Services:

      -- Long-Term Foreign Issuer Credit Rating: BB
      -- Long-Term Local Issuer Credit Rating: BB
      -- Outlook: Stable

   * Fitch Ratings:

      -- Long-Term Issuer Default Rating: BB-
      -- Senior Unsecured Debt: B+
      -- Short Term: B
      -- Outlook: Stable


J.I.T. PACKAGING: Brings In Administrators from PwC
---------------------------------------------------
Paul William Harding and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of J.I.T. Packaging Ltd. (Company Number 03151378) on Oct. 18.

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.

The company can be reached at:

         J.I.T. Packaging Ltd.
         Unit 14
         Capel Hendre Industrial Estate
         Ammanford
         SA18 3SJ
         Wales
         Tel: 01269 832 434
         Fax: 01269 832 200


LOUDWATER LTD: Names Ernst & Young as Administrators
----------------------------------------------------
Ian Best and Chris Marsden of Ernst & Young LLP were appointed
joint administrators of Loudwater Ltd. (Company Number 02513043)
on Oct. 22.

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.

The company can be reached at:

         Loudwater Ltd.
         Maidstone Road
         Kingston
         Milton Keynes
         MK10 0BD
         England
         Tel: 01908 280 000
         Fax: 01908 280 001


METRONET RAIL: PPP Administrator Confirms TfL as Sole Bidder
------------------------------------------------------------
London Underground Managing Director Tim O'Toole and Metronet
Rail Group PPP Administrator Alan Bloom confirmed that Transport
for London is the only formal bid to have been received for
Metronet Rail BCV Ltd. and Metronet Rail SSL Ltd.

They also confirmed that, as a result of the TfL bid, the PPP
Administrator will not take any active steps to market the
Metronet companies.

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

"An exit from Administration as quickly as possible 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,"
Mr. O'Toole said.  "I am pleased to be able to confirm [Tues]day
that Transport for London is the only bidder for Metronet and
that we do not anticipate any other bids."

                        Reliable Operation

"We are now working with the Administrator to transfer the
Metronet companies to Transport for London's control in early
2008," Mr. O'Toole continues.

"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.

"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."

"Transport for London has expressed clear interest in the
purchase of Metronet Rail BCV Limited and Metronet Rail SSL
Limited," Mr. Bloom said.  "The PPP Administrators will be
working closely with Transport for London to progress their
proposal towards an exit from administration, preferably early
in the New Year."

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

                        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.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.

                            *   *   *

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.


NTS LING: Joint Liquidators Take Over Operations
------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. (formerly Ling Systems Conveyors Ltd.) were
appointed joint liquidators of NTS Ling Ltd. on Oct. 30 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England


OPTIMUM NATIONWIDE: Calls In Liquidators from Menzies
-----------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint liquidators of
Optimum Nationwide Ltd. on Oct. 27 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


ON-TRADING & CO: Appoints Charles M. Brook as Liquidator
--------------------------------------------------------
Charles M. Brook of Tenon Recovery was appointed liquidator of
On-Trading & Co. Ltd. (t/a  Apollos & Nclub Nemesis) on Oct. 30
for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:
         Tenon Recovery
         100 Wakefield Road
         Lepton
         Huddersfield
         HD8 0DL
         England


PARRODA DIE: Taps Liquidators from Moore Stephens
-------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Parroda Die & Mould Services
Ltd. on 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


SAFCROWN LTD: Brings In Liquidatorsw from Vantis
------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis plc
were appointed joint liquidators of Safcrown Ltd. on Oct. 30 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis plc
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


SANDFORD-WILSON PROJECTS: Hires Liquidatos from Vantis Business
---------------------------------------------------------------
Vincent John Green and Mark Newman of Vantis Business Recovery
Services were appointed joint liquidators of Sandford-Wilson
Projects Ltd. (formerly S W Projects Ltd., SW Flooring Ltd.) on
Oct. 29 for the creditors' voluntary winding-up procedure
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


PREMIER BET: Taps Joint Administrators from Begbies Traynor
-----------------------------------------------------------
Timothy John Edward Dolder and Colin David Wilson of Begbies
Traynor were appointed joint administrators of Premier Bet Ltd.
(Company Number 4291755) on Oct. 17.

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

The company can be reached at:

         Premier Bet Ltd
         Britannia House 958 964
         High Road
         Barnet
         London
         N12 9RY
         England
         Tel: 020 8492 2350
         Fax: 020 8492 2379


TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned Terex's new US$500 million
senior subordinated notes, being issued in two tranches of 8
year and 10 year maturities, ratings of Ba3, LGD 5, 83%.

In a related action, Moody's affirmed Terex's corporate family
and probability of default ratings of Ba2, and affirmed the
speculative grade liquidity rating of SGL-1.  The rating outlook
remains stable.

The presence of the new US$500 million senior subordinated notes
will add a layer of junior debt to Terex's capital structure.
This new senior subordinated debt will be effectively
subordinated to Terex's existing senior subordinated debt
because the new debt will not be guaranteed, whereas Terex's
existing US$300 million 7.375% senior subordinated notes due
2014 are guaranteed by all of Terex's material domestic
subsidiaries.  The new notes, however, carry a springing
subsidiary guarantee covenant that gets triggered once the
existing US$300 million 7.375% senior subordinated notes due
2014 get repaid.

As a result of the new layer of effectively most junior debt in
the capital structure, which would be available to absorb loss
in event of default, ratings on Terex's existing debt have been
raised as:

   -- US$900 million senior secured credit facility to Baa3
      LGD2, 18% from Ba1 LGD2, 24%;

   -- US$300 million 7.375% senior subordinated notes due 2014
      to Ba2 LGD4, 50% from Ba3 LGD5, 77%.

Proceeds from the new issuance will be used to fund prospective
acquisitions as part of the company's growth initiative, as well
as for general corporate purposes, including repaying borrowing
under the company's revolving credit facility, funding capital
expenditures, investments and share repurchases.  The corporate
family rating has been affirmed despite the increase in debt
because Moody's anticipates that the company will manage its
growth initiatives in a manner that will keep the company credit
metrics and risk profile within the Ba2 rating level.  The key
operating risks that Terex faces are potential near-term
weakening of the economy, and the cyclicality of its end
markets.  Although demand from North American customers has
slowed, sales to customers in Europe have compensated.  As well,
an expectation of continued high commodity prices and high
demand for crane products globally helps to somewhat offset the
expectation of near-term slow to flat U.S. non-residential
construction growth rates.  Key non-operating risks include
potential costs associated with any resolution of the Securities
and Exchange Commission and U.S. Department of Justice
investigations.

In addition, parts shortages for certain classes of heavy
equipment are slowing inventory turns and partially limiting
flow through of higher earnings, as is the need to sell more
equipment manufactured in North America to customers outside
North America, which consumes additional working capital.
Nevertheless, Moody's expects that Terex should be able to
weather these risks within the Ba2 rating level due to the
company's improved balance sheet, and commitment to maintain
ample liquidity.  For the last twelve months ended Sept. 30,
2007, Terex had debt to EBITDA of 1.7x and EBITA margin of
11.3%.

Terex plans to use the notes proceeds to fund strategic
acquisitions over the next 12-18 months as well as for other
corporate purposes.  Moody's recognizes that with the recent
credit market uncertainty, and decline in acquisition activity
from private equity sources, the ability of strategic buyers,
such as Terex, to successfully compete for acquisitions has
improved.  Thus, Terex intends to now raise the 12-18 month
acquisition funding it requires opportunistically rather than
risk the possibility that debt markets could tighten and thereby
limit the company's flexibility.

The SGL-1 Speculative Grade Liquidity Rating anticipates that
the company will maintain very good liquidity over the next 12-
month period.  Terex's operating cash flow generation combined
with about US$460 available under its committed revolving credit
facility and about US$517 million in cash at the end of
September 2007 should be sufficient to fund the company's normal
operating capital requirements, capital spending and debt
service over the next 12 months.

Terex Corporation, headquartered in Westport, Connecticut, is a
diversified global manufacturer of construction, infrastructure,
and surface mining equipment.  The company has operations in
Australia, Brazil, China, Japan, Germany, United Kingdom, among
others.  Last twelve months Sept. 30, 2007 revenues were
approximately US$8.5 billion.


TUDOR WINDOWS: Taps Moore Stephens as Administrators
----------------------------------------------------
Colin Prescott and Nigel Price of Moore Stephens LLP were
appointed joint administrators of Tudor Windows Ltd. (Company
Number 4629037) on Oct. 11.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

         Tudor Windows Ltd.
         Kingsdown Industrial Estate
         Kingsdown Road
         Swindon
         SN25 6PD
         England
         Fax: 01793 834 482


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

Nov. 12-13, 2007
   PRACTISING LAW INSTITUTE
      Understanding the Basics of Bankruptcy & Reorganization
         PLI California Center, San Francisco, California
            Contact: http://www.pli.edu/

Nov. 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Tournament
         Redstone Golf Club, Humble, Texas
            Contact: 713-839-0808 or http://www.turnaround.org/

Nov. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Holiday Cocktail Reception Honoring
         Bankruptcy Benches of New York and New Jersey
               Bryant Park Grill, New York, New York
                  Contact: 646-932-5532 or
                           http://www.turnaround.org/

Nov. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      A Pregnant Pause: Managing through the
         Middle of the Business Cycle
         Peninsular Club, Grand Rapids, Michigan
            Contact: http://www.turnaround.org/

Nov. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Views from the Bench: The Bankruptcy Judges Speak
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

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

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

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

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

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

Nov. 15, 2007
      BEARD AUDIO CONFERENCES
      The Battle of Green & Red: Effect of Bankruptcy on
         Obligations to Clean Up Contaminated Property
            Contact: http://www.beardaudioconferences.com/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Cocktails and Networking
         The Buffalo Club, Buffalo, New York
            Contact: 716-440-6615 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      How the Plaintiff Won US$850 Million from Freightliner in
         a Fraudulent Transfer Case
            University Club, Portland, Oregon
               Contact: http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Colorado Breakfast feat. Richard Scharf, President
         Denver Metro Convention and Visitors Bureau
            Denver Athletic Club, Denver, Colorado
               Contact: http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Executive Forum & Networking Reception
         Standard Club, Chicago, Illinois
            Contact: http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Sub-Prime Mortgage Meltdown
         TMA/IWIRC/CREW Joint Meeting
            Double Tree Hotel Cleveland South, Independence,
              Ohio
                  Contact: http://www.turnaround.org/

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

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

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

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

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

Nov. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Mixer
         SouthwestUSA Bank, Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

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

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

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

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

Dec. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud and Its Many Colors
         Omni Hotel, New Haven, Connecticut
            Contact: http://www.turnaround.org/

Dec. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia Celebrates Christmas
         Blake Dawson Waldron, Sydney, Australia
            Contact: 02-9517-4041 or http://www.turnaround.org/

Dec. 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA/ACG Holiday Party
         Marriott Downtown, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

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

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

Dec. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA/CFA Joint Holiday Party
         Maryland Club, Baltimore, Maryland
            Contact: 215-657-5551 or http://www.turnaround.org/

Dec. 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Holiday Networking Event with TMA/CFA
         Loews Hotel, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Brew Pub & Pool Social
         Wynkoop Brewing Company, Denver, Colorado
            Contact: 303-847-5026 or http://www.turnaround.org/

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

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

Dec. 19, 2007
   LEXISNEXIS CONFERENCES
      Mealey's Asbestos Bankruptcy Conference
         Four Seasons Hotel, Miami, Florida
            Contact: http://www.lexisnexis.com/

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

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Debt Panel
         University Club, Jacksonville, Florida

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      NJTMA Holiday Party
         Iberia Tavern & Restaurant, Newwark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

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

Jan. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Current Outlook: Workouts, Lending and Turnarounds
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Jan. 17-18, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Diplomat, Hollywood, Florida
            Contact: http://www.abiworld.org/

Jan. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Finding Money: Int'l Asset Search and
         Recovery Methods for Collecting Judgments
            Centre Club, Tampa, Florida
               Contact: http://www.turnaround.org/

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

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

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

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

Feb. 22, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Fairmont Miramar, Santa Monica, California
            Contact: http://www.abiworld.org/

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

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

Feb. 27-28, 2008
   EUROMONEY INSTITUTIONAL INVESTOR
      6th Annual Distressed Investing Forum
         Union League Club, New York, New York
            Contact: http://www.euromoneyplc.com/

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

Mar. 8-10, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Conrad Duberstein Moot Court Competition
         St. John's University School of Law, New York
            Contact: http://www.abiworld.org/

Mar. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Bankers Club of Miami, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Mar. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Maggie Good
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

Apr. 3, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      Annual Spring Luncheon
         Renaissance Hotel, Washington, District of Columbia
            Contact: 703-449-1316 or http://www.iwirc.org/

Apr. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

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

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

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

May 9, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 13-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Litigation Skills Symposium
         Tulane University, New Orleans, Louisiana
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 18-20, 2008
   INTERNATIONAL BAR ASSOCIATION
      14th Annual Global Insolvency & Restructuring Conference
         Stockholm, Sweden
            Contact: http://www.ibanet.org/

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

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

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

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

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

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

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

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

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

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

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

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

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

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

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

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

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   China\u2019s New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

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

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

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

BEARD AUDIO CONFERENCES
   Deepening Insolvency \u2013 Widening Controversy: Current
      Risks,
         Latest Decisions
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   Reverse Mergers\u2014the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

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

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today\u2019s Legal
      Processes
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

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

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

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

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

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



                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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