TCREUR_Public/071109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, November 9, 2007, Vol. 8, No. 223

                            Headlines


A U S T R I A

AMADE GOURMET: Salzburg Court Orders Business Shutdown
AZD FIX: Claims Registration Period Ends Nov. 28
BARBULOVIC KEG: Claims Registration Period Ends Nov. 28
F & B TEXTILHANDEL: Claims Registration Period Ends Nov. 28
KURZEWSKI BAU: Vienna Court Orders Business Shutdown

MAGNUM BRANDSCHADENSANIERUNGS: Claims Registration Ends Nov. 19
MARKO COLAK: Claims Registration Period Ends Nov. 28
PALMA LLC: Claims Registration Period Ends Nov. 19


B E L G I U M

FERRO CORP: Initiates Next Step in European Restructuring
TELENET COMMUNICATIONS: S&P Withdraws B+ Ratings Upon Request


F R A N C E

ALCATEL-LUCENT: Moody's Cuts Corporate Family Rating to Ba3
CHARLES JOURDAN: Gets More Time to Secure Buyer, Report Says
DELPHI CORP: Wants to Use US$4.4B DIP Financing Until Sept. 2008
LAZARD LTD: Sept. 30 Balance Sheet Upside-Down by US$74.5 Mln
PRIDE INT'L: Earns US$401.5 Million for Quarter Ended Sept. 30


G E R M A N Y

AONE ENTERTAINMENT: Claims Registration Period Ends Dec. 7
CHRYSLER LLC: Lenders Selling US$4 Billion Loans at a Discount
COOLSERVE GMBH: Claims Registration Period Ends Nov. 13
DR SCHMIDT: Claims Registration Period Ends Nov. 28
HEIZUNG SANITAR: Claims Registration Period Ends Nov. 27

HEXION SPECIALTY: Closes German Resins Business Acquisition
IKB DEUTSCHE: Delays Second Quarter Results to Nov. 30
JOBS.DE KARRIEREMARKT: Claims Registration Period Ends Nov. 30
KABEL DEUTSCHLAND: Fitch Affirms IDR at BB-; Outlook Stable
SACHSENRING AUTOMOBILTECHNIK: E&Y Partner Faces Raps Over Audit

UVE GRUNDSTUECKSBETEILIGUNGS: Claims Registration Ends Nov. 29



H U N G A R Y

FLEXTRONICS INTERNATIONAL: Solectron Alters Repurchase Offer


I R E L A N D

PSION SYNTHETIC: Fitch Rates US$16 Million Class E Notes at BB


I T A L Y

GOODYEAR TIRE: Earns US$668 Million in Third Quarter 2007
GOODYEAR TIRE: Commences Offer to Exchange 4% Conv. Senior Notes


K A Z A K H S T A N

A GROUP CREDIT: Creditors' Claims Due on Dec. 11
ETALON-TENZO LLP: Claims Registration Ends Dec. 11
KASPY SNAB: Claims Registration Ends Dec. 11
NOTEX LLP: Creditors' Claims Due on Dec. 11
PROMSERVICE-TL LLP: Claims Filing Period Ends Dec. 7

RAUAN LLP: Creditors Must File Claims Dec. 7
ROYAL TRADE: Proof of Claim Deadline Slated for Dec. 11
SARY-ARKA LLP: Creditors Must File Claims Dec. 7
SDK LLP: Claims Filing Period Ends Dec. 7
SHYGYS-ASTYK LLP: Proof of Claim Deadline Slated for Dec. 7


K Y R G Y Z S T A N

BISHKEK TRANS-SYSTEMS: Creditors Must File Claims by December 7
SHEFALI-TRADING LLC: Proof of Claim Deadline Slated for Dec. 7


N E T H E R L A N D S

DUTCH MBS XII: Fitch Rates Class E Notes at BB; Outlook Positive
DUTCH MBS XIV: Fitch Rates Class E Notes at BB; Outlook Stable
KONINKLIJKE AHOLD: Reacquires Own Shares for EUR87.34 Million
KONINKLIJKE AHOLD: Settlement Fund to Investors Set for Release
REVLON INC: Sept. 30 Balance Sheet Upside-Down by US$1.15 Bln

SENSATA TECH: Incurs US$86.7 Mln Net Loss in Third Quarter 2007


P O L A N D

ELEKTRIM SA: Warsaw Stock Exchange Okays Delisting of Shares
SCO GROUP: Seeks Court OK to Expand Mesirow's Scope of Services
SCO GROUP: Taps CFO Solutions to Shortlist CFO Candidates
SCO GROUP: Wants to Employ Tanner LC as Accountants


P O R T U G A L

LEAR CORP: Earns US$41 Million in Third Quarter Ended Sept. 29


R O M A N I A

PROCREDIT BANK: Fitch Rates Individual Ratings at D on Risks


R U S S I A

DZERZHINSKIJ AGRICULTURAL: Asset Sale Slated for Nov. 27
FEDERAL GRID: S&P Places BB+ Ratings on Watch Positive
LITS OJSC: Creditors Must File Claims by Nov. 27
MASLYANKAAGRISTROY OJSC: Asset Sale Slated for Nov. 20
MEZHALESPROM CJSC: Creditors Must File Claim by Dec. 27

MURMINSKAYA OJSC: Competitive Proceedings Ongoing
NOVOSIL'SKIJ OJSC: Asset Sale Slated for Nov. 28
PECHORA CONSTRUCTION: Creditors Must File Claims by Nov. 27
RAO UES: Shareholders Approve Final Restructuring Phase
RAO UES: S&P Puts BB Ratings on Watch on Restructuring Plan

RENOVA HOLDING: Moody's Assigns Ba3 Corporate Family Rating
SAYAN ALKO: Competitive Proceedings Ongoing


S P A I N

BANKINTER 3: S&P Junks EUR17.4 Million Class C Notes


S W I T Z E R L A N D

FRIMOKAR MONTAGE: St. Gallen Court Closes Bankruptcy Proceedings
MANDARIN LLC: Schwyz Court Starts Bankruptcy Proceedings
MOVINFO JSC: Creditors' Liquidation Claims Due by November 30
NOVELIS INC: Realm Communications Completes Rebranding
NOVELIS INC: Intends to Invest US$7 Million for Brazilian Plant


OCCASIONSBOERSE.CH LLC: Liquidation Claims Due by December 10
ROCHEM HOLDING: Creditors' Liquidation Claims Due by November 30
SCHREINEREI-ZIMMEREI: Valais Court Closes Bankruptcy Proceedings
YANAIR LLC: Solothurn Court Closes Bankruptcy Proceedings


U K R A I N E

CONSIM LLC: Creditors Must File Claims by November 11
DINAMO LLC: Creditors Must File Claims by November 11
FTT LLC: Creditors Must File Claims by November 15
LEO LLC: Creditors Must File Claims by November 15
MAXIMUM-T LLC: Creditors Must File Claims by November 15

PROMMARKET-100: Creditors Must File Claims by November 15
SOUTH ELECTROMACHINERY: Creditors Must File Claims by Nov. 15


U N I T E D   K I N G D O M

BRITANNIA BULK: S&P Affirms B- Ratings; Outlook Revised
BOURTON MILL: Joint Liquidators Take Over Operations
CONSTRUCTION MGT: Court to Hear Wind Up Petition on Feb. 20
CRESTMERE DEVELOPMENTS: Wind-Up Petition Hearing Set for Feb. 20
DOVESTONE CONSTRUCTION: Wind-Up Petition Hearing Set for Feb. 20

ICONIX BRAND: Third Quarter Net Income Climbs to US$17 Million
KENDLE INTERNATIONAL: Earns US$3.8 Mln for Third Quarter 2007
KENDLE INTERNATIONAL: Moody's Holds B1 Corporate Family Rating
LADBROKES PLC: Selling Vernons to Sportech for GBP51 Million
NASDAQ STOCK: To Buy Philadelphia Stock Exchange for US$625 Mln

NORMAN FRASER: Taps Liquidators from BDO Stoy Hayward
POPE & TALBOT: S&P Withdraws Default Corp. Credit Rating
PRESENCE-PR LTD: Names Christopher James Farrington Liquidator
SCOTTISH RE: Posts US$109.5 Mln Loss for Q3 Ended Sept. 30
TEREX CORP: S&P Affirms BB Corporate Credit Rating

WATERWORLD LTD: Calls In Liquidators from Kingston Smith


                            *********


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


AMADE GOURMET: Salzburg Court Orders Business Shutdown
------------------------------------------------------
The Land Court of Salzburg entered Oct. 11 an order shutting
down the business of LLC amade gourmet (FN 62494d).

Court-appointed estate administrator Michael Pallauf 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. Michael Pallauf
         Petersbrunnstrasse 13
         5020 Salzburg
         Austria
         Tel: 0662/841202
         Fax: 0662/841202-50
         E-mail: officesalzburg@aaa-law.at  

Headquartered in Siezenheim, Austria, the Debtor declared
bankruptcy on Sept. 18 (Bankr. Case No 23 S 70/07z).


AZD FIX: Claims Registration Period Ends Nov. 28
------------------------------------------------
Creditors owed money by LLC AZD Fix & Klar Reinigung (FN
265982a) have until Nov. 28 to file written proofs of claim to
court-appointed estate administrator Gerhard Bauer at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         E-mail: ra-g.bauer@aon.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Dec. 12 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. 9 (Bankr. Case No. 2 S 138/07t).  


BARBULOVIC KEG: Claims Registration Period Ends Nov. 28
-------------------------------------------------------
Creditors owed money by KEG BARBULOVIC (FN 143203v) have until
Nov. 28 to file written proofs of claim to court-appointed
estate administrator Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel:  715 25 26
         E-mail:  michael@lesigang.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 12  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. 8 (Bankr. Case No. 2 S 137/07w).  


F & B TEXTILHANDEL: Claims Registration Period Ends Nov. 28
-----------------------------------------------------------
Creditors owed money by LLC F & B Textilhandel (FN 170158h) have
until Nov. 28 to file written proofs of claim to court-appointed
estate administrator Christiane Pirker at:

         Dr. Christiane Pirker
         Hasenhutgasse 9
         Haus 3
         1120 Vienna
         Austria
         Tel: 817 57 57
         Fax: 817 57 55 17
         E-mail: Dr.Christiane.Pirker@chello.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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. 9 (Bankr. Case No. 4 S 116/07x).  


KURZEWSKI BAU: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered Oct. 1 an order shutting down
the business of LLC Kurzewski Bau (FN 173432y).

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

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


MAGNUM BRANDSCHADENSANIERUNGS: Claims Registration Ends Nov. 19
---------------------------------------------------------------
Creditors owed money by LLC Magnum Brandschadensanierungs (FN
277326h) have until
Nov. 19 to file written proofs of claim to court-appointed
estate administrator Annemarie Kosesnik-Wehrle at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna
         Tel: 713 61 92
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Dec. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 1 (Bankr. Case No. 3 S 125/07p).   Stefan Langer
represents Dr. Kosesnik-Wehrle in the bankruptcy proceeedings.


MARKO COLAK: Claims Registration Period Ends Nov. 28
----------------------------------------------------
Creditors owed money by LLC Marko Colak Trade (FN 285832t) have
until Nov. 28 to file written proofs of claim to court-appointed
estate administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         c/o Dr. Florian Gehmacher
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Dec. 12 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. 9 (Bankr. Case No. 2 S 139/07i).   Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.


PALMA LLC: Claims Registration Period Ends Nov. 19
--------------------------------------------------
Creditors owed money by LLC PALMA (FN 179173s) have until
Nov. 19 to file written proofs of claim to court-appointed
estate administrator Christian Steurer at:

         Mag. Christian Steurer
         c/o Mag. Stefan Aberer
         Rathausstrasse 37
         6900 Bregenz
         Austria
         Tel: 05574/58085
         Fax: 05574/58085-8
         E-mail:  office@ra-steurer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 29 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Bregenz, Austria, the Debtor declared
bankruptcy on Oct. 3 (Bankr. Case No. 13 S 49/07x).   Stefan
Aberer represents Mag. Steurer in the bankruptcy proceedings.


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


FERRO CORP: Initiates Next Step in European Restructuring
---------------------------------------------------------
Ferro Corporation has initiated the next step in the
restructuring of its European manufacturing operations.  As a
result of the new initiative, the company will discontinue
manufacturing porcelain enamel frit at its facility in
Rotterdam, The Netherlands, by the summer of 2008 and will
consolidate production at other European sites.  Employment at
the Rotterdam location will be reduced by 84 positions.  Ferro
will work closely with customers to ensure a high level of
customer support through the transition.

The company expects to record a pre-tax charge in the third
quarter ended Sept. 30, 2007, of approximately US$5.9 million
for severance benefits related to the action, pursuant to an
agreement reached with workers' representatives, and asset
impairment and other costs.  The charge is expected to reduce
diluted earnings per share in the 2007 third quarter by
approximately 10 cents.  Previously, Ferro had estimated third
quarter earnings would be 17 to 22 cents per share.

Ferro expects to record future severance costs, accelerated
depreciation and other costs related to this manufacturing
consolidation of approximately US$17 million through the third
quarter of 2008, in addition to the charges announced today.

The consolidation of frit manufacturing is part of Ferro's
ongoing effort to reduce annual costs in its European
manufacturing operations by US$40 million to US$50 million by
the end of 2009.

                    About Ferro Corporation

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of  
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                           *     *     *

Ferro Corp. carries Moody's Investors Service's B1 corporate
family rating assigned on May 2007.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


TELENET COMMUNICATIONS: S&P Withdraws B+ Ratings at Request
-----------------------------------------------------------  
Standard & Poor's Ratings Services withdrew its 'B+' long-term
corporate credit rating on Belgium-based cable TV operator
Telenet Communications N.V. and related entity Telenet Group
Holdings N.V. at the company's request.

The group, 53.03% owned by ultimate parent Liberty Global Inc.
(B/Positive/--), announced the early redemption of the
outstanding notes (executed on Oct. 10, 2007) thanks to the new
senior credit facility of EUR2.3 billion provided by the group's
pool of banks.  

In addition, the proceeds were used to refinance the group's
senior credit facility and should also be used to fund a EUR656
million distribution to shareholders by way of a capital
reduction on or about Nov. 19, 2007.


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


ALCATEL-LUCENT: Moody's Cuts Corporate Family Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Ba2 the
Corporate Family Rating of Alcatel-Lucent.  

The ratings for senior debt of the group were equally lowered to
Ba3 from Ba2 and the trust preferred notes of Lucent
Technologies Capital Trust I have been downgraded to B2 from B1.
At the same time, Moody's affirmed its Not-Prime rating for
short term debt of Alcatel-Lucent. The outlook for the ratings
is stable.

"The rating downgrade reflects the fact that the company's
profitability and cash generation has fallen behind Moody's
expectations from the time of the merger of Alcatel and Lucent,"
Wolfgang Draack, Senior Vice President and lead analyst for
Alcatel-Lucent, summarized.  While Alcatel-Lucent has realized a
large part of the scheduled cost savings in 2007, it retained
only part of it, so that Alcatel-Lucent's interest coverage was
below 0.5-times for the last 12 months to September 2007 and it
has consumed around EUR1.3 billion cash, including outflows for
restructuring and dividend distributions in the same period.
Were this trend to continue, then the company would increasingly
absorb its financial flexibility."

In its credit opinion of March 29, 2007, Moody's had summarized
its criteria for a possible rating downgrade.  These included a
slow-to-no growth revenue scenario, price pressure to push the
EBITA margin below 3%, and a weak cash flow below 30% for the
retained cash flow to net debt.  With a revenue decline of 7%
for the last 12 months compared to 2006 pro-forma data, an
EBITA-margin of less than 1% and RCF/net debt estimated below
10% for the same period, these conditions are currently met and
will take time to reverse.

The stable outlook for the ratings incorporates the expectation
that:

   (i) price pressure in the market will somewhat abate and
       management will focus more on improving gross profit,
       that

  (ii) management's restructuring plan will generate and retain
       substantially more cost savings going forward, that

(iii) a trend towards the targeted double-digit operating
       margins becomes visible in the company's results, and   
       that

  (iv) a seasonally cash-generative fourth quarter 2007, before
       restructuring, will reduce cash consumption for this
       year, with profitability improvements proving sufficient
       to fund future cash cost of restructuring.

The Ba3 CFR reflects:

   (i) Alcatel-Lucent's strong customer relationships and the
       large installed base supporting its market shares

  (ii) its broad product offering which positions the company
       well for the convergence of various communication
       technologies,

(iii) the potential for realizing and retaining synergy savings
       now targeted at above €2 billion by management, and

  (iv) a comfortable liquidity position with a relatively
       moderately levered capital structure.

These credit positives, however, are balanced by:

   (i) the pressure on revenues stemming from generally subdued
       investment behaviour of the telecom carriers in the
       developed markets as well as from Alcatel-Lucent's
       exposure to the slowdown in spending in North America and
       the developing position of its 3rd generation wireless
       products, by

  (ii) the intense price pressure in equipment caused by market
       share strategies of major competitors, which absorbs much
       of the company's synergy benefits but may abate near
       term, and by

(iii) challenges to contain cash consumption, given material
       working capital needs, substantial dividend payouts and
       more than EUR800 million cash cost for restructuring yet
      to come.

Moody's last rating action for Alcatel-Lucent introduced on 29
March the Loss Given Default Methodology and raised the ratings
for subordinated debt and preferred stock to B1.

Issuer: Alcatel-Lucent

   * Downgrades:

   -- Corporate Family Rating, Downgraded to Ba3 from Ba2

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
      Ba3 from Ba2

   -- Senior Unsecured Medium-Term Note Program, Downgraded to
      Ba3 from Ba2

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
      from Ba2

Issuer: Lucent Technologies Capital Trust I

   * Downgrades:

   -- Preferred Stock Preferred Stock, Downgraded to B2 from B1

Issuer: Lucent Technologies, Inc.

   * Downgrades:

   -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
      Ba3 from Ba2

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
      from Ba2

Headquartered in Paris, France, Alcatel-Lucent is one of the
world leaders in providing advanced solutions for
telecommunications systems and equipment to service providers,
enterprises and governments with sales of EUR12.6 billion for
the first nine months of 2007.


CHARLES JOURDAN: Gets More Time to Secure Buyer, Report Says
------------------------------------------------------------
The Commercial Court of Romans-sur-Isere in Drome, France, has
extended for two weeks the deadline within which Charles Jourdan
SAS must find a buyer for its assets, Le Figaro said on Nov. 1
quoting Swiss owner Yannis Bilquez and workers representative
Gilles Apoix.

In a report carried by Bloomberg News, Le Figaro says Mr.
Bilquez plans to sell the brand separately from the
manufacturer, which could raise between EUR10 million and EUR20
million.  Mr. Apoix, however, believed that Charles Jourdan
needed the brand name to attract buyers.

Asian and American buyers had reportedly expressed interest for
the assets.

Headquartered in Romans Sur Isere, France, Charles Jourdan --
http://www.charles-jourdan.fr/-- manufactures luxury footwear.

As previously reported in the TCR-Europe on Oct. 2, 2007, the
court placed Charles Jourdan in compulsory administration on
Sept. 12, 2007, after it filed for redressment judiciaire, the
French equivalent of Chapter 11 bankruptcy protection, for the
second time.

The company first filed for bankruptcy on Aug. 22, 2005.
Avendis and Finaluxe bought the company on Nov. 2, 2005.


DELPHI CORP: Wants to Use US$4.4B DIP Financing Until Sept. 2008
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates are seeking the approval
of the U.S. Bankruptcy Court for the Southern District of New
York to extend its US$4.5 billion bankruptcy loan for five
months to June 28, 2008, with an option to further extend to
Sept. 30, 2008, to give it more time to exit Chapter 11
protection after changing the terms of its reorganization plan.

As reported in the Troubled Company Reporter on Jan. 9, 2007,
the Debtors obtained U.S. Bankruptcy Judge Robert D. Drain's
approval to enter into a postpetition financing facility with
JPMorgan Chase Bank, N.A., the administrative agent for certain
lenders.  The DIP Facility, among other things, refinanced both
the US$2 billion first amended DIP credit facility arranged by
J.P. Morgan Securities Inc., Citigroup Global Markets, Inc., and
Deutsche Bank Securities Inc. in Nov. 21, 2005, and the
approximate US$2.5 billion outstanding on the US$2,825,000,000
credit facility obtained by the Debtors before the Petition
Date.  The DIP facility consists of:

     Tranche   Commitment
     -------   ----------
       A       US$1.75 billion first priority revolving credit
               facility

       B       US$250.00 million first priority term loan

       C       US$2.50 billion second priority term loan

The DIP Facility, on its current terms, matures on the date of
the earlier of (i) Dec. 31, 2007 or (ii) the date of the
substantial consummation of a reorganization plan that is
confirmed pursuant to an order of the Court.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, tells the Court that the
maturity date of the existing credit facility must be extended
in light of the Debtors' timetable of emerging from bankruptcy
by the end of the first quarter of 2008.  Delphi had earlier
planned to emerge from Chapter 11 by the end of 2007.

The Debtors and the DIP Lenders have negotiated and entered into
an amendment to DIP Credit Agreement.  The key modifications
achieved as a result of the amendments are:

                Current DIP              Amended And Restated
                Credit Agreement         DIP Credit Agreement
                ----------------         --------------------
Maturity Date   Earlier of               Earlier of
                (i) Dec. 31, 2007 and    (i) June 30, 2008,
with                 
                (ii) substantial         option to further  
                consummation of plan     extend to Sept. 30,
                                         2008 if Delphi pays  
                                         an amount equal to
                                         25 basis points of the
                                         Tranche A commitment,
                                         the Tranche B loan,
                                         and the Tranche C loan
                                         and (ii) substantial
                                         consummation of plan
                                                                                  
Add'l Interest  Tranche A               Prior to July 1, 2008
on JP Morgan's    Borrowings: 1.50%     Tranche A
Alternate       Tranche B                 Borrowings: 1.75%
Rate              Borrowings: 1.25%     Tranche B   
                Tranche C                 Borrowings: 1.75%
                  Borrowings: 1.75%     Tranche C
                                          Borrowings: 2.25%

                                        From & after July 1,
                                          2008
                                        Tranche A
                                          Borrowings: 2.00%
                                        Tranche B
                                          Borrowings: 2.00%
                                        Tranche C
                                          Borrowings: 2.50%
                      
Add'l Interest  Tranche A               Prior to July 1, 2008
on LIBOR          Borrowings: 2.50%     Tranche A  
                Tranche B                 Borrowings: 2.75%
                  Borrowings: 2.25%     Tranche B   
                Tranche C                 Borrowings: 2.75%
                  Borrowings: 2.75%     Tranche C
                                          Borrowings: 3.25%

                                        From & after July 1,
                                          2008
                                        Tranche A
                                          Borrowings: 3.00%
                                        Tranche B
                                          Borrowings: 3.00%
                                        Tranche C
                                          Borrowings: 3.50%

Global EBITDAR  For each rolling 12     For each rolling 12   
Covenants       fiscal month period     fiscal month period
                ending on the last      ending on the last day
                day of the months       of the months Dec. 31,
                March 31, 2007          2007 through Aug. 31,
                through Nov. 30, 2007   2008 with a global
                with a global EBITDAR   EBITDAR ranging from
                ranging from            US$475 million to                    
                     
                US$130 million to         US$500 million
                US$375 million                        
                
PBGC            -- None--               DIP Lenders consent to
Replacement                             consummation of
Liens                                   transactions authorized
                                        under DASHI
                                        Intercompany
                                        Transfer Order

The proposed Amended and Restated DIP Credit Agreement contains
fee provisions, including, among other things, certain
commitment fees and letter of credit fees.  

Other fee provisions are contained in a separate fee letter,
which the parties have agreed would be kept confidential.  The
fee letter will be provided, upon request, to counsel to the
Statutory Committees and the U.S. Trustee and will be made
available to the Court for review.

The Debtors also propose that they be authorized, but not
directed, to perform, and take all actions necessary to make,
execute, and deliver the Amendment together with all other
documentation executed in connection therewith and to pay the
related fees.

A copy of the form of Amendment to the DIP Facility is available
for free at http://bankrupt.com/misc/Delphi_Amended_DIP_Facility

           DIP Lenders Consent to Intercompany Transfer

As previously reported, the Debtors obtained the Court's
approval (i) for Delphi Automotive Systems (Holding), Inc., to
effectuate the transfer funds accumulated from certain of its
global affiliates to Delphi Automotive Systems LLC; and (ii) use
the proceeds of the transfer, subject to the requisite consent
of the DIP Lenders.  In connection with the intercompany
transfer, the Debtors proposed to grant the U.S. Pension Benefit
Guaranty Corp., on account of unpaid contributions to certain
Delphi pension plans, adequate protection of its asserted
interests in the form of replacement liens in the amount of
US$255 million, upon certain DASHI assets already encumbered by
the Current DIP Facility.

As memorialized in the Amended and Restated DIP Credit
Agreement, the DIP Lenders have consented to the Intercompany
Transaction, including the use of proceeds and the granting of
the replacement liens to the PBGC.  In addition,

   -- In the event the Debtors accumulate any further funds
      from their global affiliates, the Debtors also negotiated
      a provision that should obviate the need for further
      consent by the DIP Lenders.  Specifically, they agreed
      that the replacement liens, and any additional liens,
      granted to the PBGC will be permitted but subject to and
      subordinate to the liens granted to the Agent for the
      benefit of the DIP Lenders and the liens granted to any
      "Setoff Claimant" set forth in the DIP Order.

  --  In connection with their consent to the PBGC Liens, the
      DIP Lenders required clarification that the PBGC will be
      treated like all other subordinated secured creditors
      under the DIP Order.

The Debtors also ask the Court to waive the 10-day stay period
under Rule 6004(g) of the Federal Rules of Bankruptcy Procedure
for the use, sale, or lease of property.  By waiving the 10-day
period, the Debtors will be able to consummate the Intercompany
Transaction, thereby allowing them to immediately take advantage
of the US$650 million intercompany transfer.  By using these
funds, the Debtors will be able, among other things, to reduce
their interest expense on the Current DIP Facility.

Mr. Butler asserts that approval of the Amendment will allow the
Debtors to consummate the Intercompany Transaction, which, among
other things, will provide a definitive source of liquidity on
favorable terms to the Debtors and enable the Debtors to
maximize efficiencies.

                       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).


LAZARD LTD: Sept. 30 Balance Sheet Upside-Down by US$74.5 Mln
-------------------------------------------------------------
Lazard Ltd reported last week financial results for the third
quarter and nine months ended Sept. 30, 2007.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficit.

Net income increased 206% to US$40.3 million for the 2007 third
quarter, compared to US$13.2 million for the 2006 third quarter.

For the third quarter of 2007, income before minority interest
in net income increased to US$90.3 million, compared to US$39.0
million  for the third quarter of 2006.  Operating income
increased 141% to US$118.6 million for the third quarter of
2007, compared to
US$49.2 million for the third quarter of 2006.

Net revenue was US$542 million for the three month period ended
Sept. 30, 2007, up US$244 million, or 82%, versus net revenue of
US$298 million in the corresponding period in 2006.  

During the 2007 period, fees from investment banking and other
advisory activities were US$370 million, an increase of
US$187 million, or 102%, versus fees of US$183 million in the
corresponding period in 2006.  Money management fees for the
three month period ended Sept. 30, 2007, were US$164 million, an
increase of US$48 million, or 42%, versus US$116 million in the
corresponding period in 2006.  

Net income increased 70% to US$95.9 million for the first nine
months of 2007, compared to US$56.4 million for the first nine
months of 2006.  

Income before minority interest in net income increased to
US$220.4 million for the first nine months of 2007 from
US$167.2 million for the first nine months of 2006.  Operating
income increased 35% to US$286.0 million for the first nine
months of 2007, compared to US$212.0 million for the same period
in 2006.

Net revenue increased to US$1.33 billion for the first nine
months of 2007 compared to US$1.02 billion for the first nine
months of 2006.

During the 2007 period, fees from investment banking and other
advisory activities were US$813 million, an increase of
US$157  million, or 24%, versus fees of US$656 million in the
corresponding period in 2006.  Money management fees were
US$449 million, an increase of US$102 million, or 29%, versus
US$347 million in the corresponding period in 2006.

"Our Financial Advisory and Asset Management businesses each
achieved record outcomes," said Bruce Wasserstein, chairman and
chief executive officer of Lazard Ltd.  "The results underscore
our differentiated strategy and simple business model.  We are
an intellectual capital business focused on providing premium
advice and asset management.  Our diversity by geography,
industry and client base contributes to our success, as does the
breadth of our advisory practice.  For example, we advised the
UAW in its negotiations with the automakers regarding retiree
health care obligations.  As we pointed out last quarter, we
have limited exposure to the volatile credit market environment.  
We are not in the sub-prime business, are not a public hedge
fund nor do we have any SIVs.  We don't have a significant
principal trading book or hanging bridge loans.  We believe our
exposure to a softening of leveraged buyouts is limited."

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?250b

                        About Lazard Ltd.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a    
financial advisory and asset management firm.  The company
operates from 35 cities across 17 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, as well as
asset management services to corporations, partnerships,
institutions, governments, and individuals.  The company has
locations in Australia, Brazil, China, France, Germany, India,
Japan, Korea and Singapore.


PRIDE INT'L: Earns US$401.5 Million for Quarter Ended Sept. 30
--------------------------------------------------------------
Pride International Inc. reported financial results for the
three months ended Sept. 30, 2007.  Net income for the quarter
totaled US$401.5 million, reflecting the impact of certain asset
dispositions.

During the quarter, the company sold its Latin America Land and
E&P Services segments for US$1.0 billion in cash and entered
into an agreement to sell its three tender-assist rigs for total
proceeds of US$213 million in cash.  The disposition of the
Latin America Land and E&P Services segments, which was included
in the Company's third quarter results, resulted in an after-tax
gain of US$265.0 million, or US$1.48 per diluted share.  The
sale of the three tender-assist rigs is expected to close in
early 2008, subject to the novation of drilling contracts by the
customers for each unit and other closing conditions.

The company reported the results of operations and the
associated gain on sale of both the Latin America Land and E&P
Services segments and the results of operations for the quarter
from three tender-assist units as income from discontinued
operations for the third quarter of 2007 and all comparative
periods.  Income from discontinued operations totaled US$281.2
million for the quarter.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "The third quarter of 2007 was one
of the most significant quarters in the history of Pride as we
advance the transformation of the company to an offshore-focused
contract driller with an emphasis on deepwater and other high
specification rigs.  Toward this goal, numerous accomplishments
were achieved during the period, including:

  -- The execution of an agreement to sell our Latin America
     Land and E&P Services business segments for US$1 billion in
     cash and the closing of that transaction only three weeks
     later on Aug. 31, 2007,

  -- A commitment to the construction of an ultra-deepwater
     drillship,

  -- The acquisition of an ultra-deepwater drillship in the
     early stages of construction,

  -- An agreement to sell three tender-assist rigs for US$213
     million in cash, and

  -- The acquisition of the remaining nine percent interest in
     our Angolan joint venture for US$45 million in cash, giving
     us 100 percent ownership in three rigs, including two
     deepwater drillships."

"Our earnings from operations from semisubmersibles and
drillships (floaters) approached 60 percent in the third quarter
of 2007 compared to 34 percent one year ago and is expected to
continue to grow as new contracts commence at higher dayrates
reflecting the tightness in the floating rig market.  In
addition, our strong cash position, coupled with improving cash
flow from operations and the prospects for further cash proceeds
following the disposal of additional non-strategic assets,
provides us with increased flexibility as we address numerous
growth opportunities and other means to enhance shareholder
value."

                      Continuing Operations

Income from continuing operations, consisting primarily of the
company's Offshore Drilling Services segment, was
US$120.3 million on revenues of US$540.4 million for the third
quarter of 2007.  The results compare to income from continuing
operations of US$66.0 million on revenues of US$406.0 million
during the corresponding quarter in 2006.

During the quarter, the company completed a technical evaluation
of its entire offshore fleet.  As a result of this evaluation,
there was a change in estimates regarding useful lives and
salvage values on certain rigs in the fleet.  These changes were
primarily a result of changing market conditions, the recent
significant capital investment in certain rigs and revisions to
and standardization of maintenance practices.  As a result of
these changes, the third quarter of 2007 includes a reduction in
depreciation expense of US$14.5 million, or an after-tax benefit
of US$0.07 per diluted share.  In addition to the changes
impacting depreciation expense, net income from continuing
operations for the quarter also included a tax benefit of
US$10.2 million due to the recognition of foreign tax credits
that had been previously treated as tax deductions in prior
quarters.  This helped reduce its effective tax rate to 27% for
the period.  Realization of this additional tax benefit is based
primarily on the company's forecasts of future profitability,
along with the application of certain tax planning strategies.  
In future quarters, the company expects to continue to recognize
the benefit of these foreign tax credits.

Finally, in August 2007, the company acquired from its partner
Sonangol the remaining nine percent interest in the joint
venture related to the company's Angolan operations for US$45
million in cash, bringing the company's ownership interest to
100% and adding approximately US$1.6 million to the company's
income from continuing operations.

Total debt at Sept. 30, 2007, was US$1,212.4 million, while net
debt (total debt less cash and cash equivalents of
US$880.6 million) was US$331.8 million.

                    About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides  
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2007,
Fitch Ratings affirmed Pride International Inc.'s Issuer Default
Rating at 'BB'.  The Rating Outlook is Stable.


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


AONE ENTERTAINMENT: Claims Registration Period Ends Dec. 7
----------------------------------------------------------
Creditors of AONE ENTERTAINMENT GmbH have until Dec. 7 to
register their claims with court-appointed insolvency manager
Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Karsten Toetter
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Aone Entertainment GmbH on Oct. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AONE ENTERTAINMENT GmbH
         Attn: Thorsten Rene Naggatis, Manager  
         Steindamm 39
         20099 Hamburg
         Germany


CHRYSLER LLC: Lenders Selling US$4 Billion Loans at a Discount
--------------------------------------------------------------
Aiming to lessen US$171 billion in leveraged loan backlog, JPMorgan
Chase and Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan
Stanley and Bear Stearns & Co. are planning to sell Chrysler
LLC's US$4 billion loans at about 97.5 cents on the dollar this
week, Pierre Paulden and Bryan Keogh of Bloomberg News reports
citing unnamed sources.

The banks, sources say, are eager to dispose the US$10 billion
loans that they were not able to sell in July and August after
Cerberus Capital Management acquired Chrysler from former owner
DaimlerChrysler AG.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge  
and Mopar(R) brand vehicles and products.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler is a unit of Cerberus Capital Management.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 31, 2007,
Standard & Poor's Ratings Services said its corporate credit
ratings on Chrysler LLC and DaimlerChrysler Financial Services
Americas LLC remain on CreditWatch with positive implications,
following the United Auto Workers' narrow approval of the new
Chrysler-UAW labor contract.  The ratings were placed on
CreditWatch on Sept. 26, 2007, based on S&P's belief that
Chrysler would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the
US$5 billion "second-out" first-lien term loan tranche.  This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with the closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


COOLSERVE GMBH: Claims Registration Period Ends Nov. 13
-------------------------------------------------------
Creditors of Coolserve GmbH have until Nov. 13 to register their
claims with court-appointed insolvency manager Boris
Frhr.v.d.Bussche.

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

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Boris Frhr.v.d.Bussche
         Lueneburgerstrasse 43a
         29456 Hitzacker
         Germany
         Tel: 05862/5088
         Fax: 05862/5089

The District Court of Gifhorn opened bankruptcy proceedings
against Coolserve GmbH on Oct. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Coolserve GmbH
         Wollerstorf 3
         29378 Wittingen
         Germany


DR SCHMIDT: Claims Registration Period Ends Nov. 28
---------------------------------------------------
Creditors of Dr. Schmidt & Co. GmbH have until Nov. 28 to
register their claims with court-appointed insolvency manager
Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Jan. 9, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Dr. Schmidt & Co. GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Dr. Schmidt & Co. GmbH
         Attn: Herrn Wilhelm Schmidt, Manager  
         Baumhaselring 40 a
         14469 Potsdam
         Germany


HEIZUNG SANITAR: Claims Registration Period Ends Nov. 27
--------------------------------------------------------
Creditors of Heizung, Sanitar Efkemann GmbH have until Nov. 27
to register their claims with court-appointed insolvency manager
Dr. Ulf Martini.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 8, 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 Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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. Ulf Martini
         E3, 16
         68159 Mannheim
         Germany
         Tel.: 0621-40171500
         Fax: 0621-401715012

The District Court of Darmstadt opened bankruptcy proceedings
against Heizung, Sanitar Efkemann GmbH on Oct. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heizung, Sanitar Efkemann GmbH
         Attn: Sven Efkemann, Manager
         Rathausstrasse 36
         64579 Gernsheim
         Germany


HEXION SPECIALTY: Closes German Resins Business Acquisition
-----------------------------------------------------------
Hexion Specialty Chemicals Inc. has completed its acquisition of
the German resins and formaldehyde business of Arkema GmbH.

The business is based in the Leuna industrial park in Leuna,
Germany, employs 100 people and generated revenues of EUR101
million in 2006.  It manufactures formaldehyde and formaldehyde-
based resins including urea-formaldehyde, melamine-urea-phenol-
formaldehyde and other melamine-based resin systems.  These
resins are used to manufacture engineered wood panels such as
oriented strandboard, particleboard and medium density
fiberboard.  It also produces impregnation resins used to
laminate decorative paper surfaces to wood products.  Hexion
announced an agreement in late May to acquire the Arkema
business.

"We are pleased to welcome this business and its associates into
the Hexion organization," said Dale Plante Hexion vice
president, Forest Products - Europe.  "The Leuna operation and
its team of people will strengthen Hexion's position in the
European wood products market, particularly in the important
German marketplace."

Plante will serve as managing director of the business, which
has been renamed Hexion Specialty Chemicals Forest Products
GmbH.  It will become part of Hexion's global forest product
resins network, which serves producers of engineered wood
products around the world.

                      About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial  
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.

                           *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Hexion Specialty Chemicals
Inc. on CreditWatch with negative implications.  The ratings on
related entities were also placed on CreditWatch.


IKB DEUTSCHE: Delays Second Quarter Results to Nov. 30
------------------------------------------------------
IKB Deutsche Industriebank AG has pushed back the release of its
second quarter results by two weeks in order to accommodate
balance sheet changes recommended by PricewaterhouseCoopers in
its report, the Associated Press relates.

The financial results, which were previously scheduled for
release on Nov. 15, has been moved to Nov. 30 instead.

As reported in the TCR-Europe on Oct. 18, 2007, IKB's Board of
Managing Directors estimates that the forecasted net loss for
the Group according to German GAAP for the current financial
year will increase from EUR450 million to approximately EUR500
million.  It expects to record a EUR700 million net loss for the
2007/2008 financial year (according to the International
Financial Reporting Standards) as a result of the recent
subprime mortgage crisis.

Following the restructuring of IKB and the announced realignment
of the business model, the board anticipates a net profit in the
low three-digit million Euro level in the medium term.

              About IKB Deutsche Industriebank AG

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Oct. 4, 2007,  Fitch Ratings
has downgraded IKB Deutsche Industriebank AG's hybrid debt
securities to Long-term 'BB-' from 'A'.  They remain on Rating
Watch Negative.  IKB is rated Long-term Issuer Default 'A+' with
Stable Outlook, Short-term IDR 'F1', Support '1' and Individual
'F'.  Its subordinated debt issues are rated 'A'.

IKB's hybrid capital instruments rated Long-term 'BB-' and on
RWN are:

   -- EUR75 million IKB Funding Trust I's perpetual notes

   -- EUR400 million Funding Trust II's perpetual notes

   -- EUR100 million IKB International SA's capital contribution
      certificates maturing in 2009

   -- EUR200 million Hybrid Raising GmbH's perpetual capital
      notes linked to a silent participation in IKB

   -- EUR200 million Capital Raising GmbH's perpetual notes
      linked to a silent participation in IKB

   -- EUR70 million IKB International SA's capital contribution
      certificates maturing in 2010

   -- EUR150 million Propart Funding Ltd's profit participation
      certificates maturing in 2015.


JOBS.DE KARRIEREMARKT: Claims Registration Period Ends Nov. 30
--------------------------------------------------------------
Creditors of Jobs.de Karrieremarkt GmbH have until Nov. 30 to
register their claims with court-appointed insolvency manager
Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 15, 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 Hanau
         Area E09
         Engelhardstrasse 21
         63450 Hanau
         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:

         Karl-Heinz Trebing
         Hanauer Landstr. 287-289
         60314 Frankfurt/Main
         Germany
         Tel: 069/15051530
         Fax: 069/15051400

The District Court of Hanau opened bankruptcy proceedings
against Jobs.de Karrieremarkt GmbH on Oct. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Jobs.de Karrieremarkt GmbH
         Chemnitzer Str. 20
         63452 Hanau
         Germany

         Attn: Ralf Antzenberger, Manager
         Zur Fechenmuehle 12
         63486 Bruchkoebel
         Germany


KABEL DEUTSCHLAND: Fitch Affirms IDR at BB-; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Kabel Deutschland Vertrieb und
Service GmbH & Co AG's Long-term Issuer Default Rating at 'BB-',
with a Stable Outlook.  The agency also affirmed the company's
senior secured bank facilities at 'BB+'.  At the same time,
Fitch affirmed the holding company Kabel Deutschland GmbH's
senior notes at 'BB-'.

The affirmations follow KDG's public announcement of the
financing details related to the acquisition of 1.2 million
subscribers from the Orion Group and a potential further 0.4
million subscribers (total cost of EUR793 million), and Fitch's
discussions with the company about the implications for leverage
and free cash flow generation, assuming this transaction goes
ahead.

"Although the transaction implies an incremental increase in
debt, the deal provides very valuable direct access to
potentially an additional 1.6 million subscribers" says Richard
Petit, Associate Director in Fitch's European TMT team. "KDG
will immediately benefit from the combined one-off revenue and
margin uplift as indirect relationships are converted to direct
ones, the strengthening of its previously declining access base
and the capacity to market its triple-play offering in a more
effective manner than under previous wholesale agreements."

"The group's leverage is expected to increase slightly within
the boundaries defined by its senior secured and subordinated
note covenants when the deal closes in spring 2008.  Fitch
regards this as commensurate with the company's current ratings.
Leverage is expected to decrease gradually as the company
executes its triple-play strategy," Mr Petit continues.

Free cash flow generation is initially expected to be somewhat
weak for the rating category, as a direct result of the
necessary capital expenditure to upgrade the network - although
Fitch notes that this expenditure is essentially success-driven
- but to turn positive and grow strongly thereafter as the full
impact of the newly acquired assets and customers' adoption of
triple play services kicks in.  The company is acquiring a very
stable and profitable business, which in Fitch's view increases
the quality and visibility of earnings.

The transaction's financing will comprise a EUR650 million
senior add-on facility ranking pari passu with its existing
EUR1.15 billion term loan, with the balance coming from cash,
drawings under the company's revolving facility and disposal of
certain assets.

In the quarter ended June 30, 2007, the group continued to
deliver robust revenue growth of 9% to EUR289.7 million, showing
that its triple-play strategy is delivering according to plan.
Group EBITDA improved materially by 19% to 107.6 million,
raising the EBITDA margin to 37.1% from 34%.  Although cash flow
from operations improved by 21.1% to EUR11.5 million, free cash
flow for the period was negative EUR32.7 million, reflecting the
material capital investments made to upgrade the network.


SACHSENRING AUTOMOBILTECHNIK: E&Y Partner Faces Raps Over Audit
---------------------------------------------------------------
An Ernst & Young LLP partner stood on trial Monday, Nov. 5, over
claims he improperly approved the financial accounts of
Sachsenring Automobiltechnik AG, which declared insolvency in
May 2002, Karin Matussek of Bloomberg News reports citing
Deutsche Presse Agentur.

According to the report, Sachsenring claimed to have made
profits in 1998 and 1999 based on forged invoices to Volkswagen
AG and Daimler AG.  The accountant, which prosecutors claimed
certified the company's 1998 and 1999 balance sheet with
erroneous figures, denied the allegations, Bloomberg relates.  

An E&Y spokesman told Bloomberg that the firm is legally barred
from discussing the trial.

Sachsenring Automobiltechnik AG -- http://www.sachsenring-ag.de/  
-- manufactures commercial and specialized vehicles as well as
system components and modules for the automotive industry.  In
2001, the group posted EUR271 million in sales and employed
1,422 people.

HQM Group completely took over Sachsenring in 2006.


UVE GRUNDSTUECKSBETEILIGUNGS: Claims Registration Ends Nov. 29
--------------------------------------------------------------
The court-appointed insolvency manager for UVE
Grundstuecksbeteiligungs GmbH & Co. Koloniestrasse KG, Joachim
Heitsch will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:50 a.m. on
Nov. 29.

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 11:30 a.m. on March 13, 2008 at the same
venue.

Creditors have until Jan. 17, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against UVE Grundstuecksbeteiligungs GmbH & Co.
Koloniestrasse KG on Oct. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         UVE Grundstuecksbeteiligungs GmbH &
         Co. Koloniestrasse KG
         Ermanstr. 19
         12163 Berlin
         Germany


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


FLEXTRONICS INTERNATIONAL: Solectron Alters Repurchase Offer
------------------------------------------------------------
Flextronics International Ltd. disclosed that in connection with  
its acquisition of Solectron Corporation on October 1, 2007,
Solectron notifies holders of its outstanding 0.50% Convertible
Senior Notes due 2034 and Solectron's 0.50% Convertible Senior
Notes Series B 2034, that it will repurchase at a cash prize
equal to 100% of their outstanding principal amount, plus
accrued and unpaid interest to, but excluding, the date of
repurchase.  The indentures governing the Convertible Notes
require Solectron to make the offer to repurchase te Convertible
Notes as a result of Flextronic's acquisition of Solectron.

U.S. Bank National Association is acting as the paying agent for
Solectron's offer to repurchase its Convertible Notes.

In order to have their Convertible Notes repurchased, holders
must validly surrender their Convertible Notes to the paying
agent by 5:00 p.m., New York City time, on Nov. 30, 2007.  
The repurchase price for all Convertible Notes validly
surrendered and not withdrawn by the Submission Deadline will
become due and payable on Dec. 14, 2007, and interest on the
Convertible Notes will cease to accrue on and after the date.  
Solectrom will deposit a cash payment equal to the aggregate
repurchase price for the Convertible Notes being repurchased
with the paying agent, which will transmit payment to holders.

The Convertible Notes, which are convertible into a cash payment
of US$402.41 per US$1,000 principal amount, a re not currently
again at any time prior to their maturity on Feb. 15, 2034.

holders of Convertible Notes should carefully read the Change in
Control Repurchase Notice issued by Solectron, as it contains
important information regarding the procedures to be followed
and timing for Solectron's repurchase of the Convertible Notes.  
Holders of Convertible Notes may obtain copies of the Change in
Control Repurchase Notice and delivery instructions for the
Convertible Notes by contacting U.S. Bank National Association
at (800) 934-6806.

                 About Flextronics International

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

                           *     *     *

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

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

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

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


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


PSION SYNTHETIC: Fitch Rates US$16 Million Class E Notes at BB
--------------------------------------------------------------
Fitch Ratings has affirmed Psion Synthetic CDO 1 Plc's notes,
following a satisfactory performance review:

   -- US$20 million Class A (ISIN XS0239016503): affirmed at
      'AAA'

   -- US$13 million Class B (ISIN XS0239017147): affirmed at
      'AA'

   -- US$8 million Class C (ISIN XS0239017576): affirmed at 'A'

   -- US$10 million  Class D (ISIN XS0239017733): affirmed at
      'BBB'

   -- US$16 million Class E (ISIN XS0239017907): affirmed at
      'BB'

The affirmations reflect the portfolio's stable performance.  
The Weighted Average Fitch Factor has remained within the 'AA-
/A+' rating category, although it increased slightly to 1.45
from 1.43 at the December 2006 review.  There are no
speculative-grade names in the portfolio and there have been no
credit events to date.  There were initially 62 entities but
there are now 58 entities.

The transaction is a partially funded synthetic securitization
of municipal securities and sovereign entities.  The original
portfolio amount was US$1 billion and is now US$986 million.

In December 2005, PSION, a limited liability company
incorporated in Ireland, issued US$67 million of rated notes
(classes A to E).  PSION then sold DEPFA Bank plc protection on
the reference portfolio via a credit default swap agreement.  
DEPFA, in its role as swap counterparty, has an option to call
the notes in December 2008 and on every payment date thereafter
provided that the liquidation proceeds of the eligible
investments are sufficient to ensure that the notes are redeemed
at par plus the accrued interest.


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


GOODYEAR TIRE: Earns US$668 Million in Third Quarter 2007
---------------------------------------------------------
The Goodyear Tire & Rubber Company has reported record third
quarter sales of US$5.1 billion, up 3% from last year,
offsetting lower volumes with higher prices and a richer product
mix.

Improved pricing and product mix in all five business units
drove revenue per tire up 7% over the 2006 quarter.  Lower
volumes reflect the strategic decision to exit certain segments
of the private label tire business in North America, along with
weak markets.

"Our outstanding third quarter is evidence of the success we are
seeing in marketing our premium product lines while remaining
focused on improving our cost structure," said Robert J. Keegan,
chairman and chief executive officer.  "Despite market
challenges, our results are among the best ever achieved by
Goodyear.

"Our product, brand, customer and geographic mix drove margin
expansion," he said.  The company achieved a gross margin of 20
percent in the quarter, up from 17.4%  a year ago.

"North American Tire delivered dramatic earnings improvement
despite lower volumes.  This reflects its new product success,
strong marketing initiatives and cost savings efforts."

Each of the five business units achieved double digit or better
percentage growth in segment operating income for the quarter.
The company's three emerging markets businesses increased sales
15% and segment operating income 24% over last year.

Mr. Keegan said the company made further progress during the
third quarter on its plan to achieve US$1.8 billion to US$2
billion in gross cost savings by the end of 2009.  "We have now
achieved nearly US$900 million in savings and remain on track to
reach our four-year goal."

Third quarter 2007 income from continuing operations was
US$159 million (67 cents per share).  This compares to a third
quarter 2006 loss from continuing operations of US$76 million
(43 cents per share).

Segment operating income benefited from improved pricing and
product mix of US$179 million in the third quarter of 2007,
which more than offset increased raw material costs of
US$23 million.

Favorable foreign currency translation positively impacted sales
by US$232 million and segment operating income by US$33 million
in the quarter.

The 2007 third quarter was also impacted by after-tax
rationalization and accelerated depreciation costs of US$6
million (2 cents per share), tax expense related primarily to a
tax law change of US$12 million (5 cents per share) and a gain
on asset sales of US$10 million (4 cents per share).

The third quarter of 2006 included US$132 million (75 cents per
share) in after-tax rationalization and accelerated depreciation
costs.

Goodyear had third quarter 2007 net income of US$668 million
(US$2.75 per share), which includes discontinued operations of
US$509 million (US$2.08 per share).  Included in discontinued
operations was an after-tax gain of US$517 million (US$2.12 per
share) on the sale of the company's Engineered Products
business.  In the third quarter of 2006, the company had a net
loss of US$48 million (27 cents per share). All per share
amounts are diluted.

                     Business Segments

Total segment operating income from continuing operations was
US$382 million in the third quarter of 2007, an all-time high
and up 35 percent from the 2006 period.

Asia Pacific Tire, Latin American Tire, European Union Tire, and
Eastern Europe, Middle East and Africa Tire achieved record
sales.

All five business units had higher segment operating income
compared to last year, with Asia Pacific Tire and Eastern
Europe, Middle East and Africa Tire setting records for any
quarter.  Segment operating income for European Union Tire and
Latin American Tire set third quarter records.

North American Tire third quarter sales were down 6 percent
compared to the 2006 period, primarily due to lower volume
resulting from the company's exit from certain segments of the
private label tire business as well as weak original equipment
and replacement markets.  This was partially offset by market
share gains in Goodyear brand tires and improved pricing and
product mix.

Third quarter segment operating income is the highest since the
third quarter of 2001.  It was up 247 percent compared to the
2006 quarter due to improved pricing and product mix of US$60
million, which more than offset increased raw material costs of
US$8 million.

European Union Tire third quarter sales increased 9 percent over
last year as a result of improved pricing and product mix and a
favorable impact from currency translation of US$108 million,
which more than offset lower volume.

Segment operating income for the third quarter increased 11
percent compared to 2006 as pricing and product mix improvements
of US$55 million more than offset US$13 million in higher raw
material costs.  Also impacting results were favorable foreign
currency translation of US$7 million, increased conversion costs
and lower unit volume.

Eastern Europe, Middle East and Africa Tire third quarter sales
were up 13 percent compared to 2006.  This resulted from
improved pricing and product mix and a favorable impact from
currency translation of US$37 million that more than offset
lower unit volume.

Segment operating income improved 12 percent for the third
quarter due to improved pricing and product mix of US$31 million
that more than offset less than US$2 million in higher raw
material costs.  Also impacting results were favorable foreign
currency translation of US$5 million as well as higher
conversion costs, partially the result of a strike in South
Africa, and lower volume.

Latin American Tire sales increased 20 percent from the third
quarter of 2006 due to higher unit volume, improved pricing and
product mix and a favorable impact from currency translation of
US$40 million.

Third quarter 2007 segment operating income increased 29 percent
from last year due to higher unit volume and improved pricing
and product mix of US$20 million, which more than offset higher
raw material costs of US$5 million.  Results also benefited from
favorable currency translation of US$18 million. Higher
conversion costs were a partial offset.

Asia Pacific Tire third quarter sales were 12 percent higher
than the 2006 period primarily due to improved pricing and
product mix and a favorable impact from currency translation of
US$40 million, which offset lower volume.

Segment operating income increased 46 percent in the 2007 third
quarter, primarily due to improved pricing and product mix of
US$13 million, reduced raw material costs of US$4 million and
US$3 million of favorable foreign currency translation.  Higher
SAG costs were a partial offset.

                       About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest   
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.  These ratings still apply as of Nov. 8, 2007.


GOODYEAR TIRE: Commences Offer to Exchange 4% Conv. Senior Notes
----------------------------------------------------------------
The Goodyear Tire & Rubber Company has commenced an offer to
exchange any and all of its outstanding 4% Convertible Senior
Notes due June 15, 2034, for a cash premium and shares of its
common stock.
    
"This exchange offer is another step in our plan to further de-
lever and improve our capital structure," W. Mark Schmitz,
executive vice president and chief financial officer, said.
"This allows us to reduce our debt by as much as US$350 million,
save up to US$14 million a year in interest and simplify our
balance sheet."
    
The exchange offer allows holders of convertible notes to
receive the same number of shares of the company's common stock
as they would receive upon conversion of the convertible notes
in accordance with their current terms, plus a cash premium and
accrued and unpaid interest.
    
For each US$1,000 principal amount of convertible notes validly
tendered, note holders will receive 83.0703 shares of the
company's common stock, which represents a conversion price of
approximately US$12.04 per share.  

In addition, per each US$1,000 principal amount of convertible
notes, the company will offer note holders a cash payment of
US$48.30 as well as accrued and unpaid interest up to, but
excluding, the exchange date.

The offer is scheduled to expire at 5:00 p.m., New York City
time, on Dec. 5, 2007.  As of Nov. 6, 2007, there was
US$349,798,000 principal amount of convertible notes
outstanding.
    
Copies of the prospectus may be obtained from the exchange
agent:

     Wells Fargo Bank N.A.
     Corporate Trust Operations
     Sixth and Marquette, MAC N0303- 121
     Minneapolis, Minn. 55479
     Tel (800) 344-5128

Goodyear has engaged Goldman, Sachs & Co., telephone (800) 828-
3182, to act as dealer manager in connection with the exchange
offer.
    
                         About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- manufactures tires,  
engineered rubber products and chemicals in more than
90 facilities in 28 countries.  Goodyear Tire has marketing
operations in almost every country around the world including
Chile, Colombia, Guatemala, Jamaica and Peru in Latin America.  
Goodyear employs more than 80,000 people worldwide.

                          *     *     *

Moody's Investor Services placed Goodyear Tire & Rubber Co.'s
long term corporate family and bank loan debt ratings at 'B1' in
November 2005.  The ratings still hold to date with  negative
outlook.


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


A GROUP CREDIT: Creditors' Claims Due on Dec. 11
------------------------------------------------
LLP Microcredit Organization A Group Credit has declared
insolvency.  Creditors have until Dec. 11 to submit written
proofs of claims to:

         LLP Microcredit Organization
         A Group Credit
         Pushkin Str. 166/5
         Astana
         Kazakhstan


ETALON-TENZO LLP: Claims Registration Ends Dec. 11
--------------------------------------------------
LLP Scientific-Manufacturing Firm Etalon-Tenzo has declared
insolvency.  Creditors have until Dec. 11 to submit written
proofs of claims to:

         LLP Scientific-Manufacturing
         Firm Etalon-Tenzo
         Otegen batyr Str. 14
         Almaty
         Kazakhstan


KASPY SNAB: Claims Registration Ends Dec. 11
--------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Kaspy Snab Service Ltd. insolvent on Sept. 20.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Kazakhstan
         Tel: 8 (7292) 50-97-23


NOTEX LLP: Creditors' Claims Due on Dec. 11
-------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Notex insolvent on Oct. 4.

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


PROMSERVICE-TL LLP: Claims Filing Period Ends Dec. 7
----------------------------------------------------
LLP Promservice-TL has declared insolvency.  Creditors have
until Dec. 7 to submit written proofs of claims to:

         LLP Promservice-TL
         Micro Mistrict Taugul, 33-4
         Almaty
         Kazakhstan


RAUAN LLP: Creditors Must File Claims Dec. 7
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Rauan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


ROYAL TRADE: Proof of Claim Deadline Slated for Dec. 11
-------------------------------------------------------
Branch of LLP Royal Trade in Zyryanovsk has declared insolvency.  
Creditors have until Dec. 11 to submit written proofs of claims
to:

         Branch of LLP Royal Trade
         Lenin Str. 69
         Zyryanovsk
         East Kazakhstan  
         Kazakhstan


SARY-ARKA LLP: Creditors Must File Claims Dec. 7
------------------------------------------------
LLP Scientific-Manufacturing Firm Sary-Arka has declared
insolvency.  Creditors have until Dec. 7 to submit written
proofs of claims to:

         LLP Scientific-Manufacturing Firm Sary-Arka
         Micro District Vostok, 89/23
         Shymkent
         South Kazakhstan  
         Kazakhstan


SDK LLP: Claims Filing Period Ends Dec. 7
-----------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP SDK insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Naberejnaya Str. 3-103
         Pavlodar
         Kazakhstan


SHYGYS-ASTYK LLP: Proof of Claim Deadline Slated for Dec. 7
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Shygys-Astyk insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


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


BISHKEK TRANS-SYSTEMS: Creditors Must File Claims by December 7
---------------------------------------------------------------
LLC Bishkek Trans-Systems has declared insolvency.  Creditors
have until Dec. 7 to submit written proofs of claim to:

         LLC Bishkek Trans-Systems
         Unusaliyev Str. 115
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 57-77-75


SHEFALI-TRADING LLC: Proof of Claim Deadline Slated for Dec. 7
--------------------------------------------------------------
LLC Shefali-Trading has declared insolvency.  Creditors have
until Dec. 7 to submit written proofs of claim to:

         LLC Shefali-Trading
         Bakiyev Str. 40
         Djalal-Abad
         Kyrgyzstan
         Tel: (0-555) 85-86-86


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


DUTCH MBS XII: Fitch Rates Class E Notes at BB; Outlook Positive
----------------------------------------------------------------
Fitch Ratings has affirmed 11 tranches of Dutch MBS transactions
following a satisfactory performance review:

Dutch MBS 98-I B.V.:

   -- Class B (ISIN XS0091885763): affirmed at 'AAA'; Outlook
      Stable

Dutch MBS XII B.V.:

   -- Class A (ISIN XS0216830199): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0216832302): affirmed at 'AA'; Outlook
      Positive

   -- Class C (ISIN XS0216832724): affirmed at 'A'; Outlook
      Positive

   -- Class D (ISIN XS0216833375): affirmed at BBB+'; Outlook
      Positive

   -- Class E (ISIN XS0216835073): affirmed at 'BB'; Outlook
      Positive

Dutch MBS XIV B.V.:

   -- Class A (ISIN XS0235088779): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0235089231): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN XS0235090320): affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN XS0235091054): affirmed at 'BBB'; Outlook
      Stable

   -- Class E (ISIN XS0235091724): affirmed at 'BB'; Outlook
      Stable

The number of affirmations reflects the continued steady
performance of these transactions throughout 2006 and the first
half of 2007.  The more seasoned deals have experienced a
healthy growth in credit enhancement due to the sequential pay-
down of the notes.

Delinquencies, defined as mortgage loans that are more than
three months in arrears, remain low in Dutch transactions.

The Dutch MBS transactions display low arrears.  Of the reviewed
loans more than three months in arrears within the Dutch MBS
series, Dutch MBS XII B.V. had the lowest at 0.09% and Dutch MBS
XIV B.V. had the highest at 0.18%; Dutch MBS 98-I B.V. reduced
to zero.

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.


DUTCH MBS XIV: Fitch Rates Class E Notes at BB; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed 11 tranches of Dutch MBS transactions
following a satisfactory performance review:

Dutch MBS 98-I B.V.:

   -- Class B (ISIN XS0091885763): affirmed at 'AAA'; Outlook
      Stable

Dutch MBS XII B.V.:

   -- Class A (ISIN XS0216830199): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0216832302): affirmed at 'AA'; Outlook
      Positive

   -- Class C (ISIN XS0216832724): affirmed at 'A'; Outlook
      Positive

   -- Class D (ISIN XS0216833375): affirmed at BBB+'; Outlook
      Positive

   -- Class E (ISIN XS0216835073): affirmed at 'BB'; Outlook
      Positive

Dutch MBS XIV B.V.:

   -- Class A (ISIN XS0235088779): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0235089231): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN XS0235090320): affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN XS0235091054): affirmed at 'BBB'; Outlook
      Stable

   -- Class E (ISIN XS0235091724): affirmed at 'BB'; Outlook
      Stable

The number of affirmations reflects the continued steady
performance of these transactions throughout 2006 and the first
half of 2007.  The more seasoned deals have experienced a
healthy growth in credit enhancement due to the sequential pay-
down of the notes.

Delinquencies, defined as mortgage loans that are more than
three months in arrears, remain low in Dutch transactions.

The Dutch MBS transactions display low arrears.  Of the reviewed
loans more than three months in arrears within the Dutch MBS
series, Dutch MBS XII B.V. had the lowest at 0.09% and Dutch MBS
XIV B.V. had the highest at 0.18%; Dutch MBS 98-I B.V. reduced
to zero.

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.


KONINKLIJKE AHOLD: Reacquires Own Shares for EUR87.34 Million
-------------------------------------------------------------
Koninklijke Ahold N.V. it has repurchased 8,522,426 of its own
common shares in the period from Oct. 29, 2007, up to and
including Nov. 2, 2007.

Shares were repurchased at an average price of EUR10.2487 per
share for a total amount of EUR87.34 million.  These repurchases
were made as part of the EUR1 billion share buyback program
announced on Aug. 30, 2007.

The total number of shares repurchased under this program to
date is 80,358,055 common shares for a total consideration of
EUR841.4 million.

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                         *     *     *

In a TCR-Europe report on May 11, 2007, Moody's Investors
Service placed the Ba1 Corporate Family Rating and the Ba1
Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on
review for possible upgrade.

The action follows the company's announcement that it has
agreed to the disposal of its U.S. Foodservice business to
private equity funds for US$7.1 billion.

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
upgraded the Issuer Default and senior unsecured ratings of
Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from
'BB'.  The Outlook on the Issuer Default rating remains
Positive.  Its Short-term rating is affirmed at 'B'.


KONINKLIJKE AHOLD: Settlement Fund to Investors Set for Release
---------------------------------------------------------------
Entwistle & Cappucci LLP, Lead Plaintiffs' counsel appointed by
the U.S. District Court for the District of Maryland, in the
Settlement of the class action against Royal Ahold N.V. (nka
Koninklijke Ahold N.V.) in the U.S., will begin distributing
payments from the Ahold Net Settlement Fund to Class Members.  

The distribution to Class Members who submitted valid and
supported claim forms is pursuant to an Oct. 3, 2007, Order
issued by the Honorable Catherine C. Blake of the U.S. District
Court for the District of Maryland.

In June 2006, Judge Blake entered a final order and judgment
approving Royal Ahold's settlement of the suit "In re Royal
Ahold N.V. Securities & ERISA Litigation," for US$1.1 billion
(EUR937 million).

Class Members will receive their Settlement Payments by check or
by electronic funds transfer. Claimants will be paid by
electronic funds transfer only if they provided correct account
numbers and related details. Claimants who did not provide
complete and accurate bank account information will be paid by
check. Claimants who did not receive a notice from the Claims
Administrator indicating that their claim would be rejected
should monitor their mail or their bank account for their
Settlement Payment.

The Settlement Payments authorized by the Court's Oct. 3, 200,7
Order represent an initial distribution of 95% of the Ahold
Net Settlement Fund.

If Settlement Payment is more than US$300 (approximately
EUR209.00) claimant will receive a second Settlement Payment
within the next approximately 12 months.

Claimants who are entitled to a payment of US$300 or less will
receive full payment in this distribution.

Claimants entitled to more than US$300 will receive two
distributions with the first payment constituting approximately
95% of the total amount of the claimant's claim and the second
payment constituting approximately 5% of the total amount of the
claimant's claim.

The Ahold Settlement Fund is a "Qualified Settlement Fund," as
defined in United States Treas. Reg. Section 1.468B-1 through 5.
The tax treatment of your Settlement Payment will vary based
upon your tax status and treatment of your investments.

                        Case Background

The lawsuit stems from a 2003 accounting scandal that forced the
company to restate earnings by US$1.1 billion over three years.
Most of the problems were related to inflated earnings at the
company's U.S. Foodservice subsidiary in Columbia.  It alleged
that Ahold N.V. misled investors by presenting an inaccurate
financial picture of the company to stockholders and inflating
the price of its common stock.

It alleged claims against Ahold and Ahold USA, Inc., Ahold USA
Holdings, Inc., U.S. Foodservice, Inc., Cees Van der Hoeven,
Michiel Meurs, Henny de Ruiter, Cor Boonstra, James L. Miller,
Mark Kaiser, Michael Resnick, Tim Lee, Robert G. Tobin, William
J. Grize, Roland Fahlin, Jan G. Andreae, ABN AMRO Rothschild,
Goldman Sachs International, Merrill Lynch International,
ING Bank N.V., Rabo Securities N.V., and Kempen & Co. N.V. based
upon the matters that Ahold first announced on Feb. 24.

The settlement of the suit covers Ahold, its subsidiaries and
affiliates, the individual defendants and the underwriters.   

It resolves all securities law claims against Ahold, and all
other defendants, other than Deloitte & Touche entities.  The
settlement is global in nature and is designed to provide a
recovery to all persons who purchased Ahold common stock and/or
American Depository Receipts from July 30, 1999 through Feb. 23,
2003, regardless of where such persons live or purchased
their Ahold shares.

The settlement must be approved by at least 180 million shares
from about 800 million qualifying shares.  The average payment
is estimated to be US$1.51 per Fund A share and 40 cents per
share
for Fund B shares, according to court documents.  Claims are to
be made about 12 months after the court's final approval (Class
Action Reporter, Jan. 10, 2006).  The company denies any
wrongdoing in the settlement.

The United States District Court for the District of Maryland,
issued an order on Oct. 3 authorizing Lead Counsel and the
Claims Administrator to begin making Settlement payments to
Class Members of the class action against Royal Ahold N.V. in
the U.S. (Class Action Reporter, Oct. 15, 2007).

For more information, contact the Claims Administrator by
calling one of the numbers provided below or writing to the
address below:

    In re Royal Ahold N.V. Securities and Erisa Litigation
    c/o The Garden City Group, Inc.
    Claims Administrator
    P.O. Box 9000 #6378
    Merrick, NY 11566-9000
    U.S.A.

    Country                   Toll Free Number

    Australia                 0011-800-1020-4060
    Austria                   0800-296107
    Belgium                   00-800-1020-4060
    Canada                    1-888-410-0027
    Denmark                   00-800-1020-4060
    England                   00-800-1020-4060
    Finland                   00-800-1020-4060
    France                    00-800-1020-4060 (France Telecom)
                              40-800-1020-4060 (TELE 2)
                              50-800-1020-4060 (Omnicom)
                              70-800-1020-4060 (Le 7 Cegetel)
                              90-800-1020-4060 (9 Telecom)
    Germany                   00-800-1020-4060
    Hong Kong                 001-800-1020-4060
    Ireland                   00-800-1020-4060
    Italy                     00-800-1020-4060
    Japan                     010-800-1020-4060
    Liectenstein              809-2288, ask to be connected
                              to 800-467-8208
    Luxembourg                00-800-1020-4060
    Netherlands               00-800-1020-4060
    Norway                    00-800-1020-4060
    Portugal                  00-800-1020-4060
    Scotland                  00-800-1020-4060
    Singapore                 001-800-1020-4060 (Singtel IDD)
                              002-800-1020-4060 (MobileONE IDD)
                              008-800-1020-4060 (Starhub IDD)
                              013-800-1020-4060 (Singtel
                              Budget Call)
                              018-800-1020-4060 (Starhub
                              I-Call)
                              019-800-1020-4060 (Singtel
                              V019)
    Spain                     00-800-1020-4060
    Sweden                    00-800-1020-4060
    Switzerland               00-800-1020-4060
    United States             1-888-410-0027
    International Toll Number +1-941-906-4864

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                         *     *     *

In a TCR-Europe report on May 11, 2007, Moody's Investors
Service placed the Ba1 Corporate Family Rating and the Ba1
Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on
review for possible upgrade.

The action follows the company's announcement that it has
agreed to the disposal of its U.S. Foodservice business to
private equity funds for US$7.1 billion.

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
upgraded the Issuer Default and senior unsecured ratings of
Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from
'BB'.  The Outlook on the Issuer Default rating remains
Positive.  Its Short-term rating is affirmed at 'B'.


REVLON INC: Sept. 30 Balance Sheet Upside-Down by US$1.15 Bln
-------------------------------------------------------------
Revlon Inc. reported Tuesday results for the third quarter and
nine months ended Sept. 30, 2007.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$882.4 million in total assets and US$2.03 billion in
total liabilities, resulting in a US$1.15 billion in total
shareholders' deficit.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$456.6 million in total current
assets available to pay US$524.9 million in total current
liabilities.

Net loss in the third quarter of 2007 was US$10.4 million,
compared with a net loss of US$100.5 million in the third
quarter of 2006.

Net sales in the third quarter of 2007 increased 11.0% to
US$339.7 million, compared to net sales of US$305.9 million in
the third quarter of 2006.  Excluding the impact of foreign
currency fluctuations, net sales in the third quarter increased
8.6% versus year-ago.  Third quarter 2006 net sales were reduced
by approximately US$15 million from Vital Radiance.

Commenting on today's announcement, Revlon president and chief
executive officer, David Kennedy, said, "Our performance in the
third quarter was driven by a combination of increased net
sales, continued benefits from the restructuring actions we took
in 2006 and early in 2007 and ongoing control of our costs.  
Based on our performance in the third quarter and our outlook
for the remainder of the year, full year adjusted EBITDA is
expected to exceed our previous forecast of US$210 million."

In the United States, net sales in the third quarter of 2007
increased 19.7% to US$190.9 million, compared with net sales of
US$159.5 million in the third quarter of 2006.  In the company's
international operations, net sales in the third quarter of 2007
increased 1.6% to US$148.8 million, compared to net sales of
US$146.4 million in the third quarter of 2006.  

Operating income was US$20.7 million in the third quarter of
2007, versus an operating loss of US$57.2 million in the third
quarter of 2006.  Adjusted EBITDA in the third quarter of 2007
was US$43.9 million, compared to an adjusted EBITDA loss of
US$25.1 million in the same period last year.  In the third
quarter 2006, Vital Radiance, executive severance and
restructuring expenses reduced the company's operating
profitability by US$72 million and adjusted EBITDA by
approximately US$64 million. The third quarter of 2007 included
restructuring expenses of US$500,000.  Excluding the impact of
these items, the improvements in operating income, net loss and
adjusted EBITDA were driven by net sales increases, continued
benefits from restructuring actions and ongoing cost controls.

                       Nine Months Results

Net sales in the first nine months of 2007 advanced 6.8% to
US$1.02 billion, compared to net sales of US$952.5 million in
the first nine months of 2006.  Excluding the impact of foreign
currency fluctuations, net sales in the first nine months
increased 5.5% versus year-ago.  Net sales in the first nine
months of 2006 were reduced by approximately US$15 million from
Vital Radiance.

In the United States, net sales in the first nine months of 2007
increased 9.4% to US$588.4 million compared with net sales of
US$537.8 million in the first nine months of 2006.  In the
company's international operations, net sales in the first nine
months of 2007 increased 3.5% to US$429.1 million, compared with
net sales of US$414.7 million in the first nine months of 2006.  

Operating income was US$40.6 million in the first nine months of
2007, versus an operating loss of US$120.3 million in the first
nine months of 2006.  Net loss in the first nine months of 2007
was US$56.9 million, or US$0.11 per diluted share, compared with
a net loss of US$245.8 million in the first nine months of 2006.  
Adjusted EBITDA in the first nine months of 2007 was US$118.2
million, compared to an adjusted EBITDA loss of US$30.0 million
in the same period last year.  In the first nine months of 2006,
Vital Radiance, executive severance and restructuring expenses
reduced the company's operating profitability by US$124 million
and adjusted EBITDA by approximately US$113 million.  Results
for the first nine months of 2007 included restructuring
expenses of US$6.9 million. Excluding the impact of these items,
the improvements in operating income, net loss and adjusted
EBITDA were driven by net sales increases, continued benefits
from restructuring actions and ongoing cost controls.

Cash flow used for operating activities in the first nine months
of 2007 was US$47.6 million, compared with cash flow used for
operating activities of US$124.8 million in the first nine
months of 2006.  This improvement was primarily due to a lower
net loss and decreased permanent display spending, partially
offset by changes in net working capital.

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?2503

                        About Revlon Inc.

Revlon Inc. (NYSE: REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skincare, fragrances, beauty tools, hair
color, anti-perspirants/deodorants and personal care products
company.  The Company's brands, which are sold worldwide,
include Revlon(R), Almay(R), Ultima(R), Charlie(R), Flex(R) and   
Mitchum(R).  The company has international operations in
Argentina, Australia, Bermuda, Brazil, Germany, Spain, the
Netherlands and the United Kingdom.


SENSATA TECH: Incurs US$86.7 Mln Net Loss in Third Quarter 2007
---------------------------------------------------------------
Sensata Technologies B.V. announces Third quarter 2007 net
revenue was US$357.4 million, which represents an increase of
US$70.2 million or 24.4% over the third quarter of 2006.  For
the third quarter ended Sept. 30, 2007, the company had a net
loss of US$86.7 million, as compared with a net loss of US$75.7
million in the year-ago quarter.

For the nine months ended Sept. 30, 2007, net revenue was
US$1 billion, an increase of 17.2% from US$879.5 million for the
same period in 2006.  Net loss for the nine months ended Sept.
30, 2007, was US$172.3 million, as compared with net loss for
the nine months ended Sept. 30, 2006, of US$147.2 million.

The quarter ending cash balance of US$54.0 million was down from
this year's second quarter balance of US$105.9 million,
primarily due to the US$89.7 million in cash that was used in
connection with the acquisition of Airpax Holdings, Inc.

The company had about US$3.6 billion in total assets, about
US$2.9 billion in total liabilities, and about US$652.9 million
in stockholders' equity as of Sept. 30, 2007.

Tom Wroe, chairman and chief executive officer said, "We
experienced double-digit percentage growth in net revenue and
Adjusted EBITDA for both the third quarter and the nine months
ended Sept. 30, 2007.  This was accomplished mainly through the
expansion of our core sensor base net revenue and the execution
of our acquisition strategy.  The outlook for our overall
business remains positive through year end though we will
continue to monitor various trends in the global macroeconomic
environment."

                    Recent Developments

On July 27, 2007, Sensata Technologies, Inc., the Company's
principal U.S. operating subsidiary, completed the acquisition
of Airpax Holdings, Inc., a leading manufacturer of components
and systems for power protection, sensing and controls
applications.  The purchase price was US$277.5 million plus fees
and expenses and the transaction was closed using a combination
of cash and new borrowings.  Approximately US$195 million in a
new senior subordinated term loan was issued and the balance was
funded with cash on hand.

Mr. Wroe added, "We have successfully begun the integration of
Airpax Holdings, Inc. into Sensata. We now have a leading market
position in our Controls business segment for the higher-growth
network power and critical, high-reliability mobile power
applications; markets where we did not
previously compete."

                  About Sensata Technologies BV

Headquartered in Attleboro, Massachusetts, Sensata Technologies
BV -- http://www.sensata.com/-- is a supplier of sensors and
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan, and the Netherlands.  Sensata Technologies employs
approximately 5,400 people worldwide.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2007,
Moody's Investors Service affirmed Sensata Technologies BV's B2
corporate family rating in response to the company's issuance of
GBP141 million (US$195 million) senior subordinate term loan and
use of cash on hand to acquire Airpax Holdings Inc. for US$276
million, including fees and expenses.

At the same time, Moody's upgraded Sensata's senior secured
credit facility to Ba3 and its US$450 million unsecured notes to
B3.  The rating of the subordinate notes remains at Caa1.  The
outlook is negative.


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


ELEKTRIM SA: Warsaw Stock Exchange Okays Delisting of Shares
------------------------------------------------------------
The Warsaw Stock Exchange has approved Elektrim S.A.'s second
motion to delist its shares, saying it perceived the vital
interest of the company not to be traded while in bankruptcy,
the Financial Times reports, citing Polish News Bulletin.

According to the exchange's CEO Zbigniew Sobolewski, Elektrim
has come up with arguments strong enough to justify the
delisting.

The company, however, has to comply with the exchange's
delisting conditions, which include announcing a call for shares
and providing information on its Web site regarding the
bankruptcy procedures.

                        About Elektrim S.A.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

As reported in the TCR-Europe on Aug. 24, 2007, Elektrim S.A.
filed for bankruptcy protection in a court in Warsaw on Aug. 10,
2007, after its second debt restructuring talks with bondholders
failed.

Subsequently, the court has granted bankruptcy protection to
Elektrim with the possibility of settlement and appointed a
trustee to oversee the company's assets.


SCO GROUP: Seeks Court OK to Expand Mesirow's Scope of Services
---------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
expand the scope of Mesirow Financial Consulting LLC's services
as their financial advisor.

The Debtors propose that Mesirow's services include sale and
valuation, nunc pro tunc to Oct. 8, 2007.

A hearing to consider the Debtors' request has been set for
Dec. 5, 2007, at 10:00 a.m.

Recently, the Court approved the employment of Mesirow based on
the Debtors' original application.

The original application, as reported in the Troubled Company
Reporter on Nov. 5, 2007, indicated that nunc pro tunc to
Sept. 14, 2007, Mesirow will:

   a. assist in the preparation of or review of reports or
      filings as required by the Bankruptcy Court or the Office
      of the United States Trustee, including, but not limited
      to, schedules of assets and liabilities, statements of
      financial affairs and monthly operating reports;

   b. assist in the preparation of or review of the Debtors'
      financial information, including, but not limited to,
      analyses of cash receipts and disbursements, financial
      statement items and proposed transactions for which
      Bankruptcy Court approval is sought;

   c. assist with the analysis, tracking and reporting regarding
      cash collateral and any debtor-in-possession financing
      arrangements and budgets;

   d. assist with the implementation of bankruptcy accounting
      procedures as may be required by the Bankruptcy Code and
      generally accepted accounting principles;

   e. advise and assist regarding tax planning issues,
      including, but not limited to, assistance in estimating
      net operating loss carryforwards, international, state and
      local tax issues and the tax considerations of proposed
      plans of reorganizations;
  
   f. assist with identifying and implementing potential cost
      containment opportunities;

   g. assist with identifying and implementing asset
      redeployment opportunities;

   h. analyze assumption and rejection issues regarding
      executory contracts and leases;

   1. assist in the preparation and review of proposed business
      plans and the business and financial condition of the
      Debtors generally;

   j. assist in evaluating reorganization strategies and
      alternatives;

   k. review and critique of the Debtors' financial projections
      and assumptions;

   i. prepare enterprise, asset and liquidation valuations;

   m. assist in preparing documents necessary for confirmation;

   n. advise and assist to the Debtors in negotiations and
      meetings with the Creditors' Committee, the bank lenders
      and other parties-in-interest;

   o. advise and assist on the tax consequences of proposed
      plans of reorganization;

   p. assist with the claims resolution procedures, including,
      but not limited to, analyses of creditors' claims by type
      and entity;

   q. render litigation consulting services and expert witness
      testimony regarding confirmation issues, avoidance actions
      or other matters; and

   r. render other functions as requested by the Debtors or
      their counsel to assist the Debtors in these Chapter 11
      Cases.

The Debtors will pay Mesirow according to the firm's customary
hourly rates:

          Designation                       Hourly Rate
          -----------                       -----------
          Sr. Managing Director,            US$650 - US$690
            Managing Director and
            Director
          Sr. Vice-President                US$550 - US$620
          Vice President                    US$450 - US$520
          Senior Associate                  US$350 - US$420
          Associate                         US$190 - US$290
          Paraprofessional                      US$150

Mesirow will bill a fixed fee of US$35,000 for the preparation
of schedules of assets and liabilities and the statement of
financial affairs.  All other services, as requested by the
Debtors, and agreed to by Mesirow, will be billed at the normal
and customary rates listed above less a 10% discount to fees as
determined.

Prior to the bankruptcy filing, Mesirow received an advance
payment retainer of US$35,000 from the Debtors.  Of that
retainer, US$0 has been applied to fees and expenses incurred
prior to the bankruptcy filing.  The balance of this retainer
will be held by   Mesirow and applied against postpetition fees
and expenses to the extent allowed by the Court.

To the best of the Debtors' knowledge, Mesirow is a
"disinterested person" as that term is defined in section
101(14) of the Bankrptcy Code as modified by section 11 07 (b)
of the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Taps CFO Solutions to Shortlist CFO Candidates
---------------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc., seek
authority from the U.S. Bankruptcy Court for the District of
Delaware, to employ CFO Solutions LC to provide their company
with a chief financial officer, nunc pro tunc to Oct. 1, 2007.

CFO Solutions provides consulting services and temporary
employees to staff CFO and other key financial positions in
companies.  

CFO Solutions proposes the appointment of Ken Nielsen as the
Debtors' chief financial officer.  Mr. Nielsen is expected to
assist the Debtors in financial and general management matters,
including, evaluating and implementing strategic and tactical
options through the restructuring process.

Specifically, Mr. Nielsen will:

     (a) develop and implement cash management strategies
         and reporting protocols;

     (b) develop and evaluate various restructuring
         alternatives and negotiate with key creditors and
         other stakeholders;

     (c) assist in day-to-day oversight and management of
         the Debtors' operations; and

     (d) counsel and assist the Debtors through the marketing
         and sale process, or other reorganization strategies,
         including the identification of the highest and best
         transaction, and to assist with such other matters as
         may be requested that fall within the firm's expertise
         and mutually agreeable.

The Debtors tells the Court that the firm will charge US$150 per
hour.  Of the total amount, Mr. Nielsen will receive US$105
through the Debtors' payroll and US$45 will be paid to the firm.

The Debtors also relates that they agreed to pay the firm an
amount not to exceed 30% of Mr. Nilesen's annual salary, minus
all amounts paid to the firm, as of the date of termination as a
placement fee, if Mr. Nielsen will be terminated prior to the
expiration of the six month term.

Furthermore, the Debtors agreed to pay the firm US$40,000 minus
70% of any severance amounts paid to Mr. Nielsen, if the Debtors
terminate Mr. Nielsen, without cause, or if Mr. Nielsen is
unable to perform the services.

If the Court does not approve the hourly payments to the firm
under the agreement, the Debtors have agreed to compensate the
firm 30% of Mr. Nielsen's annual base salary, as a placement fee
for a chief operating officer.

To the best of the Debtors' knowledge, the Mr. Nielsen holds no
interest adverse to the Debtors' and their estates and is
“disinterested” as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--   
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent.  The U.S. Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Wants to Employ Tanner LC as Accountants
---------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc., seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Tanner LC as their accountants, nunc pro tunc
to Oct. 2, 2007.

Tanner LC will perform an audit of the Debtors' consolidated
financial statements for the year ending Oct. 31, 2007, and to
assist the Debtors in reviewing their financial statements and
other documents necessary for the Securities and Exchange
Commission submissions.

Kent M. Bowman, an auditor at Tanner LC tells the Court the
Debtors agreed to pay an estimated amount of approximately
US$196,000.  The firm's reviews of the 10-Q's will bill a fixed
fee of US$22,500 per 10-Q report.  For all other services in
connection with the services rendered, the firm will bill at the
normal customary rate.

To the best of the Debtors' knowledge, the firm is
“disinterested” as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--   
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent.  The U.S. Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


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


LEAR CORP: Earns US$41 Million in Third Quarter Ended Sept. 29
--------------------------------------------------------------
Lear Corporation reported Tuesday financial results for the
third quarter of 2007.

Lear reported net income of US$41.0 million for the third
quarter of 2007.  This compares with a net loss of US$74.0
million for the third quarter of 2006.

For the third quarter of 2007, Lear reported net sales of
US$3.6 billion and pretax income of US$60.1 million, including
restructuring costs of US$37.3 million and other special items
of US$8.0 million.  For the third quarter of 2006, Lear reported
net sales of US$4.1 billion and a pretax loss of US$65.9
million, including restructuring costs and other special items
of US$46.1 million.

Income before interest, other expense, income taxes,
restructuring costs and other special items was US$170.4 million
for the third quarter of 2007.  This compares with net sales of
US$3.3 billion and core operating earnings of US$100.1 million,
excluding the divested Interior business, for the third quarter
of 2006.

"Our financial performance continued to improve in the third
quarter as the benefits from on-going operational efficiencies,
our global restructuring initiative and new business favorably
impacted our bottom line," said Bob Rossiter, Lear chairman,
chief executive officer and president.  "Our focus going forward
is to continue to provide superior quality products and
services, while we work to further strengthen and profitably
grow our core seating, electrical distribution and electronic
businesses."

Net sales in core businesses were up from the prior year,
primarily reflecting the addition of new business outside of
North America and favorable foreign exchange, offset in part by
unfavorable platform mix in North America.  Operating
performance improved from the year-earlier results, reflecting
the company's cost improvement actions and restructuring
initiative, as well as benefits from new business outside of
North America.

In the seating segment, operating margins improved, reflecting
favorable cost performance from restructuring and ongoing
efficiency actions, selective vertical integration and the
benefit of new business globally.  In the electrical and
electronic segment, operating margins declined, reflecting
unfavorable net pricing and the roll-off of several key programs
in North America.

Free cash flow in the third quarter of 2007 was US$90.8 million
as compared to negative US$48.2 million in the third quarter of
2006. The improvement reflects primarily the divestiture of the
Interior business and an improvement in core operating earnings.  
Net cash provided by operating activities was US$62.0 million in
the third quarter of 2007 as compared to net cash used by
operating activities of US$8.1 million in the third quarter of
2006.

At Sept. 29, 2007, the company's consolidated balance sheet
showed US$7.94 billion in total assets, US$7.01 billion in total
liabilities, and US$932.7 million in total shareholders' equity.

                     Full-Year 2007 Outlook

The outlook excludes results for the divested Interior business
for the full year.  On this basis, Lear expects 2007 net sales
of approximately US$15 billion. This is unchanged from the prior
outlook.  Lear now anticipates 2007 core operating earnings in
the range of US$680 million.  This is up from the last full-year
outlook, reflecting lower production risk and more favorable
operating performance.

Restructuring costs in 2007 are estimated to be about
US$125  million.

Interest expense is estimated to be approximately US$200
million. Pretax income before restructuring costs and other
special items is estimated in the range of US$430 million.  Tax
expense is expected to be approximately US$135 million,
depending on the mix of earnings by country.

Capital spending in 2007 is estimated at approximately US$200
million, down US$35 million from the prior outlook, reflecting
primarily program timing and spending efficiencies.  
Depreciation and amortization expense is estimated at about
US$300 million.  Free cash flow is expected to be positive at
about US$350 million for the year.  This is up from the prior
outlook, reflecting higher earnings and lower capital spending.

Key assumptions underlying Lear's full-year 2007 financial
outlook include expectations for industry vehicle production of
approximately 15.0 million units in North America and 19.7
million units in Europe.  In addition, the company is assuming
an exchange rate of US$1.35/Euro.
                
                        About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- supplies automotive seating systems,  
electrical distribution systems and electronic products.  Lear's
world-class products are designed, engineered and manufactured
by a diverse team of more than 90,000 employees at 236
facilities in 33 countries.  

Lear's headquarters are in Southfield, Michigan.  Lear also
operates in Latin American countries including Argentina,
Mexico, and Venezuela.  Its European operations are located in
Czech Republic, United Kingdom, France, Germany, Honduras,
Hungary, Poland, Portugal, Romania, Russia, Slovakia, Spain,
Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2007,
Moody's Investors Service affirmed Lear Corporation's Corporate
Family Rating of B2 with a stable outlook.  Ratings on the
company's term loan of B2 and on its unsecured notes of B3 were
similarly affirmed but with slight revisions to their respective
LGD point estimates.  

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services raised its corporate credit
rating on Lear Corp. to 'B+' from 'B' and removed the ratings
from CreditWatch with positive implications where they were
placed on July 17, 2007.  The outlook is negative.


=============
R O M A N I A
=============


PROCREDIT BANK: Fitch Rates Individual Ratings at D on Risks
------------------------------------------------------------
Fitch Ratings has upgraded ProCredit Bank (Romania)'s Individual
rating to 'D' from 'D/E'.  The agency also affirmed the bank's
other ratings:

   -- Long-term Foreign and Local Currency Issuer Default
      Ratings at 'BB+';

   -- Short-term Foreign and Local Currency IDRs at 'B'; and

   -- Support Rating at '3'.  

The Outlooks on the Long-term IDRs are Stable.

"Today's rating action reflects the improved diversification of
the bank's funding sources, with greater emphasis on retail
funding and borrowed funds from alternative sources.  During
2006 and the first nine months of 2007, PCBR has become less
reliant on shareholder funding for growth and developed its
franchise in providing financial services to micro-entrepreneurs
in Romania," says Gulcin Orgun, Director in Fitch's Banking
group.

PCBR's Individual Rating is also supported by the benefits the
bank receives from being part of a global network in terms of
risk management expertise, centralized supervision and close
monitoring of risks, and its track record of good asset quality.  
The Individual Rating also takes into account PCBR's small size,
low profitability, and the risks, both credit and operational,
from the bank's rapid growth.  PCBR's low profitability is
mainly due to the labor-intensive nature of its business,
serving a large number of very small customers, and branch
network expansion.  

Improvements in profitability can only be expected in the medium
term through the better contribution of economies of scale and
provided there is no major impairment of loans.  Fitch considers
capitalization to be just adequate given the bank's limited
scope for internal capital generation due to its low
profitability and the potential risks from rapid loan growth.  
Higher capital levels should provide the bank with a better
cushion for any potential asset-quality problems.

PCBR's IDRs and Support Rating reflect the moderate probability
of support in case of need from its largest shareholder,
Germany-based ProCredit Holding AG (rated 'BBB-'/Stable).  PCH
holds 32% stake of the bank and it is set to increase this to
57% by the end of 2007.

PCBR, established in 2002, is a development-oriented, small
full-service bank specializing in micro-, small- and medium-
sized enterprises with a special emphasis on agricultural and
rural loans.  It has 33 branches in Romania and forms part of a
network of ProCredit banks in central and eastern Europe, Latin
America and Africa.  Strategic decisions, risk management
policies and human resources are fairly centralized at the PCH
level.


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


DZERZHINSKIJ AGRICULTURAL: Asset Sale Slated for Nov. 27
--------------------------------------------------------
I. V. Merkulov, the competitive proceedings manager of
Dzerzhinskij Agricultural Artel, will open a public auction for
the company's properties at 1:00 p.m. on Nov. 27.

         I. V. Merkulov
         Office 608
         Ryazanskoye 1
         Tula
         Russia

The starting price for the auctioned assets is RUR1,936,000.

Interested participants have until Nov. 20 to deposit an amount
equivalent to 5% of the starting price.

Bidding documents must be submitted to:
         I. V. Merkulov
         Office 608
         Ryazanskaya 1
         Tula
         Russia

Information related to the auction can be obtaine by calling, by
calling Tel: (0872) 35-66-43.


FEDERAL GRID: S&P Places BB+ Ratings on Watch Positive
------------------------------------------------------
Standard & Poor's Ratings Services placed its'BB+' long-term
corporate credit rating and the 'ruAA+' Russia national scale
rating on Russian electricity transmission grid operator Federal
Grid Co. of the Unified Energy System, the 87.6% subsidiary of
RAO UES, were also placed on CreditWatch with positive
implications.

At the same time, the 'BB' long-term corporate credit rating and
'ruAA' Russia national scale rating on RAO UES of Russia, the
52.7% Russian government-owned holding company of Russian energy
utility RAO UES group, on CreditWatch with positive
implications.

The rating actions on RAO UES and FGC follow shareholder
approval for the second stage of RAO UES' restructuring and
merger with FGC.

"The CreditWatch placement on RAO UES reflects our expectation
that company creditors will benefit from stronger protection
after completion of RAO UES' restructuring and merger with FGC
in mid-2008," said Standard & Poor's credit analyst Eugene
Korovin.  "FGC, with its low-risk transmission operations has
stronger credit quality."

S&P also expects that RAO UES will manage the substantial short-
term pressure on its liquidity through asset sales and state
support.

"The CreditWatch placement on FGC reflects our expectation that
the company's credit quality will improve as RAO UES'
reorganization progresses," said Mr. Korovin.

S&P expects that FGC will manage the substantial short-term
pressure on its liquidity coming from the reorganization, which
is the group's major outstanding restructuring risk.  S&P also
expects that the merger with RAO UES will be beneficial or
neutral for FGC's financial profile.

The credit quality of both RAO UES and FGC stands to benefit
from the elimination of the restructuring risk that has hung
over the sector for several years.

S&P will resolve the CreditWatch status on FGC after the
potential calls on its liquidity are clarified, expected by mid-
February 2008.  If there is an improvement in FGC's liquidity
position, this could result in a one- or two-notch upgrade.  The
CreditWatch status on RAO UES will be resolved after its merger
with FGC is completed, when we'll most likely raise the rating
on RAO UES to equalize it with that on FGC.  Furthermore, the
rating on RAO UES will be withdrawn when it ceases to exist as a
legal entity.


LITS OJSC: Creditors Must File Claims by Nov. 27
------------------------------------------------
Creditors of OJSC LITS have until Nov. 27 to submit their proofs
of claim to:

         A. A. Borunov
         Interim manager
         Block 1
         Pr. Mira 68
         Russia

The Arbitration Court of St. Petersburg and the Leningrad region
will convene on Dec. 12 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
?56-21551/2007.


The Court is located at:

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

The Debtor can be reached at:


         OJSC LITS
         Office 2?
         Gleba Uspenskogo Str. 3
         196084 St. Petersburg
         Russia


MASLYANKAAGRISTROY OJSC: Asset Sale Slated for Nov. 20
------------------------------------------------------
The competitive proceedings manager of OJSC MaslyankaAgriStroy,
will open a public auction for the company's properties at 11:00
a.m. on Nov. 20 at:

         OJSC MaslyankaAgriStroy
         Kazanskaya Str. 40
         Ishim
         Tyumen
         Russia

The starting price for the auctioned assets is RUR1,195,040.

Interested participants have until Nov. 15 to deposit an amount
of RUR239,000 and to submit their bidding documents to:

         OJSC MaslyankaAgriStroy
         Kazanskaya Str. 40
         Ishim
         Tyumen
         Russia
         Tel: (34551) 2-27-97


MEZHALESPROM CJSC: Creditors Must File Claim by Dec. 27
-------------------------------------------------------
Creditors of CJSC MezhaLesProm have until Dec. 27 to submit
proofs of claim to:

         V. N. Dobryshkin
         Competitive proceedings manager
         Office 104
         Shagova Str. 20
         156961 Kostroma
         Russia

The Arbitration Court of Kostroma commenced competitive
proceedings against the company after finding it insolvent on
Oct. 4, 2007.  The case is docketed under Case No. ?31-285/
2007-21.

The Debtor can be reached at:

         CJSC MezhaLesProm
         October Str. 49
         Georgievskoye Township
         Mezhevskij Raion
         157420 Kostroma
         Russia


MURMINSKAYA OJSC: Competitive Proceedings Ongoing
-------------------------------------------------
The Arbitration Court of Ryazan' commenced a one-year
competitive proceedings on OJSC Clothing Factory Murminskaya on
Sept. 17, 2007.  The case is docketed under Case No. A54-601/
07-C20.

Creditors of the company have to submit their proofs of claim
to:

         N. A. Simon
         Competitive proceedings manager
         Apartment 406
         Electrozavodskaya Str. 63
         390023 Ryazan'
         Russia

The Debtor can be reached at:

         OJSC Clothing Factory Murminskaya
         Murmino Settlement
         Ryazanskij Raion
         Ryazan'
         Russia


NOVOSIL'SKIJ OJSC: Asset Sale Slated for Nov. 28
------------------------------------------------
The competitive proceedings manager of OJSC Milk plant
Novosil'skij, will open a public auction for the company's
properties at noon on Nov. 28 at:

         OJSC Milk plant Novosil'skij
         Block 1
         Moskovskoye Shosse 137
         302025 Orel
         Russia

The starting price for the auctioned assets is RUR939,531.
Deposit required is 10% of the starting price.

Interested participants have until Nov. 22 to deposit an amount
equivalent to 10% of the starting price and to submit their
bidding documents to:

         OJSC Milk plant Novosil'skij
         Block 1
         Moskovskoye Shosse 137
         302025 Orel
         Russia

Information related to the auction can be obtaine by calling,
Tel: (486-2) 33-61-72, 36-52-94.


PECHORA CONSTRUCTION: Creditors Must File Claims by Nov. 27
-----------------------------------------------------------
Creditors of OJSC Pechora Construction have until Nov. 27 to
submit their proofs of claim to:

         A. V. Lazeba
         Interim manager
         Office 301
         Ordxhonikidze Str.49 ?
         167982 Syktyvkar
         Russia
         Tel/fax: (8212) 24-76-48

The Arbitration Court of Komi will convene at 10:00 a.m. on
Jan. 22, 2008, to hear the company's bankruptcy supervision  
procedure.  The case is docketed under Case No. ?29-4038/2007.

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         OJSC Pechora Construction
         Morozova Str. 3
         Syktyvkar
         Russia


RAO UES: Shareholders Approve Final Restructuring Phase
-------------------------------------------------------
OAO RAO UES of Russia has disclosed the results of its EGM held
by absentee voting on Oct. 26, 2007.  The EGM considered matters
relating to the final phase the Company's reorganization.

According to the Minutes of the Meeting, shareholders holding
33,396,122,096 shares, or 77.46% of all RAO UES shares, took
part in the meeting.  Over 95.43% shareholders who took part in
the EGM voted FOR the resolution on the key issue related to the
Company's final reorganization.

The model for the final phase of the RAO UES reorganization
provides for asset restructuring of the energy company, with all
companies of the final intended sector structure to be separated
from RAO "UES of Russia":

   -- OAO "WGC-1,"
   -- OAO "WGC-2,"
   -- OAO "WGC-3,"
   -- OAO "WGC-4,"
   -- OAO "WGC-6,"
   -- OAO "TGC-1,"
   -- OAO "TGC-1,"
   -- OAO "TGC-2,"
   -- OAO "Mosenergo,"
   -- OAO "TGC-4,"
   -- OAO "TGC-6,"
   -- OAO "Volzhskaya TGC,"
   -- OAO Southern TGC-8,"
   -- OAO "TGC-9,"
   -- OAO "TGC-10,"
   -- OAO "TGC-11,"
   -- OAO "Kuzbassenergo,"
   -- OAO "Yeniseyskaya TGC (TGC-13),"
   -- OAO "TGC-14,"
   -- OAO "HydroWGC,"
   -- OAO "UES FGC,"
   -- OAO "Sochinskaya TPP,"
   -- OAO "IDC Holding," and
   -- OAO "RAO Energy Systems of the East"

As a result of the reorganization, RAO UES shareholders will
receive shares in these companies and the Company will cease to
exist.  In the course of the reorganization, the Company's DR
holders will receive either GDRs representing shares in the
spin-off companies of the final intended sector structure, or
shares in these companies, or proceeds from their sale.

The restructuring of RAO UES assets is scheduled to be completed
on July 1, 2008.

Headquartered in Moscow, Russia -- http://www.rao-ees.ru/en/--  
RAO UES of Russia -- is an electric power holding company in
Russia which generates about 70% of Russia's installed electric
capacity, and owns 96% of the country's high-voltage grid, and
over 70% of its transmission lines.  RAO UES also exports power,
mainly to Scandinavia and to former countries of the CIS.


RAO UES: S&P Puts BB Ratings on Watch on Restructuring Plan
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating and 'ruAA' Russia national scale rating
on RAO UES of Russia, the 52.7% Russian government-owned holding
company of Russian energy utility RAO UES group, on CreditWatch
with positive implications.

At the same time, the 'BB+' long-term corporate credit rating
and the 'ruAA+' Russia national scale rating on Russian
electricity transmission grid operator Federal Grid Co. of the
Unified Energy System, the 87.6% subsidiary of RAO UES, were
also placed on CreditWatch with positive implications.

The rating actions on RAO UES and FGC follow shareholder
approval for the second stage of RAO UES' restructuring and
merger with FGC.

"The CreditWatch placement on RAO UES reflects our expectation
that company creditors will benefit from stronger protection
after completion of RAO UES' restructuring and merger with FGC
in mid-2008," said Standard & Poor's credit analyst Eugene
Korovin.  "FGC, with its low-risk transmission operations has
stronger credit quality."

S&P also expects that RAO UES will manage the substantial short-
term pressure on its liquidity through asset sales and state
support.

"The CreditWatch placement on FGC reflects our expectation that
the company's credit quality will improve as RAO UES'
reorganization progresses," said Mr. Korovin.

S&P expects that FGC will manage the substantial short-term
pressure on its liquidity coming from the reorganization, which
is the group's major outstanding restructuring risk.  S&P also
expects that the merger with RAO UES will be beneficial or
neutral for FGC's financial profile.

The credit quality of both RAO UES and FGC stands to benefit
from the elimination of the restructuring risk that has hung
over the sector for several years.

S&P will resolve the CreditWatch status on FGC after the
potential calls on its liquidity are clarified, expected by mid-
February 2008.  If there is an improvement in FGC's liquidity
position, this could result in a one- or two-notch upgrade.  The
CreditWatch status on RAO UES will be resolved after its merger
with FGC is completed, when we'll most likely raise the rating
on RAO UES to equalize it with that on FGC.  Furthermore, the
rating on RAO UES will be withdrawn when it ceases to exist as a
legal entity.


RENOVA HOLDING: Moody's Assigns Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned Ba2 corporate family rating
to Renova Holding Ltd.  The outlook is stable.

Renova is the Bahamas-based holding company of a relatively
large unquoted investment holding owned by Viktor Vekselberg, a
Russian entrepreneur.  The principal assets of Renova comprise a
12.5% indirect stake in TNK-BP (Russian integrated oil and gas
company, rated Baa2/Stable), and a 7.8% indirect stake in UC
RUSAL, one of the largest aluminum producers in the world with
principal operations in Russia, as well as investments in a
broad range of Russian energy generation and distribution
companies, telecoms and media, construction and development,
several European manufacturing companies and several other
industries in Russia.

The assigned Ba2 rating recognizes credit risk at Renova as a
function of the cash flow directly available to the holding from
the dividend stream and divestments, as well as the holding's
limited direct liabilities.  Renova operates as a medium-term
investor company and the analysis reflects the way the holding
manages its assets, as well as the expectation that its
portfolio companies will continue to be financed on a stand-
alone basis with no recourse to the holding company.  Renova's
cash flow is substantially supported by the dividend stream from
its core holdings in TNK-BP and UC RUSAL that also represented
approximately 2/3 of the fair market value of its investment
portfolio at the end of 2006.  Looking forward, investments in
the power generation, trading and distributions assets in Russia
and abroad are expected to increasingly support the credit
profile of the holding as well.  The Ba2 rating reflects the
expectation that Renova will maintain its investments in TNK-BP
and UC RUSAL in the medium term.

On the conservative side, the assigned Ba2 corporate family
rating takes into account a limited degree of diversification of
the holding (measured in relation to concentration of value and
cash flow generating capacity among a few core group companies
at this stage, as well as the holding's current focus on Russia
and commodities) and a limited public disclosure offered by the
holding to date.

In Moody's opinion, these risks are counterbalanced by a high
degree of financial flexibility afforded to the holding by the
strong dividend flow from its key investments and substantial
asset coverage of the holding's liabilities with marketable
investments.  The Ba2 rating assumes that the holding will
maintain its conservative financial profile with a medium term
cash coverage of interest payments above 3x and leverage of Net
Debt/Market Value of the portfolio assets of below 25%.

The stable outlook reflects Moody's view that a strong momentum
in the holding's key industries is likely to continue in the
medium term and support liquidity and dividend cash inflow at
the holding level.  The stable outlook rests on the expectation
that Renova will maintain its conservative financial profile.

Renova Holding Ltd is a Bahamas-based investment holding company
with principal investments in TNK-BP, UC RUSAL, a number of
Russian power generation and distribution companies, as well as
chemical, machinery, telecoms and media and real estate
companies in Russia and Europe.  At the end of 2006, the fair
value of its portfolio was estimated at US$12 billion, with the
core investments concentrated in Russia.


SAYAN ALKO: Competitive Proceedings Ongoing
-------------------------------------------
The Arbitration Court of Tyva commenced a one-year competitive
proceedings on OJSC Sayan Alko for the period until Nov. 27,
2007.  The case is docketed under Case No. A69-667/06-11.

The competitive proceedings manager is:

         M. K. Oyun
         Rovensnaya Str. 26
         Kyzyl
         667009 Tyva
         Russia


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


BANKINTER 3: S&P Junks EUR17.4 Million Class C Notes
----------------------------------------------------  
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR617.4 million asset-backed floating-
rate notes to be issued by Bankinter 3 FTPYME, Fondo de
Titulizacion de Activos.
  
The originator of this transaction is Bankinter S.A., which at
closing, will sell to Bankinter 3 FTPYME a EUR600 million closed
portfolio of loans granted to Spanish SMEs.
  
To fund this purchase on behalf of Bankinter 3 FTPYME, the
trustee, Europea de Titulizacion S.G.F.T., S.A., will issue six
series of floating-rate, quarterly paying notes.
  
Bankinter 3 FTPYME will be Bankinter's third securitization of
loans originated to SME corporate clients.  This securitization
will comprise a mixed pool of underlying mortgage-backed and
guarantee-backed assets.
  
As in other Spanish transactions, interest and principal will be
combined into a single priority of payments, with some triggers
in the payment of interest to protect senior noteholders.

                          Ratings List
  
Bankinter 3 FTPYME, Fondo de Titulizacion de Activos
   EUR617.4 Million Asset-Backed Floating-Rate Notes
  
                        Prelim.        Prelim. Amount
          Class         Rating           (Mil. EUR)
  
           A1             AAA              180.0
           A2             AAA              288.9
           A3(G)          AAA               91.2
           B              AA-               23.1
           C              BBB                6.0
           D              BB-               10.8
           E              CCC-              17.4


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


FRIMOKAR MONTAGE: St. Gallen Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of St. Gallen entered Sept. 26 an order
closing the bankruptcy proceedings of JSC Frimokar Montage.

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Yves Beljean
         9471 Buchs
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         JSC Frimokar Montage
         Rutistrasse 2543
         9469 Haag
         Sennwald SG
         Switzerland


MANDARIN LLC: Schwyz Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of March in Schwyz commenced bankruptcy
proceedings against LLC Mandarin on Oct. 2.

The Bankruptcy Service of March can be reached at:

         Bankruptcy Service of March
         8853 Lachen
         March SZ
         Switzerland

The Debtor can be reached at:

         LLC Mandarin
         Obere Landigstr. 2
         8854 Siebnen-Schubelbach SZ
         Switzerland


MOVINFO JSC: Creditors' Liquidation Claims Due by November 30
-------------------------------------------------------------
Creditors of JSC movinfo have until Nov. 30 to submit their
claims to:

         Firststrasse 15
         8835 Feusisberg
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         JSC movinfo
         Feusisberg
         Hofe SZ
         Switzerland


NOVELIS INC: Realm Communications Completes Rebranding
------------------------------------------------------
Realm Communications has announced the completion of its
rebranding initiative for Novelis Inc., newly acquired by
Mumbai-based Hindalco Industries Limited, the flagship company
of the multinational conglomerate Aditya Birla Group.  The
biggest Indian acquisition of a U.S.-based company, Hindalco,
with Novelis, is now the world's largest aluminum rolled
products company and recycler of aluminum cans, as well as one
of the largest producers of primary aluminum in Asia and of
copper in India.

A landmark transaction for Aditya Birla and further evidence of
India's expanding global business presence, Realm capitalized on
the reputations and collaboration of these two giants in the
metals industry by combining the best of both worlds, yet
remaining sensitive to accommodating two cultures, both from a
corporate and ethnic perspective, under one brand.

"When you're rebranding a multicultural corporation, especially
in light of an acquisition, you have to take a 360-degree view,
respecting what has come before and balancing that with
established identities," said Michael Stewart, Realm's Creative
Director.  "In this particular case we had to marry the brand
promise and graphic identity of an Indian parent company with a
North American subsidiary with locations in 11 countries.  We
believe the result not only affirms their complementary
capabilities, but also anticipates their future possibilities."

In developing the new brand message, Realm chose a direction
that would better support the Novelis vision -- "To make the
world a lighter, brighter and better place" -- and ensure that
it underscores a consistent and stable message for the corporate
transition.  With that as the goal, "Brighter ideas with
aluminum" is the new Novelis tag line.  The brand message
clearly defines Novelis' business and reinforces their
commitment to be a commodity provider as well as an industry
innovator.

Brand applications such as websites, collateral, vehicles and
workwear are due to be fully implemented by the end of the year.
Exterior signage will be completed by July 2008.

                     About Realm Communications

REALM Communications Group, Inc. -- http://www.rcgoptic.com/--  
is a manufacturer, a value added reseller, a systems integrator
and distributor of fiber optic equipment, communication
products, and fiber optic cables.  The company specializes in
developing and marketing unique fiber optic solutions.  Founded
in 1987, REALM has taken a leading role in supplying state of
the art technologies and integrated solutions in voice, data,
video, and SCADA fields.

                           About Novelis

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum  
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                        *     *     *  

As reported in the Troubled Company Reporter on July 26, 2007,
Fitch Ratings affirmed the Issuer Default Rating for Novelis,
Inc. and Novelis, Corp. at 'B' and assigned a negative rating
outlook.  The company's previous senior secured bank debt
ratings have been withdrawn.  Ratings for the new credit
facility of 'BB' were assigned and the senior unsecured debt
ratings have been affirmed.  The rating outlook is negative.  
About US$2.4 billion of debt is affected by the ratings.


NOVELIS INC: Intends to Invest US$7 Million for Brazilian Plant
--------------------------------------------------------------
Novelis Inc.'s Brazilian subsidiary told Business News Americas
that it will invest US$7.0 million to boost aluminum sheet ingot
output at its Pindamonhangaba plant in Sao Paulo.

Novelis said in a statement that the expansion project will
increase aluminum sheet production capacity by 12%.  It involves
the construction of a new furnace.  Work on the project would be
completed by February 2008.

The project will boost the plant's remelting capacity by 70,000
tons per year, BNamericas states.

                        About Novelis Inc.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum  
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction
and industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                        *     *     *

As reported in the Troubled Company Reporter on July 26, 2007,
Fitch Ratings affirmed the Issuer Default Rating for Novelis,
Inc. and Novelis, Corp. at 'B' and assigned a negative rating
outlook.  The company's previous senior secured bank debt
ratings have been withdrawn.  Ratings for the new credit
facility of 'BB' were assigned and the senior unsecured debt
ratings have been affirmed.  The rating outlook is negative.  
About US$2.4 billion of debt is affected by the ratings.


OCCASIONSBOERSE.CH LLC: Liquidation Claims Due by December 10
-------------------------------------------------------------
Creditors of LLC Occasionsboerse.ch have until Dec. 10 to submit
their claims to:

         Gerliswilstrasse 22
         6020 Emmenbrucke
         Switzerland

The Debtor can be reached at:

         LLC Occasionsboerse.ch
         Emmen
         Hochdorf LU
         Switzerland


ROCHEM HOLDING: Creditors' Liquidation Claims Due by November 30
----------------------------------------------------------------
Creditors of JSC Rochem Holding have until Nov. 30 to submit
their claims to:

         Dr. Irene C. Eggmann
         Liquidator
         Eggmann Hanhart Rohrer Rechtsanwalte
         Bellevuestrasse 5
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Rochem Holding
         Zug
         Switzerland


SCHREINEREI-ZIMMEREI: Valais Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Brig in Valais entered Sept. 24 an
order closing the bankruptcy proceedings of JSC Schreinerei-
Zimmerei Gasser Alex.

The Bankruptcy Service of Brig can be reached at:

         Bankruptcy Service of Brig
         3900 Brig VS
         Switzerland

The Debtor can be reached at:

         JSC Schreinerei-Zimmerei Gasser Alex
         3904 Naters
         Brig VS
         Switzerland


YANAIR LLC: Solothurn Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Oensingen in Solothurn entered Oct. 1
an order closing the bankruptcy proceedings of LLC Yanair.

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 Yanair
         Unterdorfstr. 23a
         4143 Dornach
         Dorneck SO
         Switzerland


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


GRO UKRAINE: Creditors Must File Claims by November 14
-------------------------------------------------------
Creditors of LLC Agro Ukraine (code EDRPOU 31364012) have until
Nov. 14 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. B 11/313-07.

The Debtor can be reached at:

         LLC Agro Ukraine
         Sosnovy Lane 2
         Boyarka
         Kievo-Sviatoshynsky District
         Kiev
         Ukraine


CONSIM LLC: Creditors Must File Claims by November 11
-----------------------------------------------------
Creditors of LLC Consim (code EDRPOU 24455604) have until
Nov. 11 to submit their proofs of claim to:

          Elena Bocharova
          Liquidator
          Shakhterostroiteley Boulevard 5
          83052 Donetsk
          Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 45/141b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Consim
         Heroes Panfilovtsy Str. 11
         83005 Donetsk
         Ukraine


DINAMO LLC: Creditors Must File Claims by November 11
-----------------------------------------------------
Creditors of LLC Kharkov Plant of Sport Goods Dinamo (code
EDRPOU 31021717) have until Nov. 11 to submit their proofs of
claims to:

          Dmitry Tsimberov
          Liquidator
          Bakulin Str. 9/13
          Kharkov
          Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/159-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kharkov Plant of Sport Goods Dinamo
         Mirgorodskaya Str. 4
         Kharkov
         Ukraine


FTT LLC: Creditors Must File Claims by November 15
--------------------------------------------------
Creditors of LLC FTT (code EDRPOU 32621950) have until Nov. 15
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. 23/451.

The Debtor can be reached at:

         LLC FTT
         Kavkazskaya Str. 13-a
         03035
         Kiev
         Ukraine


LEO LLC: Creditors Must File Claims by November 15
--------------------------------------------------
Creditors of LLC Leo (code EDRPOU 22961059) have until Nov. 15
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. 23/416-b.

The Debtor can be reached at:

         LLC Leo
         Shota rustaveli Str. 11
         01023 Kiev
         Ukraine


MAXIMUM-T LLC: Creditors Must File Claims by November 15
--------------------------------------------------------
Creditors of LLC Maximum-T (code EDRPOU 34510948) have until
Nov. 15 to submit their proofs of claim to:

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/743/07.

The Debtor can be reached at:

         LLC Maximum-T
         Geroev Stalingrada Str. 91
         Nikolaev
         Ukraine


PROMMARKET-100: Creditors Must File Claims by November 15
---------------------------------------------------------
Creditors of LLC Prommarket-100 (code EDRPOU 33788315) have
until Nov. 15 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. 23/417-b.

The Debtor can be reached at:

         LLC Prommarket-100
         Pobeda Avenue 136
         Kiev
         Ukraine


SOUTH ELECTROMACHINERY: Creditors Must File Claims by Nov. 15
-------------------------------------------------------------
Creditors of LLC Trade House South Electromachinery (code EDRPOU
34554750) have until Nov. 15 to submit their proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/213-B-07.

The Debtor can be reached at:

         LLC Trade House South Electromachinery
         Ukrainskaya Str. 93
         Herson
         Ukraine


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


BRITANNIA BULK: S&P Affirms B- Ratings; Outlook Revised
-------------------------------------------------------  
Standard & Poor's Ratings Services revised its outlook on U.K.-
based shipping group Britannia Bulk PLC to positive from stable,
following better-than-expected year-to-date trading performance.
At the same time, the long-term corporate credit and senior
secured debt ratings were affirmed at 'B-'.

"The outlook revision reflects Standard & Poor's expectations of
continued strong trading performance in the fourth quarter of
2007 and improved credit ratios at year-end," said Standard &
Poor's credit analyst Stuart Clements.  

Trading performance for the nine months to September 2007 is
improved on the same period of the previous year, with
significant growth in revenues, an increase in the operating
margin to 8.3% from 4.5%, and a rise in EBITDA to US$42.8
million from US$14.3 million.  This has been driven by the
strong dry bulk market, significant additional contribution from
the chartered-in fleet, and contributions from additional
vessels purchased during the year.  Reported nine-month EBITDA
comfortably covered net interest by 2.9x.  Total adjusted debt
was US$474.1 million at Sept. 30, 2007.

Standard & Poor's expects Britannia's current strong trading
performance to result in reduced financial leverage at year-end.
The positive outlook also reflects the protection provided by
the company's contracts of affreightment, the still favorable
short-term outlook for the bulk carrier market, and Britannia's
improved diversity of earnings following significant revenue
growth during the year.

"Sustained strong fundamentals for the bulk market and continued
successful execution of the company's growth strategy, combined
with the expected improvement in financial leverage, could
strengthen Britannia's credit profile and result in a rating
upgrade in the short to medium term," Mr. Clements added.

Negative rating pressure could be a factor in the event that
deteriorating market conditions have a damaging impact on
Britannia owing to its weaker industry position. Furthermore, an
aggressive debt-funded growth strategy significantly in excess
of earnings growth could put pressure on leverage ratios and
result in downward rating movement.


BOURTON MILL: Joint Liquidators Take Over Operations
----------------------------------------------------
Ian Robert and Nicholas John Miller of Kingston Smith & Partners
LLP were appointed joint liquidators of Bourton Mill Health and
Leisure Club Ltd. on Oct. 31 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Kingston Smith & Partners LLP
         Devonshire House
         60 Goswell Road
         London
         EC1M 7AD
         England


CMD CONSTRUCTION: Court to Hear Wind Up Petition on Feb. 20
-----------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented petitions in the High Court to wind up six
building companies in the public interest.

The six building companies are:

   1) Crestmere Construction Limited
   2) Dovestone Construction Limited
   3) Construction Management Development Limited
   4) CMD Construction Services Limited
   5) Protectioncoat Developments Limited
   6) Crestmere Developments Limited

The petitions to wind up the companies were presented following
confidential inquiries carried out by Companies Investigation
Branch under the provisions of section 447 of the Companies Act
1985, as amended.

The petitions to wind up the companies in the public interest
were presented on Oct. 25, 2007 under the provisions of section
124A of the Insolvency Act 1986.

The case is now subject to High Court and no further information
will be made available until the petitions are determined.  The
petitions are all listed for hearing on Feb. 20, 2008.

On the application of the Secretary of State the Official
Receiver has been appointed by the Court as provisional
liquidator of all six companies.  The role of the Official
Receiver is to protect the assets and financial records of the
companies pending determination of the petitions.

The Official Receiver was appointed as provisional liquidator of
the companies on Nov. 1 2007.

Companies Investigation Branch, part of the Insolvency Service,
carries out confidential inquiries on behalf of the Secretary of
State for Business, Enterprise & Regulatory Reform.

The sole recorded director of the company is Matthew Lee
Higgins. No secretary is shown.

All public inquiries concerning the affairs of the company
should be made to:

         The Official Receiver
         Public Interest Unit North
         P.O. Box 326
         Boulton House
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom
         Tel No: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

The company can be reached at:

         CMD Construction Services Limited
         Suite F
         City Business Centre
         Llanthony Road
         Gloucester
         GL2 5JH
         United Kingdom


CONSTRUCTION MGT: Court to Hear Wind Up Petition on Feb. 20
-----------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented petitions in the High Court to wind up six
building companies in the public interest.

The six building companies are:

   1) Crestmere Construction Limited
   2) Dovestone Construction Limited
   3) Construction Management Development Limited
   4) CMD Construction Services Limited
   5) Protectioncoat Developments Limited
   6) Crestmere Developments Limited

The petitions to wind up the companies were presented following
confidential inquiries carried out by Companies Investigation
Branch under the provisions of section 447 of the Companies Act
1985, as amended.

The petitions to wind up the companies in the public interest
were presented on Oct. 25, 2007, under the provisions of section
124A of the Insolvency Act 1986.

The case is now subject to High Court and no further information
will be made available until the petitions are determined.  The
petitions are all listed for hearing on Feb. 20, 2008.

On the application of the Secretary of State the Official
Receiver has been appointed by the Court as provisional
liquidator of all six companies.  The role of the Official
Receiver is to protect the assets and financial records of the
companies pending determination of the petitions.

The Official Receiver was appointed as provisional liquidator of
the companies on Nov. 1 2007.

Companies Investigation Branch, part of the Insolvency Service,
carries out confidential inquiries on behalf of the Secretary of
State for Business, Enterprise & Regulatory Reform.

The sole recorded director of the company is Mr Matthew Lee
Higgins.  The secretary is HCS Secretarial Limited.


All public inquiries concerning the affairs of the company
should be made to:

         The Official Receiver
         Public Interest Unit North
         P.O. Box 326
         Boulton House
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom
         Tel No: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

The company can be reached at:

         Construction Management Development Limited
         Suite F
         City Business Centre
         Llanthony Road
         Gloucestershire
         GL2 5JH
         United Kingdom


CRESTMERE DEVELOPMENTS: Wind-Up Petition Hearing Set for Feb. 20
----------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented petitions in the High Court to wind up six
building companies in the public interest.

The six building companies are:

   1) Crestmere Construction Limited
   2) Dovestone Construction Limited
   3) Construction Management Development Limited
   4) CMD Construction Services Limited
   5) Protectioncoat Developments Limited
   6) Crestmere Developments Limited

The petitions to wind up the companies were presented following
confidential inquiries carried out by Companies Investigation
Branch under the provisions of section 447 of the Companies Act
1985, as amended.

The petitions to wind up the companies in the public interest
were presented on Oct. 25, 2007 under the provisions of section
124A of the Insolvency Act 1986.

The case is now subject to High Court and no further information
will be made available until the petitions are determined.  The
petitions are all listed for hearing on Feb. 20, 2008.

On the application of the Secretary of State the Official
Receiver has been appointed by the Court as provisional
liquidator of all six companies.  The role of the Official
Receiver is to protect the assets and financial records of the
companies pending determination of the petitions.

The Official Receiver was appointed as provisional liquidator of
the companies on Nov. 1 2007.

Companies Investigation Branch, part of the Insolvency Service,
carries out confidential inquiries on behalf of the Secretary of
State for Business, Enterprise & Regulatory Reform.

All public inquiries concerning the affairs of the company
should be made to:

         The Official Receiver
         Public Interest Unit North
         P.O. Box 326
         Boulton House
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom
         Tel No: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

The company can be reached at:

         Crestmere Developments Limited
         The Quadrant
         Aztec West
         Almondsbury
         Bristol
         BS32 4AG
         United Kingdom


DOVESTONE CONSTRUCTION: Wind-Up Petition Hearing Set for Feb. 20
----------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented petitions in the High Court to wind up six
building companies in the public interest.

The six building companies are:

   1) Crestmere Construction Limited
   2) Dovestone Construction Limited
   3) Construction Management Development Limited
   4) CMD Construction Services Limited
   5) Protectioncoat Developments Limited
   6) Crestmere Developments Limited

The petitions to wind up the companies were presented following
confidential inquiries carried out by Companies Investigation
Branch under the provisions of section 447 of the Companies Act
1985, as amended.

The petitions to wind up the companies in the public interest
were presented on Oct. 25, 2007 under the provisions of section
124A of the Insolvency Act 1986.

The case is now subject to High Court and no further information
will be made available until the petitions are determined.  The
petitions are all listed for hearing on Feb. 20, 2008.

On the application of the Secretary of State the Official
Receiver has been appointed by the Court as provisional
liquidator of all six companies.  The role of the Official
Receiver is to protect the assets and financial records of the
companies pending determination of the petitions.

The Official Receiver was appointed as provisional liquidator of
the companies on Nov. 1 2007.

Companies Investigation Branch, part of the Insolvency Service,
carries out confidential inquiries on behalf of the Secretary of
State for Business, Enterprise & Regulatory Reform.

The sole recorded director of the company is Ms Laura Milburn.
The secretary is HCS Secretarial Limited.

All public inquiries concerning the affairs of the company
should be made to:

         The Official Receiver
         Public Interest Unit North
         P.O. Box 326
         Boulton House
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom
         Tel No: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

The company can be reached at:

         Dovestone Construction Limited
         9 Great Meadow Road
         Bradley Stoke
         Bristol
         BS32 8EG
         United Kingdom

All public inquiries concerning the affairs of the company
should be made to:

The Official Receiver
         Public Interest Unit North
         P.O. Box 326
         Boulton House
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom
         Tel No: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk


ICONIX BRAND: Third Quarter Net Income Climbs to US$17 Million
--------------------------------------------------------------
Iconix Brand Group Inc. has announced US$42.7 million Licensing
revenue for the third quarter and nine months ended Sept. 30,
2007.

Licensing revenue for the third quarter of 2007 increased 93% to
approximately US$42.7 million, as compared to approximately
US$22.1 million in the third quarter of 2006.

Net income for the third quarter increased 114% to approximately
US$17.0 million versus approximately US$7.9 million in the prior
year quarter.  

                       Nine Months Results

Licensing revenue for the nine months ended Sept. 30, 2007
increased 109% to approximately US$112.6 million, as compared to
approximately US$53.8 million in the prior year nine-month
period.  Net income as reported on the company's income
statement for the nine month period increased 88% to
approximately US$44.5 million, as compared to approximately
US$23.6 million in the prior year nine month period.

The company recognized non-cash tax benefits in the prior year
nine-month period and therefore comparing net income on a tax-
effected basis, the company reported net income of approximately
US$44.5 million as compared to approximately US$17.1 million
(tax-effected) in the prior year nine months.

Neil Cole, chairman and chief executive officer of Iconix,
commented, "I am pleased with our results this quarter as we
increased revenue 93% and net income 114% from the prior year in
what was a very challenging period for retail in general.  Our
performance this quarter highlights the unique attributes of our
licensing model where diversification from a portfolio of 15
brands and almost 200 licensees, combined with contractually
guaranteed revenue and no inventory exposure reduces our risk
and volatility in difficult retail environments.  Looking ahead
to the remainder of this year and for 2008, I am confident we
will continue to deliver strong increases in both revenue and
profitability and execute our long term growth plan."

                          2007 Guidance

The company is projecting that for the full year 2007 it will be
at the high of end of its current revenue guidance of US$150 -
US$160 million as well as its current fully diluted earnings per
share guidance of US$0.96 - US$1.00.

                          2008 Guidance

The company is issuing guidance for the full year 2008 of
revenue in a range of US$240 to US$250 million and fully diluted
EPS in a range of US$1.35 to US$1.40.

                        About Iconix Brand

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) -
- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.

                       *     *     *

As of Nov. 8, 2007, Moody's ratings assigned to the Iconix Brand
Group Inc. on June 14, 2007 still apply.  These assigned ratings
were B1 long-term corporate family and probability-of-default
ratings, Ba2 bank loan debt rating, and B3 subordinated debt
rating.  Moody's said the outlook remains stable.


KENDLE INTERNATIONAL: Earns US$3.8 Mln for Third Quarter 2007
-------------------------------------------------------------
Kendle International Inc. has reported net service revenues for
third quarter 2007 were US$100.1 million, an increase of 33
percent over net service revenues of US$75.2 million for third
quarter 2006.  

Income from operations for third quarter 2007 was approximately
US$14.2 million, or 14.2 percent of net services revenues.  Net
income was approximately US$3.8 million in third quarter 2007
compared to US$4.0 million in the third quarter of 2006.

Net service revenues by geographic region for the third quarter
were 51 percent in North America, 41 percent in Europe, 5
percent in Latin America and 3 percent in the Asia/Pacific
region.  The top five customers based on net service revenues
accounted for 24 percent of net service revenues for third
quarter 2007 compared to 30 percent of net service revenues for
third quarter 2006.

Interest expense in the third quarter 2007 was approximately
US$3.3 million, primarily related to debt incurred to finance
the Charles River acquisition, compared to interest expense of
US$2.3 million in third quarter 2006.  

The company's effective tax rate for the quarter was
approximately 25 percent due to the reversal of approximately
US$833,000 of tax liabilities as required by FIN 48, "Accounting
for Uncertainty in Income Taxes."  The liabilities were
established as of Jan. 1, 2007, as part of the initial adoption
of FIN 48.  During third quarter 2007, the time period for
assessing tax on these items expired, necessitating the
reversal.

"We are particularly pleased with the strong increase in our
operating margin," noted Candace Kendle, PharmD, Chairman and
Chief Executive Officer.  "We look forward to building on this
momentum to deliver improved value for our shareholders."

New business awards were a record US$175 million for third
quarter 2007, which represents an 18 percent increase over the
same quarter last year.  Contract cancellations for the quarter
were approximately US$7 million.  Total business authorizations
totaled US$831 million at Sept. 30, 2007, up 10 percent from
June 30, 2007, and an all-time company high.

Reimbursable out-of-pocket revenues and expenses were
US$42.4 million for third quarter 2007 compared to US$21.5
million in the same quarter a year ago.

Cash flow from operations for the quarter was a positive US$13.7
million.  Cash and marketable securities totaled US$29.1
million, including US$1.2 million of restricted cash.  Days
sales outstanding in accounts receivable were 40 and capital
expenditures for third quarter 2007 totaled US$3.4 million.

On July 16, 2007, the company issued US$200.0 million in
principal amount of 3.375% Convertible Senior Notes due 2012.
The notes pay interest semiannually.  Approximately US$174
million of the net proceeds of the Notes offering was used to
pay down the company's term loan.

                        Nine-Month Results

Net service revenues for the nine months ended Sept. 30, 2007,
were US$293.3 million, an increase of 49 percent over net
service revenues of US$197.1 million for the nine months ended
Sept. 30, 2006.  Net income per diluted share of US$0.83 for the
nine months ended Sept. 30, 2007, includes a charge for
amortization of acquired intangibles related to the August 2006
acquisition of Charles River as well as a charge for the write-
off of deferred financing costs related to the company's term
debt, which was paid off in the third quarter of 2007.
Excluding these items, which are detailed in the Condensed
Consolidated Statements of Income, EPS for the nine months ended
Sept. 30, 2007, was US$1.14 per diluted share. Interest expense
in the nine months ended Sept. 30, 2007, was approximately
US$12.0 million, primarily related to debt incurred to finance
the Charles River acquisition, compared to interest expense of
US$2.4 million in the first nine months of 2006.  EPS for the
nine months ended Sept. 30, 2006, was US$0.89 per diluted share.
Excluding the amortization of acquired intangibles, EPS for the
first nine months of 2006 was US$0.92 per diluted share.

The company's year-to-date effective tax rate was approximately
32 percent, reflecting the effect of the FIN 48 adjustment in
the third quarter.

Income from operations for the nine months ended Sept. 30, 2007,
was approximately US$37.6 million, or 12.8 percent of net
service revenues.  Excluding the amortization charge referenced
above, proforma income from operations was approximately US$40.7
million, or 13.9 percent of net service revenues.  Income from
operations for the nine months ended Sept. 30, 2006, was
approximately US$21.8 million.  Excluding the amortization
charge in the nine months ended Sept. 30, 2006, proforma income
from operations was US$22.5 million, or 11.4 percent of net
service revenues.  Net income for the first nine months of 2007
was approximately US$12.3 million compared to net income of
US$13.2 million in the first nine months of 2006.  Excluding the
amortization of acquired intangibles and the write-off of
deferred financing costs, net income for the first nine months
of 2007 was US$16.9 million, or US$1.14 per diluted share.
Excluding the amortization of acquired intangibles in the first
nine months of 2006, net income was US$13.6 million, or US$0.92
per diluted share.

Net service revenues by geographic region for the nine months
ended Sept. 30, 2007, were 50 percent in North America, 42
percent in Europe, 5 percent in Latin America and 3 percent in
the Asia/Pacific region.  The top five customers based on net
service revenues accounted for 25 percent of net service
revenues for the first nine months of 2007 compared to 29
percent of net service revenues for the first nine months of
2006.

Cash flow from operations for the nine months ended
Sept. 30, 2007, was a positive US$38.1 million. Capital
expenditures for the nine-month period totaled US$10.8 million.

               Updated Full-Year 2007 Guidance

Kendle also updated full-year 2007 guidance.  Net service
revenue guidance for the full year 2007 is now projected to be
in a range of US$390-US$400 million.  Operating margin on both a
GAAP and proforma basis remains unchanged from the previous
guidance and is expected to be between 12 and 14 percent and 13
and 15 percent, respectively. Kendle now expects GAAP EPS in the
range of US$1.25 to US$1.35 and projects proforma EPS to be in
the range of US$1.60 to US$1.70.

                         About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, United
Kingdom, Asia/Pacific, Africa and Latin America including
Brazil.

                        *     *     *

The company continues to carry Standard & Poor's B+ long-term
foreign and local issuer credits.  S&P said the outlook is
stable.


KENDLE INTERNATIONAL: Moody's Holds B1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family
Rating of Kendle International Inc. and withdrew the B1 rating
on the senior secured term loan.  Moody's also changed the
rating on the senior secured revolving credit facility to Ba1 in
accordance with Moody's Loss Given Default Methodology.  

The rating actions follow the company's full repayment of its
term loan primarily with the proceeds from the sale of
US$200 million convertible senior unsecured notes.  The outlook
for the ratings is stable.

The B1 Corporate Family Rating is supported by the company's
solid cash flow coverage of debt metrics, and overall favorable
trends in financial strength and revenue diversity since the
August 2006 acquisition of CRL Clinical Services, which was the
Phase II-IV business of Charles River Laboratories International
Inc.  

The B1 is also supported by Moody's expectation for future
revenue growth, supported by healthy underlying industry demand
for contract research services.  This is balanced, however, by
Kendle's limited scale versus a number of much larger market
participants and a highly competitive environment in which
contract research organizations compete for business awards,
employees and business development opportunities.  The ratings
are also constrained by Moody's expectation for continued
acquisition activity.

Ratings affirmed:

   -- Corporate Family Rating, B1

   -- Speculative Grade Liquidity Rating, SGL-2

Ratings upgraded:

   -- Probability of Default Rating, to B1 from B2

   -- Senior Secured Revolving Credit Facility due 2011, to Ba1
      (LGD1, 4%) from B1 (LGD3, 31%)

Kendle, based in Cincinnati, Ohio, is a global clinical research
organization that delivers integrated clinical research services
on a contract basis to the biopharmaceutical industry.  The
company's services include clinical trial management, clinical
data management, statistical analysis, medical writing and
regulatory consulting, among others.


LADBROKES PLC: Selling Vernons to Sportech for GBP51 Million
------------------------------------------------------------
Ladbrokes Plc has agreed terms to dispose of its Vernons
football pools business to Sportech plc for cash consideration
of GBP51 million, of which GBP45 million will be payable on
completion and a further GBP3 million in each of the two years
following completion.  The conditional deal is expected to
be completed in early December, following approval by Sportech's
shareholders.

                        About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.     
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

At June 30, 2007, Ladbrokes' consolidated balance sheet
showed GBP1 billion in total assets, GBP1.6 billion total
liabilities, and a GBP533.5 million stockholders' deficit.

The company's June 30 balance sheet also showed strained
liquidity with GBP186.4 million in total current assets
available to pay GBP454.1 million in total liabilities coming
due within the next 12 months.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors in April 2007,
the rating agency confirmed its Ba2 Corporate Family Rating for
Ladbrokes Plc.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.


NASDAQ STOCK: To Buy Philadelphia Stock Exchange for US$625 Mln
---------------------------------------------------------------
The Nasdaq Stock Market, Inc. has entered into a definitive
agreement to acquire the Philadelphia Stock Exchange for US$652
million in cash.  The acquisition of PHLX, the third largest
options market in the U.S. and the nation's oldest stock
exchange, significantly diversifies NASDAQ's product portfolio
by providing NASDAQ with one of the premier options trading
platforms in the U.S.  This acquisition brings to NASDAQ an
organization with a strong track record of building market share
in a very competitive options marketplace, which has grown by
more than 30% annually since 2003.

Under the terms of the agreement, NASDAQ will pay US$652 million
in cash consideration for the capital stock of the Philadelphia
Stock Exchange.  This transaction is expected to close in the
first quarter of 2008 and to become accretive to 2009 earnings.
The Board of Directors of each company unanimously approved the
transaction and it is subject to other customary approvals.

"This strategic combination achieves our goal of diversifying
our product and service offerings with attractive benefits to
our trading clients while generating strong financial returns.  
Our goal at NASDAQ continues to be to develop customer-focused
products and solutions that serve our issuer and trading client
base," Bob Greifeld, President and Chief Executive Officer of
NASDAQ, stated.  "NASDAQ has extensive experience in integrating
technologies and businesses and we will be able to seamlessly
integrate PHLX with the NASDAQ Stock Market."

"After a lengthy, in-depth review of alternatives for the future
of this exchange, we believe that combining with NASDAQ is the
best outcome for our customers, shareholders and the trading
community as a whole,” Philadelphia Stock Exchange Chairman and
Chief Executive Sandy Frucher commented.  “No other exchange is
better positioned for the future based on technology, products
and overall passion for continuously redefining the definition
and value of stock exchanges around the world. We have watched
NASDAQ evolve into a multi-asset, world class global enterprise.  
We're truly excited about our prospects for the future as part
of NASDAQ and look forward to having an active role in improving
trading efficiency and stock exchange value."

NASDAQ currently plans to preserve the Philadelphia Stock
Exchange's market structure, continuing to operate the
electronic options trading platform alongside the options
trading floor in Philadelphia.  A key asset in this transaction
is PHLX's proprietary trading platform, which has demonstrated
best in class capacity, speed and system reliability within the
U.S. derivatives markets.  As previously announced, NASDAQ will
launch a separate, electronic price/time options trading system
in December.  Once the transaction closes, NASDAQ will be the
only market offering customers both exchange models -- a market
maker driven model and price/time order book model. As part of
the transaction, the Philadelphia Stock Exchange's operations
will become part of NASDAQ's Market Services business.  Upon
closing, NASDAQ will become the third largest options market in
the U.S. with 15% of market share.

"Philadelphia has successfully offered floor and electronic
trading for some time,” Chris Concannon, NASDAQ Executive Vice
President of Transaction Services said.  “We think this
capability will continue to be the best approach to serving
options traders as the options market continues to evolve.  In
addition to firmly establishing NASDAQ's presence in the options
market, this acquisition also enhances our organic growth
strategy, which will come to fruition next month when we launch
our price/time priority options platform."

Following the close of the transaction, Mr. Greifeld will
continue to lead The Nasdaq Stock Market, Inc., including the
Philadelphia Stock Exchange.  Mr. Frucher will continue as CEO
of the Philadelphia Stock Exchange.

In addition to the options market, as part of the Philadelphia
Stock Exchange acquisition, NASDAQ will acquire a futures market
operated by the Philadelphia Board of Trade, an equities
business, and the Stock Clearing Corporation of Philadelphia.

Banc of America Securities LLC acted as exclusive financial
advisor to NASDAQ in this transaction. Arnold & Porter LLP
served as legal counsel.  The Philadelphia Stock Exchange was
advised by Greenhill & Co and Robert A.Gerard.  Willkie Farr &
Gallagher LLP served as legal counsel.

Headquartered in New York City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic
equity securities market in the United States with about 3,200
companies.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Moody's Investors Service placed the Ba3 corporate family rating
of Nasdaq Stock Market Inc. on review for upgrade.

As reported also in the Troubled Company Reporter on
Oct. 2, 2007, Moody's Investors Service withdrew its ratings on
The Nasdaq Stock Market Inc.'s US$750 million Six Year Senior
Secured Term Loan, US$335 million Six Year Senior Secured Term,
and the Five YearUS$75 million Senior Secured Revolving Credit
Facility.  The credit facilities have been repaid and
terminated.


NORMAN FRASER: Taps Liquidators from BDO Stoy Hayward
-----------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Norman Fraser
Ltd. on Nov. 1 for the creditors' voluntary winding-up procedure
proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Fourth Floor
         One Victoria Street
         Bristol
         BS1 6AA
         England


POPE & TALBOT: S&P Withdraws Default Corp. Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' corporate
credit rating and all related issue ratings on pulp and lumber
producer Pope & Talbot Inc.  On Oct. 29, 2007, the rating had
been lowered based on the company's announcement that it was
seeking protection from creditors under the Companies' Creditors
Arrangement Act of Canada, had entered a forbearance agreement
with its lending group, and was continuing to explore strategic
alternatives, including asset sales.


PRESENCE-PR LTD: Names Christopher James Farrington Liquidator
--------------------------------------------------------------
Christopher James Farrington of Deloitte & Touche LLP was
appointed liquidator of Presence-PR Ltd. on Nov. 1 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Deloitte & Touche LLP
         1 Woodborough Road
         Nottingham
         NG1 3FG
         England


PROTECTIONCOAT DEVELOPMENTS: Wind-Up Petition Hearing Set Feb 20
----------------------------------------------------------------
The Secretary of State for Business, Enterprise & Regulatory
Reform has presented petitions in the High Court to wind up six
building companies in the public interest.

The six building companies are:

   1) Crestmere Construction Limited
   2) Dovestone Construction Limited
   3) Construction Management Development Limited
   4) CMD Construction Services Limited
   5) Protectioncoat Developments Limited
   6) Crestmere Developments Limited

The petitions to wind up the companies were presented following
confidential inquiries carried out by Companies Investigation
Branch under the provisions of section 447 of the Companies Act
1985, as amended.

The petitions to wind up the companies in the public interest
were presented on Oct. 25, 2007 under the provisions of section
124A of the Insolvency Act 1986.

The case is now subject to High Court and no further information
will be made available until the petitions are determined.  The
petitions are all listed for hearing on Feb. 20, 2008.

On the application of the Secretary of State the Official
Receiver has been appointed by the Court as provisional
liquidator of all six companies.  The role of the Official
Receiver is to protect the assets and financial records of the
companies pending determination of the petitions.

The Official Receiver was appointed as provisional liquidator of
the companies on Nov. 1 2007.

Companies Investigation Branch, part of the Insolvency Service,
carries out confidential inquiries on behalf of the Secretary of
State for Business, Enterprise & Regulatory Reform.

The sole recorded director of the company is Mr. Alan Holiday.
The secretary is HCS Secretarial Limited.

All public inquiries concerning the affairs of the company
should be made to:

         The Official Receiver
         Public Interest Unit North
         P.O. Box 326
         Boulton House
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom
         Tel No: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

The company can be reached at:

         Protectioncoat Developments Limited
         5 Campbell Court
         Kingsweston Lane
         Bristol
         BS11 OLF
         United Kingdom


SCOTTISH RE: Posts US$109.5 Mln Loss for Q3 Ended Sept. 30
----------------------------------------------------------
Scottish Re Group Limited released its financial results for the
nine months and third quarter ended Sept. 30, 2007.

Scottish Re posted US$109.5 million in net loss attributable to
ordinary shareholders on US$500.04 million in net revenues for
the third quarter ended Sept. 30, 3007, compared with
US$30.49 million in net loss attributable to ordinary
shareholders on US$611.35 million in net revenues for the same
period in 2006.

Scottish Re posted around US$165.25 million in net loss
attributable to ordinary shareholders on US$1.72 billion in net
revenues for the nine months ended Sept. 30, 2007, compared with
US$142.83 million in net loss attributable to ordinary
shareholders on US$1.78 billion in net revenues for the nine
months ended Sept. 30, 2006.

As of Sept. 30, 2007, the company had shareholders' and
mezzanine equity of US$1.4 billion and available liquidity of
US$468.0 million.  Fully diluted book value per ordinary share
was US$6.17.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


TEREX CORP: S&P Affirms BB Corporate Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Terex
Corp., including the 'BB' corporate credit rating and the 'B+'
issue rating on the existing senior subordinated notes due 2014.  
The outlook is stable.
     
At the same time, Standard & Poor's assigned its 'B+'
subordinated debt rating to the company's proposed US$500
million senior subordinated notes to be issued in a combination
of eight- and ten-year maturities.
      
"The ratings on Westport, Connecticut-based Terex reflect the
company's participation in the highly cyclical and competitive
construction equipment industry and its aggressive financial
profile," said Standard & Poor's credit analyst John Sico.  
"These factors are mitigated by the company's satisfactory
business position as a major provider of construction equipment
and by its good geographic and product diversity."
     
The outlook is stable.  The downside ratings risk is mitigated
by the good diversity among the company's geographic regions and
products; by its competitive cost structure; by its low capital
intensiveness; and by its satisfactory financial flexibility.  
However, S&P could consider a negative rating action if the
company pursues policies that are more aggressive than expected,
such as funding acquisitions through additional debt financing.  
The company's acquisitiveness and exposure to cyclical markets
continue to limit upside rating potential.


WATERWORLD LTD: Calls In Liquidators from Kingston Smith
--------------------------------------------------------
Ian Robert and Nicholas John Miller of Kingston Smith & Partners
LLP were appointed joint liquidators of Waterworld (MK) Ltd. on
Oct. 31 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Kingston Smith & Partners LLP
         Devonshire House
         60 Goswell Road
         London
         EC1M 7AD
         England

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *