TCREUR_Public/071112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 12, 2007, Vol. 8, No. 224

                            Headlines




A U S T R I A

BUDIM KEG: Vienna Court Orders Business Shutdown
GANTNER REISEN: Linz Court Orders Business Shutdown
GZG HANDEL: Claims Registration Period Ends Nov. 27
GZG HAUSBAU: Claims Registration Period Ends Nov. 27
PRUCHA LLC: Claims Registration Period Ends Dec. 4

SOPLEX BAU: Claims Registration Period Ends Dec. 4
WFG UND CO: Claims Registration Period Ends Nov. 29


B E L G I U M

ARVINMERITOR: Closing North Carolina Operations in Sept. 2008


F R A N C E

ALLIANZ GLOBAL: New York Court Recognizes Chapter 15 Petition
DELPHI CORP: Disclosure Statement Hearing Continued to Nov. 29
EUROTUNNEL GROUP: To Reconstitute Shareholders' Funds


G E R M A N Y

BAUKO KOORDINIERUNG: Claims Registration Period Ends Nov. 12
BEDA-DACHBAU GMBH: Claims Registration Period Ends Dec. 13
CHRYSLER LLC: Labor Agreement Does Not Affect Fitch's Rating
CONRADY & DOERRE: Claims Registration Period Ends Nov. 16
DEUTSCHES SPORT: Claims Registration Period Ends Dec. 18

DURA AUTOMOTIVE: Court Approves US$425 Million Exit Financing
ENERGIEANLAGEN UND TROCKNUNGSWERK: Claims Bar Date Ends Dec. 12
HAFENSTEIN-LEWIS & WENDE: Creditors' Meeting Slated for Nov. 30
INLINE VERWALTUNGS: Claims Registration Period Ends Dec. 23
INSTITUT FUR WIRTSCHAFTSINFORMATION: Claims Period Ends Nov. 23

KOBOLD GMBH: Claims Registration Period Ends Dec. 14
MEDIA PUBLISHING: Claims Registration Period Ends Dec. 7
SCHWARZENRABEN: Creditors' Meeting Slated for November 21
TB BAUUNTERNEHMUNG: Claims Registration Period Ends Dec. 18
WILFRIED FROHBERG: Claims Registration Ends December 19

YOUNES L & G: Creditors' Meeting Slated for November 14


H U N G A R Y

AES CORP: Seeking Regulators' Approval on Two Gas Projects


I R E L A N D

AVEBURY FINANCE: Moody's Cuts Ratings on Two Note Classes
CLOVERIE PLC: Moody's Cuts Rating to Ba1 on US$20 Mln Notes
SANMINA-SCI CORP: Posts US$1.1 Billion Net loss in Fiscal 2007


I T A L Y

ALITALIA SPA: Board Says Baldassare Group Incompatible with Bid


K A Z A K H S T A N

AK-JOL LLP: Proof of Claim Deadline Slated for Dec. 11
CLONDIKE -AK: Creditors Must File Claims Dec. 11
ORTASH LLP: Claims Filing Period Ends Dec. 11
STEPNOGORSKY ENGINEERING: Creditors' Claims Due on Dec. 11
UJKAPSTROYSERVICE-K LLP: Claims Registration Ends Dec. 11


K Y R G Y Z S T A N

LIFE STYLE: Creditors Must File Claims by December 14


N E T H E R L A N D S

IMPRESS HOLDINGS: IPO Plans Cue S&P Watch on B+ Ratings
PDM CLO I: S&P Rates EUR13.5 Million Class E Notes at BB-


P O L A N D

ORLEN TRANSPORT: Cracow Court Issues Bankruptcy Declaration


R U S S I A

CHELYABHYDRAULICFILL CJSC: Creditors Must File Claims by Jan. 3
IZHEVSK OIL: Creditors Must File Claims by Jan. 3
KANELOVSKOYE OJSC: Creditors Must File Claims by Jan. 3
KANSKAYA OJSC: Court Starts Bankruptcy Supervision Procedure
PRODUCTION-AND-PROCESS: Creditors Must File Claims by Jan. 3

RAO ROSOILGASSTROY: Court Names L. M. Shervarenkov as Liquidator
TONKINSKOYE AUTOENTERPRISE: Asset Sale Slated for Dec. 4
VORONEZHSKAYA LLC: Creditors Must File Claims by Jan. 3
YURYANSKAYA PMK-10: Creditors Must File Claims by Dec. 3


S P A I N

FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes

S W E D E N


QUEBECOR WORLD: Inks US$341 Million Sell/Merge Deal with RSDB NV
VIRANATIVE AB: Swedish Orphan Takes Over Company


S W I T Z E R L A N D

BW SOFT SUPPORT: Creditors' Liquidation Claims Due by Nov 16
FALEMA JSC: Creditors' Liquidation Claims Due by December 15
INNOWARE JSC: Duebendorf Court Closes Bankruptcy Proceedings
MESATEM JSC: Creditors' Liquidation Claims Due by November 16
VILLECOURT JSC: Zug Court Closes Bankruptcy Proceedings


T U R K E Y

HABAS SINAI: Conservative Financial Policy Cues Fitch's B+ IDR
T.C. ZIRAAT BANKASI: Fitch Affirms BB- IDR with Stable Outlook
TURKIYE HALK BANKASI: Fitch Affirms BB- IDR on State Support


U K R A I N E

BUDIVELNYK LLC: Creditors Must File Claims by November 15
CHEMISTRY OJSC: Creditors Must File Claims by November 15
ESMAN: Creditors Must File Claims by November 15
FACTORIYA LLC: Creditors Must File Claims by November 16
LEKS-01 LLC: Creditors Must File Claims by November 15

SOUTH ENERGY: Creditors Must File Claims by November 15
SVITANOK LLC: Creditors Must File Claims by November 15
TRADE-TECHNO LLC: Creditors Must File Claims by November 15
UKRAINA BANK: Liquidator Receives UAH130,000 in September


U N I T E D   K I N G D O M

ALLIANZ INSURANCE: New York Court Recognizes Chapter 15 Petition
ANGLO BLACKWELLS: Appoints KPMG as Joint Administrators
BAYDALE ARCHITECTURAL: Hires BDO Stoy as Administrators
BRITISH AIRWAYS: Baggage Delivery Among Worst, Report Says
C. T. PLASTICS: Brings In Liquidators from Tenon Recovery

CHROME FUNDING: Moody's May Cut Ba2 Rating After Review
COOPER TIRE: Earns US$30 Mln in Third Quarter Ended Sept. 30
DCC REALISATIONS: Names Timothy James Bramston Liquidator
FLOORZ LTD: Brings In Administrators from Begbies Traynor
G-SQUARE FINANCE: Moody's Cuts Ratings on Two Note Classes
GENERAL MOTORS: Posts US$39 Billion Net Loss in Third Quarter

GENERAL MOTORS: Moody's Holds Ratings; Changes Outlook to Stable
GEORGIAN SCAFFOLDING: Joint Liquidators Take Over Operations
GRANGE MILL: Taps Administrators from Tenon Recovery
GREYFRIARS INSURANCE: NY Court Recognizes Chapter 15 Petition
HEDDINGTON INSURANCE: NY Court Recognizes Chapter 15 Petition
KESTREL FUNDING: S&P Cuts Income Notes' Ratings to BB-

LOGAN CDO II: Moody's May Cut Ba2 Rating After Review
LOGAN CDO III: Moody's May Cut Ba1 Rating After Review
MARC CDO I: Moody's May Cut Ba2 Rating After Review
METCO PRECISION: Calls In Liquidators from Menzies
MITSUI SUMITOMO: New York Court Recognizes Chapter 15 Petition

OCEAN MARINE: New York Court Recognizes Chapter 15 Petition
OSLO INSURANCE: New York Court Recognizes Chapter 15 Petition
PETER WOOD: Taps Liquidators from Deloitte & Touche
POP HAIR: Claims Filing Period Ends December 31
POPE & TALBOT: CCAA Stay Order Amended to Allow US Bankr. Filing

REMY WORLDWIDE: Gets US$225 Mln Secured DIP Loan From Barclays
S R LTD: Calls In Liquidators from Cooper Parry
SCO GROUP: Wants to Sell Certain Assets to JGD for US$36 Million
SCO GROUP: IBM and Novell Balk at Proposed Asset Sale Procedure
SEA INSURANCE: New York Court Recognizes Chapter 15 Petition

SOVEREIGN INSURANCE: NY Court Recognizes Chapter 15 Petition
SUPREME MEAT: Brings In Liquidators from UHY Hacker Young
TECSCREEN LTD: Names Administrators from Vantis
TEREX CORP: Acquires Superior Highwall for US$140 Million Cash
TEREX CORP: Mulls Issuance of US$500 Mln Sr. Subordinated Notes

TOKIO MARINE: New York Court Recognizes Chapter 15 Petition
UPSTAIRS LATE: Hires Liquidators from Wilkins Kennedy
VIRGIN MEDIA: Narrows Net Loss to GBP61 Mln in Third Qtr. 2007
WATTS AND VOLTS: Appoints Liquidators from Moore Stephens
WAUSAU INSURANCE: New York Court Recognizes Chapter 15 Petition

* BOND PRICING: For the Week Nov. 5 to Nov. 9, 2007




                            *********

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


BUDIM KEG: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered Oct. 10 an order shutting down
the business of KEG BUDIM (FN 208318a).

Court-appointed estate administrator Ute Toifl 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. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna
         Austria
         Tel: 535 46 11
         Fax: 535 46 11-11
         E-mail: office@thr.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 2 (Bankr. Case No 28 S 111/07p).


GANTNER REISEN: Linz Court Orders Business Shutdown
---------------------------------------------------
The Land Court of Linz entered Oct. 5 an order shutting down the
business of LLC Gantner Reisen (FN 142410b).

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

The estate administrator can be reached at:

         Mag. Thomas Kurz
         c/o  Mag. Rene Haumer
         Roseggerstrasse 58
         4020 Linz
         Austria
         Tel: 0732/78 43 31
         Fax: 0732/784331-57
         E-mail:  manuela.winkelmayr@haslinger-nagele.com

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No 38 S 52/07m).  Rene Haumer represents
Mag. Kurz in the bankruptcy proceedings.


GZG HANDEL: Claims Registration Period Ends Nov. 27
---------------------------------------------------
Creditors owed money by LLC GZG Handel (FN 281829f) have until
Nov. 27 to file written proofs of claim to court-appointed
estate administrator Raoul Wagner at:

         Dr. Raoul Wagner
         Rathausstrasse 15/4
         1010 Vienna
         Austria
         Tel: 405 33 82
         Fax: 408 84 67
         E-mail: rechtsanwalt@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Dec. 11 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. 2 (Bankr. Case No. 4 S 113/07f).


GZG HAUSBAU: Claims Registration Period Ends Nov. 27
----------------------------------------------------
Creditors owed money by LLC GZG Hausbau (FN 292424k) have until
Nov. 27 to file written proofs of claim to court-appointed
estate administrator Eva Riess at:

         Dr. Eva Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3
         1080 Vienna
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 11 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. 2  (Bankr. Case No. 4 S 112/07h).  Leopold Riess
represents Eva Riess in the bankruptcy proceedings.


PRUCHA LLC: Claims Registration Period Ends Dec. 4
--------------------------------------------------
Creditors owed money by LLC Prucha (FN 98439p) have until Dec. 4
to file written proofs of claim to court-appointed estate
administrator Walter Kainz at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Dec. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No. 6 S 128/07a).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


SOPLEX BAU: Claims Registration Period Ends Dec. 4
--------------------------------------------------
Creditors owed money by LLC SOPLEX Bau & Projektmanagement (FN
282872p) have until Dec. 4 to file written proofs of claim to
court-appointed estate administrator Christof Stapf at:

         Dr. Christof Stapf
         c/o Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 44
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:45 p.m. on Dec. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 5 (Bankr. Case No. 6 S 129/07y).  Michael Neuhauser
represents Dr. Stapf in the bankruptcy proceedings.


WFG UND CO: Claims Registration Period Ends Nov. 29
---------------------------------------------------
Creditors owed money by KEG WFG und Co (FN 218169m) have until
Nov. 29 to file written proofs of claim to court-appointed
estate administrator Peter Pullez at:

         Dr. Peter Pullez
         c/o Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79 25
         E-mail: pullezgschwandtner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 9 (Bankr. Case No. 5 S 119/07w).  Robert Gschwandtner
represents Dr. Pullez in the bankruptcy proceedings.


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


ARVINMERITOR: Closing North Carolina Operations in Sept. 2008
-------------------------------------------------------------
ArvinMeritor Inc. will close its Commercial Vehicle Systems axle
operation in Arden, North Carolina, by September 2008.

The closure is part of the restructuring actions in North
America and Europe which the company expects to affect 13 plants
and 2,800 employees, resulting in an estimated annual run rate
savings of US$130-US$140 million by 2012.

Operations based in Arden will be transferred to the company's
facility in Forest City, North Carolina and to a plant in
Monterrey, Mexico.  The company intends to begin transferring
work in February 2008.

Fifty-six employees at the Arden facility were advised of the
November 7 closure.  Arden employees will transfer to the
Fletcher, North Carolina facility.

"ArvinMeritor is taking action to optimize its global
manufacturing footprint which will enable us to better serve our
customers while reducing our cost structure," Wayne Watson,
general manager, operations, North America, said.

                        About Arvinmeritor

Headquartered in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 19,000 people in 25
countries.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Fitch Ratings downgraded its ratings on ArvinMeritor Inc.
including Issuer Default Rating to 'BB-' from 'BB'; Senior
secured revolver to 'BB' from 'BB+'; and Senior unsecured notes
to 'B+' from 'BB-'.  The rating outlook is negative.

Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  The outlook is negative.

Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable.  Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%).  The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2.  The outlook is stable.


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


ALLIANZ GLOBAL: New York Court Recognizes Chapter 15 Petition
-------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


DELPHI CORP: Disclosure Statement Hearing Continued to Nov. 29
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has agreed to continue until Nov. 29 a hearing previously
scheduled for Nov. 8 to consider potential amendments to Delphi
Corp. and its debtor-affiliates' Joint Plan of Reorganization
and related Disclosure Statement as well as an amendment to the
company's Investment Agreement.

As reported in the Troubled Company Reporter on Nov. 6, 2007,
Delphi Corp. asked the Court to adjourn until later this month a
hearing currently scheduled for Nov. 8.  The purpose of the
adjournment is to continue discussions with Delphi's Statutory
Committees, both of which filed objections on Nov. 2 to the
Disclosure Statement and Investment Agreement amendment approval
motions, and other stakeholders, some of which also filed
objections.

Consistent with the company's expectations previously disclosed,
the conditions to the effectiveness of the Investment Agreement
amendment reported on Oct. 30 were not satisfied prior to the
Nov. 8 scheduled hearing.  As a result, Delphi's Plan Investors
are no longer obligated to execute the Oct. 30 amendment,
although the underlying Investment Agreement remains effective
in accordance with its terms as approved by the Bankruptcy Court
in August 2007.  The adjournment, which was approved by the
Bankruptcy Court on Nov. 7, will permit the company to continue
discussions with its principal stakeholders, including Delphi's
Statutory Committees, Plan Investors and General Motors Corp.

In order to proceed with the Nov. 29 hearings, the Bankruptcy
Court's supplemental scheduling order requires Delphi to use
commercially reasonable efforts to file additional potential
amendments to the Company's Disclosure Statement, Plan of
Reorganization, Investment Agreement with the Plan Investors and
Global Settlement Agreement with GM by Nov. 16.

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

                       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 $11,446,000,000
in total assets and $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. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


EUROTUNNEL GROUP: To Reconstitute Shareholders' Funds
-----------------------------------------------------
The board of Eurotunnel Group (aka Groupe Eurotunnel S.A.)
decided on Nov. 7, 2007, to proceed with the reconstitution of
shareholders' funds in its subsidiaries, TNU SA and TNU PLC (fka
Eurotunnel SA and Eurotunnel Plc), as part of the implementation
of its safeguard plan.

This technical operation will take the form of an intragroup
recapitalization of TNU PLC and TNU SA to an amount of EUR2.574
billion, carried out by set off against the old Tier 3 debt held
by Eurotunnel Group U.K. Plc, leading to a strong decrease in
the percentage of capital held by shareholders who did not
tender their shares to the offer.

Extraordinary General Meetings of TNU PLC and TNU SA
shareholders will be held on Dec. 21, 2007 in Coquelles, France
to approve this technical operation.

Notice of meetings will shortly be published and sent in the
appropriate form and according to the regulatory legislation.

                       About Eurotunnel

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

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

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

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

                    Safeguard Protection

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

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

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

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


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


BAUKO KOORDINIERUNG: Claims Registration Period Ends Nov. 12
------------------------------------------------------------
Creditors of BAUKO Koordinierung und Verwertung von Immobilien
GmbHhave until Nov. 12 to register their claims with court-
appointed insolvency manager Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         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:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151/66729-0
         Fax: 06151/66729-20
         E-Mail: darmstadt@ltb-anwaelte.de

The District Court of Darmstadt opened bankruptcy proceedings
against BAUKO Koordinierung und Verwertung von Immobilien GmbH
on Oct. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BAUKO Koordinierung und Verwertung
         von Immobilien GmbH
         Attn: Christoph Wackerbarth, Manager
         Jahnstr. 6
         64347 Griesheim
         Germany


BEDA-DACHBAU GMBH: Claims Registration Period Ends Dec. 13
----------------------------------------------------------
Creditors of Beda-Dachbau GmbH have until Dec. 13 to register
their claims with court-appointed insolvency manager Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Beda-Dachbau GmbH on Oct. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Beda-Dachbau GmbH
         Karl-Liebknecht-Str. 18
         15562 Ruedersdorf
         Germany


CHRYSLER LLC: Labor Agreement Does Not Affect Fitch's Rating
------------------------------------------------------------
Chrysler LLC's Issuer Default Rating 'B+'; Outlook Stable are
unaffected by the recent ratification of a new labor agreement
with the United Auto Workers.  The rating of 'BB+/RR1' on the
US$7.5 billion first-lien senior secured term loan, as well as
the US$2 billion senior secured second-lien term loan, based on
expectations of full recovery in a stress scenario, is likewise
unaffected.

Ratings for Chrysler reflect the intense competitive conditions
in the North American auto market, an uncertain U.S. economic
outlook entering 2008, declining market share, an unbalanced
product mix, stresses in the supply base, high leverage in a
high fixed-cost industry, and an ongoing restructuring program.
Positives include the cost benefits and improved competitive
position to be derived from the new UAW contract, Chrysler's
relative success across a number of product segments, the
benefits of its relationship with Daimler AG and international
growth opportunities.

Fitch Ratings believes weakening economic growth in the U.S. has
created an increasingly uncertain outlook for industry sales in
2008.  In particular, the key pickup truck market will continue
to be affected by depressed housing market conditions.  Coupled
with the pruning of its product line and a targeted reduction in
fleet sales, share losses may continue and Chrysler will be
challenged to halt revenue declines.  Depending on the extent of
the expected drop in industry sales, Chrysler will be challenged
to reverse negative cash flows when factoring in restructuring
costs.  Incremental flexibility resulting from the new UAW
contract, however, will allow Chrysler greater flexibility to
size its production and costs to market conditions, thereby
reducing downside risks and cash drains in a downturn.

Nevertheless, the current product pipeline -- including new
minivans and the 2008 introductions of the Journey crossover,
the Dodge Ram pickup and the low-volume, high-profile Challenger
-- will help to support revenues and retail market share through
2008 and into early 2009.  Although the minivan market continues
to decline, the exit of Ford Motor Company (IDR of 'B' with a
Negative Outlook) and General Motors Corp.  (IDR of 'B' with a
Negative Outlook) from this market, and new features provided by
the new Dodge and Chrysler offerings could further augment its
market leading position.  The new Journey crossover is aimed at
one of the most rapidly-growing segments of the market where
Ford and GM have both enjoyed recent success.

Although the pickup truck market is not expected to rebound
significantly through 2008, in line with expectations for the
housing market, the numerous difficulties surrounding the Toyota
Tundra launch lend confidence to the ability of the Detroit 3 to
defend this highly-profitable segment.  Dodge's new pickup
offerings will also include a light-duty diesel product.
Continuing double-digit growth in export sales will also provide
marginal support to consolidated revenues.  Quality issues
remain a concern.

The new UAW contract will help Chrysler transition to a more
competitive wage and benefit structure over the next several
years, although a structural cost gap will still remain versus
the transplants.  The most significant cost savings will derive
from a reduction in the hourly work force of approximately 30%
from December 2006 to December 2008, along with a transition of
as much as 20% of the remaining U.S. hourly workforce to lower
wage and benefit levels.  This could result in a longer-term
reduction in consolidated wage and benefit costs by more than a
third when factoring in temporary workers.  The transition of
new hires to defined contribution pension and health care
programs also reduces longer-term structural risks.  Reductions
in the hourly workforce have been accompanied by commensurate
reductions in salaried and contract workers.  Nevertheless,
transplant manufacturers will retain a meaningful cost advantage
resulting from platform and parts commonality, flexible
manufacturing capability, capital investment efficiency and
quality.

The establishment of a VEBA, and the associated transfer of
healthcare liabilities represents a significant transfer of
medical cost inflation risk from Chrysler to the UAW.  The
funding of the VEBA through a combination of existing VEBA
funds, wage and Cost of Living Allowance allocation transfers,
and debt was prudently funded to preserve required operating
liquidity at Chrysler.  The benefits, which will begin to be
realized until 2010, are significant in relation to the upfront
funding requirements.  Net liquidity, however, may be modestly
reduced, during a period of industry uncertainty.

Chrysler's market share has held up relatively well versus Ford
and GM over the past seven years, although sales performance has
been habitually boosted through over-production, incentives and
higher fleet sales.  Relatively moderate declines in market
share have resulted from better performance across a number of
product segments, which has aided capacity utilization and
resulted in more modest capacity cutbacks than at Ford and GM.
(Chrysler currently has one assembly plant scheduled for
closure.)  As a result, cost reductions should more directly
translate into improved margin and cash flow performance.  In a
more favorable industry environment then currently projected the
combination of Chrysler's product performance and material cost
reductions could put Chrysler on a path to positive cash flow.
Chrysler's sales outside NAFTA (approximately 8% in 2006) is
growing rapidly and could represent an important factor in
sustaining capacity utilization if export growth continues at
its current pace.  Fitch believes the current U.S. dollar
weakness could also support further export market gains.

The relationship with Daimler AG (which retains a 19.8%
ownership stake in Chrysler) remains an important factor in the
rating.  Although cost synergies did not materialize to the
extent forecasted following the merger of the two entities,
joint programs involving platform consolidation, parts
commonality, purchasing initiatives, research and development,
etc. remain intact and are expected to result in achievement of
variable cost reductions over the longer term.  Access to
Daimler powertrain, safety, emission and other technologies
provides R&D scale that Chrylser would otherwise lack, and which
is critical to remaining globally competitive.  In particular,
access to Daimler's diesel technology could represent an
important competitive advantage as diesel products gain traction
in North America, as expected.

Strategically, Chrysler has displayed an 'asset-lite' approach
to its expansion plans.  Chrysler has demonstrated this approach
by contracting out manufacturing of its vehicles in Europe,
utilizing its North American capacity to manufacturer non-
Chrysler brands, and outsourcing on-site non-assembly
operations.  Fitch expects that Chrysler will continue to
leverage its brands, engineering and design, technologies and
products to expand its global presence through joint-ventures,
alliances, etc. in a capital efficient manner.  Chrysler's
joint-venture with China-based Chery, expected to eventually
manufacture exports to the U.S., is consistent with this
strategy.

Over the intermediate term, legislative and regulatory risks
across a wide spectrum of issues are rising, which could lead to
changes in consumer demand, cost competitiveness, product
standards, investment requirements, etc.  Issues include fuel
efficiency requirements, emissions standards, safety standards,
tax policies and free-trade policies, etc.  The majority of
which could adversely impact operating performance at Chrysler.

Fitch's rating of 'BB+/RR1' on the first-lien and second-lien
portions of the term loan reflects expectations of full recovery
in the event of a restructuring event.  The loans are secured by
substantially all of Chrysler's tangible and intangible assets
and is subject to a borrowing base.  Fitch's recovery
methodology model incorporates a scenario of materially reduced
market share and revenues, a continuation of manufacturing
operations, and a high level of cash remaining on the balance
sheet to finance ongoing working capital obligations.  Recovery
values, as has been the pattern in the auto parts sector,
reflect the substantial savings in wages, benefits, asset
rationalization and other fixed costs than can be realized as
part of the restructuring process.

Fitch views Chrysler's gains in plant efficiency, the core
strength of certain product lines, and the value of certain
brands (particularly Jeep) and a growing global presence would
lead to continued production by these plants, thereby enhancing
the emerging enterprise value and supplementing recovery values
obtained from other working capital and physical assets.
Although Chrysler Financial remains a separate legal entity,
incentives exist for Cerberus to keep Chrysler capitalized in
order to retain the value and viability of Chrysler Financial.


CONRADY & DOERRE: Claims Registration Period Ends Nov. 16
---------------------------------------------------------
Creditors of Conrady & Doerre Bau GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 91
         Untermarkt 17
         Muehlhausen
         Germany

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

The insolvency manager can be reached at:

         Ulrich Hauter
         Untermarkt 12
         Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Conrady & Doerre Bau GmbH on Oct. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Conrady & Doerre Bau GmbH
         Attn: Ulrich Conrady und
         Reiner Doerre, Managers
         Sommerbergstrasse 01
         37339 Worbis
         Germany


DEUTSCHES SPORT: Claims Registration Period Ends Dec. 18
--------------------------------------------------------
Creditors of Deutsches Sport und Olympia Museum Gastronomie und
Event GmbH have until Dec. 18 to register their claims with
court-appointed insolvency manager Klaus Bollig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

          Klaus Bollig
          Duerener Str. 189
          50931 Cologne
          Germany

The District Court of Cologne opened bankruptcy proceedings
against Deutsches Sport und Olympia Museum Gastronomie und Event
GmbH on Oct. 10.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Deutsches Sport und Olympia Museum Gastronomie und
          Event GmbH
          Buschgasse 24
          50678 Cologne
          Germany


DURA AUTOMOTIVE: Court Approves US$425 Million Exit Financing
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates sought
and obtained approval from the U.S. Bankruptcy Court for the
District of Delaware of an engagement letter and a fee letter
entered into with Goldman Sachs Credit Partners, L.P., and
Barclays Capital, the investment banking division of Barclays
Bank, PLC, for a US$425 million financing to emerge from Chapter
11.  DURA expects US$300 million of the loan to be funded on the
effective date of its Plan of Reorganization.

The Court has approved the Engagement Letter and the Fee Letter
in all respects.  The Court's order did not specify whether the
U.S. Trustee's concerns were addressed.

Pursuant to the Engagement Letter, Goldman Sachs and Barclays,
as arrangers, have offered to syndicate exit financing for Dura
Operating Corp.:

   (a) a senior secured revolving credit facility in an amount
       up to US$125 million;

   (b) a senior secured first-lien tranche B term loan facility
       in amount up to US$225 million; and

   (c) a senior secured second-lien term loan facility in an
       amount up to US$75 million.

Goldman Sachs will be the administrative agent for the First
Lien Term Facility, and Barclays Capital will be administrative
agent for the Revolving Facility.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, noted that the Debtors' emergence from
bankruptcy is predicated on funding from two key sources -- the
exit facility and the US$140 million to US$160 million rights
offering backstopped by Pacificor, LLC.  The backstop deal with
Pacificor has already been approved by the Court.

The Debtors, with the assistance of their investment banker,
Miller Buckfire & Co., initiated discussions with, and solicited
exit financing proposals from, a variety of potential exit
lenders.  The Debtors have decided to pursue a joint proposal
from Goldman Sachs and Barclays.

The Debtors are not yet seeking approval of the exit financing.
The documents submitted for the Bankruptcy Court's approval do
not constitute not a commitment, and do not oblige the Barclays
and Goldman Sachs, or their affiliates to provide the exit
facility or any other financing.  The Debtors only sought Judge
Kevin Carey's approval to pay fees and reimburse the expenses
of, and to grant indemnification to, the Arrangers.

The Debtors did not specify the fees to be paid to the Arrangers
or the amount of expenses they will reimburse.  The Debtors have
redacted the Fee Letter filed with the Court.

The Debtors said that the indemnification, fees and expense
reimbursements are necessary to compensate the Arrangers for
their time and efforts in soliciting lender interest for the
exit facility and are customary for transactions of similar
nature.

The Debtors asked the Court hear their proposal on an expedited
basis and have scheduled a November 8 hearing on the matter.
The Debtors' proposal faced opposition from the U.S. Trustee.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
warned that the Debtors may be improperly retaining Barclays, et
al., as estate professionals under Section 327(a) of the
Bankruptcy Code.  She said that it appears that Barclays, et
al., have been tasked to act as investment bankers with respect
to the exit facility when the Debtors have employed Miller
Buckfire as their investment bankers.

The U.S. Trustee also disputed the filing of the Fee Letter
under seal on grounds that it stops the public from viewing
certain economic terms of the arrangement.

                    About DURA Automotive

Based in Rochester Hills, Michigan, DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had $1,993,178,000 in total assets and
$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Nov. 26, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 36; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ENERGIEANLAGEN UND TROCKNUNGSWERK: Claims Bar Date Ends Dec. 12
---------------------------------------------------------------
Creditors of Energieanlagen und Trocknungswerk Gransee GmbH have
until Dec. 12 to register their claims with court-appointed
insolvency manager Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Energieanlagen und Trocknungswerk Gransee GmbH on
Oct. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Energieanlagen und Trocknungswerk Gransee GmbH
         Attn:  Walter Kirchner, Manager
         Strelitzer Strasse 10
         16775 Gransee
         Germany


HAFENSTEIN-LEWIS & WENDE: Creditors' Meeting Slated for Nov. 30
---------------------------------------------------------------
The court-appointed insolvency manager for Hafenstein-Lewis &
Wende Malerei GmbH, Thomas Kuehn, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:45 a.m. on Nov. 30.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:35 a.m. on Jan. 25, 2008 at the same
venue.

Creditors have until Dec. 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Kuehn
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Hafenstein-Lewis & Wende Malerei GmbH on
Sept. 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Hafenstein-Lewis & Wende Malerei GmbH
          Kochannstr. 13a
          10249 Berlin
          Germany


INLINE VERWALTUNGS: Claims Registration Period Ends Dec. 23
-----------------------------------------------------------
Creditors of InLine Verwaltungs-, Beteiligungs- und Betriebs
GmbH have until Dec. 23 to register their claims with court-
appointed insolvency manager Dr. Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         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. Sabine Feuerborn
          Else-Lang-Str. 1
          50858 Cologne
          Germany

The District Court of Cologne opened bankruptcy proceedings
against InLine Verwaltungs-, Beteiligungs- und Betriebs GmbH on
Oct. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          InLine Verwaltungs-, Beteiligungs- und Betriebs GmbH
          Viersener Str. 3
          50733 Cologne
          Germany


INSTITUT FUR WIRTSCHAFTSINFORMATION: Claims Period Ends Nov. 23
---------------------------------------------------------------
Creditors of Institut fur Wirtschaftsinformation GmbH have until
Nov. 23 to register their claims with court-appointed insolvency
manager Steuerberater Ruediger Berkhan.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goslar
         House 2
         Kaiserbleek 8
         38640 Goslar
         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:

         Steuerberater Ruediger Berkhan
         Braunschwei-ger Str. 15a
         D 38723 Seesen
         Germany
         Tel: 05381/9356-0
         Fax: 05381/935644

The District Court of Goslar opened bankruptcy proceedings
against Institut fur Wirtschaftsinformation GmbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Institut fur Wirtschaftsinformation GmbH
         Attn: Marlis Bredow, Manager
         Oberdorf 23
         38729 Hahausen
         Germany


KOBOLD GMBH: Claims Registration Period Ends Dec. 14
----------------------------------------------------
Creditors of Kobold GmbH have until Dec. 14 to register their
claims with court-appointed insolvency manager Florian Fuechsl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         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:

         Florian Fuechsl
         Leopoldstr. 139
         80804 Munich
         Germany
         Tel: 089/3619300
         Fax: 089/361930199

The District Court of Munich opened bankruptcy proceedings
against Kobold GmbH on Oct. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Kobold GmbH
         Attn: Hawjin Diyar, Manager
         Edelsbergstr. 8
         80686 Munich
         Germany


MEDIA PUBLISHING: Claims Registration Period Ends Dec. 7
--------------------------------------------------------
Creditors of media publishing GmbH & Co. KG have until Dec. 7 to
register their claims with court-appointed insolvency manager
Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/25 25 660
         Fax: 0711/25 25 66 66

The District Court of Stuttgart opened bankruptcy proceedings
against media publishing GmbH & Co. KG on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         media publishing GmbH & Co. KG
         Dornhaldenstr. 6
         70199 Stuttgart
         Germany


SCHWARZENRABEN: Creditors' Meeting Slated for November 21
---------------------------------------------------------
The court-appointed insolvency manager for Schwarzenraben
Gaststatten-Betriebsgesellschaft mbH, Dr. Christoph Schulte-
Kaubruegger will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:50 a.m. on
Nov. 21.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:35 a.m. on Feb. 27 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Schwarzenraben Gaststatten-
Betriebsgesellschaft mbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.


The Debtor can be reached at:

         Schwarzenraben Gaststatten-Betriebsgesellschaft mbH
         Neue Schoenhauser Strasse 13
         10178 Berlin
         Germany


TB BAUUNTERNEHMUNG: Claims Registration Period Ends Dec. 18
-----------------------------------------------------------
Creditors of TB Bauunternehmung GmbH have until Dec. 18 to
register their claims with court-appointed insolvency manager
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2008, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

          Torsten Gutmann
          Kriegerstrasse 44
          30161 Hannover
          Germany
          Tel: 0511 2206268-0
          Fax: 0511 2206268-9

The District Court of Hannover opened bankruptcy proceedings
against TB Bauunternehmung GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          TB Bauunternehmung GmbH
          Hagebuttenweg 11
          31535 Neustadt
          Germany


WILFRIED FROHBERG: Claims Registration Ends December 19
-------------------------------------------------------
Creditors of Wilfried Frohberg Dachdeckerei und Bauklempnerei
GmbH have until Dec. 19 to register their claims with court-
appointed insolvency manager Steffi Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 16, 2008, 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:

         Steffi Radack-Mueller
         Franzoesische Strasse 9-12
         10117 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Wilfried Frohberg Dachdeckerei und Bauklempnerei GmbH on
Oct. 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wilfried Frohberg Dachdeckerei und Bauklempnerei GmbH
         Kanal 9
         14467 Potsdam
         Germany


YOUNES L & G: Creditors' Meeting Slated for November 14
-------------------------------------------------------
The court-appointed insolvency manager for Younes L & G Handels
GmbH, Stephan Mitlehner will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
12:10 p.m. on Nov. 14.

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 Feb. 27 at the same venue.

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

The insolvency manager can be reached at:

         Stephan Mitlehner
         Walter-Benjamin-Platz 6
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Younes L & G Handels GmbH on Sept. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Younes L & G Handels GmbH
         Haarlemer Strasse 45
         12359 Berlin
         Germany


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


AES CORP: Seeking Regulators' Approval on Two Gas Projects
----------------------------------------------------------
AES Corporation is seeking the U.S. Federal Energy Regulatory
Commission's authorization for the construction of a liquefied
natural gas terminal at the Sparrows Point shipyard and an 88-
mile pipeline into Pennsylvania, The Baltimore Sun reports.

The National Association of State Fire Marshals and federal
regulators heeded a request from some Turners Station residents
to consider the approval for liquefied natural gas projects,
according to The Sun.  The Fire Marshals and regulators will
meet in Washington about the approval process.

O'Rourke of the National Association of State Fire Marshals told
The Sun, "Some folks who, to date, haven't been involved -- who
missed those initial hearings -- wanted to learn about the LNG
[liquefied natural gas] approval process."

The Sun relates that many community leaders and officials have
been opposing the project.

The terminal would be a potential hazard to nearby homes in
Dundalk, especially to those in Turners Station, The Sun says,
citing sources.

Federal officials had notified AES that the State Highway
Administration would not grant the company access to construct
its pipeline along the Baltimore Beltway.  They asked the firm
to present a new route for the pipeline, The Sun states.

                      About AES Corporation

AES Corporation, -- http://www.aes.com/-- a global power
company,  operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                           *   *   *

As reported in the Troubled Company Reporter on Oct. 12, 2007,
Moody's Investors Service affirmed The AES Corporation's
Corporate Family Rating at B1 and the senior unsecured rating
assigned to its new senior unsecured notes offering at B1
following its upsizing to US$2 billion from US$500 million.

Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's
US$2 billion issuance of senior unsecured notes maturing 2015
and 2017.  AES' long-term Issuer Default Rating is rated 'B+' by
Fitch.  Fitch said the rating outlook is stable.


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


AVEBURY FINANCE: Moody's Cuts Ratings on Two Note Classes
---------------------------------------------------------
Moody's Investor Service placed US$7.34 billion of European CDOs
on review for possible downgrade and downgraded US$254.13
million.

The rating actions are a response to credit deterioration of the
underlying portfolios, which include significant exposure to
CDOs of US ABS and to downgraded US subprime RMBS securities of
the 2006 vintage.  They also incorporate Moody's view on the
impact of exposure to other US RMBS and ABS CDO vintages,
particularly 2005 and 2007.

Moody's downgraded and placed on review for further possible
downgrade two classes of notes issued by Avebury Finance CDO
Plc:

   -- The US$6,000,000 Class D Deferrable Floating Rate Notes
      due 2051, to B3 from Baa2;

   -- The US$3,500,000 Class E Deferrable Floating Rate Notes
      due 2051, to Caa3 from Ba1.

A total of 129 tranches from 36 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.00% to 83.35%.  The average exposure
of affected CDOs to downgraded 2006 US RMBS securities is
12.98%, whilst the average exposures to 2005 and 2007 US RMBS
securities are 13.31% and 2.20% respectively.  For 2006 and 2007
ABS CDOs, average exposures amount to 9.68% and 2.16%
respectively.

The most negatively impacted are those containing US ABS CDOs
and 2006 US subprime RMBS assets that were originally rated Baa
or below, due to the greater severity of downgrades already
experienced by these securities.  Moody's will continue to
monitor all deals with exposure to US subprime RMBS and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to 2005 and
2007 US RMBS and ABS CDO vintages becomes known.


CLOVERIE PLC: Moody's Cuts Rating to Ba1 on US$20 Mln Notes
-----------------------------------------------------------
Moody's Investor Service placed US$7.34 billion of European CDOs
on review for possible downgrade and downgraded US$254.13
million.

The rating actions are a response to credit deterioration of the
underlying portfolios, which include significant exposure to
CDOs of US ABS and to downgraded US subprime RMBS securities of
the 2006 vintage.  They also incorporate Moody's view on the
impact of exposure to other US RMBS and ABS CDO vintages,
particularly 2005 and 2007.

Moody's downgraded and places on review for further possible
downgrade two classes of notes issued by Cloverie PLC - Series
2007-32 and Series 2007-33:

   -- The US$80,000,000 Series 2007-32 Class B Credit Linked
      Notes, to Baa1 from Aaa;

   -- The US$20,000,000 Series 2007-33 Class C Credit Linked
      Notes, to Ba1 from Aa2.

A total of 129 tranches from 36 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.00% to 83.35%.  The average exposure
of affected CDOs to downgraded 2006 US RMBS securities is
12.98%, whilst the average exposures to 2005 and 2007 US RMBS
securities are 13.31% and 2.20% respectively.  For 2006 and 2007
ABS CDOs, average exposures amount to 9.68% and 2.16%
respectively.

The most negatively impacted are those containing US ABS CDOs
and 2006 US subprime RMBS assets that were originally rated Baa
or below, due to the greater severity of downgrades already
experienced by these securities.  Moody's will continue to
monitor all deals with exposure to US subprime RMBS and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to 2005 and
2007 US RMBS and ABS CDO vintages becomes known.


SANMINA-SCI CORP: Posts US$1.1 Billion Net loss in Fiscal 2007
--------------------------------------------------------------
Sanmina-SCI Corporation has revenue of US$2.5 billion, compared
With US$2.5 billion in the third quarter ended June 30, 2007 and
US$2.7 billion in the fourth quarter ended Sept. 30, 2006.
Revenue for the year ended Sept. 29, 2007 was US$10.4 billion,
compared to US$11.0 billion in the prior year.

Fourth quarter earnings were primarily impacted by a non-cash
impairment charge for goodwill of US$1.1 billion.  As a result
of this charge, the company reported a net loss of US$1.1
billion in the fourth quarter of fiscal 2007, compared to a net
loss of US$27.6 million in the prior quarter and a net loss of
US$28.1 million for the same period last year.

             Cash Flow and Balance Sheet Metrics

The company continued to manage its cash flow and balance sheet
metrics, making improvements throughout fiscal 2007.

   *  Cash flow from operations was US$145 million in fourth
      quarter 2007, and US$511 million for fiscal 2007

   *  Cash and cash equivalents were US$933.4 million, up
      US$441.6 million from Q4'06

   *  Cash cycle days of 29 days represented a 7 day improvement
      from Q3'07

   *  Inventory decreased US$72.7 million, inventory turns
      improved to 8.9 in Q4'07

"I am pleased with our gross margin improvement, cash flow
generation and inventory turns during the fourth quarter.  We
are confident that we will continue to improve our financial
metrics.  We are committed to driving our ROIC above our
weighted cost of capital as we exit fiscal year 2008,"
stated Jure Sola, chairman and chief executive officer.

"The basis for Sanmina-SCI's operational excellence strategy in
2008 and beyond is to focus on high-end markets that offer the
greatest opportunity for success, invest in leading edge
technology, and provide unparalleled end-to- end manufacturing
solutions to our customers," concluded Mr. Sola.

             Personal and Business Computing Division

Consistent with previous announcements made by the company
concerning its personal and business computing business unit,
the company reaffirmed its intentions of separating this
business unit from its core operations either by means of a sale
or other disposition of the business.  This business unit
includes the company's personal computing and industry standard
server businesses, their related BTO/CTO operations in Mexico
and Hungary and their associated logistics activities.  The
company expect the disposition of this business to occur over
the next 12 months.

               First Quarter Fiscal 2008 Outlook

The company provides these guidance with respect to the first
fiscal quarter ending Dec. 29, 2007:

   *  Revenue is expected to be in the range of US$2.5 billion
      to US$2.65 billion

   *  Non-GAAP diluted earnings per share to be between US$0.02
      to US$0.04 Non-GAAP Financial Information

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007
Standard & Poor's Ratings Services revised its outlook on San
Jose, California-based Sanmina-SCI Corp. to negative from
stable, as a result of continued operating weakness and
increasing leverage.  The corporate credit and senior unsecured
ratings are affirmed at 'B+', and the subordinated debt rating
is affirmed at 'B-'.


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


ALITALIA SPA: Board Says Baldassare Group Incompatible with Bid
---------------------------------------------------------------
The Board of Directors of Alitalia S.p.A. concluded that it was
still impossible to carry out appraisals, even of a preliminary
nature, as to whether the consortium being set up by Antonio
Baldassarre would have the necessary requisites to take part in
the Company's project aimed at rapidly identifying industrial
and financial subjects committed to carrying forward Alitalia's
restructuring, development and re-launching and willing to
acquire a majority shareholding in the Company.

In fact, Mr. Baldassarre stated that there would be a further
delay in providing the basic elements for taking part in the
project.

The Board judged this fact to be more than sufficient to
consider no longer compatible -- also in the opinion of Advisor
Citi -- the time for examining the relationship with the
aforementioned consortium with the time envisaged for Alitalia's
decision regarding the overall project.

As reported in the TCR-Europe on Oct. 18, 2007, the consortium,
composed of Engineering S.p.A., I Viaggi del Ventaglio S.p.A.,
SAFNA, Aermar Srl, Mivtach shamir H Ltd. and Reficere, will have
a starting capital of EUR1 billion to EUR1.5 billion.

The group does not plan to downscale Alitalia's operations in
Milan Malpensa and Rome Fiumicino airports, but will instead
increase routes.

Mr. Baldassare told Thomson Financial that the consortium plans
to launch long-haul routes to Africa and the Middle East as well
as maintain Alitalia's existing role, he said.  He expects
Alitalia to allow the possible buyers to perform diligence on
the company's books.

As reported in the TCR-Europe on Oct. 10, 2007, Alitalia decided
to open talks, through the financial advisor Citi and industrial
advisor Roland Berger, with:

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

                             About Alitalia

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

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


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


AK-JOL LLP: Proof of Claim Deadline Slated for Dec. 11
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Ak-Jol insolvent.

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

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


CLONDIKE -AK: Creditors Must File Claims Dec. 11
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Clondike-Ak insolvent.

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

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


ORTASH LLP: Claims Filing Period Ends Dec. 11
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Ortash insolvent on Sept. 12.

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

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


STEPNOGORSKY ENGINEERING: Creditors' Claims Due on Dec. 11
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Stepnogorsky Engineering Centre insolvent.

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

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


UJKAPSTROYSERVICE-K LLP: Claims Registration Ends Dec. 11
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Construction Company
Ujkapstroyservice-K insolvent on Sept. 12.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Jumabayev Str.
         Shayan
         Baidibek District
         South Kazakhstan
         Kazakhstan


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


LIFE STYLE: Creditors Must File Claims by December 14
-----------------------------------------------------
LLC Life Style has declared insolvency.  Creditors have until
Dec. 14 to submit written proofs of claim to:

         LLC Life Style
         Kamskaya Str. 7-20
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 75-21-98


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


IMPRESS HOLDINGS: IPO Plans Cue S&P Watch on B+ Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Netherlands-based metal packaging
group Impress Holdings B.V. on CreditWatch with positive
implications.

At the same time, the 'BB-' rating on the EUR615 million and
US$175 million senior secured notes and the 'B-' rating on the
EUR250 million senior subordinated notes were also placed on
CreditWatch with positive implications.  This follows the
group's intention of an IPO with proceeds in excess of EUR600
million.

"The CreditWatch placement reflects Standard & Poor's
expectation that Impress' credit profile would benefit from a
successful IPO, as the group has stated the intention to use
parts of the proceeds to repay high cost debt," said Standard &
Poor's credit analyst Izabela Listowska.

This could potentially lead to a higher rating, although it
should be noted that the group's current credit measures are
somewhat weak for the existing ratings.

Standard & Poor's will follow the developments of Impress' IPO
plans.  Any potential upgrade will depend on a successful
completion of an IPO and its impact on the group's financial
profile.  In addition, Standard & Poor's will review the group's
business and financial strategies before resolving the
CreditWatch placement.

"The current ratings on Impress primarily reflect the group's
highly leveraged financial profile," added Ms. Listowska.
Impress offsets this by its strong European market positions in
aluminum- and steel-based packaging for food products, and in
decorative and protective finishes, stable revenue streams from
relatively recession-resistant markets, long-standing
relationships with key customers, and improving operating
performance.


PDM CLO I: S&P Rates EUR13.5 Million Class E Notes at BB-
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR267 million secured floating-rate notes
to be issued by PDM CLO I B.V.  In addition, PDM CLO I will
issue a class of unrated notes totaling EUR33 million.

At closing, PDM CLO I will issue floating-rate notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a portfolio of predominantly senior secured
loans.

The transaction will have a seven-year reinvestment period and
the investment manager will be Permira Debt Managers Group
Holdings Ltd.

The investment manager is not authorized to conduct investment
management business in The Netherlands and has delegated all
power and authority to the investment sub-manager, Permira Debt
Managers Ltd. to conduct business for the portfolio.

                          Ratings List

PDM CLO I B.V.
   EUR267 Million Secured Floating-Rate Notes And EUR33 Million
   Subordinated Notes

                         Prelim.        Prelim. Amount
         Class           Rating           (Mln. EUR)
         -----           ------            --------
           A              AAA              208.50
           B              AA                11.25
           C              A                 17.25
           D              BBB-              16.50
           E              BB-               13.50
           F1/F2/F3       NR                33.00

           NR - Not rated


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


ORLEN TRANSPORT: Cracow Court Issues Bankruptcy Declaration
-----------------------------------------------------------
The District Court for Cracow-Srodmiescie (VIII Economic
Department for Bankruptcy) in Poland issued on Oct. 29, 2007, a
bankruptcy declaration regarding ORLEN Transport Krakow Sp. z
o.o., which includes the liquidation of the assets of the
company.

The decision of the court does not become valid, until the
limitation of complaints, which must be delivered not later than
seven days from the delivery of the bankruptcy declaration.

The court has assigned Elzbieta Brzozowska as judge-commissioner
Maria Thetschel-Zgud as bankruptcy trustee.

The court has decided that the legal prerequisite mentioned in
article 11 point 2 of the Bankruptcy and Repair Law dated
Feb. 28, (Journal of Laws No 60, item 535), when a company's
liabilities exceed the value of its assets, has appeared.

The registered capital of ORLEN Transport Krakow amounts to
PLN12,465,000 and is divided into 124,650 equal and indivisible
shares with a par value of PLN 100 for each share.  PKN ORLEN
owns 98% of the initial capital of ORLEN Transport Krakow.

ORLEN Transport Krakow Sp. z o.o. is a subsidiary of Polski
Koncern Naftowy ORLEN S.A.


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


CHELYABHYDRAULICFILL CJSC: Creditors Must File Claims by Jan. 3
---------------------------------------------------------------
Creditors of CJSC ChelyabHydraulicFill have until Jan. 3, 2008
to submit their proofs of claim to:

         A. A. lavrov
         Competitive proceedings manager
         Zlatoust
         456219 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced one-year
competitive proceedings on the company on Sept. 20.  The case is
docketed under Case No. ?76-1751/07-60-38.

The Court is located at:

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


IZHEVSK OIL: Creditors Must File Claims by Jan. 3
-------------------------------------------------
Creditors of Izhevsk Oil Company LLC have until Jan. 3, 2008 to
submit their proofs of claim to:

         M. A. Abrosimov
         Poima Str. 73
         Izhevsk
         426028 Udmurt
         Russia

The Arbitration Court of Udmurt commenced one-year competitive
proceedings on the company on Oct. 19.  The case is docketed
under Case No. ?71-1892/2007-?9.

The Debtor can be reached at:

         Izhevsk Oil Company LLC
         Severny Per. 61
         Izhevsk
         426011 Udmurt
         Russia


KANELOVSKOYE OJSC: Creditors Must File Claims by Jan. 3
-------------------------------------------------------
Creditors of OJSC Kanelovskoye have until Jan. 3, 2008 to submit
their proofs of claim to:

         K. A. Serikov
         P.O. Box 6480
         350911 Krasnodar
         Russia

The Arbitration Court of Krasnodar krai commenced one-year
competitive proceedings against the company after finding it
insolvent on Oct. 23.  The case is docketed under Case No. ?-32-
27123/2006-46/2550-?.

The Debtor can be reached at:

         OJSC Kanelovskoye
         Pionerskaya Str. 5
         Kanelovskaya St.
         Starominskij Raion
         353764 Krasnodar Krai
         Russia


KANSKAYA OJSC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk krai commenced bankruptcy
supervision procedure on OJSC Tobacco Factory Kanskaya.  The
case is docketed under Case No. ?28-300/07-192/20.

Currently the Court is under deliberations of the application of
the company for bankruptcy.  The Court appointed I. Morlang as
interim manager.


PRODUCTION-AND-PROCESS: Creditors Must File Claims by Jan. 3
------------------------------------------------------------
Creditors of CJSC Production-And-Process Equipment have until
Jan. 3, 2008 to submit their proofs of claim to:

         S. V. Varnachkina
         Competitive proceedings manager
         Bakinskaya Str. 79
         414000 Astrahan'
         Russia

The Arbitration Court of Astrahan' commenced competitive
proceedings against the company after finding it insolvent on
Oct. 17.  The case is docketed under Case No. ?06-1700/ 2007-11.

The Debtor can be reached at:

         CJSC Production-And-Process Equipment
         Boevaya Str. 125
         414021 Astrahan'
         Russia


RAO ROSOILGASSTROY: Court Names L. M. Shervarenkov as Liquidator
----------------------------------------------------------------
The Arbitration Court of Moscow appointed L. M. Shevarenkov as
Competitive proceedings manager of OJSC RAO Rosoilgasstroy on
Oct. 16.  He can be reached at:

         L. M. Shevarenkov
         P.O. Box 32
         Dzerzhinsk
         606000 Nizhnij Novgorod
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC RAO Rosoilgasstroy
         Zhitnaya Str. 14
         117970 Moscow
         Russia


TONKINSKOYE AUTOENTERPRISE: Asset Sale Slated for Dec. 4
--------------------------------------------------------
The competitive proceedings manager of OJSC Tonkinskoye
AutoEnterprise, will open a public auction for the company's
properties at 9:00 a .m. on Dec. 4 at:

         OJSC Tonkinskoye AutoEnterprise
         Office 3
         Yablonevaya Str. 14-?
         Nizhnij Novgorod
         Russia

Interested participants have until 6:00 p.m. on Nov. 29 to
submit their bidding documents.

Information related to the auction can be obtained by calling,
Tel: 8 (312) 32-18-99; 8-910-392-53-83.


VORONEZHSKAYA LLC: Creditors Must File Claims by Jan. 3
-------------------------------------------------------
Creditors of Metallurgic Company Voronezhskaya LLC have until
Jan. 3, 2008 to submit their proofs of claim to:

         I. V. Ageev
         P.O. Box 42
         394000 Voronezh
         Russia

The Arbitration Court of Voronezh commenced competitive
proceedings against the company after finding it insolvent on
July 24.  The case is docketed under Case No. ?14-5033/2007/
31/27?.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         Metallurgic Company Voronezhskaya LLC
         Lebedeva Str. 2
         Voronezh
         Russia


YURYANSKAYA PMK-10: Creditors Must File Claims by Dec. 3
--------------------------------------------------------
Creditors of CJSC Yuryanskaya PMK-10 have until Dec. 3 to submit
their proofs of claim to:

         P. V. Krygin
         Interim manager
         P.O. Box 1836
         610020 Kirov
         Russia

The Arbitration Court of Kirov will convene at 9:00 a.m. on
March 5, 2008 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. ?28-300/
07-192/20.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         CJSC Yuryanskaya PMK-10
         K. Marks Str. 1
         Yurya Settlement
         Kirov
         Russia


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


FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes
-------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to five
series of Bonos de Titulizacion de Activos issued by Foncaixa
FTGENCAT 5 Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Gesticaixa,
S.G.F.T, S.A.  Moody's has assigned these ratings:

   -- (P)Aaa to the EUR513.1 million Series A(S) notes;
   -- (P)Aaa to the EUR449.4 million Series A(G) notes;
   -- (P)Aa3 to the EUR21.0 million Series B notes;
   -- (P)Baa3 to the EUR16.5 million Series C notes;
   -- (P)C to the EUR26.5 million Series D notes.

Foncaixa FTGENCAT 5, FTA is a securitization fund created with
the aim of purchasing a pool of loans granted by La Caixa to
Catalan small and medium-sized enterprises, in compliance with
the conditions required by the FTGENCAT programme in order to
qualify for the guarantee provided by the regional government
Generalitat of Catalonia.

The ratings of the notes are based upon the analysis of the
characteristics of the SME pool backing the notes, the
protection the notes receive from credit enhancement against
defaults and arrears in the SME pool, the legal and structural
integrity of the issue and the credit quality of the parties
involved in the transaction.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (April 1, 2053).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par on or before
the rated final legal maturity date on Series A/B/C, and for
ultimate payment of interest and principal at par on or before
the rated final legal maturity date on Series D.  The ratings do
not address full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

As of October 2007, the initial provisional portfolio comprised
27,757 loans and 23,945 debtors.  The loans have been originated
by La Caixa in its normal course of business.  The loans have
been originated between 1989 and 2007, with a weighted average
seasoning of 1.77 years and a weighted average remaining term of
15.45 years.  The longest loan matures in April 2047.  Around
70.69% of the pool is secured by a mortgage guarantee over
different types of properties.  The remaining 29.31% is secured
by a personal guarantee.  Geographically the pool is
concentrated in Catalonia (100%).  Around 22% of the portfolio
is concentrated in the "buildings and real estate" sector
according to Moody's industry classification.

Strong features within this deal include among others:

   (1) a strong swap agreement guaranteeing an excess spread of
       0.50%;

   (2) a 2.65% reserve fund to cover potential shortfalls in
       interest or principal;

   (3) a 12-month artificial write-off mechanism;

   (4) the guarantee of the Generalitat of Catalonia (Aa2) as
       concerns the Series A(G) notes; and

   (5) the fact that 70.69% of the pool is backed by first-lien
       mortgage guarantees.

Weaker features include:

   (1) the 2.5-year revolving period, which is mitigated by
       strict eligibility criteria that any additional loan must
       comply with, and early amortization triggers;

   (2) the pro-rata amortization of the notes subject to certain
       triggers;

   (3) the 100% geographical concentration in the region of
       Catalonia; and

   (4) the negative impact of the interest deferral trigger on
       the subordinated series. These increased risks were
       reflected in the credit enhancement calculation.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
the transaction and associated documentation, the rating agency
will endeavour to assign a definitive rating. A definitive
rating may differ from a provisional rating.


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


QUEBECOR WORLD: Inks US$341 Million Sell/Merge Deal with RSDB NV
----------------------------------------------------------------
Quebecor World Inc. and RSDB NV have signed a definitive Share
Purchase Agreement and Implementation Agreement to sell/merge
Quebecor World's European operations to RSDB Group.  Under the
terms of the Share Purchase Agreement and Implementation
Agreement, RSDB will deliver to Quebecor World, at closing,
cash, a note and shares valued in the aggregate at approximately
240 million Euros or US$341 million, subject to certain post-
closing adjustments.

The aggregate consideration payable by RSDB to Quebecor World
will be paid in cash, shares and through the assumption of
indebtedness by RSDB.

RSDB will buy Quebecor World's European operations and Quebecor
World will retain a 29.9% interest in the merged entity that
will be named "Roto Smeets Quebecor" and will be listed on
Euronext Amsterdam.

Specifically, the consideration payable to Quebecor World will
be comprised of:

   -- approximately EUR150 million or US$213 million in cash;

   -- a EUR35 million or US$50 million note 8-year note
      repayable from 2011 to 2015;

   -- 1.4 million shares in RSQ representing approximately
      29.9% of the issued and outstanding shares of the
      combined business post-closing; and

   -- assumption of QWE's pension, legal, and other
      liabilities.

Completion of the merger is conditional, on the approval of the
shareholders of RSDB and receipt of clearances from the European
Commission.  Closing is expected to take place by the end of
2007.

"This transaction is a key element of our 5-Point Transformation
Plan and is expected to deliver several significant benefits to
our shareholders," Wes Lucas, president and CEO Quebecor World,
stated.  "The sale/merger will improve our balance sheet, and
will provide additional financial flexibility and strategic
options to create further shareholder value.  We believe that it
will also enable us to strategically reposition our company to
focus on growing earnings within our core business in the
Americas, where we are a leader."

"We are pleased that retaining an investment in RSQ may present
an upside opportunity, as Quebecor World will help facilitate
the consolidation of the European print industry and the
creation of the leading printer in Europe, which will benefit
our customers and employees going forward," Mr. Lucas added.
Quebecor World and RSQ will also work together in the future to
serve global customers."

"The combination of Quebecor World's European printing business
with RSDB will enable RSDB, through its increased scale and
broader footprint throughout Europe, to play an important role
in the consolidation of the graphic industry in Europe," John
Caris, chief executive officer of RSDB stated.  "We see a great
opportunity to pool the best practices and extensive industry
experience available in the two businesses and to benefit from
an attractive range of potential synergies".

In the event that the transaction is not completed as a result
of a default of one party, the defaulting party is obliged to
pay the other party a break-up fee of 15 million Euros or
US$21 million.

The supervisory board of RSQ will be comprised of five
directors.  Two of the five members of the supervisory board
will be nominated by QWI.  Resolutions of the supervisory board
are, in general, adopted by an absolute majority.

However upon completion of the sale/merger, Quebecor World and
RSDB have agreed that certain predefined corporate decisions
relating to important strategic matters, such as decisions
relating to mergers and acquisitions, the issuance of new shares
and the change of the dividend policy, will require a four out
of five majority vote.

RSDB's current CEO, John Caris, will lead RSQ.  QWE's
experienced senior management team will continue to run the
operations in each European country from which it currently
operates.  The key members of QWE's existing senior management
team have indicated their support for the transaction and their
continued involvement with the combined business.  Their local
expertise will be a valuable asset of the combination of the
companies.

                         About RSDB NV

Headquartered in Hilversum, Netherlands, RSDB NV (Euronext:
RSDB) is a European provider of high-value graphic printing
services.  RSDB's principal business, Print Productions,
produces full service gravure and offset printing material, with
seven printing facilities in The Netherlands and one printing
facility in Hungary, supported by sales offices in seven
European countries.  RSDB's Marketing Communications business
focuses on marketing communications solutions and customer
management processes.

                     About Quebecor World

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'B' from 'B+' ratings on Quebecor
World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


VIRANATIVE AB: Swedish Orphan Takes Over Company
------------------------------------------------
Swedish Orphan International AB took over ViraNative AB's assets
on Oct. 29, 2007, Chemical Business Newsbase reports.

Swedish Orphan also acquired the rights to produce and
distribute Multiferon(R), a drug for treating malignant
melanoma, Chemical Business Newsbase adds.

ViraNative AB, formerly a wholly owned subsidiary of Viragen
International Inc., will be renamed to Swedish Orphan
International Manufacturing, and will become Swedish Orphan's
wholly owned unit.

As reported in the TCR-Europe on Sept. 17, 2007, ViraNative
applied for bankruptcy proceedings in the District Court of Umea
under the bankruptcy laws of Sweden.  The company cited its
inability to pay taxes and other debts.

The bankruptcy court has appointed Anders Bergman of
Ackordscentralen Norrland AB as bankruptcy administrator for
ViraNative.

Mr. Bergman will:

   -- do an inventory of the Debtor's assets;

   -- identify creditors and the amount of their claims;

   -- seek to identify purchasers for the Debtor's assets; and

   -- process their orderly liquidation and sale in accordance
      with Swedish laws.

               About Viragen International, Inc.:

Viragen International, Inc. is a majority-owned subsidiary of
Viragen, Inc., and operates through its wholly- owned
subsidiary, Viragen (Scotland) Limited, located near Edinburgh,
Scotland.  Viragen Scotland is engaged in the research and
development of novel therapeutic proteins that disrupt the
advance of life-threatening diseases, with a focus on cancers.

                      About ViraNative AB

Headquartered in Umea, Sweden, ViraNative AB manufactures
Multiferon(R), a multi-subtype, human alpha interferon.  The
company's bankruptcy proceeding is docketed under Case Number
K1767-07.


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


BW SOFT SUPPORT: Creditors' Liquidation Claims Due by Nov 16
------------------------------------------------------------
Creditors of JSC bw soft support have until Nov. 16 to submit
their claims to:

         Silvio Mazzucchi
         Dreibndenstrasse 78
         7000 Chur GR
         Switzerland


The Debtor can be reached at:

         JSC bw soft
         Chur GR
         Switzerland


FALEMA JSC: Creditors' Liquidation Claims Due by December 15
------------------------------------------------------------
Creditors of JSC Falema support have until Dec. 15 to submit
their claims to:

         Zweierstrasse 129
         8036 Zrich
         Switzerland

The Debtor can be reached at:

         JSC Falema
         8036 Zrich
         Switzerland


INNOWARE JSC: Duebendorf Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Duebendorf entered Sept. 25 an order
closing the bankruptcy proceedings of JSC Innoware.

The Bankruptcy Service of Duebendorf can be reached at:

         Bankruptcy Service of Duebendorf
         8600 Duebendorf 2
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC Innoware
         Schmiedgasse 26
         8604 Volketswil
         Uster ZH
         Switzerland


MESATEM JSC: Creditors' Liquidation Claims Due by November 16
-------------------------------------------------------------
Creditors of JSC Mesatem support have until Nov. 16 to submit
their claims to:

         Silvio Mazzucchi
         Dreibndenstrasse 78
         7000 Chur GR
         Switzerland


The Debtor can be reached at:

         JSC Mesatem
         7000 Chur GR
         Switzerland


VILLECOURT JSC: Zug Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug entered Sept. 27 an order closing
the bankruptcy proceedings of JSC Villecourt.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Villecourt
         Zugerstrasse 72
         6340 Baar ZG
         Switzerland


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


HABAS SINAI: Conservative Financial Policy Cues Fitch's B+ IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Habas Sinai ve Tibbi Gazlar Istihsal
Endustrisi A.S.'s Long-term Issuer Default Rating at 'B+', its
Local Currency Long-term IDR at 'B+' and its National Long-term
Rating at 'A+(tur)'.  The Outlooks for the Long-term IDR and
National Long-term Rating are Stable.

"The ratings reflect Habas's conservative financial policy,
robust revenue growth, relatively low leverage and good coverage
ratios," says Angelina Valavina, Director in Fitch's Industrials
team.

Fitch notes the company's conservative financial policy so far,
as reflected in its credit profile.  Habas favorably compares
with its steel peers due to its low leverage.  The company also
has good coverage ratios relative to its international peers.

Furthermore, the group benefits from its favorable geographical
location close to the fast-growing markets of the Middle East,
which drives its export-oriented steel sales.  At the same time
the company's industrial gases sales are underpinned by its
dominance on the domestic market, which enables it to leverage
the growth of this market.

However, in contrast to some international steel producers,
Habas is fully exposed to international spot scrap markets to
satisfy its scrap needs - the main raw material used in steel
production.  Nevertheless, it should be noted that Habas
exercises a procurement strategy that foresees the parallel
execution of scrap and steel sales contracts, allowing prices
set for steel sales to reflect scrap price movements.  The
company also became fully self-sufficient in energy when its 240
MW power plant started operations in April 2005.

With its relatively low fiscal year 2006 EBITDAR margin
reflecting its lack of self-sufficiency in scrap and the
relatively high energy prices in Turkey, Habas is unfavorably
positioned compared with its international steel peers.  In
Fitch's view, this could limit the company's financial
flexibility in case of a steel industry downturn.

The Stable Outlook reflects Fitch's expectations that Habas will
be able to maintain its satisfactory financial profile despite
its dependence on scrap supplies from third parties and exposure
to the cyclical steel industry.


T.C. ZIRAAT BANKASI: Fitch Affirms BB- IDR with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of T.C. Ziraat Bankasi
as:

   -- Local Currency Long-term Issuer Default Rating at 'BB-';
   -- Short-term Local Currency IDR at 'B';
   -- Foreign Currency Long-term IDR at 'BB-';
   -- Short-term Foreign Currency IDR at 'B';
   -- Long-term National Rating at 'AA(tur)';
   -- Individual Rating at 'C/D'; and
   -- Support Rating at '3'.

The Outlook for the Long-term IDRs is Stable, and the Support
Rating Floor is 'BB-'.

Ziraat, fully-owned by the Turkish state, is a leading retail
bank, controlling a sizeable 19.4% deposit market share.
Ziraat's IDRs are equalized with those of the Turkish sovereign,
reflecting a balance sheet dominated by Turkish government debt
and the strong likelihood of support which the bank could expect
to receive in case of need from its shareholder.

The bank's Individual Rating considers its well established
franchise, good asset quality and efforts being made to
transform its balance sheet and develop a more broadly based
banking business.  The rating also reflects a heavy dependence
on securities revenue and a decline in capital adequacy ratios
which, nevertheless, remain above average compared to other
Turkish banks.

"Growing lending is a priority but loans represent only 25% of
total assets," notes Janine Dow, Senior Director at Fitch
Ratings' financial institutions department.

Impaired loan ratios are good (1.8% at first half of 2007) and
asset quality in the agricultural book is sound.  Some 60% of
assets comprise government securities but efforts are being made
to grow lending.  By end-2010, some TRY15.4 billion of held to
maturity government securities will have matured, freeing up
considerable liquidity for additional lending.

"Ziraat's retail savings deposits represent the backbone of the
bank's funding structure and these have proved to be stable in
times of crisis," adds Dow.  Capital ratios declined in first
half of 2007 due to the operational risk charge, dividend
payments and growth in risk weighted assets.

Ziraat's performance ratios compare favorably with those
achieved by competitors and the improving trend is continuing
into 2007.  This reflects wide margins given that low-cost
retail deposits fund profitable consumer loans and the floating
rate securities portfolio benefits from rising interest rates.
Cost to income ratios (28% in first half of 2007) are impressive
considering a widespread branch network.


TURKIYE HALK BANKASI: Fitch Affirms BB- IDR on State Support
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Turkiye Halk Bankasi
as:

   -- Local Currency Long-term Issuer Default Rating at 'BB-;
   -- Short-term Local Currency IDR at 'B';
   -- Foreign Currency Long-term IDR at 'BB-';
   -- Short-term Foreign Currency IDR at 'B';
   -- Long-term National Rating at 'AA(tur)';
   -- Individual Rating at 'C/D'; and
   -- Support Rating at '3'.

The Outlook for the Long-term IDRs is Stable, and the Support
Rating Floor is 'BB-'.

Halkbank's traditional focus is SMEs, although the merger with
Pamukbank in 2004 brought retail banking expertise.  A 25% stake
was floated on the Istanbul Stock Exchange in May 2007.
Halkbank's IDRs reflect the strong likelihood of support the
bank could expect to receive, if needed, from its 75%
shareholder, the Turkish state.

"The Individual Rating reflects its good franchise, with 10.6%
deposit market share, expertise in the SME sector and efforts
made to expand lending.  The rating also reflects the need to
build up revenues earned from lending, which is being achieved,
and weakening, although still well above sector average, capital
ratios," says Janine Dow, Senior Director in Fitch's Banking
group.

Halkbank's profitability ratios compare favorably with those of
the leading private sector banks.  Margins, supported by
increased yields on a large portfolio of floating-rate
securities, and a loan book dominated by profitable SME (60%)
and retail loans (21%), are high. Costs are well contained
(cost/income ratio 35.3% at first half of 2007) and recoveries
of fully reserved impaired loans have for several years exceeded
new impairment charges, boosting profits.

Loans make up a relatively low proportion (40% at end-June 2007)
of assets.  Directed lending has in the past resulted in poor
asset quality, but impaired loans (6.8% of loans at H107) are
fully reserved.  Lending (up 25% in first half of 2007) is
outpacing the sector average (12%) and the quality of new loans
is sound (impaired ratios about 1%).  Given the rapid growth, it
may be that the book is not fully seasoned and impaired loan
ratios may increase over time.

The bank's SME expertise is well established and scoring systems
appear sound.  Government securities represented 48.5% of assets
at end-June 2007 where about a half of the government securities
portfolio comprised of unquoted bonds (final maturity 2014).  As
these mature, proceeds will be applied to growing the loan book.
A shift away from public to private sector assets is changing
the bank's risk profile, but management and systems have been
strengthened in line with the privatization process, and the
outlook is good.

It is not certain how the bank's full privatization will
proceed; the acquisition of a controlling stake by a highly
rated international bank would positively affect its IDRs.  As
the asset mix diversifies and profitable growth continues, the
Individual Rating should improve.


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


BUDIVELNYK LLC: Creditors Must File Claims by November 15
---------------------------------------------------------
Creditors of LLC Budivelnyk (code EDRPOU 13546155) have until
Nov. 15 to submit their proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 3/102-B.

The Debtor can be reached at:

         LLC Budivelnyk
         50 years of October Str. 59
         Chudnov
         13200 Zhytomir
         Ukraine


CHEMISTRY OJSC: Creditors Must File Claims by November 15
---------------------------------------------------------
Creditors of OJSC Sumy Agricultural Chemistry (code EDRPOU
05490766) have until Nov. 15 to submit their proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/107-07.

The Debtor can be reached at:

         OJSC Sumy Agricultural Chemistry
         Cooperative Str. 68
         Khotin
         Sumy District
         Sumy
         Ukraine


ESMAN: Creditors Must File Claims by November 15
------------------------------------------------
Creditors of Common Agricultural Enterprise Esman (code EDRPOU
14000788) have until Nov. 15 to submit their proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/54-07.

The Debtor can be reached at:

         Common Agricultural Enterprise Esman
         Pushkin Str. 32
         Nekrasovo
         Gluhov District
         41455 Sumy
         Ukraine


FACTORIYA LLC: Creditors Must File Claims by November 16
--------------------------------------------------------
Creditors of LLC Factoriya (code EDRPOU 33807793) have until
Nov. 16 to submit their proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/272-07.

The Debtor can be reached at:

         LLC Factoriya
         Kazakov Str. 4
         49000 Dnipropetrovsk
         Ukraine


LEKS-01 LLC: Creditors Must File Claims by November 15
------------------------------------------------------
Creditors of LLC Leks-01 (code EDRPOU 34479332) 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. 23/413-b.

The Debtor can be reached at:

         LLC Leks-01
         Shota Rustaveli Str. 11
         01023 Kiev
         Ukraine


SOUTH ENERGY: Creditors Must File Claims by November 15
-------------------------------------------------------
Creditors of LLC South Energy Delivery (code EDRPOU 34438562)
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. 6/212-B-07.

The Debtor can be reached at:

         LLC South Energy Delivery
         Pervomayskaya Str. 35
         Novaya Kahovka
         Herson
         Ukraine


SVITANOK LLC: Creditors Must File Claims by November 15
-------------------------------------------------------
Creditors of Agricultural LLC Svitanok (code EDRPOU 03734613)
have until Nov. 15 to submit their proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/104-07.

The Debtor can be reached at:

         Agricultural LLC Svitanok
         October Str. 46
         Zaozernoe
         Tulchin District
         Vinnica
         Ukraine


TRADE-TECHNO LLC: Creditors Must File Claims by November 15
-----------------------------------------------------------
Creditors of LLC Trade-Techno (code EDRPOU 34045767) 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. 23/418-b.

The Debtor can be reached at:

         LLC Trade-Techno
         Kikvidze Str. 1/2
         01023 Kiev
         Ukraine


UKRAINA BANK: Liquidator Receives UAH130,000 in September
---------------------------------------------------------
Ukraina Bank's liquidator received in September 2007 UAH130,000
in relation to the bankruptcy proceedings against the bank, The
Financial Times reports, citing Interfax News as its source.

The amount includes UAH123,000 in repaid credits and UAH6,000
from sales of the bank's property, Interfax adds.

As of Oct. 1, 2007, the liquidator had paid UAH806.37 million to
the insolvent bank's first, second and third line creditors,
including UAH200.55 million to individual depositors, and
UAH605.82 million to businesses.

As previously reported, Ukraine President Viktor Yuschenko
signed a law extending the liquidation of JSC Ukraina Bank until
Jan. 1, 2009.

According to the report, the law comes into force from the day
it is published.  The bill, adopted by the Verkhovna Rada on
March 20, 2007, outlines the procedure for paying UAH821.8
million owed to creditors.  President Yuschenko was deputy and
then first deputy of Ukraina Bank's board chairman from 1990 to
1993.

                       About Ukraina Bank

Headquartered in Kyiv, Ukraine, Ukraina Bank --
http://www.krid.crimea.ua/-- encountered financial troubles
that began in 1998.  On July 16, 2001, the National Bank of
Ukraine cancelled its banking license and started liquidation
proceedings.


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


ALLIANZ INSURANCE: New York Court Recognizes Chapter 15 Petition
----------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


ANGLO BLACKWELLS: Appoints KPMG as Joint Administrators
-------------------------------------------------------
David John Crawshaw and Brian Green of KPMG LLP were appointed
joint administrators of Anglo Blackwells Ltd. (Company Number
00047463) on Oct. 24.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

The company can be reached at:

         Anglo Blackwells Ltd.
         Ditton Road
         Widnes
         WA8 0NT
         England
         Tel: 0151 495 1400
         Fax: 0151 495 4201


BAYDALE ARCHITECTURAL: Hires BDO Stoy as Administrators
-------------------------------------------------------
Toby Underwood and Graham Newton of BDO Stoy Hayward LLP were
appointed joint administrators of Baydale Architectural Systems
Ltd. (Company Number 03024784) on Oct. 18.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

Headquartered in Newton Aycliffe, England, Baydale Architectural
Systems Ltd. -- http://www.baydale.co.uk/-- provides glazing
solutions for the construction, offshore and marine industries.


BRITISH AIRWAYS: Baggage Delivery Among Worst, Report Says
----------------------------------------------------------
British Airways plc is among the worst performers for
punctuality and baggage delivery, the Association of European
Airlines' Consumer Report for July to September 2007 reveals.

Among the the 28 AEA member airlines which have provided
punctuality data, BA ranked 26th with only 58.8% of its
short/medium haul flights arrived on time, while only 55% for
long haul.  Only 60.7% of the short/medium haul flights departed
on time, while only 58.7% for long haul.

Among the 25 AEA member airlines which have contributed baggage
figures, BA ranked 24th with 30 bags delayed for every 1,000
passengers it transported.

However, a spokesman for BA told the Daily Telegraph "these
statistics have to be put into context.  We operate out of one
of the most congested airports in the world and the U.K. is the
only country in Europe with restrictive hand baggage rules which
put more pressure on hold baggage carried."

According to the company spokesman, the closure of T4 airside
and landside due to a security alert, followed by extreme
weather (floods and thunderstorms) in July, hit the airline's
performance, although figures are expected to improve when
Heathrow Terminal 5 opens next March.

"We are working hard to improve our performance and September's
figures were a lot better than July and August," the spokesman
was quoted by the Daily Telegraph as saying.

                        About British Airways

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

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

                         *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


C. T. PLASTICS: Brings In Liquidators from Tenon Recovery
---------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of C. T. Plastics (U.K.) Ltd. on Oct. 30 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


CHROME FUNDING: Moody's May Cut Ba2 Rating After Review
-------------------------------------------------------
Moody's Investor Service placed US$7.34 billion of European CDOs
on review for possible downgrade and downgraded US$254.13
million.

The rating actions are a response to credit deterioration of the
underlying portfolios, which include significant exposure to
CDOs of US ABS and to downgraded US subprime RMBS securities of
the 2006 vintage.  They also incorporate Moody's view on the
impact of exposure to other US RMBS and ABS CDO vintages,
particularly 2005 and 2007.

Moody's placed on review for possible downgrade seven classes of
notes issued by Chrome Funding Limited (Greenbay):

   -- The Series 23 Class I US$33,000,000 Floating Rate Variable
      Spread Credit Linked Notes due October 2046, currently
      rated Aaa;

   -- The Series 24 Class II US$28,500,000 Floating Rate
      Variable Spread Credit Linked Notes due October 2046,
      currently rated Aaa;

   -- The Series 25 Class III US$28,000,000 Floating Rate
      Variable Spread Credit Linked Notes due October 2046,
      currently rated Aa2;

   -- The Series 26 Class IV US$21,000,000 Floating Rate
      Variable Spread Credit Linked Notes due October 2046,
      currently rated A2;

   -- The Series 27 Class V-A US$13,000,000 Floating Rate
      Variable Spread Credit Linked Notes due October 2046,
      currently rated Baa2;

   -- The Series 28 Class V-B US$9,500,000 Floating Rate
      Variable Spread Credit Linked Notes due October 2046,
      currently rated Baa3;

   -- The Series 29 Class VI US$7,000,000 Floating Rate Variable
      Spread Credit Linked Notes due October 2046, currently
      rated Ba2.

A total of 129 tranches from 36 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.00% to 83.35%.  The average exposure
of affected CDOs to downgraded 2006 US RMBS securities is
12.98%, whilst the average exposures to 2005 and 2007 US RMBS
securities are 13.31% and 2.20% respectively.  For 2006 and 2007
ABS CDOs, average exposures amount to 9.68% and 2.16%
respectively.

The most negatively impacted are those containing US ABS CDOs
and 2006 US subprime RMBS assets that were originally rated Baa
or below, due to the greater severity of downgrades already
experienced by these securities.  Moody's will continue to
monitor all deals with exposure to US subprime RMBS and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to 2005 and
2007 US RMBS and ABS CDO vintages becomes known.


COOPER TIRE: Earns US$30 Mln in Third Quarter Ended Sept. 30
------------------------------------------------------------
Cooper Tire & Rubber Company reported a  net income of
US$30 million for the quarter ended Sept. 30, 2007, compared
with a net loss of US$25 million in the same period last year.
Income from continuing operations increased US$41 million from a
loss of US$24 million for the same period last year.  Income
from discontinued operations also contributed US$12 million for
the quarter.  Sales rose to US$768 million for the quarter, an
11% percent increase over sales of US$690 million in the same
period last year.

Improved pricing in North America, and increased tire unit sales
for the International segment, contributed to the improved
results.  The improvement was also supported by the ongoing cost
and profit improvement initiative implemented throughout the
year. As a result, operating profit improved to US$33 million in
the third quarter of 2007, compared with an operating loss of
US$5 million in the third quarter of 2006.

For the nine month period ended Sept. 30, 2007, the company's
net income improved to US$69 million on US$2.2 billion of sales.
This  compares to a net loss of US$51 million on US$1.9 billion
of sales over the same period a year ago.

The company's North American tire operations reported sales of
US$576 million in the quarter, up 10% percent compared with
US$526 million in the third quarter of 2006.  This increase was
driven by improved pricing, as well as increased unit volumes in
sport utility vehicle and broadline tires.

The company's International Tire Operations reported sales of
US$236 million in the quarter, an increase of 22% compared with
the third quarter of 2006.

Commenting on the results, Cooper president and chief executive
officer Roy Armes said, "During the third quarter we continued
to deliver improved results to the top and bottom lines.  People
throughout the organization have been focused on executing the
strategies that we previously identified and are excited about
what the future holds for the company.  We aren't satisfied with
where we are, but we are pleased with what we've accomplished
over the last year.  North America had another quarter of
dramatically improved operating profit, and our international
segment has continued its impressive growth.  This global growth
has been accompanied by an improved balance sheet as our margins
improve and we continue to focus on inventory management.  As we
launch into the fourth quarter, we expect to continue with our
improvements, I have confidence that the employees at Cooper
will execute to our expectations.

"The story at Cooper during the first nine months of 2007 has
been continued improvement and positive momentum," Armes
continued. "There are always concerns or risks regarding raw
material costs, which are at high levels and trending upward, as
well as economic and industry effects.  We believe that we will
be able to continue operational improvements in the fourth
quarter and inventory levels will remain at low levels
throughout the rest of the year.

"Overall, we expect to build on the momentum we have established
during 2007.  We are pleased with our results thus far, but are
determined to continue reviewing and improving on all aspects of
our company so that we can provide the greatest returns possible
for all of our stakeholders," Armes concluded.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$2.38 billion in total assets, US$1.54 billion in total
liabilities, US$83.2 million in noncontrolling shareholders'
interest, and US$752.3 million in shareholders' equity.

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?2513

                        About Cooper Tire

Headquartered in Findlay, Ohio, Cooper Tire & Rubber Company
(NYSE:CTB) -- http://www.coopertires.com/html/-- is a
manufacturer of replacement tires.  The company focuses on the
manufacture and sale of passenger and light truck replacement
tires.  It also manufactures radial medium and bias light truck
tires, and materials and equipment for the truck tire retread
industry. The Company also manufactures and sells motorcycle and
racing tires.  Cooper has two business segments: North American
Tire Operations and International Tire Operations.  The North
American Tire Operations segment produces passenger car and
light truck tires, primarily for sale in the United States
replacement market, and materials and equipment for the tread
rubber industry.  The International Tire Operations segment has
manufacturing facilities in the United Kingdom and China. The
segment has two administrative offices and a sales office in
China.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 21, 2007,
Moody's Investors Service affirmed these ratings on Cooper Tire
& Rubber Company: (i) corporate family rating, B2; (ii)
probability of default, B2; (iii) senior unsecured notes B2,
LGD-4, 56%; (iv) shelf filing for unsecured notes, (P)B2 ,LGD-4,
56%; (v) shelf filing for preferred stock, (P)Caa1, LGD-6, 97%;
and (vi) speculative grade liquidity, SGL-2.


DCC REALISATIONS: Names Timothy James Bramston Liquidator
---------------------------------------------------------
Timothy James Bramston of Kingston Smith & Partners LLP was
appointed liquidator of DCC Realisations Ltd. (formerly The
Devon Cider Co. Ltd.) on Oct. 24 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Kingston Smith & Partners LLP
         105 St. Peter's Street
         St. Albans
         Hertfordshire
         AL1 3EJ
         England


FLOORZ LTD: Brings In Administrators from Begbies Traynor
---------------------------------------------------------
Simon Robert Thomas and David Paul Hudson of Begbies Traynor LLP
were appointed joint administrators of Floorz Ltd. (Company
Number 3124544) on Oct. 17.

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

The company can be reached at:

         Floorz Ltd.
         13 Spa Industrial Park
         Longfield Road
         Tunbridge Wells
         TN2 3EN
         England
         Tel: 01892 678 866
         Fax: 01892 678 856


G-SQUARE FINANCE: Moody's Cuts Ratings on Two Note Classes
----------------------------------------------------------
Moody's Investor Service placed US$7.34 billion of European CDOs
on review for possible downgrade and downgraded US$254.13
million.

The rating actions are a response to credit deterioration of the
underlying portfolios, which include significant exposure to
CDOs of US ABS and to downgraded US subprime RMBS securities of
the 2006 vintage.  They also incorporate Moody's view on the
impact of exposure to other US RMBS and ABS CDO vintages,
particularly 2005 and 2007.

Moody's downgraded and places on review for further possible
downgrade two classes of notes issued by G-Square Finance 2006-2
Limited:

   -- The US$12,000,000 Class D Senior Secured Deferrable
      Floating Rate Notes due 2046, to B3 from Baa2;

   -- The US$2,000,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2046, to Caa3 from Ba1.

A total of 129 tranches from 36 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.00% to 83.35%.  The average exposure
of affected CDOs to downgraded 2006 US RMBS securities is
12.98%, whilst the average exposures to 2005 and 2007 US RMBS
securities are 13.31% and 2.20% respectively.  For 2006 and 2007
ABS CDOs, average exposures amount to 9.68% and 2.16%
respectively.

The most negatively impacted are those containing US ABS CDOs
and 2006 US subprime RMBS assets that were originally rated Baa
or below, due to the greater severity of downgrades already
experienced by these securities.  Moody's will continue to
monitor all deals with exposure to US subprime RMBS and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to 2005 and
2007 US RMBS and ABS CDO vintages becomes known.


GENERAL MOTORS: Posts US$39 Billion Net Loss in Third Quarter
-------------------------------------------------------------
General Motors Corp. disclosed Wednesday its financial results
for the third quarter of 2007.

GM reported a net loss of US$39 billion, including Allison
Transmission, which is classified as a discontinued operation,
for the third quarter of 2007, compared with a reported net loss
of US$147 million in the year-ago quarter.

Special items included a net non-cash charge of US$38.6 billion
due to a valuation allowance against deferred tax assets related
to operations in the U.S., Canada and Germany as required under
SFAS No. 109, Accounting for Income Taxes.  Also included was a
favorable US$3.5 billion after-tax gain on the sale of the
Allison Transmission business in August 2007, for which GM
received US$5.4 billion in proceeds.  GM also had special
charges of US$1.6 billion in pension service costs related to
prior labor agreements, US$400 million associated with
restructuring actions and US$400 million related to an
adjustment to the Delphi reserve.

Excluding special items, GM had a 2007 third-quarter adjusted
net loss of US$1.6 billion, compared to net income of US$497
million in the year-ago quarter.  The variance was driven
primarily by a significant decline in net income at GMAC, as
well as increased corporate expense related to legacy cost,
foreign exchange and various 2006 tax benefits, partially offset
by improved performance in automotive operations.

"We continue to implement the key elements of our North America
turnaround strategy, and these initiatives are driving steady
improvement in our financial results, despite challenging North
America market conditions.  In addition, we are very encouraged
by our performance in emerging markets.  Our record third
quarter global sales are strong evidence that our commitment to
great cars and trucks is being embraced by consumers around the
globe." said Rick Wagoner, GM chairman and chief executive
officer.

The company's improved performance in its automotive operations
was more than offset by special charges of US$37.4 billion
related largely to a previously announced valuation allowance
against its deferred tax assets, as well as lower reported GMAC
Financial Services income, down US$630 million versus the year-
ago quarter as a result of continued pressures in the mortgage
industry.

                    GM Automotive Operations

GM's global automotive operations posted net income of
US$122 million from continuing operations on an adjusted basis
in the third quarter of 2007 (reported net loss of US$40.6
billion), an improvement of US$577 million compared to an
adjusted net loss from continuing operations of US$455 million
(reported net loss of US$401 million) in the same quarter 2006.
Results for GM's automotive operations, specifically GMNA,
exclude Allison Transmission, which was classified as a
discontinued operation as a result of the sale of that business
which was concluded in August 2007.

GM generated record third quarter automotive revenue of
US$43.1 billion.  The company also achieved record global third
quarter sales of 2.39 million cars and trucks, up 4% compared to
the third quarter 2006, driven by exceptionally strong demand in
emerging markets and improved performance in developed markets.
GM also set a number of third quarter sales records around the
globe, including a 22% increase in GMLAAM, 16% increase in the
GMAP region, and 15% gain in GME.

"We continue to see solid progress in the fundamentals of our
automotive business.  We're very pleased with our strong sales
performance in key markets outside of North America, and growing
retail momentum in the U.S. driven by products like the all-new
Cadillac CTS.  We're also very encouraged by the early reactions
to our all-new Chevrolet Malibu and 2008 Chevrolet Tahoe and GMC
Yukon two-mode hybrids - the world's only full-size hybrid
SUVs," said Wagoner.

GMNA had an adjusted net loss from continuing operations of
US$247 million in the third quarter 2007 (reported net loss from
continuing operations of US$38.2 billion, which includes charges
of approximately US$36.5 billion for a valuation allowance
against its deferred tax assets and US$1.3 billion for pension
service costs related to prior labor agreements), compared to an
adjusted net loss of US$660 million from continuing operations
in the third quarter 2006 (reported net loss from continuing
operations of US$667 million).  GMNA's improved adjusted
earnings reflect favorable mix, pricing and better warranty
performance, which were partially offset by lower volume and
increased material cost.

GME posted an adjusted net loss of US$90 million in the third
quarter (reported net loss of US$2.9 billion, which includes
charges of US$2.5 billion for a valuation allowance against
deferred tax assets in Germany and restructuring charges of
US$262 million), compared to US$39 million loss in the third
quarter of 2006 (reported net loss of US$126 million).  The
variance in adjusted net income reflects the softness of the
German market and unfavorable currency exchange, which was
partially offset by improved pricing and higher volume.

GME achieved record third quarter sales of about 524,000 units,
aided by continued momentum of GME's multi-brand strategy during
the period.  Chevrolet is amongst the fastest growing global
vehicle brands in Europe, posting record third quarter sales of
113,000 vehicles.  GM gained further ground in the growing
Russian market, with sales up by 75% over the same quarter 2006,
to a record 65,700 vehicles.

GMAP recorded adjusted net income of US$138 million in the third
quarter (reported net income also US$138 million), compared with
US$57 million in the year ago period (reported net income of
US$205 million, which included US$148 million in favorable tax-
related items).  This favorable earnings performance was driven
largely by strong export growth from GM Daewoo, continued strong
sales and profitability in China, and improved earnings in India
and Australia.

GM achieved 16% sales growth in the Asia Pacific region,
resulting in record third quarter sales of 327,500 units.  GM
China sold 230,000 vehicles, a 21% increase compared with the
year ago period.  GM sales in the region were also aided by the
strong performance of GM Daewoo products, including the
Chevrolet Captiva.

GMLAAM achieved all-time record earnings and quarterly sales in
the third quarter, posting adjusted earnings of US$340 million
(reported net income also US$340 million), up 86% compared with
strong earnings in the year ago period of US$183 million
(reported net income also US$183 million).  The earnings
improvement was driven primarily by volume growth, favorable
pricing and vehicle mix.

GMLAAM set a third quarter sales record of over 329,000
vehicles, up almost 22% year-over-year.  All-time sales records
were achieved in Brazil, Colombia, Venezuela, Argentina and
Egypt.  The successful launch of the Chevrolet Captiva in South
Africa, Venezuela, Colombia and the Middle East helped drive
strong sales in the region.

                              GMAC

As a standalone company, GMAC Financial Services reported a net
loss of US$1.6 billion for the third quarter 2007, compared to a
net loss of US$173 million in the third quarter 2006.  The
reported results for the third quarter of 2007 included a US$455
million goodwill impairment charge at Residential Capital LLC,
while a goodwill impairment charge of US$695 million related to
GMAC Commercial Finance was reflected in results for the third
quarter of 2006.

Results were dominated by the effects of the dislocation in the
mortgage and credit markets on the real estate finance business,
which more than offset the continued strong performance at
GMAC's automotive finance, insurance and other operations.

GM recognized US$757 million of the net loss attributable to
GMAC as a result of its 49% equity interest and accrued
preferred dividends (reported net loss of US$803 million).

                       Cash and Liquidity

GM continues to have a strong liquidity position.  Cash,
marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association trust grew to
US$30 billion as of Sept. 30, 2007, up from US$27.2 billion on
June 30, 2007.  The balance includes US$5.4 billion of net cash
proceeds from the completion of the Allison Transmission
transaction in August 2007.

GM had negative adjusted automotive operating cash flow of
US$2.5 billion in the third quarter of 2007, improved from a
negative US$3.9 billion in the third quarter 2006.

                      About General Motors

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

                          *     *     *

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


GENERAL MOTORS: Moody's Holds Ratings; Changes Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.  Moody's ratings of GMAC LLC (Ba2
senior unsecured/Negative outlook) and of Residential Capital
LLC (Ba3 senior unsecured/Negative outlook) are unaffected by
this action.

GM's valuation allowance was established in accordance with
guidelines under the Financial Accounting Standards Board's
Statement of Financial Accounting Standards (SFAS) No. 109, and
reflects three recent negative developments that were cited by
the company.  These include GM's substantial cumulative losses
in the US, Canada and Germany for the three-year period through
the third quarter of 2007, the ongoing weakness at GMAC
Financial Services related to its Residential Capital, LLC
mortgage business, and the more challenging near-term automotive
market conditions in the US and Germany.

The establishment of the allowance is a non-cash event that does
not affect GM's US$27 billion cash liquidity position, its
ability to access over US$5 billion in long-term committed
credit facilities, or its new product and operating plans.  In
addition, GM's longer term operating efficiencies, cost
structure and cash generation will improve significantly by 2010
as a result of the new UAW labor agreement; annual cash savings
could exceed US$4 billion.  However, the recent and continuing
erosion in US market conditions will likely result in GM's
performance during 2008, and possibly into 2009, being weaker
than originally anticipated. These more challenging market
conditions include: the continued erosion in US consumer
confidence, the significant tightening of credit markets,
weakness in the US housing market, and the growing possibility
that US automotive shipments will be below 16 million units
during 2008.

This significant weakening in market conditions and the
increasingly negative impact they will have on GM's performance
into 2009 are key factors in Moody's decision to stabilize GM's
rating outlook.

In addition, GM has faced a number of challenges with respect to
accounting and financial reporting matters.  These accounting
challenges include: the need for restatements of past
financials, delayed filings of financial reports, ongoing
investigations and inquiries by the SEC and other governmental
agencies, and the determination by its auditors that as of
12/31/06 certain material weaknesses existed in various internal
control and reporting practices.  The change in the outlook to
stable also considers the elements of variability in GM's
financial statements, including the US$39 billion allowance.

During the coming year Moody's will continue to assess the
degree to which GM can successfully implement its new product
strategy and take full advantage of the cost savings available
under the new UAW agreement.  Success in these areas will be
necessary in order to contend with challenges that include: US
automotive shipments that could be below 16 million units during
2008, continued high fuel prices, the need to generate stronger
returns in its car franchise, and rising competition in the
truck and SUV segments.  Should evidence suggest that GM is on
track to generate positive free cash flow, sustain interest
coverage exceeding 1x, and achieve EBITA margins approximating
2.5% during the 2009 time frame, the rating outlook could be
revisited.

General Motors Corporation, headquartered in Detroit, is the
world's largest automaker, based on 2006 sales.


GEORGIAN SCAFFOLDING: Joint Liquidators Take Over Operations
------------------------------------------------------------
S. French and G. Mummery of Vantis Redhead French Ltd. were
appointed joint liquidators of Georgian Scaffolding Services
Ltd. on for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


GRANGE MILL: Taps Administrators from Tenon Recovery
----------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint administrators of Grange Mill Foods Ltd.
(Company Number 03007803) on Oct. 22.

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

Headquartered in Seaham, England, Grange Mill Foods Ltd. --
http://www.grangemillfoods.co.uk/-- bakes and sells cakes and
muffins.


GREYFRIARS INSURANCE: NY Court Recognizes Chapter 15 Petition
-------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


HEDDINGTON INSURANCE: NY Court Recognizes Chapter 15 Petition
-------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


KESTREL FUNDING: S&P Cuts Income Notes' Ratings to BB-
------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
income notes issued by Kestrel Funding PLC and Kestrel Funding
US LLC , two co-issuers of a structured investment vehicle.

The rating on the income notes remains on CreditWatch with
negative implications, where it was placed Sept. 10, 2007.  The
ratings on the commercial paper and medium-term notes are
unaffected by the income note downgrade and remain on
CreditWatch with negative implications.

These rating actions reflects S&P's analysis of the portfolio's
net asset value and realized losses, and the capital model
output that Kestrel Funding reported to S&P in an Oct. 12, 2007,
report.  According to the report, Kestrel Funding's NAV is
50.88%, the outstanding amount of its capital notes is
US$315.0 million, and the outstanding amount of its senior debt
is US$2.9 billion.

Kestrel Funding is a SIV structure managed by Brightwater
Capital Management, which purchases assets, manages the
portfolio, and oversees the issuance of CP and MTNs.  The
portfolio is predominantly invested in structured finance
assets, with a focus on U.S. RMBS, non-U.S. RMBS, CDOs of CMBS,
and CDOs of trust preferred securities.


                          Ratings List

Kestrel Funding PLC and Kestrel Funding US LLC

                                 Rating
                         To                 From

    Income notes         BB-/Watch Neg      BBB/Watch Neg


Kestrel Funding PLC and Kestrel Funding US LLC


    Issuer credit rating         AAA/Watch Neg/A-1+
    CP                           A-1+/Watch Neg
    MTN                          AAA/Watch Neg


LOGAN CDO II: Moody's May Cut Ba2 Rating After Review
-----------------------------------------------------
Moody's Investors Service placed US$7.34 billion of European
CDOs on review for possible downgrade and downgraded US$254.13
million.

The rating actions are a response to credit deterioration of the
underlying portfolios, which include significant exposure to
CDOs of US ABS and to downgraded US subprime RMBS securities of
the 2006 vintage.  They also incorporate Moody's view on the
impact of exposure to other US RMBS and ABS CDO vintages,
particularly 2005 and 2007.

Moody's placed on review for possible downgrade six classes of
notes issued by Logan CDO II Limited:

   -- The US$40,000,000 Class A-1 Floating Rate Credit Linked
      Secured Notes due 2051, currently rated Aaa;

   -- The US$49,000,000 Class A-2 Floating Rate Credit Linked
      Secured Notes due 2051, currently rated Aaa;

   -- The US$22,000,000 Class B Floating Rate Credit Linked
      Secured Notes due 2051, currently rated Aaa;

   -- The US$18,500,000 Class C Floating Rate Credit Linked
      Secured Notes due 2051, currently rated Aa3;

   -- The US$12,000,000 Class D Floating Rate Credit Linked
      Secured Notes due 2051, currently rated Baa2;

   -- The US$5,000,000 Class E Floating Rate Credit Linked
      Secured Notes due 2051, currently rated Ba2.

A total of 129 tranches from 36 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.00% to 83.35%.  The average exposure
of affected CDOs to downgraded 2006 US RMBS securities is
12.98%, whilst the average exposures to 2005 and 2007 US RMBS
securities are 13.31% and 2.20% respectively.  For 2006 and 2007
ABS CDOs, average exposures amount to 9.68% and 2.16%
respectively.

The most negatively impacted are those containing US ABS CDOs
and 2006 US subprime RMBS assets that were originally rated Baa
or below, due to the greater severity of downgrades already
experienced by these securities.  Moody's will continue to
monitor all deals with exposure to US subprime RMBS and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to 2005 and
2007 US RMBS and ABS CDO vintages becomes known.


LOGAN CDO III: Moody's May Cut Ba1 Rating After Review
------------------------------------------------------
Moody's Investors Service placed US$7.34 billion of European
CDOs on review for possible downgrade and downgraded US$254.13
million.

The rating actions are a response to credit deterioration of the
underlying portfolios, which include significant exposure to
CDOs of US ABS and to downgraded US subprime RMBS securities of
the 2006 vintage.  They also incorporate Moody's view on the
impact of exposure to other US RMBS and ABS CDO vintages,
particularly 2005 and 2007.

Moody's placed on review for possible downgrade eight classes of
notes issued by Logan CDO III Limited:

   -- The US$108,500,000 Class A-1 Floating Rate Credit Linked
      Secured Notes due 2057, currently rated Aaa;

   -- The US$41,782,398 Class A-2A Floating Rate Credit Linked
      Secured Notes due 2057, currently rated Aaa;

   -- The JPY1,000,000,000 Class A-2B Floating Rate Credit
      Linked Secured Notes due 2057, currently rated Aaa;

   -- The US$19,250,000 Class B Floating Rate Credit Linked
      Secured Notes due 2057, currently rated Aa1;

   -- The US$6,000,000 Class C-1A Floating Rate Credit Linked
      Secured Notes due 2057, currently rated Aa3;

   -- The US$8,500,000 Class C-1B Fixed up to Year 8 then
      Floating Rate Credit Linked Secured Notes due 2057;
      currently rated Aa3;

   -- The US$13,700,000 Class D Floating Rate Credit Linked
      Secured Notes due 2057, currently rated A3;

   -- The US$15,000,000 Class E Floating Rate Credit Linked
      Secured Notes due 2057, currently rated Ba1.

A total of 129 tranches from 36 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.00% to 83.35%.  The average exposure
of affected CDOs to downgraded 2006 US RMBS securities is
12.98%, whilst the average exposures to 2005 and 2007 US RMBS
securities are 13.31% and 2.20% respectively.  For 2006 and 2007
ABS CDOs, average exposures amount to 9.68% and 2.16%
respectively.

The most negatively impacted are those containing US ABS CDOs
and 2006 US subprime RMBS assets that were originally rated Baa
or below, due to the greater severity of downgrades already
experienced by these securities.  Moody's will continue to
monitor all deals with exposure to US subprime RMBS and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to 2005 and
2007 US RMBS and ABS CDO vintages becomes known.


MARC CDO I: Moody's May Cut Ba2 Rating After Review
---------------------------------------------------
Moody's Investors Service placed US$7.34 billion of European
CDOs on review for possible downgrade and downgraded US$254.13
million.

The rating actions are a response to credit deterioration of the
underlying portfolios, which include significant exposure to
CDOs of US ABS and to downgraded US subprime RMBS securities of
the 2006 vintage.  They also incorporate Moody's view on the
impact of exposure to other US RMBS and ABS CDO vintages,
particularly 2005 and 2007.

Moody's placed on review for possible downgrade six classes of
notes issued by Marc CDO I Plc:

   -- The US$38,000,000 Class A1 Secured Floating Rate Credit
      Linked Notes due 2053, currently rated Aaa;

   -- The US$20,000,000 Class A2 Secured Floating Rate Credit
      Linked Notes due 2053, currently rated Aaa;

   -- The US$25,000,000 Class B Secured Floating Rate Credit
      Linked Notes due 2053, currently rated Aa2;

   -- The US$13,000,000 Class C Secured Floating Rate Credit
      Linked Notes due 2053, currently rated A1;

   -- The US$14,000,000 Class D Secured Floating Rate Credit
      Linked Notes due 2053, currently rated Baa2;

   -- The US$4,500,000 Class E Secured Floating Rate Credit
      Linked Notes due 2053, currently rated Ba2.

A total of 129 tranches from 36 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.00% to 83.35%.  The average exposure
of affected CDOs to downgraded 2006 US RMBS securities is
12.98%, whilst the average exposures to 2005 and 2007 US RMBS
securities are 13.31% and 2.20% respectively.  For 2006 and 2007
ABS CDOs, average exposures amount to 9.68% and 2.16%
respectively.

The most negatively impacted are those containing US ABS CDOs
and 2006 US subprime RMBS assets that were originally rated Baa
or below, due to the greater severity of downgrades already
experienced by these securities.  Moody's will continue to
monitor all deals with exposure to US subprime RMBS and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to 2005 and
2007 US RMBS and ABS CDO vintages becomes known.


METCO PRECISION: Calls In Liquidators from Menzies
--------------------------------------------------
Jason James Godefroy and Paul David Williams of Menzies
Corporate Restructuring were appointed joint liquidators of
Metco Precision Metalwork U.K. Ltd. on Oct. 31 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


MITSUI SUMITOMO: New York Court Recognizes Chapter 15 Petition
--------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


OCEAN MARINE: New York Court Recognizes Chapter 15 Petition
-----------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


OSLO INSURANCE: New York Court Recognizes Chapter 15 Petition
-------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


PETER WOOD: Taps Liquidators from Deloitte & Touche
---------------------------------------------------
William Kenneth Dawson and Debbie Marie Young of Deloitte &
Touche LLP were appointed joint liquidators of Peter Wood
(Yarns) Ltd. on Oct. 31 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         2 Hardman Street
         Manchester
         M60 2AT
         England


POP HAIR: Claims Filing Period Ends December 31
-----------------------------------------------
Creditors of Pop Hair Fashion Beauty Ltd. have until Dec. 31 to
send their names and addresses, together with particulars of
their debts or claims, and names and addresses of their
solicitors, if any, to:

         Philip John Gorman
         Liquidator
         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         GL4 3RT
         England

Philip John Gorman of Hazlewoods LLP was appointed liquidator of
the company on Oct. 26 for the creditors' voluntary winding-up
procedure.


POPE & TALBOT: CCAA Stay Order Amended to Allow US Bankr. Filing
----------------------------------------------------------------
At the behest of Pope & Talbot Inc. and its debtor-affiliates,
the Honorable Justice Geoffrey B. Morawetz of the Superior Court
of Justice of Ontario, amended the Companies' Creditors
Arrangement Act of Canada Initial Stay Order to clarify that
nothing in the Stay Order will prohibit the Applicants, or any
one of them, from making an application for relief pursuant to
the United States Bankruptcy Code as they deem necessary.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
the Hon. Justice Geoffrey B. Morawetz held that no proceeding or
enforcement process in any court or tribunal will be commenced
or continued until and including Nov. 23, 2007, against or in
respect of the Applicants, the Partnerships or
PricewaterhouseCoopers Inc., except with the written consent of
the Applicants, the Partnerships and PwC, or with leave of the
CCAA Court.

R. Neil Stuart, vice president, chief financial officer and
secretary of Pope & Talbot Inc., explained that at the time of
the initial application, no proceedings were undertaken in the
United States under the United States Bankruptcy Code.

Mr. Stuart said in order to secure DIP financing and otherwise
ensure that the Applicants benefit from the stay of proceedings
provided by the CCAA Court and the terms of Mr. Justice
Morawetz's Initial Order, the Applicants may need to seek
protection in the United States.

Hence, an amendment to the Initial Order is necessary to
clarify that the Applicants have the authority to seek any
protection in the United States should the circumstances require
it, Mr. Stuart said.

The Applicants have employees, assets and creditors in the
United States.

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC: PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
United Kingdom, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. (Pope & Talbot Bankruptcy News, Issue
No. 3; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: Gets US$225 Mln Secured DIP Loan From Barclays
--------------------------------------------------------------
The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware granted Remy Worldwide Holdings, Inc., and
its debtor affiliates final approval to obtain up to
US$225,000,000 of secured postpetition financing from a
syndicate of lenders led by Barclays Capital, the investment
division of Barclays Bank PLC.  The approved DIP Financing
consists of a US$120,000,000 Revolver Credit Agreement and a
US$105,000,000 First Lien Credit Agreement.

Among the DIP Lenders are Barclays Bank PLC, Wachovia Capital
Finance Corporation, General Electric Capital Corporation and
Wells Fargo Foothill, LLC.

All objections not otherwise resolved or withdrawn are
overruled.

"The approval of the final DIP facility is right in line with
our game plan, and keeps us on track to complete our consensual
restructuring and emerge from Chapter 11 in early December as
planned," Remy Chief Executive Officer John Weber said in a
press release.  "The DIP facility provides more than adequate
resources to fund our postpetition obligations to suppliers and
employees and our other operating requirements during the plan
confirmation process."

Available financing and advances under the DIP Facility
Agreement will be made only (i) to repay Remy's prepetition
indebtedness aggregating US$158,000,000; (ii) to fund Remy's
ordinary working capital and general corporate needs; and (iii)
to pay other amounts required or allowed to be paid under the
DIP Facility Agreement, the Court ruled.

As consideration for Remy's DIP obligations, the DIP Lenders are
granted superpriority claims, which will be payable from and
have recourse to any of Remy's unencumbered property.

As security for Remy's postpetition indebtedness, Barclays Bank,
as DIP Collateral Agent, is granted DIP Liens.

In the occurrence of an event of default under the DIP Facility,
the DIP Superpriority Claims and DIP Liens will be subject to a
Carve-Out.  The Carve-Out refers to the payment of unpaid fees
and disbursements of the professionals of Remy and any official
unsecured creditors committee appointed in Remy's Chapter 11
cases in an aggregate amount not to exceed US$2,500,000, plus
fees payable to the U.S. Trustee pursuant to Section 1930 of the
Judicial Procedures Code.

The Administrative Claim for Remy's Prepetition Lenders is
deemed subordinate to the DIP Superpriority Claim and the Carve-
Out, and will be senior to the Replacement Liens afforded to the
noteholders of the senior floating rate notes due 2009 issued by
Remy.

The DIP Facility will terminate on the earliest of:

   (i) six months after the date of the Closing Date,

  (ii) the effective date of Remy's plan of reorganization,
       or

(iii) the date of termination of the commitments or
       acceleration of any outstanding extensions of credit.

Remy is directed, after receipt of a written summary invoice,
reimburse the DIP Lenders for their reasonable costs, fees and
expenses incurred in connection with their Chapter 11 cases.

A full text-copy of the 31-page Remy Final DIP Order is
available at http://bankrupt.com/misc/DIPOrder.pdf

The DIP Financing is vital to avoid irreparable harm to Remyu's
business, properties and estates and to allow the orderly
continuation of Remy's businesses, the Court opined.

                 Schedules Filing Deadline Extended

Judge Carey also gave Remy until December 7, 2007, to file its
Schedules of Assets and Liabilities and Statements of Financial
Affairs.  The Court's ruling is a 30-day interim extension for
Remy to file the required Schedules and Statements.

Remy originally asked for a 45-day extension of the Schedules
filing deadline, asserting that its cases are complex and its
professionals are busy with other bankruptcy-related matters.

Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, however,
opposed Remy's original request.  The U.S. Trustee emphasized
that the nature and pace of the Debtors' cases require a prompt
deadline for filing Schedules and Statements, and suggested that
it will not object to a 30-day extension.

In light of the fact that Remy has delivered to the Court a
comprehensive Disclosure Statement and complete creditor matrix
on the Petition Date, the U.S. Trustee also contended that the
bulk of the information necessary for Remy to complete its
Schedules and Statements has already been compiled and should be
readily available.

The Court has yet to rule on Remy's request for a permanent
waiver of the obligation to file Schedules in the event that it
confirms its Plan of Reorganization prior to the expiration of
the extended Schedules filing period.

The U.S. Trustee has complained that by seeking a permanent
waiver of the Schedules filing requirement, Remy is seeking to
dispense with its obligation to advise creditors of its position
as to the extent and nature of the creditors' claims which are
being discharged under the Plan.

A hearing to confirm Remy's prepackaged Plan of Reorganization
is scheduled for November 20, 2007.

                       About Remy Worldwide

Headquartered in Anderson, Indiana, Remy Worldwide Holdings Inc.
acts as a holding company of all the outstanding capital stock
of Remy International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.  The Debtors' taps Greenbert Traurig, LLP, as special
corporate advisory and litigation counsel and Ernst & Young LLP
as their accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of USUS$919,736,000 and total liabilities of
USUS$1,265,648,000.  (Remy Bankruptcy News; Issue No. 5,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


S R LTD: Calls In Liquidators from Cooper Parry
-----------------------------------------------
Tyrone Shaun Courtman  and Evelyn Gabrielle Exley of Cooper
Parry LLP were appointed joint liquidators of S R (Derby) Ltd.
(formerly Scenario Retail Ltd.) on Oct. 15 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         S R (Derby) Ltd.
         c/o Cooper Parry LLP
         3 Centro Place
         Pride Park
         Derby
         DE24 8RF
         England


SCO GROUP: Wants to Sell Certain Assets to JGD for US$36 Million
----------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. seek authority
from the U.S. Bankruptcy Court for the District of Delaware
to sell certain of their assets to JGD Management Corp. dba York
Capital Management, subject to higher and better offers.

The assets for sale are:

   -- the Debtors' Unix operating system;

   -- certain related claims in litigation; as well as

   -- certain transfer, cross-license and related agreements
      pertaining to the Hipcheck product line and Me Inc.
      Mobile intellectual property owned by Me Inc., a
      non-debtor affiliate.

Pursuant to an asset purchase agreement dated Oct. 22,2007,
JGD offered to buy the assets for US$36,000,000 and agreed to
post an earnest money deposit of US$1,800,000 or 5% of the
purchase price.

To participate in the auction, competing bids must accompany
a good faith cash deposit of not less than US$1,800,000.

In the event a competing bid outbids JGD's offer, JGD will be
entitled to an all cash breakup fee of US$780,000 plus
reimbursement of expenses incurred up to US$300,000.

Court documents did not disclose specific date and place of the
auction.

The Court will convene a hearing on Nov. 16,2007, at 4:00 p.m.
prevailing Eastern time, to consider the Debtors' request.

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).  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: IBM and Novell Balk at Proposed Asset Sale Procedure
---------------------------------------------------------------
International Business Machines Corporation and Novell Inc.,
creditors in The SCO Group Inc. and SCO Operations Inc.'s
chapter 11 cases, oppose the Debtors' proposed sale of certain
assets to JGD Management Corp. dba York Capital Management.

IBM tells the U.S. Bankruptcy Court for the District of Delaware
that the Debtors' proposed procedure for the sale is deficient
and that the bidder protections are based on a misleading
characterization of the purchase price.

IBM argues that the sale is improper and itself cannot be
approved because the Debtors propose to sell assets they don't
own.

Additionally, Novell contends that the sale is "ill-advised at
every level."

According to Novell, the Debtors have not "established an
adequate justification for emergency consideration of the
proposed sale on shortened notice, relying instead on
unsubstantiated claims of urgent circumstances allegedly
dictated by" JGD.

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).  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.


SEA INSURANCE: New York Court Recognizes Chapter 15 Petition
------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


SOVEREIGN INSURANCE: NY Court Recognizes Chapter 15 Petition
------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


SUPREME MEAT: Brings In Liquidators from UHY Hacker Young
---------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of Supreme Meat Products Ltd.
(formerly Mickey's Baby Ltd.) on Oct. 25 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England


TECSCREEN LTD: Names Administrators from Vantis
-----------------------------------------------
J.S. French and G. Mummery of Vantis Redhead French Ltd. Were
appointed joint administrators of Tecscreen Ltd. (Company Number
02978088) on Oct. 24.

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

The company can be reached at:

         Tecscreen Ltd.
         9 Blackwater Close
         Rainham
         RM13 8UA
         England
         Tel: 01708 551 441
         Fax: 01708 551 107
         Web site: http://www.tecscreen.co.uk/


TEREX CORP: Acquires Superior Highwall for US$140 Million Cash
--------------------------------------------------------------
Terex Corporation has acquired Superior Highwall Miners Inc.
The total consideration for the transaction was approximately
US$140 million payable in cash.

Terex anticipates that this transaction will be slightly
accretive to 2008 earnings per share.

"We believe that the Superior Highwall Miners acquisition
provides us with an important growth opportunity," commented
Ronald M. DeFeo, Terex chairman and chief executive officer.

"The acquisition is a good fit with Terex's strategy of
expanding our market presence in related product areas and is a
natural extension of our current Materials Processing & Mining
Group business," Mr. DeFeo added.  "SHM has existing North
American coal relationships and we believe Terex can help
accelerate its prospects for increasing success globally."

               About Superior Highwall Miners Inc.

Based in Beckley, West Virginia, Superior Highwall Miners Inc.
manufactures highwall mining equipment for use in trench mining,
open pit mining, contour mining and auger hole mining
applications.

                     About Terex Corporation

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                         *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.
These ratings still hold to date.  Moody's said the outlook is
stable.

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


TEREX CORP: Mulls Issuance of US$500 Mln Sr. Subordinated Notes
---------------------------------------------------------------
Terex Corporation intends to issue approximately US$500 million
principal amount of Senior Subordinated Notes Due 2015 and 2017.

Terex intends to use the net proceeds from the offering to pay
down outstanding amounts under its revolving credit facility and
for general corporate purposes, including acquisitions, capital
expenditures, investments and the repurchase of its outstanding
securities.

Terex intends to offer and sell these Senior Subordinated Notes
under the company's existing shelf registration statement filed
with the Securities and Exchange Commission in July 2007, and
amended on Nov. 6, 2007.

Copies of the prospectus and prospectus supplement may be
obtained by contacting any of the joint book-running managers
at:

     -- Credit Suisse Securities (USA) LLC
        Prospectus Department
        Eleven Madison Avenue
        New York, NY 10010

     -- Citi
        Brooklyn Army Terminal
        8th Floor, 140 58th Street
        Brooklyn, NY 11220
        Tel (718) 765-6732

     -- UBS Investment Bank
        Attn: Prospectus Department
        299 Park Avenue
        New York, NY 10171
        Tel (212) 821-3000

                     About Terex Corporation

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                          *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.
These ratings still hold to date.  The outlook is stable.

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


TOKIO MARINE: New York Court Recognizes Chapter 15 Petition
-----------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


UPSTAIRS LATE: Hires Liquidators from Wilkins Kennedy
-----------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of Upstairs Late Lounge
Ltd. on for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Upstairs Late Lounge Ltd.
         Russell House
         Russell Street
         Swansea
         SA1 4HR
         England


VIRGIN MEDIA: Narrows Net Loss to GBP61 Mln in Third Qtr. 2007
--------------------------------------------------------------
Virgin Media Inc. released unaudited financial results for the
third quarter ended Sept. 30, 2007.

Virgin Media reported a net loss of GBP61 million on GBP1
billion of revenue for the third quarter ended Sept. 30, 2007,
compared with a net loss of GBP96.1 million on GBP1.02 billion
of revenue for the same period in 2006.

At Sept. 30, 2007, the Group's unaudited condensed consolidated
balance sheet showed GBP10.8 billion in total assets, GBP7.8
billion in total liabilities and GBP3 billion in total
shareholders' equity.

The Group's Sept. 30 balance sheet also showed strained
liquidity with GBP1.04 billion in total current assets available
to pay GBP1.4 billion in total liabilities coming due within the
next 12 months.

                      Customer Additions

Gross customer additions in the third quarter were 256,500, up
by 34% from 191,900 in the second quarter and up by 12% from
229,200 in the same quarter last year as a result of the Group's
quality products, compelling price points and improved sales
efficiency.

Churn in the third quarter was 1.7%, down from 1.8% in both the
previous quarter and the same quarter last year

On-net broadband net additions in the quarter were 115,800, up
strongly from 45,800 in the previous quarter.

The Group intends to increase broadband speeds in 2008 to
significantly differentiate its offering from DSL.  To that end,
its currently reviewing the implementation of DOCSIS 3.0
broadband standards.

Total TV net additions were 20,400 in the quarter, up from 2,200
in the previous quarter.  Digital TV net additions were 41,700,
following net additions of 40,000 in the previous quarter.

On-net telephony net subscriber losses in the quarter were just
1,300, a significant improvement compared with 56,900 net losses
in the second quarter.

At the quarter end, the Group had 282,300 off-net broadband
subscribers, with growth of 7,100 in the quarter.  It also added
15,000 off-net telephony subscribers during the quarter and now
have a base of 90,500.

"Our third quarter results show a significant turnaround in
customer and RGU growth with our best customer, broadband and
telephony growth since the cable merger in March 2006," Neil
Berkett, acting chief executive officer of Virgin Media, said.
"With the cable merger integration expected to be complete by
year end, we can focus on continuing to improve the
fundamentals, enhancing our products, reducing our churn, and
delivering on our competitive strengths."

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *   *   *

As reported in the TCR-Europe on Aug. 13, 2007, Moody's
Investors Service changed the outlook on the ratings of
Virgin Media Inc. to negative from stable.

The ratings affected are:

Virgin Media Inc.

   -- Corporate Family Rating at Ba3

Virgin Media Investment Holdings Ltd.

   -- Tranches A / B senior secured facility at Ba2

   -- Trance C second lien facility at B2

Virgin Media Finance plc.

   -- Senior notes at B2

In April 2007, in connection with the implementation of Moody's
Investors Service's new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa, the rating agency confirmed its Ba3 Corporate Family
Rating for Virgin Media Inc.

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

In March 2007, Standard & Poor's Ratings Services affirmed its
'BB-' senior secured debt rating and '1' recovery rating on
Virgin Media Investment Holdings Ltd.'s GBP4.98 billion senior
secured facilities.


WATTS AND VOLTS: Appoints Liquidators from Moore Stephens
---------------------------------------------------------
Nigel Price and Mark Bowen of Moore Stephens LLP were appointed
joint liquidators of Watts and Volts Ltd. on Oct. 29 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


WAUSAU INSURANCE: New York Court Recognizes Chapter 15 Petition
---------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York entered an ordered recognizing the
U.K. scheme proceedings of:

  1. Allianz Global Corporate & Specialty (France)
  2. Allianz Insurance Plc
  3. Greyfriars Insurance Co. Ltd.
  4. Heddington Insurance (U.K.) Ltd.
  5. Mitsui Sumitomo Insurance Co. (Europe) Ltd.
  6. Oslo Reinsurance Co. (U.K.) Ltd.
  7. Sovereign Insurance (U.K.) Ltd.
  8. The Ocean Marine Insurance Co. Ltd.
  9. The Sea Insurance Co. Ltd.
  10. Tokio Marine Europe Insurance, Ltd.
  11. Wausau Insurance Co. (U.K.) Ltd.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.  The Scheme
became effective for each of the Scheme Companies on Oct. 10,
2007.

The Court also granted the motion for permanent injunction filed
by PRO Insurance Solutions Ltd. as foreign representative of the
scheme companies.

On Sept. 18, 2007, PRO Insurance Solutions Limited, as
petitioner filed chapter 15 petitions for the scheme companies.
The Debtors, with certain other insurance companies, underwrote
insurance and reinsurance business in pooling arrangements
through Willis Faber (Underwriting Management) Ltd. and
affiliates.  The group underwrote risks until the end of 1991,
when they ceased accepting new business and went into run-off.

Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne &
Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at
Allen & Overy, LLP, represent PRO Insurance.


* BOND PRICING: For the Week Nov. 5 to Nov. 9, 2007
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      71.96
                          0.250    10/14/26     CDN      38.74
Republic of Austria       4.000    06/22/22     EUR      72.33
                          0.396    08/04/25     EUR      63.36
                          5.243    10/10/25     EUR      57.84

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.43
                          0.500    04/26/13     AUD      70.28
                          1.000    11/21/16     NZD      56.39
                          1.000    10/30/17     AUD      57.73
                          0.500    09/24/20     CDN      57.33
                          0.250    06/28/40     CDN      20.14

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      59.06
Alcatel S.A.              4.750    01/01/11     EUR      16.01
Altran Technologies S.A.  3.750    01/01/09     EUR      12.65
BNP Paribas               0.250    12/20/14     US$      71.88
Calyon                    6.000    06/18/47     EUR      51.86
CAP Gemini S.A.           2.500    01/01/10     EUR      54.73
                          1.000    01/01/12     EUR      49.25
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.30
                          4.375    11/01/10     EUR      54.87
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      74.89
Groupe Vial S.A.          2.500    01/01/14     EUR      44.49
Havas S.A.                4.000    01/01/09     EUR      10.86
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Maurel & Prom             3.500    01/01/10     EUR      22.12
Publicis Group            0.750    07/17/08     EUR      29.45
                          1.000    01/18/18     EUR      42.25
Rallye                    3.750    01/01/08     EUR      52.93
Rhodia S.A.               0.500    01/01/14     EUR      44.87
Scor S.A.                 4.125    01/01/10     EUR       2.24
Soc Air France            2.750    04/01/20     EUR      26.91
Soitec                    4.625    12/20/09     EUR      10.33
Theolia S.A.              2.000    01/01/14     EUR      21.47
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.59
Valeo                     2.375    01/01/11     EUR      48.23
Vivendi Universal S.A.    1.750    10/30/08     EUR      31.62
Wavecom S.A.              1.750    01/01/14     EUR      24.78
Wendel Invest S.A.        2.000    06/19/09     EUR      47.08

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.11
                          0.500    12/19/17     EUR      67.87
                          5.000    05/23/20     EUR      74.94
                          1.250    07/07/20     EUR      73.85
                          1.250    07/29/20     EUR      73.58
                          6.000    07/21/25     EUR      68.64
                          5.000    09/01/25     EUR      72.81
                          8.000    08/10/30     EUR      65.92
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.86
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      55.54
Treofan Group            11.000    08/01/13     EUR      72.50

GREECE
------
Hellenic Republic         6.000    07/06/25     EUR      66.49
                          6.000    07/06/25     EUR      67.25
                          6.000    07/06/25     EUR      72.50

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      63.84

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      46.71
                          0.250    07/08/33     CDN      27.44
Irish Perm Plc            6.130    02/15/35     EUR      62.08
Magnolia Finance IV Plc   1.050    12/20/45     US$      29.43

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

LUXEMBOURG
----------
IKB International S.A.    7.950    11/17/09     EUR      61.52
Teksid Aluminum S.A.     12.375    07/15/11     EUR      32.42

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      72.28
ALB Finance B.V.          7.880    02/01/12     EUR      75.06
BK Ned Gemeenten          0.500    06/27/18     CDN      62.95
                          0.500    02/24/25     CDN      46.75
EM.TV Finance B.V.        5.250    05/08/13     EUR       5.36
Energy Group O/S          7.425    10/15/17     US$      32.50
Gerling Global            6.63     08/16/21     EUR      63.84
Lehman Bros TSY B.V.      2.940    02/16/17     EUR      79.88
                          6.000    02/15/35     EUR      67.08
                          7.000    05/17/35     EUR      63.88
                          7.250    10/05/35     EUR      56.80
Ned Waterschapbk          6.000    06/01/35     EUR      69.40
                          6.500    08/15/35     EUR      62.54
Parmalat Finance B.V.     5.500    03/30/09     EUR      27.98
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.16
                          6.000    02/22/35     EUR      67.94
                          7.000    02/28/35     EUR      68.82
                          7.000    03/23/35     EUR      64.19
                          6.000    05/09/35     EUR      72.74

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      69.86

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.61

SWITZERLAND
-----------
UBS AG                    1.000     12/21/11    NZD      74.73
                          1.000     01/25/12    NZD      74.77
                          1.000     02/27/12    NZD      74.36
                          1.000     03/28/12    NZD      73.87
                          1.000     06/28/12    NZD      72.76
                          1.000     07/30/12    NZD      72.48

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      54.76
Bank of Scotland          6.000     02/07/35    EUR      68.82
National Grid Gas Plc     1.754     10/17/36    GBP      44.84
                          1.771     03/30/37    GBP      44.89
Royal BK Scotland Plc     0.250     03/27/14    US$      74.24
                          9.500     04/04/25    US$      71.40
                          7.000     06/09/25    EUR      62.28
                          7.000     06/29/30    EUR      56.62
                          6.500     02/23/45    EUR      62.64
Scottish Power Plc        5.810     03/15/25    US$      70.00
TXU Eastern Funding Plc   6.750     05/15/09    US$       3.25
Wessex Water Finance Plc  1.369     07/31/57    GBP      29.72


                            *********

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

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

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

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

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

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

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

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

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

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


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