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        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

          Wednesday, November 14, 2007, Vol. 8, No. 226

                            Headlines




A U S T R I A

C-MEDIA LLC: Innsbruck Court Orders Business Shutdown
E.S.R. ELEKTRO: Creditors' Meeting Slated for Nov. 23
HOTEL BERGLAND: Claims Registration Period Ends Nov. 16
M + M MOTOR-SERVICE: Claims Registration Period Ends Nov. 16
MTB INDUSTRIEMONTAGEN: Administrator Says Insufficient Assets

NEW LINE: Vienna Court Orders Business Shutdown
XERIUM TECH: Earns US$7.1 Million in Third Qtr. Ended Sept. 30
XERIUM TECH: Paying US$0.1125 Per Share Dividend on Dec. 17


B E L G I U M

FERRO CORP: Reports US$5.6-Mln Net Income in Qtr. Ended Sept. 30
SOLUTIA INC: NY Court Approves US$250 Million Backstop Deal


F I N L A N D

BRIGHTPOINT INC: Third Qtr. Net Income Up to US$12.9 Million


F R A N C E

BALLY TECHNOLOGIES: Fitch Lifts Credit Facility Rating to B
DELPHI CORP: Wants DIP Financing Maturity Date Extended
DELPHI CORP: Wants to Enter into US$6.8 Billion Exit Financing
DELPHI CORP: Committee Says Disclosure Statement is Inadequate
DELPHI CORP: Senior Noteholders Balk at Disclosure Statement

POLYMER GROUP: Weak Business Prompts S&P to Hold 'BB-' Rating
SMOBY-MAJORETTE: To Appeal Court's Receivership Ruling


G E R M A N Y

ALIU BAU: Claims Registration Period Ends November 26
ARCADE GMBH: Claims Registration Ends December 7
ARTHRONET GMBH: Claims Registration Period Ends Dec. 10
BASELL AF: S&P Keeps BB- Ratings on Watch on Lyondell Purchase
BAUGESCHAFT LOEPPERT: Claims Registration Ends November 19

BOERI BAUTRAGER: Claims Registration Period Ends Jan. 8, 2008
B.R. TRANSPORTUNTERNEHMEN: Claims Registration Ends Dec. 12
DANISCHE BAUKOMPONENTEN: Claims Registration Ends December 7
FINANZ- UND ANLAGENKONZEPTE: Claims Filing Period Ends Nov. 30
FUTURE IT: Claims Registration Period Ends December 11

GASTRO ITALIA: Claims Registration Ends December 18
GESA DIENSTLEISTUNGS: Claims Registration Period Ends Dec. 14
HANDWERKER-BAU-TREUHAND GMBH: Claims Registration Ends Dec. 6
HEINZ KUECKELMANN: Claims Registration Ends December 7
H P BAYER: Claims Registration Period Ends Nov. 30
MOELLER HAUSMEISTER: Creditors' Meeting Slated for Nov. 26

PAJONK AUTOPFLEGE: Claims Registration Period Ends November 26
PRO REGIO: Claims Registration Ends December 18
SCHOEN BROT: Claims Registration Period Ends Nov. 27
SELFREI IMPEX: Claims Registration Period Ends Nov. 16


H U N G A R Y

RTH KFT: Enters Into Liquidation Procedure
RYNART TRANSPORT: Enters Into Liquidation Procedure


I R E L A N D

GAP INC: October Net Sales Down 1% at US$1.23 Billion


I T A L Y

BERICA 6: S&P Affirms BB Ratings on D Notes After Review


K A Z A K H S T A N

AKBULAK OJSC: Proof of Claim Deadline Slated for December 12
EXPERT-INVEST PRO: Creditors Must File Claims December 14
KALA KURYLYS: Claims Filing Period Ends December 12
KAZAKHSTANSKY INSTITUTE: Creditors' Claims Due on December 14
KAZTRANSITTRANS LLP: Claims Registration Ends December 14

STROYTECHCOMPANY LLP: Creditors Must File Claims December 14
WINE PRODUCT: Claims Filing Period Ends December 12


K Y R G Y Z S T A N

AIS COMPLETE: Creditors Must File Claims by December 19


L U X E M B O U R G

EVRAZ GROUP: Hikes Refinancing Loan Size to US$3.2 Billion


N E T H E R L A N D S

KONINKLIJKE AHOLD: Reacquires Shares for EUR76.30 Million
X5 RETAIL: Gennady Frolov Quits as Corp Relations Chief


N O R W A Y

GEOKINETICS INC: Completes US$25MM Lease Facility with CIT Group


R U S S I A

ALAPAEVSKIJ CJSC: Creditors Must File Claims by Jan. 3, 2008
ASTRAHAN'OILCHEMIPROM OJSC: Creditors Must File Claims by Nov. 3
SOYUZ BANK: S&P Upgrades Rating to B on Parental Support
EVRAZ GROUP: Hikes Refinancing Loan Size to US$3.2 Billion
GAZPROM NEFT: Earns RUR19.33 Billion for Third Quarter 2007

INDUSTRIAL OIL: Creditors Must File Claims by Dec. 3
IRBITSKIJ LLC: Asset Sale Slated for Dec. 3
NOVOUZENSKAYA OJSC: Asset Sale Slated for Dec. 5
PEPP USE: Moscow Bankruptcy Hearing Slated for Feb. 1, 2008
ROSNEFT OIL: Unit Commences East-Chumakovskoe Oil Field Ops

SAMARSKIJ CJSC: Creditors Must File Claims by Jan. 3, 2008
SEVERSTAL OAO: To Acquire Celtic Resources for GBP173 Million
SISTEMA-HALS: Names Roland Rollov as VP for Civil Engineering
SISTEMA-HALS: Obtains US$200 Million Loan from VTB
TULACOAL OJSC: Creditors Must File Claims by Dec. 3

VERHOVSKIJ CONCENTRATED: Asset Sale Slated for Dec. 4
X5 RETAIL: Gennady Frolov Quits as Corp Relations Chief
YUKOS OIL: Exits Bankruptcy Process Per Russian Court Ruling


S P A I N

VALENCIA HIPOTECARIO 2: Fitch Junks Class D Notes After Review
VALENCIA HIPOTECARIO 3: Fitch Junks Class D Notes After Review


S W I T Z E R L A N D

AAA AVANT-TIME: Aargau Court Starts Bankruptcy Proceedings
AGROLOGIC JSC: Creditors' Liquidation Claims Due by November 30
BROCKENSTUBE TABOUBI: Creditors Must File Claims by November 30
COM-TEL COSYFLOR: Thurgau Court Closes Bankruptcy Proceedings
FELDI'S HANDELS: Creditors' Liquidation Claims Due by Nov.21

IMAG TRANSPORT: Creditors' Liquidation Claims Due by December 31
LILAC JSC: Lucerne Court Closes Bankruptcy Proceedings
SWISS DIGITAL: Creditors' Liquidation Claims Due by November 30
VON AESCH: Creditors' Liquidation Claims Due by November 16
ZUM WILDEN: Aargau Court Starts Bankruptcy Proceedings


U K R A I N E

EKOMACH LLC: Creditors Must File Claims by November 18
FUEL CJSCAL: Creditors Must File Claims by November 18
GLASS KIT: Creditors Must File Claims by November 17
KHLEBODEL LLC: Creditors Must File Claims by November 17
KRAMATORSK ASSEMBLY: Creditors' Claims Due November 18

POLTAVKA LLC: Creditors Must File Claims by November 17
RIVNE ENGINEER: Creditors Must File Claims by November 18
SUMY-FOODINDUSTRY CJSC: Creditors Must File Claims by Nov. 18
TH AMRI: Creditors Must File Claims by November 17


U N I T E D   K I N G D O M

2971471 CO: Brings In Liquidators from Mercer & Hole
CHIPMUNK CITY: Names Matthew Colin Bowker Liquidator
CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
DOLLAR FINANCIAL: Moody's Lifts Senior Secured Rating to B2
FORD MOTOR: Defers Volvo Sale; Intends to Improve Financials

FORD MOTOR: Anticipates Jaguar & Land Rover Sale Talks in 2008
FORD MOTOR: Primary Stakeholder in Auto Fuel Cell Cooperation
FORD MOTOR: Unit Earns US$334 Million in Third Quarter of 2007
INVENSYS PLC: Fitch Puts IDR on Watch on Sale of Division
LATIMER CONTRACTING: Appoints Liquidators from Mazars

MTI TECHNOLOGY: Selects Manatt Phelps as Special SEC Counsel
MTI TECHNOLOGY: Court Approves Omni Management as Claims Agent
NASDAQ STOCK: Hellman & Friedman Sells 23.5 Million Stake
NEESHAM GROUNDWORKS: Daryl Warwick Leads Liquidation Procedure
POWERJET LTD: Calls In Liquidators from Tenon Recovery

RANK GROUP: Profit Warning Cues S&P to Cut Ratings to B+
SCOTTISH RE: S&P Revises Outlook to Negative from Developing
SHAW GROUP: Joint Venture Bags Remediation Contract from DOE
STARCROSS CONSTRUCTION: Claims Filing Period Ends December 2
SUNGLOSS LTD: Taps Liquidators from Tenon Recovery

SYNIAD SYSTEMS: Hires Liquidators from BDO Stoy Hayward




                            *********


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A U S T R I A
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C-MEDIA LLC: Innsbruck Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Innsbruck entered Oct. 17 an order shutting
down the business of LLC C-Media (FN 289487t).

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

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


E.S.R. ELEKTRO: Creditors' Meeting Slated for Nov. 23
-----------------------------------------------------
Creditors owed money by LLC E.S.R. Elektro- und Elektronik-
Schrott-Recycling (FN 151890v) are encouraged to attend the
first creditors' meeting at 10:00 a.m. on Nov. 23.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Zams, Austria, the Debtor declared bankruptcy
on Oct. 18 (9 S 18/07g).   Wilfried Leys serves as the court-
appointed estate administrator of the bankrupt's estate.   Dr.
Walter Lenfeld represents Dr. Leys in the bankruptcy
proceedings.

The estate administrator and his representative can be reached
at:

         Dr. Wilfried Leys
         c/o Dr. Walter Lenfeld
         Malser Strasse 49 a
         6500 Landeck
         Austria
         Tel: 05442/63 0 29
         Fax: 05442/6302914
         E-mail:  RA-LL@aon.at


HOTEL BERGLAND: Claims Registration Period Ends Nov. 16
-------------------------------------------------------
Creditors owed money by LLC Hotel Bergland (FN 172766v) have
until Nov. 16 to file written proofs of claim to court-appointed
estate administrator Rupprechter Walter at:

         Mag. Rupprechter Walter
         c/o Dr. Hochstaffl-Salcher
         LLC Hochstaffl & Rupprechter Rechtsanwalte
         Bahnhofstrasse 37/II
         6300 Woergl
         Austria
         Tel: 05332/71 800
         Fax: 05332/71 800 7
         E-mail: mail@hochstaffl-rupprechter.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on Dec. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         A-6020 Innsbruck
         Austria

Headquartered in Wildschoenau - Oberau, Austria, the Debtor
declared bankruptcy on Oct.  12 (Bankr. Case No. 19 S 101/07m).
Hochstaffl-Salcher represents Mag. Walter in the bankruptcy
proceedings.


M + M MOTOR-SERVICE: Claims Registration Period Ends Nov. 16
------------------------------------------------------------
Creditors owed money by LLC M + M Motor-Service (FN 37218h) have
until Nov. 16 to file written proofs of claim to court-appointed
estate administrator Gernot Moser at:

         Dr. Gernot Moser
         Ludwig Penz Strasse 2
         6130 Schwaz
         Austria
         Tel: 05242/62331
         Fax: 05242/623311
         E-mail: g.moser@rechtsberater.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:15 a.m. on Nov. 30 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Kramsach, Austria, the Debtor declared
bankruptcy on Oct. 16 (Bankr. Case No. 7 S 60/07v).


MTB INDUSTRIEMONTAGEN: Administrator Says Insufficient Assets
-------------------------------------------------------------
Dr. Peter Pullez, the court-appointed estate administrator for
LLC MTB Industriemontagen (FN 278029t), declared Oct. 12 that
the Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 28 (Bankr. Case No. 3 S 122/07x).

The estate administrator can be reached at:

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


NEW LINE: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Oct. 12 an order shutting down
the business of LLC New Line (FN 223564x).

Court-appointed estate administrator Martina Simlinger-Haas
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. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713994622
         E-mail: ra.reisnerstr31@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 3 (Bankr. Case No 38 S 54/07d).


XERIUM TECH: Earns US$7.1 Million in Third Qtr. Ended Sept. 30
--------------------------------------------------------------
Xerium Technologies Inc. reported financial results for the
third quarter ended Sept. 30, 2007.  Net sales for the third
quarter of 2007 were US$153.6 million, a 5.6% increase from
US$145.5 million for the third quarter of 2006.

For the three months ended Sept. 30, 2007, the company recorded
net income of US$7.1 million compared to US$2.2 million for the
third quarter of 2006.

Thomas Gutierrez, President and Chief Executive Officer of
Xerium Technologies, said, "We continue to make meaningful
progress as we work to strengthen our core businesses and
position Xerium for future growth.  Our clothing business
demonstrated exceptional, broad-based growth this quarter, with
sales increasing 11.6% over the same period last year.  Even
more importantly, as a result of numerous programs we initiated
to drive efficiencies and reduce costs, segment earnings for
clothing grew at almost double the rate of sales growth,
improving 22.5% over the same period."

"As we have described in previous quarters, the roll covers
business continues to face a number of challenges that have
limited our ability to generate sales increases.  These factors
led to a decline in roll covers sales of 5.2% for the third
quarter of 2007 compared to the same quarter last year.  We
have, however, made progress offsetting the bottom-line impact
of sales declines with programs aimed at reducing costs, and I
am pleased that we were able to generate segment earnings this
quarter in line with the prior year period."

He added, "With our cost structure improvement initiatives well
under way, we are also focusing on initiatives designed to
accelerate growth prospects for Xerium.  These efforts include
regional expansion in higher-growth areas of the world,
improving our access to these markets and enabling us to shift
production from higher-cost locations.  In clothing, the
expansion of our South American capabilities and building of a
new manufacturing facility in Vietnam remain on track.  For our
roll covers business, we continue to expect to establish a
physical presence in China by mid-2008, opening up a larger
market opportunity for Xerium."

Mr. Gutierrez concluded, "We remain cautious about market
conditions as consolidation amongst our customers continues and
the competitive environment, particularly in Western Europe, is
still challenging.  We are confident that our strategy clearly
addresses not only these concerns, but also positions us to
capitalize upon the opportunities available to a company with
Xerium's technological leadership, exceptional customer
relationships and strong market position.  We believe we have a
solid framework for future growth."

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                        *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating -- B1
     * Guaranteed senior secured term loan B -- B1
     * Guaranteed senior secured revolving credit facility -- B1


XERIUM TECH: Paying US$0.1125 Per Share Dividend on Dec. 17
-----------------------------------------------------------
Xerium Technologies Inc.'s Board of Directors declared a
dividend of US$0.1125 per share of common stock payable on
Dec. 17, 2007, to shareholders of record as of the close of
business on Dec. 5, 2007.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                        *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating -- B1
     * Guaranteed senior secured term loan B -- B1
     * Guaranteed senior secured revolving credit facility -- B1


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B E L G I U M
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FERRO CORP: Reports US$5.6-Mln Net Income in Qtr. Ended Sept. 30
----------------------------------------------------------------
Ferro Corporation has earned US$5.6 million on net sales of
US$551 million for the three months ended Sept. 30, 2007,
compared to net income of US$5.5 million on net sales of
US$501 million for the same period in 2006.

Income from continuing operations for the 2007 third quarter was
US$5.6 million, up 2.2 percent compared with US$5.5 million in
the third quarter of 2006.  During the quarter, lower selling,
general and administrative expenses and lower interest expense
were largely offset by restructuring charges related to the
consolidation of certain manufacturing operations in Europe and
higher income tax expense.  The 2007 third quarter income from
continuing operations included net pre-tax expenses of
US$6.5 million primarily related to restructuring costs.  The
third quarter 2006 income from continuing operations included
net pre-tax expenses of US$1.3 million primarily related to
manufacturing rationalization activities.

"We delivered strong third-quarter sales that were driven by the
breadth of our international operations," said Chairman,
President and Chief Executive Officer James F. Kirsch.  "Our
segment income increased 7 percent, compared with the third
quarter of 2006, despite weakness in a number of U.S. markets
and continued raw material cost increases.  While we delivered
improved segment income from the third quarter of 2006, we
remain focused on the opportunities we have identified to
improve overall profitability and deliver enhanced shareholder
value."

Net sales increased in the third quarter primarily as a result
of product price increases and favorable changes in foreign
currency exchange rates.  Compared with the third quarter of
2006, sales increased in the Performance Coatings, Color and
Glass Performance Materials, Electronic Materials and Polymer
Additives segments.  Sales declined from the prior-year period
in the Specialty Plastics segment.  International net sales grew
18 percent compared with the third quarter of 2006, while sales
in the United States were flat.

Gross margins were 18.2 percent of sales for the third quarter,
compared with 19.7 percent of sales in the third quarter of
2006.  The Company's 2007 third quarter gross profit was reduced
by US$0.5 million in costs primarily related to accelerated
depreciation and other costs associated with manufacturing
rationalization activities.  Gross profit was negatively
impacted by lower volumes, particularly in porcelain enamel and
plastics products, and higher raw material costs.  In addition,
gross margin as a percent of sales continued to be negatively
impacted by rising precious metal costs.  Precious metal costs
are passed through to customers with minimal contribution to
margins.

Selling, general and administrative (SG&A) expense was
US$71.1 million in the third quarter of 2007, or 12.9 percent of
sales.  SG&A expense in the third quarter of 2006 was
US$74.1 million, or 14.8 percent of sales, including charges of
US$0.4 million primarily related to organizational initiatives
and an accounting restatement.  SG&A expense declined primarily
as a result of expense reduction activities, particularly in the
Specialty Plastics and Electronic Materials segments, lower
incentive compensation accruals and lower audit fees.

Restructuring charges were US$5.8 million for the 2007 third
quarter, primarily as a result of activities related to the
consolidation of Ferro's porcelain enamel manufacturing
operations in Europe.  There were no restructuring charges
recorded in the third quarter of 2006.

Interest expense for the 2007 third quarter was US$14.5 million,
compared with US$16.8 million in the year-ago period.  Interest
expense declined from the prior-year period largely as a result
of lower borrowing levels resulting from the elimination of cash
deposits on precious metal consignments and lower interest
rates.  The elimination of these deposits also resulted in a
decline in interest income during the third quarter compared
with the third quarter of 2006.

The company's tax rate for the third quarter increased to 38.3
percent from 33.0 percent in the 2006 third quarter.  The higher
rate was largely the result of the tax effects from the
restructuring charges recorded in the quarter, the mix of income
by country and an increase in the tax cost of foreign current-
year earnings to be repatriated.

Total debt on Sept. 30, 2007 was US$536.4 million, compared with
US$592.4 million at the end of 2006.  The company had net
proceeds of US$65.5 million from its U.S. accounts receivable
securitization program as of Sept. 30, 2007, compared with
US$60.6 million at the end of 2006.  The company also had
US$51.2 million in net proceeds from similar programs outside
the U.S. at the end of the quarter, compared with
US$33.7 million at the end of 2006.

                      About Ferro Corp.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's USUS$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


SOLUTIA INC: NY Court Approves US$250 Million Backstop Deal
-----------------------------------------------------------
The Honorable Prudence Beatty of the U.S. Bankruptcy Court for
the Southern District of New York has approved Solutia Inc. and
its debtor-affiliates' agreement with a handful of unsecured
creditors who will provide US$250 million into the company in
exchange for backstop rights and the chance to directly purchase
discounted new stock.

Solutia signed the agreement last month with UBS Securities LLC,
Merrill Lynch & Co. Inc., a General Motors Corp. pension fund,
and hedge funds Highland Capital Management, Longacre Fund
Management and Southpaw Asset Management.  Under the
arrangement, the backstop investors will pay approximately
US$175 million to be put toward retiree pensions and US$75
million that will cover other legacy liabilities.  The investors
will buy any stock that other unsecured creditors, noteholders
and existing stockholders do not buy in the new offering, in
which the stock will sell for US$13.33 per share, discounted
from the US$20 expected value.

Solutia said it will get the US$250 million even if the offering
is under-subscribed.

In a four-page order, Judge Beatty authorized Solutia to take
any and all actions necessary or appropriate in connection with
the contemplated transactions, including the payment of the
backstop fee, the transaction expenses and the litigation
expenses to the Investors, without further filing with or Court
order.

Judge Beatty determined that the Backstop Fee, the Transaction
Expenses and the Litigation Expenses, if and when payable, are
accorded the status of administrative expense claims pursuant to
Section 503(b)(1) of the Bankruptcy Code.

With the approval of the Backstop Commitment Agreement, Solutia
said that it is on its way towards Chapter 11 exit.

Judge Beatty has set a confirmation hearing for Nov. 29, 2007,
to approve Solutia's Amended Plan of Reorganization.  The
company expects to emerge from bankruptcy by the end of the
year.

                      About Solutia Inc.

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


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

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

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


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F I N L A N D
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BRIGHTPOINT INC: Third Qtr. Net Income Up to US$12.9 Million
------------------------------------------------------------
(Finland)
Brightpoint Inc. reported net income of US$12.9 million for the
three months ended Sept. 30, 2007, compared to net income of
US$8.7 million for the same period in 2006.

"In the third quarter of 2007, we continued to focus on the
execution of our growth strategy including the integration of
the Dangaard and CellStar businesses," stated Robert J. Laikin,
Brightpoint's Chairman of the Board and Chief Executive Officer.
"I am excited about Brightpoint's long term opportunities for
growth in the global wireless industry.  In the third quarter,
we handled an all-time company record of 22 million wireless
devices.  We feel that with the completion of the Dangaard
transaction along with our current positive momentum in many of
our markets, we are on pace to grow faster than the global
wireless device industry.  I currently expect Brightpoint to
handle between 100 million to 115 million wireless devices in
2008 giving Brightpoint an estimated market share of 8 to 9% on
a global basis.  Based on the continued strong momentum and
robust demand in Q4, I am estimating the wireless industry's
2008 global unit sell-in to be in the range of 1.25 billion to
1.35 billion units.  I also believe that this demand will
continue for the next several years with my new updated 2011
global sell-in estimate of greater than 1.65 billion units."

"During the third quarter of 2007, we made very good progress in
the integration of the Dangaard acquisition," said Tony Boor,
Brightpoint's Chief Financial Officer.  "I am very pleased with
the efforts of our Global Finance Team on this initiative over
the past several months.  We have successfully converted
Dangaard from International Financial Reporting Standards to US
GAAP, and Brightpoint accounting policies are now being applied
on a consistent basis.  I am also very pleased with our strong
operating results and the cash generated from selling through
inventory within our Asia-Pacific division, which contributed to
our positive operating cash flow of US$96.5 million year to
date."

Revenue was US$1.2 billion for the third quarter of 2007, an
increase of 86% from the third quarter of 2006.  Excluding the
impact of the Dangaard Telecom acquisition, revenue increased
34%, which was primarily driven by the acquisition of CellStar
as well as growth in our distribution business in Singapore.  In
order to conform to Brightpoint accounting policies and US GAAP,
Dangaard Telecom changed its revenue recognition for
arrangements where Dangaard Telecom serves as the "agent" in the
transaction.  As a result, revenue from the Dangaard Telecom
operations for the two months ended September 30, 2007 was
approximately US$58.0 million lower under US GAAP than it would
have under International Financial Reporting Standards.

                     About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


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


BALLY TECHNOLOGIES: Fitch Lifts Credit Facility Rating to B
-----------------------------------------------------------
Fitch Ratings upgraded Bally Technologies' secured bank debt
rating and affirmed Bally's Issuer Default Rating as:

   -- Secured bank credit facility upgraded to 'B/RR3' from 'B-
      /RR4';

   -- IDR affirmed at 'B-'.

The secured credit facility comprises a term loan with
US$308 million outstanding and a US$75 million revolver, which
was undrawn as of June 30, 2007.

Fitch has revised the Rating Outlook on Bally Technologies to
Stable from Negative.

The Rating Outlook revision reflects Bally's significant
progress in terms of its operating performance and its financial
restatements.  If those trends were to continue over the next
couple quarters, Fitch anticipates that additional positive
rating actions could occur.

The rating actions are based on Bally's significantly improved
product pipeline and solid acceptance of the Alpha platform over
the past two years, which is generating meaningful improvement
in its financial performance.  On Nov. 1, Bally announced its
fiscal 4Q'07 and FY07 (period ending June 30) results and
reiterated its expectations for FY08, which were initially given
on Aug. 21, 2007.  Driven by the improved product platform,
Bally generated 26% revenue growth to US$682 million in FY07 and
expects 21-22% growth in FY08 to more than US$830 million.

Reported adjusted EBITDA increased to US$138.5 million in FY07
from US$49.6 million in FY06.  Bally's leverage ratio according
to its credit facility as of June 30, 2007 was 2.17x versus a
maximum allowable of 3.75x, which declines to 3.50x as of Sept.
30, 2007.  Bally's credit profile has improved dramatically
fueled by the improving operating profile.  As of June 30, 2007,
Bally had roughly US$37 million in debt maturities through FY09,
unrestricted cash balances of US$40.8 million (up from US$12.4
million as of Dec. 31, 2007), an untapped US$75 million credit
revolver, and a somewhat flexible capex budget.

Tempering the financial improvement is the fact that Bally has
been under investigation by the SEC since 2005 and has been
untimely with its SEC filings.  In its most recent audited
financial statements Bally continues to note material weaknesses
in internal controls over financial reporting, with revenue
recognition and inventory valuation among the most significant
items.

While these items continue to be concerns that weigh on Bally's
credit ratings, Fitch notes that Bally has made significant
strides over the past 12 months with its restatements and
becoming current on its filings.  Bally has been restating its
financial results and filed its fiscal fourth quarter 2007 10Q
and fiscal 2007 10K on Nov. 2, 2007 (temporarily becoming
current) and has now filed three 10Ks and six 10Qs within the
last 12 months. However, Bally expects to miss the Nov. 9, 2007
deadline to file its fiscal 1Q08 10Q.

An additional concern centers around how Bally will fare when
the industry enters a new technology-driven upturn in the next
12-24 months with the onset of server-based gaming, which could
benefit Bally as well as the other major players including IGT,
WMS, and Aristocrat.

While competition has increased since the peak of the last
cycle, IGT is likely to remain the dominant player, in Fitch's
view, because it has the most financial resources, the broadest
product pipeline, and the largest sales/marketing team.  Fitch
believes Bally's improved financial position and operational
turnaround should help it to compete in the next cycle, but
maintenance of Bally's recent market share gains could become
more challenging.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario.  Bally's Recovery
Ratings reflect Fitch's expectation that the enterprise value of
the company, and hence recovery rates for its creditors, will be
maximized in a restructuring scenario (going concern), rather
than a liquidation given Bally's limited tangible asset base.
An 'RR3' recovery rating reflects Fitch's belief that 51-70%
recovery, including the assumption of a fully drawn revolver, is
possible under a distress scenario.


DELPHI CORP: Wants DIP Financing Maturity Date Extended
-------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend its
US$4,500,000,000 bankruptcy loan for five months to June 28,
2008, with an option to further extend to Sept. 30, 2008, to
give it more time to exit Chapter 11 protection after changing
the terms of its reorganization plan.

The Debtors had previously obtained Judge Drain's approval to
enter into a postpetition financing facility with JPMorgan Chase
Bank, N.A., the administrative agent for certain lenders.  The
DIP Facility, among other things, refinanced both the
US$2,000,000,000 first amended DIP credit facility arranged by
J.P. Morgan Securities Inc., Citigroup Global Markets, Inc., and
Deutsche Bank Securities Inc. in Nov. 21, 2005, and the
approximate US$2,500,000,000 outstanding on the US$2,825,000,000
credit facility obtained by the Debtors prior to filing for
bankruptcy.

The DIP facility consists of:

     Tranche   Commitment
     -------   ----------
       A       US$1,750,000,000 first priority revolving credit
               facility

       B       US$250,000,000 first priority term loan

       C       US$2,500,000,000 second priority term loan

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

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

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

                Current DIP              Amended And Restated
                Credit Agreement         DIP Credit Agreement
                ----------------         --------------------
Maturity Date   Earlier of               Earlier of
                (i) Dec. 31, 2007 and    (i) June 30, 2008,
with
                (ii) substantial         option to further
                 consummation of plan    extend
                                         to further extend to
                                         September 30, 2008 if
                                         Delphi pays an amount
                                         equal to 25 basis
                                         points of the Tranche A
                                         commitment, the Tranche
                                         B loan, and the Tranche
                                        C loan and (ii)
                                        substantialconsummation
                                        of plan

Add'l Interest  Tranche A               Prior to July 1, 2008
on JP Morgan's    Borrowings: 1.50%     Tranche A
Alternate       Tranche B                 Borrowings: 1.75%
Rate              Borrowings: 1.25%     Tranche B
                Tranche C                 Borrowings: 1.75%
                  Borrowings: 1.75%     Tranche C
                                          Borrowings: 2.25%

                                        From & after July 1,
                                        2008
                                        Tranche A
                                          Borrowings: 2.00%
                                        Tranche B
                                          Borrowings: 2.00%
                                        Tranche C
                                          Borrowings: 2.50%

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

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

Global EBITDAR  For each rolling 12    For each rolling 12
Covenants       fiscal month period    fiscal month period
                ending on the last     ending on the last day of
                day of the months      the months Dec. 31, 2007
                March 31, 2007         through Aug. 31, 2008
                through Nov. 30, 2007  with a global EBITDAR
                with a global EBITDAR  ranging from
                                       US$475,000,000
                ranging from           to US$500,000,000
                US$130,000,000 to
                US$375,000,000

PBGC            -- None--               DIP Lenders consent to
Replacement                             consummation of
Liens                                   transactions authorized
                                        under DASHI Intercompany
                                        Transfer Order

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

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

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

A copy of the form of Amendment to the DIP Facility is available
for free at:

           DIP Lenders Consent to Intercompany Transfer

As previously reported, the Debtors obtained the Court's
approval (i) for Delphi Automotive Systems (Holding), Inc., to
effectuate the transfer funds accumulated from certain of its
global affiliates to Delphi Automotive Systems LLC; and (ii) use
the proceeds of the transfer, subject to the requisite consent
of the DIP Lenders.  In connection with the intercompany
transfer, the Debtors proposed to grant the U.S. Pension Benefit
Guaranty Corp., on account of unpaid contributions to certain
Delphi pension plans, adequate protection of its asserted
interests in the form of replacement liens in the amount of
US$255,000,000 upon certain DASHI assets already encumbered by
the Current DIP Facility.

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

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

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

The Debtors also ask the Court to waive the 10-day stay period
under Rule 6004(g) of the Federal Rules of Bankruptcy Procedure
for the use, sale, or lease of property.  By waiving the 10-day
period, the Debtors will be able to consummate the Intercompany
Transaction, thereby allowing them to immediately take advantage
of the US$650,000,000 intercompany transfer.  By using these
funds, the Debtors will be able, among other things, to reduce
their interest expense on the Current DIP Facility.

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

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Wants to Enter into US$6.8 Billion Exit Financing
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's permission to
enter into engagement and fee letters in connection with exit
financing arrangements to be organized by JPMorgan Securities
Inc., JPMorgan Chase Bank, N.A., and Citigroup Global Markets
Inc.

Exit financing is a necessary and integral component of the
Debtors' strategy for emergence from Chapter 11, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, relates.

The Debtors, Mr. Butler says, need to enter into exit financing
arrangements to:

   (a) satisfy certain claims arising in connection with the
       existing DIP financing;

   (b) make other payments required under the proposed Joint
       Plan of Reorganization; and

   (c) fund the Debtors' post-reorganization operations.

To ensure that exit financing arrangements are in place upon
their emergence from Chapter 11, the Debtors have obtained an
engagement letter from JPMorgan and Citigroup.  JPMorgan and
Citigroup have agreed to assemble a syndicate of lenders to
provide the Debtors with exit financing arrangements, Mr. Butler
tells the Court.

The Exit Financing Arrangements consists primarily of these
facilities:

   (a) a US$1,600,000,000 senior secured first lien asset-based
       revolving credit facility;

   (b) a US$3,700,000,000 senior secured first-lien term
       facility; and

   (c) a US$1,500,000,000 senior secured second-lien term
       facility, of which up to US$750,000,000 will be in the
       form of a note issued to General Motors Corp. in
       connection with the distributions contemplated under the
       Plan.

The Debtors, Mr. Butler relates, will negotiate and enter into
definitive credit documents with respect to the Exit Financing
Arrangements as soon as practicable.  The Exit Lenders'
obligation to fund the Exit Financing Arrangements under the
definitive documents will be contingent upon, among other
things, confirmation of the Plan, he clarifies.

As consideration for their commitments and agreements, the
Debtors propose to pay JPMorgan and Citigroup certain
nonrefundable fees and reimburse certain expenses pursuant to a
fee letter.

The Debtors have also agreed to indemnify JPMorgan and Citigroup
in certain circumstances and subject to certain conditions.

Mr. Butler notes that the payment of certain fees or expenses
may be required prior to the Debtors' emergence from Chapter 11.
No amount, however, will be payable upon entry of the proposed
order granting the Debtors' request, he assures the Court.
Moreover, no fees will be payable prior to JPMorgan and
Citigroup having completed syndication and the Debtors having
agreed to the terms of definitive documents.  In the event the
transactions contemplated in the Engagement Letter are not
completed, the Debtors will not be obligated to reimburse the
JPMorgan and Citigroup for expenses in excess of US$500,000, Mr.
Butler adds.

The Debtors' entry into the Exit Financing Arrangements,
Mr. Butler points out, is a condition to the effectiveness of
the Plan.  The Debtors, he avers, have conducted an expansive
and thorough investigation of available exit financing
alternatives and have eventually determined that the offer
presented by JPMorgan and Citigroup is the best one.

                   Redacted Engagement Letter

The Debtors subsequently obtained the Court's permission to file
the Engagement Letter in redacted form and the Fee Letter under
seal.

A redacted version of the Engagement Letter among the Debtors,
JPMorgan and Citigroup is available for free at:

              http://ResearchArchives.com/t/s?2533

Judge Drain directs the Debtors to serve unredacted copies of
the Engagement Letter and Fee Letter solely on (i) the U.S.
Trustee; (ii) counsel to the Statutory Committees; and (iii)
other parties as deemed appropriate by the Court.

The Engagement and Fee Letters contain highly sensitive and
confidential terms in connection with the relationship among the
Debtors, JPMorgan, and Citigroup, including terms related to
pricing, fees, and prepayment premia, if any, Mr. Butler
explains.  He points out that because the Engagement Letter
provides for a "best efforts" standard for JPMorgan and
Citigroup rather than a firm commitment to provide the Exit
Financing Arrangements on particular terms, full public
disclosure of the Engagement Letter could prejudice the Debtors'
ability to negotiate its terms with potential members of the
Syndicate Lenders that JPMorgan and Citigroup will endeavor to
assemble.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Committee Says Disclosure Statement is Inadequate
--------------------------------------------------------------
The Official Committee of Unsecured Creditors asks the U.S.
Bankruptcy Court for the Southern District of New York to deny
approval of the Disclosure Statement explaining Delphi
Corporation and its debtor-affiliates' Joint Chapter 11 Plan of
Reorganization.

The Court has earlier agreed to continue until Nov. 29 the
hearing to consider the adequacy of the Disclosure Statement at
the request of the Debtors and the Official Committee of Equity
Security Holders.

The Committee argues that the Disclosure Statement fails to
provide adequate information concerning matters that are
important to the Debtors' creditors in their evaluation of
whether to vote for or against the Plan.

The Plan, as currently drafted, ceases the accrual of
postpetition interest to General Unsecured Claims other than
TOPrS Claims on Dec. 31, 2007, even though it will not have been
confirmed by that date, Robert J. Rosenberg, Esq., at Latham &
Watkins LLP, in New York, points out.

The EPCA Amendment, Mr. Rosenberg notes, requires the Debtors to
issue additional  Direct Subscription Shares to the Appaloosa
Plan Investors without the Investors' payment of any additional
consideration.  The issuance of the additional shares will
materially reduce the conversion price of the preferred shares
and dilute the value of the common stock to be distributed to
holders of General Unsecured Claims, he contends.

The Creditors Committee and the Debtors are continuing to
discuss potential resolutions, Mr. Rosenberg relates.  He
informs the Court that absent acceptable resolution, the
Creditors Committee  will not support the Plan.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Senior Noteholders Balk at Disclosure Statement
------------------------------------------------------------
Eight holders of Senior Notes in Delphi Corp. asks the United
States Bankruptcy Court for the Southern District of New York to
disapprove the Disclosure Statement explaining the Debtors'
Joint Chapter 11 Plan of Reorganization.

The eight Senior Noteholders are:

   * Caspian Capital Advisors, LLC,
   * Castlerigg Master Investments Ltd.,
   * Davidson Kempner Capital Management LLC,
   * Elliott Associates, L.P.,
   * Gradient Partners, L.P.,
   * Sailfish Capital Partners, LLC,
   * Whitebox Advisors, LLC, and
   * Wilmington Trust Company, as indenture trustee.

As reported in yesterday's Troubled Company Reporter, the Court
agreed to continue until Nov. 29 the hearing to consider the
adequacy of the Disclosure Statement at the request of the
Debtors and the Official Committee of Equity Security Holders.

the Senior Noteholders contend that the Court should not approve
the Disclosure Statement and allow the Debtors to solicit
acceptances of the Plan because the Plan contains a patently
nonconfirmable classification scheme

The Senior Noteholders, among other things, complain that the
Plan:

    -- groups dissimilar claims in the same class in violation
       of Section 1122(a) of the Bankruptcy Code; and

    -- provides different treatment to claims classified
       together within a single class in violation of Section
       1123(a)(4) of the Bankruptcy Code.

Class 1C of the Plan contains the claims of the Senior
Noteholders and holders of the subordinated TOPrS Claims, Allan
S. Brilliant, Esq., at Goodwin Procter LLP, in New York, notes,
on behalf of Caspian, et al.  Mr. Brilliant points out that
TOPrS claimholders, although classified in the same class with
the Senior Noteholders and other General Unsecured Creditors, do
not receive the same distribution as the other Claims in Class
1C.

The Plan is also unconfirmable because it does not enforce the
subordination agreement between the Senior Notes and TOPrS
Claims thereby violating Section 510(a) of the Bankruptcy Code,
Mr. Brilliant asserts.

The Disclosure Statement, Mr. Brilliant contends, does not
contain adequate information on many critical issues as required
by Section 1125(a) of the Bankruptcy Code regarding a number of
topics, including:

   (a) the value of the distributions that will be made to
       creditors;

   (b) the valuation of the New Common Stock;

   (c) the likelihood of the Debtors obtaining exit financing
       and the consequences if the Debtors do not obtain exit
       financing before the hearing to consider confirmation of
       the Plan or the Effective Date of the Plan;

   (d) the factors required for the Debtors' substantive
       consolidation and the effect it has on various creditor
       groups;

   (e) the costs, benefits and effects of the settlement of the
       GM Claim;

   (f) the releases provided to non-Debtor parties under the
       Plan; and

   (g) the impact, on the recoveries paid to General Unsecured
       Creditors, of the Debtors' attempts to provide a recovery
       to otherwise subordinated creditors under the MDL
       Settlements.

The Senior Noteholders therefore ask the Court to disapprove the
Disclosure Statement.

Wilmington Trust also asks the Court to direct the Debtors to
reclassify the Senior Notes and the TOPrS Claims in different
classes.

The Disclosure Statement must clearly and concisely inform the
holders of the Senior Debt of the actual value of their recovery
under the Plan, Edward M. Fox, Esq., at Kirkpatrick & Lockhart
Preston Gates Ellis LLP, in New York, maintains, on Wilmington
Trust's behalf.  "Valuation euphemisms such as 'negotiated plan
value' or 'deemed value' are not acceptable.  Rather, the
Debtors must indicate the value of recoveries on a fully diluted
basis based on the range of value estimated by the Debtors
investment banker and financial advisor, Rothschild [Inc.], with
particular emphasis on its mid-point valuation," Mr. Fox
asserts.  The Debtors should also explain why substantive
consolidation of their assets and liabilities is necessary and
appropriate while consolidation of the 42 Debtors is not, he
adds.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POLYMER GROUP: Weak Business Prompts S&P to Hold 'BB-' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Polymer Group Inc., including its 'BB-' corporate credit rating.
The outlook is negative.

"If Polymer Group completes its proposed public offering of
common stock, including US$92 million of net proceeds to the
company, and it uses the proceeds to reduce debt, we will revise
the outlook to stable," said Standard & Poor's credit analyst
Cynthia Werneth.

The ratings on Charlotte, North Carolina-based Polymer Group
reflect the company's weak business position and aggressive
financial profile.  Although it has a narrow product focus,
Polymer Group is one of the top producers of nonwoven and
oriented polyolefin products.  The company has leading positions
in niche markets, good geographic sales and manufacturing
diversity, favorable long-term growth prospects in certain end
markets, and opportunities to increase sales and earnings
following several recently-completed capacity expansions.

Polymer Group recently announced plans to sell 5,455,000 shares
of common stock, consisting of 3,636,000 shares to be sold by
the company and 1,819,000 shares to be sold by the selling
shareholders, primarily MatlinPatterson Global Advisors LLC.
Net proceeds to the company should be about US$92 million.  If
the transaction is consummated, MatlinPatterson would still own
roughly 50% of Polymer Group.  The company will use all the net
proceeds that it receives to repay outstanding debt under its
first-lien term loan.  This will reduce total debt (which S&P
adjust to include capitalized operating leases as well as modest
off-balance-sheet receivables financing and postretirement
obligations) to about US$400 million, US$310 million of which
consists of a first-lien term loan maturing in 2012.

Pro forma for the transaction, funds from operations to adjusted
total debt would strengthen to about 18% from about 15% at
Sept. 30, 2007.  This key ratio is still somewhat below S&P's
expectation of 20% at the current rating.  However, S&P believe
that incremental volume from recent capacity expansions should
lift earnings and cash flow to the appropriate level in 2008,
even if debt does not drop much further.  Total adjusted debt to
EBITDA would decline after the transaction, but remain
aggressive at 3.3x.  Although S&P believe that operating cash
flow will strengthen during the next one to two years, S&P do
not expect significant additional debt reduction.


SMOBY-MAJORETTE: To Appeal Court's Receivership Ruling
------------------------------------------------------
Smoby-Majorette will appeal a decision by the Commercial Court
of Lons-le-Saunier to convert its bankruptcy protection into a
period of administration, The Financial Times reports citing Les
Echos as its source.

As reported in the TCR-Europe on Oct. 12, 2007, the court placed
Smoby-Majorette under receivership on Oct. 9, 2007, which ended
the company's bankruptcy protection.  The court blamed Smoby's
buyer, MGA Entertainment, for failing to revive the company.

In a report by Florentin Collomp for Le Figaro last week, MGA
Entertainment said it is set to prepare a new recovery plan,
which could involve:

   -- conversion of a EUR29 million loan into share capital; and

   -- an agreement between MGA and Smoby creditors over the
      repayment of its EUR270 million debt.

The court-appointed administrators may decide whether to accept
MGA's new recovery plan or to look for potential buyers.

Deutsche Bank, Smoby's main creditor is also contemplating on
launching a buyout offer for Smoby, Le Figaro relates.

As reported in the TCR-Europe on Oct. 10, 2007, MGA's debt
restructuring negotiation with Smoby's creditor banks fell
through and it failed to pay the EUR11 million it pledged to
invest in Smoby.

                           About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005.


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


ALIU BAU: Claims Registration Period Ends November 26
-----------------------------------------------------
Creditors of Aliu Bau GmbH have until Nov. 26 to register their
claims with court-appointed insolvency manager Reinhard
Buchholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 10, 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 Ludwigshafen am Rhein
         Meeting Hall VII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Reinhard Buchholz
         Herzog-Otto-Str. 104
         D 67105 Schifferstadt
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Aliu Bau GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Aliu Bau GmbH
         Otto-Karch-Strasse 66 B
         67240 Bobenheim-Roxheim
         Germany


ARCADE GMBH: Claims Registration Ends December 7
------------------------------------------------
Creditors of ARCADE GmbH have until Dec. 7 to register their
claims with court-appointed insolvency manager Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 28, 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

The District Court of Aachen opened bankruptcy proceedings
against ARCADE GmbH on Oct. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ARCADE GmbH
         Attn: Alwin Hintzen, Manager
         Apfelstrasse 23
         52525 Heinsberg
         Germany


ARTHRONET GMBH: Claims Registration Period Ends Dec. 10
-------------------------------------------------------
Creditors of Arthronet GmbH & Co KG have until Dec. 10 to
register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Jan. 1, 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. Joerg Bornheimer
          Sporergasse 7
          50667 Cologne
          Germany
          Tel: 0221-2726 120
          Fax: +4922127261299

The District Court of Cologne opened bankruptcy proceedings
against Arthronet GmbH & Co KG on Sept. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Arthronet GmbH & Co KG
          Geilenbacher Str. 31
          51399 Burscheid
          Germany


BASELL AF: S&P Keeps BB- Ratings on Watch on Lyondell Purchase
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Basell AF S.C.A. remains on
CreditWatch with negative implications, where it was placed on
June 26, 2007, following the company's announcement that it will
acquire Lyondell Chemical Co. (BB-/Watch Neg/B-1) and its
related entities Equistar Chemicals L.P. (BB-/Watch Neg/B-1) and
Millennium Chemicals Inc. (B+/Watch Neg/--).

"We plan to lower the corporate credit rating on Basell to 'B+'
with a stable outlook on completion of the transaction, expected
at about the end of the year, and on successful execution of the
planned refinancing," said Standard & Poor's credit analyst
Tobias Mock.  "We will equalize the ratings on the other
entities with those on Basell."

Nevertheless, all ratings remain on CreditWatch negative for
now, as the transaction is still subject to Lyondell
shareholders' approval on Nov. 20, 2007, and there could be
changes to the proposed financial structure (US$14.6 billion in
term-loan and asset-backed facilities and US$8 billion in
second-lien notes and senior unsecured debt), which could affect
credit quality.

"The expected downgrade reflects the substantial increase in
financial debt following the acquisition, as it will be 100%
debt financed and result in a highly leveraged structure at a
mature stage in the petrochemical cycle," said Mr. Mock.

We consider that the company's business risk following the
acquisition will benefit from a better product and geographic
mix.  It will have a strong backward integration and cost
structure for a Europe- and North America-based petrochemical
producer, strengthened market positions in polyolefins, and is
likely to benefit from sizable synergies.

Nonetheless, the company remains highly sensitive to cyclical
businesses, and the petrochemical cycle will remain a dominant
factor in guiding the company's cash flow generation.  Owing to
new capacity from the Middle East and Asia, we expect operating
rates for ethylene, polyethylene, and polypropylene to decline
from 2009 and consider that the peak in the industry cycle has
already passed.

Furthermore, the refinery business, which follows a different
supply-and-demand cycle, is also expected to weaken from the
currently strong levels, and will therefore offer only a partial
hedge in the downturn.

Following completion of the merger with Lyondell, Basell plans
to change its name to LyondellBasell Industries.  The new
company will have pro forma sales of about US$41 billion, making
it the world's third-largest chemical company by sales.

The company's new financial structure will have an estimated
US$23.5 billion of unadjusted debt and a combined pro forma
EBITDA of about US$5.2 billion, resulting in debt to EBITDA of
about 4.5x.


BAUGESCHAFT LOEPPERT: Claims Registration Ends November 19
----------------------------------------------------------
Creditors of Baugeschaft Loeppert GmbH have until Nov. 19 to
register their claims with court-appointed insolvency manager
Juergen Wittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 10, 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 Coburg
         Meeting Hall K
         First Floor
         Coburg
         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:

         Juergen Wittmann
         Adolf-Kolping-Strasse 1
         96317 Kronach
         Germany
         Tel: 09261/62200
         Fax: 09261/622020

The District Court of Coburg opened bankruptcy proceedings
against Baugeschaft Loeppert GmbH on Oct. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Baugeschaft Loeppert GmbH
         Hauptstr. 26
         96272 Hochstadt
         Germany


BOERI BAUTRAGER: Claims Registration Period Ends Jan. 8, 2008
-------------------------------------------------------------
Creditors of BoeRi Bautrager GmbH have until Jan. 8, 2008, to
register their claims with court-appointed insolvency manager
Sascha Mertes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 29, 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 Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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:

         Sascha Mertes
         Rheinstrasse 19
         65185 Wiesbaden
         Germany
         Tel: 0611 - 205 540
         Fax: 0611 - 205 5444

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

The Debtor can be reached at:

         BoeRi Bautrager GmbH
         Attn: Bernd Boerner, Manager
         Stollenweg 26
         65187 Wiesbaden
         Germany


B.R. TRANSPORTUNTERNEHMEN: Claims Registration Ends Dec. 12
-----------------------------------------------------------
Creditors of B.R. Transportunternehmen GmbH have until Dec. 12
to register their claims with court-appointed insolvency manager
Dr. Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 1, 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         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. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz]
         Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28

The District Court of Kaiserslautern opened bankruptcy
proceedings against B.R. Transportunternehmen GmbH on Oct 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          B.R. Transportunternehmen GmbH
          Gartnereistr. 38
          67657 Kaiserslautern
          Germany


DANISCHE BAUKOMPONENTEN: Claims Registration Ends December 7
------------------------------------------------------------
Creditors of Danische Baukomponenten Import GmbH have until
Dec. 7 to register their claims with court-appointed insolvency
manager Marc Schaumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Marc Schaumann
         Falkenstrasse 22
         23564 Luebeck
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Danische Baukomponenten Import GmbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         D„nische Baukomponenten Import GmbH
         Industriestrasse 3
         23829 Wittenborn
         Germany

         Attn: Herrn Andreas Libera, Liquidator
         Wakenitzmauer 9
         23552 Luebeck
         Germany


FINANZ- UND ANLAGENKONZEPTE: Claims Filing Period Ends Nov. 30
--------------------------------------------------------------
Creditors of DFA Gesellschaft fuer Finanz- und Anlagenkonzepte
mbH have until Nov. 30 to register their claims with court-
appointed insolvency manager Marc d'Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Marc d'Avoine
         Doeppersberg 19
         42103 Wuppertal
         Germany

The District Court of Wuppertal opened bankruptcy proceedings
against DFA Gesellschaft fuer Finanz- und Anlagenkonzepte mbH on
Oct. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DFA Gesellschaft fuer Finanz- und Anlagenkonzepte mbH
         Attn: Barbara Kozniewski, Manager
         Kreuzstrasse 20
         40699 Erkrath
         Germany


FUTURE IT: Claims Registration Period Ends December 11
------------------------------------------------------
Creditors of future IT & NET - systemhouse GmbH have until
Dec. 11 to register their claims with court-appointed insolvency
manager Dr. Nikolaus Schmidt.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Nikolaus Schmidt
          Magdeburger Strasse 23
          06112 Halle
          Germany
          Tel: 0345/2311111
          Fax: 0345/2311199

The District Court of Dessau opened bankruptcy proceedings
against future IT & NET - systemhouse GmbH on Oct. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          future IT & NET - systemhouse GmbH
          Otto-Lilienthal-Strasse 7
          06796 Brehna
          Germany


GASTRO ITALIA: Claims Registration Ends December 18
---------------------------------------------------
Creditors of Gastro Italia GmbH & Co.KG have until Dec. 18 to
register their claims with court-appointed insolvency manager
Dr. Friedrich Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         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. Friedrich Neumann
         Ludwig-Eckert-Str. 5-7
         93049 Regensburg
         Germany
         Tel: 0941/25085/86
         Fax: 0941/28123

The District Court of Regensburg opened bankruptcy proceedings
against Gastro Italia GmbH & Co.KG on Oct. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Gastro Italia GmbH & Co.KG
         Komotauer Str. 1
         93073 Neutraubling
         Germany


GESA DIENSTLEISTUNGS: Claims Registration Period Ends Dec. 14
-------------------------------------------------------------
Creditors of GESA Dienstleistungs GmbH have until Dec. 14 to
register their claims with court-appointed insolvency manager
Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

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

The Debtor can be reached at:

         GESA Dienstleistungs GmbH
         Osterstrasse 124
         20255 Hamburg
         Germany


HANDWERKER-BAU-TREUHAND GMBH: Claims Registration Ends Dec. 6
-------------------------------------------------------------
Creditors of Handwerker-Bau-Treuhand GmbH & Co. KG have until
Dec. 6 to register their claims with court-appointed insolvency
manager Matthias Lechleitner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Matthias Lechleitner
         Schumannstrasse 9
         08056 Zwickau
         Germany
         Tel: (03 75) 211 857 0
         Fax: (03 75) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against Handwerker-Bau-Treuhand GmbH & Co. KG on Oct. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Handwerker-Bau-Treuhand GmbH & Co. KG
         Attn: Bernhard Fuidl, Manager
         Karl-Liebknecht-Str. 1e
         08228 Rodewisch
         Germany


HEINZ KUECKELMANN: Claims Registration Ends December 7
-----------------------------------------------------
Creditors of Heinz Kueckelmann Verwaltungs-GmbH have until
Dec. 7 to register their claims with court-appointed insolvency
manager Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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:

         Wolfgang Lorisch
         Kurt-Schumacher-Strasse 48
         45699 Herten
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Heinz Kueckelmann Verwaltungs-GmbH on Oct. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heinz Kueckelmann Verwaltungs-GmbH
         Attn: Bernhard Fuidl, Manager
         Spitzwegstr. 14
         45659 Recklinghausen
         Germany


H P BAYER: Claims Registration Period Ends Nov. 30
--------------------------------------------------
Creditors of H.P. Bayer Bautrager- und Baubetreuung
Beteiligungs-GmbH have until Nov. 30 to register their claims
with court-appointed insolvency manager Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting 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 Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 0215158130
         Fax: 021515813254

The District Court of Moenchengladbach opened bankruptcy
proceedings against H.P. Bayer Bautrager- und Baubetreuung
Beteiligungs-GmbH on Oct. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         H.P. Bayer Bautrager- und Baubetreuung
         Beteiligungs-GmbH
         Bahnhofstrasse 114
         41844 Wegberg
         Germany


MOELLER HAUSMEISTER: Creditors' Meeting Slated for Nov. 26
----------------------------------------------------------
The court-appointed insolvency manager for Moeller Hausmeister-
Service GmbH, Christoph Rosenmueller will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:10 a.m. on Nov. 26.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on March 3, 2008 at the same
venue.

Creditors have until Jan. 7, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Moeller Hausmeister-Service GmbH on Oct. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moeller Hausmeister-Service GmbH
         Kinzigstr. 40
         10247 Berlin
         Germany


PAJONK AUTOPFLEGE: Claims Registration Period Ends November 26
--------------------------------------------------------------
Creditors of Pajonk Autopflege GmbH have until Nov. 26 to
register their claims with court-appointed insolvency manager
Dr. Jens M. Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Pajonk Autopflege GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Pajonk Autopflege GmbH
         Thalanderlstr. 4
         80219 Muenchen
         Germany

         Attn: Jochen Doose
         Karlsruher Str. 107
         45478 Muelheim
         Germany


PRO REGIO: Claims Registration Ends December 18
-----------------------------------------------
Creditors of pro Regio gGmbH have until Dec. 18 to register
their claims with court-appointed insolvency manager Herbert
Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Strasse 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against pro Regio gGmbH on Oct. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         pro Regio gGmbH
         Attn: Andrea Jager, Manager
         Schlossstr. 2
         06548 Rottleberode
         Germany


SCHOEN BROT: Claims Registration Period Ends Nov. 27
----------------------------------------------------
Creditors of Schoen Brot GmbH have until Nov. 27 to register
their claims with court-appointed insolvency manager Henning
Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden
         Germany
         Website: www.hww-kanzlei.de

The District Court of Dresden opened bankruptcy proceedings
against Schoen Brot GmbH on Oct. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schoen Brot GmbH
         Borsbergstr. 19 b
         01309 Dresden
         Germany


SELFREI IMPEX: Claims Registration Period Ends Nov. 16
------------------------------------------------------
Creditors of Selfrei Impex GmbH have until Nov. 16 to register
their claims with court-appointed insolvency manager Kerstin
Becker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 on Dec. 11, 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 Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany

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

The insolvency manager can be reached at:

         Kerstin Becker
         Zeilweg 42
         60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Selfrei Impex GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Selfrei Impex GmbH
         Wurzelstrasse 2
         60327 Frankfurt am Main
         Germany

         Attn: Ananda Selvam, Manager
         Ginnheimer Landstrasse 82
         60487 Frankfurt am Main
         Germany


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


RTH KFT: Enters Into Liquidation Procedure
------------------------------------------
The owners of RTH Kft and Rynart Transport Hungary Kft have
resolved to send the two companies into liquidation after
failing to secure additional financing, Hungary A.M. reports,
citing New World Publishing as its source.

The Pest County Court has appointed Reorg Kft as liquidator for
RTH.  The court also appointed Matraholding Zrt as liquidator
for Rynart Transport.

Rynart's largest clients, however, did not terminate their
contracts.

According to Hungary A.M., citing economic weekly HVG, a EUR25
million loan from Benelux Bencis Rynart Investments yielded a
break-even result of HUF94 million for Rynart Transport Hungary
in 2006, compared with a loss of HUF1.1 billion in 2005.

In September 2007, the companies' Dutch parent Rynart Transport
B.V. entered into bankruptcy procedure, Hungary A.M. relates.

RTH Kft is an asset management company and owns 300 vehicles
used by Rynart.

Rynart Transport Hungary Kft is a logistics/cargo transport
company.


RYNART TRANSPORT: Enters Into Liquidation Procedure
---------------------------------------------------
The owners of Rynart Transport Hungary Kft and RTH Kft have
resolved to send the two companies into liquidation after
failing to secure additional financing, Hungary A.M. reports,
citing New World Publishing as its source.

The Pest County Court has appointed Matraholding Zrt as
liquidator for Rynart Transport.  The court also appointed Reorg
Kft as liquidator for RTH.

Rynart's largest clients, however, did not terminate their
contracts.

According to Hungary A.M., citing economic weekly HVG, a EUR25
million loan from Benelux Bencis Rynart Investments yielded a
break-even result of HUF94 million for Rynart Transport Hungary
in 2006, compared with a loss of HUF1.1 billion in 2005.

In September 2007, the companies' Dutch parent Rynart Transport
B.V. entered into bankruptcy procedure, Hungary A.M. relates.

Rynart Transport Hungary Kft is a logistics/cargo transport
company.

RTH Kft is an asset management company and owns 300 vehicles
used by Rynart.


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


GAP INC: October Net Sales Down 1% at US$1.23 Billion
-----------------------------------------------------
Gap Inc. reported net sales of US$1.23 billion for the four-week
period ended Nov. 3, 2007, which represents a 1% decrease
compared with net sales of US$1.24 billion for the four-week
period ended Oct. 28, 2006.  Due to the 53rd week in fiscal year
2006, October 2007 comparable store sales are compared to the
four-week period ended Nov. 4, 2006.  On this basis, the
company's comparable store sales for October 2007 decreased 8%
compared with a 7% decrease in October 2006.

Comparable store sales by division for October 2007 were:

   * Gap North America: negative 7% versus negative 4% last
     year;

   * Banana Republic North America: negative 2% versus positive
     2% last year;

   * Old Navy North America: negative 11% versus negative 11%
     last year; and

   * International: negative 6% versus negative 8% last year.

"While comparable store sales were down in October, merchandise
margins were significantly above last year," Sabrina Simmons,
executive vice president of Gap Inc. finance, said.  "The
results reflect our stated strategy of managing inventory
tightly to support margin improvements."

            Third Quarter Sales and Earnings Guidance

For the thirteen weeks ended Nov. 3, 2007, total company net
sales were US$3.85 billion, which is flat as compared to net
sales of US$3.85 billion for the thirteen weeks ended Oct. 28,
2006.  Due to the 53rd week in fiscal year 2006, third quarter
comparable store sales are compared to the thirteen weeks ended
Nov. 4, 2006.  On this basis, the company's third quarter
comparable store sales decreased 5% compared with a decrease of
5% in the third quarter of the prior year.

Comparable store sales by division for the third quarter were:

   * Gap North America: negative 6% versus negative 7% last
     year;

   * Banana Republic North America: positive 1% versus positive
     3% last year;

   * Old Navy North America: negative 8% versus negative 7%
     last year; and

   * International: negative 4% versus negative 6% last year.

For the third quarter of fiscal year 2007, Gap Inc. expects
diluted earnings per share to be US$0.28 to US$0.30, as the
company continues to make progress on its strategies of driving
earnings with healthy margins and controlling expenses.  Third
quarter earnings are benefiting from the absence of last year's
incremental marketing expense.  The expected third quarter
earnings per share also includes about US$0.01 of benefit
relating to a reduction of interest accruals resulting from tax
audits and other tax resolutions completed during the quarter.

The company reiterated that it expects the year-over-year
percent change in inventory per square foot to be down in the
mid-single digits at the end of the third quarter.

                         November Sales

The company will report November sales on Dec. 6, 2007.

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                            *   *   *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


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


BERICA 6: S&P Affirms BB Ratings on D Notes After Review
--------------------------------------------------------
Standard & Poor's Ratings Services said following a review, it
has affirmed its ratings on the notes issued by Berica 6
Residential MBS S.r.l.

Berica 6 Residential MBS S.r.l. is a multi-originator mortgage
transaction backed by a mortgage loan pool secured over
residential properties in Italy.  The originators are Banca
Popolare di Vicenza S.c.p.A, Cariprato - Cassa di Risparmio di
Prato S.p.A., and Banca Nuova S.p.A., all belonging to the Banca
Popolare di Vicenza Group.

Berica 6 closed in February 2006 with an issuance of EUR1.428
billion mortgage-backed floating-rate notes, and an over-
issuance of EUR8.565 million mortgage-backed deferrable-interest
class D notes.

On the most recent interest payment date, Berica 6 drew under
the cash reserve for a third consecutive time.  The cash reserve
is now EUR15.6 million, 16% lower than its target amount of
EUR18.5 million.  The drawings were all made to cover defaulted
and delinquent loans.  Berica 6 features a structural mechanism
that traps excess spread to cover 100% of the balance of
defaulted mortgages, and 15% of the balance of delinquent loans.
As a result of excess spread trapping and the drawings under the
cash reserve, the balance of the notes is now approximately
EUR14 million lower than the collateral balance.

Mortgage loans in Berica 6 are defined as being defaulted if
they are 12 months in arrears.  The definition of delinquencies
is five missed installments for loans paying monthly, and one
missed installment for semi-annual loans.

On the first two IPDs, the transaction had topped up its cash
reserve to the target amount (EUR18.5 million) by trapping
excess spread of EUR7.1 million.  Excess spread in the
transaction, defined as interest income available after the
payment of senior fees and interest on the rated notes, has
averaged 80 bps since closing.

At the latest IPD, the cumulative gross defaults for Berica 6
were 77 bps, marginally higher than the other Berica
transactions, and about 40-50 bps higher than other Italian RMBS
transactions with similar seasoning.   Delinquencies for Berica
6 are higher than average. 30-90 day delinquencies have now
stabilized in the 2%-2.5% range, and the progression of 90+ day
delinquencies is in line with transactions with similar
collateral characteristics.

The pool factor is currently 86.8%.  The weighted-average LTV
ratio of the pool has decreased to 64.5% from 69.0% at closing.
In terms of geographical distribution the pool is line with the
closing figures.  The average seasoning is now 39 months, and
the portfolio is granular.

Class D note interest is paid only after the replenishment of
the cash reserve.  As a result of the top-up of the cash reserve
on the first IPD and the repeated reserve fund drawings, timely
interest on these classes has been paid on only three of the
seven IPDs.

S&P's analysis shows that, despite the cash reserve reduction,
the ratings on the notes can be affirmed.  The current portfolio
characteristics, the performance recorded so far, and the
conservative structural mechanisms in place have all been taken
into account in our analysis.

                       Ratings List

Berica 6 Residential MBS S.r.l.
   EUR1.428 Billion Mortgage-Backed Floating-Rate Notes (Plus An
   Over-Issuance Of EUR8.565 Million Mortgage-Backed Deferrable-
   Interest Class D Notes)

                Class                 Rating
                -----                 ------
                 A2                    AAA
                 B                     A+
                 C                     BBB+
                 D                     BB


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


AKBULAK OJSC: Proof of Claim Deadline Slated for December 12
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared OJSC Akbulak insolvent on Aug. 28.

Creditors have until Dec. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Radjibayev Str. 114
         Uigursky district Chundja
         Almaty
         Kazakhstan
         Tel: 8 (278) 2-11-89


EXPERT-INVEST PRO: Creditors Must File Claims December 14
---------------------------------------------------------
LLP Expert-Invest Pro has declared insolvency.  Creditors have
until Dec. 14 to submit written proofs of claims to:

         LLP Expert-Invest Pro
         Aimanov Str. 66-25
         Astana
         Kazakhstan


KALA KURYLYS: Claims Filing Period Ends December 12
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Kala Kurylys insolvent on Aug. 24.

Creditors have until Dec. 12 to submit written proofs of claims
to:

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


KAZAKHSTANSKY INSTITUTE: Creditors' Claims Due on December 14
-------------------------------------------------------------
CJSC Kazakhstansky Institute of Technologies has declared
insolvency.  Creditors have until Dec. 14 to submit written
proofs of claims to:

         CJSC Kazakhstansky
         Institute of Technologies
         Furmanov Str. 242-402
         Almaty
         Kazakhstan


KAZTRANSITTRANS LLP: Claims Registration Ends December 14
---------------------------------------------------------
LLP Kaztransittrans has declared insolvency.  Creditors have
until Dec. 14 to submit written proofs of claims to:

         LLP Kaztransittrans
         Pavlodarskaya Str. 84
         Almaty
         Kazakhstan


STROYTECHCOMPANY LLP: Creditors Must File Claims December 14
------------------------------------------------------------
LLP Stroytechcompany (RNN 302000255977) has declared insolvency.
Creditors have until Dec. 14 to submit written proofs of claims
to:

         LLP Stroytechcompany
         Micro District 19, 42-9
         Karaganda
         Kazakhstan


WINE PRODUCT: Claims Filing Period Ends December 12
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Wine Product insolvent on Sept. 9.

Creditors have until Dec. 12 to submit written proofs of claims
to:

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


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


AIS COMPLETE: Creditors Must File Claims by December 19
-------------------------------------------------------
LLC AIS Complete has declared insolvency.  Creditors have until
Dec. 19 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 97-71-79.


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


EVRAZ GROUP: Hikes Refinancing Loan Size to US$3.2 Billion
----------------------------------------------------------
Evraz Group S.A. has increased the size of its syndicated loan
from US$2.2 billion to US$3.2 billion, The Scotsman reports.

As reported in the TCR-Europe on Nov. 5, 2007, Evraz sought a
US$2.2 billion syndicated loan to refinance a US$1.8 billion
bridge facility due 2008.

The company has tapped ABN AMRO to form a group of mandated lead
arrangers for the loan.

                          About Evraz

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

                         *     *     *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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


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


KONINKLIJKE AHOLD: Reacquires Shares for EUR76.30 Million
---------------------------------------------------------
Koninklijke Ahold N.V. has repurchased 7,724,135 of its own
common shares in the period from Nov. 5, 2007, up to and
including Nov. 9, 2007.

Shares were repurchased at an average price of EUR9.8782 per
share for a total amount of EUR76.30 million.  These repurchases
were made as part of the EUR1 billion share buyback program
announced on Aug. 30, 2007.

The total number of shares repurchased under this program to
date is 88,082,190 common shares for a total consideration of
EUR917.7 million.

                          About Ahold

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

                         *     *     *

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

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

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


X5 RETAIL: Gennady Frolov Quits as Corp Relations Chief
-------------------------------------------------------
X5 Retail Group N.V. disclosed that Gennady Frolov, Head of
Corporate Communications, is leaving the company on Nov. 15 for
personal reasons.

"Being responsible for public and investor relations of X5,
Mr. Gennady has made an important contribution to setting up the
Group's corporate communications, consolidating its business
reputation and strengthening the investor community's confidence
in X5, both in Russia and internationally," Lev Khasis, X5 CEO,
said.  "We respect Gennady's decision, we wish him all the best
for the future and are sure he has many further professional
achievements ahead of him."

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/--operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                         *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


===========
N O R W A Y
===========


GEOKINETICS INC: Completes US$25MM Lease Facility with CIT Group
----------------------------------------------------------------
Geokinetics Inc. closed a new US$25 million capital lease
facility with CIT Group/Equipment Financing Inc.  This facility
adds US$25 million of additional capacity to the company's
existing capital lease with CIT that closed on July 25, 2006,
for an original amount of US$6 million.

"I am happy to report the expansion of our relationship with
CIT," Richard Miles, president and CEO of Geokinetics, said.
"This facility will serve as a major cornerstone for the future
growth of Geokinetics."

"We have experienced record levels of backlog and that, along
with ever-increasing demand from our customers to deliver world-
class data in some of the world's toughest environments, has
fueled our significant capital investment program for this
year," Mr. Miles added.  "This facility will help us to finance
our equipment on a long-term basis and support our growth plans
going forward."

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Moody's Investors Service has withdrawn all the
ratings for Geokinetics Inc. following the company's redemption
of all of its rated bonds with the proceeds of an equity
offering.  Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.


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


ALAPAEVSKIJ CJSC: Creditors Must File Claims by Jan. 3, 2008
------------------------------------------------------------
Creditors of CJSC Trading House Lopatny Plant Alapaevskij have
until Jan. 3, 2008, to submit proofs of claim to:

         T. G. Belousova
         Competitive proceedings manager
         Office 328
         Belinskogo Str. 34
         620075 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 11.  The case is docketed under Case No. ?60-7245/
07-?11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         CJSC Trading House Lopatny Plant Alapaevskij
         Papanina Str. 18/?-63
         Ekaterinburg
         Russia


ASTRAHAN'OILCHEMIPROM OJSC: Creditors Must File Claims by Nov. 3
----------------------------------------------------------------
Creditors of OJSC Astrahan'OilChemiProm have until Nov. 3 to
submit their proofs of claim to:

         A. A. Pshenkov
         Interim manager
         Pr. Lenina 79-102
         400078 Volgograd
         Russia

The Arbitration Court of Astrahan' commenced bankruptcy
supervision procedure on the company on Oct. 19.  The case is
docketed under Case No. ?06-4700/2007-11.

The debtor can be reached at:

         OJSC Astrahan'OilChemiProm
         Leshoznaya Str. 13
         Harabali
         Astrahan'
         Russia


SOYUZ BANK: S&P Upgrades Rating to B on Parental Support
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counterparty credit ratings on Russian Bank Soyuz to 'B/B'
from 'B-/C'.  The outlook is positive.  At the same time, the
Russia national scale rating was raised to 'ruA' from 'ruBBB+'.

"The upgrade reflects the support already demonstrated--and
which we expect to continue--from the bank's unrated ultimate
owner, Basic Element," said Standard & Poor's credit analyst
Eugene Tarzimanov.

Although S&P does not consider Soyuz to be a strategic Basic
Element subsidiary, the bank has benefited from its ownership
structure through capital injections, funding, and business
flows.  The long-term rating on Soyuz is now one notch above its
stand-alone creditworthiness to reflect this ongoing and
expected support.

The ratings on the bank are constrained by Soyuz's high exposure
to the volatile Russian securities market; high, although
improving, single-party concentrations in assets and
liabilities; and weak recurrent profitability.

Positive rating factors are the bank's improving credit profile
through a more diversified funding base and loan portfolio, and
its improved capitalization.

"We expect Soyuz to improve its stand-alone profile by expanding
and diversifying its business activities in line with its
strategy, and by reducing its market risk exposure over time,"
said Mr. Tarzimanov.

The ratings on Soyuz could be raised if the bank materially
decreases its market risk appetite, improves its recurrent
profitability, and further diversifies its funding and lending.
A material capital increase would also be a positive rating
factor.

A negative rating action might follow if capitalization comes
under severe pressure, asset quality deteriorates to a material
extent, or if its ties to Basic Element weaken.


EVRAZ GROUP: Hikes Refinancing Loan Size to US$3.2 Billion
----------------------------------------------------------
Evraz Group S.A. has increased the size of its syndicated loan
from US$2.2 billion to US$3.2 billion, The Scotsman reports.

As reported in the TCR-Europe on Nov. 5, 2007, Evraz sought a
US$2.2 billion syndicated loan to refinance a US$1.8 billion
bridge facility due 2008.

The company has tapped ABN AMRO to form a group of mandated lead
arrangers for the loan.

                          About Evraz

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

                         *     *     *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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


GAZPROM NEFT: Earns RUR19.33 Billion for Third Quarter 2007
-----------------------------------------------------------
OAO Gazprom Neft released it financial results for the July-
September 2007 period, prepared according to Russian Accounting
Standards.

Gazprom Neft posted a 9.4% year-on-year hike in net profit to
RUR19.33 billion, RIA Novosti reports.  The company attributed
the increase to a rise in oil and petrochemicals sales and
higher oil exports.

The company also posted RUR54.94 billion in unconsolidated net
profit for the first nine months of 2007.

                       About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in theOmsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.  Gazprom Neft
is one of Russia's largest oil companies handling downstream and
upstream operations.  It was known as Sibneft before April 2007.

                         *     *     *

As of Aug. 24, 2007, Gazprom Neft carries a Ba1 Corporate Family
and Ba2 Senior Unsecured Debt ratings from Moody's.  Moody's
said the outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit
and Local Issuer Credit ratings from Standard & Poor's.  S&P
said the outlook is positive.


INDUSTRIAL OIL: Creditors Must File Claims by Dec. 3
----------------------------------------------------
Creditors of CJSC Industrial Oil Company have until Dec. 3 to
submit their proofs of claim to:

         A. N. Chikrizov
         Competitive proceedings manager
         P.O. Box 3167
         460001 Orenburg
         Russia

The Arbitration Court of Samara commenced competitive
proceedings against the company after finding it insolvent on
June 19.  The case is docketed under Case No. ?55-6650/
2007-38.

The Debtor can be reached at:

         CJSC Industrial Oil Company
         Gagarina Str. 12-87
         443079 Samara
         Russia


IRBITSKIJ LLC: Asset Sale Slated for Dec. 3
-------------------------------------------
V. A. Legalov, the competitive proceedings manager of Motorcycle
Plant Irbitskij LLC, will set a repeated auction for the
company's properties at 3:00 p.m. on Dec. 3 at:

         V. A. Legalov
         competitive proceedings manager
         Office 209
         Starykh Bolshevikov 2?/2
         Ekaterinburg
         Russia

Interested participants have until Nov. 28 to submit their
bidding documents.

Information related to the auction can be obtained at:

         V. A. Legalov
         Competitive proceedings manager
         Office 209
         Starykh Bolshevikov 2?/2
         Ekaterinburg
         Russia
         Tel: (343) 217-98-19


NOVOUZENSKAYA OJSC: Asset Sale Slated for Dec. 5
------------------------------------------------
Auction-Consulting Center LLC, acting on behalf of the
competitive proceedings manager of OJSC Poultry Plant
Novouzenskaya, will open a public auction for the company's
properties at 11:00 a.m. on Dec. 5 at:

         Auction-Consulting Center LLC
         Office 409
         Chernyshevskogo Str. 100
         Saratov
         Russia

The company has set a RUR1,144,980 starting price for the
auctioned assets.  Deposit required is 19% of the starting
price.

Interested participants have until 4:00 p.m. on Nov. 30 to
submit their bidding documents to:

         Auction-Consulting Center LLC
         Office 409
         Chernyshevskogo Str. 100
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Poultry Plant Novouzenskaya
         Novouzensk
         Novouzenskij Raion
         Saratov
         Russia


PEPP USE: Moscow Bankruptcy Hearing Slated for Feb. 1, 2008
-----------------------------------------------------------
The Arbitration Court of Moscow will convene on Feb. 1, 2008, to
hear the bankruptcy supervision procedure on PEPP USE.

The interim manager is:

         Yu F. Zmievts
         Office 13
         Sadovnicheskaya Str. 21
         115035 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         PEPP USE
         Entuziastov Shosse 6
         Balashiha
         Moscow
         Russia


ROSNEFT OIL: Unit Commences East-Chumakovskoe Oil Field Ops
-----------------------------------------------------------
OAO RN-Krasnodarneftegaz, a unit of OAO Rosneft Oil Co., has
commenced operations at its new East-Chumakovskoe oil field,
Analytical Information Agency reports.

RN-Krasnodarneftegaz, through OAO RN-Drilling, started drilling
the first chink in the oil field in spring 2007, AKM relates.
The company completed a test of a chink in October.

According to the results of the test, the oil field may yield
between 120 tons and 200 tons of oil daily, AKM adds.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines, and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                            *   *   *

OAO Rosneft Oil Co. carries a BB+ long-term corporate credit
rating from Standard & Poor's Ratings Services.  S&P said the
outlook is positive.


SAMARSKIJ CJSC: Creditors Must File Claims by Jan. 3, 2008
----------------------------------------------------------
Creditors of CJSC Reinforced Concrete Framing Plant Samarskij
have until Jan. 3, 2008, to submit their proofs of claim at:

         CJSC Reinforced Concrete Framing Plant Samarskij
         Kirova Pr. 2
         443002 Samara
         Russia

The Arbitration Court of Samara commenced competitive
proceedings against the company after finding it insolvent on
Sept. 12.  The Court appointed V. V. Platonov as competitive
proceedings manager.  The case is docketed under Case No. ?74-
283/2007.

The Debtor can be reached at:

         CJSC Reinforced Concrete Framing Plant Samarskij
         Kirova Pr. 2
         443002 Samara
         Russia


SEVERSTAL OAO: To Acquire Celtic Resources for GBP173 Million
-------------------------------------------------------------
CJSC Severstal Resurs, mining division of OAO Severstal, has
reached agreement on the terms of a recommended acquisition,
through its affiliate Centroferve Limited, of the entire issued
and to be issued share capital of Celtic Resources Holdings plc.

Severstal, through Centroferve, has agreed to increase its offer
to 280 pence per share in cash, effective immediately, and to
290 pence per share in cash, in the event that Centroferve
receives acceptances to its offer equivalent to 80% of Celtic's
issued share capital.

This would entitle Severstal Resurs to proceed with a compulsory
acquisition of any remaining shares outstanding in accordance
with the Irish Takeover Rules.

At a price of 290 pence per share, the terms of the transaction
represent:

   -- a premium of approximately 43% to the closing price of
      shares on Sept. 17, 2007, the day prior to an announcement
      by Celtic that it had received an approach from Severstal
      Resurs;

   -- a premium of approximately 52% to the one month volume
      weighted average share price for the period to
      Sept. 17, 2007; and

   -- a premium of approximately 54% to the three month volume
      weighted average share price for the period to
      Sept. 17, 2007.

The board of Celtic unanimously recommends this offer to its
shareholders.  Celtic's directors have indicated that they
intend to accept the Offer with respect to their own 9.0% stake
in Celtic.

Severstal has already received an irrevocable undertaking from
Bluecone Limited to accept its offer with respect to its 29.7%
stake in Celtic, as well as a letter of intent from Barrick Gold
Corporation to accept the offer with respect to its 6.6% stake
in Celtic.  As a result, Centroferve has received support from
shareholders representing 45.3% of Celtic's shares to accept its
offer.

"Severstal is delighted to have reached agreement with the Board
of Celtic," Roman Deniskin, CEO of Severstal Resurs, said.  "We
welcome Celtic's recommendation that shareholders should now
accept our generous cash offer."

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investor's Service upgraded the Corporate Family Rating for OAO
Severstal from Ba3 to Ba2.

Moody's also upgraded rating for the Loan Participation Notes
totaling US$700 million from B1 to Ba2.  The outlook on all
ratings is stable.

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As of Feb. 1, 2007, Severstal carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's with a stable outlook.


SISTEMA-HALS: Names Roland Rollov as VP for Civil Engineering
-------------------------------------------------------------
JSC Sistema-Hals appointed Roland Rollov as vice president for
civil engineering on Nov. 12, 2007.

Mr. Rollov serves as chairman of the board of Topfloor-Invest
Bauholding, a German-Russian construction company from 2005 to
2007.

"Sistema-Hals is currently in the process of actively
implementing its construction program announced to investors at
the time of the IPO and roadshows.  Roland's long-standing and
extensive experience of managing major construction projects
both in Russia and abroad strengthens Sistema-Hals' management
team and will be central to the quick and efficient completion
of our construction projects," Felix Evtushenkov, Sistema-Hals
president commented.

Headquartered in Moscow, Russia, Sistema-Hals JSC --
http://www.sistema.com/-- is a 71.1% subsidiary of Sistema
JSFC.  It is one of the leading property developers in Moscow
and the Moscow region, with operations in the six regions in
Russia, as well as Yalta and Kyiv in the Ukraine.  In addition
to its real estate development business activities, the company
is involved in a number of large-scale governmental
infrastructural projects in the capacity of project manager.
During fiscal year of 2006, Sistema-Hals reported revenue of
US$282.9 million and EBITDA of US$94.9 million.

                           *    *    *

As reported in the TCR-Europe on July 5, 2007, Moody's Investors
Service assigned a B1 foreign currency corporate family rating
to Sistema-Hals, a real estate development company based in
Moscow.  The outlook on the rating is stable.

Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer
Default Rating 'B+', Short- term IDR 'B' and National Long-term
rating 'A-(rus)'.  The Outlooks for the Long-term IDR and
National Long-term rating are Stable.


SISTEMA-HALS: Obtains US$200 Million Loan from VTB
--------------------------------------------------
JSC Sistema-Hals obtained a US$200 million credit from VTB Bank
on Nov. 13, 2007.

VTB will provide the financing for a period of five years.
These credit resources will be used to finance the company's
current investment program.

Headquartered in Moscow, Russia, Sistema-Hals JSC --
http://www.sistema.com/-- is a 71.1% subsidiary of Sistema
JSFC.  It is one of the leading property developers in Moscow
and the Moscow region, with operations in the six regions in
Russia, as well as Yalta and Kyiv in the Ukraine.  In addition
to its real estate development business activities, the company
is involved in a number of large-scale governmental
infrastructural projects in the capacity of project manager.
During fiscal year of 2006, Sistema-Hals reported revenue of
US$282.9 million and EBITDA of US$94.9 million.

                           *    *    *

As reported in the TCR-Europe on July 5, 2007, Moody's Investors
Service assigned a B1 foreign currency corporate family rating
to Sistema-Hals, a real estate development company based in
Moscow.  The outlook on the rating is stable.

Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer
Default Rating 'B+', Short- term IDR 'B' and National Long-term
rating 'A-(rus)'.  The Outlooks for the Long-term IDR and
National Long-term rating are Stable.


TULACOAL OJSC: Creditors Must File Claims by Dec. 3
---------------------------------------------------
Creditors of OJSC TulaCoal have until Dec. 3 to submit their
proofs of claim to:

         A. A. Baskakov
         Competitive proceedings manager
         P.O. Box 337
         300002 Tula-2
         Russia

The Arbitration Court of Tula region commenced competitive
proceedings on the company on Oct. 10.

The Court is located at:

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

The Debtor can be reached at:

         OJSC TulaCoal
         9th May Str. 1
         Tula
         Russia


VERHOVSKIJ CONCENTRATED: Asset Sale Slated for Dec. 4
-----------------------------------------------------
The competitive proceedings manager of OJSC Verhovskij
Concentrated Milk Integrated Plant, will open a public auction
for the company's properties at 11:00 a.m. on Dec. 4 at:

         OJSC Verhovskij Concentrated Milk Integrated Plant
         Lenina Str. 1
         Verhovye Settlement
         303720 Orel
         Russia

The starting prices for the auctioned assets are:

   -- Lot 1: RUR2,467,414;
   -- Lot 2: RUR1,002,349.09

Interested participants have until Dec. 3 to submit their
bidding documents and to deposit an amount equivalent to 20% of
the starting price.

Information related to the auction can be obtained at:

         OJSC Verhovskij Concentrated Milk Integrated Plant
         Lenina Str. 1
         Verhovye Settlement
         303720 Orel
         Russia


X5 RETAIL: Gennady Frolov Quits as Corp Relations Chief
-------------------------------------------------------
X5 Retail Group N.V. disclosed that Gennady Frolov, Head of
Corporate Communications, is leaving the company on Nov. 15 for
personal reasons.

"Being responsible for public and investor relations of X5,
Mr. Gennady has made an important contribution to setting up the
Group's corporate communications, consolidating its business
reputation and strengthening the investor community's confidence
in X5, both in Russia and internationally," Lev Khasis, X5 CEO,
said.  "We respect Gennady's decision, we wish him all the best
for the future and are sure he has many further professional
achievements ahead of him."

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                         *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


YUKOS OIL: Exits Bankruptcy Process Per Russian Court Ruling
------------------------------------------------------------
The Moscow Arbitration Court has entered an order closing the
liquidation proceedings of OAO Yukos Oil Co., 15 months after it
was declared bankrupt on Aug. 1, 2006, published reports say.

A series of bankruptcy auctions for Yukos' assets, which began
in March 2007, has raised RUR877.06 billion (US$35.6 billion)
this year, about US$3 billion less than the company's total
liabilities, including taxes, debts and fines, the TCR-Europe
related last week citing a report by Bloomberg News.

According to RIA Novosti, the company has paid off more than
RUR710 billion (US$28.4 billion) to its creditors using proceeds
from the sale, and defaulted on claims worth RUR76 billion (US$3
billion).

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

                        About Yukos Oil

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

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

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

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

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

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


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


VALENCIA HIPOTECARIO 2: Fitch Junks Class D Notes After Review
--------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 10 tranches of the
Valencia Hipotecario series, following a satisfactory
performance review.  The affirmations reflect the sustained
steady performance of the Valencia Hipotecario series during
2007.  Some outlooks have been revised following some changes to
ratings, mostly reflecting future expected growth in credit
enhancement.

Valencia Hipotecario transactions are backed by loans originated
by Banco de Valencia.  The pool of loans backing the notes is
largely concentrated in the Valencia region.  Their portfolios'
weighted average LTV is one of the lowest among securitized
Spanish residential mortgage loan portfolios.  The Valencia
transactions' arrears are also below the Fitch Spanish three-
month-plus arrears index.

Class D notes in Valencia Hipotecario 2 and 3 were issued to
finance the reserve fund.  These notes are subject to the same
amortisation conditions of the reserve fund.  Each reserve fund
is subject to a floor of 0.53% and 0.58% of the initial note
balance for Valencia Hipotecario 2 and Valencia Hipotecario 3,
respectively.

The rating actions are:

Valencia Hipotecario 1, Fondo de Titulizacion de Activos

   -- Class A (ISIN ES0382744003): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0382744011): upgraded to 'AA-' from 'A+':
      Outlook revised to Stable from Positive

   -- Class C (ISIN ES0382744029): affirmed at 'BBB+'; Outlook
      Positive

Valencia Hipotecario 2, Fondo de Titulizacion de Activos

   -- Class A (ISIN ES0382745000): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0382745018): affirmed at 'A+'; Outlook
      revised to Positive from Stable

   -- Class C (ISIN ES0382745026): affirmed at 'BBB+'; Outlook
      Stable

   -- Class D (ISIN ES0382745034): affirmed at 'CCC-'; Outlook
      Stable

Valencia Hipotecario 3, Fondo de Titulizacion de Activos

   -- Class A2 (ISIN ES0382746016): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0382746024): affirmed at 'A+'; Outlook
      Stable

   -- Class C (ISIN ES0382746032) affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN ES0382746040): affirmed at 'CCC'; Outlook
      Stable

   -- Class A1 (ISIN ES0382746008): paid in full in September
      2007

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


VALENCIA HIPOTECARIO 3: Fitch Junks Class D Notes After Review
--------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 10 tranches of the
Valencia Hipotecario series, following a satisfactory
performance review.  The affirmations reflect the sustained
steady performance of the Valencia Hipotecario series during
2007.  Some outlooks have been revised following some changes to
ratings, mostly reflecting future expected growth in credit
enhancement.

Valencia Hipotecario transactions are backed by loans originated
by Banco de Valencia.  The pool of loans backing the notes is
largely concentrated in the Valencia region.  Their portfolios'
weighted average LTV is one of the lowest among securitized
Spanish residential mortgage loan portfolios.  The Valencia
transactions' arrears are also below the Fitch Spanish three-
month-plus arrears index.

Class D notes in Valencia Hipotecario 2 and 3 were issued to
finance the reserve fund.  These notes are subject to the same
amortisation conditions of the reserve fund.  Each reserve fund
is subject to a floor of 0.53% and 0.58% of the initial note
balance for Valencia Hipotecario 2 and Valencia Hipotecario 3,
respectively.

The rating actions are:

Valencia Hipotecario 1, Fondo de Titulizacion de Activos

   -- Class A (ISIN ES0382744003): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0382744011): upgraded to 'AA-' from 'A+':
      Outlook revised to Stable from Positive

   -- Class C (ISIN ES0382744029) : affirmed at 'BBB+'; Outlook
      Positive

Valencia Hipotecario 2, Fondo de Titulizacion de Activos

   -- Class A (ISIN ES0382745000): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0382745018): affirmed at 'A+'; Outlook
      revised to Positive from Stable

   -- Class C (ISIN ES0382745026): affirmed at 'BBB+'; Outlook
      Stable

   -- Class D (ISIN ES0382745034): affirmed at 'CCC-'; Outlook
      Stable

Valencia Hipotecario 3, Fondo de Titulizacion de Activos

   -- Class A2 (ISIN ES0382746016): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0382746024): affirmed at 'A+'; Outlook
      Stable

   -- Class C (ISIN ES0382746032) affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN ES0382746040): affirmed at 'CCC'; Outlook
      Stable

   -- Class A1 (ISIN ES0382746008): paid in full in September
      2007

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


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


AAA AVANT-TIME: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC AAA Avant-Time on Oct. 9.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC AAA Avant-Time
         Meienweg 2
         4800
         Switzerland


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

         Jurg Finsterwald
         Liquidator
         Schulstrasse 36
         8952 Schlieren
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Agrologic
         Dietikon ZH
         Switzerland


BROCKENSTUBE TABOUBI: Creditors Must File Claims by November 30
---------------------------------------------------------------
Creditors of LLC Brockenstube Taboubi have until Nov. 30 to
submit their claims to:

         LLC Brockenstube Taboubi
         Attn: Samir Taboubi
         Morgartenring 126
         4054 Basel
         Switzerland

The Debtor can be reached at:

         LLC Brockenstube Taboubi
         Basel
         Switzerland


COM-TEL COSYFLOR: Thurgau Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Thurgau entered Oct. 2 an order
closing the bankruptcy proceedings of LLC COM-TEL Cosyflor.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC COM-TEL Cosyflor
         Hauptstr. 21
         8572 Berg
         Weinfelden TG
         Switzerland


FELDI'S HANDELS: Creditors' Liquidation Claims Due by Nov.21
------------------------------------------------------------
Creditors of LLC Feldi's Handels- und Informatikschule have
until Nov. 21 to submit their claims to:

         Johann Feldkircher
         Liquidator
         Stimmerstrasse 19
         8200 Schaffhausen
         Switzerland

The Debtor can be reached at:

         LLC Feldi's Handels- und Informatikschule
         Schaffhausen
         Switzerland


IMAG TRANSPORT: Creditors' Liquidation Claims Due by December 31
----------------------------------------------------------------
Creditors of LLC IMAG Transport have until Dec. 31 to submit
their claims to:

         Roland Imhof
         Liquidator
         Laufenstrasse 20
         4246 Wahlen
         Laufen BL
         Switzerland

The Debtor can be reached at:

         LLC IMAG Transport
         Wahlen
         Laufen BL
         Switzerland


LILAC JSC: Lucerne Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Lucerne entered Oct. 1 an order
closing the bankruptcy proceedings of JSC Lilac.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6010 Kriens LU
         Switzerland

The Debtor can be reached at:

         JSC Lilac
         Riedmattstrasse 10
         6030 Ebikon LU
         Switzerland


SWISS DIGITAL: Creditors' Liquidation Claims Due by November 30
---------------------------------------------------------------
Creditors of LLC Feldi's Handels- und Informatikschule have
until Nov. 30 to submit their claims to:

         Trustee Werner Bruhlmann
         Liquidator
         Neugasse 40
         9000 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Swiss Digital Publishing
         Meilen ZH
         Switzerland


VON AESCH: Creditors' Liquidation Claims Due by November 16
-----------------------------------------------------------
Creditors of JSC von Aesch Import have until Nov. 16 to submit
their claims to:

         Notary's office "Theo Meister"
         Liquidator
         Neuhaus-Strasse 21
         POB 1056
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         JSC von Aesch Import
         Biel/Bienne BE
         Switzerland


ZUM WILDEN: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Zum wilden Mann on Oct. 2.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Official Instace of Baden
         5402 Baden AG

The Debtor can be reached at:

         LLC Zum wilden Mann
         Obere Gasse 33
         5400 Baden AG
         Switzerland


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


EKOMACH LLC: Creditors Must File Claims by November 18
------------------------------------------------------
Creditors of LLC Science-Production Enterprise Ekomach (code
EDRPOU 33199855) have until Nov. 18 to submit their proofs of
claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/183-07.

The Debtor can be reached at:

         LLC Science-Production Enterprise Ekomach
         Gagain Avenue 43-A
         Kharkov
         Ukraine


FUEL CJSCAL: Creditors Must File Claims by November 18
------------------------------------------------------
Creditors of CJSCAL Fuel (code EDRPOU 32196628) have until
Nov. 18 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 29/82/05.

The Debtor can be reached at:

         CJSCAL Fuel
         Krylov Str. 19
         Sursko-Litovskoe
         52064 Dnipropetrovsk
         Ukraine


GLASS KIT: Creditors Must File Claims by November 17
----------------------------------------------------
Creditors of OJSC Glass Kit (code EDRPOU 30207606) have until
Nov. 17 to submit their proofs of claim to:

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

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/9.

The Debtor can be reached at:

         OJSC Glass Kit
         Gvardeyskaya Str. 7
         Costopol
         35000 Rivne Ukraine


KHLEBODEL LLC: Creditors Must File Claims by November 17
--------------------------------------------------------
Creditors of Agricultural LLC Khlebodel (code EDRPOU 30651694)
have until Nov. 17 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. 7/79-B.

The Debtor can be reached at:

         Agricultural LLC Khlebodel
         Lenin Str. 5
         Sadki
         Berdichev District
         13354 Zhytomir
         Ukraine


KRAMATORSK ASSEMBLY: Creditors' Claims Due November 18
------------------------------------------------------
Creditors of OJSC Kramatorsk Assembly Department (code EDRPOU
33199855) have until Nov. 18 to submit their proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on Sept. 17.  The case is docketed
under Case No. 27/196B.

The Debtor can be reached at:

         OJSC Kramatorsk Assembly Department
         Mashynostroiteley Boulevard 20
         Kramatorsk
         Donetsk
         Ukraine


POLTAVKA LLC: Creditors Must File Claims by November 17
-------------------------------------------------------
Creditors of LLC Poltavka (code EDRPOU 03749164) have until
Nov. 17 to submit their proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/196(07).

The Debtor can be reached at:

         LLC Poltavka
         Guliaypole District
         Sverdlov Str. 60
         Poltavka
         70240 Zaporozhje
         Ukraine


RIVNE ENGINEER: Creditors Must File Claims by November 18
---------------------------------------------------------
Creditors of State Enterprise Rivne Engineer Motorcar Service
have until Nov. 18 to submit their proofs of claim to:

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

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.

The Debtor can be reached at:

         State Enterprise Rivne Engineer Motorcar Service
         Kurchatov Str. 9
         33027 Rivne
         Ukraine


SUMY-FOODINDUSTRY CJSC: Creditors Must File Claims by Nov. 18
-------------------------------------------------------------
Creditors of CJSC Sumy-Foodindustry (code EDRPOU 31066905) have
until Nov. 18 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. 7/34-07.

The Debtor can be reached at:

         CJSC Sumy-Foodindustry
         Voskresenskaya Str. 8-a
         40030 Sumy
         Ukraine


TH AMRI: Creditors Must File Claims by November 17
--------------------------------------------------
Creditors of LLC TH AMRI (code EDRPOU 33884050) have until
Nov. 17 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. 23/396-b.

The Debtor can be reached at:

         LLC TH AMRI
         M. Raskovaya Str. 11
         02002 Kiev
         Ukraine


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


2971471 CO: Brings In Liquidators from Mercer & Hole
----------------------------------------------------
Steven Leslie Smith and Peter John Godfrey-Evans of Mercer &
Hole were appointed joint liquidators of 2971471 Co. Ltd.
(formerly Ophthalmic Innovations International (U.K.) Ltd.) on
Nov. 2 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mercer & Hole
         72 London Road
         St. Albans
         Herts
         AL1 1NS
         England


CHIPMUNK CITY: Names Matthew Colin Bowker Liquidator
----------------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator
of Chipmunk City Ltd. (t/a The Swan) on Nov. 2 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
-------------------------------------------------------------
United Auto Workers union employees at a Chrysler LLC testing
facility on Metropolitan Parkway in Michigan will be reassigned
following the closure of the site, under the recently ratified
labor contract between the carmaker and the union, Terry Oparka
of C&G News reports.

Mr. Oparka wrote that according to Chrysler spokesman Dave
Elshoff, the Sterling Heights Vehicle Test Center, which employs
twenty employees and is listed as an industrial warehouse, is
for sale for $7 million.

Mr. Elshoff added that other Michigan facilities designated to
be shuttered are located in Windsor, in Detroit on Mound and and
Van Dyke, and in Plymouth.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Chrysler disclosed that it would make volume-related reductions
at several of its North American assembly and powertrain plants,
and eliminate four products from its line-up.

Shifts will be eliminated at five North American assembly plants
which, combined with other volume-related manufacturing actions,
will lead to a reduction of 8,500-10,000 additional hourly jobs
through 2008.

Additional actions include reductions of salaried employment by
1,000 and supplemental (contract) employment by 37%.  The
Company also plans to eliminate hourly and salaried overtime and
reduce purchased services due to reduction in volume.

The volume-related actions are in addition to 13,000 jobs
eliminated by the three-year Recovery and Transformation Plan
announced in February.  The objectives of the RTP remain the
same.

"We have to move now to adjust the way our company looks and
acts to reflect a smaller market," Tom LaSorda, vice chairman
and president of the Chrysler Group, said.  "That means a cost
base that is right-sized and an appropriate level of plant
utilization."

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  The
outlook is negative.


DOLLAR FINANCIAL: Moody's Lifts Senior Secured Rating to B2
-----------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
and senior secured credit facilities ratings of Dollar to B2
from B3.

The rating on Dollar's senior unsecured debt is affirmed at B3,
in recognition of its structural subordination to the senior
secured facilities. The rating outlook is stable.

The upgrade reflects the fundamental strengths of the Dollar
business.  These fundamental strengths include the significant
diversification of Dollar's business activities, by product,
country (U.S., Canada, U.K.), and distribution channel; strong
market positions in its core markets (second largest store
network in the U.S., largest in Canada and the U.K.); stable
operating margins and operating cash flow; favorable growth
opportunities both domestically and internationally; and
experienced, long-tenured senior management team.

The upgrade also reflects Dollar's successful operating history
over an extended period of time, during which time Dollar has
continued to grow its business while overcoming significant
obstacles, such as the interruption of its U.S. bank-funded
model in 2005.

These strengths are balanced by a number of credit challenges
faced by the firm, including substantial leverage (with adjusted
debt/EBITDAR at approximately 6x at fiscal year end June 30,
2007, adjusted for cash from the company's US$200 million
convertible debt offering); continued risk of adverse
legislation and litigation related to consumer lending
activities, in particular the payday lending product; the
inherently higher credit risk profile of the company's core
customer base; and the challenges and complexities inherent in
operating a multi-national enterprise (at fiscal year end June
30, 2007, international operations accounted for 67% of total
assets and 72% of total revenues), in particular regarding
management resources, administrative costs, and additional
burdens typically imposed on non-domestic companies, e.g.
through local regulations, tariffs, and labor controls.

On balance, however, Moody's judges the company's fundamental
strengths to be sustainable over time and supportive of a higher
rating.

What Could Change The Rating -- Up:

Improvement in core profitability and a change in financial
policy resulting in a permanent reduction of financial leverage
in the capital structure.

What Could Change The Rating -- Down:

Weakening core profitability, material deterioration in leverage
and debt service coverage metrics, and material adverse
developments in the political/regulatory framework.

These ratings have been upgraded:

   * Dollar Financial Group, Inc.

   -- Corporate Family Rating to B2 from B3;
   -- Senior Secured Rating to B2 from B3.

   * National Money Mart Co.

   -- Senior Secured Rating to B2 from B3.

   * Dollar Financial U.K. Limited

   -- Senior Secured Rating to B2 from B3.

This rating has been affirmed:

   * Dollar Financial Group, Inc.

   -- Senior Unsecured Rating at B3.

Moody's most recent rating action for Dollar occurred on Oct. 4,
2006.

Dollar Financial Group is a wholly owned subsidiary of Dollar
Financial Corp. (ticker symbol DLLR), a leading international
financial services company serving under-banked consumers.
Dollar, based in Berwyn, PA, reported total assets of US$834
million at fiscal year end June 30, 2007.


FORD MOTOR: Defers Volvo Sale; Intends to Improve Financials
------------------------------------------------------------
Ford Motor Company has been conducting a strategic review of
Swedish unit Volvo, a Premier Automotive Group brand, and has
developed a plan.  The first priority of the plan is to improve
financial performance at Volvo.  The plan also includes:

   * enhancing Volvo's position as a global producer of premium
     vehicles;

   * establishing appropriate business arrangements between
     Volvo and Ford-brand operations to allow Volvo to operate
     on a more stand-alone basis in the absence of the PAG
     structure; and,

   * continuing to achieve synergies between Ford-brand
     operations and Volvo in areas such as product development
     and purchasing.

The Premier Automotive Group, which includes Volvo, Jaguar and
Land Rover brands, reported a pre-tax loss of US$97 million for
the third quarter, compared with a pre-tax loss of US$508
million for the same period in 2006.  The third-quarter 2007
result reflected a loss at Volvo, partially offset by a small
profit at the combined Jaguar and Land Rover operation.  The
year-over-year improvement was primarily explained by cost
reductions across all brands, including the non-recurrence of
adverse 2006 adjustments to warranty reserves.  Higher volumes
and higher net pricing were partially offset by the effect of
the continued weakening of the U.S. dollar against key European
currencies.  Third-quarter 2007 revenue was US$7.4 billion,
compared with US$6.5 billion a year ago.

"Our third quarter performance is very encouraging," Ford
President and Chief Executive Officer Alan Mulally said.  "We
can see our plan taking hold with significant improvement
continuing in our core Automotive operations.  We remain
committed to executing the four priorities of our plan --
restructuring the business to operate profitably, accelerating
the development of new products that our customers want and
value, funding our plan and improving our balance sheet, and
working even more effectively together as one Ford team,
leveraging our global assets."

As reported in the Troubled Company Reporter on July 17, 2007,
citing the Wall Street Journal, Ford was mulling over the sale
of its Volvo unit in an effort to boost U.S. operations.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter  on Nov. 7, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications, following
the agreement between Ford and the United Auto Workers of a new
labor contract.  The ratings were placed on CreditWatch on Sept.
26, 2007, based on S&P's belief that Ford would reach a deal
similar to the one General Motors Corp. reached with the UAW on
that date.  Ford's 'B-3' short-term rating was not on
CreditWatch.


FORD MOTOR: Anticipates Jaguar & Land Rover Sale Talks in 2008
--------------------------------------------------------------
Ford Motor Company continues to explore in greater detail the
potential sale of its Premier Automotive Group brands, Jaguar
and Land Rover, with interested parties and anticipates these
discussions will culminate in an agreement no later than early
next year.

As reported in the Troubled Company Reporter on June 13, 2007,
the company employed help from investment banks including
Goldman Sachs, HSBC and Morgan Stanley to explore the sale of
its Jaguar and Land Rover brands.

The partnership of private equity firm Apollo Management LP and
Indian automaker Mahindra & Mahindra Ltd. is considering the
acquisition of Ford's Jaguar and Land Rover units, the Sunday
Times said without naming sources.  John Hutton, the U.K.
secretary of state for business and enterprise will assess the
bidders' offering pitch.

The Financial Times previously reported that Terra Firma Capital
Partners Limited joined the bid for Ford's Jaguar and Land Rover
brands as Guy Hands, Terra's head, requested for Ford's sale
documents and started to accomplish due diligence for the bid.
Citing Reuters, the TCR further names the four suitors as
Ripplewood Holdings LLC, Tata Motors Limited, TPG Capital L.P.
also known as Texas Pacific Group, and One Equity Partners, but
these firms are yet to complete the due diligence.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter  on Nov. 7, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications, following
the agreement between Ford and the United Auto Workers of a new
labor contract.  The ratings were placed on CreditWatch on
Sept. 26, 2007, based on S&P's belief that Ford would reach a
deal similar to the one General Motors Corp. reached with the
UAW on that date.  Ford's 'B-3' short-term rating was not on
CreditWatch.


FORD MOTOR: Primary Stakeholder in Auto Fuel Cell Cooperation
-------------------------------------------------------------
Ford Motor Company and Daimler AG are forming a new, privately-
held company that will focus on automotive fuel cell technology
and allow the two automakers to further expand their global
leading position in fuel cell technology.  With a share of
50.1%, Daimler AG will be the majority stakeholder in the new
company, Automotive Fuel Cell Cooperation.  Ford Motor Company
will hold a 30% stake and Ballard Power Systems the remaining
stake of 19.9% in AFCC.

"We have identified the future fields of activity and key
technologies for zero-emission mobility and we are investing
specifically in expanding our competencies in these fields," Dr.
Thomas Weber, member of the Board of Management of Daimler AG
with responsibility for Group Research as well as for
Development within Mercedes-Benz Cars, said.  "Our majority
stake and partnership with Ford in Automotive Fuel Cell
Cooperation is a logical step in this direction."

"The fuel cell remains one of the most viable solutions to
develop a sustainable, zero-emissions vehicle," Dr. Gerhard
Schmidt, Ford vice president for Research and Advanced
Engineering, said.  "The creation of the Automotive Fuel Cell
Cooperation is an investment in our future.  Fuel cells are the
technology of the future and we are happy to be working with a
great partner like Daimler to advance this technology.  Through
this partnership, we will work even harder to make fuel cell
technology even more reliable and affordable for the future."

The creation of AFCC will allow Daimler and Ford to concentrate
on automotive fuel cell technology while Ballard will emphasize
their future efforts on the marketing of non-automotive fuel
cell applications.

"Automotive Fuel Cell Cooperation will orient its activities
even more intensively to the specific requirements we make on
fuel cell stacks," Prof. Dr. Herbert Kohler, Vice President with
responsibility for Advanced Vehicle and Powertrain Engineering
and Chief Environmental Officer of the Daimler Group, said.
"With the newly founded company, we strengthen our leading
position in the field of fuel cell technology and go full steam
ahead in our preparations for the series production of fuel cell
cars."

Automotive Fuel Cell Cooperation will be managed by Daimler and
Ford with their collective 80.1% stake in the new company, while
Ballard will hold the remaining stake of 19.9%.  In return,
Daimler AG and Ford will retransfer their total stake in
Ballard.  The new company will employ approximately 150 people.

                     Fuel Cells at Daimler AG

A pioneer in fuel cell technology, Daimler introduced the
world's first fuel cell vehicle in 1994.  Today, the company has
more than 100 fuel cell vehicles on the road accumulating more
than 3.7 million kilometers (2.3 million miles) in everyday
operation with customers to date.

          Fuel Cells Part of a Broader Effort at Ford

Ford currently has a fleet of 30 hydrogen-powered Focus fuel
cell vehicles on the road as part of a worldwide, seven-city
program to conduct real world testing of fuel cell technology.
The 30-car fleet has accumulated more than 965,000 kilometers
(600,000 miles) since its inception in 2005.

Ford also is conducting tests with the world's first plug-in
hybrid electric vehicle, the Ford Edge with HySeries Drive.  The
Ford Edge with HySeries Drive uses a series electric drivetrain
with an onboard hydrogen fuel cell generator to give the vehicle
a range of 225 miles with zero emissions.

Ford currently offers gasoline-electric hybrids including the
Escape Hybrid and Mercury Mariner Hybrid.  The company will
begin production of hybrid versions of the Ford Fusion and
Mercury Milan in 2008.

                        About Daimler AG

Stuttgart, Germany-based, Daimler AG -- http://www.daimler.com/
-- supplies premium passenger cars as well as the world's
largest manufacturer of commercial vehicles.  With its strong
brands and its comprehensive portfolio of automobiles from
compact cars to heavy-duty engine trucks, Daimler, with 271,486
employees, is active in nearly all countries in the world.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.


FORD MOTOR: Unit Earns US$334 Million in Third Quarter of 2007
--------------------------------------------------------------
Ford Motor Credit Company reported net income of US$334 million
in the third quarter of 2007, down US$118 million from earnings
of US$452 million a year earlier.  On a pre-tax basis from
continuing operations, Ford Motor Credit earned US$546 million
in the third quarter compared with US$730 million in the
previous year.  The decrease in earnings primarily reflected the
non-recurrence of credit loss reserve reductions, higher
depreciation expense for leased vehicles and higher borrowing
costs.

In the third quarters of 2007 and 2006, pre-tax earnings were
US$341 million and US$521 million, excluding the net gains
related to market valuation adjustments from derivatives, which
were US$205 million and US$209 million, respectively.

Ford Motor Credit expects to earn on a pre-tax basis
US$1.3 billion to US$1.4 billion this year, excluding the impact
of gains and losses related to market valuation adjustments from
derivatives, consistent with the previous estimate.

"Our sound risk management practices, high-quality portfolio,
strong liquidity and ongoing restructuring continue to produce
solid operating results," Mike Bannister, chairman and CEO,
said.  "As we effectively execute the fundamentals of the
business, we remain on track to meet our earnings outlook."

On Sept. 30, 2007, Ford Motor Credit's on-balance sheet net
receivables totaled US$141 billion, compared with US$135 billion
at year-end 2006.  Managed receivables were US$148 billion,
largely unchanged compared with Dec. 31, 2006.

On Sept. 30, 2007, managed leverage was 10.1 to 1.

                     About Ford Motor Credit

Ford Motor Credit Company LLC -- http://www.fordcredit.com/--
an indirect, wholly owned subsidiary of Ford Motor Company, is
an automotive finance company and has supported the sale of Ford
products since 1959.  It provides automotive financing for Ford,
Lincoln, Mercury, Jaguar, Land Rover, Mazda and Volvo dealers
and customers.

                    About Ford Motor Company

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.


INVENSYS PLC: Fitch Puts IDR on Watch on Sale of Division
---------------------------------------------------------
Fitch Ratings has placed U.K.-based Invensys PLC's and Invensys
International Holdings Ltd.'s Long-term Issuer Default Ratings
and related issue ratings on Rating Watch Positive following the
company's agreement to sell its process equipment and automation
solutions business APV to U.S.-based SPX Corporation (rated
'BB+'/Stable) for cash proceeds of GBP250 million, subject to
regulatory approval.  Invensys' Short-term IDR of 'B' is
affirmed.

These ratings are affected by this action:

Invensys PLC

   -- Long-Term IDR: 'BB-' on RWP
   -- Senior Unsecured Notes: 'B+' on RWP

Invensys International Holdings Ltd

   -- Long-Term IDR: 'BB-' on RWP
   -- Senior Secured Rating: 'BB+' on RWP

The RWP reflects the sale of APV, which is a low margin business
(5.5% reported EBITDA margin against around 12% for the group),
and the application of the proceeds to debt prepayment,
including an additional contribution of around GBP80 million to
the company's UK and US pension schemes.

Invensys has de-levered significantly since 2004 by way of two
successful capital increases, the negotiation of credit
facilities with more favorable terms and conditions in May 2006
and an important asset disposal strategy targeting under-
performing and cash-draining businesses.  Net debt fell to
GBP167 million at June 30, 2007, down from GBP752 million at
March 31, 2006, through the repayment of about GBP340 million of
the outstanding 9.875% high-yield bonds due 2011, 144A notes,
and second lien debt.  Adjusted net debt (excluding restricted
cash) to EBITDAR has improved to 1.5x at fiscal year ending
March 2007 from 4.4x at fiscal year ending March 2006 and 3.7x
at fiscal year ending March 2005.  Fitch expects the sale of APV
to support higher operating margins at Invensys in the future
given that APV has consistently under-performed the other
divisions.

The RWP will be resolved following completion of the disposal
plan towards the end of December 2007.  In addition, Fitch
expects to meet with the management team in due course to
discuss the strategic direction given to the business model,
including the future financial policy.  Further improvement in
underlying operating performance (particularly in the controls
division) and cash flow from operations could result in a rating
upgrade of at least one notch, possibly two depending on the
future capital structure of the group.

The 'B+' rating of the senior unsecured notes (outstanding
amount of GBP329 million) at the Invensys PLC level could be
positively affected by more than one notch if the proceeds are
applied to repay a substantial portion of the remaining senior
secured debt (rated 'BB+').

Invensys is a diversified automation and engineering group
producing and selling a variety of products including motors,
electronic drives, sensors, power transmission products and
remote monitoring systems.  It operates five main divisions:
Process Systems (31%), Controls (29% of revenues in Financial
Year 2007), Rail Systems (20%), APV (16%) and Eurotherm (4%).
The bulk of sales comes from Europe/Middle East/Africa (38%),
North America (36%) and Asia Pacific (20%).  In the year ended
March 31, 2007, APV reported sales growth of 9% to GBP421
million and operating profit before exceptional items of GBP16
million, an improvement on the prior year's nil operating
profit, achieved through restructuring to improve service
levels.


LATIMER CONTRACTING: Appoints Liquidators from Mazars
-----------------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of Latimer Contracting Ltd. on Oct. 27 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton Down
         Clifton
         Bristol
         BS8 4AN
         England


MTI TECHNOLOGY: Selects Manatt Phelps as Special SEC Counsel
------------------------------------------------------------
M.T.I. Technology Corporation asks the Honorable Erithe A. Smith
of the United States Bankruptcy Court for the District of
Delaware for authority to employ Manatt, Phelps & Philipps LLP
as its special SEC and corporate counsel, nunc pro tunc to Nov.
1, 2007.

Manatt Phelps will:

   a. analyze, advise, report and disclose required to comply
      with SEC rules and regulations and for communication with
      the SEC as necessary and appropriate; and

   b. advise, assist, negotiate and document corporate
      transaction on behalf of the Debtor.

The firm's professionals and their compensation rates are:

      Professionals            Designation     Hourly Rate
      -------------            -----------     -----------
      David M. Grinberg, Esq.    Partner          US$520
      Ivan L. Kallick, Esq.      Partner          US$590
      Jason Taketa, Esq.        Associate         US$415

Ivan L. Kallick, Esq., a partner of the firm, assures the Court
that the firm does not hold any interest adverse to the Debtor's
estate and is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

Mr. Kallick can be reached at:

      Ivan L. Kallick, Esq.
      Manatt, Phelps & Philipps, LLP
      1215 K. Street, Suite 1900
      Sacramento, CA 95814
      Tel: (916) 552-2300
      Fax: (916) 552-2323
      http://www.manatt.com/

Headquartered in Tustin, California, M.T.I. Technology Corp. --
http://www.mti.com/-- provides professional services and data
storage for mid- to large-sized organizations.  In addition, the
Company owns all of the issued and outstanding share capital of
three European subsidiaries: MTI Technology GmbH in Germany, MTI
Technology Limited in Scotland and MTI France S.A.S. in France.

The company filed for Chapter 11 protection on October 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  The Debtor selected Omni Managmeng Group LLC as its
claims and noticing agent. The Trustee for Region 26 has not
appointed an Official Committee of Unsecured Creditors to date
in this case.  When the Debtor filed for protection against its
creditors, it listed assets and debts at US$64,002,000.


MTI TECHNOLOGY: Court Approves Omni Management as Claims Agent
--------------------------------------------------------------
M.T.I. Technology Corp. obtained authority from the United
States Bankruptcy Court for the Central District of California
to employ Omni Management Group LLC as its claim, noticing and
balloting agent.

As reported in the Troubled Company Reporter on Oct. 25, 2007,
Omni Management will:

   a. prepare and serve required notices and underlying motions
      or applications, if applicable, in this Chapter 11 case,
      including:

        i. notice of the claims bar date;

       ii. notice of objections to claims;

      iii. notice of any hearings on a disclosure statement and
           confirmation of a plan of reorganization; and

       iv. other miscellaneous notices, motions and applications
           to any entities, as the Debtor or the Court, may deem
           necessary or appropriate for an orderly
           administration of this Chapter 11 case;

   b. file with the clerk's office a certificate or declaration
      of services that includes a copy of the document involved,
      a list of persons to whom the document was mailed and the
      date and manner of mailing;

   c. maintain copies of all proofs and proofs of interest
      filed;

   d. maintain official claims registers, including, among other
      things, the following information for each proof of claim
      or proof of interest:

        i. name and address of the claimant and any agent
           thereof, if the proof of claim was filed by an agent;

       ii. date received;

      iii. claim number assigned; and

       iv. asserted amount and classification of the claim.

   e. assist the Debtor in the preparation of the "7 Day
      Package" and all other reporting requirements for the
      United States Trustee;

   f. assist the Debtor with the creation and administration of
      a claim database based upon a review of the claims againts
      the Debtor's estate and the Debtor's books and records;

   g. implement necessary security measures to ensure the
      completeness and integrity of the claims registers;

   h. transmit to the clerk's office a copy of the claims
      registers on a weekly basis, unless requested by the
      clerk's office on a more or less frequent basis; or, in
      the alternative, make available the proof of claim docket
      online to the clerk's office via the Omni claims system;

   i. maintain an up-to-date mailing list for all entities that
      have filed a proof of claims or proof of interest, which
      list will be available upon request of a party in interest
      or the clerk's office;

   j. provide access to the public for examination of copies of
      the proofs of claim or interest without charge during
      regular business hours, as well as, provide online access
      to copies of proofs of claim at no additional expense to
      creditors and parties in interest;

   k. record all transfers of claims pursuant to Bankruptcy Rule
      3001(e) and provide notice of the transfers as required by
      Bankruptcy Rule 3001(e);

   l. comply with applicable federal, state, municipal, and
      local statutes, ordinance, rules, regulations, orders and
      other requirements;

   m. provide temporary employees to process claims, as
      necessary;

   n. provide other claims processing, noticing and related
      administrative services as may be requested from time to
      time byu the Debtor; and

   o. comply with further conditions and requirements as the
      clerk's office or the Court may at any time prescribe.

The Debtor told the Court that it made a prepetition deposit of
US$30,000 to the firm.

Robert L. Berger, the managing director of the firm, assured the
Court that the firm does not hold any interest adverse to the
Debtor's estate and is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.

Mr. Berger can be reached at:

   Robert L. Berger
   Managing Director
   Omni Management Group LLC
   16501 Ventura Boulevard, Suite 440
   Encino, California 91436
   Tel: (818) 906-8300
   Fax: (818) 783-2737
   http://www.omnimgt.com/

Headquartered in Tustin, California, M.T.I. Technology Corp. --
http://www.mti.com/-- provides professional services and data
storage for mid- to large-sized organizations.  In addition, the
Company owns all of the issued and outstanding share capital of
three European subsidiaries: MTI Technology GmbH in Germany, MTI
Technology Limited in Scotland and MTI France S.A.S. in France.

The company filed for Chapter 11 protection on October 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  The Trustee has not appointed an Official Committee of
Unsecured Creditors to date in this case.  When the Debtor filed
for protection against its creditors, it listed assets and debts
at US$64,002,000.

NASDAQ STOCK: Hellman & Friedman Sells 23.5 Million Stake
---------------------------------------------------------
Hellman & Friedman Capital Partners IV L.P., H&F Executive Fund
IV L.P., H&F International Partners IV-A L.P. and H&F
International Partners IV-B L.P. sold 23,545,368 shares of The
Nasdaq Stock Market Inc.'s common stock in a public offering
underwritten by Morgan Stanley & Co. Incorporated.

The shares sold consisted of shares issued through the
conversion of notes and the cashless exercise of warrants, well
as shares held outright by the H&F Entities.  NASDAQ will not
receive any of the proceeds from the offering.

A prospectus relating to the offering may be obtained from:

     Morgan Stanley & Co. Incorporated
     Prospectus Department
     2nd Floor, 180 Varick Street
     New York, NY 10014
     Tel 1-866-718-1649
     E-mail: prospectus@morganstanley.com

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

                          *     *     *

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

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


NEESHAM GROUNDWORKS: Daryl Warwick Leads Liquidation Procedure
--------------------------------------------------------------
Daryl Warwick of Armstrong Watson was appointed liquidator of
Neesham Groundworks Ltd. on Nov. 7 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Armstrong Watson
         Fairview House
         Victoria Place
         Carlisle
         Cumbria
         CA1 1HP
         England


POWERJET LTD: Calls In Liquidators from Tenon Recovery
------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Powerjet (U.K.) Ltd. (formerly
Powerjet Southern Ltd. and Flexo Ltd.) on Nov. 1 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


RANK GROUP: Profit Warning Cues S&P to Cut Ratings to B+
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K. gaming group The Rank Group PLC
to 'B+' from 'BB-'.  The outlook is negative.

At the same time, the debt ratings on Rank's three public bond
issues were lowered to 'B' from 'BB-', one notch lower than the
corporate credit rating to reflect structural subordination, and
the 'B' short-term corporate credit rating was withdrawn at the
company's request.

"The downgrade reflects Standard & Poor's expectation, in the
light of Rank's recent profits warning, that key credit metrics
will deteriorate in the second half," said Standard & Poor's
credit analyst Philip Temme.  Although lease-adjusted debt-to-
EBITDA of 4.3x was within the 4.0-4.5x guideline for the
previous rating for the year to June 30, 2007, recent
disappointing sales figures suggest that adjusted leverage is
likely to exceed 5.0x at year-end and into 2008, and that key
cash flow adequacy measures will also deteriorate.

"Continuing weak operating performance as a result of the
withdrawal of the section 21 machines and smoking bans will
likely cause the company to be cash flow negative in 2008 and to
record lease-adjusted net debt to EBITDA above 5.0x," said Mr.
Temme.  "Further deterioration in performance could reduce
headroom under credit facilities which, in the absence of
further disposals or financing initiatives, could create
refinancing pressures."

Further narrowing of operating margins, evidence of tightening
liquidity or adjusted net-debt-to-EBITDA exceeding 6x could
trigger a further downgrade.  Ratings upside is currently
considered limited.


SCOTTISH RE: S&P Revises Outlook to Negative from Developing
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Scottish Re Group Ltd. and its operating companies to negative
from developing.

Standard & Poor's also said that it affirmed its ratings on
Scottish Re, Scottish Re's operating companies, and dependent
unwrapped securitized deals related to Scottish Re.

In addition, Standard & Poor's affirmed its ratings on
securitizations that are wrapped or independent of the credit
quality of Scottish Re.

"We revised the outlook to reflect the adverse developments
announced in Scottish Re's third-quarter 2007 earnings release,"
said Standard & Poor's credit analyst Robert A. Hafner.  "These
developments increase uncertainty, forestall prospects for
ratings improvement, and heighten pressures that could lead to a
downgrade."  Scottish Re's very high exposure to subprime
(US$1.9 billion) and Alt-A (US$1.1 billion) mortgage securities
and persistent market value decline hurt the quality of its
capitalization.  Although these securities are heavily skewed to
very highly rated tranches, on a percentage basis, this is one
of the highest concentrations among rated firms.

The ratings reflect Scottish Re's strong number-three position
in U.S. life reinsurance in-force market; the capital infusion
by MassMutual Capital Partners LLC and Cerberus Capital
Management L.P. in the second quarter of 2007, which helped
improve the stability of liquidity and capital; and the positive
effect of consolidation in the life reinsurance sector.

The company has begun to address the issues of weak enterprise
risk management as it improves its inadequate operational
processes, which led to earnings surprises over the past several
quarters.  Corporate governance will benefit from a renewed
focus from a new board of seasoned executives under a
new structure, which should provide a strong oversight role.
The open executive management positions appear close to being
filled, which will enhance leadership.

Scottish Re is also demonstrating modest progress in operating
fundamentals and reported positive pretax operating income
(US$1.6 million) for the third-quarter for the first time in
several periods.  Scottish Re also won three new treaties--one
each in the U.K., Asia, and North America--and it did not report
any treaty recaptures.  In September 2007, Scottish Re closed
the Clearwater Re Triple-X financing transaction that eliminates
the potential for a collateral call from previous financing.

S&P will likely lower the ratings if earnings volatility remains
high, the subprime and Alt-A market value declines gain
permanence and replacement capital is not secured, revenue
growth is poor, or management is unable to refocus the company
on consistent, profitable growth.  S&P could revise the outlook
back to stable if financial management continues to improve but
sales and earnings are stagnant.  The outlook could be revised
to positive if the depressed subprime and Alt-A valuations prove
temporary and operational issues are resolved such that earnings
volatility decreases, new sales grow, and the new management
team is able to provide leadership to the company and thereby
recover from the events of the past several quarters.


SHAW GROUP: Joint Venture Bags Remediation Contract from DOE
------------------------------------------------------------
The Shaw Group Inc. disclosed that Accelerated Remediation
Company LLC, a small business joint venture formed by Shaw
Environmental & Infrastructure Group and Portage Environmental,
Inc., was awarded a task order by the U.S. Department of Energy.
The value of the three year, cost-plus-incentive fee task order
contract is approximately US$14 million and has been included in
the company's previously announced backlog.

The task order contract is issued under the Small Business DOE
Environmental Management Nationwide Indefinite Delivery
Indefinite Quantity contract previously awarded to ARC.  Under
this task order, ARC will provide remediation services at the
Separations Process Research Unit, a former nuclear research
facility that is located at the Knolls Atomic Power Laboratory
in Niskayuna, N.Y.

"Shaw's Environmental & Infrastructure Group has established
itself as a premier provider of hazardous waste management,
removal and disposal services at our nation's former nuclear
research and production sites," said J.M. Bernhard Jr., Shaw's
chairman, president and chief executive officer.  "We are
pleased to have been selected for this important DOE contract
and we look forward to executing this contract with Portage
Environmental."

                     About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                       *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


STARCROSS CONSTRUCTION: Claims Filing Period Ends December 2
------------------------------------------------------------
Creditors of Starcross Construction Ltd. have until Dec. 2 to
send in their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Ian William Kings and Steven Philip Ross
         Joint Liquidators
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of the company on Nov. 2 by
resolutions of members and creditors.


SUNGLOSS LTD: Taps Liquidators from Tenon Recovery
--------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint liquidators of Sungloss Ltd. on Nov. 6 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Cleveland Business Centre
         1 Watson Street
         Middlesbrough
         TS1 2RQ
         England


SYNIAD SYSTEMS: Hires Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Syniad Systems
Ltd. on Nov. 2 for the creditors' voluntary winding-up
proceedings.

The joint liquidators can be reached at:

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


                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$625 per half-year,
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                 * * * End of Transmission * * *