TCREUR_Public/071115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, November 15, 2007, Vol. 8, No. 227

                            Headlines



A U S T R I A

ALTUNTAS KEG: Claims Registration Period Ends Nov. 27
EASY-BAU LLC: Vienna Court Orders Business Shutdown
HASELSTEINER KEG: Claims Registration Period Ends Nov. 20
ISOT LLC: Vienna Court Orders Business Shutdown
LASERZ INNENAUSBAU: Vienna Court Orders Business Shutdown

SARIANA LLC: Claims Registration Period Ends Nov. 20
STERLING LLC: Claims Registration Period Ends Nov. 20
TOP-REAL LLC: Claims Registration Period Ends Nov. 19


B E L G I U M

CHIQUITA BRANDS: Posts US$28-Mln Net Loss in Qtr. Ended Sept. 30


C Z E C H   R E P U B L I C

HARVARDSKY PRUMYSLOVY: Supreme Court Rejects Bankruptcy Appeal


D E N M A R K

GRAPHIC PACKAGING: S&P Holds All Ratings and Revises Outlook


F I N L A N D

QUEBECOR WORLD: Moody's Junks New US$400 Mln Sr. Unsecured Notes


F R A N C E

BALLY TECH: Teams Up with Teradata to Provide Business Services
BALLY TECH: Licenses Certicom for Next-Generation Casino Systems
FCI INT'L: Moody's Lifts Rating to Ba3 on Improved Performance
REXEL SA: In Exclusive Talks to Buy Hagemeyer for EUR3.1 Billion
REXEL SA: Exclusive Takeover Talks Cue Fitch to Watch BB IDR


G E R M A N Y

BATRA LUEBECK: Claims Registration Period Ends Nov. 28
BBP VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Nov. 27
CERBERUS SECURITY: Claims Registration Period Ends Dec. 3
DANISCHE BAUKOMPONENTEN: Claims Registration Period Ends Dec. 7
DO MO INDUSTRIE: Claims Registration Period Ends Nov. 30

HTL TRANSPORT: Claims Registration Period Ends Dec. 4
INTRA-HAUSSCHUH GMBH: Claims Registration Ends December 6
KRAFTVERKEHR GERHARD: Claims Registration Ends December 4
KLOCKE GMBH: Claims Registration Period Ends Dec. 19
MOCCABAR GASTRONOMIE: Claims Registration Period Ends Nov. 30

NALIN EIGENHEIMBAU: Claims Registration Period Ends Dec. 1
NOVELIS INC: Earns US$13 Million in 2007 Second Quarter
REFORM UND DIATHAUS: Claims Registration Period Ends Nov. 27
TAM HOLDING: Claims Registration Ends December 7
UNICUM GASTSTATTENBETRIEBS: Claims Registration Ends Nov. 27


I T A L Y

ALITALIA SPA: Posts EUR57.6 Million Pretax Loss in Third Quarter
PARMALAT SPA: Group Earns EUR276.9MM for First Nine Months 2007
PARMALAT SPA: New York Court Denies Third-Party Action Dismissal
PARMALAT SPA: New York Court Junks Motion for Reconsideration
TISCALI SPA: Posts EUR3.9 Mln Loss for 9-Months Ended Sept. 30


K A Z A K H S T A N

AK-BASTAU LLP: Proof of Claim Deadline Slated for Dec. 12
HALYK BANK: Fitch Affirms BB+ IDR; Stable Outlook
GOLDEN LINE: Creditors Must File Claims Dec. 14
NORD OIL: Claims Filing Period Ends Dec. 14
PALTOSTAL LLP: Creditors' Claims Due on Dec. 14
TEMIR-BARS-2030 LLP: Claims Registration Ends Dec. 14


K Y R G Y Z S T A N

RELIABLE DOCUMENTATIONS: Creditors Must File Claims by Dec. 19


N O R W A Y

PETROLEUM GEO-SERVICES: Acquires 78% Stake in Arrow Seismic
PETROLEUM GEO-SERVICES: Arrow Acquisition Cues S&P's BB- Ratings


R U S S I A

CENTROCREDIT BANK: Moody's Puts B3/NP/E+/Baa2.ru Global Ratings
FEDERAL GRID: S&P Holds BB+ Debt Rating on Proposed Notes
LENINGRAD OBLAST: S&P Affirms BB- Ratings with Positive Outlook
MILK OJSC: Creditors Must File Claims by Dec. 3
OMUTINSKAGROPROMSNAB OJSC: Court Hearing Slated for Jan. 9, 2008

PILOT PLANT 408: Creditors Must File Claims by Jan. 3, 2008
UST'-ILIMSKIJ OJSC: Creditors Must File Claims by Dec. 3
VELSKSTROY OJSC: Bankruptcy Hearing Slated for Feb. 21, 2008


S P A I N

BANKINTER 3 FTPYME: Moody's Junks EUR17.4 Mln Series E Notes
CAIXA SABADELL 1: Fitch Junks EUR4.5 Million Class D Notes


S W I T Z E R L A N D

BBJ-DRUCK JSC: Creditors' Liquidation Claims Due by November 30
C. COCIVERA COLLOMBEY: Lucerne Court Starts Bankruptcy Process
CRECON JSC: Zug Court Closes Bankruptcy Proceedings
GARAGE LEUENBERGER: Creditors' Liquidation Claims Due by Dec. 8
GROW HOUSE: Creditors' Liquidation Claims Due by November 30

INTREX MESSE: Creditors' Liquidation Claims Due by November 30
JOHNSON PUMPEN: Creditors Must File Claims by March 4, 2008
KIESEL RETO: Thurgau Court Closes Bankruptcy Proceedings
PROTOR JSC: Aargau Court Starts Bankruptcy Proceedings
REEDEREI MS: Creditors' Liquidation Claims Due by December 12


U K R A I N E

AMFITRITA LLC: Creditors Must File Claims by November 21
INTEKO-INVEST-GROUP: Creditors Must File Claims by November 21
KHARKOV OIL: Creditors Must File Claims by November 21
LUGANSK COAL: Claims Filing Bar Date Set November 18
MAKEYEVKA GLASS: Creditors Must File Claims by November 21

ONIS LLC: Claims Filing Bar Date Set November 18
PROMAGRO: Creditors Must File Claims by November 21
S.T.M. LLC: Creditors Must File Claims by November 21
TRADE EXPRESS: Claims Filing bar Date Set November 21


U N I T E D   K I N G D O M

BAKER STREET: Moody's May Cut Ba1 Rating After Review
BAKER STREET US$: Moody's May Cut Ba1 Rating After Review
BLUE FIN: S&P Puts BB+ Ratings to Two Series 1 Note Classes
BRAKE BROS: Fitch Withdraws Ratings on Sale to Bain Capital
BRITISH AIRWAYS: Fuel Surcharge Increase to Take Effect Today

CABLE & WIRELESS: Restores Services in Cayman Islands
CHRYSLER LLC: Plans to Offer Rebates in December
CLIFTON STREET: Moody's May Cut Ba1 Rating After Review
CONSTELLATION BRANDS: Buying Fortune's Wine Biz for US$885 Mln
CONSTELLATION BRANDS: Fortune Deal Cues Fitch to Hold Ratings

CREATIVE OUTSOURCING: Appoints Administrators from KPMG
DURA AUTOMOTIVE: Asks Firm to Detail Purchase of Clients' Bonds
GIRAFFE TOWN: Names Matthew Colin Bowker Liquidator
HANOVER STREET: Moody's May Cut Ba1 Rating After Review
ICONIX BRAND: Enters Into Five Global License Agreements

MDG DRYWALL: Calls In Liquidator from Baker Tilly Restructuring
MEGA BRANDS: S&P Places Low-B Ratings on CreditWatch Negative
METRONET RAIL: Administration Costing Taxpayers GBP13 Mln a Week
PEMBRIDGE SQUARE: Moody's May Cut Ba1 Rating After Review
PLUS WALL: Appoints Stephen Robert Cork as Liquidator

RED DRAGON: P. D. Masters Leads Liquidation Procedure
SANDERSON FOOTWEAR: Taps Ian J. Gould to Liquidate Assets
SPACE MODELS: Hires Liquidator from Mazars
TOP BRAND: Claims Filing Period Ends December 10
TRUMAX LTD: Claims Filing Period Ends December 24

TYSON FOODS: Outlines International Expansion Plans

* Beard Group's Featured Conference for November 2007

* Upcoming Meetings, Conferences and Seminars




                            *********


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


ALTUNTAS KEG: Claims Registration Period Ends Nov. 27
-----------------------------------------------------
Creditors owed money by KEG ALTUNTAS (FN 230292s) have until
Nov. 27 to file written proofs of claim to court-appointed
estate administrator Erwin Senoner at:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 4060551
         Fax: 4069601
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Dec. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 18 (Bankr. Case No. 28 S 117/07w).


EASY-BAU LLC: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered Oct. 16 an order shutting down
the business of LLC easy-bau (FN 170759t).

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

The estate administrator can be reached at:

         Mag. Stefan Jahn
         c/o  Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 532 17 11
         Fax: 532 17 11 11
         E-mail: kanzlei@jahns.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 28 (Bankr. Case No 2 S 132/07k).  Susi Pariasek
represents Mag. Jahn in the bankruptcy proceedings.


HASELSTEINER KEG: Claims Registration Period Ends Nov. 20
---------------------------------------------------------
Creditors owed money by KEG Haselsteiner (FN 157509g) have until
Nov. 20 to file written proofs of claim to court-appointed
estate administrator Michael Pfleger at:

         Mag. Michael Pfleger
         Hauptplatz 1/2
         3300 Amstetten
         Austria
         Tel: 07472/61 303
         Fax: 07472/61 303-50
         E-mail: amstetten@lhup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Dec. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Blindenmarkt, Austria, the Debtor declared
bankruptcy on Oct. 15 (Bankr. Case No. 14 S 172/07w).


ISOT LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Oct. 16 an order shutting down
the business of LLC ISOT (FN 260025s).

Court-appointed estate administrator Arno Maschke 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. Arno Maschke
         c/o  Dr. Georg Unger
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: maschke@sup.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 28 (Bankr. Case No 2 S 131/07p).  Georg Unger
represents Dr. Maschke in the bankruptcy proceedings.


LASERZ INNENAUSBAU: Vienna Court Orders Business Shutdown
---------------------------------------------------------
The Trade Court of Vienna entered Oct. 17 an order shutting down
the business of KEG Laserz Innenausbau (FN 284847v).

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

The estate administrator can be reached at:

         Mag. Stefan Jahns
         c/o  Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 532 17 11
         Fax: 532 17 11-11
         E-mail: kanzlei@jahns.co.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 1 (Bankr. Case No 3 S 124/07s).  Susi Pariasek
represents Mag. Jahns in the bankruptcy proceedings.


SARIANA LLC: Claims Registration Period Ends Nov. 20
----------------------------------------------------
Creditors owed money by LLC Sariana (FN 111409m) have until
Nov. 20 to file written proofs of claim to court-appointed
estate administrator Candidus Cortolezis at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/81 39 73
         Fax: 0316/84 77 97
         E-mail: office@cortolezis.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on Dec. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Second Floor
         Graz
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 25 S 110/07z).


STERLING LLC: Claims Registration Period Ends Nov. 20
-----------------------------------------------------
Creditors owed money by LLC Stering (FN 35338v) have until
Nov. 20 to file written proofs of claim to court-appointed
estate administrator Marisa Schamesberge at:

         Dr. Marisa Schamesberge
         Hofgasse 6 / III
         8010 Graz
         Austria
         Tel: 0316/842184
         Fax: 0316/8421848
         E-mail: kanzlei@ra-hofgasse6.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:25 p.m. on Dec. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Second Floor
         Graz
         Austria

Headquartered in Hitzendorf, Austria, the Debtor declared
bankruptcy on Oct. 15 (Bankr. Case No. 25 S 112/07v).


TOP-REAL LLC: Claims Registration Period Ends Nov. 19
-----------------------------------------------------
Creditors owed money by LLC TOP-REAL Mag. Woegerer Immobilien
(FN 71263z) have until Nov. 19 to file written proofs of claim
to court-appointed estate administrator Felix Stortecky at:

         Dr. Felix Stortecky
         W.A. Mozartstrasse 4
         7093 Jois
         Austria
         Tel: 02160/71207
         Fax: 02160/71207-22
         E-mail: office@stortecky.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Dec. 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Neusiedl am See, Austria, the Debtor declared
bankruptcy on Oct. 12 (Bankr. Case No. 26 S 145/07m).


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


CHIQUITA BRANDS: Posts US$28-Mln Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operating results for the third quarter 2007.  Third quarter net
sales increased 3% to US$1.1 billion, and the company reported a
net loss of US$28 million, including a charge of US$4 million
related to a previously announced downsizing in Chile.  The
company reported a net loss of US$96 million, including a
noncash charge of US$43 million in the year-ago period.

"As we had anticipated, our third quarter, excluding charges,
showed a modest improvement in year-over-year operating
results," said Fernando Aguirre, chairman and chief executive
officer.  "While we continue to face rising industry costs and
other market challenges, we expect to deliver further year-over-
year progress in operating results in the fourth quarter and in
the year ahead.  The banana-pricing environment in Europe
stabilized earlier in the year and improved in the third
quarter, particularly in the aftermath of industry supply
disruptions caused by Hurricane Dean.  In addition, our value-
added salads business showed significant year-on-year recovery
in the third quarter, which we expect to continue in the fourth
quarter and in 2008."

Mr. Aguirre added, "Last week, we announced a business
restructuring designed to improve our profitability by
consolidating operations and simplifying our overhead structure
to enhance efficiency, stimulate innovation and further focus on
customers and consumers.  In addition to new, sustainable cost
reductions of approximately US$60-80 million beginning in 2008,
the changes will result in fewer layers of management, faster
decisions and better accountability.  Also, we will drive
greater integration and efficiency across business units and
geographies, resulting in one face to customers, one global
supply chain from seed to shelf, and one global innovation
program with targeted priorities and better execution.  Taken
together, I am confident these actions will strengthen our long-
term market position and enhance our ability to achieve
sustainable, profitable growth."

                   Business Restructuring

On Oct. 29, 2007, Chiquita outlined a restructuring plan and
management changes designed to accelerate its previously
announced strategy to become the global leader in healthy, fresh
foods.  This business restructuring is designed to improve the
company's profitability by consolidating operations and
simplifying its overhead structure to improve efficiency,
stimulate innovation and further enhance focus on customers and
consumers.

As a result of these changes, the company expects to generate
new, sustainable cost reductions of approximately US$60-80
million annually, beginning in 2008, after a one-time charge of
approximately US$25 million in the fourth quarter 2007 related
to severance costs and certain asset write-downs.  Realized
savings will improve profitability, and resulting additional
cash flow will be used primarily to reduce debt, consistent with
the company's target to achieve a debt-to-capital ratio of 40%.

                      About Chiquita

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                       *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) USUS$250
million 7.5% senior unsecured notes due 2014 at Caa2 (LGD5,
89%); and (iv) USUS$225 million 8.875% senior unsecured notes
due 2015 at Caa2 (LGD5, 89%).  Moody's changed the rating
outlook for Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about USUS$1.3 billion as of March 31, 2007.


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C Z E C H   R E P U B L I C
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HARVARDSKY PRUMYSLOVY: Supreme Court Rejects Bankruptcy Appeal
--------------------------------------------------------------
The Czech Republic Supreme Court rejected an appeal declaring
Harvardsky prumyslovy holding (HPH) bankrupt, Supreme Court
spokesman Petr Knoetig told CTK Czech News Agency.

According to the report, two HPH creditors had appealed to the
Supreme Court against Prague High Court's reversal decision that
HPH is not bankrupt.

CTK recalls that the Prague Municipal Court approved the
bankruptcy petition initiated by six HPH creditors.


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D E N M A R K
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GRAPHIC PACKAGING: S&P Holds All Ratings and Revises Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Graphic Packaging International Inc. to stable from negative.
At the same time, it affirmed all of the ratings, including its
'B+' corporate credit rating.

"The outlook revision reflects our expectations that Graphic
Packaging's financial results will continue to improve because
of greater price realization and cost reduction efforts," said
Standard & Poor's credit analyst Pamela Rice.  "In addition, we
believe that its pending merger with Altivity Packaging LLC
should be modestly positive for the company's business risk
profile because of both industry rationalization and potential
synergies."

The new company will have revenues of about US$4.40 billion, and
management expects about US$90 million of synergies over the
next four years.  Marietta, Georgia-based Graphic Packaging had
total adjusted debt of US$2.10 billion and debt to last-12-month
EBITDA of 6.1x at Sept. 30, 2007.

"Although pro forma leverage for the combined companies is
similar, we expect gradual debt reduction and improved earnings
to result in a strengthening of credit measures to levels
appropriate for the ratings over the next two years," Ms. Rice
said.

Graphic Packaging manufactures paperboard and folding cartons
used in beverage and consumer products packaging, as well as
packaging machines that are leased to beverage manufacturers.

"We could revise the outlook to negative if Graphic Packaging is
unable to reduce its debt sufficiently over the next two years
to bring credit measures in line with expectations because of
high input costs, a general economic downturn, or difficulties
integrating Altivity," Ms. Rice said.  "We could revise the
outlook to positive if earnings and cash flow are more robust
than currently expected because of revenue initiatives, further
meaningful cost reductions, or greater than expected synergies
that allow a much more rapid pace of debt reduction."


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QUEBECOR WORLD: Moody's Junks New US$400 Mln Sr. Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service rated Quebecor World Inc.'s new US$400
million senior unsecured note issue Caa1.

At the same time, ratings for approximately US$1.6 billion of
existing senior unsecured notes for QWI and its wholly-owned
subsidiary companies, Quebecor World Capital Corporation and
Quebecor World Capital ULC, were downgraded to Caa1 from B3.  In
addition, QWI's corporate family rating was affirmed at B3, the
ratings outlook for all instruments was revised to stable from
negative, and QWI's speculative grade liquidity rating was
upgraded to SGL-3 from SGL-4.  The actions reflect the combined
impact of two significant ongoing transactions, the first of
which is partial divestiture of QWI's European operations.  This
will remove a cash flow drag and management distraction while
converting the operation into a small amount of cash and a semi-
liquid residual investment.

Secondly, a CDN$250 million common share issue together with
proceeds from the new senior unsecured note issue and a
concurrent US$100 million convertible debenture facilitates
redemption of QWI's Series 5 Preferred Shares (CDN$175 million),
and a reduction of what would otherwise be outstanding under a
new, 2-year, US$375 million (partially) secured and guaranteed
revolving credit facility.  The resulting improvement in
liquidity and modest improvement in ongoing cash generation
combine to cause the favorable ratings outlook revision and SGL
rating upgrade.  However, with it being confirmed that QWI's
bank credit facility will permanently benefit from a package of
security and upstream subsidiary guarantees not shared with its
senior unsecured notes, the bank credit facility's preferential
access to realization proceeds triggers the notes' ratings to be
downgraded by one notch to Caa1.  The new notes are rated at the
same Caa1 level as the company's existing notes.

The rating action assumes that the proposed transactions close
as expected and that the related documentation conforms to what
has been provided to Moody's thus far. Accordingly, the ratings
are subject to adjustment should the transactions not close, or
should they close on a basis different than that presented to
Moody's.

Assignment:

   * Issuer: Quebecor World, Inc.

   -- Senior Unsecured Regular Bond/Debenture, Assigned Caa1
     (LGD4, 60)

Downgrades:

   * Issuer: Quebecor World, Inc.

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa1 (LGD4, 60) from B3 (LGD4, 55)

   * Issuer: Quebecor World Capital Corporation

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa1 (LGD4, 60) from B3 (LGD4, 55)

   * Issuer: Quebecor World Capital ULC

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa1 (LGD4, 60) from B3 (LGD4, 55)

Upgrades:

   * Issuer: Quebecor World, Inc.

   -- Speculative Grade Liquidity Rating, Upgraded to SGL-3 from
      SGL-4

Outlook Actions:

   * Issuer: Quebecor World Capital Corporation

   -- Outlook, Changed To Stable From Negative

   * Issuer: Quebecor World Capital ULC

   -- Outlook, Changed To Stable From Negative

   * Issuer: Quebecor World, Inc.

   -- Outlook, Changed To Stable From Negative

On Nov. 12, 2007, QWI announced the above-noted financing
transactions.  On Nov. 7, 2007, QWI announced that it had
entered into a definitive agreement to combine its European
operations with those of RSDB NV's Roto Smeets, a Netherlands-
based commercial printing company.  With QWI retaining a 29.9%
minority interest in the combined entity, Moody's views the
transaction as being modestly positive by way of a problem
operation being effectively divested, but with very little cash
being returned, there is no immediate, significant financial
benefit.  Accordingly, Moody's continues to be very cautious in
evaluating QWI's longer term prospects.  In the interim, QWI's
CFR remains B3, albeit Moody's sees the company as being weakly
positioned at the B3 rating level.

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


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BALLY TECH: Teams Up with Teradata to Provide Business Services
---------------------------------------------------------------
Bally Technologies Inc. and Teradata Corporation will work
together to provide solutions based on the new Bally Business
Intelligence solution integrated with the Teradata(R) Warehouse.

With Bally's expertise in casino systems and slot networks,
along with Teradata's enterprise data warehouse leadership,
mutual customers will benefit from optimized slot operations,
better analysis and management of customer relationships and
more robust marketing strategies.  They will also gain new
insight into the overall profitability of the business.  Some
mutual customers include Harrah's Entertainment, Mohegan Tribal
Gaming Authority, Silverton Casino and Spotlight 29 Casino.

Bally Technologies needed a technology partner that could
provide deeper customer understanding to leverage its enterprise
data visualization.  In addition, Bally needed to enhance
reporting capabilities and performance analytics on a platform
that could support their growing user requirements for more
sophisticated analytics.

Enterprise Data Warehouses produced by Teradata analyze business
operations to drive smarter, faster decisions by providing a
complete view of the business and the agility to create a
sustainable competitive advantage.  Teradata provides
integrated, optimized and extensible technology for a single
application-neutral repository of a company's current and
historical data, forming the framework of the business
intelligence architecture.

Bally Technologies chose to partner with Teradata to better
serve its customers by providing them information in a
centralized environment.  This data can then be analyzed and
presented to the business users as a series of static- or
active-data visualizations that show how the business is
performing.  These visualizations allow decision-makers to make
accurate business assessments and adjustments to positively
affect customer entertainment experiences and operational
results.

"The Bally BI strategy is to bring our customers the best
technology solutions, and Teradata brings to our portfolio a
world-class pedigree in data warehousing and CRM applications,"
said Bruce Rowe, senior vice president of strategy and business
development for Bally Technologies.

"Both Bally Technology and Teradata recognize the importance of
leveraging detailed data to drive customer understanding,
satisfaction and a process of continuous business improvement.
The Teradata and Bally Business Intelligence Solution provides
the power of advanced visual space analytics to the casino
management team, enabling them to operationalize their data
warehouse," said Dave Porter, director of hospitality and gaming
for Teradata.

Teradata and Bally Technologies will be exhibiting and
demonstrating the integrated solution at the Global Gaming Expo
show in Las Vegas from Nov. 13 through Nov. 15 in booth numbers
522 and 524 respectively.

                       About Teradata

Teradata Corporation (NYSE:TDC) -- http://www.teradata.com/
-- is the world's largest company solely focused on raising
intelligence through data warehousing and enterprise analytics.
Teradata is in more than 60 countries.

                  About Bally Technologies

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.   The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services has raised its
corporate credit and senior secured debt ratings on Bally
Technologies Inc. to 'B+' from 'B-'.  Concurrently, S&P revised
the CreditWatch implications to positive from develo


BALLY TECH: Licenses Certicom for Next-Generation Casino Systems
----------------------------------------------------------------
Bally Technologies, Inc. has licensed Certicom Corp.'s Game
Guardian Server Based Gaming(TM) (SBG) security platform to
protect its next-generation casino systems.  Specifically, Bally
Technologies will use Certicom's Game Guardian SBG Certificate
Authority Server and Game Guardian SBG Client to enable secure,
authenticated connections between applications, gaming machines
and backend servers.

The Game Guardian SBG platform will be integrated into Bally
Technologies rapidly growing line of server-based gaming
solutions, allowing the company to perform security operations
and complex authentication demands in only a fraction of the
time of other commonly-used security schemes.  With Game
Guardian, Bally Technologies can easily submit software upgrades
to existing casinos without the undue burden of new hardware or
entirely new infrastructure to deploy.

Certicom's Game Guardian platform ensures the strongest level of
security through leading-edge cryptography, including Elliptic
Curve Cryptography.  In 2005, the NSA recommended ECC as the
public-key crypto-system to protect classified and unclassified
government communications.  Known as Suite B, these
recommendations are part of an initiative to upgrade the
security infrastructure of government communications to meet
present and future security needs.  ECC is used in a growing
number of sectors ranging from networking, consumer electronics,
wireless devices and semiconductors to government and financial
services.

Server based gaming is the next wave of casino technology that
is gaining tremendous interest, offering users a much more
dynamic and interactive gaming experience.  Because it is
centrally managed through a single console, casino owners can
use a main computer to instantly control and connect all the
machines on a casino floor, while tailoring each one to a
player's preference.  It offers players a way to play the games
they want at any location without having to switch machines. It
also saves casino owners money on personnel and staffing costs.

"Bally Technologies prides itself on being a leading innovator
in the next generation of gaming systems.  As the gaming
industry migrates toward networked-based systems and GSA-
protocol standards, network security becomes an ever-increasing
concern," said Bally Technologies' Vice President of Advanced
Product Development, Robert Crowder.  "We are pleased to partner
with Certicom, utilizing Game Guardian security algorithms to
protect the sensitive data moving through casino-floor networks
and gaming machines."

Certicom's Game Guardian SBG Certificate Authority Server is a
turnkey product that provides sub-root certificate authority
services for Bally Technologies' entire casino operator network.
The Certificate Authority Server issues digital certificates
used to create digital signatures and public-private key pairs.
It guarantees that the individual granted the unique certificate
is who he or she claims to be, so that users and relying parties
can trust the information in Certicom's certificates.  The Game
Guardian Certificate Authority Server is a highly customized and
high performance Gaming Certificate Authority 'end-to-end'
security solution, which also follows the rigorous security
standards set out by the Gaming Regulatory Agencies worldwide.

"We are pleased that Bally Technologies has selected our Game
Guardian security platform as it rolls out its next generation
casino gaming systems," said Certicom President and Chief
Executive Officer Bernard W. Crotty.  "The capabilities in our
Game Guardian platform will enable a complete new gaming
experience and our secure protocols allow casinos everywhere to
take advantage of all the benefits associated with server-based
gaming, for instance, increased efficiency to changing games on
the fly for customers.  Game Guardian has the potential to
become the gold standard of security in the gaming industry."

                        About Certicom

Certicom -- http://www.certicom.com/-- protects the value of
content, applications and devices with government-approved
security. Adopted by the National Security Agency (NSA) for
government communications, Elliptic Curve Cryptography (ECC)
provides the most security per bit of any known public-key
scheme.  As the global leader in ECC, Certicom security
offerings are currently licensed to more than 300 customers
including General Dynamics, Motorola, Oracle, Research In Motion
and Unisys. Founded in 1985, Certicom's corporate offices are in
Mississauga, Ontario, Canada with worldwide sales and marketing
headquarters in Reston, Virginia and offices in the U.S.,
Canada, Europe and China.

                  About Bally Technologies Inc.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services has raised its
corporate credit and senior secured debt ratings on Bally
Technologies Inc. to 'B+' from 'B-'.  Concurrently, S&P revised
the CreditWatch implications to positive from developing.


FCI INT'L: Moody's Lifts Rating to Ba3 on Improved Performance
--------------------------------------------------------------
Moody's Investors Service upgraded to Ba3 from B1 the Corporate
Family Rating of FCI International SAS.

The Probability of Default Rating has been upgraded to B1 from
B2 using a 65% Family Recovery Rate due to the debt capital
structure which is now all first lien following the February
2007 refinancing.  Concurrently Moody's has upgraded the senior
credit facilities to Ba3 with an LGD3 assignment, and 30% LGD
rate. The outlook for the ratings is stable.

The rating upgrade reflects:

   (i) the company's improved operating efficiency with a
       reported Ebitda Margin of 15.4% for fiscal year 2006 up
       from 12.6% in fiscal year 2005

  (ii) the company's substantial post-transaction de-leveraging
       with a reported net leverage down to 2.7 times on a net
       debt to Ebitda basis down from 3.9 times at the time of
       the initial rating action in October 2005, and

(iii) the successful refinancing of the second lien facility,
       PIK and mezzanine resulting in total interest savings of
       EUR20 million per annum of which EUR3 million is cash
       interest.

FCI's Ba3 Corporate Family Rating also reflects the company's
significant brand recognition, its leading market positions
within the four different segments they cover and the company's
worldwide presence enabling FCI to take advantage of growth
differential across geographies.  The rating further recognizes
FCI's established customer relationships with key OEMs and end-
users added to knowledge of clients' specifications.

Moody's notes the auto division which represents around 42% of
FCI's 2006 sales is still affected by the US market slowdown and
raw material price increase.  This is however mitigated by the
predictable nature of the business with 87% of forecasted sales
for 2009 already secured at the end of FY 2006 and by the strong
connector market growth resulting from the continuous increase
in connector content per vehicle.

The upgrade also reflects the success in restructuring
Electronics (formerly CDC), FCI's other major division
representing around 40% of FY2006 sales, evidenced by a return
to profitability.  This division has also been affected by
rising copper and gold prices which have been partially offset
by a pricing policy enabling the company to pass through costs
to clients and through material consumption reductions initiated
in the restructuring operation.

Moody's notes the stated intention of the company to consider
larger acquisitions in the fragmented connector market which
could be debt funded. The rating factors headroom for debt
funded acquisitions provided adjusted leverage remains below 4.5
times.

Affected ratings are:

   -- Corporate Family Rating upgraded to Ba3.

   -- Probability of Default Rating upgraded to B1.

   -- Ratings on Term loans A, B and C (EUR549 million)
      upgraded to Ba3, LGD3, 30%.

FCI, based in Versailles, France, is the world's fourth largest
connector manufacturer with 2006 sales of EUR1,302 million.


REXEL SA: In Exclusive Talks to Buy Hagemeyer for EUR3.1 Billion
----------------------------------------------------------------
Hagemeyer and Rexel SA have agreed to exclusive negotiations
aimed at finalizing an agreement under which Rexel would make an
all cash offer of EUR4.85 per Hagemeyer share, approximately
EUR3.1 billion in total (US$4.5 billion), and Hagemeyer's
Management and Supervisory Boards would recommend this revised
proposed offer.

According to a report carried by Modern Distribution Management,
the offer is up from Rexel's original EUR4.60 per share bid,
which had valued the company at US$4.3 billion.

As part of the envisaged transaction Rexel has entered into an
agreement with Sonepar to sell certain activities of Hagemeyer
to Sonepar, following successful completion of the proposed
offer.

Rexel's revised proposed offer is subject to certain pre-
conditions, including high level due diligence and finalization
of a merger protocol.  Due diligence was expected to commence on
Nov. 14, 2007.

If the proposed offer is made, Sonepar will tender its 10.49%
shareholding in Hagemeyer at the same terms and conditions as
applicable to all shareholders.

Further announcements will be made in due course, the companies
said in a joint statement.

Headquartered in Paris, France, Rexel SA --
http://www.rexel.com/-- distributes more than one million kinds
of electrical parts and supplies, including wiring devices,
cabling systems, circuit protectors, lighting products,
automation equipment, hand tools, climate control equipment, and
electronic security components.  For the twelve months ended
Dec. 31, 2006, Rexel reported total sales and EBITDA of EUR9,299
million and EUR637 million, respectively.


REXEL SA: Exclusive Takeover Talks Cue Fitch to Watch BB IDR
------------------------------------------------------------
Fitch Ratings has placed Rexel SA's Long-term Issuer Default
rating of 'BB' and senior secured ratings of 'BB+' on Rating
Watch Negative.

This rating action follows the joint announcement by Rexel,
Hagemeyer and Sonepar that they will be entering exclusive
negotiations for the finalization of a recommended offer for
Hagemeyer by Rexel of EUR4.85 per share and confirmation of
Hagemeyer's Management and Supervisory Boards supporting this
offer.  This follows Rexel's previous proposed offer of EUR4.60
per share on Oct. 25, 2007.  As part of the agreement, Rexel
would sell Hagemeyer's America, Asia-Pacific and certain
European activities to French competitor, Sonepar.

"The increased offer for Hagemeyer reflects Rexel's willingness
to act as a consolidator in its core European region, offsetting
to some extent the current downturn in the US residential
construction market," says Pablo Mazzini, Director in Fitch's
Leveraged Finance team.

However, as anticipated in Fitch's earlier commentary, the
agency expects a higher financial risk profile derived from this
fully debt-funded acquisition, if it proceeds, for at least the
next two years until full cost savings derived from the combined
group start to materialize.

Pro forma for the Hagemeyer acquisition, Rexel's revenue would
increase by EUR3.6 billion, although net lease-adjusted leverage
could increase to above 5.5x and net lease adjusted interest
cover would be below 2.5x, which is more consistent with the low
'BB' range, possibly high 'B' range.

The resolution of the RWN will be at completion of the deal,
following Rexel's due diligence process, finalization of a
merger protocol and customary regulatory approval.


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


BATRA LUEBECK: Claims Registration Period Ends Nov. 28
------------------------------------------------------
Creditors of Batra Luebeck GmbH have until Nov. 28 to register
their claims with court-appointed insolvency manager Sven
Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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:

         Sven Krueger
         Roeckstr. 40
         23568 Luebeck
         Germany

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

The Debtor can be reached at:

         Batra Luebeck GmbH
         Einsiedelstrasse 6
         23554 Luebeck
         Germany


BBP VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Nov. 27
-------------------------------------------------------------
Creditors of BBP Verwaltungsgesellschaft mbH 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 9:15 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
         E-mail: http://www.hww-kanzlei.de/

The District Court of Dresden opened bankruptcy proceedings
against BBP Verwaltungsgesellschaft mbH on Oct. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BBP Verwaltungsgesellschaft mbH
         Attn: Uwe Davids, Manager
         Plan 30
         15831 Grossbeeren OT Diedersdorf
         Germany


CERBERUS SECURITY: Claims Registration Period Ends Dec. 3
---------------------------------------------------------
Creditors of Cerberus Security und Catering GmbH have until
Dec. 3 to register their claims with court-appointed insolvency
manager Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 14, 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

          Klaus Wrede
          Lennestrasse 10
          39112 Magdeburg
          Germany
          Tel: 0391/5973315
          Fax: 0391/5973333
          E-mail: k.wrede@kwp-magdeburg.com

The District Court of Magdeburg opened bankruptcy proceedings
against Cerberus Security und Catering GmbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Cerberus Security und Catering GmbH
          Muehlenweg 8
          39326 Hohenwarsleben
          Germany


DANISCHE BAUKOMPONENTEN: Claims Registration Period Ends Dec. 7
---------------------------------------------------------------
Creditors of DBI 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 DBI Danische Baukomponenten Import GmbH on Oct. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Danische Baukomponenten Import GmbH
          Industriestrasse 3
          23829 Wittenborn
          Germany

          Attn: Andreas Libera, Manager
          Wakenitzmauer 9
          23552 Luebeck
          Germany


DO MO INDUSTRIE: Claims Registration Period Ends Nov. 30
--------------------------------------------------------
Creditors of DO MO Industrie Service GmbH have until Nov. 30 to
register their claims with court-appointed insolvency manager
Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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. Christoph Schulte-Kaubruegger
          Koenigswall 21
          44137 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against DO MO Industrie Service GmbH on Oct. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          DO MO Industrie Service GmbH
          ehemals Aplerbecker Str. 308
          44309 Dortmund
          Germany


HTL TRANSPORT: Claims Registration Period Ends Dec. 4
-----------------------------------------------------
Creditors of HTL Transport- und Logistik GmbH have until Dec. 4
to register their claims with court-appointed insolvency manager
Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E09
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Hanau opened bankruptcy proceedings
against HTL Transport- und Logistik GmbH on Oct. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          HTL Transport- und Logistik GmbH
          Hoefchen 1
          36396 Steinau
          Germany

          Attn: Werner Peter Gerken
          Burgschmietstr. 41
          90419 Nuernberg
          Germany


INTRA-HAUSSCHUH GMBH: Claims Registration Ends December 6
---------------------------------------------------------
Creditors of INTRA-Hausschuh GmbH have until Dec. 6 to register
their claims with court-appointed insolvency manager Dr. Lucas
F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Lucas F. Floether
         Specks Hof Eingang C
         Nikolaistrasse 3-5
         04109 Leipzig
         Tel: 0341/652200
         Fax: O341/65220111

The District Court of Leipzig opened bankruptcy proceedings
against INTRA-Hausschuh GmbH on Oct. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         INTRA-Hausschuh GmbH
         Sonnenstrasse 32
         04746 Hartha
         Germany


KRAFTVERKEHR GERHARD: Claims Registration Ends December 4
---------------------------------------------------------
Creditors of Kraftverkehr Gerhard Drescher Speditions und
Logistik GmbH have until Dec. 4 to register their claims with
court-appointed insolvency manager Dr. Peter Naarmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 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:

         Dr. Peter Naarmann
         Dresdner Strasse 86
         09130 Chemnitz
         Germany
         Tel:(0371) 444390
         Fax:(0371) 4443911
         Internet/Email: info-ch@mne-insolvenzbuero.de

The District Court of Chemnitz opened bankruptcy proceedings
against Kraftverkehr Gerhard Drescher Speditions und Logistik
GmbH on Oct. 29.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Kraftverkehr Gerhard Drescher Speditions
         und Logistik GmbH
         Attn: Carmen Eckert, Manager
         Fabrikstrasse 2
         09387 Jahnsdorf
         Germany


KLOCKE GMBH: Claims Registration Period Ends Dec. 19
----------------------------------------------------
Creditors of Klocke GmbH have until Dec. 19 to register their
claims with court-appointed insolvency manager Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Jan. 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

          Hans-Achim Ernst
          Bunsenstr. 3
          32052 Herford
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Klocke GmbH on Oct. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Klocke GmbH
          Attn: Siegfried Sowa, Manager
          Gewerbestr. 5
          32602 Vlotho
          Germany


MOCCABAR GASTRONOMIE: Claims Registration Period Ends Nov. 30
-------------------------------------------------------------
Creditors of Moccabar Gastronomie Verwaltungs GmbH have until
Nov. 30 to register their claims with court-appointed insolvency
manager Carsten Morgenstern.

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

The meeting of creditors will be held at:

         The District Court of 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:

          Carsten Morgenstern
          Michaelstrasse 71
          09116 Chemnitz
          Germany
          Tel: (0371) 381770
          Fax: (0371) 3817730
          E-mail: chemnitz@hww-kanzlei.de

The District Court of Chemnitz opened bankruptcy proceedings
against Moccabar Gastronomie Verwaltungs GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Moccabar Gastronomie Verwaltungs GmbH
          Humboldstrasse 14
          08058 Zwickau
          Germany

          Attn: Jens Walther, Manager
          Kirschbergstrasse 19
          04159 Leipzig
          Germany


NALIN EIGENHEIMBAU: Claims Registration Period Ends Dec. 1
----------------------------------------------------------
Creditors of Nalin Eigenheimbau GmbH have until Dec. 1 to
register their claims with court-appointed insolvency manager
Nermin Sahin.

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

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

          Nermin Sahin
          Theaterstrasse 6
          30159 Hannover
          Germany
          Tel: 0511/35771030
          Fax: 0511/35771059
          E-mail: ansahin@t-online.de

The District Court of Gifhorn opened bankruptcy proceedings
against Nalin Eigenheimbau GmbH on Oct. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Nalin Eigenheimbau GmbH
          Elisabeth-Boehm-Str. 13a
          31319 Sehnde
          Germany


NOVELIS INC: Earns US$13 Million in 2007 Second Quarter
-------------------------------------------------------
Novelis Inc., a subsidiary of Hindalco Industries Limited, has
reported its financial results for the second quarter of fiscal
year 2008, which ended on Sept. 30, 2007.  (Novelis changed its
fiscal year end from December 31 to March 31 following its
acquisition by Hindalco on May 15, 2007)

Total rolled products shipments in the quarter increased to 747
kilotonnes -- kt --- compared with 737 kt in the corresponding
period of 2006.  Novelis incurred a pre-tax loss of US$23
million on sales of US$2,821 million, compared with the prior-
year period when it incurred a pre-tax loss of US$154 million on
sales of US$2,494 million.

The US$131 million increase in pre-tax earnings reflects
significant underlying operational improvement despite difficult
market conditions in North America and Asia. This increase is
due to a number of positive business factors, including:

    -- The company's exposure to customer contracts with metal
       price ceilings was reduced by US$44 million, net of
       hedges, compared with the prior-year period.

    -- Product mix improvements, price increases, and volume
       increases primarily in Europe and South America,
       benefited net sales by approximately US$22 million
       compared with the prior-year period.

    -- The company realized a US$29 million improvement in metal
       price lag over the prior-year period, largely as a result
       of better risk management.  Metal price lag negatively
       impacted pre-tax earnings by US$4 million in the quarter
       ended Sept. 30, 2007, compared with US$33 million in the
       prior-year period.

    -- Corporate selling, general and administrative (SG&A)
       expenses were reduced by US$17 million, driven by
       streamlining of corporate staff and unusual items related
       to financial reporting requirements and executive changes
       in the prior year.

    -- The company reversed US$21 million of reserves (US$15
       million net of tax) relating to previously disputed
       applications of social contribution tax credits as a
       result of a favorable Superior Court ruling in Brazil.

    -- Improved operational performance was partially offset by
       higher input and operational costs in the current quarter
       compared with the prior year period.

In addition to these items, pre-tax earnings during the quarter
ended Sept. 30, 2007, were impacted by certain income and
expense items associated with fair value adjustments recorded at
the date of acquisition.  The net pre-tax impact of these items
was a benefit of US$29 million primarily driven by the
amortization of accruals related to unfavorable contracts
partially offset by higher depreciation and amortization.

Novelis President and Chief Operating Officer, Martha Brooks
said, "During the second quarter, further improvements in
Novelis' business operations enabled us to achieve an increase
in pre-tax results despite soft conditions in the North American
marketplace.  While the effect of these improvements was
partially offset by increased input and operating costs, our
financial performance also benefited from stronger risk
management capabilities, and in particular, our ability to
manage our metal price volatility in a more effective manner.

Ms. Brooks added, "Market conditions in North America and Asia
were challenging, primarily related to the transportation and
housing sectors in North America and strong competition from
Chinese manufacturers in Asia; however, we continued to see very
strong demand for our products in South America and Europe.
Demand for the aluminum beverage can, a market in which we have
a strong global position, is growing strongly on three
continents."

For the three months ended Sept. 30, 2007, Novelis reported net
income of US$13 million, compared with the corresponding period
of 2006 when it incurred a net loss of US$102 million. Included
in net income of US$13 million for the second quarter of fiscal
year 2008 is US$36 million of income tax benefit.  Significant
tax items in the quarter included:

    -- US$27 million of tax expense related to exchange
       translation and re-measurement items;

    -- US$19 million of tax expense on valuation allowance
       increases primarily related to tax losses in certain
       jurisdictions where the company believes, based on
       current facts and circumstances, it will not be able to
       utilize those losses; and

    -- US$74 million of tax benefit associated with a reduction
       in tax rates in Germany.

Cash taxes paid during the second quarter of fiscal year 2008
were US$18 million.

                         Six Months

For the six months ended Sept. 30, 2007, total rolled products
shipments increased to 1,504 kt from 1,490 kt for the
corresponding period of 2006.  For the six-month period, the
company incurred a combined pre-tax loss of US$134 million on
combined net sales of US$5,649 million, an improvement of US$34
million compared with a pre-tax loss of US$168 million on net
sales of US$5,058 million for the same period of 2006.

The combined pre-tax loss for the first six months of fiscal
2008 includes a number of non-recurring expenses related to the
acquisition by Hindalco.  These include US$45 million of stock
compensation expense triggered by the sale of Novelis and US$32
million for sale transaction costs, among other items, as the
company previously disclosed in its financial results for the
first quarter of fiscal year 2008.  Excluding the transaction
expenses, pre-tax improvement was US$111 million compared with
the corresponding period of 2006.

For the six months ended Sept. 30, 2007, Novelis incurred a net
loss of US$138 million, including US$4 million of income tax
expense.  This compares with the corresponding period of 2006
when it incurred a net loss of US$96 million.  Significant tax
items in the first six months of fiscal year 2008 included:

    -- US$80 million of exchange translation and re-measurement
       expense;

    -- US$53 million of valuation allowance increases primarily
       related to tax losses in certain jurisdictions where the
       company believes, based on current facts and
       circumstances, it will not be able to utilize those
       losses; and

    -- US$69 million of tax benefit associated with enacted tax
       rate changes (primarily in Germany).

Cash taxes paid during the first six months of fiscal year 2008
were US$39 million.

For further information regarding Novelis' second quarter and
year-to-date results, please review the company's Quarterly
Report on Form 10-Q as filed with United States Securities and
Exchange Commission on Nov. 9, 2007.

                       About Novelis

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Fitch Ratings has affirmed the Issuer Default
Rating for Novelis, Inc. and Novelis, Corp. at 'B' and assigned
a Negative Rating Outlook.  The company's previous senior
secured bank debt ratings have been withdrawn.  Ratings for the
new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1';
  -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1'.


REFORM UND DIATHAUS: Claims Registration Period Ends Nov. 27
------------------------------------------------------------
Creditors of Reform und Diathaus RAISS-Braunwarth GmbH have
until Nov. 27 to register their claims with court-appointed
insolvency manager Olaf Suehrer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.307
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Olaf Suehrer
         Steubenplatz 12
         64293 Darmstadt
         Germany
         Tel: 06151/136270
         Fax: 06151/1362729

The District Court of Darmstadt opened bankruptcy proceedings
against Reform und Diathaus RAISS-Braunwarth GmbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Reform und Diathaus RAISS-Braunwarth GmbH
         Eschollbruecker Str. 26
         64295 Darmstadt
         Germany


TAM HOLDING: Claims Registration Ends December 7
------------------------------------------------
Creditors of TAM Holding GmbH & Co. Immobi KG have until Dec. 7
to register their claims with court-appointed insolvency manager
Kathrin Schmidtmadel.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.m. on Jan. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Kathrin Schmidtmadel
         Ostermeyerstrasse 11
         22607 Hamburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against TAM Holding GmbH & Co. Immobi KG on Oct. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TAM Holding GmbH & Co. Immobi KG
         Fleether Muehle 1
         17252 Mirow
         Germany


UNICUM GASTSTATTENBETRIEBS: Claims Registration Ends Nov. 27
------------------------------------------------------------
Creditors of Unicum Gaststattenbetriebs-GmbH have until Nov. 27
to register their claims with court-appointed insolvency manager
Heinrich Stellmach.

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 Osnabrueck
         Hall N 302
         Kollegienwall 10
         49074 Osnabrueck
         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:

         Heinrich Stellmach
         Kollegienwall 3-4
         49074 Osnabrueck
         Germany
         Tel: 0541/1817-0
         Fax: 0541/1817210
         E-mail: osnabrueck@stellmach-broeckers.de

The District Court of Osnabrueck opened bankruptcy proceedings
against Unicum Gaststattenbetriebs-GmbH on Oct. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Unicum Gaststattenbetriebs-GmbH
         Attn: Walter Gebing, Manager
         Neuer Graben 40
         49074 Osnabrueck
         Germany


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


ALITALIA SPA: Posts EUR57.6 Million Pretax Loss in Third Quarter
----------------------------------------------------------------
Alitalia S.p.A. posted EUR57.56 million in pretax losses on
EUR1.27 billion in total consolidated revenues for the third
quarter ended Sept. 30, 2007, compared with EUR66.43 million in
pretax losses on EUR1.25 billion in total consolidated revenues
for the same period in 2006.

The third quarter 2007 was negatively affected by industrial
unrest in the airport and flight, sectors, with EUR32 million in
potential revenue loss.

As of Sept. 30, 2007, the company's workforce saw a decrease of
496 people to 11,262 employees, from the same period last year.

As of Sept. 30, 2007, Alitalia's operating fleet consisted of
185 aircraft of which 156 for short/medium-haul flights, and 29
for long-haul.

As of Sept. 30, 2007, the company's net financial position
amounted to -EUR1.150 billion.

                       Outlook for 2007

Expected operating result in 2007 in line with 2006, without
considering the EUR197 million write-down of the fleet.

The company expects 2007 results to worsen compared to the
previous year due to strong fuel price increase and
substantial loss of traffic revenues in second half 2007.

Amount of cash-on-hands is sufficient to ensure the Company
going concern for more than 12 months without any significant
critical issues in the implementation of the Plan's
main elements.  Otherwise, such critical issues could bring
about the conditions for taking immediate action regarding the
capital increase.

                        About Alitalia

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

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


PARMALAT SPA: Group Earns EUR276.9MM for First Nine Months 2007
---------------------------------------------------------------
Parmalat S.p.A. released its financial results for the nine
months ended Sept. 30, 2007.

The Parmalat Group posted EUR276.9 million in net profit on
EUR2.82 billion in net revenues for the first nine months of
2007, compared with EUR101.4 million in net profit on
EUR2.68 billion in net revenues for the same period in 2006.

The Group's net financial position improved significantly during
the first nine months of 2007, with the balance changing from
indebtedness of EUR170 million at Dec. 31, 2006, to net
financial assets totaling EUR327.6 million at Sept. 30, 2007, a
net gain of EUR497.6 million.

These developments account for most of this improvement:

   -- the cash flow from operations, net of changes in operating
      working capital and after capital expenditures and income
      tax payments, amounted to EUR67.7 million.

   -- cash from litigation settlements totaled EUR257.4 million,
      which is the net result of proceeds of EUR302.7 million
      generated by settlements reached between the end of 2006
      and the third quarter of 2007 and legal costs amounting to
      EUR45.3 million (attributable both to 2006 and 2007);

   -- cash flow from non-recurring transactions totaled
      EUR217.8 million.  This amount is the net result of
      proceeds generated by the disposal of non-strategic
      non-current assets (EUR247.8 million), less outlays for
      acquisitions of equity investments (EUR14.2 million) and
      payment of unsecured claims (EUR9.8 million).

   -- the cash flow from financial transactions reflects net
      financial income of EUR0.9 million, dividend payments
      totaling EUR43.4 million and proceeds of EUR7.3 million
      generated by the exercise warrants.  Sundry items totaled
      EUR1.5 million on balance.

                         Parmalat S.p.A.

Parmalat S.p.A. posted EUR199.4 million in net profit on
EUR663.1 million in net revenues for the first nine months of
2007, compared with EUR67.7 million in net profit on
EUR661.2 billion in net revenues for the same period in 2006.

Proceeds from new settlements reached during the period and
higher income generated by invested liquidity account for this
improvement.

Net financial assets improved significantly during the first
nine months of 2007, rising from EUR341.4 million to
EUR785.6 million, for a net positive change of EUR444.3 million
compared with Dec. 31, 2006.  This gain reflects the positive
impact of the cash flow generated by the Company's regular
operations and the non-recurring transactions mentioned when
discussing the Group's performance, offset in part by dividend
payments (EUR41.2 million) and the amount invested to buy back
the interests held by minority shareholders in two subsidiaries
in Russia and Romania (EUR8.3 million).

                         Outlook for 2007

The results for the first nine months of 2007 were in line with
expectations, despite a less than positive performance by the
Venezuelan operations and an increase in the prices paid for raw
milk.

As for EBITDA, targets call for an annual increase ranging
between 7% and 10%, compared with 2006.

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PARMALAT SPA: New York Court Denies Third-Party Action Dismissal
----------------------------------------------------------------
The Hon. Lewis Kaplan of the U.S. District Court for the
Southern District of New York found that the request of Dr.
Enrico Bondi, Extraordinary Administrator of Parmalat
Finanziaria S.p.A., to dismiss Grant Thornton International's
third-party complaints lacks merit, and, thus denied the
request in all respects.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 94; http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: New York Court Junks Motion for Reconsideration
-------------------------------------------------------------
The Hon. Lewis Kaplan of the U.S. District Court for the
Southern District of New York has denied the request of Gerald
K. Smith and G. Peter Pappas for reconsideration of the court's
order dismissing their Second Amended Complaints.

Messrs. Smith and Pappas had sought to amend their pleadings and
to correct certain deficiencies.

Judge Kaplan stated that Messrs. Smith and Pappas failed to
demonstrate any error of fact or law with respect to the denial
of leave to amend, and the fact that proposed amended complaints
have been submitted does not render his ruling a manifest error
of law.

In addition, Judge Kaplan ruled that relief is not warranted to
take account of newly discovered evidence. Messrs. Smith and
Pappas had conceded that the discovery was complete, thus the
relevant materials were available, while the motions to dismiss
were pending. Judge Kaplan adds that Messrs. Smith and Pappas
point to no manifest injustice.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 94; http://bankrupt.com/newsstand/or 215/945-7000).


TISCALI SPA: Posts EUR3.9 Mln Loss for 9-Months Ended Sept. 30
--------------------------------------------------------------
Tiscali S.p.A. posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for nine months ended
Sept. 30, 2007, compared with EUR67.40 million in net losses on
EUR487.01 million in net revenues for the same period in 2006.

The company posted EUR28.99 million in net losses on EUR221.28
million in net revenues for the third quarter ended Sept. 30,
2007, compared with EUR4.79 million in net profit on EUR168.92
million in net revenues for the same period in 2006.

As of Sept. 30, Tiscali's cash and cash equivalents totaled
EUR104.5 million, with a net debt related to continuing
operations at EUR 596.7 million.

As of Sept. 30, 2007, Tiscali had EUR1.56 billion in total
assets, EUR1.31 billion in total liabilities, and EUR249.59
million in total shareholders' equity.

The result was affected by:

   -- net capital gain of EUR95.8 million resulting from the
      disposal of the Dutch and the Germany operations; and

   -- EUR61.5 million financial charges to refinancing.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.


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


AK-BASTAU LLP: Proof of Claim Deadline Slated for Dec. 12
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Ak-Bastau insolvent on Sept. 19.

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

          The Specialized Inter-Regional
          Economic Court of South Kazakhstan
          Tokayev Str. 17
          Shymkent
          South Kazakhstan
          Kazakhstan


HALYK BANK: Fitch Affirms BB+ IDR; Stable Outlook
-------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Halyk Bank's ratings
at Long-term foreign currency Issuer Default Rating 'BB+',
Short-term foreign currency IDR 'B', Long-term local currency
IDR 'BBB-', Short-term local currency IDR 'F3', Individual
'C/D', Support '3' and Support Rating Floor 'BB+'.  The Outlooks
for the Long-term foreign and local currency IDRs remain Stable.

Halyk's Long-and Short-term IDRs and Support rating reflect the
moderate probability of support forthcoming, in case of need,
from the Kazakhstani authorities.  This is based on the bank's
substantial domestic franchise, and takes into account the
authorities' ability to provide support, as reflected in the
sovereign's Long-term foreign currency IDR of 'BBB' and Long-
term local currency IDR of 'BBB+'.  Halyk's Stable Outlooks for
its Long-term IDRs reflect that of the sovereign's Long-term
foreign currency IDR.

The Individual rating of Halyk reflects its broad domestic
franchise, strong bottom-line performance, adequate asset
quality to date, reasonable liquidity and low appetite for
market risk.  However, the ratings also considers the risks
inherent in the bank's rapid loan growth, significant loan
concentrations and heightened credit risks in the current
Kazakhstani operating environment.

"Halyk is less dependent on foreign funding (30% of liabilities
at end of first half of 2007) than most other large Kazakhstani
banks, has more moderate exposure to the higher-risk
construction/real estate sector (15% of loans) and a lower
proportion of foreign currency lending (45%), which are all
relative positives, in Fitch's view, for the bank's credit
profile," says Dmitri Angarov, Associate Director of Fitch's
Financial Institutions Group in Moscow.

Mr. Angarov continued, "In addition, the bank has benefited from
39% increase of retail deposits in third quarter of 2007, and
has been able to continue to expand its lending franchise (by
15% in third quarter of 2007), while other banks have
experienced funding constraints.  At present the refinancing
risk is negligible, since Halyk does not face any large-ticket
repayments to end-2008."

Nonetheless, Halyk's construction/real estate and foreign
currency lending exposures are still considerable, and the bank
could be negatively impacted by any further deterioration of the
credit environment.  Continued rapid loan growth, while other
banks are forced to slow down their expansions, could also
represent an additional source of risk for Halyk relative to the
rest of the sector.  In addition, the bank's capital ratios are
likely decrease from the acceptable 13.5% tier 1/15.9% total
ratios at first half of 2007 towards the declared 10%/12% target
levels.

Halyk was the third-largest bank in Kazakhstan at end of third
quarter of 2007 with a 12.1% share of assets, and the largest
bank by retail deposits (25% market share) and branch network.
The Almex Group, beneficially owned by the daughter and son-in-
law of President Nazarbayev, own a majority (68.7%) stake, while
institutional and individual investors held a 31.3% stake
following the December 2006 IPO.

Fitch will continue to review the ratings of Kazakhstani banks
during the next few weeks.


GOLDEN LINE: Creditors Must File Claims Dec. 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Golden Line insolvent on Sept. 26.

Creditors have until Dec. 14 to submit written proofs of claims
to:

          The Specialized Inter-Regional
          Economic Court of West Kazakhstan
          Sholohov Str. 2/4
          Uralsk
          West Kazakhstan
          Kazakhstan
          Tel: 8 (3112) 53-84-66


NORD OIL: Claims Filing Period Ends Dec. 14
-------------------------------------------
LLP Nord Oil has declared insolvency.  Creditors have until
Dec. 14 to submit written proofs of claims to:

          LLP Nord Oil
          Karasai batyr Str. 69
          Almaty
          Kazakhstan
          Tel: 8 (3272) 59-07-52


PALTOSTAL LLP: Creditors' Claims Due on Dec. 14
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Paltostal insolvent on Oct. 15.

Creditors have until Dec. 14 to submit written proofs of claims
to:

          The Specialized Inter-Regional
          Economic Court of Astana
          Abai Str. 36
          Astana
          Kazakhstan


TEMIR-BARS-2030 LLP: Claims Registration Ends Dec. 14
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Temir-Bars-2030 insolvent.

Creditors have until Dec. 14 to submit written proofs of claims
to:

          The Specialized Inter-Regional
          Economic Court of South Kazakhstan
          Ismailov Str. 44
          Saryagysh
          Saryagyshsky District
          South Kazakhstan
          Kazakhstan


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


RELIABLE DOCUMENTATIONS: Creditors Must File Claims by Dec. 19
--------------------------------------------------------------
LLC Reliable Documentations has declared insolvency.  Creditors
have until Dec. 19 to submit written proofs of claim.

Inquiries can be addressed to (0-555) 50-91-98, (0-772) 35-29-
58.


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


PETROLEUM GEO-SERVICES: Acquires 78% Stake in Arrow Seismic
-----------------------------------------------------------
Petroleum Geo-Services ASA has acquired 18,359,070 shares in
Arrow Seismic ASA at a price of NOK96 per share.  Following the
transaction, PGS holds 18,359,070 shares in Arrow corresponding
to approximately 78% of all issued and outstanding shares in
Arrow.

In accordance with the Norwegian Securities Trading Act, PGS
expects to proceed with a mandatory offer for the remaining
outstanding shares in Arrow, at the same price (NOK96) as the
acquired shares.  This represents a premium of 50% related to
the last closing price of NOK64 and a premium of 37 % to the
issue price in the IPO in May 2007 of NOK70 per share.

The mandatory Offer implies a total value of the share capital
of Arrow of approximately NOK2.26 billion.

An offer document, setting out the terms and conditions of the
mandatory Offer, is expected as soon as practically possible and
no later than four weeks from Nov. 14, as required.

PGS reserves the right to acquire additional shares in Arrow in
the market, both before and during the offer period for the
mandatory Offer.

Arrow owns and operates two 3D vessels and has three vessels
under conversion to 2D/source vessels, including one vessel with
possibilities for upgrade to 6-streamer operation.  Further,
Arrow has four purpose-built high capacity seismic new buildings
on order for delivery in 2008 and 2009.  Of these nine vessels,
four are currently chartered to other seismic companies, while
the intention is to include the remaining five vessels in PGS'
operations, including the last two high capacity newbuildings
with delivery in Q2 and Q4 2009 and the three 2D/source vessels.

The acquisition is in line with PGS' strategy of growth in the
high-end segment of the seismic acquisition market. PGS will
gain access to two state of the art 10-12 streamer new build
vessels at cost and delivery times which is substantially more
attractive compared to alternative new build projects. PGS will
also gain access to capable source/2D vessels at a reasonable
cost. With the increased activity on wide azimuth, these vessels
can be effectively utilized by PGS.

"The acquisition of Arrow provides an attractive high-end
supplement to our state-of-the-art multi streamer fleet," Svein
Rennemo, president and chief executive officer of PGS said.
"Due to early delivery, these vessels enable us to capture more
effectively the short- and medium term strength in the high-end
seismic market. The transaction supports our further market
penetration in wide azimuth surveys and represents an important
step in our fleet renewal plans for the coming years."

Carnegie ASA is acting as financial advisor to PGS in relation
to this transaction.

Headquartered in Lysaker, Norway, Petroleum Geo-Services (OSE:
PGS) (NYSE: PGS) -- http://www.pgs.com/-- is a focused
geophysical company providing a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  The company also
possesses the world's most extensive multi-client data
library.  The company has operations in Singapore and Ecuador.


PETROLEUM GEO-SERVICES: Arrow Acquisition Cues S&P's BB- Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'BB-' long-
term corporate credit ratings on Norway-based oilfield services
company Petroleum Geo-Services ASA following an announcement
that it intends to acquire Norway-based Arrow Seismic ASA.  The
outlook is stable.

"The affirmation reflects our view that the transaction is
favorable from a business standpoint, as it will give PGS
additional marine acquisition vessel capacity," said Standard &
Poor's credit analyst Jeffrey B Morrison.

"The transaction will be entirely debt financed. As a result, we
expect the company's credit measures to temporarily rise above
levels acceptable for the current ratings.  However, we expect
PGS to use free operating cash flow to reduce debt in 2008 and
bring its ratios back into line with our expectations for the
ratings," Mr. Morrison said.

Pro-forma debt/EBITDA is expected to rise to about 2.5-3x, but
is expected to decline to below 2.0x by year end 2008, which is
our targeted level for the rating in the current industry
upcycle.

The ratings on PGS reflect the company's participation in the
very competitive and highly cyclical seismic subsector of the
oilfield services industry.  They also reflect management's
increasing focus on rewarding shareholders and acquisitions and
the company's aggressive financial risk profile.  Our concerns
are partly offset by PGS' strong market position, a sizable and
sophisticated fleet, and a favorable near term operating
environment.

PGS conducts operations through two primary business segments:
marine geophysical operations (about 76% of total revenues) and
onshore geophysical operations (about 20%).  The company's
marine seismic operations, in particular, benefit from a solid
market position.

The stable outlook incorporates our expectations that currently
favorable industry conditions, a healthy near-term project
backlog, and improved organic cash flow will help management to
quickly bring the company's credit ratios back into line with
the expectations for the ratings.

Headquartered in Lysaker, Norway, Petroleum Geo-Services (OSE:
PGS) (NYSE: PGS) -- http://www.pgs.com/-- is a focused
geophysical company providing a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  The company also
possesses the world's most extensive multi-client data
library.  The company has operations in Singapore and Ecuador.


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


CENTROCREDIT BANK: Moody's Puts B3/NP/E+/Baa2.ru Global Ratings
---------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Bank CentroCredit (Russia):

   -- B3 long-term and Not-Prime short-term local and foreign
      currency deposit ratings and an E+ bank financial strength
      rating.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa2.ru long-term national scale rating to the bank. The outlook
for the global scale ratings is stable, while the NSR carries no
specific outlook. Moscow-based Moody's Interfax is majority-
owned by Moody's, a leading global rating agency.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings reflect CentroCredit's global default and loss
expectation, while the Baa2.ru NSR reflects the standing of the
bank's credit quality relative to its domestic peers.

According to Moody's, CentroCredit's E+ BFSR reflects the good
management team with a clear understanding of banking risks and
the bank's successful history of operation with securities.
However, the rating is constrained by:

   (i) the bank's limited franchise and overall visibility on
       the market;

  (ii) significant concerns with regard to the bank's ability to
       develop its franchise and withstand the competition in
       the longer term;

(iii) the low diversification of the bank's client base;

  (iv) the bank's considerable, although well-managed, exposure
       to market risk, which makes its financial performance
       vulnerable; and

   (v) the limited sources available for future capitalization.

Moody's notes that CentroCredit is unlikely to receive support
from its owners or from the Russian authorities in case of
distress.  Hence, the B3 long-term local currency deposit rating
assigned to the bank does not incorporate the possibility of any
external support and is therefore at the same level as its
Baseline Credit Assessment of B3 (which maps directly from the
E+ BFSR).

Moody's notes that, at their current level, the bank's ratings
have limited upside potential.  An upgrade of BFSR could
potentially be driven by consistent growth of the bank through
expansion of its market franchise and a widening of its client
base while maintaining ample and stable profitability and
efficiency as well as asset quality.  A downward change in the
bank's ratings, although not viewed as very likely at this
point, could materialise in the event of CentroCredit failing to
manage its credit risk adequately, thus resulting in a
deterioration in asset quality.

CentroCredit is headquartered in Moscow (Russia) and as of
Dec. 31, 2006 reported total assets of US$736 million and net
income of US$34.3 million for the year then ended.


FEDERAL GRID: S&P Holds BB+ Debt Rating on Proposed Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
debt rating to the proposed limited-recourse secured loan
participation notes of up to RUR14 billion to be issued by FGC
Finance Ltd., a financing vehicle for Russian electricity
transmission grid operator Federal Grid Co. of the Unified
Energy System (BB+/Watch Pos/--).

At the same time, S&P placed the rating on the notes on
CreditWatch with positive implications, reflecting the
CreditWatch status of FGC.

The notes are issued for the sole purpose of funding a loan by
FGC Finance to FGC, which will use the loan proceeds for general
corporate purposes and, in particular, to finance its investment
program.

The terms of the loan include:

  -- an interest reset option;

  -- put options in the event of change of control or interest
     reset;

  -- a cross-default provision;

  -- negative pledge; and

  -- restrictions on asset sales, mergers, and reorganization.

There are no financial covenants.

The rating on the notes is the same as the corporate credit
rating on FGC.  The notes will be secured by a first-ranking
fixed charge on all amounts payable by FGC to FGC Finance under
the loan agreement.  FGC Finance will assign its rights under
the loan agreement to the trustee on closing of the notes issue.

The rating on FGC reflects the company's aggressive capital
budget -- owing to an aged transmission grid and power demand
growth -- that relies heavily on external financing, a
concentrated customer base, and the short-term pressure on
liquidity resulting from the reorganization of FGC and its
parent company RAO UES of Russia (BB/Watch Pos/--).

These weaknesses are offset by solid federal government support,
FGC's monopoly position as national transmission operator,
supportive tariff regulation, and the company's strong financial
profile and commitment to a moderate financial policy.

The rating on FGC was placed on CreditWatch with positive
implications on Oct. 31, 2007, after approval by shareholders of
FGC's 87.6% parent, RAO UES, for the second stage of the
latter's restructuring and merger with FGC.

The CreditWatch listing reflects S&P's expectation that FGC's
credit quality will improve as the RAO UES reorganization
progresses.  Standard & Poor's expects that FGC will manage the
potential short-term pressure on its liquidity coming from the
reorganization, which is the group's major outstanding
restructuring risk.  It also expects that the merger with RAO
UES will be beneficial or neutral for FGC's financial profile.
S&P will resolve the CreditWatch after the potential calls on
FGC's liquidity are clarified, which is expected by mid-February
2008.  If there is an improvement in FGC's liquidity position,
this could result in a one- or two-notch upgrade.


LENINGRAD OBLAST: S&P Affirms BB- Ratings with Positive Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia's Leningrad Oblast to positive from stable, based on
rapid revenue growth and an improving economic structure.  At
the same time, the 'BB-' issuer credit and 'ruAA-' Russia
national scale ratings were affirmed.

"The outlook revision reflects the oblast's improving economy
and prudent fiscal policies," said Standard & Poor's credit
analyst Pavel Kochanov.  "These have resulted in an improved
operating balance and a lower debt burden, supporting the
ratings."

The oblast's low revenue and expenditure flexibility, evolving
intergovernmental relations, and the need to improve and expand
public sector infrastructure constrain the ratings, however.

Total tax-supported debt could potentially increase to 30% of
total revenues in the medium term, but is more likely to remain
less than 20%.

"We expect that the Leningrad Oblast's rapidly growing economy
will support stable financial performance and funding of capital
expenditures, without materially weakening the debt position,"
said Mr. Kochanov.

Future positive rating actions will depend on the oblast
management's ability to reduce the budgetary performance
volatility seen in the past and to maintain the operating
balance at about 10%, given operating-expenditure pressure and
the augmented capital-expenditure program.  Total debt should
stay below 30% of total revenues.

The outlook could be revised back to stable if the oblast's
budgetary performance weakens to operating balances of less than
5%, or if debt exceeds a manageable 30% of revenues.


MILK OJSC: Creditors Must File Claims by Dec. 3
-----------------------------------------------
Creditors of OJSC Milk have until Dec. 3 to submit proofs of
claim to:

         Yu. B. Burlak
         Competitive proceedings manager
         Dekabristov str.
         644070 Omsk
         Russia

The Arbitration Court of Omsk commenced streamlined competitive
proceedings on the company on Aug. 28, 2008.  The case is
docketed under Case No. ?46-20767/2006.


OMUTINSKAGROPROMSNAB OJSC: Court Hearing Slated for Jan. 9, 2008
----------------------------------------------------------------
The Arbitration Court of Tyumen' will convene at 10:00 a.m. on
Jan. 9, 2008, to hear the bankruptcy supervision procedure on
OJSC OmutinskAgroPromSnab.  The case is docketed under Case No.
?70-4974/3-2007.

The interim manager is:

         A. P. Biryukov
         Interim manager
         P.O. Box 2004
         650000 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         OJSC OmutinskAgroPromSnab
         Sel'khoztechniki Str. 15
         Omutinskoye Village
         Tyumen'
         Russia


PILOT PLANT 408: Creditors Must File Claims by Jan. 3, 2008
-----------------------------------------------------------
Creditors of Russian Federal Aviation Agency Pilot Plant 408 SUE
have until Jan. 3, 2008 to submit proofs of claim to:

         O. I. Probejgolov
         Competitive proceedings manager
         P.O. Box 281
         107078 Moscow
         Russia

The Arbitration Court of Moscow commenced one-year competitive
proceedings against the company after finding it insolvent on
Oct. 19.

The Court is located at:

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

The Debtor can be reached at:

         Russian Federal Aviation Agency Pilot Plant 408 SUE
         Airport Proezd 8
         125167 Moscow
         Russia


UST'-ILIMSKIJ OJSC: Creditors Must File Claims by Dec. 3
--------------------------------------------------------
Creditors of OJSC Hydrolysis-Yeast Plant Ust'-ilimskij have
until Dec. 3 to submit proofs of claim.

The Arbitration Court of Irkutsk will convene on Feb. 21, 2008,
to hear the bankruptcy supervision procedure on OJSC Hydrolysis-
Yeast Plant Ust'-ilimskij.  The case is docketed under Case No.
?196406/07-29.

The interim manager is:

         M. S. Sergeev
         P.O. Box 416
         Dimitrov grad
         433511 Ulyanovsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Hydrolysis-Yeast Plant Ust'-ilimskij
         P.O. Box 351
         Promploschadka Lesopromyshlennogo Komplexa Str.
         Ust'-Ilimsk-14
         Ust'-Ilimskij raion
         66670 Irkutsk
         Russia


VELSKSTROY OJSC: Bankruptcy Hearing Slated for Feb. 21, 2008
------------------------------------------------------------
The Arbitration Court of Arkhangel'sk will convene on Feb. 21,
2008, to hear the bankruptcy supervision procedure on OJSC
VelskStroy.

The report to the Court must be submitted at 2:30 p.m. on
Dec. 17.  The case is docketed under Case No. ?05-4242/2007.

The interim manager is:

         A. Yu. Boitsov
         K. Marks Str. 166, 53
         Syktyvkar
         Russia

The Debtor can be reached at:

         OJSC VelskStroy
         Pushkina Str. 100
         Velsk
         Arkhangel'sk
         Russia


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


BANKINTER 3 FTPYME: Moody's Junks EUR17.4 Mln Series E Notes
------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the Spanish debt to be issued by Bankinter 3 FTPYME, Fondo de
Titulizacion de Activos:

   -- Aaa to the EUR 180.0 million Series A1 notes;
   -- Aaa to the EUR 288.9 million Series A2 notes;
   -- Aaa to the EUR 91.2 million Series A3 (G) notes;
   -- A1 to the EUR 23.1 million Series B notes;
   -- Baa3 to the EUR 6.0 million Series C notes;
   -- Ba3 to the EUR 10.8 million Series D notes;
   -- C to the EUR 17.4 million Series E notes.

Bankinter 3 FTPYME, FTA is a securitization of loans granted to
Spanish small and medium-sized enterprises carried out by Banco
Intercontinental Espanol, S.A. under the FTPYME program,
following the Spanish Ministry of Economy's allocation of a new
guarantee budget for such transactions for the current year.
The 2007 budget remains constant with respect to 2006, although
it is accompanied by an increase in the limit imposed by the
Spanish Budget Stability Law on the outstanding amount of
guaranteed tranches.  It is the third SME transaction carried
out by Bankinter.

In Moody's view, this deal benefits from several strong
features, including:

   (1) guarantee of Spanish Government (Aaa/P-1) for Series
       A3(G);

   (2) an 18-month artificial write-off mechanism;

   (3) a well diversified pool in terms of geography; and

   (4) the good performance of the Bankinter I FTPYME and
       Bankinter 2 PYME deals.

The expected loss associated with Series A3(G) notes is
consistent with a Aaa rating regardless of the Spanish Treasury
guarantee.

Weaker features of this deal include:

   (1) the lack of pool information to assess certain pool
       characteristics;

   (2) the limited amount of spread in the transaction;

   (3) pro-rata amortization of Series B, C and D which leads to
       reduced credit enhancement of the senior series in
       absolute terms;

   (4) the negative impact of the interest deferral trigger on
       the subordinated series. Moody's has incorporated these
       increased risks into its credit enhancement calculation.

The provisional pool of underlying assets comprised, as of
October 2007, a portfolio of 3,336 loans granted to 3,032
borrowers, all of which are Spanish small and medium-sized
enterprises.  The loans were originated between 1997 and April
2007, with a weighted average seasoning of 1.78 years and a
weighted average remaining life of 12.95 years.  The interest
rate is floating for 100% of the pool.  The weighted average
interest rate is 4.86%. 86% of the outstanding of the portfolio
is secured by a first-lien mortgage guarantee over different
types of properties, with a weighted average loan to value equal
to 55%. Geographically, the pool is concentrated in Madrid
(27%), Valencia (13%) and Andalusia (13%), and is around 33%
concentrated in the "buildings and real estate" sector according
to Moody's industry classification. At closing, none of the
loans will have amounts more than 30 days past due. In
comparison with its predecessor (Bankinter 2 PYME), the most
outstanding differences are:

   (1) lower weighted average seasoning, accompanied by a higher
       weighted remaining term; and

   (2) lower borrower concentration.

Moody's based the ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) the historical performance and other statistical
       information;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the Guaranteed
       Investment Contract account, the excess spread, the
       reserve fund and the subordination of the notes; and

   (v) the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (February 2046).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A1, A2,
A3(G), B, C and D notes, and for ultimate payment of interest
and principal at par with respect to the Series E notes, on or
before the final legal maturity date.  Moody's ratings address
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


CAIXA SABADELL 1: Fitch Junks EUR4.5 Million Class D Notes
----------------------------------------------------------
Fitch has affirmed GC FTGENCAT Caixa Sabadell 1, Fondo de
Titulizacion de Activos's notes following a satisfactory
performance review:

   -- EUR163 million Class AG notes (ISIN: ES0341098012):
      affirmed at 'AAA'

   -- EUR113.5 million Class AS notes (ISIN: ES0341098004):
      affirmed at 'AAA'

   -- EUR11.7 million Class B notes (ISIN: ES0341098020):
      affirmed at 'A+'

   -- EUR11.8 million Class C notes (ISIN: ES0341098038):
      affirmed at 'BBB-'

   -- EUR4.5 million Class D notes (ISIN: ES0341098046):
      affirmed at 'CCC'

The rating actions reflect the collateral's stable performance
and low delinquency levels.  As of the September 2007 report,
the total amount of outstanding delinquencies represents 3.54%
of the outstanding portfolio.  There are no loans over 90 days
delinquent.

The transaction represents a cash-flow securitization of a
static portfolio of loans to small- and medium-sized Spanish
enterprises granted by Caixa d'Estalvis de Sabadell ('A-'/'F2').
The Class AG notes benefit from a guarantee by the Autonomous
Community of Catalonia (rated 'A+'/'F1').

Static pool transactions are standard in the Spanish SME CDO
market; however, this transaction has a 30-month (until April
2009) replenishing period after which the notes will amortize
sequentially.  Breach of certain default and delinquency
triggers will lead to early amortisation of the notes. During
the 30-month replenishment period, Caixa Sabadell has the right
to sell additional collateral to the issuer on a semi-annual
basis.  The additional collateral has to meet the eligibility
criteria outlined at closing.

The portfolio is currently composed of 1,263 loans, 79.17% of
which are secured by commercial or residential mortgages. All
obligors are concentrated in Catalonia as a requirement by the
guarantee.  The credit enhancement for the senior notes is
provided by the Class B and Class C notes, as well as the
reserve fund, with available excess spread serving as the first
layer of protection.

The Class D notes were issued to finance the reserve fund at
closing.  The notes will be paid down by using funds from the
reserve fund.  Because the reserve fund is subject to a floor of
0.75% of the original Class A-C note balance, these funds will
only be released to the Class D note holders at the legal final
maturity, unless the 10% clean-up call is not exercised and
available funds are available.

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


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


BBJ-DRUCK JSC: Creditors' Liquidation Claims Due by November 30
---------------------------------------------------------------
Creditors of JSC bbj-Druck have until Nov. 30 to submit their
claims to:

         Sonnentalstrasse 5
         8600 Dubendorf
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC bbj-Druck
         Dubendorf
         Uster ZH
         Switzerland


C. COCIVERA COLLOMBEY: Lucerne Court Starts Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against LLC C. Cocivera Collombey on Sept. 5.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Lucerne
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         LLC C. Cocivera Collombey
         Obergrundstrasse 17
         6002 Lucerne
         Switzerland


CRECON JSC: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug entered Oct. 2 an order closing
the bankruptcy proceedings of JSC Crecon.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Crecon
         Altgasse 46b
         6340 Baar
         Switzerland


GARAGE LEUENBERGER: Creditors' Liquidation Claims Due by Dec. 8
---------------------------------------------------------------
Creditors of JSC Garage Leuenberger have until Dec. 8 to submit
their claims to:

         JSC Garage Leuenberger
         Bachtalen 9
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Garage Leuenberger
         Baar ZG
         Switzerland


GROW HOUSE: Creditors' Liquidation Claims Due by November 30
------------------------------------------------------------
Creditors of JSC Grow House 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 Grow House
         Schlieren
         Dietikon ZH
         Switzerland


INTREX MESSE: Creditors' Liquidation Claims Due by November 30
--------------------------------------------------------------
Creditors of JSC INTREX Messe und Ausstellung have until Nov. 30
to submit their claims to:

         Dr. Raoul Bussmann
         Liquidator
         Baarerstrasse 12
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC INTREX Messe und Ausstellung
         Zug
         Switzerland


JOHNSON PUMPEN: Creditors Must File Claims by March 4, 2008
-----------------------------------------------------------
Creditors of JSC Johnson Pumpen have until Mar. 4, 2008, to
submit their claims to:

         Dr. Alexander Gutmans
         Wenger Plattner
         Aeschenvorstadt 55
         4010 Basel
         Switzerland

The Debtor can be reached at:

         JSC Johnson Pumpen
         Wadenswil
         Horgen ZH
         Switzerland


KIESEL RETO: Thurgau Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Thurgau entered Oct. 3 an order
closing the bankruptcy proceedings of LLC Kiesel Reto
Informatik.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Canton Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Kiesel Reto Informatik
         Juchstrasse 38
         8267 Berlingen
         Steckborn TG
         Switzerland


PROTOR JSC: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Protor on Sept. 24.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Official Instace of Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Protor
         Konradstrasse 15
         5001 Aarau AG
         Switzerland


REEDEREI MS: Creditors' Liquidation Claims Due by December 12
-------------------------------------------------------------
Creditors of LLC Reederei MS Deutschland have until Dec. 12 to
submit their claims to:

         LLC Reederei MS Deutschland
         Nauenstrasse 63A
         4052 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Reederei MS Deutschland
         Basel BS
         Switzerland


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


AMFITRITA LLC: Creditors Must File Claims by November 21
--------------------------------------------------------
Creditors of LLC Amfitrita (code EDRPOU 30822337) have until
Nov. 21 to submit their proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/196.

The Debtor can be reached at:

         LLC Amfitrita
         Lichakovskaya Str. 29
         Lvov
         Ukraine


INTEKO-INVEST-GROUP: Creditors Must File Claims by November 21
--------------------------------------------------------------
Creditors of LLC Inteko-Invest-Group (code EDRPOU 33858188) have
until Nov. 21 to submit their proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/190-07.

The Debtor can be reached at:

         LLC Inteko-Invest-Group
         Vysotsky Str. 4
         49000 Dnipropetrovsk
         Ukraine


KHARKOV OIL: Creditors Must File Claims by November 21
------------------------------------------------------
Creditors of LLC Kharkov Oil (code EDRPOU 30990571) have until
Nov. 21 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 proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/206B.

The Debtor can be reached at:

         LLC Kharkov Oil
         Gorky Str. 154
         83055 Donetsk
         Ukraine


LUGANSK COAL: Claims Filing Bar Date Set November 18
----------------------------------------------------
Creditors of LLC Lugansk Coal Processing (code EDRPOU 31326380)
have until Nov. 18 to submit their proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company on Sept. 4.  The case is docketed under
Case No. 20/104B.

The Debtor can be reached at:

         LLC Lugansk Coal Processing
         Soviet Str. 18
         91000 Lugansk
         Ukraine


MAKEYEVKA GLASS: Creditors Must File Claims by November 21
----------------------------------------------------------
Creditors of OJSC Makeyevka Glass Plant have until Nov. 21 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 proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/242B.

The Debtor can be reached at:

         OJSC Makeyevka Glass Plant
         Transportnaya Str. 1
         Makeyevka
         86106 Donetsk
         Ukraine


ONIS LLC: Claims Filing Bar Date Set November 18
------------------------------------------------
Creditors of LLC Leasing Company Onis (code EDRPOU 32476172)
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.  The case is docketed under Case No.
45/124b.


The Debtor can be reached at:

         LLC Leasing Company Onis
         Illich Avenue 44
         83003 Donetsk
         Ukraine


PROMAGRO: Creditors Must File Claims by November 21
---------------------------------------------------
Creditors of Promagro (code EDRPOU 30755235) have until Nov. 21
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-19/221-07.

The Debtor can be reached at:

         Promagro
         Dmitriyevskaya Str. 31/35
         61052 Kharkov
         Ukraine


S.T.M. LLC: Creditors Must File Claims by November 21
-----------------------------------------------------
Creditors of LLC S.T.M. (code EDRPOU 32602996) have until
Nov. 21 to submit their proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/28-07.

The Debtor can be reached at:

         LLC S.T.M.
         Kirov Str. 110
         40000 Sumy
         Ukraine


TRADE EXPRESS: Claims Filing bar Date Set November 21
-----------------------------------------------------
Creditors of LLC Trade Express Ltd. (code EDRPOU 34598797) have
until Nov. 21 to submit their proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/300-07-7844.

The Debtor can be reached at:

         LLC Trade Express Ltd.
         Tchapayev Lane 5A
         65122 Odessa
         Ukraine


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


BAKER STREET: Moody's May Cut Ba1 Rating After Review
-----------------------------------------------------
Moody's Investor Service placed EUR1.33 billion of European CDOs
on review for downgrade.  The rating actions are a response to
credit deterioration of the underlying portfolios, which include
exposure to CDOs of US ABS and to downgraded US subprime RMBS
securities of the 2006 vintage.  They also incorporate Moody's
view on the impact of exposure to other US RMBS and ABS CDO
vintages, particularly 2005 and 2007.

A total of 40 tranches from 6 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.7% to 11.7%.

Moody's placed on review for possible downgrade six classes of
notes issued by Baker Street Finance Limited:

   -- The EUR68,750,000 Class C Floating rate Credit-Linked
      Notes, currently rated Aa2;

   -- The EUR55,000,000 Class D Floating rate Credit-Linked
      Notes, currently rated Aa3;

   -- The EUR39,600,000 Class E Floating rate Credit-Linked
      Notes, currently rated A2;

   -- The EUR24,200,000 Class F Floating rate Credit-Linked
      Notes, currently rated A3;

   -- The EUR22,000,000 Class G Floating rate Credit-Linked
      Notes, currently rated Baa2;

   -- The EUR19,250,000 Class H Floating rate Credit-Linked
      Notes, currently rated Ba1.

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


BAKER STREET US$: Moody's May Cut Ba1 Rating After Review
---------------------------------------------------------
Moody's Investor Service placed EUR1.33 billion of European CDOs
on review for downgrade.  The rating actions are a response to
credit deterioration of the underlying portfolios, which include
exposure to CDOs of US ABS and to downgraded US subprime RMBS
securities of the 2006 vintage.  They also incorporate Moody's
view on the impact of exposure to other US RMBS and ABS CDO
vintages, particularly 2005 and 2007.

A total of 40 tranches from 6 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.7% to 11.7%.

Moody's placed on review for possible downgrade six classes of
notes issued by Baker Street US$ Finance Limited:

   -- The US$6,250,000 Class C-USD Floating rate Credit-Linked
      Notes, currently rated Aa2;

   -- The US$5,000,000 Class D-USD Floating rate Credit-Linked
      Notes, currently rated Aa3;

   -- The US$3,600,000 Class E-USD Floating rate Credit-Linked
      Notes, currently rated A2;

   -- The US$2,200,000 Class F-USD Floating rate Credit-Linked
      Notes, currently rated A3;

   -- The US$2,000,000 Class G-USD Floating rate Credit-Linked
      Notes, currently rated Baa2;

   -- The US$1,750,000 Class H-USD Floating rate Credit-Linked
      Notes, currently rated Ba1.

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


BLUE FIN: S&P Puts BB+ Ratings to Two Series 1 Note Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
senior secured debt ratings to each of the notes issued by Blue
Fin Ltd. under Allianz SE's (AA/Stable/A-1+) newly established
shelf program:

   -- EUR155 million Series 1 Class A Principal At-Risk
      Floating-Rate Notes due April 10, 2012;

   -- US$65 million Series 1 Class B Principal At-Risk Floating-
      Rate Notes due April 10, 2012.

These are the first issuance under the newly established
EUR1 billion principal at-risk floating-rate note program.

The transaction closed on Nov. 7, 2007, at which time ratings
were assigned to the floating-rate notes.

Blue Fin is a special-purpose Cayman Islands-exempted company
whose ordinary shares are held in charitable trust.  It issued
the notes and invested the proceeds in high-quality assets
within a collateral account.

Blue Fin swaps the total return of the asset portfolio with
Morgan Stanley Capital Services Inc., in exchange for quarterly
EURIBOR and LIBOR-based payments.  Simultaneous to the issuance
of the notes, Blue Fin entered into an International Swaps and
Derivatives Association - based counterparty contract comparable
with a reinsurance contract with Allianz Argos 14 GmbH,
guaranteed by Allianz.  This contract will provide for payments
to Allianz if a windstorm of a certain magnitude occurs within
predefined European countries.

The payment received from Allianz under the ISDA-based
counterparty contract and the proceeds from the total return
swap with Morgan Stanley will be used to make the scheduled
payments to the holders of the notes.  Allianz will pay the up-
front and ongoing expenses of Blue Fin in connection with this
security issuance.

The ratings on the notes are based on the creditworthiness of
Allianz as guarantor under the ISDA-based counterparty contract
and of Morgan Stanley as guarantor of the total return swap
counterparty.  A significant part of the rating analysis took
account of an assessment of the occurrence probabilities of
European windstorms as modeled by Risk Management Solutions,
Inc., California, USA.

The proceeds of the notes will serve to provide Allianz with a
source of parametric cover for windstorms in Europe over a five-
year period.


BRAKE BROS: Fitch Withdraws Ratings on Sale to Bain Capital
-----------------------------------------------------------
Fitch Ratings has withdrawn UK-based Brake Bros Finance plc's
and Brake Bros Acquisition plc's Long-term Issuer Default
Ratings of 'B+', which were both on Rating Watch Negative.
Fitch has also withdrawn Brake Bros Acquisition plc's Short-term
IDR of 'B'.

This action follows the closing of the sale of Brake to funds
managed by Bain Capital.  Although the new business and
financing plan has not yet been unveiled, the capital structure
put in place by the new controlling shareholder is expected to
increase financial leverage above the level seen under the
previous ownership.  Fiscal year 2006 lease-adjusted gross
leverage was 3.7x through the senior notes and 5.9x including
the PIK notes.

Fitch will no longer provide ratings or analytical coverage of
Brake.


BRITISH AIRWAYS: Fuel Surcharge Increase to Take Effect Today
-------------------------------------------------------------
British Airways plc will increase its fuel surcharge on all
tickets booked from today, Nov. 15, 2007.

The decision reflects new record oil prices and takes into
account rising fuel costs.  The airline expects the cost of fuel
to increase by GBP136 million in the second half of the current
financial year, with the total fuel bill for the year
anticipated to exceed GBP2 billion for the first time.

The changes will mean:

    * The surcharge for longhaul flights of less than nine hours
      will increase by GBP10 per flight from GBP38 to GBP48
      (GBP96 return)

    * The surcharge for longhaul flights of more than nine hours
      will increase by GBP15 from GBP43 to GBP58 per flight
      (GBP116 return)

    * The surcharge for shorthaul flights will increase by GBP2
      from GBP8 to GBP10 per flight (GBP20 return)

"The cost of oil has reached record levels, rising by more than
US$20 per barrel since we last increased our fuel surcharge in
June 2007," Robert Boyle, commercial director of British
Airways, said.

British Airways will make similar adjustments to its fuel
surcharge in markets outside the U.K.

                      About British Airways

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

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

                         *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


CABLE & WIRELESS: Restores Services in Cayman Islands
-----------------------------------------------------
Cable & Wireless has restored landline and ADSL Services to
clients in the Cayman Islands, Cayman Net News reports.

Cayman Net relates that a contractor carrying out road work on
Nov. 6, 2007, accidentally cut Cable & Wireless' fiber cable
system, resulting to the loss of landline and ADSL services to
customers east of the Lions Center and in some areas of George
Town.  Cayman Brac subscribers lost landline service, with
mobile, data and international services unaffected.

According to Cayman Net, Cable & Wireless immediately responded
and many subscribers were reconnected within an hour.  "A
temporary fix" was made to guarantee that "clients were
reconnected and all services were fully restored within three
hours of the outage."  Traffic had to be diverted through Old
Prospect Road to accommodate the work along Shamrock Road.
Repair and restoration work was completed by Wednesday last
week.

Cable & Wireless (Cayman Islands) Network Services Vice
President Albert Anderson told Cayman Net, "All contractors are
encouraged to contact Cable & Wireless before they dig so we can
point out and mark where our cables are located.  This will
ensure that we do not have a reoccurrence of this type of
incident."

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, Japan, the Cayman Islands and the Middle East.

                       *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

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

* Issuer: Cable & Wireless Plc

                                         Projected
                       Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


CHRYSLER LLC: Plans to Offer Rebates in December
------------------------------------------------
Chrysler LLC may offer a new round of rebates in December 2007,
as it expect a difficult year in sales for 2008, Reuters reports
citing the Wall Street Journal as its source.

According to the report, a campaign kick off is set on Nov. 20,
2007, through its Jeep, Dodge, Chrysler television ads.  The
company will also emphasize the lifetime warranty it began
offering on engines and transmissions early this year.

Discounts will be heavy on Chrysler Pacifica, PT Cruiser
convertible and Crossfire, and the Dodge Magnum, the four slow-
selling models that are being discontinued, Reuters relates.

                      Cost-Reduction Efforts

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.


CLIFTON STREET: Moody's May Cut Ba1 Rating After Review
-------------------------------------------------------
Moody's Investor Service placed EUR1.33 billion of European CDOs
on review for downgrade.  The rating actions are a response to
credit deterioration of the underlying portfolios, which include
exposure to CDOs of US ABS and to downgraded US subprime RMBS
securities of the 2006 vintage.  They also incorporate Moody's
view on the impact of exposure to other US RMBS and ABS CDO
vintages, particularly 2005 and 2007.

A total of 40 tranches from 6 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.7% to 11.7%.

Moody's placed on review for possible downgrade eight classes of
notes issued by Clifton Street Finance Limited:

   -- The EUR48,750,000 Class A-2 Floating Rate Credit-Linked
      Notes, currently rated Aaa;

   -- The EUR37,500,000 Class B Floating Rate Credit-Linked
      Notes, currently rated Aa1;

   -- The EUR32,000,000 Class C Floating Rate Credit-Linked
      Notes, currently rated Aa2;

   -- The EUR30,000,000 Class D Floating Rate Credit-Linked
      Notes, currently rated Aa3;

   -- The EUR17,500,000 Class E Floating Rate Credit-Linked
      Notes, currently rated A2;

   -- The EUR15,000,000 Class F Floating Rate Credit-Linked
      Notes, currently rated A3;

   -- The EUR15,000,000 Class G Floating Rate Credit-Linked
      Notes, currently rated Baa2;

   -- The EUR12,000,000 Class H Floating Rate Credit-Linked
      Notes, currently rated Ba1.

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


CONSTELLATION BRANDS: Buying Fortune's Wine Biz for US$885 Mln
--------------------------------------------------------------
Constellation Brands Inc. and Fortune Brands Inc. have entered
into an agreement under which Constellation will acquire
Fortune's U.S. wine business for US$885 million, subject to
post-closing adjustments. The transaction is expected to close
by Dec. 31, 2007.

The business to be acquired includes some of California's
wineries.  The portfolio represents approximately 2.6 million
cases.  Brands to be acquired include Clos du Bois and Geyser
Peak and Wild Horse.  More than 1,500 acres of vineyards in
Napa, Sonoma and Carneros, California, are included in
the purchase, in addition to five California wineries.

"This portfolio is an excellent fit and furthers our strategy of
exceeding consumer expectations and expanding our presence in
the growing high-end segments of the wine market," Rob Sands,
Constellation Brands president and chief executive officer,
said.

"We are delighted about the prospect of adding these wineries
and brands to our existing portfolio, which will enhance our
growing position in the U.S. premium wine business," Mr. Sands
added.  "As an example, Clos du Bois, a two million case brand,
has a history of strong consumer brand equity, growth and
profitability.  We also look forward to working with the people
who have been responsible for the tremendous success of these
wines."

The company estimates that on a comparable basis this
acquisition will be slightly accretive to diluted earnings per
share for fiscal 2009 and modestly dilutive for fiscal 2008,
assuming the transaction closes by Dec. 31, 2007.

A plan for the integration of this acquisition into
Constellation will be finalized after the close of the
transaction, and the company will determine the best way to
effectively assimilate the brands and facilities.  The
transaction will be financed with debt and is subject to
customary and routine regulatory approvals and other closing
conditions.

                   About Fortune Brands Inc.

Headquartered in Deerfield, Illinois, Fortune Brands Inc. (NYSE:
FO)-- http://www.fortunebrands.com/-- is a holding company with
subsidiaries engaged in the manufacture, production and sale of
home and hardware products, spirits and wine, and golf products.
The company operates through three segments: Home and Hardware,
Spirits and Wine, and Golf.  Home and Hardware includes kitchen
and bathroom faucets and accessories; kitchen and bath
cabinetry; residential entry door and patio door systems; vinyl-
framed windows; locks, and tool storage and organization
products.  Spirits and Wine includes products made, marketed or
distributed by Beam Global Spirits & Wine, Inc. (BGSW)
subsidiaries or affiliates.  Golf includes golf balls, golf
clubs, golf shoes and gloves manufactured, marketed or
distributed by Acushnet Company (Acushnet).

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Australia and New
Zealand.  The company has more than 250 brands in its portfolio,
sales in approximately 150 countries and operates approximately
60 wineries, distilleries and distribution facilities.

                          *     *     *

Moody's Investor Services placed Constellation Brands Inc.'s
long term corporate family, bank loan, senior unsecured debt and
probability of default ratings at 'Ba3' in March 2007.  The
ratings still hold to date with a stable outlook.


CONSTELLATION BRANDS: Fortune Deal Cues Fitch to Hold Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Constellation Brands
Inc. following the company's announcement that it had entered
into a definitive agreement to acquire Fortune Brands, Inc.'s
U.S. wine business for US$885 million.

Fitch has affirmed these ratings:

  -- Issuer Default Rating 'BB-';
  -- Bank credit facility 'BB-';
  -- Senior unsecured notes to 'BB-';
  -- Senior subordinated notes 'B+'.

The Rating Outlook is Negative.

Fitch's ratings apply to STZ's US$3.9 billion credit facilities,
US$1.9 billion of senior unsecured debt, and US$250 million of
senior subordinated notes.

The affirmation reflects the addition of market leading premium
and super premium wines to STZ's already solid position in the
U. S. market and around the world.  STZ maintains leading market
shares in most of the major wine markets around the globe and a
diversified alcoholic beverage portfolio and has an excellent
track record of integrating acquisitions.  The company has
restructured acquired operations to enhance productivity and has
sold non-essential assets, which has provided some proceeds to
reduce debt.  Of concern is STZ willingness to operate at higher
leverage levels and its appetite for acquisitions.  Over the
intermediate term, it is likely that the company will continue
to make acquisitions that may result in financial and
operational stress.

The company's debt levels are expected to be meaningfully higher
at the end of fiscal 2008 (ending Feb. 29, 2008). Leverage has
grown as a result of successive debt financed acquisitions and
stock repurchases, including an accelerated share repurchase
transaction in May 2007.  As a result, interest expense has
increased and coverage measures have weakened considerably over
the past couple of years. As of Aug. 31, 2007, pro forma for the
acquisition of FO's wine business, debt/EBITDA (unadjusted for
acquisition-related integration costs and restructuring and
related charges) would be approaching 6.0 times, while
EBITDA/interest would be slightly above 2.5x.  Nonetheless, the
strong fit of FO's wine brands, the high growth rates for the
super-premium category and some reduction in debt in the near
term are expected to improve these numbers in the short-term.
Ongoing difficulties in U.K. and Australian operations and a
reduction in U.S. distributor inventory levels, which have
affected cash flow, are also expected to abate in calendar 2008.


CREATIVE OUTSOURCING: Appoints Administrators from KPMG
-------------------------------------------------------
Allan Graham, Joff Pope and Myles Halley of KPMG were appointed
joint administrators of Creative Outsourcing Solutions
International Ltd. on Nov. 9, 2007.

Following their appointment, the administrators have achieved a
sale of the Maestag plant to Budelpack, a leading European
provider of contract manufacturing, contract packaging and
supply chain services to the consumer goods market.  The sale
has preserved around 560 jobs.

The site at Littlehampton will continue to trade in
administration as its operations are wound down.  Administrators
were not able to secure a buyer for this plant which presently
employs around 180 people.

"We are pleased to have achieved a sale of the Maestag-based
part of the business, particularly as this area of South Wales
has suffered due to the announcement of job losses at other
businesses recently," joint administrators Allan Graham and Joff
Pope stated.

"The acquisition of COSi is strategically interesting to
Budelpack as it will enhance our product and service portfolio,
strengthen our position in the personal care market, and add new
strategic relations.  The acquisition provides us with U.K.-
based personal care activities and places the group in the
forefront of the consolidated trend of FMCG operations in
Europe," Chris Moerkerken, CEO Budelpack International said.

"Budelpack believes this acquisition can provide COSi a new
solid basis for renewed profitable growth and the development of
their market position," Mr. Moerkerken added.

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

Headquartered in Littlehampton, England, Creative Outsourcing
Solutions International Ltd. (COSi) -- http://www.cosiworld.com/
-- manufactures color cosmetics and personal care products.

COSi employs over 1,300 skilled professionals in its R&D center
at Maesteg and Littlehampton U.K. With additional sales and
sourcing offices in the U.S., Italy, France and China. It has a
turnover of GBP70 million.


DURA AUTOMOTIVE: Asks Firm to Detail Purchase of Clients' Bonds
---------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates asked
the U.S. Bankruptcy Court for the District of Delaware to bar
Ballard Spahr Andrews & Ingersoll, LLP, and 14 parties that it
represents from further participating in the Chapter 11 cases,
unless the law firm details under what circumstances its clients
bought senior subordinated notes of Dura Operating Corporation
due May 2009.

DURA's Joint Plan of Reorganization, which will be presented to
Court for confirmation on Dec. 6, 2007, provides that holders of
subordinated notes aggregating US$560,700,000, which include
Ballard Spahr's clients, will not receive any recovery on their
claims.  Holders of US$418,700,000 in senior notes, however,
will receive 55% recovery on their claims and will have the
option to purchase shares of reorganized DURA in a rights
offering, backstopped by Pacificor, LLC.

Ballard Spahr, on behalf of the 9% Subordinated Noteholders, has
filed a number of pleadings in DURA's bankruptcy cases.  Among
other objections, Ballard Spahr opposed the Debtors' backstop
agreement with Pacificor, and subsequently filed a notice that
it intends to appeal the order approving the Backstop Deal.

Ballard Spahr also commenced an adversary proceeding on behalf
of Thomas and Pattian Kurak, two of the 14 Subordinated
Noteholders, seeking a declaration that subordinated noteholders
are entitled to participate in the US$140,000,000 to
US$160,000,000 rights offering, and receive distributions under
the Plan, pursuant to the terms of subordinated notes
indentures.  The Debtors noted that the firm, in its summary
judgment briefing, purports to champion the cause not only of
the named plaintiffs, but also of "similarly situated
noteholders."

On Aug. 30, 2007, Ballard Spahr filed a verified statement,
disclosing that it represented Certain 9% Subordinated
Noteholders, specifically 14 entities holding senior notes with
the aggregate face amount of US$95,887,000 -- Tom Kurak, Pattiam
Kurak, James W. Korth & Company, Jason Alan Pieper, Charles T.
Kurak, Jeffrey R. Werner, Jeff Comfort, Donald L. Welker,
Jeffrey Scott Einstein, Daniel Scott Hennum, Curtis H. Werner,
Richard John Thielen, Carl E. Kruger, and Tamara A. Kurak.

DURA insisted that Ballard Spahr amend its verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure,
to,
among other things, explain the nature of the group of the
Certain 9% Subordinated Noteholders.

"Without the type of disclosure mandated by Rule 2019, neither
the Court, the Debtors nor any other party-in-interest can
understand whether Ballard Spahr purports to represent merely a
single disgruntled creditor who seemingly acquired its 9%
Subordinated Notes for speculative purposes in the weeks and
months following the Petition Date or a group of disgruntled
creditors engaging in such speculation," said Daniel J.
DeFranceschi, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware.

As a result, neither the Court, the Debtors, nor any other
party-in-interest can properly evaluate the credibility of
arguments propounded by Ballard Spahr, Mr. DeFranceschi said.

DURA asked the Court to (i) prohibit Ballard Spahr from
intervening or otherwise being heard further in the Chapter 11
cases, and (ii) invalidate any pleading filed by firm in the
Kurak Adversary Proceeding, the Appeals, or the Plan
confirmation process, until the firm amended its Rule 2019
statement to include these information:

  (i) the acquisition date and face amount of each individual
      claim purchased;

(ii) the date and amount of any sale of Subordinated Notes;

(iii) the amount of each Certain 9% Subordinated Noteholder
      paid for such claim; and

(iv) the fee arrangement between the Certain 9% Subordinated
      Noteholders and the firm.

In light of the Court's approval of DURA's request to compel
Ballard Spahr to provide the requested information, the law firm
on November 7, filed a verified statement, disclosing, among
other things, that it represents 13 noteholders and the amounts
paid by each party for the notes:

                     Transaction    Face Value        Total
Party                 Date/s        of Bonds      Amount Paid
-----                 ------        --------      -----------
Tom & Pattiam Kurak  12/11/06 to   US$81,550,000  US$4,409,150
15001 Sunfish Lake      6/29/07
Boulievard NW
Ramsey, Minn.

James W. Korth &     10/10/06 to      1,253,000         64,763
Company                 8/09/07
2701 South Bayshore
Dvie, Suite 305
Miami, Florida

Jason Alan Pieper     1/09/07 to      1,477,000        114,053
11860 Irish Avenue      6/19/07
N. Gran, Minn.

Charles T. Kurak     12/15/06 to      1,000,000         59,963
13 - 77th Ave., NE      4/11/07
Minneapolis, Minn.

Jeffrey R. Werner     4/10/07 to        980,000         54,281
15385 Armstrong         5/16/07
Boulevard
Ramsey, Minn.

Jeff Comfort          3/26/07 to        798,000         55,829
415 Hidden Oaks Ct.     6/13/07
Mahtomedi, Minn.

Donald L. Welker       5/24/07          420,000         50,740
9587 168th Ave.
Becker, Minn.

Jeffrey Scott Einstein 1/19/07          150,000         10,995
12062 93rd Pl.N.
Maple Grove, Minn.

Daniel Scot Hennum     6/22/07          130,000         19,500
10209 Jackson St., NE
Blaine, Minn.

Curtis H. Werner       5/02/07          102,000          8,033
Elk River, Minn.

Richard John Thielen   1/10/07          100,000          6,125
260 Rice Creek Terrace
Fridley, Minn.

Carl E. Kruger         5/08/07           35,000          2,888
14963 Sunfish Lake
Boulevard
Ramsey, Minn.

Tamara A. Kurak        2/13/07           30,000          2,100
1070 Grandview Ct.
#17 Columbia Heights,
Minn.
                                    -----------     ----------
   Aggregate Face Amount of Bonds
     and Total Amount Paid        US$88,025,000   US$4,858,418
                                  =============   ============

Tamara Kurak sold notes in the face amount of US$10,000 in June
2007, leaving her with notes in the face amount of US$20,000,
and the aggregate amount of notes held by the 9% Noteholders to
US$88,015,000.

                   About DURA Automotive

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

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

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

The Debtors' exclusive plan-filing period expired on
Sept. 30, 2007.  On Aug. 22, 2007, the Debtors' filed their Plan
of Reorganization and the Disclosure Statement explaining that
Plan was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Nov. 26, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000


GIRAFFE TOWN: Names Matthew Colin Bowker Liquidator
---------------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator
of Giraffe Town Ltd. (t/a The Swan with 2 Necks) 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


HANOVER STREET: Moody's May Cut Ba1 Rating After Review
-------------------------------------------------------
Moody's Investor Service placed EUR1.33 billion of European CDOs
on review for downgrade.  The rating actions are a response to
credit deterioration of the underlying portfolios, which include
exposure to CDOs of US ABS and to downgraded US subprime RMBS
securities of the 2006 vintage.  They also incorporate Moody's
view on the impact of exposure to other US RMBS and ABS CDO
vintages, particularly 2005 and 2007.

A total of 40 tranches from 6 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.7% to 11.7%.

Moody's placed on review for possible downgrade nine classes of
notes issued by Hanover Street Finance Limited:

   -- The EUR80,500,000 Class A2 Floating Rate Credit-Linked
      Notes, currently rated Aaa,

   -- The EUR80,500,000 Class B Floating Rate Credit-Linked
      Notes, currently rated Aa1,

   -- The EUR70,000,000 Class C Floating Rate Credit-Linked
      Notes, currently rated Aa2,

   -- The EUR50,400,000 Class D Floating Rate Credit-Linked
      Notes, currently rated Aa3,

   -- The EUR30,450,000 Class E Floating Rate Credit-Linked
      Notes, currently rated A1,

   -- The EUR29,400,000 Class F Floating Rate Credit-Linked
      Notes, currently rated A2,

   -- The EUR28,000,000 Class G Floating Rate Credit-Linked
      Notes, currently rated A3,

   -- The EUR24,500,000 Class H Floating Rate Credit-Linked
      Notes, currently rated Baa2,

   -- The EUR18,200,000 Class I Floating Rate Credit-Linked
      Notes, currently rated Ba1.

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


ICONIX BRAND: Enters Into Five Global License Agreements
--------------------------------------------------------
Iconix Brand Group, Inc. has entered into four separate license
agreements for its London Fog(R), Rampage(R), Op(R), Joe
Boxer(R) and Danskin(R) brands and is expanding its license
agreement for Mossimo(R) in Australia.

The company has entered into an agreement with New Foundations,
a Beijing, China-based real estate development and retail
company granting them a master license for London Fog for all of
Mainland China.  New Foundations will hold an exclusive multi-
year license agreement to manufacture and distribute London Fog
apparel, accessories and lifestyle products in China and plans
to open a network of over 100 London Fog stores and shop-in-
shops across China including a handful of larger flagship stores
in Beijing and Shanghai over the next five years.  Iconix will
work with New Foundations to develop the marketing strategy for
the China market.

The second agreement is with Mint Apparel for a long-term master
license agreement for Op apparel, accessories and lifestyle
products in Europe.  Mint Apparel will distribute the brand
through specialty stores, surf shops and department stores in
Europe.

The company has also entered into an exclusive long-term license
with The Style Company to open stand alone retail stores for
Rampage, Op and Joe Boxer in the Middle East.  The Style Company
plans on rolling out a total of 35 retail stores over the next
five years across the region including fourteen Op, fourteen Joe
Boxer and seven Rampage shops.

Additionally, the company has entered into a license agreement
with Grupo Zipora to manufacture and distribute Danskin in
Mexico.  Danskin will be distributed in Mexico through a dual
brand strategy similar to the brand structure in the U.S., with
Danskin product distributed to specialty stores and department
stores and Danskin Now distributed exclusively through WalMart
Mexico.

Lastly, the company has also expanded the Mossimo Australia
license with Port Melbourne-based Pacific Brands Limited.
Pacific Brands plans to open ten free-standing Mossimo stores
throughout Australia in the next few years.

Neil Cole, Chairman and Chief Executive Officer of Iconix,
stated, "Iconix is committed to exporting our portfolio of
brands around the world and these new agreements represent an
exciting step forward in this initiative.  Each of our new
licensees will be dedicating significant resources to expanding
the Iconix's stable of brands worldwide and we look forward to
working with each one of them.  China is the fastest growing
market in the world and we are excited to announce our first
license agreement in that market with such a powerful partner as
New Foundations.  New Foundations' position in the Chinese Real
Estate market will enable them to quickly develop a retail
network for our brand across China."

                        About Iconix

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

                       *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on Iconix Brand Group Inc. to negative.  At the same time,
Standard & Poor's assigned its 'B-' debt rating to Iconix's then
proposed US$250 million convertible senior subordinated notes
due 2012.

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's then proposed US$250 million convertible senior
subordinated note offering.


MDG DRYWALL: Calls In Liquidator from Baker Tilly Restructuring
---------------------------------------------------------------
Geoffrey Lambert Carton-Kelly and Michael David Rollings of
Baker Tilly Restructuring and Recovery LLP were appointed joint
liquidators of MDG Drywall & Plastering Ltd. on Oct. 31 for the
creditors' voluntary winding-up procedure proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         5 Old Bailey
         London
         EC4M 7AF
         England


MEGA BRANDS: S&P Places Low-B Ratings on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
corporate credit and bank loan ratings on Montreal-based MEGA
Brands Inc. on CreditWatch with negative implications.  The '3'
recovery rating on the bank loan is unchanged.

The CreditWatch placement reflects S&P's concerns that revenues,
earnings, and credit protection measures at MEGA Brands did not
meet S&P's expectations for the third quarter ended
Sept. 30, 2007, and could remain weaker than expected in the
medium term due to challenges the company faces," said S&P's
credit analyst Lori Harris.

Revenues in third-quarter 2007 declined 9% compared with the
same quarter the previous year because of lower Magnetix product
sales and production delays in Asia.  Reported gross profit
(excluding the CAD20 million noncash inventory revaluation
charge) dropped 38% for the quarter compared with the same
period the previous year due to the reasons cited above as well
as manufacturing inefficiencies and the sale of excess inventory
at a lower gross margin.

For the past two years, the company has been involved in
litigation related to its Magnetix product, which resulted in
product recalls, product replacement, and product liability
settlement expenses.  The charges related to the litigation have
negatively affected the company's debt levels and credit ratios
in a material way.  MEGA Brands has chosen to be self-insured
for Magnetix products manufactured before May 1, 2006, and for
incidents occurring after Dec. 1, 2006, because it viewed the
cost of insurance as prohibitive.  Management's decision to be
self-insured raises uncertainty surrounding the company's
potential exposure to liability claims and MEGA Brands' ability
to financially support these claims without excessively
jeopardizing the business' financial strength.

In addition, the company is involved in litigation with the
former shareholders of Rose Art Industries Inc., concerning
contingent payments related to MEGA Brands' acquisition of the
business in 2005.  An additional US$51 million in accrued
consideration has yet to be paid because MEGA Brands is
disputing the claim.

Key credit measures have weakened considerably in the past
couple of years, including debt to EBITDA of more than 5.0 for
the 12 months ended Sept. 30, 2007.  MEGA Brands was in
compliance with its financial covenants and liquidity remained
adequate for the ratings at Sept. 30, 2007.

S&P will resolve the CreditWatch listing in the very near term
after reviewing Mega Brands' operating, strategic, and financial
plans.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


METRONET RAIL: Administration Costing Taxpayers GBP13 Mln a Week
----------------------------------------------------------------
The administration of The Metronet Rail Group is costing
taxpayers GBP13 million a week, the Daily Telegraph reports.

"The net figure after infrastructure service charges [the
ongoing four-weekly payment by London Underground] is GBP13
million a week," Alan Bloom, PPP Administrator of Metronet, was
quoted by the Daily Telegraph as saying.

Mr. Bloom told the Transport Select Committee taxpayers will
have to bear the extra administration costs until mid-January
2008.

According to Tim O'Toole, managing director of London
Underground, Metronet's collapse stemmed from problems on
agreements with Trans4m, claiming the station's subcontractor
left the company with very little control.

Graham Pimlott, former chairman of Metronet, on the other hand,
admitted "Trans4m gave Metronet very little leverage over a
contract.  Metronet had to pay Trans4m's bills but couldn't levy
penalties for failure," the Daily Telegraph relates.

Meanwhile, Committee member Graham Stringer, the Labour MP for
Manchester Blackley, alleged there has been real corruption
going on.

U.K. Transport Secretary Ruth Kelly, however, ruled out
corruption, although she pointed out there was a problem with
Metronet's corporate governance structure.

As previously reported in the TCR-Europe on Nov. 8, 2007, Mr.
O'Toole and Mr. Bloom confirmed that Transport for London is the
only formal bid to have been received for Metronet Rail BCV Ltd.
and Metronet Rail SSL Ltd.

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

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

The final administration bill is expected to reach GBP338
million by the time the Metronet companies are transferred to
TfL's control in early 2008, Alistair Osborne writes for the
Daily Telegraph.

                        About Metronet

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

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

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.

                            *   *   *

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


PEMBRIDGE SQUARE: Moody's May Cut Ba1 Rating After Review
---------------------------------------------------------
Moody's Investor Service placed EUR1.33 billion of European CDOs
on review for downgrade.  The rating actions are a response to
credit deterioration of the underlying portfolios, which include
exposure to CDOs of US ABS and to downgraded US subprime RMBS
securities of the 2006 vintage.  They also incorporate Moody's
view on the impact of exposure to other US RMBS and ABS CDO
vintages, particularly 2005 and 2007.

A total of 40 tranches from 6 CDOs are affected, with the
proportion of downgraded subprime assets present in individual
portfolios ranging from 6.7% to 11.7%.

Moody's placed on review for possible downgrade six classes of
notes issued by Pembridge Square Finance Limited:

   -- The EUR60,000,000 Class C Floating Rate Credit Linked
      Notes, currently rated Aa2;

   -- The EUR50,000,000 Class D Floating Rate Credit Linked
      Notes, currently rated Aa3;

   -- The EUR40,000,000 Class E Floating Rate Credit Linked
      Notes, currently rated A2;

   -- The EUR25,000,000 Class F Floating Rate Credit Linked
      Notes, currently rated A3;

   -- The EUR22,000,000 Class G Floating Rate Credit Linked
      Notes, currently rated Baa2;

   -- The EUR16,000,000 Class H Floating Rate Credit Linked
      Notes, currently rated Ba1.

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


PLUS WALL: Appoints Stephen Robert Cork as Liquidator
-----------------------------------------------------
Stephen Robert Cork of Smith & Williamson Ltd. was appointed
liquidator of Plus Wall Ltd. on Oct. 31 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


RED DRAGON: P. D. Masters Leads Liquidation Procedure
-----------------------------------------------------
P. D. Masters of DTE Leonard Curtis was appointed liquidator of
Red Dragon Group Travel Ltd. on Nov. 6 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


SANDERSON FOOTWEAR: Taps Ian J. Gould to Liquidate Assets
---------------------------------------------------------
Ian J. Gould of PKF (U.K.) LLP was appointed liquidator of
Sanderson Footwear Ltd. (formerly Norscan Ltd.) on Nov. 5 for
the creditors' voluntary winding-up procedure proceeding.

The liquidator can be reached at:

         PKF (U.K.) LLP
         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham
         B3 2LX
         England


SPACE MODELS: Hires Liquidator from Mazars
------------------------------------------
Timothy Colin Hamilton-Ball of Mazars was appointed liquidator
of Space Models Ltd. on Nov. 1 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Mazars
         Regency House
         3 Grosvenor Square
         Southampton
         S015 2BE
         England


TOP BRAND: Claims Filing Period Ends December 10
------------------------------------------------
Creditors of Top Brand Foods Ltd. have until Dec. 10 to send
their names and addresses and particulars of their claims to:

         Matthew Colin Bowker and David Antony Willis
         Joint Liquidators
         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England

Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of the company on Nov. 5 for
the creditors' voluntary winding-up proceeding.


TRUMAX LTD: Claims Filing Period Ends December 24
-------------------------------------------------
Creditors of Trumax Ltd. (formerly Trumax (Screenprinting
Machinery) Ltd.) have until Dec. 24 to prove their debts by
sending written statements of the amounts they claim to be due
to them from the Company to:

         Paul John Clark
         Joint Liquidator
         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England

Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint liquidators of the company on
Oct. 27 for the creditors' voluntary winding-up proceeding.


TYSON FOODS: Outlines International Expansion Plans
---------------------------------------------------
As part of ongoing efforts to meet growing world demand for
protein, Tyson Foods, Inc. plans to expand the company's
presence in South America, China and Mexico.  Tyson's efforts to
turn fat into fuel also continue to move forward, with the
selection of a site in Louisiana for an alternative fuel
production facility.

The international expansion and renewable fuel plans were
reported today as part of presentations by six Tyson executives
to analysts and investors at a meeting in New York City.

            International Sales Improvement Program

Rick Greubel, group vice president and president of Tyson
International, disclosed the company has set a goal of
increasing international sales from US$3 billion in fiscal 2007
to US$5 billion by 2010.  Expanding and establishing operations
in other countries will be a key to achieving this objective.

Greubel reported the company has signed a letter of intent to
buy a mid-size, vertically integrated poultry business in
Brazil.  While details, including the name of the company, have
not been released, company officials hope to complete the
acquisition before the end of calendar 2007.

Tyson has also reached preliminary agreements for two joint
venture poultry operations in China.  While specific details
were not shared, Greubel indicated both ventures are currently
expected to be completed in fiscal year 2008 and will help make
Tyson one of the first companies in China to offer a full line
of poultry products.

Expansion of Tyson de Mexico, the Mexican poultry subsidiary of
Tyson Foods, is another ongoing objective.  The company is
exploring ways to significantly increase production at its
chicken processing operations in Mexico and also expand sales to
customers in the region, including those in Central America.


* Beard Group's Featured Conference for November 2007
-----------------------------------------------------
Beard Audio Conferences presents a bankruptcy-related
audio conferences for Nov.

   * The Battle of Green & Red: Effect of Bankruptcy on
     Obligations to Clean Up Contaminated Property

To register, visit http://www.beardaudioconferences.com


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Nov. 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
   LEXISNEXIS CONFERENCES
      Mealey's Asbestos Bankruptcy Conference
         Four Seasons Hotel, Miami, Florida
            Contact: http://www.lexisnexis.com/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Debt Panel
         University Club, Jacksonville, Florida

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      NJTMA Holiday Party
         Iberia Tavern & Restaurant, Newwark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Jan. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lenders Panel
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

Jan. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Current Outlook: Workouts, Lending and Turnarounds
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Jan. 17-18, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Diplomat, Hollywood, Florida
            Contact: http://www.abiworld.org/

Jan. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Finding Money: Int'l Asset Search and
         Recovery Methods for Collecting Judgments
            Centre Club, Tampa, Florida
               Contact: http://www.turnaround.org/

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
                     http://www.turnaround.org/

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 14-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 22, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Fairmont Miramar, Santa Monica, California
            Contact: http://www.abiworld.org/

Feb. 23-26, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar I
         Park City, Utah
            Contact: http://www.nortoninstitutes.org/

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Retail Panel
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Feb. 27-28, 2008
   EUROMONEY INSTITUTIONAL INVESTOR
      6th Annual Distressed Investing Forum
         Union League Club, New York, New York
            Contact: http://www.euromoneyplc.com/

Mar. 6-8, 2008
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Mandalay Bay Resort, Las Vegas, Nevada
            Contact: http://www.ali-aba.org/

Mar. 8-10, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Conrad Duberstein Moot Court Competition
         St. John's University School of Law, New York
            Contact: http://www.abiworld.org/

Mar. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Bankers Club of Miami, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Mar. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Maggie Good
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Mar. 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Mar. 27-30, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar II
         Las Vegas, Nevada
            Contact: http://www.nortoninstitutes.org/

Apr. 3, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      Annual Spring Luncheon
         Renaissance Hotel, Washington, District of Columbia
            Contact: 703-449-1316 or www.iwirc.org

Apr. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 25-27, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Spring Seminar
         Eldorado Hotel & Spa, Santa Fe, New Mexico
            Contact: http://www.nabt.com/

May 1-2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Debt Symposium
         Hilton Garden Inn, Champagne/Urbana, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 9, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 13-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Litigation Skills Symposium
         Tulane University, New Orleans, Louisiana
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 18-20, 2008
   INTERNATIONAL BAR ASSOCIATION
      14th Annual Global Insolvency & Restructuring Conference
         Stockholm, Sweden
            Contact: http://www.ibanet.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         J.W. Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

June 19-21, 2008
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Omni Hotel, San Francisco, California
               Contact: http://www.ali-aba.org/

June 26-29, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Seminar
         Jackson Hole, Wyoming
            Contact: http://www.nortoninstitutes.org/

July 10-13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.abiworld.org/events

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/;
               http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China\u2019s New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency \u2013 Widening Controversy: Current
Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers\u2014the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today\u2019s Legal
       Processes
          Audio Conference Recording
             Contact: 240-629-3300;
                http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
      Proceedings
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


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