TCREUR_Public/071116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, November 16, 2007, Vol. 8, No. 228

                            Headlines




A U S T R I A

AZD LLC: Vienna Court Orders Business Shutdown
ESTRO-ANLAGENTECHNIK: Graz Court Orders Business Shutdown
FRIEDRICH WAGNER: Claims Registration Period Ends Dec. 6
GRAD BAU: Vienna Court Orders Business Shutdown
MARKO COLAK: Vienna Court Orders Business Shutdown

MONTAGE UND LADENBAU: Claims Registration Period Ends Dec. 21
PALMA RESTAURANT: Administrator Declares Insufficient Assets
TRANSVER SPEDITION: Claims Registration Period Ends Nov. 30


B E L G I U M

ARVINMERITOR INC: Declares US$0.10 Quarterly Dividend
ARVINMERITOR INC: Posts US$62 Million Net Loss in Fourth Quarter
FERRO CORP: Forms Electronic Packaging Materials Unit
SOLUTIA INC: Unit Closes US$6.95 Mln Purchase of Acquired Tech.


C Z E C H   R E P U B L I C

TEXLEN TRUTNOV: Administrator Eye CZK100 Mln Proceeds From Sale


F I N L A N D

HILTON HOTELS: Inks Management Agreement with Desatur Cariari


F R A N C E

DELPHI CORP: To Receive Labor Payments from GM Through 2015
LAZARD LTD: Bruce Bilger to Lead Global Energy Unit
MEGA BRANDS: Moody's May Cut Low-B Ratings After Review
REALOGY CORP: Hires Richard Smith as Chief Executive Officer


G E R M A N Y

A.S. AUTO-SERVICE: Claims Registration Ends December 18
ASAPP.DE GMBH: Claims Registration Ends December 18
BENQ CORP: Eyes Business Expansion in the Philippines
BONFOTO GMBH: Claims Registration Period Ends Dec. 10
FM PRODUCTION: Claims Registration Period Ends Dec. 11

FUTURE IT: Claims Registration Ends December 11
HAKO - ELEKTROTECHNIK: Claims Registration Ends December 17
HEMO BAUMONTAGEN: Claims Registration Period Ends Dec. 14
HUGO KLINGENMEIER: Claims Registration Ends December 17
LIPSIA PROJEKTMANAGEMENT: Claims Registration Ends Dec. 12

M + M SEEBLICK: Claims Registration Period Ends Dec. 10
NOVAFLOR GMBH: Claims Registration Ends December 11
OTK ORIENT: Claims Registration Period Ends December 13
RED HAT: Teams Up with Platform Computing to Offer HPC Solution
RTN-IMMOBILIEN GMBH: Claims Registration Period Ends Dec. 10

T-C-H SERVICE: Claims Registration Period Ends December 18


G R E E C E

COMVERSE TECH: Andre Dahan Assumes CEO Role for Subsidiary
NAVIOS MARITIME: Prices Initial Public Offering at US$20/Share


H U N G A R Y

SUN MICROSYSTEMS: Enters into Definitive Pact Acquiring Vaau


I R E L A N D

INTERNATIONAL SECURITIES: Scraps Bond Sale & Delays Results
SCOTTISH RE: Declares Perpetual Preferred Share Cash Dividend
SCOTTISH RE: Moody's Holds (P)Ba3 Rating on Sr. Unsecured Shelf


I T A L Y

ALITALIA SPA: Chairman to Recommend Buyer by Nov. 23
DANA CORP: Wants to Settle Asbestos Claims for US$2 Million
DANA CORP: Ad Hoc Asbestos Panel Balks at Proposed Settlement
DANA CORP: Court Rejects Jasco's US$20 Million Claim
X-RITE INC: Posts US$2.8 Mln Net Loss in Quarter Ended Sept. 29


K A Z A K H S T A N

AUTO NUR: Creditors Must File Claims by Dec. 14
FORCE TECHNOLOGY: Claims Filing Period Ends Dec. 14
KAZAKHSTAN SNABSTROY: Creditors' Claims Due on Dec. 14
OIL SERVICE: Claims Registration Ends Dec. 14


K Y R G Y Z S T A N

HAYDAR INSAAT: Creditors Must File Claims by December 19


L U X E M B O U R G

CA INC: Signs Strategic Deal with HCL Technologies
MILLICOM INT'L: Moody's Lifts Corporate Family Rating to Ba2


P O R T U G A L

ACXIOM CORP: Charles Morgan Quits from Board of Directors


R U S S I A

KROMSKIJ CJSC: Asset Sale Slated for Dec. 5
MASHINOSTROITEL': Creditors Must File Claims by Jan. 3, 2008
OB'BISH LLC: Asset Sale Slated for Dec. 5
RODINSKIJ LLC: Asset Sale Slated for December 3
ROSNEFT OIL: Mulls US$2 Billion Eurobond Issue by Yearend

SCIENTIFIC CENTER: Asset Sale Slated for December 6
SITRONICS JSC: Names Mikhail Minkovsky as Chief Tech Officer
SODRUZHESTVO OJSC: Asset Sale Slated for Dec. 4
TMK OAO: Moody's Changes Outlook on Ba3 Rating to Positive


S W E D E N

QUEBECOR WORLD: S&P Rates Proposed US$400 Mln Senior Notes at B


S W I T Z E R L A N D

ALPSTEIN WOHNBAU: Creditors Must File Claims by November 19
DENTAL-KERAMIK: Basel-Stadt Court Closes Bankruptcy Proceedings
FORMICA (SCHWEIZ): Creditors Must File Claims by November 19
FRIGO-THERMO HANDEL: Creditors Must File Claims by November 19
HANS KRUSI: Creditors' Liquidation Claims Due by November 19

IMZ GRAFIK & GESTALTUNG: Creditors Must File Claims by Nov. 19
JTRACK LLC: Creditors' Liquidation Claims Due by November 19
KRONENBERG JSC: Basel-Stadt Court Closes Bankruptcy Proceedings
PLATZ-HAUS JSC: Zurich Court Starts Bankruptcy Proceedings
SPH JSC: Creditors' Liquidation Claims Due by November 19


U K R A I N E

CHERNOVTSY-MOTORCAR: Claims Filing bar Date Set November 21
DOVIRA-06 LLC: Claims Filing Bar Date Set November 21
ELIT-BUILDING PLUS: Creditors Must File Claims by November 21
MEGAMOTORS LLC: Creditors Must File Claims by November 22
MOLODETSKOYE LLC: Creditors Must File Claims by November 21

PROMINVESTBANK: Moody's Assigns Ba2/B2/E+ Global Scale Ratings
RADON: Creditors Must File Claims by November 22
ZHUKOVSKOE LLC: Creditors Must File Claims by November 21


U N I T E D   K I N G D O M

AFFINIA GROUP: Completes Acquisition of Brake Pro Assets
AMBROSE FOOTWEAR: Taps Liquidators from PricewaterhouseCoopers
BRITISH AIRWAYS: Seeks EUR2.5 Bln Loan to Finance Iberia Bid
CABLE & WIRELESS: Loses More Than US$100 Mil. from Cable Theft
COREL CORP: S&P Holds B Rating and Revises Outlook to Stable
FEDERAL MOGUL: U.S. District Court Affirms Chapter 11 Plan

FREESCALE SEMI: Joins SPIRIT Consortium Board of Directors
FREESCALE SEMICONDUCTOR: Fitch Assigns Low B & Junk Ratings
GALAXY TRANSPORTATION: Calls In Liquidators from Menzies
GENERAL MOTORS: To Make Labor Payments to Delphi Through 2015
GENERAL MOTORS: Signs 2007 UAW-GM National Labor Contract

LE PETIT: Brings In Liquidators from Baker Tilly Restructuring
MDS SYSTEMS: Names Nicholas John Miller Liquidator
NORTHERN ROCK: Court Issues Limited Injunction on Leaked Memo
REMY WORLDWIDE: Files Supplement to Prepackaged Chapter 11 Plan
REMY WORLDWIDE: Plan Confirmation Hearing Set for November 20

SENSIENT TECHNOLOGIES: Officer Adopts Rule 10b5-1 Trading Plan
SHERWOOD PROJECTS: Appoints Liquidator from Mazars
TYSON FOODS: Earns US$32 Million in Fourth Qtr. Ended Sept. 30

* BOOK REVIEW: Voluntary Assignments for the Benefit of
               Creditors, Volumes I and II



                            *********

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


AZD LLC: Vienna Court Orders Business Shutdown
----------------------------------------------
The Trade Court of Vienna entered Oct. 18 an order shutting down
the business of LLC AZD (FN 265982a).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 9 (Bankr. Case No 2 S 138/07t).


ESTRO-ANLAGENTECHNIK: Graz Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Graz entered Oct. 12 an order shutting down
the business of LLC ESTRO-Anlagentechnik (FN 245080m).

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

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


FRIEDRICH WAGNER: Claims Registration Period Ends Dec. 6
--------------------------------------------------------
Creditors owed money by LLC Friedrich Wagner & Sohn & Co KG (FN
41617b) have until Dec. 6 to file written proofs of claim to
court-appointed estate administrator Eberhard Wallentin at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Dec. 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No. 5 S 116/07d).


GRAD BAU: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Oct. 15  an order shutting
down the business of LLC GRAD Bau (FN 258081g).

Court-appointed estate administrator Ilse Korenjak 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. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 5122102
         Fax: 5122102-20
         E-mail: office@buresch-korenjak.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No 4 S 114/07b).


MARKO COLAK: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Oct. 18 an order shutting down
the business of LLC Marko Colak Trade (FN 285832t).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 9 (Bankr. Case No 2 S 139/07i).  Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.


MONTAGE UND LADENBAU: Claims Registration Period Ends Dec. 21
-------------------------------------------------------------
Creditors owed money by LLC Montage und Ladenbau (FN 32360p)
have until Dec. 21 to file written proofs of claim to court-
appointed estate administrator Georg Rupprecht  at:

         Mag. Georg Rupprecht
         Hauptplatz 9-13
         2500 Baden
         Austria
         Tel: 02252/86 580
         Fax: 02252/865803
         E-mail: rupprecht@lexacta.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 8, 2008 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Oberwaltersdorf, Austria, the Debtor declared
bankruptcy on Oct. 12 (Bankr. Case No. 11 S 100/07b).


PALMA RESTAURANT: Administrator Declares Insufficient Assets
------------------------------------------------------------
Mag. Christian Steurer, the court-appointed estate administrator
for LLC PALMA Restaurant  (FN 179173s), declared Oct. 15 that
the Debtor's property is insufficient to cover creditors' claim.

The Land Court of Feldkirch ordered the shutdown of the Debtor's
business on Oct. 8.

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

The estate administrator can be reached at:

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


TRANSVER SPEDITION: Claims Registration Period Ends Nov. 30
-----------------------------------------------------------
Creditors owed money by LLC Transver Spedition und Handel (FN
98700y) have until Nov. 30 to file written proofs of claim to
court-appointed estate administrator Maximilian Schludermann at:

         Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 14 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. 15 (Bankr. Case No. 28 S 115/07a).


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


ARVINMERITOR INC: Declares US$0.10 Quarterly Dividend
-----------------------------------------------------
The ArvinMeritor Inc. Board of Directors, at a meeting held on
Nov. 13, 2007, at its corporate headquarters in Troy, Mich.,
declared a quarterly dividend of US$0.10 per share on the common
stock of ArvinMeritor, payable Dec. 10, 2007, to holders of
record at the close of business on Nov. 26, 2007.

The company also disclosed Wednesday that its annual
shareowners' meeting will be held on Jan. 25, 2008, at 9 a.m.
EST, at its Troy, Mich. headquarters.  Shareowners of record at
the close of business on Nov. 23, 3007, will be entitled to
notice of, and to vote, at the annual meeting.

                        About Arvinmeritor

Headquartered in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves commercial truck, trailer and specialty original
equipment manufacturers and certain aftermarkets, and light
vehicle manufacturers.  ArvinMeritor employs about 29,000 people
at more than 120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                          *     *     *

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

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

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


ARVINMERITOR INC: Posts US$62 Million Net Loss in Fourth Quarter
----------------------------------------------------------------
ArvinMeritor Inc. reported Wednesday financial results for its
full fiscal year and fourth quarter ended Sept. 30, 2007.

The company reported a net loss of US$62 million for the fourth
quarter ended Sept. 30, 2007, compared with a net loss of
US$274 million for the same period in fiscal year 2006.

For the fourth quarter of fiscal year 2007, ArvinMeritor posted
sales of US$1.6 billion, flat over the same period last year.
Sales reflect the continued downturn in Class 8 North American
truck sales offset by stronger volumes in other regions.

Operating income in the fourth quarter of 2007, before special
items, was US$8 million, compared to operating income, before
special items, of US$56 million in the prior year's fourth
quarter.

Loss from continuing operations during the fourth quarter of
fiscal year 2007, before special items, was US$4 million,
compared to income from continuing operations, before special
items, of US$29 million a year ago.  Fourth-quarter results
reflect reduced North American volumes and significant premium
costs associated with record European volumes.

Special items included costs associated with supplier
reorganizations, restructuring expenses and certain non-
recurring tax charges.

For the fourth quarter of 2007, ArvinMeritor reported positive
free cash flow of US$178 million.

"Despite the solid progress we are making in implementing our
strategic initiatives, our results this quarter were negatively
impacted by weaker than anticipated North American truck
production and the continuing capacity challenges in our
European truck operations," said chairman, chief executive
officer and president Chip McClure.  "Going forward, we believe
European capacity issues will be less severe due to actions we
are taking to implement lean manufacturing improvements and
bring new suppliers into the pipeline.

"Following this period of extended softness in the North
American truck market, we expect to see a rebound as the
industry gradually returns in 2008.  In Europe, we look forward
to continued strong sales volumes, and in Asia and South
America, we expect volumes to grow significantly."

Sales from continuing operations for fiscal year 2007 were
US$6.4 billion, up US$34 million, compared to fiscal year 2006.

On a GAAP basis, net loss was US$219 million, compared to a net
loss of US$175 million in fiscal tear 2006.  Loss from
continuing operations was US$30 million, compared to income from
continuing operations of US$112 million in fiscal year 2006.

Net debt was reduced by US$146 million during the fiscal year
despite negative free cash flow of US$113 million.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$4.789 billion in total assets, US$4.181 billion in
total liabilities, US$65 million in minority interests, and
US$543 million in shareowners' equity.

                        About Arvinmeritor

Headquartered in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves commercial truck, trailer and specialty original
equipment manufacturers and certain aftermarkets, and light
vehicle manufacturers.  ArvinMeritor employs about 29,000 people
at more than 120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                          *     *     *

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

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

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


FERRO CORP: Forms Electronic Packaging Materials Unit
-----------------------------------------------------
Ferro Corporation's Electronic Material Systems has combined
several sub-business units into the newly formed Electronic
Packaging Materials unit.  The new EPM unit was formed to make
it easier for customers to buy both performance-enhancing
engineered formulations and cost-effective materials used to
produce hybrid circuits, microelectronics, advanced packaging,
and devices.

"We've combined several product-focused businesses to provide a
full range of options to meet all of our electronics packaging
customers' needs with a single point of contact," said Jeffrey
Edel, Business Director/General Manager, Ferro Electronic
Material Systems.  "EPM's focused approach simplifies providing
what customers need to gain an advantage, regardless of the
product type."

Ferro has a long track record of providing market-leading
systems of matched engineered materials, as well as applied
technology expertise to help integrate products into customers'
manufacturing processes. These products are often customized for
specific applications.  In addition, many customers make their
own formulations in-house, or use certain Ferro materials for
particular functions.  EPM was created to serve the full range
of these customer needs.

Engineered formulation product lines improve product performance
and/or production efficiency in specific customer applications.
These product lines include thick film conductive pastes and
matched material systems comprised of resistor pastes,
dielectrics, and overglazes for hybrid IC and metal core
substrate applications, as well as high-performance, low
temperature ceramic co-fired (LTCC) tape with a gold-based
matched materials system.

Ferro's cost-effective discrete materials provide building
blocks for customers' electronic materials formulations. EPM
offers electronic and technical glasses, and LTCC formulated
powders.  Ferro also manufactures binders and metal powders, as
well as custom and proprietary electronic materials.

                   About Ferro Electronic

Ferro Electronic Material Systems has locations in Vista, CA;
Penn Yan, NY; South Plainfield, NJ; Haverhill, United Kingdom;
Uden, The Netherlands; Hanau, Germany; Tsukuba, Japan; and
Suzhou, China.  Its products include advanced packaging and
thick film conductors; metal pastes and powders for solar energy
applications; chemical mechanical planarization (CMP) slurries
for semiconductors and advanced integrated circuits; dielectrics
used in chip components and multilayer ceramic capacitors
(MLCC); and surface finishing materials for LCD, hard disk, and
ophthalmic polishing.

                      About Ferro Corp.

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

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

                        *     *     *

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


SOLUTIA INC: Unit Closes US$6.95 Mln Purchase of Acquired Tech.
---------------------------------------------------------------
Solutia(r) Inc.'s CPFilms(r) business unit has acquired the
customer list, patents, production equipment and certain other
assets of Acquired Technology, Inc. for US$6.95 million.  The
ATI acquisition provides technology to help fuel the growth and
development of CPFilms' broad product portfolio while
immediately adding sales volume in the dyed window film
components segment.

"CPFilms is committed to continuing our strong record of global
growth and market development, and this acquisition will help us
to take an important step in that direction," said Kent Davies,
president of Solutia's CPFilms business.  "CPFilms will continue
to emphasize customer service, quality, and product performance
as we serve ATI's components customers.  In addition, we are
broadening our portfolio of available technologies to drive
window film sales all over the world."

Solutia's CPFilms business is the world's largest producer of
high-quality, after-market window films, which bring benefits
such as comfort, aesthetics, energy savings, and security when
applied to glass.  CPFilms also is a leading supplier of high-
value precision coated films and film components sold to a
variety of industries, and holds market-leading technology
positions in support of both businesses. CPFilms is based in St.
Louis, Mo., with manufacturing facilities in Martinsville, Va.,
Axton, Va., Canoga Park, Calif., and Runcorn, U.K.

Based in Alpharetta, Georgia, ATI specializes in dyeing
polyester film with a proprietary, patented thermosol process.
ATI was formed in 1991 and has exclusively manufactured dyed
film since its inception.

Dyed film is an important component of finished window film
products and a key segment within CPFilms' Precision Coatings
business.  The ATI acquisition enhances the business' position
as a technology leader and supplier of dyed film while providing
technologies that will allow it to continue to emphasize the
marketing, manufacturing and development of highly-
differentiated branded window films.

Under the purchase agreement, ATI's founders and principal
owners, Tony Mercado and Don Futch, will serve as consultants to
CPFilms following the closing of the transaction.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

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

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


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TEXLEN TRUTNOV: Administrator Eye CZK100 Mln Proceeds From Sale
---------------------------------------------------------------
Josef Oubrecht, the bankruptcy administrator of Texlen Trutnov,
told CTK Czech News Agency that the sale of the company's assets
should generate about CZK100 million, while all main assets have
already been sold.

As reported in the TCR-Europe on Aug. 20, 2007, Texlen Trutnov
has put its plants in Trutnov, Mlade Buky, Rudnik and Radvanice
up for sale for at least CZK60.7 million.

The Regional Court in Hradec Kralove declared Texlen Trutnov
bankrupt in March 2007 after parent company Texlen Linen entered
bankruptcy proceedings.  CTK relates that the company is facing
up to CZK180 million in creditor claims.


=============
F I N L A N D
=============


HILTON HOTELS: Inks Management Agreement with Desatur Cariari
-------------------------------------------------------------
Hilton Hotels Corporation has signed a multi-year management
agreement with Desatur Cariari, S.A. for a full-service
Doubletree by Hilton(TM) hotel in San Jose, Costa Rica - the
Hilton Family of Hotels' fourth hotel development in Costa Rica
this year.  Prior to its anticipated opening in January 2008,
the 222-room Doubletree Cariari by Hilton San Jose, Costa Rica
will undergo a series of renovations featuring upgrades to
guestrooms, public areas, restaurants, meeting facilities, and
more.

"Hilton has made a commitment to grow its family of hotels
throughout Central America, and we are thrilled to bring another
Doubletree by Hilton hotel to the most visited country in the
region.  The Doubletree Cariari by Hilton San Jose and
Doubletree by Hilton Puntarenas Resort will complement each
other and support the brand's recognition as we continue to
grow," commented Danny Hughes, area vice president, Caribbean
and Central America, for Hilton Hotels Corporation.  "The full-
service Doubletree Cariari by Hilton San Jose will acquaint
guests with the diversity that makes this country such a great
place to visit for business or pleasure."

Located in Costa Rica's capital city of San Jose, the Doubletree
Cariari by Hilton San Jose is just five minutes from Juan
Santamaria International Airport and ten minutes from the city
center.  The hotel will feature 174 charming guestrooms and 48
suites, including 24 suites with specialized butler service.
Recreation options will include two swimming pools, fitness
center, and casino, while business travelers will have access to
a fully equipped business center, and 11 meeting rooms.  The
hotel will offer one signature restaurant, a pool bar, and
cafeteria, serving everything from local to international
cuisine.  And, if sightseeing is on the schedule, the hotel is
five minutes from the Plaza Real Cariari shopping center, 30
minutes from the Coffee Tour and Finca de Mariposas (butterfly
farm), and one hour from the Irazu Volcano national park.

In January, Hilton Hotels Corporation announced multi-year
management agreements to manage a 202-room property in Papagayo
and a 410-room property in Puntarenas as the first Hilton and
Doubletree by Hilton branded resorts in Costa Rica,
respectively.  Both resorts are anticipated to open in January
2008.  Earlier this year, Hilton also announced the signing of a
franchise hotel agreement for a Hilton Garden Inn(TM) hotel in
Liberia, Costa Rica, which is forecasted to open in Fall 2008.

"Costa Rica is a thriving destination and we are delighted to
bring our second Doubletree by Hilton hotel to this area of
Central America," said Dave Horton, senior vice president -
brand management for Doubletree Hotels.  "Doubletree Hotels
continues to expand its upscale, full-service hotel portfolio at
a solid pace and this newest hotel agreement in San Jose, Costa
Rica reinforces our pride in Doubletree being recognized by
hotel owners and developers as a dynamic, credible and lucrative
hotel brand for hoteliers around the world."

"We are delighted to be part of the Hilton Family of Hotels and
fly the Doubletree by Hilton flag on our property in San Jose,
Costa Rica," said Yukiko Nakayama, president of Desatur Cariari,
S.A. "The Hilton Family boasts a collection of sales, marketing,
and technology tools that will complement our product and help
deliver great recognition and success for our new hotel.  We
look forward to a long and prosperous partnership."

                      About Desatur Cariari

Desatur Cariari, S.A. owns the Melia Cariari scheduled to become
the Doubletree Cariari by Hilton, San Jose in January 2008, a
resort known for its traditional Costa Rican flavor.  The parent
company is Corporacion Hotelera Cari-Coro, S.A., a prosperous
Japanese corporation that owns a second hotel in Costa Rica.
Both properties have enjoyed positive results and great success
thanks to the recognition generated amongst visitors and the
support of the Costa Rican Tourism Institute.

                     About Doubletree Hotels

With a growing collection of contemporary, upscale
accommodations in more than 180 gateway cities, metropolitan
areas and vacation destinations throughout the U.S., Canada and
Latin America and an aggressive hotel development campaign
around the world, Doubletree Hotels, Guest Suites and Resorts
are distinctively designed properties that provide true comfort
to today's business and leisure travelers.  From the millions of
delighted hotel guests who are welcomed with the brand's
legendary, warm chocolate chip cookies at check-in to the
advantages of the award-winning Hilton HHonors(R) guest reward
program, each Doubletree guest receives a satisfying stay
wherever their travels take them.

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


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


DELPHI CORP: To Receive Labor Payments from GM Through 2015
-----------------------------------------------------------
General Motors Corp. said in its third quarter 2007 financial
report filed with the U.S. Securities and Exchange Commission
that it expects to make its annual payments to Delphi Corp. for
labor costs through 2015, and said the payments could extend for
up to five more years.

Michigan-based General Motors said it will pay US$300,000,000 to
US$400,000,000 a year for labor costs, as part of the
settlements reached with Delphi and its labor union United
Automobile, Aerospace & Agricultural Implement Workers of
America.  Pursuant to the settlements, which was
contemporaneously filed with Delphi's Joint Plan of
Reorganization on September 6, 2007 before the U.S. Bankruptcy
Court for the Southern District of New York, General Motors
agreed to reimburse a certain portion of Delphi's U.S. hourly
labor costs incurred to produce systems, components, and parts
for GM from October 1, 2006 through September 14, 2015.

General Motors and the bankrupt auto-parts supplier also agreed
to resolve all outstanding issues and claims against each other.
Delphi agreed to withdraw a prior request to terminate its
supply agreements with GM.  Delphi, GM's former parts-making
unit, also agreed to issue a US$1,500,000,000 note in favor of
GM, in exchange for its assumption of Delphi's pension
obligations, and pay US$2,700,000,000 cash to GM on the
effective date of the Plan.

Due to difficulties in obtaining commitment for a proposed
US$7,100,000,000 exit financing contemplated in the Plan,
Delphi, however, has reduced the amount of cash to available for
use as "currency" to be paid to creditors and interest holders.
GM has consented to an amendment, providing that GM would
receive US$1,500,000,000 in a combination of at least
US$750,000,000 in cash and a second lien note for the remaining
amount and US$1,200,000,000 in junior convertible preferred
stock of Delphi, instead of US$2,700,000,000 in cash.

Delphi is scheduled to seek the Bankruptcy Court's approval of
the disclosure statement explaining the terms of the Plan at a
November 29, 2007 hearing, which has already delayed for almost
two months.  Delphi has to obtain approval of the disclosure
statement before it could begin soliciting votes from creditors
and equity holders on the Plan.  Delphi expects to emerge from
bankruptcy in the first quarter of 2008.

                      About General Motors

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

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 96; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LAZARD LTD: Bruce Bilger to Lead Global Energy Unit
---------------------------------------------------
Lazard Ltd. disclosed that Bruce Bilger will join the firm's
Financial Advisory business as Chairperson and Head of Global
Energy, and will co-head its Southwest Investment Banking
region, effective Jan. 1, 2008.  Based in Houston, Mr. Bilger is
currently with Vinson & Elkins L.L.P., one of the world's
leading energy and M&A law firms, as the Head of its Energy
Practice Group, a global 400-plus-attorney practice.  He also is
Co-Head of the law firm's Business and International Section, a
180-plus-attorney corporate and transactions practice.

"Power and energy are core global sectors at Lazard," said Bruce
Wasserstein, Chairman and Chief Executive Officer of Lazard.
"As we continue to bolster our industry teams around the world,
we are delighted that Bruce is joining us to help reinforce our
strong position in power and energy."

"Bruce is renowned for his in-depth knowledge of the energy
industry and is widely recognized for providing high-value
strategic legal advice in corporate matters as well as mergers
and acquisitions," said Kenneth Jacobs, CEO of Lazard North
America.  "The combination of these skills and his significant
financial background, positions him to be highly qualified as an
advisor on transactions for Lazard clients."

"I am fortunate to have had the opportunity to work with many of
the best attorneys in the world at Vinson & Elkins over the past
three decades, and having had the platform there to build a
practice focused on the energy business," said Mr. Bilger.
"Having worked on a number of transactions involving Lazard
bankers over the years, I am excited to have this new
opportunity to work alongside them, and to provide advice on a
financial platform with the world's premier independent
investment bank.  I especially look forward to working closely
with senior Lazard Managing Directors George Bilicic in
strengthening the energy expertise in the firm's global Power &
Energy sector and Harry Pinson in Houston to help drive Lazard's
Southwest Investment Banking business."

By joining Lazard, Mr. Bilger will conclude a very successful
career with Vinson & Elkins, where he helped build its energy
team. In 2006, Vinson & Elkins' energy practice lawyers handled
over 2,000 matters with a collective value of more than US$187
billion.  Mr. Bilger's practice consisted primarily of domestic
and international business transactions, including mergers and
acquisitions, international infrastructure development projects,
project finance, and other corporate transactions, particularly
in the energy industry.

"Bruce and I started at the firm together and have been close
friends and colleagues for 30 years," said Joe Dilg, Managing
Partner of Vinson & Elkins.  "He will be sorely missed but has
left a legacy of many talented energy specialists at Vinson &
Elkins.  We congratulate Bruce and wish him every success in
this next stage of his illustrious career."

During his tenure at Vinson & Elkins, Mr. Bilger has led the
teams handling many of the firm's most significant energy
industry transactions, including Duke Energy's US$8 billion
cross-border acquisition of Canada's Westcoast Energy,
Enterprise Products Partners' US$13 billion merger with El
Paso's master limited partnership GulfTerra, and the recently
completed US$45 billion acquisition of TXU by Kohlberg Kravis
Roberts, TPG and other investors.  He is active in the Greater
Houston Partnership and other civic and charitable organizations
in the Houston community. Mr. Bilger received combined MBA and
JD degrees from the University of Virginia and a BA from
Dartmouth College.

                      About Lazard Ltd.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

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


MEGA BRANDS: Moody's May Cut Low-B Ratings After Review
-------------------------------------------------------
Moody's Investors Service placed the B1 corporate family rating
and other long term ratings of MEGA Brands, Inc. on review for
possible downgrade after the company announced weaker than
expected results for the third quarter of 2007 and for year-to-
date.  The LGD rates are also subject to change.  The
speculative grade liquidity rating was affirmed at SGL-3.

These ratings were placed on review for possible downgrade:

   * MEGA Brands, Inc.

   -- Corporate Family Rating of B1:

   -- Probability of Default of B2;

   -- US$120 million 5-year revolving credit facility maturing
      July 2010 of Ba3;

   -- US$40 million, 5-year term loan A facility of Ba3.

   * MEGA Brands Finco

   -- US$260 million 7-year term loan B facility of Ba3.

The rating was last lowered in July 2007 due to poor results in
2006 and in early 2007.  The new review is prompted by the fact
that expectations of improvements in the latter half of 2007
have not materialized.  Third quarter sales were down 8.8%
versus the prior year mainly due to production delays in Asia
and lower shipments of Magnetix products, and Gross Profit
plummeted more than 60% due in part to inventory write-offs and
adjustments.  Mega reported an operating loss for the quarter of
US$5.1 million versus a profit of US$26.4 million a year
earlier.  Moody's review will focus on the likelihood of a
return to sustainable profitability in the near term.  It will
also revisit the current status of pending litigation, the
issues around the company's self insurance for product liability
for Magnetix products manufactured before May 1, 2006 and for
incidents occurring after Dec. 1, 2006, and the likely timing
and payout of the disputed Rose Art earn-out payment.

The SGL-3 was affirmed based on Moody's continued expectation
for adequate near-term liquidity for the company.  Absent the
Rose Art earn-out payment, which the company does not expect to
make before 2009, MEGA Brands' liquidity is supported by balance
sheet cash and availability under its $120 million revolver,
offset by the seasonal nature of its cash flow which requires
reliance on its bank facility, the potential for limited
covenant cushion under its credit agreement over the medium
term, and its limited alternative sources of liquidity.

Based in Montreal, Canada, 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.  The company had sales of
over US$547 million in 2006.


REALOGY CORP: Hires Richard Smith as Chief Executive Officer
------------------------------------------------------------
Realogy Corporation has appointed Richard A. Smith, as its chief
executive officer, succeeding Henry R. Silverman in accordance
with the Company's previously announced succession plan.  Mr.
Smith will now serve as Realogy's president and CEO.

Mr. Silverman will become the non-executive chairman of
Realogy's board of directors.  The leadership transition will
take effect immediately.

Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services has lowered its
ratings on Realogy Corp.; the corporate credit rating was
lowered to 'B' from 'B+'.  S&P said the rating outlook is
stable.


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


A.S. AUTO-SERVICE: Claims Registration Ends December 18
-------------------------------------------------------
Creditors of A.S. Auto-Service GmbH have until Dec. 18 to
register their claims with court-appointed insolvency manager
Hanns Poellmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 22, 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Hanns Poellmann
         Blankenburger Strasse 3
         07318 Saalfeld
         Germany

The District Court of Gera opened bankruptcy proceedings against
A.S. Auto-Service GmbH on Oct. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A.S. Auto-Service GmbH
         Attn: Wolfgang von Nessen, Manager
         Beulwitzer Str. 9-11
         07318 Saalfeld
         Germany


ASAPP.DE GMBH: Claims Registration Ends December 18
---------------------------------------------------
Creditors of asapp.de GmbH i.L. have until Dec. 18 to register
their claims with court-appointed insolvency manager Michael
Pfeffer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         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:

         Michael Pfeffer
         Kapuzinerplatz 1
         63739 Aschaffenburg
         Germany
         Tel: 06021/386710
         Fax: 06021/3867130

The District Court of Aschaffenburg opened bankruptcy
proceedings against asapp.de GmbH i.L. on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         asapp.de GmbH i.L.
         Sommerackerweg 1
         63808 Haibach
         Germany


BENQ CORP: Eyes Business Expansion in the Philippines
-----------------------------------------------------
BenQ Corp. plans to expand its business in the Philippines,
hoping to carve out a niche market first in LCD projectors and
monitors, the Philippine Daily Inquirer reports.

According to Lawrence Casiraya of the Inquirer, BenQ introduced
in a media gathering last week its manager for the Philippines,
Steve Lin, who assumed his post in June.

In an interview with the paper, Mr. Lin said that the company
has been focused on growing its LCD projector and monitor
business since entering the market two years ago.  "Based on
market figures, we're now the No. 4 vendor in LCD projectors,"
Mr. Lin said, behind other vendors like InFocus and Toshiba.

"This has also been our company's thrust in the region.  We're
trailing Epson right now in the LCD monitor market in Asia
Pacific," Mr. Lin added.

The report recounts that BenQ had earlier introduced laptops and
digital cameras which, according to Mr. Lin, will be officially
distributed sometime in 2008.

At present, the Inquirer notes, BenQ has two local distributors
and plans to appoint more to carry other products.  Moreover,
Mr. Lin said that once revenues hit more than PHP1 million a
month, probably by the second quarter in 2008, the company will
set up a local office.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.  The firm has
operations in Mexico.

In June 2007 the company announced that it will change its name
to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                        *     *     *

As reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned
its long-term twBB+ and short-term twB corporate credit ratings
to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BONFOTO GMBH: Claims Registration Period Ends Dec. 10
-----------------------------------------------------
Creditors of BONFOTO GmbH have until Dec. 10 to register their
claims with court-appointed insolvency manager Alexander
Hoepfner.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 27, 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 Mannheim
         Hall 411
         Schloss
         68149 Mannheim
         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. Alexander Hoepfner
         Feldbergstr. 45-47
         68163 Mannheim
         Germany
         Tel: 0621/8109740

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

The Debtor can be reached at:

         BONFOTO GmbH
         Attn: Oliver Kuebe, Manager
         Reichenbachstr. 13
         68309 Mannheim
         Germany


FM PRODUCTION: Claims Registration Period Ends Dec. 11
------------------------------------------------------
Creditors of fm production GmbH & Co. KG have until Dec. 11 to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 22, 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 27
         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:

         Ruediger Wienberg
         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 fm production GmbH & Co. KG on Oct. 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         fm production GmbH & Co. KG
         Attn: Dr. Bernd Ernst Maier, Manager
         Goethestrasse 7
         09119 Chemnitz
         Germany


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

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

The meeting of creditors will be held at:

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

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

The insolvency managers can be reached at:

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

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

The Debtor can be reached at:

         future IT & NET - systemhouse GmbH
         Attn: Heinz Kueckelmann, Manager
         Otto-Lilienthal-Strasse 7
         06796 Brehna
         Germany


HAKO - ELEKTROTECHNIK: Claims Registration Ends December 17
-----------------------------------------------------------
Creditors of HAKO - Elektrotechnik GmbH have until Dec. 17 to
register their claims with court-appointed insolvency manager
Dr. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 27, 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 Arnsberg
         Meeting Hall 132
         Eichholzstr. 4
         59821 Arnsberg
         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. Axel Kampmann
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against HAKO - Elektrotechnik GmbH on Oct. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         HAKO - Elektrotechnik GmbH
         Attn: Erika Hackler, Manager
         Zum Fuerstenberg 16
         59755 Arnsberg
         Germany


HEMO BAUMONTAGEN: Claims Registration Period Ends Dec. 14
---------------------------------------------------------
Creditors of Hemo Baumontagen GmbH have until Dec. 14 to
register their claims with court-appointed insolvency manager
J. Oehler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 22, 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

          J. Oehler
          Willy-Brandt-Platz 1
          99084 Erfurt
          Germany

The District Court of Gera opened bankruptcy proceedings against
Hemo Baumontagen GmbH on Oct. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Hemo Baumontagen GmbH
          Attn: Gunter Heppner, Manager
          Oststrasse 11
          04610 Meuselwitz
          Germany


HUGO KLINGENMEIER: Claims Registration Ends December 17
-------------------------------------------------------
Creditors of Hugo Klingenmeier GmbH have until Dec. 17 to
register their claims with court-appointed insolvency manager
Ulrich Kaiser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

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

The insolvency manager can be reached at:

         Ulrich Kaiser
         Theresienstr. 3
         63741 Aschaffenburg
         Germany
         Tel: 06021/428221
         Fax: 06021/428210

The District Court of Aschaffenburg opened bankruptcy
proceedings against Hugo Klingenmeier GmbH on Oct. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Hugo Klingenmeier GmbH
          Neudorfer Str. 3
          63936 Schneeberg
          Germany


LIPSIA PROJEKTMANAGEMENT: Claims Registration Ends Dec. 12
----------------------------------------------------------
Creditors of Lipsia Projektmanagement GmbH have until Dec. 12 to
register their claims with court-appointed insolvency manager
Ulrich Luppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Jan. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Ulrich Luppe
          Hansering 9/10
          06108 Halle
          Germany
          Tel: 0345/614070
          Fax: 0345/6140710
          E-mail: Kanzlei@luppe-rothe.de

The District Court of Dessau opened bankruptcy proceedings
against Lipsia Projektmanagement GmbH on Oct. 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Lipsia Projektmanagement GmbH
          Friedrich-Ebert-Str. 40
          06366 Koethen
          Germany


M + M SEEBLICK: Claims Registration Period Ends Dec. 10
-------------------------------------------------------
Creditors of M + M Seeblick GmbH have until Dec. 10 to register
their claims with court-appointed insolvency manager Claus-Peter
Langer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Claus-Peter Langer
         Herzog-Wilhelm-Str. 17
         80331 Munich
         Germany
         Tel: 089/23 68 58-0
         Fax: 089/26 03 44 0

The District Court of Munich opened bankruptcy proceedings
against M + M Seeblick GmbH on Oct. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         M + M Seeblick GmbH
         Waldfriedenstr. 55
         85241 Hebertshausen
         Germany


NOVAFLOR GMBH: Claims Registration Ends December 11
---------------------------------------------------
Creditors of Novaflor GmbH have until Dec. 11 to register their
claims with court-appointed insolvency manager Mark Schuessler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 22, 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 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency managers can be reached at:

         Dr. Mark Schuessler
         Bismarckstrase 4
         69469 Weinheim
         Germany
         Tel: 06201-994424
         Fax: 06201-994422

The District Court of Darmstadt opened bankruptcy proceedings
against Novaflor GmbH on Oct. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Novaflor GmbH
         Attn: Wolfgang Mohr, Manager
         Scharfenberg Strasse 9
         64720 Michelstadt
         Germany


OTK ORIENT: Claims Registration Period Ends December 13
-------------------------------------------------------
Creditors of OTK Orient Teppich Kontor Direktimport GmbH have
until Dec. 13 to register their claims with court-appointed
insolvency manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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:

          Eberhard Stock
          Wilhelmshofallee 75
          47800 Krefeld
          Germany

The District Court of Duisburg opened bankruptcy proceedings
against OTK Orient Teppich Kontor Direktimport GmbH on Oct. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         OTK Orient Teppich Kontor Direktimport GmbH
         Attn: Ghorban Afshang, Manager
         Am Stadtwald 15
         45219 Essen
         Germany


RED HAT: Teams Up with Platform Computing to Offer HPC Solution
---------------------------------------------------------------
Red Hat has inked an agreement with Platform Computing, the
global leader in High Performance Computing infrastructure
software, to jointly offer a new product, the Red Hat HPC
Solution, that fully integrates Platform's Open Cluster Stack1
with Red Hat Enterprise Linux.  The new offering provides users
with an end-to-end solution with a range of tools necessary to
deploy and manage an HPC cluster in a wide range of
environments, from SMB to Enterprise, while offering competitive
pricing and outstanding performance.

Businesses are increasingly utilizing HPC clusters to gain a
competitive edge; the new Red Hat HPC Solution allows users to
deploy their HPC applications in a more cost-effective manner,
while providing tools in a single, easy-to-deploy package.  The
Red Hat solution incorporates the operating system, device
drivers, cluster installer, resource and application monitor and
job scheduler for every node in the cluster.

The integrated HPC software stack includes Red Hat Enterprise
Linux, the world's leading open source operating system,
designed to deliver maximum application performance using
today's low-cost, industry-standard systems.  The solution also
incorporates the device drivers and interconnect support
necessary for efficiently running a high-performance cluster,
and also includes Platform's Lava-based job scheduler to rapidly
schedule user workloads.  All of the components, supported by
Red Hat's global 24x7 enterprise-level services, are delivered
in one product, reducing the complexity and time needed to set
up and optimize an HPC cluster.

"Platform's 15 years of expertise deploying high-performance
clusters, combined with the performance and stability of Red Hat
Enterprise Linux, provide a perfect technology match for
customers looking for an HPC solution," said Paul Cormier,
executive vice president, Worldwide Engineering at Red Hat.
"This agreement also enables us to tailor our existing
enterprise solutions for smaller-sized customers, so this new
and rapidly growing HPC market can enjoy the benefits of open
source software."

"Platform is excited to partner with Red Hat to reach new
markets for HPC solutions," said Songnian Zhou, CEO, Platform
Computing. "Organizations from Enterprise to SMB will be able to
adopt open source solutions that are fully supported and easy to
use.  This agreement supports Platform's strategy to enable
organizations to improve time to results and reduce computing
costs when deploying cluster and grid software solutions."

The Red Hat HPC Solution has completed certification on a range
of hardware platforms and will be available at the end of 2007.

                    About Platform Computing

Platform Computing -- http://www.platform.com/-- is a pioneer
and the global leader in High Performance Computing
infrastructure software.  The company delivers integrated
software solutions that enable organizations to improve time-to-
results and reduce computing costs.  Many of the world's largest
companies rely on Platform for workload management and cluster
and grid management.  Platform has over 2,200 global customers
and strategic relationships with Dell, HP, IBM, Intel,
Microsoft, Red Hat and SAS, along with the industry's broadest
support for HPC applications. Building on 15 years of market
leadership, Platform continues to define the HPC market.

                        About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has revised
its outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.


RTN-IMMOBILIEN GMBH: Claims Registration Period Ends Dec. 10
------------------------------------------------------------
Creditors of RTN-Immobilien GmbH have until Dec. 10 to register
their claims with court-appointed insolvency manager Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Duisburg
         Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against RTN-Immobilien GmbH on Oct. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RTN-Immobilien GmbH
         Aktienstr. 25 - 53
         45473 Muelheim an der Ruhr
         Germany


T-C-H SERVICE: Claims Registration Period Ends December 18
----------------------------------------------------------
The court-appointed insolvency manager for T-C-H Service GmbH &
Co. KG, Dr. Frank Kreuznacht will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on Dec. 18.

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

         The District Court of Bad Hersfeld
         Hall 8
         Amtsgerichtsgebaude
         DudenstraŠe 10
         36251 Bad Hersfeld
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Jan. 29, 2008, at the same
venue.

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

The insolvency manager can be reached at:

          Dr. Frank Kreuznacht
          Untermarkt 23
          99974 Muehlhausen
          Germany
          Tel: 03601/88920
          Fax: 03601/889211
          E-mail: Rechtsanwaelte@dr-wiengarten.de

The District Court of Bad Hersfeld opened bankruptcy proceedings
against T-C-H Service GmbH & Co. KG on Oct. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          T-C-H Service GmbH & Co. KG
          Attn: Florian Grotehans, Manager
          geboren 1982
          Am Baumgarten 12
          36251 Bad Hersfeld
          Germany


===========
G R E E C E
===========


COMVERSE TECH: Andre Dahan Assumes CEO Role for Subsidiary
----------------------------------------------------------
Comverse Technology Inc. reported a continuation of its
organizational realignment, through which certain positions at
Comverse Technology, Inc. and its wholly owned subsidiary
Comverse, Inc. have been consolidated, creating a more agile,
cross-functional structure.  Accordingly, Comverse Technology's
President and Chief Executive Officer Andre Dahan will assume
the additional position of President and Chief Executive
Officer, Comverse, Inc. Mr. Dahan said, "We have been evolving
from a holding company structure, and toward a flatter, more
functionalized global organization in which senior management is
closer to our customers, and decisions can be made more
efficiently."

The consolidation represents another step in creating a more
functional and agile organization, better able to serve
customers with greater responsiveness.  This year, Comverse
Technology has strengthened its senior management team through
the addition of:

   -- John Bunyan, Chief Marketing Officer;

   -- Lance Miyamoto, Executive Vice President, Global Human
      Resources;

   -- Cynthia Shereda, Executive Vice President, General Counsel
      and Corporate Secretary; and

   -- Lauren Wright, Senior Vice President, Business Operations
      and Planning.

Each of these new executives holds cross-functional
responsibilities at both Comverse Technology, Inc., and
Comverse, Inc.

With this realignment, Yaron Tchwella, the current President of
Comverse, Inc., will be leaving the company following a
transition period.  "I'd like to thank Yaron for his
contributions to the company, and in particular for his role in
helping to design and launch our organizational transition,
while meeting business goals and objectives during his time as
President," Mr. Dahan added.

                  About Comverse Technology

Comverse Technology, Inc., -- http://www.cmvt.com/-- (Pink
Sheets: CMVT.PK) through its Comverse, Inc. subsidiary, provides
software and systems enabling network-based multimedia enhanced
communication and billing services.  The company's Total
Communication portfolio includes value-added messaging,
personalized data and content-based services, and real-time
converged billing solutions.  Over 500 communication and content
service providers in more than 130 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency.  Other Comverse Technology
subsidiaries include: Verint Systems (VRNT.PK), which provides
analytic software-based solutions for communications
interception, networked video security and business
intelligence; and Ulticom (ULCM.PK), which provides service
enabling signaling software for wireline, wireless and Internet
communications.

Comverse has offices all over the world, including Australia,
Finland, Greece, Indonesia, Malaysia, and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.


NAVIOS MARITIME: Prices Initial Public Offering at US$20/Share
--------------------------------------------------------------
Navios Maritime Holdings Inc. has announced that its subsidiary,
Navios Maritime Partners L.P.  has priced the initial public
offering of 10,000,000 of the Partnership's common units,
representing a 54.1% limited partner interest in the
Partnership, at US$20.00 per unit.  The Offering will increase
to 11,500,000 common units if the underwriters exercise in full
their over-allotment option.  Concurrent with the Offering,
Amadeus Maritime S.A., a corporation owned by the Navios
Maritime Partners Chairperson and Chief Executive Officer,
Angeliki Frangou, will acquire 500,000 common units,
representing a 2.7% limited partner interest in the Partnership,
at the initial public offering price.  Navios Maritime owns the
remaining interests in the Partnership, including subordinated
units, incentive distribution rights and the 2.0% general
partner interest.   The common units have been approved for
listing on the New York Stock Exchange, subject to official
notice of issuance, under the symbol "NMM."

Merrill Lynch & Co. and J.P. Morgan Securities Inc. acted as
joint book runners and representatives of the underwriters, who
will include Cantor Fitzgerald & Co., S. Goldman Advisors LLC
and DVB Capital Markets LLC, in connection with the Offering.

Navios Maritime Partners L.P., (NYSE: NMM), a Marshall Islands
limited partnership, is an international owner and operator of
drybulk carriers recently formed by Navios.

              About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
(NYSE: NM) -- http://www.navios.com/-- is a vertically
integrated global seaborne shipping company, specializing in the
worldwide carriage, trading, storing, and other related
logistics of international dry bulk cargo transportation.  The
company also owns and operates a port/storage facility in
Uruguay and has in-house technical ship management expertise.
It maintains offices in Piraeus, Greece, South Norwalk,
Connecticut and Montevideo, Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Apr. 5, 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa, the rating agency confirmed its B1 Corporate Family
Rating for Navios Maritime Holdings Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                   Projected
                         Old POD  New POD  LGD     Loss-Given
Debt Issue               Rating   Rating   Rating  Default
----------               -------  -------  ------  ----------
Senior Unsecured
Regular Bond/
Debenture Due 2014        B2        B3      LGD5     80%


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


SUN MICROSYSTEMS: Enters into Definitive Pact Acquiring Vaau
------------------------------------------------------------
Sun Microsystems Inc. has entered into a definitive agreement
with Vaau Inc. pursuant to which Sun will acquire Vaau, a
premier provider of Enterprise Role Management and identity
compliance solutions.

As regulatory requirements continue to tighten, enterprises must
find new ways to reduce auditing costs.  By leveraging ERM,
organizations can reduce these costs by discovering, defining,
and managing user access with a common vocabulary that links
business and IT.  Vaau's RBACxTM solution combined with the
provisioning and identity auditing capabilities of Sun's
identity management portfolio powered by the Solaris(TM) 10
Operating System will enable organizations to streamline the
provisioning process and significantly reduce the cost of
auditing.

"This announcement further underscores Sun's leadership in the
high growth identity audit and compliance categories, adding
both a market-leading solution and proven implementation
services to our portfolio," said Jim McHugh, vice president of
Marketing, Software Infrastructure, Sun Microsystems.  "As a
leader in enterprise role management and identity certification,
Vaau provides an integrated set of capabilities to automate and
enforce internal security controls that will further enhance
Sun's ability to provide comprehensive solutions to our
customers across the full spectrum of governance, risk and
compliance."

Recognized as a global leader in identity management, Sun
manages billions of user identities worldwide for the world's
largest companies spanning a variety of industries.

The definitive agreement to acquire Vaau Inc. is subject to
customary closing conditions and is expected to be completed
during Sun's fiscal third quarter 2008, which begins on
Dec. 31, 2007.  The terms of the deal were not disclosed as the
transaction is immaterial to Sun's earnings per share.

                       About Vaau Inc.

Headquartered in Torrance, California, Vaau Inc. --
http://www.vaau.com/-- is a premier provider of enterprise role
management and identity compliance solutions for global Fortune
500 companies.  Vaau's award-winning solutions and methodology
enable organizations to proactively enforce internal security
control policies and automate critical identity management
processes.  Through strategic relationships with identity
management vendors such as Computer Associates, Hewlett-Packard,
IBM, Novell, Oracle, and Sun Microsystems, Vaau offers a unique,
integrated user-management solution that includes role
engineering, role management, and identity compliance.  Vaau's
flagship solution, RBACxTM, allows enterprises to manage the
lifecycle of identities from role definition to the ongoing and
continuous process of auditing and certifying users'
accessibility rights to company resources and information.

                   About Sun Microsystems

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

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

                        *     *     *

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

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


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


INTERNATIONAL SECURITIES: Scraps Bond Sale & Delays Results
-----------------------------------------------------------
International Securities Trading Corporation Plc disclosed a
number of matters in relation to part of its loan portfolio, its
September 2007 financial results and its funding arrangements.

The turmoil experienced in financial markets since July 2007 is
unprecedented, and has represented one of the most difficult and
challenging market environments experienced by the banking
sector over the past 30 years.  Against this backdrop, ISTC's
high quality bank capital loan portfolio and conservative
funding, capital and liquidity policies had put the company in a
position to weather the market disruption, albeit with negative
consequences, including an ongoing reduction in its liquidity
position.

In addition to its bank capital portfolio, ISTC has also
invested a total of US$305 million (around EUR210 million) in
Structured Investment Vehicle (SIV) capital notes, where the
SIV's are sponsored and managed by leading international banks.
The SIV assets represent 7% of ISTC's loan portfolio.

All of these SIV assets were either downgraded, or placed on
review for possible downgrade, by Moody's Investor Services on
Nov. 8, 2007. These rating actions have had a number of
consequences for ISTC:

   -- ISTC believes that it will now have difficulty in
      retaining the existing financing or alternatively
      obtaining new financing for the SIV capital note
      portfolio;

   -- prior to the rating announcement, the Board of ISTC was
      satisfied that it would be appropriate to value the SIV
      assets in its financial statements at cost.  The Board now
      believes that a market value approach is warranted.

      Consequently it will be necessary to take a provision in
      its September 2007 financial statements of not less than
      EUR70 million, based on the underlying net asset value of
      the SIV capital notes;

   -- the finalization and publication of the financial results
      for the year ended Sept. 15, 2007, will, the company
      believes, be delayed by a matter of weeks, while a
      thorough valuation of the SIV capital note portfolio is
      completed.

Following the deterioration in the credit rating of the SIV
portfolio, DBRS announced on Nov. 9, 2007, that it had
downgraded the senior rating of ISTC to BB from BBB and the
subordinated rating of ISTC from BBB (low) to B.

Given the uncertainty to ISTC's funding position precipitated by
the SIV credit rating action, the company now intends to enter
into discussions with its providers of finance with the
objective of making appropriate amendments to their respective
financing terms.

To assist in these discussions, ISTC has appointed Hawkpoint
Partners Limited to act as its financial adviser.

Pending the outcome of these negotiations, ISTC has decided to
defer certain payments under financing obligations.

As the publication of the 2007 financial results has been
delayed, ISTC has decided to stop marketing of the convertible
bond issue which it launched on Oct. 26, 2007.

ISTC has asked Goodbody Stockbrokers to suspend the operation of
the grey market in ISTC's ordinary shares with immediate effect.

Headquartered in Dublin, Ireland, -- International Securities
Trading Corporation Plc -- http://www.istcorporation.com/--
provides investment grade Tier 1 and Tier II hybrid bank capital
via private placement issues and primary market participation.
Acting as principal in private placement transactions, ISTC is
uniquely positioned to offer bespoke solutions and certainty of
execution to issuers.


SCOTTISH RE: Declares Perpetual Preferred Share Cash Dividend
-------------------------------------------------------------
The Board of Directors of Scottish Re Group Limited declared a
cash dividend of US$0.4531 per Perpetual Preferred Share
outstanding to be paid on Jan. 15, 2008 to Perpetual Preferred
Share shareholders of record as of the close of business on
Jan. 2, 2008.

                       About Scottish Re

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

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

                         *     *     *

As of Nov. 15, 2007, Scottish Re carries B+ Local Issuer Credit
rating from Standard & Poor's.  S&P says the outlook is
negative.

Scottish Re carries BB- Issuer Default and B Preferred Stock
ratings from Fitch.  Fitch says the outlook is stable.


SCOTTISH RE: Moody's Holds (P)Ba3 Rating on Sr. Unsecured Shelf
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Scottish Re
Group Limited (senior unsecured shelf of (P)Ba3) and changed the
outlook to negative from stable.  The change in outlook applies
to the company's debt ratings and the Baa3 insurance financial
strength ratings of the company's core insurance subsidiaries,
Scottish Annuity & Life Insurance Company (Cayman) Ltd. and
Scottish Re Inc.  All of the aforementioned ratings were
affirmed.

Moody's says that the change in outlook was driven primarily by
adverse experience on the company's substantial exposure to
subprime and Alt-A investments.  As of the end of the third
quarter, Scottish Re had about US$3 billion of subprime ABS and
Alt-A holdings, which represented 27% of its total investment
portfolio.  For the third quarter of 2007, the company reported
a net loss of US$109.5 million, driven by US$102 million in
realized losses on investments, including US$95 million of
subprime-related losses.

According to Scott Robinson, Moody's vice president & senior
credit officer, "Notwithstanding the relatively high quality of
investments, the magnitude of the company's subprime and Alt-A
exposure makes the company susceptible to further losses,
especially in a severe downside scenario.  While its operating
income was in line with our expectations, credit challenges in
the investment portfolio together with continued financial
reporting control issues may make it more difficult for Scottish
Re to regain the confidence of cedants and write meaningful
amounts of new business."

Moody's notes that although much of the subprime ABS and Alt-A
exposure (US$2.3 billion) resides in non-recourse securitization
vehicles the company has sponsored, the company's substantial
equity investments in these securitizations would be further
eroded should the investment holdings experience additional
realized losses.

As further default experience on recent vintages of subprime and
Alt-A investments emerges, Moody's will continue to evaluate the
impact of potential ranges of investment losses on the company's
financial condition.

These ratings were affirmed, with the outlook changed to
negative from stable:

Scottish Re Group Limited:

   -- Senior unsecured shelf of (P)Ba3;
   -- subordinate shelf of (P)B1;
   -- junior subordinate shelf of (P)B1; preferred stock of B2;
      and
   -- preferred stock shelf of (P)B2

Scottish Holdings Statutory Trust II:

   -- preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III:

   -- preferred stock shelf of (P)B1

Scottish Annuity & Life Insurance Company (Cayman) Ltd.:

   -- IFS rating of Baa3

Premium Asset Trust Series 2004-4:

   -- senior secured debt of Baa3

Scottish Re Inc.:

   -- insurance financial strength of Baa3

Stingray Pass-Through Certificates:

   -- Baa3 (based on IFS rating of SALIC)

On August 22, Moody's affirmed Scottish Re's ratings and changed
the outlook to stable from positive.  The rating action followed
the company's disclosure of sizable holdings of subprime ABS and
Alt-A holdings in its investment portfolio.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda.  On Sept. 30,
2007, Scottish Re reported total assets of US$13.4 billion and
shareholder's equity of US$869 million.

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


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


ALITALIA SPA: Chairman to Recommend Buyer by Nov. 23
----------------------------------------------------
Alitalia S.p.A. chairman Maurizio Prato will recommend a buyer
for the Italian government's 49.9% stake by Nov. 23, 2007,
Alessandro Torello of Bloomberg News reports, citing Italian
Transport Minister Alessandro Bianchi.

As reported in the TCR-Europe on Oct. 22, 2007, Mr. Prato told
the Italian parliament that he will recommend an industrial
buyer for Italy's stake within the first ten days of November,
after which the government will then decide how to finalize
the sale.

As previously reported in the TCR-Europe, Alitalia decided to
open talks, through the financial advisor Citi and industrial
advisor Roland Berger, with:

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

Alitalia, however, has concluded that Cordata Baldassarre's bid
is "no longer compatible" to its planned stake sale.

TPG Capital, meanwhile, has informed it was unable to finalize
an Italian-led consortium, but will continue to follow the
developments of the sale.

                         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.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


DANA CORP: Wants to Settle Asbestos Claims for US$2 Million
-----------------------------------------------------------
Dana Corp. and its debtor-affiliates ask permission from the
U.S. Bankruptcy Court for the Southern District of New York to
enter into settlement agreements with the Asbestos Personal
Injury Claimants.

                  Asbestos Litigation

The Debtors have been named as defendants in a number of
lawsuits related to the Debtors' sale of certain automotive
gaskets containing asbestos in an encapsulated form and the
alleged exposure of people to asbestos as a consequence of
contact with these gaskets, Corinne Ball, Esq., at Jones Day, in
New York, tells the Court.  According to the available data as
of June 30, 2007, there were approximately 150,000 pending
asbestos-related personal injury claims against the Debtors, Ms.
Ball elaborates.

Ms. Ball points out that Dana has demonstrated in various
proceedings that their gaskets could be and were used without
releasing hazardous volumes of asbestos fibers.  The Debtors
have also defended Asbestos Personal Injury Claims successfully
on the ground that exposure to chrysotile asbestos, the type of
fiber incorporated into the gaskets, is generally insufficient
to cause mesothelioma, an asbestos-related illness, Ms. Ball
continues.

According to Ms. Ball, the magnitude of asbestos litigation has
declined since the wave of asbestos-related bankruptcies in
2000-2003, hence, the Debtors anticipate that, for the
foreseeable future, both the number of claims that the amount
that the Debtors will spend to defend and resolve cases will
generally remain at low levels.

                   Settlement Agreement

The Debtors have continued to entertain and negotiate potential
settlements withs several counsel for the Asbestos Personal
Injury Claimants.  As a result of these negotiations, Ms. Ball
asserts, the Debtors have determined that it is in the best
interests of the their estates to enter into the settlement
agreements.

Under the settlement agreements, the Debtors are:

   (a) resolving certain Asbestos Personal Injury Claims that
       had been filed as lawsuits through March 2, 2006; and

   (b) providing a mechanism for addressing future cases that
       may be brought by the Tort Attorneys.

The settlement agreements, among other things, require the
Asbestos Personal Injury Claimants to provide medical
documentation of their illnesses, and evidence of their exposure
to asbestos-containing products manufactures, sold, or
distributed by Dana, according to Ms. Ball.  She adds that the
claimants must also submit release to qualify for payment of
their asbestos personal injury claims.

Ms. Ball tells the Court that the Debtors' estimate on account
of the settlements would be approximately $2,000,000.  The
Debtors say that payments will be partially reimbursed by their
insurers.

"Dana believes that the amounts to be paid to the Asbestos
Personal Injury Claimants under the Settlement Agreements are
reasonable and wholly consistent with, or better than, the terms
and conditions among the range of settlements reached by Dana
prior to the [P]etition [D]ate for similar claims of individuals
represented by Tort Attorneys and other attorneys," Ms. Ball
says.

Ms. Ball asserts that the Debtors' entry into the Settlement
Agreements would result to the dismissal of 7,500 Asbestos
Personal Injury Claims filed against the Debtors.  With respect
to the claimants who decline the terms contained in the
settlement agreements, the Tort Attorneys have agreed not to
schedule cases for trial against the Debtors, and agreed not to
any oppose any motions filed on the Debtors' behalf for the
period of two years.

The resolutions reached in the Settlement Agreements represent a
reasonable and expedient way for Dana to resolve approximately
7,500 Asbestos Personal Injury Claims without the need to
continue active litigation of these claims in state court and
incur the related expenses, Ms. Ball relates.  She notes that in
the five years prior to the Petition Date, Dana has spent
approximately $15,300,000 for asbestos defense and indemnity,
net of insurance recoveries.  If the Asbestos Personal Injury
Claimants' claims are not resolved consensually, Dana, she says,
will continue to incur the cost of defense, and expend other
resources in connection with, the active litigation of these
claims.

The Debtors have obtained the Court's permission to file the
Settlement agreements under seal.

                   About Dana Corporation

Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed $6,878,000,000 in total assets
and $7,551,000,000 in total debts resulting in a total
shareholders' deficit of $673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Ad Hoc Asbestos Panel Balks at Proposed Settlement
-------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask permission from the
U.S. Bankruptcy Court for the Southern District of New York to
enter into settlement agreements with the Asbestos Personal
Injury Claimants.

                     Ad Hoc Committee Objects

The Ad Hoc Committee of Asbestos Personal Injury Claimants
disputes Dana Corp. and its debtor-affiliates' request to
approve Settlement Agreements with the Asbestos Personal Injury
claimants.

Douglas T. Tabachnik, Esq., at Law Offices of Douglas T.
Tabachnik, in Freehold, New Jersey, tells the U.S. Bankruptcy
Court for the Southern District of New York that the Ad
Hoc Committee has not been provided with actual copies of the
Settlement Agreements.  Rather, he adds, the committee has only
been provided with the Debtors' description of some of the terms
of the agreements, hence, the committee cannot evaluate the
agreements.

The Settlement Agreements provide potentially different, more
favorable treatment for the asbestos personal injury claims that
are being settled pre-confirmation than the treatment afforded
other asbestos personal injury claims, although those claims are
classified in the same class, Mr. Tabachnik asserts.

As previously reported, Dana's third amended joint Plan of
Reorganization and the Court-approved Disclosure Statement
provide that Class 3 - Asbestos Personal Injury Claims will be
reinstated on the Plan's effective date.

"The treatment provided by the Settlement Agreements could be
considered to discriminate against the holders of asbestos
personal injury claims who have not settled with the Debtors
pre-confirmation," Mr. Tabachnik says.

Furthermore, according to Mr. Tabachnik, all of the members of
the Ad Hoc Committee either have lawsuits pending against the
Debtors or have settled their claims against the Debtors prior
to the petition date.  The Debtors have not paid the settlement
amount to any of the members of the committee with whom claims
were settled, Mr. Tabachik elaborates.  Thus, he asserts that
the Debtors should clarify how the unfunded settlements will be
treated under the Debtors Third Amended Joint Plan, and what
recourse claimants with unfunded settlements have if the
settlements are not paid.

Accordingly, the Ad Hoc Committee asks the Court to deny the
Debtors' request to enter into Settlement Agreements.  In the
alternative, the Ad Hoc Committee asks the Court to continue the
hearing on the Settlement Motion until the committee has been
provided with and has acquired the opportunity to review the
Settlement Agreements.

                   About Dana Corporation

Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed $6,878,000,000 in total assets
and $7,551,000,000 in total debts resulting in a total
shareholders' deficit of $673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Court Rejects Jasco's US$20 Million Claim
----------------------------------------------------
The Hon. Honorable Burton R. Lifland of the U.S. Bankruptcy
Court for the Southern District of New York refused to abstain
from hearing on Dana Corp. and its debtor-affiliates' objection
to the US$20,000,000 claim asserted by Jasco Tools, Inc.

In a 15-page opinion, Judge Lifland explained that mandatory
abstention does not apply to core proceedings and that
proceedings for the allowance or disallowance of claims are
"core."  Judge Lifland continued that because nothing is more
directly at the core of bankruptcy administration than the
quantification of all liabilities of the debtor, the bankruptcy
court's determination whether to allow or disallow a claim is a
core function.  Moreover, abstention is "an extraordinary and
narrow exception to the duty of the federal courts to adjudicate
controversies which are properly before it," Judge Lifland
added.

Judge Lifland also refused to lift the automatic stay to permit
Jasco to continue prosecuting the lawsuit it filed against Dana
Corp. and a supplier, Nationwide Precision Products Corp., in
the New York Supreme Court, Monroe County.  Judge Lifland says
that allowing the thousands of claims asserted against the
Debtors to continue in courts throughout the county would
undermine one of the main purposes of utilizing Chapter 11 of
the Bankruptcy Code.

Judge Lifland notes that Jasco's claim does not raise any
unsettled issues of state law and is not before a specialized
tribunal.

Moreover, Judge Lifland denies Jasco's breach of contract claim
and claim for alleged trade secret misappropriation.  The Court
notes that nothing in the Agreement between Dana and Jasco
required Dana to negotiate exclusively with Jasco or forbade
Dana from seeking bids from other potential suppliers before
discussing a potential renewal with Jasco, thus Dana did not
breach its contract with Jasco when it entered into an agreement
with Nationwide.  In addition, the Court finds that there is no
evidence connecting Dana to the alleged conspiracy to steal and
use Jasco information to replace it as Dana's supplier.

Jasco has asked the Bankruptcy Court to abstain from hearing on
the Debtors' claim objection because, according to Alexander
Geiger, Esq., at Geiger and Rothenberg, LLP, in Rochester, New
York, the causes of action asserted in the New York lawsuit are
based on state law.

Jasco also asked the Bankruptcy Court to lift the automatic stay
so that it may continue to prosecute the New York lawsuit in the
state court rather than await completion of the Debtors'
bankruptcy cases.

The Debtors, in a separate filing, argued that there is no legal
basis for Jasco to assert that the bankruptcy court is required
to abstain from ruling on a debtor's claim objection that
asserts state law theories.  The Debtors added that Jasco
confuses the New York lawsuit with the contested matters under
the claims objection.

                         Jasco's Claim

Jasco provided Dana's predecessor, Eaton Corporation, with
precision-machined castings from 1995 through Dec. 31, 2000.
Pursuant to the parties' purchase agreement, Dana and Jasco met
in 1999 to negotiate a possible extension.  Dana also received
bids from several other potential suppliers, including
Nationwide Precision Products Corp., which offered lower prices
than Jasco and proposed purchasing all new machines to perform
the work.

After Dana awarded the contract to Nationwide, Jasco commenced
an action against Dana and Nationwide in July 2002 in New York
Supreme Court, Monroe County.  Jasco claims that Dana and
Nationwide participated in a "scheme" to divert the business
away from Jasco, as evinced by Nationwide's hiring of two former
Jasco employees, Charles Zicari and Sean Convertino, who
participated in Nationwide's bid for the Dana contract.  After
conducting nearly four years of discovery, the lawsuit was
stayed as a result of the Debtors' Chapter 11 filing.

On September 15, 2006, Jasco filed Claim No. 9592, asserting
$20,000,000 against the Debtors.

The Debtors objected to the Jasco Claim noting that it
constituted a Contract Claim and Tort Claims.

                     The Contract Claim

The Debtors asserted that Jasco's Contract Claim is based on
allegations that Dana did not meet with Jasco to negotiate an
extension pursuant to Section 4.01 of the Agreement.

Section 4.01, which provides that the Agreement expires on
December 31, 2000, also states: "The parties agree to meet in
the second quarter of the year 1999 to negotiate an extension of
the term."

The Debtors contend that the issue of whether Dana negotiated
however, is immaterial because contract's extension-negotiation
provision did not guaranty that Dana would renew with Jasco.

                      The Tort Claims

The Debtors also asserted that Jasco's Tort Claims filed against
them fail as a matter of law.  Jasco, the Debtors explain, bases
the claims on the allegation that Dana and Nationwide conspired
to misappropriate Jasco's allegedly confidential, trade secret
information.

The Debtors assert that there is no evidence (i) in the record
to support any allegation of conspiracy or misappropriation by
Dana, (ii) that Dana knew that the Nationwide bid contained or
was based upon any of Jasco's alleged trade secrets, and (iii)
that Dana intended to maliciously harm Jasco or unjustly enrich
itself at Jasco's expense.

                       Jasco's Response

In response, Jasco asked the Court to dismiss the Debtors'
objection to Claim No. 9592 because of procedural deficiency.
Alexander Geiger, Esq., at Geiger and Rothernberg, LLP, in
Rochester, New York, noted that the Debtors' objection was not
accompanied by any affidavit, declaration or verification in
support of their request.

Jasco asserted that its Claim should be allowed in any amount
the Court may determine, or that the automatic stay be lifted so
that the lawsuit filed in the New York Supreme Court, Monroe
County, may proceed for discovery and final judgment.

Mr. Geiger related that evidence and affidavits filed in the
Supreme Court Action showed that the Debtors acted with the
utmost of bad faith, in capitalizing on the theft of Jasco's
trade secrets and in surreptitiously entering into an agreement
with Nationwide Precision Products Corp., the competitor
company, which was utilizing the stolen trade secrets.

Moreover, Mr. Geiger argued that the facts showed in the Supreme
Court Action demonstrates each element of a prima facie tort
cause of action.  Mr. Geiger pointed out that:

  * the employees of the Debtors and Nationwide conspired,
    knowingly, intentionally, and wrongfully, to deprive Jasco
    of its contract with the Debtors;

  * this action resulted in special damages to Jasco, because
    Jasco lost a profitable contract that would have generated
    more than $20,000,000 of profit over the life of the
    contract;

  * there was no lawful excuse or justification for the actions
    of the Debtors and Nationwide; and

  * had the Debtors simply gone about the business of obtaining
    the lowest available bid for their work, without engaging in
    wrongful activity, their actions would have been entirely
    lawful.

                      Debtors React

The Debtors however insisted that Jasco's claim should be
disallowed.

Jasco's response fails to rebut the controlling case law cited
by the Debtors for the proposition that contractual renewal
provisions that depend on the parties' negotiation of a future
agreement are unenforceable and cannot give rise to damages,
William S. Gandy, Esq., at Wilson, Elser, Moskowitz, Edelman &
Dicker, LLP, asserted.  He further asserted that Jasco has no
competent evidence to support its conspiracy-based tort claim
against the Debtors.

Jasco had ample opportunity to try to develop a record, hence,
Jasco's request for more time to conduct further discovery is
simply an attempt to delay summary judgment, Mr. Gandy told the
Court.

Jasco's request that the automatic stay be lifted so that
the lawsuit filed in the New York Supreme Court, Monroe County,
may proceed for discovery and final judgment must be denied, Mr.
Gandy asserted.  He argued that Jasco did not make any argument
and did not cite any authority to warrant lifting the automatic
stay.

                   About Dana Corporation

Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/-- designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed $6,878,000,000 in total assets
and $7,551,000,000 in total debts resulting in a total
shareholders' deficit of $673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


X-RITE INC: Posts US$2.8 Mln Net Loss in Quarter Ended Sept. 29
---------------------------------------------------------------
X-Rite Incorporated has posted a net loss of US$2.8 million for
the third quarter ended Sept. 29, 2007, compared to a net loss
of US$28.2 million for the same quarter of 2006.

Net sales from continuing operations totaled US$55.6 million, an
8.6% increase over third quarter of 2006.

Adjusted operating income, which excludes acquisition and
restructuring expenses, was US$4.9 million, and reflects a
gross margin of 55.6% for the third quarter of 2007 versus
US$3.6 million and a gross margin of 60.4% for the same period
in 2006.

"Overall sales in our core markets are in line with
expectations, and the integration of the sales, engineering and
general & administrative functions is on track," Thomas J.
Vacchiano, Jr., Chief Executive Officer of X-Rite, stated.  "Our
revenue performance in the third quarter was consistent with our
targets as we continue to successfully integrate our product
lines, develop exciting new products and expand our customer
base."

"Our gross margins were below expectations by approximately 5.0%
in the third quarter," stated Mary E. Chowning, Chief Financial
Officer.  "Approximately 2.6% of the gross margin decline in the
third quarter was related to issues we encountered as we
converted our core operating system and conformed operating
practices in Europe.  This conversion will allow us to
standardize operating policies and practices in the operations
area and move product production from Europe to the U.S. more
efficiently.  Additionally, weak performance in our color
services business and unfavorable product mix impacted our gross
margins by approximately 2.8%.  However, these items are not
expected to impact gross margins significantly in the longer
term."

                            Outlook

During fiscal year 2007, the company expects to realize cost
synergies related to the Amazys integration of US$14 million to
USUS$16 million.  This includes the US$13.3 million of synergies
achieved in the first nine months of 2007.  Anticipated
cumulative synergies since the closing of the transaction are
expected to range from US$20 million to US$22 million by the end
of 2007.

"Backlog and order levels at the end of the third quarter remain
strong and we continue to believe that we are well positioned to
capitalize on future growth opportunities," stated Vacchiano.
"We are particularly enthusiastic about the Pantone acquisition
and our ability to leverage their brand, market position and
products to drive our top line going forward.  We remain
committed to our fiscal 2007 guidance of 4% to 6% revenue growth
on a combined pro forma basis and expect our full year results,
excluding Pantone, to be at or slightly above the high end of
the range."

                       Pantone Transaction

On Aug. 23, 2007, the company entered into a definitive
agreement to purchase Pantone, Inc. for US$180 million in cash.
The transaction and refinancing of the company's current debt
was financed through new borrowings.  The Pantone acquisition
was completed on Oct. 24, 2007, and thus did not affect third
quarter performance.

                          About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite serves
customers worldwide from its offices in China, Japan, Mexico,
Singapore, Germany, Switzerland, Italy, Russia, among others.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Moody's Investors Service confirmed X-Rite, Inc.'s B1 corporate
family rating, affirmed the speculative grade liquidity rating
of SGL-1 and revised the outlook to negative in view of the
additional leverage and integration risk associated with the
company's recently announced acquisition of Pantone Inc., the
market leading color standards provider.  Simultaneously,
Moody's assigned ratings to X-Rite's new bank credit facilities,
which consist of a US$250 million first lien term loan (rated
Ba3), US$40 million first lien revolver (Ba3) (undrawn at
closing) and US$125 million second lien term loan (B3).

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on X-Rite Inc. and removed the rating from
CreditWatch where it was placed with negative implications on
Aug. 24, 2007, following the announcement that it planned to
acquire unrated Pantone Inc. for US$180 million as part of a
US$415 million refinancing.  The outlook is stable.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to Grand Rapids, Michigan-based X-Rite's
secured financing.  The first-lien facilities, consisting of a
US$40 million five-year revolving credit agreement and a US$250
million term loan, are rated 'BB-', with a recovery rating of
'2', indicating the expectation for substantial (70%-90%)
recovery in the event of a payment default.  Standard & Poor's
also assigned its 'B' rating to the company's US$125 million
six-year second-lien term loan.  The '5' recovery rating
reflects the expectation for modest (10%-30%) recovery in the
event of a payment default.  S&P will withdraw its ratings on
the company's existing bank debt concurrent with the closing of
the financing.


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


AUTO NUR: Creditors Must File Claims by Dec. 14
-----------------------------------------------
LLP Auto Nur Lux has declared insolvency.  Creditors have until
Dec. 14 to submit written proofs of claims to:

          LLP Auto Nur Lux
          Ryskulov Str. 198-107
          Aktobe
          Aktube
          Kazakhstan


FORCE TECHNOLOGY: Claims Filing Period Ends Dec. 14
---------------------------------------------------
LLP Force Technology has declared insolvency.  Creditors have
until Dec. 14 to submit written proofs of claims to:

          LLP Force Technology
          Tauke han Str. 82
          Shymkent
          South Kazakhstan
          Kazakhstan


KAZAKHSTAN SNABSTROY: Creditors' Claims Due on Dec. 14
------------------------------------------------------
LLP Kazakhstan Snabstroy has declared insolvency.  Creditors
have until Dec. 14 to submit written proofs of claims to:

          LLP Kazakhstan Snabstroy
          Micro District Shanyrak-2, 183
          Almaty
          Kazakhstan


OIL SERVICE: Claims Registration Ends Dec. 14
---------------------------------------------
LLP Oil Service Ltd. has declared insolvency.  Creditors have
until Dec. 14 to submit written proofs of claims to:

          LLP Oil Service Ltd
          Manas Str. 53a
          Almaty
          Kazakhstan
          Tel: 8 (3272) 77-54-85


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


HAYDAR INSAAT: Creditors Must File Claims by December 19
--------------------------------------------------------
LLC Haydar Insaat has declared insolvency.  Creditors have until
Dec. 19 to submit written proofs of claim to:

         LLC Haydar Insaat
         Micro District 7, 33-25
         Bishkek
         Kyrgyzstan


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


CA INC: Signs Strategic Deal with HCL Technologies
--------------------------------------------------
CA Inc. and HCL Technologies have entered into an agreement to
establish a strategic partnership in which HCL will assume all
research and product development connected with CA's threat
management security business.  CA will retain all sales and
marketing functions.

The goal of the strategic partnership is to grow CA's threat
management business by combining the strengths of both
organizations.  HCL and CA will achieve goal alignment and
financial targets through revenue sharing.  The annual revenue
of CA's threat management security business is in excess of
US$100 million.

The partnership covers all threat management products, which
include anti-virus, anti-spyware, integrated threat manager,
host-based intrusion prevention system, secure content manager,
internet security suite, anti-spam and firewall.

"HCL brings to the table over three decades of product
engineering heritage and a track record of successful
partnerships that have created value.  This partnership benefits
CA and HCL, and, most importantly, the customers who rely on
CA's threat management security products to protect their
systems and data." said Shiv Nadar, HCL's chairman and chief
strategy officer.

"This unique strategic partnership will enable us to profitably
grow CA's threat business, develop a more aggressive product
roadmap for the benefit of our customers, and ultimately gain
market share," said Michael Christenson, CA's chief operating
officer.  "We are very excited to have found a global player
with the strong reputation and solid depth of experience of HCL
to be our strategic partner."

HCL will be responsible for research, engineering, architecture,
technical support, technical writing, and quality assurance. All
affected employees outside of European Union countries will be
offered employment with HCL. Within the EU countries, CA will
start the consultation process with the affected employees.

CA's threat management products will continue to be sold
exclusively under the CA brand and through several routes to
market with a growing emphasis on channel partners.

The partnership is expected to become operational by year-end,
following the signing of a definitive agreement.

                   About HCL Technologies

HCL Technologies Ltd. is one of India's leading global IT
Services companies, providing software-led IT solutions, remote
infrastructure management services and BPO. Having made a foray
into the global IT landscape in 1999 after its IPO, HCL
Technologies focuses on Transformational Outsourcing, working
with clients in areas that impact and re-define the core of
their business.  The company leverages an extensive global
offshore infrastructure and its global network of offices in 18
countries to deliver solutions across select verticals including
Financial Services, Retail & Consumer, Life Sciences &
Healthcare, Hi-Tech & Manufacturing, Telecom and Media &
Entertainment.  For the quarter ended 30th September 2007, HCL
Technologies, along with its subsidiaries had last twelve months
revenue of US$1.5 billion and employed 45,622 professionals.

                    About HCL Enterprise

HCL Enterprise -- http://www.hcl.in/-- is a US$4.4 billion (Rs.
18,525 crore) leading Global Technology and IT enterprise that
comprises two companies listed in India - HCL Technologies & HCL
Infosystems.  The 3-decade-old enterprise, founded in 1976, is
one of India's original IT garage start-ups.  Its range of
offerings span Product Engineering, Custom & Package
Applications, BPO, IT Infrastructure Services, IT Hardware,
Systems Integration, and distribution of ICT products.  The HCL
team comprises approximately 51,000 professionals of diverse
nationalities, who operate from 18 countries including 360
points of presence in India.  HCL has global partnerships with
several leading Fortune 1000 firms, including leading IT and
Technology firms.

                        About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.


MILLICOM INT'L: Moody's Lifts Corporate Family Rating to Ba2
------------------------------------------------------------
Moody's Investors Service upgraded ratings of Millicom
International Cellular S.A.  The corporate family rating was
upgraded to Ba2 from Ba3 and the rating on the existing senior
notes was upgraded to B1 from B2.  The outlook on the ratings is
stable.

The upgrade reflects Millicom's continued robust operational and
financial performance and a strong growth momentum in its
countries of operations underpinned by low to moderate levels of
mobile penetration.  The upgrade also takes into account the
company's conservative leverage level of 1.5x Debt to EBITDA
based on third quarter 2007 annualized basis and substantial
liquidity of approximately US$1 billion in cash and cash
equivalents at the end of third quarter 2007.  Furthermore, the
Ba2 corporate family rating is supported by the company's
relatively conservative financial policies under which they have
articulated a 2.0x Net Debt to EBITDA parameter.

At the same time, Moody's notes that Millicom's ratings also
reflect the political, economic and legal risks of the emerging
market countries in which the company operates.  The majority of
the countries either have sub-investment grade ratings or do not
have a publicly assigned rating.  Moody's, however, relies on
the company's representations that it has never experienced any
substantial operational problems or any difficulty in
repatriating funds from its countries of operations.

The company expects to be free cash flow negative in 2007 as it
intends to spend approximately US$1 billion in capital
expenditures.  However, it has been the company's policy to
finance its capital expenditures at the level of its operating
subsidiaries and to upstream available cash; e.g. the company
spent US$738 million in capex whilst upstreaming US$484 million
in cash in the nine months 2007.

The upgrade of the senior notes to B1 is driven by the upgrade
of the corporate family rating.  The Loss Given Default
assessment remains at LGD-5.

The stable outlook on the rating reflects Moody's expectations
that the company will continue to grow its revenue and EBITDA
underpinned by subscriber growth.  At the same time, the ratings
are likely to be constrained by the sovereign risk of Millicom's
countries of operations and negative free cash flow generation
over the near term.

                  What Could Change the Rating

   -- Up: the rating could come under upward pressure if the
      company generates free cash flow with the leverage level
      substantially below 2.0x Debt to EBITDA to offset emerging
      market risk;

   -- Down: the rating could come under downward pressure if the
      company's leverage moves towards 2.5x Debt to EBITDA in
      conjunction with reduced financial flexibility in terms of
      cash balances.

Millicom International Cellular S.A., headquartered in
Luxembourg, is a global telecommunications investor with
cellular operations in Latin America, Africa and Asia.  In third
quarter 2007, the company generated US$686 million in revenue
and US$296 million in reported EBITDA.


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


ACXIOM CORP: Charles Morgan Quits from Board of Directors
---------------------------------------------------------
Acxiom(R) Corporation announced that Charles Morgan has retired,
effective immediately, from the board and as company leader.
Mr. Morgan has entered into a transition agreement with the
company and has agreed to serve as interim company leader until
his successor is selected.  In addition, Mr. Morgan has agreed
to serve as a consultant to the company for up to three years,
focusing on technology and innovation.

The company also announced that its board of directors has
elected Michael J. Durham to serve as the non-executive chairman
of the board of directors.  Mr. Durham has been a member of
Acxiom's board since March 2006.  He formerly served as a
director, president and chief executive officer of Sabre, Inc.

"The Board would like to thank Charles for his many years of
service to the company and its board," Mr. Durham said.
"Charles has played an important role in the company's growth
and its history as an industry leader for more than three
decades.  Looking forward, our board and company remain
committed to building a profitable, growth-oriented future for
our shareholders, clients and associates.  The board's principal
focus right now is the recruitment of a world-class chief
executive to lead Acxiom."

"Acxiom has been and remains an industry leader in delivering
innovative customer information solutions that help our clients
be more successful," Mr. Morgan said.  "I have enjoyed the
opportunity to lead our company and I am committed to helping
the board and company extend Acxiom's leadership position in the
future."

The company also announced that its board of directors has
nominated Kevin M. Twomey for election to the board.  Mr. Twomey
has served in various senior executive positions, including
president of The St. Joe Company from 1999 until his retirement
in 2006.  Mr. Twomey currently serves as a member of the board
of directors of PartnerRe Ltd. If elected by Acxiom's
shareholders at the annual meeting Dec. 21, 2007, Mr. Twomey
will fill the board seat that has been held by Rodger Kline
since 1975.  Mr. Kline will continue to serve as chief
administrative leader.

"Rodger Kline has made a substantial contribution to the Acxiom
board throughout his 32 years as a director," Mr. Durham said.
"He has been a dedicated advocate for the company's
shareholders, clients and associates."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Argentina, Australia, China,
Mexico, Portugal, Poland, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P also placed the
'BB' senior secured debt ratings on CreditWatch with negative
implications, because the debt will no longer be refinanced as
part of the LBO financing.


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


KROMSKIJ CJSC: Asset Sale Slated for Dec. 5
-------------------------------------------
A. S. Evseev, the competitive proceedings manager of Lumber
Integrated Plant Kromskij, will open a public auction for the
company's properties at 10:00 a.m. on Dec. 5 at:

         4th Floor
         3rd Kurskaya Str. 15
         Orel
         Russia

The company has set a RUR12,875,041.27 starting price for the
auctioned assets.

Interested participants have until Nov. 28 to deposit an amount
equivalent to 20% of the starting price the settlement account
of Lumber Integrated Plant Kromskij.

Bidding documents must be submitted to:

         A. S. Evseev
         4th Floor
         3rd Kurskaya Str. 15
         Orel
         Russia
         Tel: (4862) 54-39-89


MASHINOSTROITEL': Creditors Must File Claims by Jan. 3, 2008
------------------------------------------------------------
Creditors of OJSC Mashinostroitel' have until Jan. 3, 2008, to
submit proofs of claim to:

         V. V. Rysaev
         P.O. Box 3
         Sterlimatak-26
         453126 Bashkortostan
         Russia

The Arbitration Court of Samara region commenced competitive
proceedings on the company on Aug. 28.  The case is docketed
under Case No. ?55-10026/2007.

The Debtor can be reached at:

         OJSC Mashinostroitel'
         Apartment 1
         Galaktionovskaya Str. 165
         443010 Samara
         Russia


OB'BISH LLC: Asset Sale Slated for Dec. 5
-----------------------------------------
The competitive proceedings manager of Ob'bish LLC will open a
public auction for the company's properties at 3:00 p.m. on
Dec. 5 at:

         Ob'bish LLC
         Gagarina Str. 65
         Khanty-Mansijsk
         Yugra
         Khanty-Mansi
         628002 Tyumen
         Russia

The company has set a RUR3.7 million starting price for the
auctioned assets.

Interested participants have until Dec. 4 to deposit an amount
equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         Ob'bish LLC
         Gagarina Str. 65
         Khanty-Mansijsk
         Yugra
         Khanty-Mansi
         628002 Tyumen
         Russia
         Tel:(34671) 2-92-65, 8-922-402-87-21


RODINSKIJ LLC: Asset Sale Slated for December 3
-----------------------------------------------
The competitive proceedings manager of Butter Factory Rodinskij
LLC will open a public auction for the company's properties at
11:00 a.m. on Dec. 3 at:

         Butter Factory Rodinskij LLC
         Office 334
         Kulagina Str. 28
         Barnaul
         Russia

The starting prices for the auctioned assets are:

   -- Lot 1: RUR3,194,894;
   -- Lot 2: RUR510,358;
   -- Lot 3: RUR83,425;
   -- Lot 4: RUR110,217;
   -- Lot 5: RUR44,575.

Interested participants have to deposit an amount equivalent to
15% of the starting price.

Information related to the auction can be obtained at:

         Butter Factory Rodinskij LLC
         Office 334
         Kulagina Str. 28
         Barnaul
         Russia
         Tel: (3852) 777389


ROSNEFT OIL: Mulls US$2 Billion Eurobond Issue by Yearend
---------------------------------------------------------
OAO Rosneft Oil Co. may issue US$2 billion in convertible
Eurobonds by the end of 2007, Reuters reports citing Vice-
President for Finance and Investments Peter O'Brien.

The company has to raise funds to refinance around US$11 billion
of the US$24.6 billion bridge loan used to acquire the
bankruptcy assets of OAO Yukos Oil Co., Reuters relates.

                          About Rosneft

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

                          *     *     *

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


SCIENTIFIC CENTER: Asset Sale Slated for December 6
---------------------------------------------------
S. A. Morozov, the competitive proceedings manager and
Specialized Organization Auction Center Rus' LLC of OJSC
Research & Development Institute Scientific Center, will open a
public auction for the company's properties at noon on Dec. 6
at:

         S. A. Morozov
         Furmanny Per. 9/12
         Moscow
         Russia

The company has set a RUR25,338,233 starting price for the
auctioned assets. Deposit required is 20% of the starting price.

Interested participants have until Dec. 3 to submit their
bidding documents.

Information related to the auction can be obtained by calling,
Tel:(495) 208-29-90, 624-72-06.


SITRONICS JSC: Names Mikhail Minkovsky as Chief Tech Officer
------------------------------------------------------------
JSC Sitronics appointed Mikhail Minkovsky as chief technology
officer on Nov. 14, 2007.

Mr. Minkovsky is the former head of Technology Architecture
Department of Mobile TeleSystems.

"We are pleased to welcome Mr. Minkovsky to our management team.
We believe that the success of technological companies is
defined by their ability to independently develop unique
products which can meet market demand," Sergev Aslanyan,
Sitronics president and CEO commented.

"Our company is one of the leading players in the Russian hi-
tech sector.  We intend to focus our efforts on optimizing the
product solutions portfolio, developing new technologies and
increasing synergies between Sitronics' divisions.  In his
capacity as chief technology officer, Mikhail Minkovsky will be
involved in the development of new competitive technologies and
solutions," Mr. Aslanyan added.

Mr. Minkovsky held a number of IT positions in several companies
in the U.S. and Russia.  From 2001 to 2003, he managed the
implementation of the infrastructure platform at Corio Inc.,
U.S.A. and then headed the business technologies department of
TNK-BP.

From 1997 to 2001, he worked as a senior consultant at
PricewaterhouseCoopers.  From 1990 to 1997, Mr. Minkovsky worked
in the Lebedev Physical Institute of the Russian Academy of
Science.  Mikhail Minkovsky is a graduate of Moscow Engineering
Physics Institute.

                       About Sitronics

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

                          *     *     *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.


SODRUZHESTVO OJSC: Asset Sale Slated for Dec. 4
-----------------------------------------------
The competitive proceedings manager of OJSC Sodruzhestvo will
open a public auction for the company's property and the
property rights at 11:00 a.m. on Dec. 4 at:

         OJSC Sodruzhestvo
         Office 29
         Gor'kogo Str. 45
         Orel
         Russia

The company has set a RUR1,493,130 starting price for the
auctioned assets.  Deposit required is 20% of the staring price.

Interested participants have until 6:00 p.m. on Nov. 28 to
submit their bidding documents to:

         OJSC Sodruzhestvo
         Office 29
         Gor'kogo Str. 45
         Orel
         Russia

Information related to the auctioned can be obtained by calling,
Tel: (086-2) 45-50-76.


TMK OAO: Moody's Changes Outlook on Ba3 Rating to Positive
----------------------------------------------------------
Moody's Investors Service changed the outlook on the Ba3
corporate family and the Aa3.ru national scale ratings of TMK
and the B1 senior unsecured rating of the loan participation
notes issued by TMK Capital S.A. to positive from stable.

"The change in the outlook to positive reflects TMK's continuous
robust performance in 2006 and the first half of 2007 and
Moody's expectation that the global and, in particular, the
Russian tubular goods market will remain benign and will
continue to support the financial performance of the company,"
Larissa Loznova, Vice President -- Senior Analyst at Moody's and
lead analyst for TMK, said.

In first half 2007, TMK reported US$2.03 billion in revenues, an
increase of 28% compared to first half 2006, and US$500 million
in EBITDA, leading to an improved EBITDA margin of 25% (vs.
23.5% in 2006), while cash flow generation before capital
expenditure and working capital changes remained strong.

The positive outlook reflects:

   (i) TMK's strong position as the market leader in Russia,
       especially in its most lucrative segment OCTG.

  (ii) the ongoing and so far successful implementation of the
       strategic investment program, which encompasses
       modernization of existing facilities and improved
       vertical integration with acquisitions of upstream and
       downstream assets.

The positive outlook also reflects Moody's expectation that TMK
should sustain its strong financial metrics and maintain cash
flow cushion to service the existing debt through the cycle,
particularly as its substantial capex program in Russia is at
its final stages.  Provided that:

   (i) the positive trend in TMK's industry continues,

  (ii) the implementation of TMK's sizeable capex program in
       2007 and during the course of 2008 will not lead to a
       significant deterioration of TMK's leverage ratios (as
       per 06/2007 RCF/Net Debt is 50.8%),

(iii) TMK successfully refinances its short term debt
       maturities and other cash outflows and

  (iv) the strong increase of its net working capital in the
       first half 2007 can be reversed in 2008, an upgrade
       within the next 12 months is possible.

Notwithstanding the positive development for TMK, the rating
also takes into account:

   (i) the inherently volatile oil and gas industry;

  (ii) cost pressures associated with volatile steel and scrap
       prices;

(iii) competition from other Russian producers and imports,
       notably from Ukraine, in certain product segments;

  (iv) the potential appetite for international acquisitions;

   (v) the concentration of ultimate control with one individual
       controlling the company and

  (vi) the challenging operating environment in Russia, which is
       characterized by significant political, legal, fiscal and
       exchange rate risks.

The ratings affected by the action are:

   -- Corporate Family Ratings at TMK Group. -- Ba3;

   -- Senior Unsecured rating on global bonds at TMK Capital
      S.A/. -- B1;

   -- National scale credit rating at TMK Group. --
      Aa3.ru.

TMK is Russia's largest and one of the world's leading
manufacturers of value-added steel pipe products for the oil &
gas industry.  TMK has shipped more than 3 million metric tonnes
of pipe products, generated revenues of US$3.4 billion and
EBITDA of US$794 million in 2006.  After the IPO, 77.02% of OAO
TMK is indirectly fully owned by Dr. Dmitriy Pumpyanskiy.


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


QUEBECOR WORLD: S&P Rates Proposed US$400 Mln Senior Notes at B
---------------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings on Montreal-
based printing company Quebecor World Inc. on CreditWatch with
negative implications following the company's announcement of
its refinancing plan.  On Aug. 9, 2007, Standard & Poor's placed
the ratings on CreditWatch with negative implications; on Aug.
28, 2007, S&P subsequently lowered the ratings and kept them on
CreditWatch with negative implications because of Quebecor
World's weak operating performance, reduced financial
flexibility, and the possibility that the company would not be
in compliance with its covenants for certain senior unsecured
notes (since resolved).  The ratings will remain on CreditWatch
until Standard & Poor's is comfortable that the company has
addressed its near-term liquidity issues.

At the same time, Standard & Poor's assigned its 'B' debt rating
to Quebecor World's proposed US$400 million senior unsecured
notes due 2014.  The 'B' debt rating will be placed on
CreditWatch with negative implications.

"The CreditWatch update follows Quebecor World's announcement of
a proposed refinancing plan," said Standard & Poor's credit
analyst Lori Harris.  This plan includes a new CDNUS$250 million
public equity offering; a new US$400 million senior unsecured
notes offering; a new US$100 million senior unsecured
convertible debentures offering (unrated); and an amendment of
the company's credit facilities, including the reduction in the
revolving credit facility to US$375 million from US$750 million,
the extension of the maturity date by one year to January 2010,
and changes to the covenants.

"The successful completion of these transactions will improve
the company's financial flexibility and liquidity position,
which have been weak," Ms. Harris added.  Proceeds from the
proposed refinancing will be applied to the balance outstanding
on the revolving credit facility, to redeem the series 5
preferred shares for about CDNUS$175 million, and for general
corporate purposes.

On Nov. 7, 2007, the company announced that it had signed a
definitive share purchase agreement with Dutch printer RSDB NV
(Roto Smeets) to sell Quebecor World's European operations to
RSDB.  The proposed new company, Roto Smeets Quebecor, which
will be the leading player in the European printing industry,
will be owned 70.1% by RSDB and 29.9% by Quebecor World.  The
purchase price for Quebecor World's European business will be
EUR240 million (equal to about US$350 million), to be paid to
Quebecor World in cash, RSQ shares, and an eight-year note
receivable.  S&P expect the transaction to close shortly upon
regulatory and shareholder approvals.

Reported revenues and adjusted EBITDA were down 7% and 19%,
respectively, for the nine months ended Sept. 30, 2007, compared
with the same period in 2006.  The weak performance is due to
price pressures, volume declines, and operating inefficiencies.
The company's recent completion of a significant equipment
retooling program should positively affect profitability and
cash flow in 2008.  However, Standard & Poor's believes
management will remain challenged in its efforts to turn around
the business because of very difficult printing industry
fundamentals, including ongoing pricing pressures and volume
declines, electronic substitution, cyclicality, and significant
competition.

The ratings will remain on CreditWatch with negative
implications until the successful completion of the equity
offering, senior unsecured notes offering, senior unsecured
convertible debentures offering, and closing of the sale of
Quebecor World's European business to RSDB under the existing
terms and conditions.


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


ALPSTEIN WOHNBAU: Creditors Must File Claims by November 19
-----------------------------------------------------------
Creditors of LLC Alpstein Wohnbau have until Nov. 19 to submit
their claims to:

The Debtor can be reached at:

         LLC Alpstein Wohnbau
         Langgasse 33
         9056 Gais
         Dielsdorf ZH
         Switzerland


DENTAL-KERAMIK: Basel-Stadt Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Basel-Stadt entered Sept. 28 an order
closing the bankruptcy proceedings of JSC Dental-Keramik
Guntensperger.

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Switzerland

The Debtor can be reached at:

         JSC Dental-Keramik Guntensperger
         Guterstrasse 233
         4053 Basel
         Switzerland


FORMICA (SCHWEIZ): Creditors Must File Claims by November 19
------------------------------------------------------------
Creditors of JSC Formica (Schweiz) have until Nov. 19 to submit
their claims to:

The Debtor can be reached at:

         JSC Formica (Schweiz)
         Flughofstrasse 45
         8153 Rumlang
         Dielsdorf ZH
         Switzerland


FRIGO-THERMO HANDEL: Creditors Must File Claims by November 19
--------------------------------------------------------------
Creditors of JSC Frigo-Thermo Handel have until Nov. 19 to
submit their claims to:

         JSC Proxista Treuhand
         Liquidator
         St. Gallerstrasse 50
         Postfach 143
         9401 Rorschach
         Wahlkreis Rorschach SG
         Switzerland

The Debtor can be reached at:

         JSC Frigo-Thermo Handel
         St. Margrethen
         Wahlkreis Rheintal SG
         Switzerland


HANS KRUSI: Creditors' Liquidation Claims Due by November 19
------------------------------------------------------------
Creditors of LLC Hans Krusi Beteiligung have until Nov. 19 to
submit their claims to:

         Krusi Hans
         Lindengut 8
         8253 Diesenhofen TG
         Switzerland

The Debtor can be reached at:

         LLC Hans Krusi Beteiligung
         Diessenhofen TG
         Switzerland


IMZ GRAFIK & GESTALTUNG: Creditors Must File Claims by Nov. 19
--------------------------------------------------------------
Creditors of JSC IMZ Grafik & Gestaltung have until Nov. 19 to
submit their claims to:

         Dr. Daniel Stoll
         Liquidator
         Klausstrasse 33
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC IMZ Grafik & Gestaltung
         Thalwil
         Horgen ZH
         Switzerland


JTRACK LLC: Creditors' Liquidation Claims Due by November 19
------------------------------------------------------------
Creditors of LLC jTrack have until Nov. 19 to submit their
claims to:

         Dr. Mathias Richter
         Liquidator
         Feldstrasse 1
         8464 Ellikon am Rhein ZH
         Switzerland

The Debtor can be reached at:

         LLC jTrack
         Burgdorf BE
         Switzerland


KRONENBERG JSC: Basel-Stadt Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Basel-Stadt entered Sept. 20 an order
closing the bankruptcy proceedings of JSC Kronenberg.

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Switzerland

The Debtor can be reached at:

         JSC Kronenberg
         Hirschgasslein 44
         4051 Basel
         Switzerland


PLATZ-HAUS JSC: Zurich Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Platz-Haus on Oct. 9.

The Bankruptcy Service of Dubendorf can be reached at:

         Bankruptcy Service of Dubendorf
         8600 Dubendorf
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC Platz-Haus
         Bergstrasse 2-4
         8604 Volketswil
         Uster ZH
         Switzerland


SPH JSC: Creditors' Liquidation Claims Due by November 19
----------------------------------------------------------
Creditors of JSC SPH have until Nov. 19 to submit their claims
to:

The Debtor can be reached at:

         JSC SPH
         Siewerdtstrasse 8
         8050 Zurich
         Switzerland


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


CHERNOVTSY-MOTORCAR: Claims Filing bar Date Set November 21
-----------------------------------------------------------
Creditors of Chernovtsy-Motorcar-Technical-Service (code EDRPOU
31620887) have until Nov. 21 to submit their proofs of claim to:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/238/B.

The Debtor can be reached at:

         Chernovtsy-Motorcar-Technical-Service
         Golovnaya Str. 265B
         58032 Chernovtsy
         Ukraine


DOVIRA-06 LLC: Claims Filing Bar Date Set November 21
-----------------------------------------------------
Creditors of LLC Dovira-06 (code EDRPOU 34071708) 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 supervision
procedure on the company on Oct. 11.  The case is docketed under
Case No. 7/141-07.

The Debtor can be reached at:

         LLC Dovira-06
         1st May Str. 1
         Pavlovka
         Belopoliye District
         41822 Sumy
         Ukraine


ELIT-BUILDING PLUS: Creditors Must File Claims by November 21
-------------------------------------------------------------
Creditors of LLC Elit-Building Plus (code EDRPOU 32819635) have
until Nov. 21 to submit their proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/727/07.

The Debtor can be reached at:

         LLC Elit-Building Plus
         Chkalov Str. 50/1
         Nikolaev
         Ukraine


MEGAMOTORS LLC: Creditors Must File Claims by November 22
---------------------------------------------------------
Creditors of LLC Megamotors (code EDRPOU 21646686) have until
Nov. 22 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. 5/234b.

The Debtor can be reached at:

         LLC Megamotors
         Shevchenko Boulevard 31
         83017 Donetsk
         Ukraine

MOLODETSKOYE LLC: Creditors Must File Claims by November 21
-----------------------------------------------------------
Creditors of LLC Molodetskoye (code EDRPOU 30834583) have until
Nov. 21 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 01/96.

The Debtor can be reached at:

         LLC Molodetskoye
         Molodetskoye
         Manki District
         Cherkassy
         Ukraine


PROMINVESTBANK: Moody's Assigns Ba2/B2/E+ Global Scale Ratings
--------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Prominvestbank:

   -- E+ bank financial strength rating;

   -- Ba2/Not Prime long-term and short-term local currency
      deposit ratings; and

   -- B2/Not Prime long-term and short-term foreign currency
      deposit ratings.

The B2 long-term foreign currency deposit rating has a positive
outlook, reflecting the positive outlook on Ukraine's country
ceiling for such deposits, which constrains this rating.  All
other ratings carry a stable outlook.  Moody's also assigned a
Aa1.ua national scale rating to Prominvestbank's local currency
deposits.  The NSR carries no specific outlook.  The Aa1.ua NSR
reflects the standing of the bank's credit quality relative to
its domestic peers.

Moody's explained that the bank's ratings are supported by:

   (i) its franchise value, reflected in a strong position in
       the corporate segment offering good prospects for cross-
       selling;

  (ii) its overall market share as one of the top five banks in
       Ukraine's fragmented market;

(iii) its broad national coverage supported by its leading
       positions in payment cards;

  (iv) the bank's good profitability.

However, the rating agency cautions that Prominvestbank's E+
bank financial strength rating remains constrained by :

   (i) corporate governance issues such as 'key man risk' with
       no apparent successor;

  (ii) not entirely transparent ownership structure;

(iii) limited strategic and competitive agility given the
       growing competition in the market, which has already led
       to an erosion of the bank's market shares;

  (iv) the bank's relatively high credit risk concentration in
       the loan book -- although this is a common feature for
       CIS banks;

   (v) its risk management practices, which have significant
       room for improvement; and

  (vi) modest economic capitalization.

According to Moody's, Prominvestbank's deposit ratings are
underpinned by the high probability of systemic support for the
bank in case of need given its importance for the Ukrainian
banking system as one of the largest banks in the country.
These factors result in a two-notch uplift for the bank's long-
term global local currency rating to Ba2 from its Baseline
Credit Assessment of B1 (which is mapped from the E+ bank
financial strength rating).

Headquartered in Kiev, Ukraine, Prominvestbank reported total
assets and shareholders' equity of US$3.4 billion and US$304
million, respectively, under IFRS (audited) as at the end of
December 2006.  The bank was originally established in 1992 as a
branch of the former Soviet State Promstroybank of Ukraine.


RADON: Creditors Must File Claims by November 22
------------------------------------------------
Creditors of Korets Common Production-Trade Enterprise Radon
have until Nov. 22 to submit their proofs of claim to:

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

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/12.

The Debtor can be reached at:

         Korets Common Production-Trade Enterprise Radon
         Kiev Str. 107b
         Korets
         34700 Rivne
         Ukraine


ZHUKOVSKOE LLC: Creditors Must File Claims by November 21
---------------------------------------------------------
Creditors of Zhukovskoe LLC (code EDRPOU 00849913) have until
Nov. 21 to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. B 14/327-07.


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


AFFINIA GROUP: Completes Acquisition of Brake Pro Assets
--------------------------------------------------------
Affinia Group Inc. has acquired certain assets of Brake Pro,
Ltd., Ontario, Canada, under the Companies' Creditors Agreement
Act of Canada.  Among other items, the purchase includes
manufacturing equipment, friction formulations and unrestricted
rights to the brand name.  Financial terms of the transaction,
which was completed on Nov. 7, 2007, were not disclosed.

Affinia is in the process of relocating the physical assets to
its own North American manufacturing facilities, and will resume
production of the Brake Pro(R) product line.  Affinia expects to
have Brake Pro brand product offerings in the marketplace as
quickly as possible after the asset transition and manufacturing
integration is complete.

"The Brake Pro name is highly respected in the industry because
of the consistently high performance of their proprietary
friction products.  The Brake Pro line will enhance our existing
brake block and medium duty product offerings.  More importantly
it will put us back into the heavy duty segment, and the Brake
Pro line will give us a great product offering for severe duty
applications such as waste handling equipment, logging
equipment, construction vehicles and transit applications," said
Affinia's Under Vehicle Group President, John R. Washbish.  "The
market can expect to see Brake Pro product from us as quickly as
we can reset the equipment." Mr. Washbish added.

                     About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  It maintains operations in China, India, Mexico, Ukraine,
among others.

                        *     *     *

In January 2007, Moody's Investors Service placed Affinia Group
Inc.'s long-term corporate family and probability of default
ratings at 'B2', which still hold to date.  Moody's said the
outlook is stable.

Standard & Poor's placed the company's foreign and local issuer
credit ratings at 'B' in September 2005, which still hold to
date.


AMBROSE FOOTWEAR: Taps Liquidators from PricewaterhouseCoopers
--------------------------------------------------------------
Karen Lesley Dukes and Michael David Gercke of
PricewaterhouseCoopers LLP (t/a Frontier Shoe Ltd., formerly
Frontier Shoe Ltd.) were appointed joint liquidators of Ambrose
Footwear Ltd. on Nov. 6 for the creditors' voluntary winding-up
procedure proceeding.

The company can be reached at:

         Ambrose Footwear Ltd.
         c/o PricewaterhouseCoopers LLP
         First Point
         Buckingham Gate
         Gatwick
         RH6 0PP
         England


BRITISH AIRWAYS: Seeks EUR2.5 Bln Loan to Finance Iberia Bid
------------------------------------------------------------
British Airways plc and its private equity partner, Texas
Pacific Group, are trying to obtain a EUR2.5 billion bridging
loan despite turmoil in the credit markets as they attempt to
push through a EUR3.60 per share (EUR3.4 billion) bid for
Spanish airline Iberia Lineas Aereas de Espana SA, the Daily
Telegraph reports.

"The point is that the cash Iberia is sitting on can't be
released until the deal is in place, so the consortium has to
find extra money on the debt markets that can be repaid as soon
as the deal completes.  This isn't easy in the current market,"
a source close to the consortium was quoted by the Daily
Telegraph as saying.

According to the Times, Citigroup, Royal Bank of Scotland, and
Natixis are to underwrite the deal, which is expected to close
before Christmas.

A source told the Daily Telegraph the consortium is close to
making an offer, although it may not be no more than the
indicative bid of EUR3.60 per share considering the price of oil
and the state of the world economy.

As previously reported in the TCR-Europe, BA, which holds a 10%
stake in Iberia, has joined in May 2007 with TPG Capital, Vista
Capital, Inversiones Ibersuizas and Quercus Equity to
investigate a possible consortium offer for the Spanish carrier.

The airline has ruled out further capital investment as part of
any consortium offer.

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 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: Loses More Than US$100 Mil. from Cable Theft
--------------------------------------------------------------
The Jamaica Observer reports that Cable & Wireless has lost over
US$100 million due to cable theft.

According to The Observer, Cable & Wireless is collaborating
with the Crime Stop force.  The company is offering up to US$1
million for information leading to the arrest of telephone cable
thieves.

Cable & Wireless Chief Operating Officer Jim Pitchford commented
to The Observer, "The problem affects everybody, so we are now
calling on everyone to get involved in stamping it out."

The reward program has started.  It will be reviewed after six
weeks in line with Crime Stop's standard procedure.  Informants
will remain anonymous, The Observer says, citing Peter Thwaites,
chairperson of Crime Stop operator National Crime Prevention
Fund.

Cable theft in Jamaica had been cutting off telephone service in
numerous communities, Cable and Wireless told The Observer.

There were over 200 instances of cable theft, 76% being repeat
incidents, The Observer notes, citing Mr. Pitchford.  Cables had
been stolen in every parish, particularly in:

          -- St. Ann,
          -- St. Mary, and
          -- St. Catherine.

Mr. Pitchford commented to The Observer, "There are even cases
where we are replacing stolen cables at one end of the route
while they are stealing cables at the other end.  The fact is
that Cable & Wireless has spent billions of dollars developing
its telecommunications infrastructure and we cannot afford to
have it destroyed and to have our customers without service for
indefinite periods because of criminal activity."

Cable & Wireless was investing in new technology to provide
telephone service to subscribers without having to "wire them
up," The Observer says, citing Mr. Pitchford.

"When people steal cables it puts the communities at risk
because people cannot call the police, the fire brigade, an
ambulance or even a neighbor to ask for assistance," Mr.
Pitchford told The Observer.

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, 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%


COREL CORP: S&P Holds B Rating and Revises Outlook to Stable
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Ottawa-based packaged software provider Corel Corp. to stable
from positive.  At the same time, S&P affirmed the ratings,
including the 'B' long-term corporate credit rating, on the
company.  At Aug. 31, 2007, Corel had US$169 million of debt
outstanding.

"The outlook revision reflects the company's weaker-than-
expected operating performance for the nine months ended Aug.
31, 2007, and limited visibility that it can meaningfully
improve its operating cash flows in the next 12 months despite
several product releases under way," said Standard & Poor's
credit analyst Madhav Hari.  Specifically, in the nine months
ended Aug. 31, 2007, Corel reported a mid-single-digit decline
in organic revenues with weak performance at both high-margin
Corel on a stand-alone basis (67% of pro forma revenues;
negative 3.7% year-over-year) and InterVideo Inc. (33% of
revenues; high single-digit year-over-year decline).
"Nevertheless, discretionary free cash flow generation, while
below our expectations of US$40 million for fiscal 2007, remains
substantive and offers solid support for the ratings," Mr. Hari
added.

The ratings on Corel reflect its weak market position within the
highly competitive packaged software industry, weak pricing
power, a limited track record of profitability, and the short
life span of such products in general.  The ratings also reflect
an aggressive financial policy given Corel's desire to continue
seeking additional debt-financed acquisitions in the medium
term.  These factors are partially offset by Corel's brand
recognition as a viable alternative to globally dominant
packaged software offerings; a large and diverse installed base;
improving product, geographic, and distribution diversification
from recent acquisitions; and a meaningful proportion of
recurring revenues from original equipment manufacturers' sales,
upgrades, and maintenance contracts.

The stable outlook reflects S&P's view that Corel will be able
to modestly increase its revenues and continue to generate
meaningful free operating cash flow in the near term.  S&P don't
expect the company to significantly reduce its debt because
discretionary cash flows will be used to fund acquisitions.
Should new product releases and improved execution improve
revenues, profitability, and free cash flow, we could revise the
outlook to positive.  Conversely, if revenue growth weakens
further and profitability stalls because of competitive forces,
pricing pressures, or shifting customer purchasing behavior, S&P
could revise the outlook to negative.


FEDERAL MOGUL: U.S. District Court Affirms Chapter 11 Plan
----------------------------------------------------------
The Honorable Joseph H. Rodgriguez of the U.S. District Court
for the District of Delaware affirmed on November 13, 2007, the
order of U.S. Bankruptcy Court Judge Judith Fitzgerald,
confirming the Fourth Amended Joint Plan of Reorganization of
Federal-Mogul Corporation and its debtor affiliates.

To recall, the Bankruptcy Court confirmed the Federal-Mogul Plan
on Nov. 8, 2007, on a wholly consensual basis without
objections.

The District Court and Bankruptcy Court approvals of the Fourth
Amended Plan will allow the Company's emergence from Chapter 11
before year end, Federal-Mogul stated in a press release.

"We are extremely pleased to have reached this significant
milestone signaling the emergence of the Company from Chapter 11
proceedings," Federal-Mogul Chairman, President and Chief
Executive Officer Jose Maria Alapont said in a press release.
"The Federal-Mogul team worldwide is devoted to exceeding
employee, customer and stakeholder expectations through service
and operational excellence, leading technology and the Company's
sustainable global profitable growth strategy."

Federal-Mogul voluntarily filed for bankruptcy in 2001 for
Chapter 11 in the United States and Administration in the UK in
order to separate its asbestos liabilities from its true
operating potential.

The Company reported, in a regulatory filing with the Securities
and Exchange Commission, that the Fourth Amended Plan provides
that:

   (a) present and future asbestos personal injury claimants
       will be permanently channeled to a trust established
       pursuant to Section 524(g) of the Bankruptcy Code,
       thereby protecting the Company from existing and future
       asbestos liability; and

   (b) all currently outstanding stock of the Company will be
       cancelled, 50.1% of newly issued common stock of
       reorganized Federal-Mogul will be distributed to the
       asbestos trust, and 49.9% of the newly issued common
       stock of reorganized Federal-Mogul will be distributed
       pro rata to the noteholders and holders of unsecured
       claims against the U.S. Debtors that elected to have
       their claims satisfied by receiving shares of common
       stock of reorganized Federal-Mogul rather than cash.

The holders of currently outstanding common and preferred stock
of the Company, at the time those shares are cancelled, will
receive warrants that may be used to purchase shares of common
stock of reorganized Federal-Mogul at a predetermined exercise
price.

The Plan also provides that the U.S. asbestos trust will:

   (i) make a payment to the reorganized Company, or pay a
       portion of the common stock of reorganized Federal-Mogul
       to be issued to the U.S. asbestos trust in lieu thereof,
       for the agreed amounts that will be used by the U.K.
       Administrators to provide distributions on account of
       U.K. asbestos personal injury claims; and

  (ii) provide an option to an affiliate of Carl Icahn for the
       purchase of the remaining shares of common stock of
       reorganized Federal-Mogul held by that trust.  If the
       affiliate of Mr. Icahn does not exercise such option, an
       affiliate of Mr. Icahn will provide certain financing to
       the U.S. asbestos trust.

The Federal-Mogul Plan intends to resolve approximately US$9.4
billion in asbestos claims, according to Bloomberg News.

Furthermore, unsecured creditors of the U.S. Debtors have the
option to either receive shares of common stock of reorganized
Federal-Mogul or receive cash distributions under the Plan equal
to 35% of their allowed claims, payable in three annual
installments, provided that the aggregate payout of all allowed
unsecured claims against the U.S. Debtors does not exceed
US$258,000,000.

                       About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland, and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.


FREESCALE SEMI: Joins SPIRIT Consortium Board of Directors
----------------------------------------------------------
Freescale Semiconductor has joined The SPIRIT Consortium, a
global organization focused on establishing multi-faceted
IP/tool integration standards that drive sustainable growth in
electronic design, as the final member of its Board of
Directors.  Freescale with the original six steering committee
members, ARM, Cadence, Mentor Graphics, NXP Semiconductors , ST
Microelectronics, and Synopsys and together with LSI and Texas
Instruments, completed the organization's nine-member Board.

The Board of Directors effectively drives the creation and
adoption of standards for configuring, integrating, and
verifying IP.  Board members vote on all decisions affecting the
direction and provision of deliverables from The SPIRIT
Consortium.  All Consortium members are committed to making
their IP and IP tools interoperable through the adoption and
integration of The SPIRIT Consortium specifications.

The membership of The SPIRIT Consortium includes more than 90
industry-leading EDA, IP providers and systems integrators.  New
Reviewing Members include Barbay Consulting, Future Wireless
Technologies, Gary Stringham & Associates, Jasper Design
Automation, Savant Company, Synfora, Thales Communications S.A.,
and Think Silicon Ltd.

                    Luke Smithwick On Board

Freescale has appointed Luke Smithwick, director of Solution and
Software Technologies, as its representative to the Board.  Mr.
Smithwick has extensive management and technical experience as
an executive at Freescale, Aware, and Globespan Semiconductor,
among others.  In his current position he is responsible for the
definition/implementation of platform-based solutions and
establishing a consistent framework, architecture, and
methodology for solutions.  Mr. Smithwick is in the unique
position within Freescale of working closely with the business
groups and with the other corporate technology teams to help
drive the enhancement of The Consortium's IP-XACT(TM)
specification to meet various market requirements as well as the
internal adoption and alignment of the specification with
Freescale methodologies.

"Freescale has activities covering every step of the IP design,
integration, production, and application development process
using multiple process architectures.  This puts Freescale in a
unique position to drive, contribute to, and validate
specifications against an end-to-end tool flow," said Ralph von
Vignau, president of The SPIRIT Consortium.  "Freescale has been
an active Contributing member in several working groups to date,
and we look forward to their further contributions."

Freescale is a strong supporter of industry standards. The
company participates in a number of standards activities related
to development, integration and reuse of semiconductor IP as
well as software development and debugging tools.  As a
Contributing Member of The SPIRIT Consortium, Freescale has
already participated in the debug and register debug working
groups, as well as the planning of the proposed documentation
working group.

"Freescale is committed to driving and utilizing standards that
support and enhance our business," said Luke Smithwick, director
of Solution and Software Technologies, Freescale.  "The IP-XACT
specification provides a framework for IP integration and
exchange resulting in higher productivity and quality across the
industry.  We look forward to the opportunity to strengthen our
relationship with The SPIRIT Consortium by contributing to and
promoting this effort."

                    About SPIRIT Consortium

The SPIRIT Consortium -- http://www.spiritconsortium.org/-- is
a global organization focused on establishing multi-faceted
IP/tool integration standards that drive sustainable growth in
electronic design.  It is comprised of companies dedicated to
the adoption of a unified set of specifications for configuring,
integrating, and verifying IP in advanced SoC design tool sets.
The Consortium is comprised of leading EDA, IP, system
integration, and semiconductor companies.

                 About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.  In Europe, the company has
operations in Czech Republic, France, Germany, Ireland, Italy,
Romania, Turkey and the United Kingdom.  Revenues for the 12
months ended March 31, 2007 were US$6.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Standard & Poor's Ratings Services has placed
its 'BB-' corporate credit rating and other ratings on Freescale
Semiconductor Inc. on CreditWatch with negative implications.

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has placed the ratings
of Freescale Semiconductor, Inc. under review for possible
downgrade:

   -- Corporate Family Rating (New), Ba3

   -- Probability of Default Rating, Ba3

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012, Baa3 (LGD-2, 16%)

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013, Baa3 (LGD-2, 16%)

   -- US$2.85 Billion Senior Unsecured Notes due 2014, B1
      (LGD-4, 63%)

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014,
      B1 (LGD-4, 63%)

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016, B2 (LGD-6, 91%)


FREESCALE SEMICONDUCTOR: Fitch Assigns Low B & Junk Ratings
-----------------------------------------------------------
Fitch Ratings has initiated coverage of Freescale Semiconductor
Inc. by establishing these ratings:

  -- Issuer default rating of 'B+';
  -- Bank revolving senior secured credit facility of 'BB+/RR1';
  -- Senior secured term loan of 'BB+/RR1';
  -- Senior unsecured notes of 'B/RR5';
  -- Senior subordinated notes of 'CCC+/RR6'.

The rating outlook is stable.  Fitch's actions affect
approximately US$10 billion of debt.

Rating concerns center on:

     -- Fitch's belief that Freescale will be challenged to
        meaningfully improve profitability over the next few
        years due to weaker than originally anticipated
        customer and end market demand over the near-term,
        pressured average selling prices across key end
        markets, and maturing end market growth rates.  Fitch
        remains cautious regarding Freescale's higher than
        company-wide margin networking segment due to
        anticipated pressured wireless infrastructure spending
        for 2008.  In addition, the wireless and mobile
        solutions group (WSMG) segment continues to suffer from
        the competitive weakness of Motorola Inc. ('BBB+'
        /F2/Negative Outlook) and substantially lower than
        company-wide profitability levels;

     -- Freescale's relatively weak credit protection measures,
        with Fitch-estimated leverage of 6.6 times (2.4 secured
        debt/EBITDA), interest coverage of 2.0, and free cash
        flow/total debt of 2.2%; Fitch expects credit metrics
        will remain near current levels over the intermediate
        term, due to minimal debt amortization requirements and
        Fitch's expectations for only modest profitability
        expansion;

     -- Freescale's significant but necessary ongoing R&D
        expenditures required to win new design references,
        diversify its WSMG segment, and strengthen the
        intellectual property portfolio.  Despite solid foundry
        relationships and R&D partnerships, Freescale's ongoing
        investment requirements will remain substantial,
        approximating 25%-30% of total sales for capital
        spending and R&D; and

     -- Greater than originally contemplated volatility in
        WMSG, given continued concentration to Motorola (26% of
        total company sales for the quarter ended Sept. 28,
        2007), which has lost 8% of share in the global handset
        market over the last year (to approximately 14% in the
        3rd quarter of 2007).  Although Freescale is likely to
        attract additional wireless customers in WMSG, Fitch
        does not anticipate meaningful positive earnings
        contribution from such an event over the near-term.

The Outlook and ratings are supported by Freescale's:

     -- Leading market positions in comparatively stable
        automotive electronics and standard products markets,
        as well as higher-margin networking markets;

     -- Continued solid position as key supplier to Motorola,
        which despite current operational challenges and market
        share losses Fitch believes will remain a leader in the
        global handset industry given its significant scale,
        leading market positions (#1 in North America), and
        strong brand name;

     -- Relatively diversified end market, product, and
        customer (outside Motorola) portfolios, particularly in
        the Transportation and Standard Products Group segment;
        and

     -- Significant unit scale, ensuring supply continuity with
        foundries and, thereby, supporting the company's asset
        light strategy and more stable free cash flow.

Fitch may downgrade Freescale if:

     -- Credit protection measures deteriorate due to erosion
        in the company's profitability or free cash flow;

     -- Management does not execute on its restructuring
        efforts, including successful site consolidation, asset
        sales, and meaningful improvement in the company's cash
        conversion cycle.

Conversely, Fitch may consider positive rating actions if
Freescale:

     -- Improves its operating margin profile and free cash
        flow characteristics via successful expansion of
        higher-margin products along with a successful design
        win at another significant wireless handset
        manufacturer;

     -- Utilizes proceeds from potential asset sales or
        divestitures to materially reduce debt.

The senior secured debt facility is secured by Freescale's
equity ownership in all material wholly-owned subsidiaries
(limited, in the case of foreign subsidiaries, to 65% of the
voting stock of such subsidiaries) and substantially all present
and future tangible and intangible assets of Freescale.  In
addition, the bank facility carries a limitation on senior
secured debt of 4.0 EBITDA through 2008, and declines to 3.75
through 2010, and 3.5 thereafter.  There are also limitations on
dividends, sale of assets and other customary covenants.

Adequate financial flexibility and liquidity as of
Sept. 28, 2007, supported by approximately US$772 million of
cash and cash equivalents, approximately US$370 million of which
is located in the U.S., and an undrawn US$750 million revolving
bank credit facility expiring Dec. 1, 2012; Fitch anticipates
annual free cash flow will be US$100-200 million annually over
the next few years, modestly supporting liquidity. Additionally,
the company is currently pursuing the sale of certain assets,
which could be utilized for modest debt reduction, which the
current ratings and outlook incorporate.  With no borrowings
outstanding under the revolving bank credit facility,
Freescale's only debt amortization until 2013 is 1% per annum
under the term loan facility, or approximately US$35 million per
year.

At Sept. 28, 2007, total debt was approximately US$9.5 billion
and consisted primarily of:

     i) US$3.5 billion of senior secured term loan expiring
        Dec. 1, 2013;

     ii) US$500 million of floating rate senior notes due 2014;

     iii) US$1.5 billion of 9.125% PIK-election senior notes
          due 2014;

     iv) US$2.35 billion of 8.875% senior notes due 2014;

     v) US$1.6 billion of 10.125% senior subordinated notes due
        2016; and

     vi) US$59 million of other debt, including capital leases.

The Recovery Ratings for Freescale reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Freescale, and hence
recovery rates for its creditors, will be maximized in a
restructuring scenario (as a going concern) rather than a
liquidation scenario.  In deriving a distressed enterprise
value, Fitch applies a 35% discount to Freescale's operating
EBITDA of approximately US$1.4 billion for the latest 12 months
ended Sept. 28, 2007.  The discount is equivalent to Fitch's
estimate of maintenance capital spending, rent expense, and
total interest expense for Freescale, assuming the company
exercises its option to pay in kind (PIK) interest expense on
the above referenced US$1.5 billion PIK-election senior notes.
Fitch then applies a 6 times distressed EBITDA multiple, which
considers that a stress event would likely result in a
contraction to Freescale's current multiple.  As is standard
with Fitch's recovery analysis, the revolver is assumed to be
fully drawn and cash balances fully depleted to reflect a stress
event.  The 'RR1' for Freescale's secured bank facility and term
loan reflects Fitch's belief that 91%-100% recovery is likely.
The 'RR5' for Freescale's senior notes reflects Fitch's belief
that 11%-30% recovery is realistic.  The 'RR6' for Freescale's
senior subordinated debt reflects Fitch's belief that 0%-10%
recovery is realistic.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.  In Europe, the company has
operations in Czech Republic, France, Germany, Ireland, Italy,
Romania, Turkey and the United Kingdom.  Revenues for the 12
months ended March 31, 2007 were US$6.2 billion.


GALAXY TRANSPORTATION: Calls In Liquidators from Menzies
--------------------------------------------------------
Paul John Clark and Paul David Williams of Menzies Corporate
Restructuring were appointed joint liquidators of Galaxy
Transportation Services Ltd. on Nov. 5 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


GENERAL MOTORS: To Make Labor Payments to Delphi Through 2015
-------------------------------------------------------------
General Motors Corp. said in its third quarter 2007 financial
report filed with the U.S. Securities and Exchange Commission
that it expects to make its annual payments to Delphi Corp. for
labor costs through 2015, and said the payments could extend for
up to five more years.

Michigan-based General Motors said it will pay US$300,000,000 to
US$400,000,000 a year for labor costs, as part of the
settlements reached with Delphi and its labor union United
Automobile, Aerospace & Agricultural Implement Workers of
America.  Pursuant to the settlements, which was
contemporaneously filed with Delphi's Joint Plan of
Reorganization on September 6, 2007 before the U.S. Bankruptcy
Court for the Southern District of New York, General Motors
agreed to reimburse a certain portion of Delphi's U.S. hourly
labor costs incurred to produce systems, components,
and parts for GM from October 1, 2006 through September 14,
2015.

General Motors and the bankrupt auto-parts supplier also agreed
to resolve all outstanding issues and claims against each other.
Delphi agreed to withdraw a prior request to terminate its
supply agreements with GM.  Delphi, GM's former parts-making
unit, also agreed to issue a US$1,500,000,000 note in favor of
GM, in exchange for its assumption of Delphi's pension
obligations, and pay US$2,700,000,000 cash to GM on the
effective date of the Plan.

Due to difficulties in obtaining commitment for a proposed
US$7,100,000,000 exit financing contemplated in the Plan,
Delphi, however, has reduced the amount of cash to available for
use as "currency" to be paid to creditors and interest holders.
GM has consented to an amendment, providing that GM would
receive US$1,500,000,000 in a combination of at least
US$750,000,000 in cash and a second lien note for the remaining
amount and US$1,200,000,000 in junior convertible preferred
stock of Delphi, instead of US$2,700,000,000 in cash.

Delphi is scheduled to seek the Bankruptcy Court's approval of
the disclosure statement explaining the terms of the Plan at a
November 29, 2007 hearing, which has already delayed for almost
two months.  Delphi has to obtain approval of the disclosure
statement before it could begin soliciting votes from creditors
and equity holders on the Plan.  Delphi expects to emerge from
bankruptcy in the first quarter of 2008.

                       About Delphi Corp.

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

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

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

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.  (Delphi Bankruptcy News, Issue No.
96; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.

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


GENERAL MOTORS: Signs 2007 UAW-GM National Labor Contract
---------------------------------------------------------
General Motors Chairman and CEO Rick Wagoner, United Auto
Workers President Ron Gettelfinger and their respective senior
leadership teams, signed the 2007 UAW-GM national labor contract
at a special ceremony held Monday at the UAW-GM Center for Human
Resources in Detroit, Michigan.  The new contract is effective
for the next four years.

As reported in the Troubled Company Reporter on Oct. 11, 2007,
GM confirmed that its UAW-represented employees have ratified
the GM-UAW 2007 national labor agreement.

The Troubled Company Reporter disclosed that GM and the UAW
reached a tentative agreement on Sept. 26, 2007, after more than
two months of bargaining.  The new four-year agreement covers
approximately 74,000 hourly employees located in more than 80
U.S. facilities.

                      About General Motors

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

                     *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.  Moody's ratings of GMAC LLC (Ba2 senior
unsecured/Negative outlook) and of Residential Capital LLC (Ba3
senior unsecured/Negative outlook) are unaffected by the action.


LE PETIT: Brings In Liquidators from Baker Tilly Restructuring
--------------------------------------------------------------
Susan Agnes Maund and Andrew White of Baker Tilly Restructuring
and Recovery LLP were appointed joint liquidators of Le Petit
Pain Franchise Ltd. (t/a The Arrogant Frog) and Le Petit Pain
Ltd.  on Oct. 25 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         International House
         Queens Road
         Brighton
         East Sussex
         BN1 3XE
         England


MDS SYSTEMS: Names Nicholas John Miller Liquidator
--------------------------------------------------
Nicholas John Miller of Kingston Smith & Partners LLP was
appointed liquidator of MDS Systems Ltd. (formerly LA Law 138
Ltd.) on Nov. 2 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

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


NORTHERN ROCK: Court Issues Limited Injunction on Leaked Memo
-------------------------------------------------------------
Northern Rock Plc has obtained an injunction from the UK High
Court restricting publication of the information contained in a
confidential memorandum sent to parties with a potential
interest in the company, which has been leaked to a newspaper
group.

The Company believes that further speculative reporting based on
the illustrative information in the memorandum may jeopardize
the complex discussions and negotiations taking place in
connection with its strategic review, the bank said in a
statement.

It has been reported that the memorandum included certain
illustrative transaction structures and financial information
prepared in connection with the Company's strategic review.  As
was made clear by the memorandum the financial information was
prepared solely to illustrate the potential financial impact of
these transaction structures on the Company's business.

None of the information reported as being in the memorandum
should be viewed as guidance to the market as to future outcomes
of the strategic review or as an accurate representation of
future results.  The memorandum was not prepared with a view to
public disclosure or in compliance with rules, guidelines or
policies relating to public disclosure.

Announcements regarding the outcome of the strategic review will
be made as and when appropriate and any information that is
material will be published at that time.  There can be no
certainty that the discussions taking place with interested
parties will lead to an offer for the Company or for all or any
part of its business.

The Company confirms that the existing deposit guarantee
arrangements announced by HM Treasury and the revised facilities
agreed with the Bank of England announced on Oct. 9, 2007,
remain in place.

                            Bidders

As reported in the Troubled Company Reporter-Europe on Nov. 13,
2007, Luqman Arnold, the former CEO of UBS AG and Abbey National
Plc, has confirmed reports that it is preparing a bid for
Northern
Rock Plc through his boutique private equity firm, Olivant, in
exchange for a minority stake in the troubled mortgage lender.

Northern Rock's advisers had set a Nov. 16 bidding deadline
although the Bank of England and the Treasury gave the bank
until February 2008 to find a buyer.

The bank's financial advisors include The Blackstone Group LP,
Merrill Lynch International and Citigroup Global Markets
Limited.

As reported in the TCR-Europe on Nov. 2, 2007, Northern Rock
confirmed that it is continuing to work with a number of third
parties, and has developed further structures which allow it to
seek additional expressions of interest from other parties, as
part of its review of all strategic options.

Three possible buyers are currently performing due diligence on
Northern Rock:

   -- J.C. Flowers & Co., which recently confirmed that it is
      holding talks over a possible offer.  J.C. Flowers has
      also secured a management team, which it intends to
      appoint to run Northern Rock in the event of a successful
      offer;

   -- Virgin Group Ltd., which bidding consortium includes
      American International Group Inc., WL Ross & Co.,
      Toscafund Asset Management LLP, and First Eastern
      Investment Group; and

   -- Cerberus Capital Management LP, which according to reports
      has the backing of GMAC, in which the firm controls a
      51% stake.

Jane Croft and Jamil Anderlini wrote in the Financial Times last
week that Northern Rock reportedly sought 50 potential Asian
banks, including Industrial and Commercial Bank of China and
Bank of China, to try to gauge interest on a possible sale of
the mortgage lender, a restructuring or a combination of both.

Private equity groups and banks from Britain, Europe, China and
India, as well as building societies were also named as
potential bidders.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1' counterparty credit
ratings on U.K. bank Northern Rock PLC on CreditWatch with
developing implications.  At the same time, the 'BBB'
subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.


REMY WORLDWIDE: Files Supplement to Prepackaged Chapter 11 Plan
---------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates delivered
to the Court on Nov. 7, 2007, a plan supplement in support of
their Joint Prepackaged Plan of Reorganization.

To recall, the Debtors filed a Prepackaged Plan on Oct. 9, 2007.
The Plan provides for, among others,

   (i) full payment of secured and unsecured claims;

  (ii) a backstopped rights offering to raise US$85 million in
       preferred equity;

(iii) the exchange of existing 8-5/8% Senior Notes for
       US$100 million of new third lien notes and US$45 million
       in  cash,

  (iv) the conversion of certain subordinated notes into common
       equity of the company; and

   (v) the cancellation of all existing equity interests in
       Remy.

The Plan Supplement includes Principal Exit Financing Documents,
Employee-Related Documents, and Corporate Governance Documents.

                         Financing Documents

The Principal Exit Financing Documents are comprised of:

1. The Intercreditor Agreements with respect to the (i) the
   First Lien Revolver Credit Facility and (ii) Second Lien Term
   Loan Facility

      The Debtors entered into the two Intercreditor Agreements
      with Barclays Bank PLC, as administrative agent of the
      financing facilities, and certain lenders, on October 10,
      2007.

      The Revolver Cap Amount is US$100 million minus the
      aggregate of all repayments and prepayments of the
      revolver obligations under the Revolver Credit Agreement.
      The Second Lien Cap Amount is US$50 million minus the
      aggregate of all repayments and prepayments of the term
      loan obligations under the Second Lien Credit Agreement.

2. The Intercreditor and Subordination Agreement with respect to
   the Third Lien Notes

      The Plan provides for the issuance of new third lien
      notes.  The Subordination Agreement provides that each of
      the Third Lien Noteholders agrees that the payment of the
      Third Lien Obligations is and will be subordinate to the
      prior payment in full of the First Lien and Second Lien
      Obligations.

3. The Borrower Pledge Agreement and the Borrower Security
   Agreement among the Debtors, as pledgors and grantors; and
   The Bank of New York Trust Company, N.A., as collateral agent
   for itself and the holders of Third Lien Notes

      Under the Pledge Agreement, to induce the Agent and
      the noteholders to accept the Third Lien Indenture and
      the related securities, the Pledgor Entities agree to
      pledge collateral, which include (i) limited liability
      company membership interests and (ii) certain shares of
      capital stock the Pledgors hold and own.

      Among the Pledgor Entities are Remy International, Inc.,
      Remy International Holdings, Inc., Power Investments,
      Inc., and Reman Holdings, LLC.

      Under the Security Agreement, the Grantors agree to grant
      to the Collateral Agent a continuing Lien on certain
      personal property -- the Collateral -- to secure the
      prompt and complete payment and performance of all
      Obligations, including all reasonable out-of-pocket fees,
      costs, and expenses.

      Among the Grantor Entities are Remy International, Inc.,
      Remy, Inc., Remy Sales, Inc., Remy Korea Holdings, L.L.C.,
      Remy India Holdings, Inc., and M&M Knopf Auto Parts,
      L.L.C., Power Investments, Inc., and Reman Holdings, LLC.

4. The Intellectual Property Security Agreement, whereby Debtor
   Grantors agree to grant to The Bank of New York, as
   collateral agent for the Third Lien Noteholders, a continuing
   Lien on the Intellectual Property Collateral.  The
   Intellectual Property Collateral includes patents,
   trademarks, copyrights and related licenses.

5. The Third-Priority Floating Rate Secured PIK Toggle Notes Due
   2014 Indenture.  The Bank of New York serves as trustee under
   the 2014 Indenture.

                   Employee-Related Documents

Included in the Plan Supplement are Amended Employment
Agreements and Restricted Stock Award Agreements the Debtors
will enter into with certain officers and directors.

The Debtors will amend their Employment Agreements with John H.
Weber, Kerry Shiba, John Pittas, David Muir, Gerald Mills, and
Douglas C. Laux, whereby the Executives will receive these
salaries and bonuses:

                                             Bonus
                                   ----------------------
     Executive        Base Salary    Annual    Long-term
     ---------        -----------  ----------  ----------
     John H. Weber      US$875,000   US$2,400,000  US$4,000,000
     Kerry A. Shiba      469,000    1,006,000   1,670,000
     John Pittas         378,000      507,780     990,000
     David Muir          375,000      400,020     660,000
     Gerald Mills        375,000      400,020     660,000
     Douglas C. Laux     450,000      763,040   1,320,000

Under Remy's 2010 Long-Term Incentive Cash Bonus Plan and Remy's
Amended Annual Incentive Bonus Plan, each Participant will be
paid bonus upon the attainment of EBITDAR objectives established
by the Company's Board of Directors.  The Board will determine
which employees of the Company will become participants of the
Bonus Plans.

Upon the occurrence of the Plan becoming effective, Mr. Weber
will be paid an emergence bonus equal to 1.5 times his Base
Salary.  He will be employed and as the chief executive officer
of Remy and will be a member of the company's Board of
Directors.  The other Executives, except for Mr. Laux, will be
paid emergence bonuses equal to 0.75 times their Base Salaries.

After the Effective Date, the Executives will also be entitled
to receive an award of restricted common stock of Remy, par
value US$0.0001 per share, equal to the number of shares of
Restricted Stock with a value equal to 2% of the total equity
value of the Company immediately after the Effective Date.

The shares will vest 12% of the shares on each of the first,
second, and third anniversaries of the date of grant of the
award and 32% on each of the fourth and fifth anniversaries of
the Grant Date, provided that the Executive remains continually
employed through each anniversary date and satisfies the terms
of the applicable award.

Under the Amended Employment Agreements, the Executives are
eligible to participate in all pension, 401(k) and other
employee pension benefit plans, policies and programs.

                        Governance Documents

The Plan Supplement also provides a copy of:

   * The Registration Rights Agreement,
   * Remy International, Inc.'s Amended and Restated By-laws,
     and
   * The Fourth Amended and Restated Certificate of
     Incorporation of Remy International, Inc.

The Debtors disclose that these individuals will serve as
directors of Reorganized Remy International, Inc.:

     1. John H. Weber
     2. Eric A. Scroggins
     3. Brent B. Bickett
     4. William P. Foley
     5. Al Stinson
     6. Norman Stout
     7. Stephen Magee

The individuals who will serve as officers of Reorganized RII,
the Debtors add, are:

   Name            Position
   ----            --------
   John H. Weber   CEO, President, and Director
   Gerald T. Mills Senior V-Pres., Chief Human Resources Officer
   David R. Muir   Senior V-Pres., Chief Procurement Officer
   Douglas C. Laux Senior V-Pres., Chief Financial Officer
   John J. Pittas  Senior V-Pres., President of the Electrical
                   Aftermarket Business of Remy

A full-text copy of the 610-page Remy Plan Supplement is
available for free at http://ResearchArchives.com/t/s?255a

Certain of the Plan documents remain subject to approval by some
or all of the Plan Support Parties, the Committed Purchasers,
the Steering Committee, the Informal Committee, the Debtors and
certain other parties.

The Debtors aver that the Plan Supplement is integral to the
Plan and, if the Plan is approved, will be approved in the
Confirmation Order.

                      About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 7,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: Plan Confirmation Hearing Set for November 20
-------------------------------------------------------------
A hearing to consider the confirmation of Remy Worldwide
Holdings Inc. and its debtor-affiliates' Joint Prepackaged Plan
of Reorganization has been set for Nov. 20, 2007.

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 7,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SENSIENT TECHNOLOGIES: Officer Adopts Rule 10b5-1 Trading Plan
--------------------------------------------------------------
Sensient Technologies Corporation disclosed that an elected
officer has adopted an SEC Rule 10b5-1 plan to trade company
stock under a written, pre-arranged plan.  The plan was adopted
during an authorized trading period when the officer was not in
possession of material, non-public information.  The
transactions under the plan will be disclosed publicly through
Form 144 and Form 4 filings with the Securities and Exchange
Commission.

The plan covers only options that are due to expire in September
2008, and allows the officer to sell Sensient stock acquired as
a result of exercising the options during two window periods
starting in April 2008 and ending in August 2008.

The plan will cover the exercise of options on 14,000 shares for
John L. Hammond, Vice President, Secretary and General Counsel.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia, United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company.  Approximately USUS$508 million of debt
was outstanding as of June 30, 2007.


SHERWOOD PROJECTS: Appoints Liquidator from Mazars
--------------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of Sherwood Projects Ltd. (formerly Ashelypark Ltd.)
on Oct. 19 for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Timothy Colin Hamilton Ball
         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton
         Bristol
         BS8 4AN
         England


TYSON FOODS: Earns US$32 Million in Fourth Qtr. Ended Sept. 30
--------------------------------------------------------------
Tyson Foods Inc. reported Monday net income of US$32 million for
the fourth fiscal quarter ended Sept. 29, 2007, compared to a
net loss of US$56 million in the same quarter last year.  Fourth
quarter 2007 sales were US$6.9 billion compared to US$6.5
billion for the same period last year.  Operating income was
US$102 million compared to an operating loss of US$20 million
last year.

Sales for fiscal 2007 were US$26.9 billion compared to US$25.6
billion last year.  Operating income was US$614 million in
fiscal 2007 compared to an operating loss of US$77 million in
fiscal 2006, and net income was US$268 million in fiscal 2007
compared to a net loss of US$196 million in fiscal 2006.

During the fourth quarter of fiscal 2007, the company recognized
US$17 million of non-cash tax expense associated with the
correction of its fixed asset tax costs.  This was primarily
related to a fixed asset system conversion in 1999, which caused
an inappropriate increase in the company's fixed asset tax
costs.

During the fourth quarter of fiscal 2006, the company recorded
pretax charges totaling US$23 million associated with its Cost
Management Initiative, plant closing costs and other business
consolidation efforts.  These charges included severance
expenses, product rationalization costs and other asset
impairment related expenses.  The company also recorded a US$15
million charge during the fourth quarter of fiscal 2006
resulting from a review of its tax account balances, as well as
a US$5 million charge related to the cumulative effect of a
change in accounting principle due to the adoption of Financial
Accounting Standards Board Interpretation No. 47, "Accounting
for Conditional Asset Retirement Obligations," an interpretation
of FASB Statement No. 143.  In the first nine months of fiscal
2006, the company recorded pretax charges totaling US$59 million
associated with plant closing costs.

"We made tremendous progress in fiscal 2007," said Richard L.
Bond, president and chief executive officer.  "I give all the
credit for our success to the Tyson team members, who have
worked so hard for this turnaround.

"All four segments were profitable for the quarter, as
anticipated, and profitability improved year over year for each
segment.  We achieved record sales of US$27 billion, along with
a nearly US$700 million operating income improvement.  Our
US$2.8 billion debt balance at the end of the fiscal year was
the lowest it has been since the IBP acquisition in 2001.  We
exceeded US$265 million in annualized savings from our Cost
Management Initiative, and we recently completed efforts to
streamline the organization and improve our decision making
processes for greater agility as a company," Bond said.

"As we begin 2008, we are experiencing some challenging market
conditions.  Based on present assessments, we believe we will
incur additional increased grain costs of approximately
US$300 million in the chicken segment," Bond said.  "The current
beef environment is extremely difficult as well.

"Even with these concerns I remain very confident about the
future of Tyson Foods.  I believe we are a much stronger and
better positioned company, and I believe our strategies are
right for long term success."

At Sept. 29, 2007, the company's consolidated balance sheet
showed US$10.230 billion in total assets, US$5.499 billion in
total liabilities, and US$4.731 billion in total shareholders'
equity.

                      About Tyson Foods

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, Taiwan, and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.


* BOOK REVIEW: Voluntary Assignments for the Benefit of
               Creditors, Volumes I and II
-------------------------------------------------------
Author: James Avery-Webb
Publisher: Beard Books
Softcover: 788 pages for both volumes
Price: $34.95 each volume; $49.95 set
Review by Henry Berry

http://www.amazon.com/exec/obidos/ASIN/189312228X/internetbankrupt

http://www.amazon.com/exec/obidos/ASIN/1893122298/internetbankrupt

Voluntary Assignments for the Benefit of Creditors is a 1999
update of the classic nineteenth-century work on the important
financial and business instrument known as "voluntary
assignments."  The author of the original edition was Alexander
M. Burrill, a noted legal scholar who also wrote a law
dictionary and several other texts.  Voluntary Assignments for
the Benefit of Creditors is now in its sixth edition, with
Avery-Webb authoring the update.

As defined by the authors, voluntary assignments for the benefit
of creditors are "transfers, without compulsion of law, by
debtors, of some or all of their property to an assignee or
assignees, in trust to apply the same, or the proceeds thereof,
to the payment of some or all of their debts, and to return the
surplus, if any, to the owner."  Voluntary assignments offer
businesspersons from small business owners to corporate
executives great flexibility in raising capital.  Considering
the many ways that businesses can enter into voluntary
assignments, the different ways of valuing properties
"assigned," and the changing value of these properties over
time, the law governing voluntary assignment is complex.

The authors tackle the subject of voluntary assignments in all
its breadth and depth.  During the 1800s, when Burrill's work
first came out, there were innumerable cases dealing with
voluntary assignments.  The case law of the 1800s remains
authoritative, informative, and instructive today.

To render it comprehensible, the authors break down the subject
matter into its many facets, thereby allowing lawyers and others
to quickly reference areas of interest.  These cases are listed
alphabetically, and comprise more than fifty pages in a front
section titled "Table of Cases."  Cases are also referred to in
the text proper and in copious footnotes.  The format of the
text, including the footnotes, is the standard followed by many
legal texts and handbooks, notably the multi-volume American
Jurisprudence.  The sections are numbered consecutively in
forty-five chapters.  There are 458 sections in all.  The
sections are relatively short, even though the subject of
voluntary assignments is complex and there is bountiful case
law.

Readers can peruse general topics such as execution of the
assignment, construction of assignments, sale of the assigned
property, and the rights, duties, and powers of the assignee.
More specific, detailed topics can be accessed using the index.
There are two appendices. The first contains synopses of the
statutes of every state and territory on voluntary assignments.
The second appendix contains nearly thirty standard forms that
can be used for various aspects of assignments.

Although voluminous and rigorous in its commentary and legal
citations, the two-volume Voluntary Assignments for the Benefit
of Creditors is neither dense nor ungainly.  Like a good lawyer
breaking down a case so it can be comprehended by a jury of
average persons, so does Burrill and Avery-Webb deal with the
topic of voluntary assignments.

Born in 1868 in Tennessee, James Avery-Webb (d. 1953) had a
career as a prominent attorney in New York City.

                            *********

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, Pius Xerxes
Tovilla, Patrick Abing and Marites Claro, Editors.

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

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

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

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


                 * * * End of Transmission * * *