TCREUR_Public/071119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, November 19, 2007, Vol. 8, No. 229

                            Headlines


A U S T R I A

CANLI LLC: Claims Registration Period Ends Dec. 5
FRIEDRICH WAGNER: Vienna Court Orders Business Closure
G. WALLENBECK: Claims Registration Period Ends Dec. 6
HANS HASLINGER: Claims Registration Period Ends Dec. 4
NOWAK DACHSANIERUNG: Claims Registration Period Ends Dec. 3

SOPLEX BAU: Vienna Court Orders Business Shutdown
TANKSTELLEN-U.KFZ-SERVICEBETRIEB: Claims Filing Ends Dec. 3
WWI BETEILIGUNG: Claims Registration Period Ends Dec. 6


D E N M A R K

POLYONE CORP: Buys GLS Corp. as Part of Specialization Strategy


F I N L A N D

QUEBECOR WORLD: Considers Refinancing to Retire Some Loans


F R A N C E

MYLAN INC: Moody's Rates New Secured Credit Facilities at B1


G E R M A N Y

ALERIS INT'L: Earns US$3.5 Million in Third Quarter 2007
CHRYSLER LLC: To Donate US$150,000 to NextEnergy's Fuel Testings
COCO COLOR: Claims Registration Ends December 21
CUBITE MOBILE: Claims Registration Ends December 21
GASTRO ITALIA: Claims Registration Ends December 18

GERHARD MISCHE: Claims Registration Period Ends Nov. 20
GT HOLZ: Claims Registration Period Ends  Nov. 26
KABELTRASSENBAU-MONTAGE: Claims Registration Period Ends Dec. 21
MHS FLIESEN: Claims Registration Ends December 20
PLASS BAUSTOFFHANDELS: Claims Registration Period Ends Nov. 19

PORTFOLIO GREEN: Moody's Junks EUR4 Mln Class G Secured Notes
PROJEKT HAUS: Claims Registration Period Ends Dec. 21
SKROTZKI TRANSPORTE: Claims Registration Period Ends Dec. 24
THEATER IN CRONENBERG: Claims Registration Period Ends Nov. 20
USOX-ISOLIERUNGEN GMBH: Claims Registration Period Ends Dec. 21


G R E E C E

FAGE DAIRY: Moody's May Cut B1 Ratings After Review


I R E L A N D

TREES S.A.: Fitch Rates EUR150 million Loan at BB+


K A Z A K H S T A N

BSB STROY-MONTAGE: Proof of Claim Deadline Slated for Dec. 14
CRIS SERVICE: Creditors Must File Claims  Dec. 12
EXPRESS SNAB+: Claims Filing Period Ends Dec. 18
HRANNOYE AGENSTVO: Creditors' Claims Due on Dec. 12
INVESTA NORD: Claims Registration Ends Dec. 12

JEMIS FRUIT: Proof of Claim Deadline Slated for Dec. 18
KOS-NIK LLP: Creditors Must File Claims  Dec. 12
MBS LTD: Claims Filing Period Ends Dec. 12
OZEN CAPITAL: Creditors' Claims Due on Dec. 12
STEPNOGORSKSPETSMONTAGE LLP: Claims Registration Ends Dec. 12

* Fitch Affirms Almaty City's Ratings at BB+ with Stable Outlook


K Y R G Y Z S T A N

AFINA TRAVEL: Creditors Must File Claims by December 14


L I T H U A N I A

BANKAS SNORAS: Fitch Affirms IDR at BB- with Stable Outlook


N E T H E R L A N D S

DEMIR-HALK BANK: Moody's Assigns Ba1/NP Deposit Ratings
HARBOURMASTER CLO 10: Fitch Rates EUR9 million Class B2 at BB


N O R W A Y

GEOKINETICS INC: Posts US$1.5 Million Net Loss in Third Quarter


R U S S I A

AZNAKAEVSKIJ OJSC: Claims Registration Period Ends Jan. 10, 2008
BRISTOW GROUP: Completes US$2.5 Mln Buyout of Vortex Helicopters
DRAGON&LION CJSC: Creditors Must File Claims by Jan. 10, 2008
KRASNAYA KUZNITSA: Asset Sale Slated for Dec. 17
KUVSHINSKAYA LLC: Creditors Must File Claims by Dec. 10

LIPETSKCOMBANK: S&P Lowers Ratings to B- on Low Capitalization
MASTER BANK: Concentrated Loans Cue Fitch's B IDR
POCHINKOVSKIJ OJSC: Creditors Must File Claims by Dec. 10
SAINT PETERSBURG: Equity Increase Cues Fitch's Positive Outlook
TENLIN OJSC: Share in the Capital Sale Slated for Dec. 12

TMK OAO: Shareholders' Meeting Slated for December 25
TMK OAO: Constructing New Premium Quality Finishing Mill
TMK OAO: Hikes Premium Oil and Gas Pipe Production


S P A I N

AYT CAIXA: Moody's Puts Junk Ratings on Series E1 & E2 Notes
FONCAIXA FTGENCAT 5: S&P Junks EUR26.5 Million Class D Notes


U K R A I N E

CENTER-TURBO LLC: Creditors Must File Claims by November 22
DELTA-VAN LLC: Creditors Must File Claims by November 22
MACROPROM-UKRAINE LLC: Creditors Must File Claims by November 22
PROSTHETIC APPLIANCE: Creditors Must File Claims by November 22
RUMO-UKRAINE LLC: Claims Filing Bar Date Set November 22

SOSNITSAAL AGRICULTURAL: Creditors Must File Claims by Nov. 22
VICTORY LLC: Creditors Must File Claims by November 22


U N I T E D   K I N G D O M

BIRCHWOOD LEISURE: C. B. Barrett Leads Liquidation Procedure
BRAKE BROS: S&P Withdraws B Ratings at Company's Request
BRITISH ENERGY: S&P Cuts Ratings to BB on Repeated Outages
CABLE & WIRELESS: Unveils Management Changes at Int'l. Business
CABLE & WIRELESS: Earns GBP134 Mln in Six Months Ended Sept. 30

CGL DEVELOPMENTS: Names Neil Francis Hickling Liquidator
CHICCO D'ORO: Appoints David Elliott as Liquidator
FORD MOTOR: UAW Employees Ratify Healthcare MOU and National CBA
FORD MOTOR: Johnson Controls Inks MOU to Buy Saline ACH Plant
INTERNATIONAL POWER: S&P Affirms BB- Ratings; Outlook Revised

ISLE OF CAPRI: Buying IoC-Black Hawk's 43% Stake for US$64.6 Mln
LADBROKES PLC: Profit Up 84% in Four Months Ended Oct. 31, 2007
MORTGAGE FINANCE 7: Fitch Rates Class C Notes at BB
REMY WORLDWIDE: Court Okays Shearman & Sterling as Lead Counsel
REMY WORLDWIDE: Bankruptcy Court Okays YCS&T as Delaware Counsel

REMY WORLDWIDE: Court Okays Greenberg Traurig as Special Counsel
UK CONTRACTING: Brings In Liquidators from Baker Tilly
VIRGIN MEDIA: S&P Affirms B+ Ratings on Third-Quarter Results
VONAGE HOLDINGS: To Pay Verizon US$117.5 Mln Over Patent Dispute
VONAGE HOLDINGS: Sept. 30 Bal. Sheet Upside-Down by US$62.9 Mln

* BOND PRICING: For the Week Nov. 12 to Nov. 16, 2007

                            *********


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


CANLI LLC: Claims Registration Period Ends Dec. 5
-------------------------------------------------
Creditors owed money by LLC CANLI (FN 285863m) have until Dec. 5
to file written proofs of claim to court-appointed estate
administrator Eva Wexberg at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 19 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16 (Bankr. Case No. 2 S 141/07h).  Walter Kainz
represents Dr. Wexberg in the bankruptcy proceedings.


FRIEDRICH WAGNER: Vienna Court Orders Business Closure
------------------------------------------------------
The Trade Court of Vienna entered Oct. 17 an order closing the
business of LLC Friedrich Wagner & Sohn & Co KG (FN 9410p).

Court-appointed estate administrator Eberhard Wallentin
recommended the business closure after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No 5 S 115/07g).


G. WALLENBECK: Claims Registration Period Ends Dec. 6
-----------------------------------------------------
Creditors owed money by KEG G. Wallenbeck (FN 247573d) have
until Dec. 6 to file written proofs of claim to court-appointed
estate administrator Andrea Prochaska at:

         Mag. Andrea Prochaska
         Wassergasse 33/12
         1030 Vienna
         Austria
         Tel: 718 77 50
         Fax: 718 77 50 15
         E-mail: anwalt@andrea-prochaska.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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. 18 (Bankr. Case No. 5 S 124/07f).


HANS HASLINGER: Claims Registration Period Ends Dec. 4
------------------------------------------------------
Creditors owed money by LLC Hans Haslinger - Internationale
Transporte (FN 121781s) have until Dec. 4 to file written proofs
of claim to court-appointed estate administrator Guenther
Grassner at:

         Dr. Guenther Grassner
         Suedtirolerstr. 4-6
         4020 Linz
         Austria
         Tel: 070770815
         Fax: 070770816
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on Oct. 18 (Bankr. Case No. 38 S 53/07h).


NOWAK DACHSANIERUNG: Claims Registration Period Ends Dec. 3
-----------------------------------------------------------
Creditors owed money by KEG NOWAK Dachsanierung (FN 222185v)
have until Dec. 3 to file written proofs of claim to court-
appointed estate administrator Georg Freimueller at:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16 (Bankr. Case No. 38 S 55/07a).


SOPLEX BAU: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Oct. 17 an order shutting down
the business of LLC Soplex Bau & Projektmanagement (FN 282872p).

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

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


TANKSTELLEN-U.KFZ-SERVICEBETRIEB: Claims Filing Ends Dec. 3
-----------------------------------------------------------
Creditors owed money by LLC Tankstellen-u.KFZ-Servicebetrieb
J.Schneider (FN 96157h) have until Dec. 3 to file written proofs
of claim to court-appointed estate administrator Ilse Korenjak
at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 512 21 02
         Fax: 512 21 02-20
         E-mail: office@buresch-korenjak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Dec. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16 (Bankr. Case No. 38 S 56/07y).


WWI BETEILIGUNG: Claims Registration Period Ends Dec. 6
-------------------------------------------------------
Creditors owed money by LLC WWI Beteiligung (FN 192284x) have
until Dec. 6 to file written proofs of claim to court-appointed
estate administrator Susanne Fruhstorfer at:

         Dr. Susanne Fruhstorfer
         c/o Dr. Andrea Fruhstorfer
         Seilerstatte 17
         1010 Vienna
         Austria
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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. 16 (Bankr. Case No. 5 S 122/07m).  Andrea Fruhstorfer
represents Dr. Susanne Fruhstorfer in the bankruptcy
proceedings.


=============
D E N M A R K
=============


POLYONE CORP: Buys GLS Corp. as Part of Specialization Strategy
---------------------------------------------------------------
PolyOne Corporation has signed a definitive agreement to acquire
GLS Corporation.  Terms of the pending transaction were not
disclosed.  However, PolyOne expects that the acquisition will
be slightly accretive to earnings in the first year.

Consummation of the transaction is subject to the satisfaction
or waiver of customary closing conditions.

The acquisition of GLS demonstrates PolyOne's specialization
strategy focused on technical innovation, new-product launches,
speed to market, and long-term customer alliances rooted in
problem solving and value creation.

GLS is known for difficult-to-develop specialty compounds and
rapid turnaround on customer requests, with a research and
development department that operates around the clock.  The
acquisition of GLS also will provide PolyOne access to new
customers in specialized, high-growth markets such as health
care and electronics.

PolyOne has targeted these markets for expansion and believes
there are additional cross-selling opportunities.  Moreover, the
two companies' global footprints are highly complementary.

"GLS is a very important strategic acquisition and the kind of
company that we have been carefully seeking to become a
significant part of PolyOne's business portfolio," Stephen D.
Newlin, chairman, president and chief executive officer, said.

"We are delighted to welcome the GLS employees and customers to
the PolyOne family," Mr. Newlin stated.  "The GLS management
team has built a terrific brand and is a customer centric growth
company. Its people and technology will be valuable additions to
the PolyOne team."

"Combining GLS's technological capabilities with PolyOne's
global infrastructure and commercial presence uniquely positions
us to capitalize on the expanding TPE market,"
Mr. Newlin added.

"GLS is a great addition to the global Engineered Materials
business portfolio," Craig Nikrant, PolyOne's vice president and
general manager of PolyOne's North American Engineered Materials
said.

"This acquisition will accelerate the specialization strategy
for our global Engineered Materials business and will decisively
shift our portfolio as we continue our aggressive evolution into
a specialty solutions provider of engineering thermoplastics,"
Mr. Nikrant related.  "The acquisition of GLS, coupled with last
year's dedication of our US$10 million specialties compounding
plant, clearly demonstrates our commitment to our specialization
strategy."

"We are delighted to join forces with PolyOne and become a key
component in its strategic evolution," Dan Dague, GLS president,
said.  "We were impressed with PolyOne's management, its
strategic vision and its corporate philosophies, and believe the
combination will result in a new organization that is even
stronger and better poised for future success."

Bear, Stearns & Co. Inc. was PolyOne's financial advisor on the
GLS acquisition and Jones Day was outside counsel.

                      About GLS Corporation

Headquartered in McHenry, Illinois, GLS Corporation –-
http://www.glscorp.com/-- is a privately-held company owned by
the Dehmlow family that provides specialty thermoplastic
elastomer compounds for consumer and medical applications.  The
company serves more than 1,200 customers worldwide.  With
approximately 200 employees, GLS supports its customers with
manufacturing facilities in Illinois and Suzhou, China.

                       About PolyOne Corp.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/ -- is a provider of    specialized
polymer materials, services and solutions.  The company
maintains operations in China, Colombia, Thailand, Singapore,
Belgium, Denmark, France, the United Kingdom, among others.

                          *     *     *

Moody's Investor Services placed PolyOne Corporation's senior
unsecured debt, long term corporate family and probability of
default ratings at 'B1' in July 2007.  The ratings still hold to
date with a stable outlook.


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


QUEBECOR WORLD: Considers Refinancing to Retire Some Loans
----------------------------------------------------------
Quebecor World Inc. disclosed a refinancing plan pursuant to
which it intends to concurrently:

   (i) offer approximately CDNUS$250 million of its equity
       shares, consisting of a public offering of Subordinate
       Voting Shares in Canada and the United States for
       contemplated gross proceeds to the company of
       approximately CDNUS$185 million (US$191 million) or
       approximately CDNUS$213 million (US$220 million) if an
       over-allotment option granted to the underwriters
       involved is exercised in full; well as an issuance on a
       private placement basis in Canada to Quebecor Inc., the
       company's controlling shareholder, of a combination of
       Multiple Voting Shares and Subordinate Voting Shares for
       an aggregate amount of approximately CDNUS$65 million or
       US$67 million) on the same terms as the Public Equity
       Offering, in order to allow Quebecor Inc. to maintain
       the level of its current economic interest in Quebecor
       World;

  (ii) offer on a private placement basis an aggregate of
       US$500 million of new debt securities, consisting of:
       (1) new senior unsecured notes of the company in an
           aggregate amount of approximately US$400 million, and
       (2) new senior unsecured convertible debentures in an
           aggregate amount of approximately US$100 million; and

(iii) amend the company's credit facilities, pursuant to
       which:
      (a) the commitment of the company's syndicate of lenders
          would be reduced to US$375 million;
      (b) the maturities of such facilities would be extended
          by one year to January 2010; and
      (c) the company would be provided with greater financial
          flexibility under its covenants.

The Equity Offering, the Senior Note Offering and the
Convertible Debenture Offering are conditional upon one another
and the Credit Facilities Amendment is conditional on the
completion of the Equity Offering, the Senior Note Offering and
the Convertible Debenture Offering.

The net proceeds of the Senior Note Offering and the Convertible
Debenture Offering and a portion of the net proceeds of the
Equity Offering will be used to repay indebtedness under the
company's credit facilities and the company intends to use the
remaining net proceeds of the Equity Offering to redeem its
Series 5 Cumulative Redeemable First Preferred Shares for an
aggregate redemption price of CDNUS$175 million or approximately
US$185 million, plus accrued and unpaid dividends.

The redemption of these preferred shares is conditional upon the
completion of each of the elements of the refinancing plan and
subject to re-confirmation by the company's board of directors.
Any remaining net proceeds of the Equity Offering will be used
for general corporate purposes, including for the repayment of
additional indebtedness.

The terms of both the new Senior Notes and the Convertible
Debentures will be settled between the company and the
respective initial purchasers of the notes.  Both the Senior
Notes and the Convertible Debentures will be issued by the
company and will be unconditionally guaranteed on a senior
unsecured basis by Quebecor World (USA) Inc., Quebecor World
Capital ULC and Quebecor World Capital LLC, all wholly-owned
subsidiaries of the company.

In addition, the company stated that it has re-filed its interim
financial statements for the period ended Sept. 30, 2007, well
as the corresponding management's discussion and analysis, in
order to make certain changes to Note 18 - Subsequent Events to
such financial statements relating to the company's disclosed
sale/merger of its European operation, including to correct the
amount reported for the estimated accounting (non-cash) loss on
disposal before cumulative translation adjustment impact
resulting from such sale/merger, from US$70 million to US$170
million.

A copy of the prospectus may be obtained from:

     Quebecor World Inc.
     Investor Relations Department
     612 St-Jacques Street, Montreal
     Quebec Canada H3C 4M8
     Tel. (800) 567-7070

                    About Quebecor World Inc.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In the
United States, it has 82 facilities in 30 states, and is engaged
in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company is an
independent commercial printer in Europe with 19 facilities,
operating in Austria, Belgium, Finland, France, Spain, Sweden,
Switzerland and the United Kingdom. In March 2007, it sold its
facility in Lille, France.  Quebecor World (USA) Inc. is its
wholly owned subsidiary.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2007,
Moody's Investors Service rated Quebecor World Inc.'s new
US$400 million senior unsecured note issue Caa1.  At the same
time, ratings for about US$1.6 billion of existing senior
unsecured notes for QWI and its wholly-owned subsidiary
companies, Quebecor World Capital Corporation and Quebecor World
Capital ULC, were downgraded to Caa1 from B3.

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.


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


MYLAN INC: Moody's Rates New Secured Credit Facilities at B1
------------------------------------------------------------
Moody's Investors Service assigned B1 ratings to the new senior
secured credit facilities of Mylan Inc.

In addition, Moody's lowered Mylan's Corporate Family Rating to
B1 from Ba1, concluding a rating review for possible downgrade
initiated on May 14, 2007 and lowered the speculative grade
liquidity rating to SGL-2 from SGL-1.  Moody's is withdrawing
the ratings on Mylan's former senior unsecured credit facilities
and senior unsecured notes, which have been repaid. The rating
outlook is stable.

These rating actions are being taken in conjunction with Mylan's
recent acquisition of Merck KGaA's generics pharmaceuticals
business for approximately $6.9 billion.

"The B1 ratings reflect the important benefits of Mylan's
geographic expansion and vertical integration, offset by
significantly higher financial leverage," stated Michael
Levesque, Moody's Senior Vice President.

The B1 rating reflects primarily these factors:

   (1) the strategic benefits of Mylan's global diversification,
       scale and vertical integration initiatives;

   (2) positive free cash flow benefiting from cost synergies
       and vertical integration; and

   (3) the belief that Debt/EBITDA will be reduced below 4
       times by year-end 2009.

Mylan began its international expansion in late 2006 via the
acquisition of an India-based active pharmaceutical ingredients
company, Matrix Laboratories.  Matrix is the 2nd largest API
supplier globally, and the Matrix acquisition is helping Mylan
build much greater vertical integration than most generics
peers.  The acquisition of the Merck generics business provides
additional opportunities for vertical integration.

Offsetting risk factors include:

   (1) high Debt/EBITDA and limited FCF/Debt over the next two
       years;

   (2) risks related to the integration of the Merck generics
       business;

   (3) generics pricing pressure; and

   (4) the sector-wide risk of potential additional
       acquisitions.  Key integration risk factors include
       employee retention, systems integration, cultural issues,
       and requirements to certify internal controls over
       financial reporting.

Ratings assigned:

   -- B1 (LGD3, 43%) sr. secured Term Loan A of US$500 million
      due 2013

   -- B1 (LGD3, 43%) sr. secured revolving credit facility of
      US$750 million due 2013

   -- B1 (LGD3, 43%) sr. secured Term Loan B of US$2 billion due
      2014

   -- B1 (LGD3, 43%) sr. secured Term Loan B of EUR1.131 billion
      due 2014

Ratings lowered:

   -- Corporate Family Rating to B1 from Ba1

   -- Probability of Default Rating to B1 from Ba1

   -- Speculative Grade Liquidity Rating to SGL-2 from SGL-1

Ratings withdrawn:

   -- Ba1 (LGD4, 51%) sr. unsecured revolving credit facility of
      US$700 million due 2011;

   -- Ba1 (LGD4, 51%) sr. unsecured revolving credit facility of
      US$300 million due 2011;

   -- Ba1 (LGD4, 51%) sr. unsecured term loan of US$450 million
      due 2012;

   -- Ba1 (LGD4, 51%) sr. unsecured notes of US$150 million due
      2010;

   -- Ba1 (LGD4, 51%) sr. unsecured notes of US$350 million due
      2015.

Moody's does not rate Mylan's convertible notes of US$600
million due 2012, or the new mandatory convertible preferred
stock due 2010.

Headquartered in Canonsburg, Pennsylvania, Mylan Inc. (fka Mylan
Laboratories Inc.) is a specialty pharmaceutical company.  For
the six-month period ended September 30, 2007 Mylan reported
total revenue of approximately US$1.0 billion.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.


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


ALERIS INT'L: Earns US$3.5 Million in Third Quarter 2007
--------------------------------------------------------
Aleris International, Inc., has reported results for the third
quarter ended Sept. 30, 2007.

                          Summary

    -- Revenues for third quarter 2007 were US$1.7 billion,
       compared with US$1.4 billion in third quarter 2006, a 19%
       increase, driven primarily by the 2006 acquisition of the
       downstream aluminum business of Corus Group plc (Corus
       Aluminum) and the 2007 acquisitions of Wabash Alloys
       L.L.C. and EKCO Products.

    -- EBITDA, excluding special items, for third quarter 2007
       was US$127.5 million compared with US$123.0 million for
       the comparable period last year.

    -- The company generated free cash flow of US$102.4 million
       in the third quarter 2007 compared with US$87.1 million
       in the comparable period of 2006 and US$277.5 million in
       the first nine months of 2007 compared with
       US$163.6 million in the prior year-to-date period.

    -- Progress continued on the company's strategic growth
       initiatives as the acquisitions of Wabash Alloys and
       Alumox Holding AS were completed in September 2007.

    -- Productivity and synergy savings of US$32.0 million were
       achieved in the third quarter 2007 and total
       US$88 million year-to-date.

    -- Year-to-date, revenues were US$4.9 billion compared with
       US$3.3 billion last year, while EBITDA, excluding special
       items, increased 15% to US$349.8 million from
       US$304.1 million.

    -- Pro forma EBITDA, excluding special items, and including
       the acquisitions of Wabash Alloys and EKCO Products as if
       they had occurred on Oct. 1, 2006 and synergies as
       permitted by the company's Term Loan Agreement, for the
       last 12 months (Pro Forma Adjusted EBITDA) was
       US$527.8 million.  Net debt was US$2.8 billion at quarter
       end.  Net debt to Pro Forma Adjusted EBITDA, was 5.2.
       Pro Forma Adjusted EBITDA does not include approximately
       US$19.0 million of expected synergies as the Term Loan
       Agreement limits expected synergies to US$40.0 million.

    -- European industrial activity remains strong while demand
       from the North American building & construction and
       transportation end-uses is expected to remain soft for
       the rest of 2007.

            Third Quarter 2007 Operating Results

Aleris reported third quarter 2007 revenues of US$1.7 billion,
segment income of US$54.3 million, and net income of
US$3.5 million.  These results include losses from special items
consisting of US$21.6 million of unrealized losses on derivative
financial instruments, US$14.2 million for the impact of
recording previously acquired assets at fair value,
US$2.3 million of restructuring and other charges,
US$2.3 million of sponsor management fees, and US$1.1 million of
stock-based compensation expense.

During the third quarter of 2007, Aleris also recorded the
preliminary results of an independent appraisal of the tangible
and intangible long-lived assets required as a result of TPG's
acquisition of Aleris in December 2006.  Based on those
preliminary results, the company recorded amortization expense
of approximately US$28.2 million in the third quarter of 2007
within selling, general and administrative expense.
Additionally, third quarter 2007 income taxes included a
US$31.6 million one-time benefit resulting from a decrease in
the German statutory rate for corporate income and trade taxes.

For the third quarter of 2006, Aleris reported revenues of
US$1.4 billion, segment income of US$76.8 million, and a net
loss of US$24.2 million.  These results included a
US$53.7 million loss on the early extinguishment of debt,
US$30.9 million for the impact of recording previously acquired
assets at fair value, US$24.3 million of unrealized losses on
derivative financial instruments, US$2.6 million of
restructuring and other charges, and US$2.6 million of stock-
based compensation expense partially offset by US$9.8 million of
gains on derivative financial instruments used to hedge a
portion of the purchase price paid for Corus Aluminum.

EBITDA, excluding special items, totaled US$127.5 million in the
third quarter of 2007 compared with US$123.0 million in the same
period last year.  Results were driven primarily by the acquired
operations of Corus Aluminum, which were included in the
consolidated results for only two months of the 2006 third
quarter, and ongoing company-wide productivity initiatives,
partially offset by lower sales volumes in the company's North
American rolled products and zinc businesses.

Free cash flow for the third quarter of 2007 was
US$102.4 million compared to US$87.1 million in the third
quarter of 2006 as a result of the company's continuous focus on
working capital management.

Commenting on Aleris's third quarter results, Steven J.
Demetriou, Chairman and Chief Executive Officer, said, "We are
pleased with the performance of the controllable elements of our
business, driven by the step- change productivity improvements
across all areas of the Company.  This was essential in
partially offsetting the significant volume reductions in our
North American rolled products and zinc businesses, primarily
associated with the construction and transportation end-uses.

"Our various integration activities are yielding strong results.
We are on track to achieve the US$65 million of acquisition
synergies associated with the Corus Aluminum acquisition, which
is more than double the original estimate.  Also, since
completing the Wabash acquisition two months ago, we have begun
executing several initiatives, including plant closures and back
office integration. Estimated annual synergies from the Wabash
acquisition are expected to be US$30 million over 12 to 18
months.  In addition, we are achieving significant company-wide
productivity benefits associated with Six Sigma, Rapid
Transformation, metal recovery, and energy efficiency programs."

            Year-to-date 2007 Operating Results

Aleris reported revenues of US$4.9 billion, segment income of
US$140.0 million, and a net loss of US$14.7 million in the first
nine months of 2007.  The results were significantly impacted by
unfavorable special items including US$100.4 million for the
impact of recording previously acquired assets at fair value,
US$11.2 million of restructuring and other charges,
US$6.9 million of sponsor management fees, and US$2.9 million of
stock-based compensation expense, partially offset by unrealized
gains of US$26.0 million on derivative financial instruments.
In addition, the 2007 results include amortization expense of
US$34.8 million, an increase of US$32.9 million over the
comparable period of 2006.

In the first nine months of 2006, Aleris reported revenues of
US$3.3 billion, segment income of US$254.2 million, and net
income of US$59.4 million.  The 2006 results included a
US$53.7 million loss on the early extinguishment of debt,
US$32.5 million for the impact of recording previously acquired
assets at fair value, US$7.1 million for unrealized losses on
derivative financial instruments, US$7.1 million of stock-based
compensation expense, and US$2.3 million of restructuring and
other charges, partially offset by US$9.8 million of gains on
derivative financial instruments used to hedge a portion of the
purchase price paid to acquire Corus Aluminum.

EBITDA, excluding special items, of US$349.8 million for the
first nine months of 2007 represents a 15% increase compared
with US$304.1 million for the first nine months of 2006.  The
increase was primarily driven by the Corus Aluminum acquisition
and company-wide productivity and synergy initiatives, partially
offset by lower sales volumes at the North American rolled
products and zinc businesses.  Free cash flow for the first nine
months of 2007 was US$277.5 million compared with
US$163.6 million for the first nine months of 2006 and benefited
from the company's focus on reducing working capital.

             Global Rolled and Extruded Products

Global Rolled and Extruded Products shipments totaled 596
million pounds in the third quarter of 2007.  This compares with
shipments of 505 million pounds for the third quarter of 2006,
with the increase driven by the Corus Aluminum and EKCO Products
acquisitions.  Excluding these acquisitions, shipments were down
approximately 9% compared with the 2006 third quarter, due to
continued weakness in North America.  Shipments for the former
Corus Aluminum were 319 million pounds for the third quarter of
2007 compared with shipments of 216 million pounds in August and
September of 2006 and continued to benefit from strong economic
growth in aerospace and automotive applications.  The former
EKCO Products business, acquired during the second quarter,
contributed a net 15 million pounds to the total shipments in
the third quarter.

Global Rolled and Extruded Products segment income was
US$41.7 million in the third quarter of 2007, compared with
segment income of US$40.4 million in the prior-year period.
Excluding the impact of US$13.3 million of purchase accounting
adjustments which are recorded at the segment level, segment
income in the third quarter of 2007 was US$55.0 million,
compared with US$71.3 million in the prior-year third quarter,
after adjusting for US$30.9 million of purchase accounting
adjustments in 2006.  The Corus Aluminum acquisition and
productivity initiatives improved segment income, but were more
than offset by reduced volumes in the U.S. and approximately
US$16.4 million of incremental amortization expense associated
with the preliminary adjustments to record acquired intangible
assets.

Material margins, on a pro forma basis including the Corus
Aluminum and EKCO Products acquisitions, of US$0.64 per pound in
the third quarter of 2007 increased from US$0.61 per pound in
the third quarter of 2006 due to more favourable metal price
lag.  Cash conversion costs of US$0.40 per pound increased from
US$0.39 per pound in the third quarter of 2006 as underlying
productivity improvements were more than offset by the
unfavorable impact of the stronger euro and lower volumes.

Global Rolled and Extruded Products shipments totaled 1.7
billion pounds in the first nine months of 2007 compared with
1.1 billion pounds in the first nine months of 2006.  The
increase was primarily driven by the Corus Aluminum acquisition,
which contributed 967 million pounds in 2007 and 216 million
pounds in 2006.  Excluding the Corus Aluminum and EKCO Products
acquisitions, shipments decreased 15% in the first nine months
of 2007 compared with the first nine months of 2006.

The segment's income was US$80.0 million and US$135.2 million in
the first nine months of 2007 and 2006, respectively.  However,
year-to-date 2007 and 2006 segment income includes
US$85.4 million and US$32.5 million of unfavorable purchase
accounting adjustments, respectively.  After adjusting for
purchase accounting, year-to-date segment income for 2007 would
be US$165.4 million compared with segment income of
US$167.7 million in the first nine months of 2006.  The decrease
reflects the lower volumes in North America as well as
US$21.7 million of incremental amortization expense associated
with the preliminary adjustments to record acquired intangible
assets, partially offset by the incremental segment income
generated by the acquired operations of Corus Aluminum and
benefits from productivity improvements.

Year-to-date pro forma material margins improved to
US$0.64 per pound in 2007 from US$0.62 per pound in 2006, while
cash conversion costs increased by US$0.02 per pound in 2007 to
US$0.39 per pound as the stronger euro and reduced volumes more
than offset productivity improvements.

                      Global Recycling

Global Recycling shipments of 821 million pounds in the third
quarter of 2007 were up 6% compared with the 776 million pounds
shipped in the year- earlier quarter.  The increase was driven
by the acquired operations of Wabash Alloys, which contributed
42 million pounds since their acquisition. Excluding the
acquired operations of Wabash Alloys, shipments in the third
quarter of 2007 were consistent with those of the prior year
quarter as increased European demand was offset by reduced
demand in the North American specification alloy business.
Segment income was US$9.0 million in the third quarter of 2007
compared with US$22.2 million in the third quarter of 2006.  The
decrease in segment income was driven by lower scrap spreads in
North America and US$6.9 million of incremental amortization
expense associated with the preliminary adjustments to record
acquired intangible assets, partially offset by volume
increases, primarily in Europe, and productivity improvements
overall.  The acquired operations of Wabash Alloys incurred a
segment loss of US$0.6 million, including US$1.4 million of
purchase accounting adjustments related to acquired inventories.

For the first nine months of 2007, shipments increased to 2.4
billion pounds from 2.3 billion pounds in 2006, primarily driven
by a 65 million pound increase in Europe and the acquisition of
Wabash Alloys.  Segment income for the first nine months of 2007
was US$49.9 million compared with US$69.8 million for the year-
earlier period. Excluding purchase accounting adjustments of
US$3.8 million, segment income of US$53.7 million was US$16.1
million less than the prior year's first nine months, driven by
less favourable scrap spreads in the specification alloy
business and US$6.9 million of incremental amortization expense.

                        Global Zinc

Global Zinc reported third quarter 2007 volume of 87 million
pounds, a decrease of 12% from 99 million pounds in the third
quarter of 2006.  Segment income of US$3.6 million for the third
quarter of 2007 compared with US$14.2 million of segment income
for the third quarter of 2006.  The decrease in segment income
from the prior-year period was due to lower volume caused by
lower demand by tire and rubber customers, lower margins from
trading activities, higher material costs and approximately
US$4.0 million of incremental amortization expense.

Year-to-date shipments for the segment totalled 264 million
pounds in 2007 compared with 315 million pounds in 2006.  Year-
to-date segment income of US$10.1 million in 2007 compared with
US$49.2 million in the prior-year period.  The decrease in
segment income was driven primarily by a purchase accounting
adjustment of US$11.2 million, lower volume, less favourable
scrap spreads, an unfavourable metal price lag resulting from
the first quarter 2007 liquidation of inventory acquired at
historically high fourth quarter 2006 prices, and US$4.0 million
of incremental amortization expense.

                     Corporate Expense

Corporate expense primarily includes corporate general and
administrative expense (G&A), other income/expense, certain
realized gains and losses on derivative financial instruments
resulting from the centralization of the risk management
functions, and interest expense.  In addition, in order to
simplify the understanding of ongoing segment operations,
corporate expense includes all restructuring and other charges
as well as non-cash adjustments associated with mark-to-market
accounting for derivative financial instruments.  In the third
quarter of 2007, Aleris' results included US$21.6 million of
unrealized losses on derivative financial instruments,
US$2.3 million of sponsor management fees, US$2.3 million of
restructuring and other charges, and US$1.1 million of charges
for non-cash stock-based compensation.

Corporate G&A increased to US$20.5 million in the third quarter
of 2007 from US$18.9 million in the same period of 2006 as the
addition of sponsor management fees and increased operating
costs at the company's European headquarters were only partially
offset by lower incentive and stock-based compensation expense.
Year-to-date Corporate G&A increased by US$5.5 million for the
same reasons.

Interest expense for the third quarter of 2007 increased to
US$58.3 million from US$26.6 million in the third quarter of
2006 due to higher borrowings associated with the refinancing to
fund the acquisition of Corus Aluminum in August 2006, the
refinancing to fund TPG's acquisition of Aleris in December
2006, and the additional indebtedness incurred to fund the
acquisition of Wabash Alloys in September 2007.  For the first
nine months of 2007, interest expense increased to
US$168.8 million from US$54.3 million in the same period of
2006.

For the nine months ended Sept. 30, 2007, the company's
effective tax (benefit) rate was (78.4)% compared with 36.8% in
the comparable period of 2006.  The 2007 effective rate
benefited from the new tax rules in Germany and the financing
structure in Europe.  Cash taxes are expected to total
approximately US$25.0 million for 2007.

Capital expenditures were US$43.3 million for the third quarter
of 2007, compared with US$27.7 million for the previous year's
third quarter.  Year-to- date capital expenditures were
US$135.5 million compared with US$53.5 million in the first nine
months of 2006.  The increase is primarily attributable to the
Corus Aluminum acquisition which accounted for US$98.3 million
of capital expenditures in the first nine months of 2007.

                         About Aleris

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico, China
and Wales, and employs approximately 4,200 employees.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent US$105 million 9% senior notes
due 2014, which are an add-on to the company's existing US$600
million 9% senior notes due 2014.


CHRYSLER LLC: To Donate US$150,000 to NextEnergy's Fuel Testings
----------------------------------------------------------------
The Chrysler Foundation has announced plans to donate US$150,000
to NextEnergy, Inc., in support of the organization's
alternative fuel testing program.  NextEnergy, based in Detroit,
was founded to encourage alternative energy technologies that
positively contribute to economic competitiveness, energy
security, and the environment.

"This grant is an extension of Chrysler's commitment to being a
good neighbour in all the places where we build and sell our
vehicles," said Chrysler LLC's Senior Vice President -- External
Affairs and Public Policy, Frank Fountain.  "It's a priority for
Chrysler to increase the use of alternative fuels by investing
in research into biodiesel technology and helping to develop
industry standards for biodiesel fuel."

The alternative fuel-testing platform allows fuels to be tested
for their stability and efficiency before trying them out in
vehicles or other power generators.  The fuel-testing platform
can also be used to advance the development of hydrogen and
natural gas as alternative fuels.

"Chrysler's commitment to creating new fuelling options has
helped move automotive applications for alternative energies to
a new level," said NextEnergy's Chief Executive Officer, Jim
Croce.  "With The Chrysler Foundation's grant, we have been able
to complete a testing platform that helps check out the
viability of new bio and synthetic fuels as they progress from
concept to use in vehicles and power generators."

Chrysler LLC is also a partner in two additional projects now
underway at NextEnergy, the National Biodiesel Energy Lab and a
biofuels infrastructure program through the U.S. Department of
Labor & Economic Growth.

The National Biodiesel Energy Lab is developing standards for
biodiesel use in vehicles.  A national standard is necessary to
allow OEM's to warranty their vehicles for use with B5 to B20
fuels.  The lab is also working to develop the next generation
of biodiesel fuels and involves research along the fuel's whole
life, from agricultural seed research all the way to vehicle
testing in the field.

The Department of Labor & Economic Growth project is an
initiative to expand biofuel infrastructure throughout the
country.  As a partner with NextEnergy, Chrysler is providing
cost-sharing support to assist in expanding the number of
biofuel pumps throughout Michigan.

                          NextEnergy

NextEnergy -- visit http://www.nextenergy.org-- is a non-profit
corporation, located in Detroit's TechTown, and was founded to
enable the commercialization of energy technologies that
positively contribute to economic competitiveness, energy
security, and the environment.

                    The Chrysler Foundation

Now in its 54th year, The Chrysler Foundation is the primary
source of charitable grants made by Chrysler. The Foundation
annually supports hundreds of charitable organizations with an
emphasis on community growth and enrichment, education, arts and
culture, public policy, youth development and disaster relief
programs throughout the United States and, increasingly, the
world.  The Foundation's Good Neighbour, Good Citizen(R)
programs make a positive, lasting investment in local
communities where our employees, customers and neighbours live.

                     About Chrysler LLC

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

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

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


COCO COLOR: Claims Registration Ends December 21
------------------------------------------------
Creditors of CoCo Color Company Musterfarberei GmbH have until
Dec. 21 to register their claims with court-appointed insolvency
manager Christian Adolf.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on Jan. 23, 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         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:

         Christian Adolf
         Ludwigstr. 50
         95028 Hof
         Germany
         Tel: 09281/8331080
         Fax: 09281/8331089

The District Court of Hof opened bankruptcy proceedings against
CoCo Color Company Musterfarberei GmbH on Oct. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CoCo Color Company Musterfarberei GmbH
         Muenchberger Str. 57
         95234 Sparneck
         Germany

         Attn: Hans-Peter Lorenz, Manager
         Baseler Str. 133
         12205 Berlin
         Germany


CUBITE MOBILE: Claims Registration Ends December 21
---------------------------------------------------
Creditors of Cubite mobile GmbH have until Dec. 21 to register
their claims with court-appointed insolvency manager Dr. Joern-
H. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Joern-H. Meyn
         Herrengraben 31
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Cubite mobile GmbH on Oct. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Cubite mobile GmbH
         Attn: Christian Loose, Manager
         Katharinenstrasse 4
         20457 Hamburg
         Germany


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

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

The meeting of creditors will be held at:

         The District Court of Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Friedrich Neumann
         Ludwig-Eckert-Str. 5-7
         93049 Regensburg
         Germany
         Tel: 0941/25085/86
         Fax: 0941/28123

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

The Debtor can be reached at:

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


GERHARD MISCHE: Claims Registration Period Ends Nov. 20
-------------------------------------------------------
Creditors of Gerhard Mische Verwaltungs GmbH have until Nov. 20
to register their claims with court-appointed insolvency manager
Matthias Landwehr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Dec. 18, 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Matthias Landwehr
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Gerhard Mische Verwaltungs GmbH on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gerhard Mische Verwaltungs GmbH
         Trifte 61
         32657 Lemgo
         Germany

         Attn: Christina Welke, Manager
         Suedfeldstr. 6 a
         32602 Vlotho
         Germany


GT HOLZ: Claims Registration Period Ends  Nov. 26
-------------------------------------------------
Creditors of GT Holz- und Bautenschutz GmbH have until Nov. 26
to register their claims with court-appointed insolvency manager
Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on Dec. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against GT Holz- und Bautenschutz GmbH on Oct. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GT Holz- und Bautenschutz GmbH
         Industriestrasse 11
         44577 Castrop-Rauxel
         Germany

         Attn: Hans-Juergen Sender
         Recklinghauser Strasse 307 a
         44579 Castrop-Rauxel
         Germany


KABELTRASSENBAU-MONTAGE: Claims Registration Period Ends Dec. 21
----------------------------------------------------------------
Creditors of KTM Kabeltrassenbau-Montage GmbH i. G. have until
Dec. 21 to register their claims with court-appointed insolvency
manager Thomas Wulsten.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 23, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Thomas Wulsten
         Rudolf-Breitscheid-Strasse 33
         14482 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against KTM Kabeltrassenbau-Montage GmbH i. G. on Oct. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KTM Kabeltrassenbau-Montage GmbH i. G.
         Rudower Strasse 68 A
         12529 Schoenefeld OT Wassmannsdorf
         Germany


MHS FLIESEN: Claims Registration Ends December 20
-------------------------------------------------
Creditors of MHS Fliesen GmbH have until Dec. 20 to register
their claims with court-appointed insolvency manager Raff.

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 Esslingen
         Hall 1
         First Floor
         Rit-terstr.5
         73249 Wernau
         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:

         Rechtsanwalt Raff
         Heilbronner Str. 86
         70191 Stuttgart
         Germany
         Tel: 07112597290
         Fax: 259729999

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

The Debtor can be reached at:

         MHS Fliesen GmbH
         Attn: Joachim Schlesinger, Manager
         Siemensstr.2
         72636 Frickenhausen
         Germany


PLASS BAUSTOFFHANDELS: Claims Registration Period Ends Nov. 19
--------------------------------------------------------------
Creditors of Plass Baustoffhandels- und Transportgesellschaft
mbH have until Nov. 19 to register their claims with court-
appointed insolvency manager Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 19, 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Plass Baustoffhandels- und Transportgesellschaft mbH on
Oct. 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Plass Baustoffhandels- und
         Transportgesellschaft mbH
         Goldstr. 84
         33813 Oerlinghausen
         Germany

         Attn: Andreas Plass, Manager
         Goldstr. 82
         33813 Oerlinghausen
         Germany


PORTFOLIO GREEN: Moody's Junks EUR4 Mln Class G Secured Notes
-------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the CMBS Notes issued by Portfolio GREEN German CMBS GmbH:

   -- Aaa to the EUR425,500,000 Class A Secured Floating Rate
      Notes due April 2050;

   -- Aaa to the EUR40,000,000 Class B Secured Floating Rate
      Notes due April 2050;

   -- Aa3 to the EUR40,000,000 Class C Secured Floating Rate
      Notes due April 2050;

   -- Baa1 to the EUR35,000,000 Class D Secured Floating Rate
      Notes due April 2050;

   -- Ba1 to the EUR20,000,000 Class E Secured Floating Rate
      Notes due April 2050;

   -- B2 to the EUR12,000,000 Class F Secured Floating Rate
      Notes due April 2050;

   -- Caa1 to the EUR4,000,000 Class G Secured Floating Rate
      Notes due April 2050.

Moody's has not assigned a rating to the Class H Secured Fixed
Rate Notes of the Issuer.

The Class F and Class G Secured Floating Rate Notes are subject
to an available funds cap in case of revenue shortfalls arising
in relation to loan prepayments.

In this transaction, Lehman Brothers Bankhaus AG sells its
economic interest in claims for interest and principal under a
portfolio of mortgage loans granted to individual and corporate
borrowers in Germany to the Issuer.  The mortgage loans are
secured by commercial properties, including office, retail,
residential, mixed-use, hotel and nursing homes located in
Germany.  Legal ownership of the mortgage loans and their
related collateral remains with a portfolio collateral agent,
Florian (No.3) GmbH.  The Portfolio was initially transferred by
way of hive down ("Ausgliederung zur Neugruendung") from the
originators to certain hive down companies and subsequently sold
to intermediate companies before Lehman Brothers Bankhaus AG
purchased the economic interest of the mortgage loans. The
Portfolio is serviced by the sub-servicer Hatfield Philips
Deutschland GmbH, whereas LNR Partners Germany GmbH is the
special servicer.

The Portfolio has a total volume of EUR585 million and consists
of 416 mortgage loans that were granted to 98 borrower groups.
The mortgage loans are on aggregate secured by 205 properties.
The top borrower group exposure accounts for 17 per cent and the
top three borrower groups for 39 per cent of the Portfolio.
Based on borrower groups, the herfindal index is 17.  Based on
underwriter's market value, the major property types are mixed-
use buildings (30.4 per cent) followed by office properties
(29.6 per cent) and residential (multi-family) properties (24.3
per cent).  All properties are located in Germany. The property
regional distribution within Germany is dominated by the federal
states of Bavaria (46.5 per cent), North-Rhine Westfalia (15.6
per cent) and Saxony (9.1 per cent).

Based on Seller's data, the portfolio has a weighted average
loan-to-value of about 71 per cent and an average seasoning of
about 10 years.  Further favorable characteristics include the
good diversification of the Portfolio in respect of location,
property type and borrowers, the relatively small portion of
third party prior and equal ranking claims and the relatively
low loan-to-value as per the mortgage loans' interest reset
dates of about 68 per cent.  Less favorable aspects of the
Portfolio include the limited information available on the
granular portion of the Portfolio, the borrower and tenant
concentration with respect to the largest exposures and the on
aggregate about 8 per cent of borrower groups that have a loan-
to-value ratio of above 100 per cent.  Moody's visited
approximately 51 per cent of all properties by underwriter
value.  On average, Moody's has assigned a property
attractiveness grade of 2.7 to the properties.

The ratings on the Notes are based upon:

   (i) Moody's assessment of the real estate quality and
       characteristics of the Portfolio, its loan-to-value and
       current debt service coverage attributes;

  (ii) the strong diversity characteristics of the Portfolio;

(iii) the availability of a committed liquidity facility which
       is expected to ensure timely payment of interest payments
       on the rated Notes as well as senior Issuer expenses;

  (iv) the level of subordination provided by the subordinated
       Notes;

   (v) Issuer level hedging contracts;

  (vi) structural elements like AFCs; and

(vii) the legal and structural characteristics of the issue.

Moody's ratings of each of the Notes address the expected loss
posed to investors by the legal final maturity.  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal at par on or before the rated
final legal maturity date.  Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.


PROJEKT HAUS: Claims Registration Period Ends Dec. 21
-----------------------------------------------------
Creditors of Projekt "Haus" Immobilien GmbH i.L. have until
Dec. 21 to register their claims with court-appointed insolvency
manager Ruediger Werres.

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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Projekt "Haus" Immobilien GmbH i.L. on Oct. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Projekt "Haus" Immobilien GmbH i.L.
         Kaiser-Wilhelm-Ring 27 – 29
         50672 Cologne
         Germany


SKROTZKI TRANSPORTE: Claims Registration Period Ends Dec. 24
------------------------------------------------------------
Creditors of Skrotzki Transporte GmbH & Co. KG have until
Dec. 24 to register their claims with court-appointed insolvency
manager Heiner Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 24, 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 Aurich
         Hall 115
         Schlossplatz 2
         26603 Aurich
         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. Heiner Buss
         Hauptstrasse 169
         D 26639 Wiesmoor
         Germany
         Tel: 0 49 44/10 33
         Fax: 0 49 44/91 20 35

The District Court of Aurich opened bankruptcy proceedings
against Skrotzki Transporte GmbH & Co. KG on Oct. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Skrotzki Transporte GmbH & Co. KG
         Attn: Marco Skrotzki, Manager
         Gewerbestr. 2
         26532 Grossheide
         Germany


THEATER IN CRONENBERG: Claims Registration Period Ends Nov. 20
--------------------------------------------------------------
Creditors of Theater in Cronenberg gemeinnützige GmbH have until
Nov. 20 to register their claims with court-appointed insolvency
manager Stephan Ries.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stephan Ries
         Wall 28
         42103 Wuppertal
         Germany
         Tel: 0202/317558-0
         Fax: 0202/317558-10

The District Court of Wuppertal opened bankruptcy proceedings
against Theater in Cronenberg gemeinnützige GmbH on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Theater in Cronenberg gemeinnützige GmbH
         Attn: Ronald F. Stuerzebecher, Manager
         Borner str. 1
         42349 Wuppertal
         Germany


USOX-ISOLIERUNGEN GMBH: Claims Registration Period Ends Dec. 21
---------------------------------------------------------------
Creditors of USOX-Isolierungen GmbH i.L. have until Dec. 21 to
register their claims with court-appointed insolvency manager
Dr. Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Jan. 30, 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 Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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. Kreuznacht
         Untermarkt 23
         99974 Muehlhausen
         Germany
         Tel: 03601/88920

The District Court of Erfurt opened bankruptcy proceedings
against USOX-Isolierungen GmbH i.L. on Oct. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         USOX-Isolierungen GmbH i.L.
         Siedlung 4 c
         99189 Gebesee
         Germany


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


FAGE DAIRY: Moody's May Cut B1 Ratings After Review
---------------------------------------------------
Moody's Investors Service placed the B1 ratings of Fage Dairy
Industry S.A. on review for possible downgrade, following the
announcement of its results for the third quarter of 2007.

For the third quarter, the company reported a 6% drop in
revenues and a EUR2.1 million loss from operations, in contrast
to a EUR5.9 million profit in the same period of 2006.  Over the
three-month period, financial debt also increased by
approximately EUR10 million, raising the company's Debt/EBITDA
ratio to over 8.5x for the last 12 months to September 2007.

Moody's notes that the company's short-term liquidity appears
adequate, with only EUR7.2 million of debt falling due within 12
months and EUR39.2 million of cash on the balance sheet.
However, the company still faces a committed additional
investment of EUR19.6 million related to the production facility
it is building in the US, while headroom under the incurrence
test of the indenture of the company's senior notes is
shrinking.

Moody's review will therefore mainly focus on:

   (i) Fage's expected market share evolution, in light of
       increasing competition in its local market,

  (ii) the company's prospects for an improvement in
       profitability, in a market environment in which rising
       raw material prices, a higher level of competition in its
       home market and foreign currency exposure are likely to
       continue affecting the company's results, and

(iii) the availability of funding to sustain its committed
       investments, working capital requirements and ongoing
       capital expenditures.

Affected ratings are:

   -- B1 Corporate Family Rating at Fage Dairy Industry S.A.;

   -- B1 Probability of Default Rating at Fage Dairy Industry
      S.A.;

   -- B1 Senior Unsecured rating of the EUR130 million notes due
      2015 issued by Fage Dairy Industry S.A.

Headquartered in Athens, Fage is the leading dairy company in
Greece, with activities in the yoghurt, refrigerated milk and
packaged cheese segments.  For the nine months ended 30
September 2007, Fage reported consolidated net sales of EUR253.2
million, operating profit of EUR6.2 million and total debt of
around EUR181.8 million.


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


TREES S.A.: Fitch Rates EUR150 million Loan at BB+
--------------------------------------------------
Fitch Ratings has assigned a final 'BB+' rating to TREES S.A.'s
EUR150 million loan facility.

The rating addresses the probability of the loan being repaid on
or prior to Sept. 20, 2014 in accordance with its documentation,
if drawn, and the payment of interest according to the
documentation.  The rating is based on the credit quality of the
EUR5 billion portfolio of mainly investment grade corporate
bonds and loans, the availability of EUR150 million credit
enhancement provided by UBS AG and a shortfall facility that
covers cash shortfalls subject to certain conditions, both
provided by UBS AG.  In addition, the rating takes into account
the credit quality of UBS AG and the sound legal and financial
structure of the transaction.  Portfolio assets can be
substituted subject to the lender approval.

The rating loss rate for the loan facility was determined using
the Fitch Default VECTOR Model.  VECTOR is based on a structural
form methodology, which holds that an entity defaults when the
value of its assets falls below the value of its liabilities (or
its default threshold).  The model simulates correlated asset
values for each obligor and each period, which are compared to
the default thresholds derived from each entity's rating and
corresponding VECTOR default probability.

VECTOR uses an annual multi-step process whereby, at every
annual step, the reference portfolio is updated by removing
defaulted assets and recording losses and recoveries upon
default.  The model simulates the asset values for each year of
a transaction, allowing the modeling of time-varying inputs,
such as correlation and default rates, and incorporating
amortization characteristics for each individual portfolio.

If the loan is drawn, the lender will be exposed to the risk
that principal and interest on the loan advances is reduced once
the aggregate portfolio losses exceed the available credit
enhancement.  On the repayment date of the loan, TREES S.A. will
sell to UBS AG all performing assets at par plus accrued
interest, and any defaulted assets will be sold in the market.
The proceeds will then be applied in accordance with a waterfall
where the lender is repaid on a pari passu basis with repo
counterparties and senior to the shortfall facility lender.


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


BSB STROY-MONTAGE: Proof of Claim Deadline Slated for Dec. 14
-------------------------------------------------------------
LLP BSB Stroy-Montage Service has declared insolvency.
Creditors have until Dec. 14 to submit written proofs of claims
to:

         LLP BSB Stroy-Montage Service
         Zarechny-2/566
         Aktobe
         Aktube
         Kazakhstan


CRIS SERVICE: Creditors Must File Claims  Dec. 12
-------------------------------------------------
LLP Cris Service Ltd has declared insolvency.  Creditors have
until Dec. 12 to submit written proofs of claims to:

         LLP Cris Service Ltd
         Esenberlin Str. 29
         Jezkazgan
         477000, Karaganda
         Kazakhstan
         Tel: 8 (7102) 71-01-01


EXPRESS SNAB+: Claims Filing Period Ends Dec. 18
------------------------------------------------
LLP Express Snab+ has declared insolvency.  Creditors have until
Dec. 18 to submit written proofs of claims to:

         LLP Express Snab+
         Vorovskogo Str. 59/1-71
         Aktobe
         Aktube
         Kazakhstan


HRANNOYE AGENSTVO: Creditors' Claims Due on Dec. 12
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Ohrannoye Agenstvo Progress insolvent on Sept. 21.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


INVESTA NORD: Claims Registration Ends Dec. 12
----------------------------------------------
LLP Investa Nord has declared insolvency.  Creditors have until
Dec. 12 to submit written proofs of claims to:

         LLP Investa Nord
         Musrepov Str. 40
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


JEMIS FRUIT: Proof of Claim Deadline Slated for Dec. 18
-------------------------------------------------------
LLP Jemis Fruit has declared insolvency.  Creditors have until
Dec. 18 to submit written proofs of claims to:

         LLP Jemis Fruit
         Makatayev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 79-86-66


KOS-NIK LLP: Creditors Must File Claims  Dec. 12
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kos-Nik insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


MBS LTD: Claims Filing Period Ends Dec. 12
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP MBS Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


OZEN CAPITAL: Creditors' Claims Due on Dec. 12
----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Ozen Capital insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


STEPNOGORSKSPETSMONTAGE LLP: Claims Registration Ends Dec. 12
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Stepnogorskspetsmontage insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


* Fitch Affirms Almaty City's Ratings at BB+ with Stable Outlook
----------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan's City of Almaty Long-term
foreign and local currency 'BB+' ratings and a Short-term
foreign currency 'B' rating.  Fitch also assigned it a National
Long-term 'A+(kaz)' rating. All the rating Outlooks are Stable.

The ratings reflect the city's well-diversified and growing
economy, stable growth in tax revenue, high level of capital
spending and low debt burden.  However, the ratings also factor
in the city dependence upon the central government in terms of
decisions on inter-regional equalization transfers, and limited
financial flexibility of the city.

The Stable Outlook reflects Fitch's expectation that economic
growth will underpin stable revenue growth, allowing the City to
compensate for increasing expenditures and maintain an operating
balance at satisfactory level.  Fitch expects the debt burden to
remain low.

Almaty has a strong, service-oriented economy with per capita
gross city product almost three times higher than the national
average.  The city has recorded positive operating and current
margins and high level of capital expenditure, up to 30.5% of
total spending in 2006 from 7.2% in 2000.  A large proportion of
capital investment has been financed by the city's capital
revenues and capital transfers from the central government.
Capital revenue and capital transfers covered 93% of capital
expenditure in 2006.

The central government has financed several large-scale
development projects in the city, related to power supply,
infrastructure development and construction.  The debt burden is
low, reaching only 14% of current revenue in 2006, while debt
servicing has declined to 2.3% in 2006 from 5.5% in 2002.  The
bulk of the city outstanding debt is interest free loans from
the central government for residential construction.

Kazakhstan's budgetary framework is characterized by strong bias
towards centralized decision making and funds distribution.  The
city has had limited financial possibilities since legislation
implemented in 2003 prohibited it from issuing bonds or
borrowing from banks.  Besides the city is free of indirect risk
due to national regulation restriction for guarantees issue for
subnational entities.  However, recent changes in national
regulation will permit borrowing at financial market for the
city starting from 2008.

The city of Almaty tax capacity is much higher than country
average and the city is required to transfer to the republican
budget a significant share of the city's revenue for further
redistribution among sub-national entities.  The withdrawals to
the central budget averaged 38% of total city's budget
expenditure in 2004-2006.

The City of Almaty is the largest city in Kazakhstan and is
located in the south-eastern part of the country.  The city
contributed 19.9% to national gross domestic product in 2006 and
makes up about 8% of Kazakhstan's total population.


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


AFINA TRAVEL: Creditors Must File Claims by December 14
-------------------------------------------------------
LLC Afina Travel has declared insolvency.  Creditors have until
Dec. 14 to submit written proofs of claim to:

         LLC Afina Travel
         Manas Ave. 57/37
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 61-22-38


=================
L I T H U A N I A
=================


BANKAS SNORAS: Fitch Affirms IDR at BB- with Stable Outlook
-----------------------------------------------------------
Fitch Ratings has changed Lithuania-based Bankas Snoras's
Outlook for its Long-term Issuer Default Rating to Stable from
Negative.  At the same time, the agency has affirmed the bank's
ratings at Long-term IDR 'BB-', Short-term IDR 'B', Individual
'D' and Support '4'. Support Rating Floor is affirmed at 'B+'.
Snoras's outstanding EUR175 million eurobond is rated Long-term
'BB-'.

The change in Outlook reflects Snoras's improved capitalization
level following recent registration of the LTL 140m of equity
increase.  Fitch notes that, although improved, capitalization
is only moderate in the medium-term and further capital
injections are likely needed to support growth.

Snoras's ratings reflect its relatively small size, growing
pressures on current profitability and risks related to rapid
growth and exposures outside its home market.  However, it also
includes the bank's good retail franchise, decent profitability
and high liquidity, diversification of funding sources and
income streams.  Although Snoras's 75.9%-owned Latvian
subsidiary, Latvijas Krajbanka (rated 'B+'), is run pretty
autonomously, Fitch notes that some integration is already
visible, with risk policies realigned with Snoras and the
concept of mini-banks, which was tested in Snoras, being
implemented in Krajbanka.

The Support rating reflects limited probability of support by
the Lithuanian authorities, if required, in view of Snoras's
market share of resident deposits (about 10%).

Snoras is the fifth-largest bank in Lithuania, with around 7% of
sector's assets as at end of first half of 2007.  The bank is
68.65%-owned by a Russian businessman Mr. Antonov and 25.1% by
the chairman of Snoras' board Mr. Baranauskas. Snoras has a
modern and wide-ranging distribution network.  The bank has
domestic subsidiaries offering mainly leasing, asset management
services and real estate management.

Krajbanka is a small bank, ranking as Latvia's ninth-largest by
assets at end first half of 2007.  It is a universal bank
serving mainly small- to medium-sized enterprises and
individuals.


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


DEMIR-HALK BANK: Moody's Assigns Ba1/NP Deposit Ratings
-------------------------------------------------------
Moody's Investors Service assigned Demir-Halk Bank (Nederland)
N.V. ratings of Ba1 for long term bank deposits, NP for short
term bank deposits and D+ for bank financial strength.  All
ratings have stable outlooks.

DHB is a Netherlands-based commercial bank specialized in
international banking, commodity and structured trade finance
lending and consumer finance.

According to Moody's, DHB's ratings reflect its role as a niche
player in the competitive international trade finance segment,
its good asset quality with historically low credit losses, a
good and stable retail driven funding profile and good
capitalisation levels.  As with other Netherlands-regulated
banks, DHB has relatively tight internal controls and a number
of corporate governance safeguards.

Concurrently, Moody's indicates that DHB's ratings are
constrained by a number of important credit challenges.  Moody's
notes that although markedly reduced, exposures to related
parties remain high. An important part of related party
exposures are to companies linked to HCBG Holding N.V., owned by
the Chairman of DHB's supervisory board.  HCBG is DHB's 70%
owner and its linked companies include, among others, a number
of banking interests outside DHB's scope of consolidation.
Moody's also notes that further credit challenges for DHB arise
from the composition of revenues and assets. DHB has a
relatively new client franchise in commodities and structured
trade finance and is relatively more dependent upon revenues and
earnings from treasury activities.  Finally, the bank's exposure
is concentrated geographically towards Turkey, albeit in a
decreasing trend, as well as other -- increasingly correlated -
emerging markets, which are prone to volatility.

The stable outlook for DHB's ratings reflects Moody's
expectation that there will be no significant changes in the mix
and quality of assets or in the stability of funding.

DHB, based in Rotterdam, Netherlands, has 298 employees and
reported total consolidated assets of EUR2,123 million, equity
of EUR205 million and net profit of EUR15million in accordance
with Dutch accounting standards as at Dec. 31, 2006.


HARBOURMASTER CLO 10: Fitch Rates EUR9 million Class B2 at BB
-------------------------------------------------------------
Fitch Ratings has assigned Harbourmaster CLO 10 B.V.'s issue of
EUR495.8 million floating-rate notes due 2024 expected ratings.
The transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans. The ratings are:

   -- EUR5 million Class X floating-rate notes: 'AAA'
   -- EUR290 million Class A1 floating-rate notes: 'AAA'
   -- EUR72 million Class A2 floating-rate notes: 'AAA'
   -- EUR24 million Class A3 floating-rate notes: 'AA'
   -- EUR41 million Class A4 floating-rate notes: 'A'
   -- EUR22 million Class B1 floating-rate notes: 'BBB'
   -- EUR9 million Class B2 floating-rate notes: 'BB'
   -- EUR32.8 million Class C subordinated notes: not rated

The final ratings are contingent upon receipt of final
documentation conforming materially to information already
received.

The expected ratings of the Class X, A1 and A2 notes address
ultimate repayment of principal at maturity and timely payment
of interest according to the terms of the notes.  For all other
rated Classes of notes, the ratings address ultimate payment of
principal and interest, including any deferred interest, at
maturity according to the terms of the notes.  The expected
ratings are also based on the credit enhancement provided to the
various classes of notes, structural protection covenants and
excess spread.  Credit enhancement in the form of subordination
for the Class A1 notes totals 42%, and is provided by the Class
A2 (14.4%), Class A3 notes (4.8%), Class A4 notes (8.2%), Class
B1 notes (4.4%), Class B2 notes (1.8%) and Class C notes (8.4%).

Some of the EUR32.8 million proceeds from the subordinated notes
will be used to pay certain initial expenses of the issuer and
will therefore not be available as subordination.  This
transaction is the 14th European CLO to be managed by
Harbourmaster Capital Limited.

The expected ratings also take into account the quality and
diversity of the portfolio of assets, which are selected by
Harbourmaster Capital Limited, subject to the guidelines
outlined in the collateral management agreement.  The guidelines
limit the collateral manager's portfolio allocations with
respect to obligor, industry and asset type. On Oct. 17, 2007,
Fitch upgraded Harbourmaster Capital Limited to a CDO Asset
Manager Rating of 'CAM1-' for leveraged loans, based on the
manager's solid track record and superior performance of its
CLOs, superior access to collateral and experience in distressed
debt workout.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands.  The net proceeds from the
note issuance are used to purchase a portfolio of primarily
European senior secured loans.


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


GEOKINETICS INC: Posts US$1.5 Million Net Loss in Third Quarter
---------------------------------------------------------------
Geokinetics Inc. has announced its financial results of
operations for the third quarter and first nine months of 2007.

                  Highlights include:

     -- Increased revenue by 78% and 104% for the three and nine
        months ending Sept. 30, 2007, respectively.

     -- EBITDA before one-time, non-recurring charges of US$3.2
        million was US$12.4 million for the quarter ended
        Sept. 30, 2007, up from EBITDA before one-time, non-
        recurring charges of US$1.4 million (acquisition costs)
        of US$4.0 million for the quarter ended Sept. 30, 2006.

     -- Net income before one-time, non-recurring charges for
        the third quarter was US$1.7 million, compared to a net
        loss before one-time, non-recurring charges of US$0.5
        million in the same quarter last year.

     -- Prepared and outfitted new crew to support a new ocean
        bottom cable (OBC) offshore project in Australia, which
        commenced in October, increasing crew capacity to 23.

     -- Invested US$43 million in the third quarter of 2007 to
        increase channel count for improved efficiency in the
        United States and provide the new Sercel SeaRay OBC
        system for the new crew in Australia, all part of the
        company's US$101 million capital expenditure plan for
        2007.

     -- Increased backlog to US$381 million at Sept. 30, 2007,
        from US$321 million at the end of the second quarter and
        US$232 million at Sept. 30, 2006

                      Three Months Results

In the third quarter ended Sept. 30, 2007, revenue increased 78%
to US$89.6 million compared to US$50.4 million for the third
quarter of 2006.  Revenue growth was primarily the result of the
Grant Geophysical, Inc. acquisition and greater demand driving
improvements in pricing and contract terms.  The company had a
net loss to common stockholders of US$1.5 million, or US$(0.15)
per diluted common share, in the third quarter of 2007, compared
to a net loss of US$1.9 million, or US$(0.36) per diluted common
share, for the same quarter in 2006.  The third quarter loss in
2007 was primarily due to US$3.2 million in one-time, non-
recurring charges with respect to severance related to the
departure of senior executives, including the company's
President and Chief Executive Officer and the restructuring of
the company's data processing business segment.  The third
quarter loss in 2006 was primarily due to US$1.4 million of
costs incurred to acquire Grant.  Before these one-time, non-
recurring charges, EBITDA increased to US$12.4 million for the
third quarter of 2007, compared to US$4.0 million in the third
quarter of 2006.  Share and per share amounts are reflective of
the company's one for ten reverse stock split which occurred in
November 2006.

                       Nine-Month Results

Revenue for the nine months ended Sept. 30, 2007 increased 104%
to US$272.1 million compared to US$133.3 million for the nine
months ended Sept. 30, 2006.  For the nine months ended
Sept. 30, 2007, the company had a net loss to common
stockholders of US$11.8 million, or US$1.50 per fully diluted
common share, compared to net income to common stockholders of
US$2.0 million, or US$0.34 per diluted common share, during the
nine months ended Sept. 30, 2006.  The net loss in 2007 was
primarily due to one-time, non-recurring charges of US$6.9
million in the second quarter related to the redemption of the
company's Floating Rate Notes, the previously noted US$3.2
million of non-recurring charges in the third quarter, the
impact of severe weather conditions, and an international job
which was terminated after being declared force majeure by the
customer.  Before one-time, non-recurring charges, EBITDA was
US$32.0 million in the nine months ended Sept. 30, 2007,
compared to US$14.6 million for the same period in 2006, an
increase of 119%.  Share and per share amounts are reflective of
the company's one for ten reverse stock split which occurred in
November 2006.

                        Backlog Increases

The company's backlog at the end of the third quarter reached a
new quarterly high of US$381 million, up from US$321 million at
June 30, 2007, and US$232 million at the end of the third
quarter of 2006.  Although clients may cancel service contracts
on short notice, the company's order book represents revenue
visibility from customer commitments through 2007 and well into
2008. Approximately US$209 million of the backlog is related to
international business (excluding Canada), with the remaining
US$172 million in North America.  Of the North American backlog,
approximately US$159 million represents work for the company's
crews in the United States.

                      Operations Overview

During the third quarter, crew activity and utilization
increased over the previous quarter.  In the United States,
eight to nine crews were actively working in Central Texas,
Oklahoma and Montana as well as the Texas/Louisiana Gulf Coast
region.  Outside of the United States, nine to ten crews were
actively working in six countries (with one to two in Canada).
Two of the company's Egyptian crews were combined and continued
operations in that country.  A new crew was prepared to support
a new OBC project in Australia and was subsequently fielded in
October bringing the company's total crew capacity to 23.  In
addition, equipment and crews are being prepared and mobilized
for newly awarded contracts in Argentina and Angola.

In the third quarter, the company invested US$43 million to
increase revenue-generating capacity with new and upgraded
equipment.  In the United States, the company upgraded its
channels to improve efficiency and five new vibrator trucks were
added to the company's existing fleet.  Overseas, the new OBC
crew for Australia was equipped and prepared for deployment.
The company has previously reflected one station of multi-
component recording equipment as a single channel as these
systems were not always used in a multi-component fashion.  As
the company continues to invest in multi-component equipment and
this technology becomes more and more prevalent, going forward
the company will discuss total acquisition stations and total
acquisition channels (all components) of both single-component
recording equipment and multi-component recording equipment. As
of Sept. 30, 2007, the company had approximately 79,400 stations
of single-component and 6,900 stations of multi-component
recording equipment, equating to a total channel count of
100,800.  To reconcile this to the company's previously reported
number of 82,000 channels, under its old methodology, this would
equate to approximately 86,300 channels.

To further its integration efforts, effective Oct. 31, 2007, the
company changed the legal names of its data processing
subsidiary Geophysical Development Corporation to Geokinetics
Processing, Inc. and the legal names of its data acquisition
subsidiaries Quantum Geophysical, Inc., Grant Geophysical, Inc.
and Grant Geophysical (Int'l) Inc. to Geokinetics USA, Inc.,
Geokinetics International Holdings, Inc. and Geokinetics
International, Inc., respectively.  In November 2006, the
subsidiary Trace Energy Services, Ltd. was renamed Geokinetics
Exploration, Inc.

As of Nov. 5, 2007, the company consolidated its data
processing, data acquisition and corporate offices in Houston
into one building, reducing future overhead expenses and
increasing efficiencies.

                         Management Comment

Geokinetics President and Chief Executive Officer, Richard Miles
said:  "We are pleased to report solid third quarter results and
the addition of our twenty-third crew in Australia, which we
have subsequently deployed to work on a new OBC project,
expanding our offshore capabilities into deeper water
environments.  Typically, our third quarter revenues and profits
increase from a traditional seasonal low in the second quarter
and this year has been no exception.  We expect the pace of
revenue and profit growth over the next two quarters to depend,
in large part, on how quickly crews can be mobilized on new
projects in Angola, Argentina and Australia.  We have also
reorganized our processing and interpretation segment to better
serve the needs of our clients and improve profitability.  Our
backlog remains strong and I am excited about our revenue
visibility into next year.  The increase in our order book is a
testament to the increasing demand for our innovative solutions,
which help our customers maximize the returns from their complex
E&P projects.  Robust customer demand is driving our capital
investment decisions for adding increased revenue generating
capacity.  Just last quarter, we increased our capital
investment plan to US$101 million up from US$82 million.  As we
expand our global footprint, our team is focused on integrating
our worldwide operations for improved efficiency, profitability
and shareholder value."

                      About Geokinetics Inc.

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

                        *     *     *

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

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


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


AZNAKAEVSKIJ OJSC: Claims Registration Period Ends Jan. 10, 2008
----------------------------------------------------------------
Creditors of OJSC Bread-Baking Complex Aznakaevskij have until
Jan. 10, 2008, to submit proofs of claim to:

         V. A. Lavrentyev
         P.O. Box 802
         Kazan'-111
         420111 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced competitive
proceedings against the company after finding it insolvent on
Oct. 22.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Bread-Baking Complex Aznakaevskij
         Sultangalieva Str. 8
         Aznakaevo
         423300 Tatarstan
         Russia


BRISTOW GROUP: Completes US$2.5 Mln Buyout of Vortex Helicopters
----------------------------------------------------------------
Bristow Group Inc. has completed the acquisition of Vortex
Helicopters Inc. for approximately US$2.5 million.

The acquisition is part of the expansion of Bristow's Global
Training Division.  Upon completion of the transaction, the
flight school was renamed Bristow Academy Inc., New Iberia
Campus.

"Having a training school in the heart of the Gulf of Mexico
region is a key element in our global strategy to address pilot
recruitment and retention," Patrick Corr, president of the
Bristow's Global Training Division said.  "The New Iberia campus
will focus on attracting aspiring pilots who have a strong
connection to the Gulf Coast community."

"I'm looking forward to a new chapter in the growth of the
company I established in 1987," Joe Sheeran, Vortex founder
added.  "It's exciting to see the opportunities that are
available to the school, its students, and its staff through
this acquisition."

Mr. Sheeran will continue with the company in the role of
general manager of the New Iberia campus.

With the addition of the New Iberia school Bristow Academy now
has training facilities located in Louisiana, California, and
Florida, well as in the United Kingdom.  The Academy is approved
to provide training for all U.S. Federal Aviation Administration
and European Joint Aviation Administration helicopter licenses.

                   About Vortex Helicopters Inc.

Headquartered in New Iberia, Los Angeles, Vortex Helicopters –
http://www.vortex-helicopters.com/-- is a flight training
school.  Vortex owns 11 training helicopters and focuses on high
quality flight training for helicopter pilots, primarily from
the Gulf Coast area.

                    About Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Australia, Brazil,
China, Mexico, Nigeria, Russia and Trinidad.  The company also
provides production management services for oil and gas
production facilities in the United States Gulf of Mexico.

                         *     *     *

Standard & Poor's Ratings Services placed Bristow Group Inc.'s
long term corporate family and senior unsecured debt ratings at
'Ba2' in January 2006.  The ratings still hold to date with a
negative outlook.


DRAGON&LION CJSC: Creditors Must File Claims by Jan. 10, 2008
-------------------------------------------------------------
Creditors of CJSC Dragon&Lion have until Jan. 10, 2008, to
submit proofs of claim to:

         V. A. Popov
         Competitive proceedings manager
         P.O. Box 493
         S. Rasina Str. 23
         664025 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced competitive
proceedings on the company on Sept. 19.  The case is docketed
under Case No. ?19-1011/07-38.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Dragon&Lion
         October Revolution Str. 1
         Irkutsk
         Russia


KRASNAYA KUZNITSA: Asset Sale Slated for Dec. 17
------------------------------------------------
O. G. Smirnov, the competitive proceedings manager of OJSC Ship
Repair Plant Krasnaya Kuznitsa, will open a public auction for
the company's properties at noon on Dec. 17 at:

         O. G. Smirnov
         Competitive proceedings manager
         Nikol'skij Pr. 15
         Arkhangel'sk
         Russia

The company has set a RUR76,393,000 starting price for the
auctioned assets.

Interested participants have until Dec. 13 to deposit an amount
of RUR15,278,600.

Bidding documents must be submitted to:

         O. G. Smirnov
         Competitive proceedings manager
         Nikol'skij Pr. 15
         Arkhangel'sk
         Russia
         Tel/Fax:  8182) 23-17-90
         Fax: 20-44-43
         E-mail: smirnov@sevstol.ru


KUVSHINSKAYA LLC: Creditors Must File Claims by Dec. 10
-------------------------------------------------------
Creditors of Furniture Plant Kuvshinskaya LLC have until Dec. 10
to submit proofs of claim to:

         V. A. Legalov
         Interim Manager
         St. Bol'shevikov Str. 2?/2–209
         620017 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on the company on Oct. 16.  The case is
docketed under Case No. ?60-22206/07-C11.

The Court is located at:

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

The Debtor can be reached at:

         Furniture Plant Kuvshinskaya LLC
         Lenina Str. 85
         Kuvsha
         Russia


LIPETSKCOMBANK: S&P Lowers Ratings to B- on Low Capitalization
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Russian LipetskComBank to 'B-'
from 'B'.  At the same time, the Russia national scale rating
was lowered to 'ruBBB' from 'ruBBB+'.

The long-term and national scale ratings were removed from
CreditWatch with developing implications, where they had been
placed on July 4, 2007, following the announced sale of the bank
to unrated Bank Zenit.  At the same time the 'C' short-term
rating was affirmed.  The outlook is stable.

"The bank's stand-alone creditworthiness remains unchanged,"
said Standard & Poor's credit analyst Elena Romanova.

The downgrade reflects the removal of the one-notch uplift
previously factored into the long-term rating on the bank due to
likely support from former owner, OJSC Novolipetsk Steel
(BB+/Stable/--; Russia national scale 'ruAA+').  s&P believes
that the recent sale of a 97.7% stake in LipetskComBank to
Russian Bank Zenit created uncertainties, including related
to LipetskComBank's business development, funding, and capital
support from the new owner.

LipetskComBank has historically benefited from strong business
ties, as well as funding and capital support, from NLMK. About
50% of LipetskComBank's deposits still come from NLMK and
affiliated companies.  In addition, LipetskComBank provides
settlement and treasury services to NLMK, and salary services to
its employees.  It remains unclear whether these business ties
will remain and whether NLMK will continue placing large
deposits with LipetskComBank.

The ratings on LipetskComBank remain constrained by its low
capitalization, high single-party funding concentration, fairly
narrow geographic business base, developing risk management, and
Russia's high market and banking industry risks.

These negative factors are somewhat mitigated by
LipetskComBank's strengthening franchise in its domestic region,
progress in building up its retail business, a stable management
team, and a favorable macroeconomic environment.

"We believe that LipetskComBank will continue to develop as one
of the major players in its home region but may also suffer from
the uncertainty related to business and funding received from
NLMK," said Ms. Romanova.

A material increase in profitable independent customers,
accompanied by decreased loan and funding concentration, and
improved capitalization, could lead to an upgrade.

A negative rating action could follow if the bank's
capitalization materially declines, or its financial results or
liquidity or funding profile weakens significantly.


MASTER BANK: Concentrated Loans Cue Fitch's B IDR
------------------------------------------------
Fitch Ratings has assigned Russia's Master Bank ratings of Long-
term Issuer Default 'B' with a Stable Outlook, Short-term IDR
'B', Individual 'D', Support '5' and Support Rating Floor 'No
Floor'.

MB's ratings reflect its small size by international standards
and concentrated loan book with sizeable, albeit declining,
exposure to the real estate and construction sectors.  They also
take into account the bank's large investments in Russian
equities which were made in 2006 and closed out in third quarter
of 2007, and potential market risks stemming from management's
readiness to consider similar investments in the future.

However, the ratings also take into consideration the bank's
strong position in acquiring and plastic card businesses, which
give MB a more sustainable franchise than many Russian banks of
similar size, and strong core earnings performance.  The ratings
are also supported by the relatively high liquid assets and
capital ratios, which mitigate risks associated with
predominantly short-term customer funding and higher-risk
loan/securities exposures, respectively.

Upside potential for the ratings is currently limited, given the
bank's size and the Russian operating environment.  However, a
reduction in exposure to the construction and real estate
sectors, diversification and lengthening of funding sources and
further successful expansion of franchise would be positives for
the credit profile.

A significant increase in lending to the real estate/
construction sector or heightened exposure to Russian equities
could put downward pressure on the ratings, as could a marked
deterioration in asset quality or the liquidity position.

MB is a medium-sized Russian bank, ranked 64th by total assets
at end of first half of 2007.  The bank has focused on
commission-based retail and corporate banking products and has
an extensive network of ATMs and acquiring terminals.  MB's
strategy primarily focuses on regional expansion mainly through
increasing the number of full-function ATMs, and further
development of plastic card business, secured retail and
corporate lending.  The bank is indirectly owned and managed by
Boris Bulochnik and his family members (85% stake).


POCHINKOVSKIJ OJSC: Creditors Must File Claims by Dec. 10
---------------------------------------------------------
Creditors of OJSC Stud Farm Pochinkovskij have until Dec. 10 to
submit proofs of claim to:

         A. N. Dunaev
         Interim manager
         P.O. Box 137
         Lenina Pr. 2
         603011 N. Novgorod
         Russia

The Arbitration Court of Nizhnij Novgorod will convene at
12:45 p.m. on Feb. 19, 2008, to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
?43-23160/2007 33-179.

The Debtor can be reached at:

         OJSC Stud Farm Pochinkovskij
         Zarechnaya str., 8
         Pochinki Township
         Pochinkovskij Raion
         607911 Nizhnij Novgorod
         Russia


SAINT PETERSBURG: Equity Increase Cues Fitch's Positive Outlook
---------------------------------------------------------------
Fitch Ratings has changed the Outlook on Russia-based Bank Saint
Petersburg's Long-term Issuer Default Rating to Positive from
Stable.  At the same time, Fitch has affirmed BSP's ratings at
Long-term IDR 'B', Short-term IDR 'B', Individual 'D', Support
'5' and Support Rating Floor 'No Floor'.

"The Positive Outlook follows the recent raising of
US$274 million through an IPO, which has approximately doubled
the bank's equity and should enable it to maintain adequate
capital ratios in the short- to medium-term," says Mr. Alexei
Kechko, Associate Director in Fitch's Financial Institutions
Group.

"If exposures to individual borrowers and to the real estate and
construction sector remain close to their now more moderate
levels relative to equity, and the bank makes some progress in
diversifying its funding base, then the Long-term IDR will
likely be upgraded." Mr. Kechko added.

A slowdown of growth rates, which have been very high but are
likely to fall in 2008 due to base effects, would also be a
positive rating factor.  BSP's ratings are also supported by the
bank's strong regional franchise, sound asset quality to date
and respectable earnings performance.

At the same time, failure to sustain moderate concentration
levels in the loan book, further very rapid growth, an increase
in impaired loans or any signs of instability in the bank's
predominantly short-term, customer-sourced funding could prevent
an upgrade or cause the Outlook to revert back to Stable.

BSP is a mid-sized Russian bank with a strong presence in St.
Petersburg. At end of first half of 2007, the bank had a 8.4%
regional market share in terms of assets.  The bank's senior
management, including the chairman, Alexander Saveliev, holds a
48.98% stake following the IPO. 22.8% is owned by two individual
investors with common business interests, while 18% of voting
shares were sold at the public offering.


TENLIN OJSC: Share in the Capital Sale Slated for Dec. 12
---------------------------------------------------------
The competitive proceedings manager of OJSC Tenlin, will open a
public auction of the share in the capital of Water Reservoire
Yumaguzinskoye LLC at 3:00 p.m. on Dec. 12 at:

         OJSC Tenlin
         Room 316
         Block 1
         Vorontsovskij Per. 2
         109044 Moscow
         Russia
         Tel: 8-4012-36-58-63, 8-90-62-38-51-31

The company has set a RUR5,790,780 starting price for the
auctioned assets.

Interested participants have until Dec. 5 to deposit an amount
of RUR579,078 to the settlement account of OJSC Tenlin.

Bidding documents must be submitted to:

         Apartment 5
         Gogolya Str. 12
         236008 Kaliningrad
         Russia

The Debtor can be reached at;

         OJSC Tenlin
         Room 316
         Block 1
         Vorontsovskij Per. 2
         109044 Moscow
         Russia


TMK OAO: Shareholders' Meeting Slated for December 25
-----------------------------------------------------
OAO TMK Board of Directors has decided to convene an
Extraordinary General Meeting of Shareholders in the form of an
absentee ballot on Dec. 25, 2007.

The list of shareholders eligible to participate in the EGM and
entitled to dividend has been drawn up according to the
shareholder registry as of Nov. 8, 2007.

The Board has recommended that shareholders approve interim
dividends, for the first 9 months of 2007, of RUR3.63 per share
(approximately US$* 0.60 per GDR).  A total of RUR3,168,993,630
(approximately US$* 130 mln.) will be paid out as dividend by
February 24, 2008.  This amount corresponds to TMK's policy to
pay dividends amounting to at least 25% of its annual IFRS
consolidated net profits.

Other matters to be considered will concern the approval of
transactions associated with the financing of TMK's Strategic
Investment Programme and the restructuring of the Company's and
its subsidiaries' credit portfolios.  As part of a long-term
program to transfer external borrowings from the subsidiary
level to the TMK level, the Company plans to replace short-term
bank loans made to its subsidiaries with long-term loans from
TMK.

Voting will also concern the Company's guarantee for its
subsidiary, Seversky Tube Works, regarding a loan from France's
Societe Generale to partially finance the acquisition of a Fine
Quality Mill from Italy's Danieli.  TMK is to guarantee the
repayment of the loan in the amount of EUR88,655,000 plus
interest, commissions, and all other payments, with a total
value amounting to more than 2% of TMK's balance sheet,
determined by accounting report data, as of Sept. 30, 2007.

A number of additional matters pertaining to the Company's
operations were also reviewed during the Board meeting.

*As of November 9, 2007, the Russian Central Bank exchange rate
stood at 24.4458 RUB/US$.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                            *   *   *

As reported in the TCR-Europe on Nov. 16, 2007, 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.

As of Nov. 7, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings with a stable
outlook.


TMK OAO: Constructing New Premium Quality Finishing Mill
--------------------------------------------------------
OAO TMK's construction of a new 600 thousand ton Premium Quality
Finishing continuous pipe rolling mill is underway at its
subsidiary TAGMET.

This new mill will make it possible to produce high-performance
73-273 mm drill, casing, tubing and line pipes, in accordance
with international standards.

The German company SMS Meer, a world leader in steelmaking
machinery and plants, designed the new mill and is responsible
for manufacturing and supplying all the necessary equipment.
Commissioning is scheduled for 2008.

"The main focus of our Strategic Investment Programme is to
develop and enhance our seamless pipe capacity, particularly
OCTG, which we will have increased by more than 60 percent by
the year 2010.  The introduction of a new PQF mill at TAGMET is
an essential step in this direction," TMK CEO Konstantin
Semerikov commented.

                             About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                            *   *   *

As reported in the TCR-Europe on Nov. 16, 2007, 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.

As of Nov. 7, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings with a stable
outlook.


TMK OAO: Hikes Premium Oil and Gas Pipe Production
--------------------------------------------------
OAO TMK's new hot rolling and finishing equipment has been
installed at its Volzhsky Pipe Plant subsidiary.  The
installation of this new equipment, in line with TMK's Strategic
Investment Programme, will increase output and quality as well
as enhance the Company's premium product range.

This new equipment will produce 146 to 178 mm premium pipes with
7.3 mm wall thickness and 12 m lengths and will increase
Volzhsky Pipe Plant's annual premium production capacity by 75
thousand tons.

These new pipes are manufactured with a high degree of accuracy
and offer minimum wall tolerance and enhanced performance
characteristics.

                         About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                            *   *   *

As reported in the TCR-Europe on Nov. 16, 2007, 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.

As of Nov. 7, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings with a stable
outlook.


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


AYT CAIXA: Moody's Puts Junk Ratings on Series E1 & E2 Notes
------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by Spain's AyT Caixa Galicia Empresas I,
FTA:

   -- (P)Aaa to the EUR781.7 million Series A notes;
   -- (P)Aa3 to the EUR41.6 million Series B notes;
   -- (P)A3 to the EUR27.1 million Series C notes;
   -- (P)Ba3 to the EUR24.5 million Series D notes;
   -- (P)C to the EUR5 million Series E1 notes;
   -- (P)C to the EUR24.03million Series E2 notes.

The ratings address the expected loss posed to investors by the
legal final maturity (Jan. 27, 2045).  Moody's ratings address
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.  In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date on Classes A/B/C/D, and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date on Classes E1 and E2.

AyT Caixa Galicia Empresas I, FTA is a securitization fund
created with the aim of purchasing a pool of loans granted by
Caixa Galicia to Spanish SMEs.  AyT Caixa Galicia Empresas 1 is
the first standalone transaction originated by Caixa Galicia.

Strong features within this deal include:

   (1) a reserve fund to cover potential shortfalls in interest
       or principal;

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

   (3) 49.54% of the loans being backed by mortgages with
       weighted-average current loan-to-value of 53.32% (96.27%
       correspond to first lien mortgages);

   (4) good seasoning of the pool -- 2.58 years; and

   (5) low industry concentration (17% Farming & Agriculture,
       13% Building & Real Estate, according to Moody's industry
       classification).

The deal's weaker features include:

   (1) pro-rata amortization of the notes;

   (2) geographic concentration in the region of Galicia
       (64.56%); and

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

As of October 2007, the provisional portfolio comprised 13,128
loans and 11,998 debtors.  The loans were originated between
1989 and 2006, with a weighted average seasoning of 2.58 years
and a weighted average remaining term of 9.66 years. The longest
loan matures in 2042. 8.96% of the pool enjoys a grace period on
principal payments.  Around 17% of the portfolio is concentrated
in the "Farming and Agriculture" sector, according to Moody's
industry classification. In terms of debtor concentration, the
pool includes exposures up to 1.08% of the issuance amount.

Moody's bases the provisional ratings primarily on:

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

  (ii) historical performance information;

(iii) the swap agreement;

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

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

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect the agency's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.


FONCAIXA FTGENCAT 5: S&P Junks EUR26.5 Million Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the EUR1.03 billion floating-rate notes to be
issued by Foncaixa FTGENCAT 5, Fondo de Titulizacion de Activos.

The originator is Caja de Ahorros y Pensiones de Barcelona, the
third-largest Spanish institution.

At closing, La Caixa will sell to Foncaixa FTGENCAT 5 a
portfolio of secured and unsecured loans and credit facilities
granted to Spanish SMEs and self-employed borrowers.

There will be a 30-month revolving period. During this time, on
each substitution date (every two payment dates)—and subject to
strict eligibility criteria and performance triggers—the issuer
will use all principal collections received from the loan
portfolio to purchase new assets from La Caixa.

To fund this purchase, Gesticaixa S.G.F.T., S.A., the trustee,
will issue four series of floating-rate, quarterly paying notes
on Foncaixa FTGENCAT 5's behalf.

Foncaixa FTGENCAT 5 will be the fifth SME transaction to be
completed by La Caixa.  This securitization will comprise a
mixed pool of underlying mortgage-backed and other guarantee
assets.

                         Ratings List

Foncaixa FTGENCAT 5, Fondo de Titulizacion de Activos
   EUR1,03 Million Floating-Rate Notes

                        Prelim.        Prelim. Amount
         Class          Rating           (Mln. EUR)
         -----          ------            --------
           AS             AAA              513.10
           AG(1)          AAA              449.40
           B              AA-               21.00
           C              BBB+              16.50
           D              CCC-              26.50

       (1) The series AG notes are protected by a guarantee from
           the Autonomous Community of Catalonia.


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


CENTER-TURBO LLC: Creditors Must File Claims by November 22
-----------------------------------------------------------
Creditors of LLC Center-Turbo (code EDRPOU 19363478) have until
Nov. 22 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. 5/729/07.


DELTA-VAN LLC: Creditors Must File Claims by November 22
--------------------------------------------------------
Creditors of LLC Delta-Van (code EDRPOU 34651394) have until
Nov. 22 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. 5/728/07.


MACROPROM-UKRAINE LLC: Creditors Must File Claims by November 22
----------------------------------------------------------------
Creditors of LLC Macroprom-Ukraine (code EDRPOU 35026546) 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. 5/235b.

The Debtor can be reached at:

         LLC Macroprom-Ukraine
         Vysotnaya Str. 5
         83030 Donetsk
         Ukraine


PROSTHETIC APPLIANCE: Creditors Must File Claims by November 22
---------------------------------------------------------------
Creditors of OJSC Costopol Glass Plant Subsidiary Company
Prosthetic Appliance (code EDRPOU 30449325) 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. 4/8.

The Debtor can be reached at:

         OJSC Costopol Glass Plant Subsidiary Company
         Prosthetic Appliance
         Gvardeyskaya Str. 7
         Costopol
         35000 Rivne
         Ukraine


RUMO-UKRAINE LLC: Claims Filing Bar Date Set November 22
--------------------------------------------------------
Creditors of LLC Rumo-Ukraine (code EDRPOU 32475996) have until
Nov. 22 to submit their proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Sept. 27.  The case is
docketed under Case No. B 15/231-07.

The Debtor can be reached at:

         LLC Rumo-Ukraine
         Teplichnaya Str. 23
         District Jubileyny
         49000 Dnipropetrovsk
         Ukraine


SOSNITSAAL AGRICULTURAL: Creditors Must File Claims by Nov. 22
---------------------------------------------------------------
Creditors of OJSC Sosnitsaal Agricultural Technical Service
(code EDRPOU 00909199) have until Nov. 22 to submit their proofs
of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 16/32b.

The Debtor can be reached at:

         OJSC Sosnitsaal Agricultural Technical Service
         Sosnitsa
         Chernigov Str. 54
         Chernigov
         Ukraine


VICTORY LLC: Creditors Must File Claims by November 22
------------------------------------------------------
Creditors of Agricultural LLC Victory (code EDRPOU 32835458)
have until Nov. 22 to submit their proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/232-07.

The Debtor can be reached at:

         Agricultural LLC Victory
         Dubovets
         Nemirovsky District
         Vinnica
         Ukraine


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


BIRCHWOOD LEISURE: C. B. Barrett Leads Liquidation Procedure
------------------------------------------------------------
C. B. Barrett of Tenon Recovery was appointed liquidator of
Birchwood Leisure Ltd. on Nov. 7 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


BRAKE BROS: S&P Withdraws B Ratings at Company's Request
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' long-term
corporate credit rating on U.K.-based food service distributor
Brake Bros Finance PLC, which had been placed on CreditWatch
with negative implications on July 5, 2007.

"The rating withdrawal is at the company's request following its
acquisition by U.S. private-equity group Bain Capital LLC, as it
no longer wishes to maintain a public rating," Standard & Poor's
credit analyst Nicolas Baudouin.

The debt ratings on the company's €105 million 11.5%
subordinated bonds and GBP105 million 12% subordinated bonds,
both due Dec. 15, 2011, were withdrawn on Sept. 21, 2007,
following redemption of the notes.


BRITISH ENERGY: S&P Cuts Ratings to BB on Repeated Outages
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BB+'
its long-term corporate credit rating on U.K.-based nuclear
generator British Energy Group PLC and its subsidiary British
Energy Holdings PLC.

At the same time, the rating on BEH's GBP550 million senior
unsecured bonds was lowered to 'BB-' from 'BB'.  All ratings
remain on CreditWatch with negative implications.  The ratings
were originally placed on CreditWatch with negative implications
on Oct. 23, 2007, following the group's decision to shut down
four reactors after the identification of a wire winding issue
at Hartlepool Reactor 1.

"The downgrade reflects that in light of these outages BE's
operating performance is no longer commensurate with our
expectations at the previous rating levels," said Standard &
Poor's credit analyst Beatrice de Taisne.  "The continued
CreditWatch placement reflects the uncertainties as to the
duration and financial implications of the outages."  BE has
already bought 5TWh on the market and would have to buy another
2TWh on the market if the outages were to last for the entire
winter.

S&P expects to resolve the CreditWatch placement when more
information on the duration, scope, and financial implications
of the outages is made public, and after a further review of the
group's operating performance.

The ratings on BE and BEH reflect the group's quasi-exclusive
focus on nuclear power; the exposure of cash flows to volatile
wholesale electricity market prices; some risk of unplanned
outages; weaker-than-expected nuclear output over the past few
years; higher-than-expected capital expenditure requirements;
and increased volatility in collateral requirements, owing to
high power prices.

The ratings are also constrained by the group's position as a
price taker in the wholesale power market and its limited
ability to retain cash flows as these are constrained by a cash-
sweep mechanism that sweeps 35% of excess cash flows into the
Nuclear Liabilities Fund and allows the rest to be distributed
to shareholders.  Standard & Poor's expects the group to
continue to distribute most of the cash after the cash sweep
subject to the group's upcoming investments and financial needs.

These risks are partially offset by BE's strong liquidity;
considerably reduced outstanding debt service, with much
stronger financial ratios following restructuring; supportive
covenants; and fuel supply agreements that provide a partial
hedge against the risk of decreasing electricity prices.  The
group has also benefited from a significant improvement in base-
load wholesale power prices, and from its success in achieving
more low collateral, longer term, fixed-price trades.
The senior unsecured debt rating on BEH's GBP550 million bonds
is one notch lower than the corporate credit rating. This
reflects the presence of secured creditors that would take
precedence in recovery after a default, including secured
lenders to subsidiary Eggborough Power Ltd. and the NLF.


CABLE & WIRELESS: Unveils Management Changes at Int'l. Business
---------------------------------------------------------------
Cable and Wireless plc disclosed changes to the management of
its International business in preparation for driving the next
phase of its value creation.

The key elements of the changes are:

    * Harris Jones to step down as chief executive of
      International and as a director of Cable and Wireless plc
      from Nov. 13, 2007, and leave towards the end of the year
      once handover is complete.  A search to be initiated to
      find a new chief executive for International;

    * John Pluthero to become executive chairman of
      International with immediate effect, while continuing his
      similar role for Europe, Asia & US;

    * Lord Robertson of Port Ellen to act as senior
      international adviser to Cable & Wireless and to step down
      as non-executive chairman of International; and

    * All other aspects of the Group operating structure to
      remain the same, with Tony Rice continuing as joint
      managing director responsible for Central Activities and
      finance director.

"On behalf of the Board, we are very grateful for the strong
contribution that Harris has made to the business," Richard
Lapthorne, chairman of Cable and Wireless plc, said.  "Since he
joined in November 2004, Harris has successfully rebalanced
International towards the growth areas of mobile and broadband,
doubling mobile and tripling broadband customer numbers.  At the
same time, the financial performance of International has
improved and International shareholder value has increased by
over GBP1 billion."

"We are now at the stage where we need to accelerate the
transformation of service and brand reputation, fueling further
growth in the value of International.  John Pluthero has an
outstanding track record in this area and the capacity for the
role, with the turnaround of Europe, Asia & US now out of the
recovery phase, as evidenced by the strong interim results
reported separately today and by having installed a strong
management team, led by Europe, Asia & US Chief Executive Jim
Marsh.

"I am delighted that John has agreed to chair each of the two
operating businesses and drive the next stage of our value plan
within the existing organization structure that has served
shareholders so well since it was introduced in April 2006, with
an increase of nearly GBP2 billion in market capitalization and
a total shareholder return of 75%."

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CABLE & WIRELESS: Earns GBP134 Mln in Six Months Ended Sept. 30
---------------------------------------------------------------
Cable and Wireless plc released financial results for the six
months ended Sept. 30, 2007.

The Group reported a net profit of GBP134 million on revenue of
GBP1.6 billion for the six months ended Sept. 30, 2007, compared
with a net profit of GBP58 million on revenue of GBP1.7 billion
for the same period in 2006.

At Sept. 30, 2007, the Group's condensed consolidated interim
balance sheet showed GBP4.5 billion in total assets, GBP2.4
billion in total liabilities and GBP2.1 billion in stockholders'
equity.

                              Outlook

For Europe, Asia & US (including C&W Access), due to the
improving trading performance and a GBP15 million full year
estimated net pension credit for 2007/08, the Group now
anticipates that its EBITDA for the full year 2007/08 will be
between GBP205 million and GBP215 million -- a GBP35 million
improvement from our previous EBITDA guidance.  The Group has
reduced its International dollar guidance by US$20 million to
between US$820 million and US$840 million, primarily due to the
poor performance in Jamaica.  It has also updated its forecast
US$:GBP exchange rate from 1.95 to 2.00.  As a result sterling
Group EBITDA guidance is essentially unchanged.

"It's been another good six months," Richard Lapthorne, chairman
of Cable and Wireless, said.  "The Europe, Asia & US turnaround
is ahead of our own, and market, expectations with the
successful execution of our strategy clearly visible in gross
margin and EBITDA.  Turning cash flow positive in the second
half will be a significant milestone for the business.
International continues to deliver good growth from mobile and
broadband.  I am pleased to announce that we intend to pay a
dividend of 2.5 pence, a further demonstration of our confidence
in the current performance and future potential of both our
businesses."

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CGL DEVELOPMENTS: Names Neil Francis Hickling Liquidator
--------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of CGL Developments Ltd. on Nov. 6 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


CHICCO D'ORO: Appoints David Elliott as Liquidator
--------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
Chicco d'oro Ltd. on Nov. 8 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England


FORD MOTOR: UAW Employees Ratify Healthcare MOU and National CBA
----------------------------------------------------------------
International Union, United Automobile, Aerospace and
Agricultural Workers of America said Wednesday that a memorandum
of understanding -- post-retirement medical care and a new
national collective bargaining agreement governing the wages,
hours and terms and conditions of employment for UAW-represented
employees had been ratified by the UAW membership employed at
Ford Motor Company.

The MOU is subject to a number of conditions.

On Nov. 3, 2007, Ford and the UAW entered inked the MOU and the
national agreement.

The MOU is subject to the occurrence of several uncertain events
in pending litigation, including class certification,
settlement, and court approval.

On Nov. 9, 2007, the UAW and certain Ford retirees filed suit
against Ford in the United States District Court for the Eastern
District of Michigan challenging Ford's announced intention to
unilaterally alter retiree health benefits and asserting that
they have vested rights to the benefits.  UAW v. Ford, Civil
Action No. 2:07-cv-14845 (E.D. Mich.) (Borman, J.) ("Hardwick
II").

The parties to the MOU intend to negotiate and, if possible, to
enter into a detailed settlement agreement and other related
agreements to effect the transactions contemplated by the MOU.

The final settlement agreement documentation will require
negotiation with, and the approval of counsel retained by, the
individual named plaintiffs in Hardwick II and in earlier
related litigation, UAW v. Ford, Civil Action No. 05-74730
(E.D. Mich.) (Borman, J.) (approving 2006 settlement), aff’d,
497 F.3d 615 (6th Cir. 2007) ("Hardwick I").

If a settlement is reached in Hardwick II, it would then be
submitted to the United States District Court for the Eastern
District of Michigan for approval as an amendment to the class
settlement approved by the Court in Hardwick I.

Certain provisions of the MOU will be carried out after the
later of (i) the date the District Court issues an order
approving the MOU and the Final Settlement Agreement
Documentation and (ii) the date on which Ford has successfully
completed its discussions with the Securities and Exchange
Commission regarding accounting treatment with respect to the
New VEBA.

All remaining provisions of the MOU and the Final Settlement
Agreement Documentation will be carried out on the later of the
date when all appeals from the District Court’s order have been
exhausted and Jan. 1, 2010.

                  New Retiree Health Care Plan

The MOU provides that as of the Implementation Date, Ford's
obligations for providing UAW retirees in the "Covered Group"
with post-retirement medical benefits, including hospital,
surgical, medical, prescription drug, vision, dental, and
hearing aid, as well as the cost of administering the benefits
and US$76.20 of the Medicare Part B premium, will be terminated.

A new retiree health care plan will be established and
maintained by either an independent committee or a joint labor-
management committee and will be funded by a newly established
Voluntary Employee Beneficiary Association trust, which will be
responsible for payment of all the Retiree Medical Benefits.

The "Covered Group" is comprised of:

   (a) all members of the class defined in the 2006 Settlement
       Agreement;

   (b) all future retirees as such term is defined in the 2006
       Settlement Agreement who are retired as of the date the
       2007 UAW-Ford National Agreement becomes effective;

   (c) all currently active UAW-represented employees of Ford
       with seniority as of the CBA Effective Date who retire
       with eligibility for post-retirement medical coverage;

   (d) all UAW retirees from any other closed or divested Ford-
       UAW business units as of the date of the MOU to the
       extent Ford is responsible for their retiree medical
       coverage;

   (e) upon retirement after the date of the MOU, all active
       UAW- represented employees of any other closed or
       divested Ford-UAW business if Ford would have
       responsibility for their retiree medical coverage; and

   (f) spouses, surviving spouses, and dependents of the current
       or former Ford-UAW employees who are eligible for Ford-
       provided retiree medical coverage.

Prior to the Implementation Date, Ford will continue to provide
Retiree Medical Benefits to UAW retirees and their eligible
spouses, surviving spouses and dependents on the basis set forth
in the 2006 Settlement Agreement.

Also prior to the Implementation Date, Ford will take certain
actions on (i) Jan. 1, 2008, (ii) April 1, 2008, and (iii)
shortly after the Effective Date to execute the terms of the
MOU.

The New Plan and the New VEBA, when approved and implemented,
will supersede the terms set forth in the 2006 Settlement
Agreement, and assume responsibility as of the Implementation
Date for all Retiree Medical Benefits for the Covered Group for
which Ford was previously responsible.

                         New VEBA Trust

The New VEBA will be established effective on the Implementation
Date.  The New VEBA will be qualified under Section 501(c)(9) of
the Internal Revenue Code, as amended, and comply as applicable
with the Labor-Management Relations Act of 1947.  Funding for
the New VEBA will begin within 10 days after the Implementation
Date, and will come from a number of sources:

A. Existing Internal VEBA.

Effective Jan. 1, 2008 all assets in the Ford-UAW Benefits Trust
will be invested by Ford in a manner consistent with the long-
term nature of the health care liabilities and, subject to the
termination of the MOU, Ford will not disburse any assets from
the Internal VEBA until the Implementation Date.  On the
Implementation Date, Ford will then transfer the assets in the
Internal VEBA or an amount equal to the balance in that account
to the New VEBA.

B. Existing External VEBA.

The assets and liabilities of the DC VEBA established for
mitigation purposes under the 2006 Settlement Agreement will be
transferred to the New VEBA after the transfer of assets of the
Internal VEBA.  In the meantime, Ford will make the remaining
US$35 million and US$43 million contributions under the 2006
Settlement Agreement in 2008 and 2009, respectively, and a US$33
million contribution within five days of the Effective Date to
satisfy a contribution obligation based on an increase in value
of Ford common stock under the 2006 Settlement Agreement, to the
External VEBA.

C. Temporary Asset Account–Cash.

On Jan. 1, 2008, Ford or a wholly-owned subsidiary of Ford will
establish a temporary asset account and Ford will deposit or
contribute a contingent cash payment equal to the difference
between US$6.473 billion and the value of the Internal VEBA on
Jan. 1, 2008 plus interest on the amount of the contingent cash
payment at the rate of 9% for the period from Jan. 1, 2008 to
the date of deposit.

Ford will transfer the assets in the TAA related to these
deposits or an amount equal to the balance in the TAA related to
these deposits to the New VEBA after the transfer of the assets
and liabilities of the External VEBA.

D. Temporary Asset Account– Convertible Note and
   Second Lien Term Note.

On Jan. 1, 2008, Ford will issue into the TAA an unsecured,
convertible note and a second lien term note.  The unsecured
convertible note will have a principal amount of US$3.334
billion, bear interest at 5.75% per annum payable semiannually
and mature on Jan. 1, 2013.  The second lien term note will have
the principal amount of US$3 billion, bear interest at 9.50% per
annum payable semiannually and mature on Jan. 1, 2018.

E. Base Amount Contributions.

On April 1, 2008, Ford will make an initial contribution of
US$52.3 million to the TAA.  Thereafter, for each of the
fourteen succeeding years, Ford will contribute to the New VEBA
by April 1 of each year US$52.3 million.  At any time, Ford may
pre-fund all future annual Base Amount Contributions by paying
the applicable buyout amount provided in Appendix A of the MOU.
Ford will transfer the assets in the TAA related to the initial
US$52.3 million deposit and additional Base Amount Contributions
deposited in the TAA or an amount equal to the balance in the
TAA related to the deposit and Base Amount Contributions to the
New VEBA in conjunction with the transfer to the New VEBA
described above in subsection C, "Temporary Asset Account-Cash".

In the MOU, the UAW and Ford acknowledged that Ford’s
obligations are fixed and capped and that Ford is not
responsible for, and does not provide a guarantee of the asset
returns of the funds in the TAA or the New VEBA.  If the assets
of the New VEBA are not sufficient to fully fund the obligations
of the New Plan, the committee responsible for the management
and operation of the New VEBA and New Plan may reduce benefits
to plan participants.

                       Health Care Reform

The MOU provides that Ford will publicly support federal
policies to improve the quality and affordability of health
care, and will work cooperatively with the UAW toward that goal.
Ford and the UAW have agreed to form a National Institute for
Health Care Reform to be effective on or after the Effective
Date, which would conduct research and analyze the current
medical delivery system in the United States, develop targeted
and broad-based reform proposals to improve the quality,
affordability, and accountability of the system and educate the
public, policymakers and others about how these reforms could
address the deficiencies of the current system.  Subject to the
participation of other U.S. vehicle manufacturers and their
financial support on a pro rata basis, Ford agreed to make five
annual US$1.0 million contributions for this purpose.

                       Future Contributions

The MOU provides that the UAW and the Covered Group may not
negotiate to increase any of Ford’s funding obligations under
the MOU.   In addition, the UAW agreed that it will not seek to
obligate Ford to (1) provide additional contributions to the New
VEBA, (2) make any other payments related to providing retiree
medical benefits to the Covered Group, and (3) provide retiree
medical benefits through any other means to the Covered Group.
Employees may in the future contribute earnings that they
received from wages, profit sharing, COLA or signing bonuses, to
the extent that the UAW may propose.

                       Accounting Treatment

The MOU, the Final Settlement Agreement Documentation, and the
Effective Date are contingent on Ford securing satisfactory
accounting treatment for its obligations to the Covered Group
for retiree medical benefits.  Ford intends to discuss the
accounting for the obligations and for the New VEBA with the
Staff of the SEC.  If the parties cannot restructure the
arrangement on terms that Ford reasonably believes will provide
the accounting, the MOU will terminate.

                       Conditions Precedent

The MOU is subject, in its entirety, to:

   -- obtaining a class certification order that is acceptable
      to Ford, the UAW and class counsel;

   -- obtaining District Court approval in a form acceptable in
      form and substance to Ford, the UAW and class counsel;

   -- amendment of the 2006 Settlement Agreement pursuant to the
      MOU on terms acceptable in form and substance to Ford, the
      UAW and class counsel;

   -- Ford's completion of discussions with the Staff of the SEC
      regarding accounting treatment with respect to the New
      VEBA and the Retiree Medical Benefits for the Covered
      Group as set forth in the MOU, on a basis reasonably
      satisfactory to Ford;

   -- if applicable, a determination by Ford that the New VEBA
      satisfies the requirements of Section 302(c)(5) of the
      LMRA; and

   -- the occurrence of the Effective Date.

                          Termination

The MOU will terminate if: (i) the Implementation Date has not
occurred by Dec. 31, 2011 and Ford and the UAW do not agree to
an extension of time to reach the Implementation Date; or (ii)
the conditions precedent set forth in the MOU are not met by
Dec. 31, 2011 and Ford and the UAW do not agree to an extension
of time to meet the conditions precedent.

                        About Ford Motor

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications following
Ford's report of a narrower third-quarter loss compared to that
of a year ago.  S&P currently expect to resolve the CreditWatch
around mid-November.  The most likely outcome is an affirmation
of the 'B' rating, with an outlook to be determined.


FORD MOTOR: Johnson Controls Inks MOU to Buy Saline ACH Plant
-------------------------------------------------------------
Johnson Controls Inc. signed a non-binding memorandum of
understanding with Ford Motor Company to acquire the Saline,
Michigan Automotive Components Holdings plant.

Closure of the transaction is contingent upon the completion of
a competitive labor agreement with the unionized employees at
the plant as well as resolution of other issues needed to ensure
the long term competitiveness of the operation.

The Saline ACH plant manufactures interior components such as
door panels, floor consoles, instrument panels, and cockpit
systems for a variety of Ford Motor Company vehicles.

"Through this agreement Johnson Controls would be able to
provide further support to Ford Motor Company.  This acquisition
would also complement Johnson Controls' global growth plans for
our interiors business by expanding our global interiors
manufacturing capacity," said Jeff Williams, group vice
president and general manager of North America for the
Automotive Experience of Johnson Controls.  "Our goals are to
swiftly bring this operation to profitability, diversify its
customer base, achieve synergies from the added volume and
increase our share of the interiors market."

"Automotive Components Holdings is focused on the fundamentals
of manufacturing and delivering significant improvements in
quality, delivery and cost at its operations," said Al Ver, CEO
and COO of Automotive Components Holdings and Ford Motor Company
vice president.  "We are pleased to partner with Johnson
Controls on a transition for our interiors business that is
based on a sustainable business case."

                        2007 Plant Plans

Under Ford's 2007 Hourly Labor Agreement with UAW regarding
plant plans, the company's recovery plan assumed 16 North
American plant  closures.  The closure of ten plants have been
announced: St. Louis Assembly, Atlanta Assembly, Wixom Assembly,
Windsor Casting, Norfolk Assembly, and Maumee Stamping.

These plants are scheduled to be idle or closed:

   – Essex Engine - Scheduled to idle in 2007;
   – Batavia Transmission - Scheduled to close in 2008;
   – Twin Cities Assembly - Scheduled to close in 2009;
   – Cleveland Casting - Scheduled to close in 2010.

The plan also included sale or closure of all ACH facilities.

                      About Johnson Controls

Milwaukee, Wisconsin-based Johnson Controls Inc. (NYSE: JCI)--
http://www.johnsoncontrols.com/-- is a global supplier of
heating, ventilation, and air-conditioning (HVAC) mechanical
equipment and services.  The company operates in three primary
businesses: building efficiency, automotive experience, and
power solutions.  The building efficiency business is engaged in
designing, producing, marketing and installing HVAC equipment
and building control systems that monitor, automate and
integrate building operating equipment and conditions.
Automotive experience provides seating, instrument panel,
overhead, floor console and door systems to more than 35 million
vehicles annually.  The company's power solutions business
services both automotive original equipment manufacturers, and
the general vehicle battery aftermarket.  On Dec. 9, 2005, the
company acquired York International Corporation.  In June 2006,
the company acquired Berg Inc.  Johnson Controls has about
140,000 employees.

                         About Ford Motor

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications following
Ford's report of a narrower third-quarter loss compared to that
of a year ago.  S&P currently expect to resolve the CreditWatch
around mid-November.  The most likely outcome is an affirmation
of the 'B' rating, with an outlook to be determined.


INTERNATIONAL POWER: S&P Affirms BB- Ratings; Outlook Revised
-------------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
positive its outlook on U.K.-based global power developer
International Power PLC.  At the same time, the 'BB-'
corporate credit rating on IPR was affirmed.

"The outlook revision reflects an increased consolidated debt
matched by an appetite for large debt-funded acquisitions, which
has not been compensated adequately by an improvement in the
quality and predictability of cash flow," said Standard & Poor's
credit analyst Elif Acar.

Newly acquired assets, including wind portfolios, further expose
the company's cash flows to volume and price risk.  Although the
company generated a high level of free cash flow in 2006 and
2007, most of this was used to fund increased dividend payments
and acquisitions.

IPR has undertaken significant debt-financed acquisitions in
2006 and 2007.

"Although the targeted assets reflected a prudent strategy for
diversifying the overall portfolio, and financing has been with
nonrecourse debt and available cash, the acquisitions were
ambitious in size and scope, and exposed the company cash flows
to further uncertainties such as wind availability," said Ms.
Acar.

The stable outlook reflects IPR's adequate cash interest
coverage, sufficient liquidity, expected consolidated leverage
of less than 60%, and an overall projected cash quality
(dividends received from its investments) that is not expected
to weaken further.  The outlook assumes that IPR will continue
to grow through investments in individual projects, but will
decrease consolidated leverage in the meantime to levels of 60%
or less.  An improvement in cash flow quality--a key measure for
power developers--or significant de-leveraging could lead to an
upgrade.  Consolidated leverage consistently at high levels
(more than 60%), large debt-funded acquisitions, or further
deterioration in cash quality could trigger a downgrade.


ISLE OF CAPRI: Buying IoC-Black Hawk's 43% Stake for US$64.6 Mln
----------------------------------------------------------------
Isle of Capri Casinos Inc. has executed a definitive agreement
pursuant to which it will acquire the 43% interest in Isle of
Capri-Black Hawk LLC which is currently owned by an affiliate of
Nevada Gold & Casinos Inc.  Under the terms of the agreement,
the company has agreed to pay US$64.6 million for the remaining
43% interest.

Isle of Capri Casinos Inc. currently owns 57% of Isle of Capri-
Black Hawk LLC.  Isle of Capri-Black Hawk LLC owns Isle of
Capri-Black Hawk and Colorado Central Station, both of which are
in Black Hawk, Colorado.

"We are pleased that we have been able to come to an agreement
that is beneficial to both parties," Bernard Goldstein, chairman
and chief executive officer, said.  "We have enjoyed our
relationship with Nevada Gold, and wish them well in future
endeavors."

The transaction is subject to certain significant conditions,
including approval of the agreement by Nevada Gold shareholders,
well as customary closing conditions.

                   About Nevada Gold & Casinos

Headquartered in Houston, Texas, Nevada Gold & Casinos Inc.
(AMEX:UWN) -- http://www.nevadagold.com/-- is a gaming company
involved in financing, developing, owning and operating
commercial gaming projects and financing and developing Native
American owned gaming projects. The company also has real estate
interests in Colorado, California, and Nevada.  It operates in
two segments: gaming projects and other assets.

                  About Isle of Capri Casinos

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida.  The company also operates and has a 57% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                          *     *     *

Moody's Investor Services placed Isle of Capri Casinos Inc.'s
probability of default and long term corporate family ratings at
'B1' in June 2007.  The ratings still hold to date with a stable
outlook.


LADBROKES PLC: Profit Up 84% in Four Months Ended Oct. 31, 2007
---------------------------------------------------------------
Ladbrokes plc provided trading update for the four months ended
Oct. 31, 2007.

Profit* for the four months ended Oct. 31, 2007 increased by 84%
reflecting continued contribution from Telephone High Rollers,
which significantly offset a below target performance in the
U.K. Retail business.  Profit* excluding High Rollers and the
cost of recent TV advertising campaign** decreased by 12%.

Total gross win increased by 33% including High Rollers (up 7%
excluding High Rollers).

U.K. Retail gross win increased by 4%:

    * Machine gross win increased by 25% with average weekly
      gross win per Gaming Machine*** of GBP586 compared to
      GBP467 for the same period in 2006.  The replacement of
      Amusement With Prizes (AWP) machines is complete and
      there are now 8,217 Gaming Machines deployed throughout
      the shop estate.

    * Over The Counter gross win declined by 5% with lower
      amounts staked on horses in July and August partly due to
      record race cancellations in July (23 lost meetings),
      before an improvement in the trend in September and
      October following the commencement of winter evening
      opening.

    * While football comparatives were tough in July due to last
      year's World Cup, amounts staked on football since the
      start of the 2007/2008 season were significantly higher
      than last year.  However the margin was poor due to
      unfavorable results.

    * The U.K. Retail cost**** increase of 8.5% was lower than
      originally planned, due to a continuing focus on cost
      control which has partially offset the impact of winter
      evening opening and Amusement Machine Licence Duty (AMLD).

Ireland and Belgium Retail gross win increased by 10%.

eGaming net revenue grew by 5%. Customer sign ups grew 21% and
unique active customers grew 11% despite the impact of the World
Cup in 2006.  New player numbers were boosted by an advertising
campaign for Ladbrokes Bingo and customer growth was experienced
across all products.  Net revenue grew in Sportsbook, Casino and
Games but this growth was partially offset by slightly weaker
margins and lower Poker net revenue in a very competitive
market.

Telephone Betting net revenue was GBP91.8 million reflecting
strong High Rollers' activity, which has continued into
November.

In Italy, 17 shops have been acquired and are now trading
satisfactorily and the Italian management team are active in the
rollout of new licenses.  The company expects its Italian local
language Web site to launch shortly.

In Spain, premises are being fitted out in anticipation of
receiving an operating license in the Madrid region in the near
future.

The 47th levy scheme was referred to DCMS for determination at
the end of October and the impasse with Turf TV over U.K. horse
picture rights for 31 of the 59 tracks continues.

Ladbrokes commenced its share buyback program on Aug. 10, 2007
and to date has purchased just over 8 million shares at a total
cost of GBP33.4 million.  Net debt at Oct. 31 was GBP922.8
million.

On Nov. 7, 2007, Ladbrokes announced the conditional disposal of
Vernons for cash consideration of GBP51 million, of which GBP45
million will be payable on completion, with a further GBP3
million payable in each of the two years following completion.

                           Outlook

"Early trading in November has seen the continuation of High
Rollers' Telephone activity and, encouragingly, reached into
double digit year on year growth in U.K. Retail gross win.
Ladbrokes remains focused on growing its established businesses,
while developing the new opportunities in Italy and Spain,"
Christopher Bell, chief executive of Ladbrokes, said.

   * Profit from continuing operations, before interest and tax.
     This excludes results from Vernons which have been treated
     as discontinued operations.

  ** Ladbrokes' GBP4.7 million TV advertising campaign commenced
     in October and costs of GBP3.7 million have been recognized
     in Corporate costs in the period.

*** Since the introduction of the Gambling Act on Sept. 1,
     Ladbrokes no longer offers the traditional Fixed Odds
     Betting Terminal (FOBT) and AWP products and instead runs
     Gaming Machines which offer both B2 content (primarily
     roulette) and B3 content (jackpot games), all of which
     offer a maximum payout of GBP500.  Consequently FOBT gross
     win per terminal per week will no longer be disclosed.

                      About Ladbrokes

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

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

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

                          *     *     *

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

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


MORTGAGE FINANCE 7: Fitch Rates Class C Notes at BB
---------------------------------------------------
Fitch Ratings has assigned expected ratings to Business Mortgage
Finance 7 plc's upcoming issuance of mortgage-backed notes due
2041:

   -- 75% (in either GBP, EUR or USD equivalent) Class A1/A2/A3
      floating-rate notes: 'AAA'; Outlook Stable

   -- Detachable A1/A2/A3 coupons: 'AAA'; Outlook Stable

   -- 16.9% (in either GBP, EUR or USD equivalent) Class
      M1/M2/M3 floating-rate notes: 'A'; Outlook Stable

   -- 4.95% (in either GBP, EUR or USD equivalent) Class
      B1/B2/B3 floating-rate notes: 'BBB'; Outlook Stable

   -- 3.15% (in GBP) Class C floating-rate notes: 'BB'; Outlook
      Stable

   -- Mortgage early redemption certificates (MERCs): 'AAA';
      Outlook Stable

The final ratings are contingent on the receipt of final
documents conforming to information already received.

This transaction is a securitization of a pool of commercial
mortgages originated in the UK by Commercial First Mortgages
Ltd.  The expected ratings reflect the credit enhancement
provided to each class by subordination of the classes junior to
it, the positive and negative features of the underlying real
estate collateral and the integrity of the transaction's legal
and financial structures.  The features and structure of this
transaction may be adjusted to reflect actual note pricing.  In
particular, the size of the initial reserve fund and the
detachable A coupons will be finalized as the arranger gains
greater certainty over the cost of the notes.  Fitch's expected
ratings are based on initial pricing guidance provided by the
arranger.

The MERCs rating only addresses the likelihood that the MERC-
holders will receive early redemption amounts actually received
by the issuer, if enforceable.  The detachable A coupons are
extremely sensitive to the prepayment rate, an issue that the
rating does not address.  If borrowers prepay on the loans
faster or slower than expected, investors in the interest-only
Class or MERCs, respectively, may fail to recover their initial
investment.

Fitch's analysis is based on a provisional pool consisting of
1,173 loans with an aggregate outstanding balance of
GBP254.5 million , secured by 1,206 secondary and tertiary
quality commercial, mixed-use and residential properties in the
UK.  Additional loans of approximately GBP46.5 million will be
included on the transaction's closing date in May 2007, and a
further, pre-funded loan portfolio may be included on the first
interest payment date.

This transaction is the seventh securitisation of mortgages
originated by CFML; the previous six transactions have thus far
performed in line with Fitch's expectations.

Approximately 43% of the pool balance is secured by purely
commercial properties and a large proportion of the remaining
balance is secured by commercial properties that have a
residential component.  Nevertheless, the pool has many
characteristics that are normally found in RMBS transactions.
These include full borrower recourse, minimal exposure to
individual borrower and asset concentrations, a large proportion
of owner occupation and some exposure to borrowers with self-
certified income and/or impaired credit histories.


REMY WORLDWIDE: Court Okays Shearman & Sterling as Lead Counsel
---------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates obtained
premission from the U.S. Bankruptcy Court for the District of
Delaware to employ Shearman & Sterling LLP as their lead
bankruptcy counsel, nunc pro tunc to Oct. 8, 2007.

As reported in the Troubled Company Reporter on Oct. 19, 2007,
the Debtors selected Shearman & Sterling because the firm
possesses extensive knowledge in the areas of law relevant to
the Debtors' case.  Shearman & Sterling has represented debtors,
creditors, creditors' committees, lenders, and various parties-
in-interest in numerous Chapter 11 cases.  Shearman & Sterling
has also developed significant knowledge of the Debtors' affairs
and issues, as a result of the firm's prepetition representation
of the Debtors.

As counsel, Shearman & Sterling is expected to:

   (a) provide legal advice with respect to the Debtors' duties
       in the continued operation of their business and
       management of properties;

   (b) prepare all necessary applications, motions, answers,
       orders, reports and other legal papers on behalf of the
       Debtors;

   (c) pursue the confirmation of the Debtors' Plan of
       Reorganization, or of an alternative Plan, if necessary;
       and the approval of corresponding solicitation
       procedures and disclosure statements;

   (d) attend meetings and negotiations with creditors, equity
       holders, prospective investors, acquirers, or other
       parties-in-interest

   (e) provide general bankruptcy and non-bankruptcy legal
       services, as may be requested by Debtors;

   (f) appear before the Bankruptcy Court, any appellate
       courts, and the U.S. Trustee to protect the Debtors'
       interest; and

   (g) perform all other legal services to the Debtors, as
       deemed proper and necessary.

Shearman & Sterling's professionals bill:

        Professional                Hourly Rate
        ------------                -----------
        Partner                     US$695 - US$940
        Counsel and Specialist      US$500 - US$750
        Associate                   US$325 - US$595
        Legal Assistant             US$100 - US$235

Shearman & Sterling will also be reimbursed for out-of-pocket,
necessary expenses.

Douglas P. Bartner, Esq., a member at Shearman & Sterling LLP,
in New York, disclosed that in the one-year period prior to the
Petition Date, his firm was paid US$6,098,584 by the Debtors on
account of services related to the Debtors' reorganization
efforts, including their bankruptcy filing.  The firm also
received a US$750,000 retainer for estimated fees and expenses
from September 27 through October 8.

Mr. Bartner assured the Court that his firm does not represent
any interest adverse to the Debtors' estate or their creditors
in connection with the Chapter 11 case, and is a "disinterested
person," as defined in Section 101(14) of the Bankruptcy Code.

                      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. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: Bankruptcy Court Okays YCS&T as Delaware Counsel
----------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates obtained
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Young Conaway Stargatt & Taylor, LLP as their
Delaware counsel.

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Pauline K. Morgan, Esq., a partner at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware, informed the Court that,
to avoid duplication of efforts, Young Conaway has discussed the
division of responsibilities with Shearman & Sterling, LLP,
which the Debtors intend to hire as Lead Counsel.

The Debtors maintained that Young Conaway possesses extensive
knowledge and expertise in the debtors' and creditors' rights
and business reorganizations that will enable the firm to work
efficiently and cost-effectively in behalf of the Debtors'
estates.

As co-counsel, Young Conaway is expected to:

   (a) provide legal advice to the Debtors in their continued
       operation of business and management of properties;

   (b) prepare all necessary legal papers on behalf of the
       Debtors;

   (c) pursue the confirmation Debtors' Reorganization Plan of
       or of an alternative Plan, if necessary;

   (d) appearing in Court to protect the interests of the
       Debtors; and

   (e) perform all legal services deemed proper and necessary
       in the proceedings.

The principal attorneys and paralegal at Young Conaway who will
provide services to the Debtors bill:

          Professional                Hourly Rate
          ------------                -----------
          Pauline K. Morgan               US$510
          Edmon L. Morton                 US$395
          Kenneth J. Enos                 US$275
          Patrick A. Jackson              US$250
          Melissa Bertsch, paralegal      US$125

Young Conaway will also be reimbursed for out-of-pocket,
necessary expenses.

Ms. Morgan disclosed that her firm received from the Debtors a
US$75,000 retainer in March 2007 and an additional US$30,131
retainer in April 2007, in connection with the planning and
preparation of initial documents and the firm's postpetition
representation of the Debtors.

Ms. Morgan maintained that Young Conaway is a "disinterested
person", as defined in Section 104(14) of the Bankruptcy Code.
The firm does not hold or represent any interests in the
Debtors' estates, Ms. Morgan said.

                       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. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: Court Okays Greenberg Traurig as Special Counsel
----------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Greenbert Traurig LLP as their special
corporate advisory and litigation counsel nunc pro tunc Oct. 8,
2007.

As reported in the Troubled Company Reporter on Nov. 2, 2007,
Kerry A. Shiba, senior vice president and chief financial
officer of Remy Worldwide Holdings, Inc., related that the
Debtors currently do not employ an experienced attorney who
serves in the role of "general counsel."  That void, he noted,
is filled by Greenberg Traurig, who, since 2006, has serviced
the Debtors in connection with corporate advisory and litigation
matters.  As a result, Greenberg Traurig, has become familiar
with the Debtors' business affairs.

The Debtors, thus, believe that Greenberg Traurig's continued
representation of them is essential to a successful Chapter 11
reorganization and will provide a substantial benefit to their
bankrupt estates.

Specifically, the Debtors have asked Greenberg Traurig to
continue to render services in connection with:

   -- advising and counseling them in connection with corporate
      advisory matters, including, but not limited to,
      corporate, securities, financing, transactional,
      intellectual property, environmental, and insurance
      matters unrelated to the administration of the Chapter 11
      cases;

   -- handling all aspects of non-bankruptcy litigation, as
      requested by the Debtors, including any pending
      prepetition litigation that would proceed in various
      forums postpetition; and

   -- any other corporate advisory or litigation services as
      requested by the Debtors.

To note, the Debtors have chosen Shearman & Sterling LLP and
Young Conaway Stargatt & Taylor LLP to provide them general
bankruptcy services.  Shearman & Sterling will chiefly be
responsible for providing general bankruptcy and reorganization
advice to the Debtors and Young Conaway will serve as the
Debtors' local Delaware counsel, while Greenberg will generally
focus on corporate advisory and litigation matters, Mr. Shiba
relates.  The Debtors assure the Court that they will undertake
efforts to minimize duplication of the professionals' work.

The Debtors will pay for Greenberg Traurig's services on an
hourly basis in accordance with the firm's customary rates:

            Attorneys             US$235 to US$750
            Paraprofessionals     US$65 to US$230

The Debtors will also reimburse Greenberg Traurig for all the
necessary cost and expenses the firm incurs in connection with
the contemplated services.

Quinn P. Williams, Esq., a Greenberg Traurig professional,
assured the Court that his firm does not hold or represent any
interests adverse to the Debtors or their estates, in matters
upon which it is to be engaged.

Greenberg Traurig related that it will conduct an ongoing review
to ensure that it continues neither to hold nor represent any
interests adverse to the Debtors or their estates.  If the firm
becomes aware of material information or relationships that it
determines require further disclosure, it will promptly disclose
that information to the Court on notice to the parties-in-
interest and the U.S. Trustee.

                       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. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


UK CONTRACTING: Brings In Liquidators from Baker Tilly
------------------------------------------------------
Nigel Millar and Alec Pillmoor of Baker Tilly Restructuring were
appointed joint liquidators of U.K. Contracting Services Ltd.
(formerly  Mixbrow Developments Ltd.; Camuloco (One Hundred and
Twelve) Ltd.) on Nov. 1 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         U.K. Contracting Services Ltd.
         c/o Baker Tilly Restructuring and Recovery LLP
         Abbotsgate House
         Hollow Road
         Bury
         St. Edmunds
         IP32 7FA
         England


VIRGIN MEDIA: S&P Affirms B+ Ratings on Third-Quarter Results
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on U.K.-based telecommunications provider Virgin
Media Inc. and related entities.  The ratings were also removed
from CreditWatch with negative implications where they were
placed on July 3, 2007.  The outlook is stable.

"The affirmation and CreditWatch resolution follows the
company's announcement of third-quarter results that are in line
with our expectations, as well as the reduced probability of a
near-term purchase of VMI and the likely increase in leverage
that such a transaction would entail," said Standard & Poor's
credit analyst Simon Redmond.

The current weak credit market conditions mean that support for
the purchase of an already heavily indebted entity, by a private
equity or trade buyer, is limited.

VMI is the national U.K. cable operator providing broadband,
television, telephony, and content services. The ratings are
constrained by the challenging and very competitive U.K.
operating environment, resulting in restricted revenue growth
prospects; significant gross leverage; and material
medium-term debt maturities.  The company benefits from high
bandwidth, a two-way network, an established customer base, a
focus on improving operating efficiency and practices, and free
cash flow generation.

Total reported debt at Sept. 30, 2007, was GBP6.3 billion.

The stable outlook reflects our view that a near-term purchase
of VMI that also results in a downgrade is currently relatively
unlikely.  VMI is also unlikely to have sufficiently robust
profitable revenue growth or a materially deleveraged balance
sheet to justify a higher rating.

Furthermore, heightened risk of an excessively leveraged change
of ownership, or a marked deterioration in operating performance
or EBITDA generation could lead to a negative outlook revision.
Alternatively, a more aggressive financial policy in terms of
leverage tolerance, acquisitions, or shareholder distributions
could also put pressure on the ratings.

Over time, we see potential for a positive outlook or upgrade,
if VMI successfully meets the challenges presented by its
operating environment, including achieving steady revenue growth
and continuing improvements in operating efficiency to deliver
strong free cash flow growth and concomitant



VONAGE HOLDINGS: To Pay Verizon US$117.5 Mln Over Patent Dispute
----------------------------------------------------------------
Vonage Holdings Corp. lost an appeal with the U.S. Court of
Appeals for the Federal Circuit regarding its patent
infringement dispute with Verizon Communications Inc., George
Stahl of The Wall Street Journal reports.

According to WSJ, Vonage will be paying Verizon US$117.5 million
as settlement.

On June 12, 2006, Verizon filed a lawsuit with the U.S. District
Court for the Eastern District of Virginia against Vonage
alleging that Vonage infringed seven patents in connection with
providing VoIP services and sought injunctive relief,
compensatory and treble damages and attorney’s fees.

After trial on the merits, a jury returned a verdict finding
that Vonage infringed three of the patents-in-suit.  The jury
rejected Verizon’s claim for willful infringement, treble
damages, and attorney’s fees, and awarded compensatory damages
in the amount of US$58,000 through February 2007.

The trial court subsequently indicated that it would award
Verizon US$1,578 in prejudgment interest on the US$58,000 jury
award.  The trial court issued a permanent injunction with
respect to the three patents the jury found to be infringed
effective April 12, 2007.

The trial court further granted a partial stay which permitted
Vonage to continue to service existing customers pending appeal,
subject to deposit into escrow of a 5.5% royalty on a quarterly
basis.

In addition, in April 2007, Vonage posted a cash-collateralized
US$66,000 bond, which reflected the US$58,000 jury award plus
pre-and-post judgment interest and costs of US$8,000, to stay
execution of the monetary judgment pending appeal.

In July 2007, Vonage made an additional payment into escrow of
US$11,885 for the royalty for the second quarter of 2007.  The
bond and escrow payments are reflected as short-term restricted
cash on Vonage's consolidated balance sheet at Sept. 30, 2007.

On April 6, 2007, Vonage filed an amended notice of appeal as
well as a motion for a full stay pending its appeal with the
United States Court of Appeals for the Federal Circuit.

On Sept. 26, 2007, the CAFC issued an opinion, affirming in part
and reversing in part, the jury verdict.  In particular, the
CAFC reversed the jury verdict concerning infringement on the
880 patent.  The CAFC vacated the US$58,000 damage award, as
well as the 5.5% royalty and remanded the case to the U.S.
District Court for further proceedings.

On Oct. 10, 2007, Vonage filed a motion for a review of the
September 26th decision by the original three-judge panel or the
full panel of the U.S. Court of Appeals for the Federal Circuit
sitting en banc.

On Oct. 25, 2007, Vonage executed a settlement agreement with
Verizon.  The terms of the agreement require Vonage to make a
minimum payment of US$80,000.

Vonage recently disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that through Sept. 30, 2007,
it recorded US$83,950 as a royalty expense included in cost of
revenue and US$3,424 as interest expense related to the Verizon
patents of which US$51,345 and US$1,170, respectively, were
recorded in the year ended Dec. 31, 2006.  Vonage recorded the
remaining US$32,626 as selling, general and administrative
expense in its consolidated statement of operations for the
period ended Sept. 30, 2007.

                          About Vonage

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 1.4 million subscriber lines as of
February 8, 2006.  Utilizing its voice over Internet protocol
technology platform, the company offers feature-rich, low-cost
communications services with a call quality comparable to
traditional telephone services.  While customers in the United
States represent over 95% of its subscriber lines, Vonage
continues to expand internationally, having launched its service
in Canada in November 2004, and in the United Kingdom in May
2005.


VONAGE HOLDINGS: Sept. 30 Bal. Sheet Upside-Down by US$62.9 Mln
---------------------------------------------------------------
Vonage Holdings Corp.'s consolidated balance sheet at Sept. 30,
2007, showed US$665.8 million in total assets and US$728.7
million in total liabilities, resulting in a US$62.9 million
total shareholders' deficit.

The company reported a net loss of US$161.8 million for the
third quarter of 2007, compared with a net loss of US$62.2
million in the corresponding period of 2006.  Excluding the
royalty, interest on royalty, IP litigation settlements, and
severance expenses, net loss narrowed to US$16.2 million in the
third quarter of 2007.

Revenue for the third quarter 2007 grew to US$211 million, a 30%
increase from US$162 million in the third quarter 2006, driven
by customer line growth and an increase in average revenue per
line.

Adjusted loss from operations excluding royalty, IP litigation
settlements and severance expense, narrowed to US$1.1 million, a
98% improvement from US$52.5 million in the third quarter 2006
and an improvement from US$3.1 million sequentially.  The
company expects to generate positive adjusted operating income
for 2008.

Jeffrey Citron, Vonage chairman, said, "We are executing against
our strategy to fix the fundamentals of our business.  We are
acquiring customers more effectively and running the business at
an improved cost structure.  While this has resulted in positive
changes in our business, we have much more to do.  Our primary
focus today is to improve the customer experience to reduce
churn. While this will take time, we believe the company has the
appropriate plan in place to improve customer satisfaction and
build loyalty."

Vonage added 78,000 net subscriber lines during the quarter, up
37% from 57,000 in the second quarter 2007, and finished with
more than 2.5 million lines in service.

Current cash, marketable securities and current restricted cash
at quarter end was US$356 million, up US$12 million from last
quarter. This includes US$78 million of current restricted cash
used as collateral for the Verizon bond and first escrow
payment.  The change in cash from the prior quarter was driven
by cash provided by operations of US$22 million and capital
expenditures of US$10 million.

The company's cash requirements in the fourth quarter increased
due to the release of US$78 million of restricted cash to
Verizon, an additional US$2 million to Verizon, US$40 million
placed into escrow and reported as current restricted cash until
the Verizon appeal is decided, US$80 million to Sprint and US$2
million in other IP litigation settlements.

Based on these actions, cash has been reduced from US$356
million to US$194 million, which is comprised of US$154 million
in free cash and US$40 million in restricted cash.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2564

                      About Vonage Holdings

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.m
(NYSE: VG) -- http://www.vonage.com/-- is a provider of
broadband telephone services with 2.5 million subscriber lines.
Vonage's service is sold on the web and through national
retailers including Best Buy, Circuit City, Wal-Mart Stores Inc.
and Target and is available to customers in the U.S., Canada and
the United Kingdom.


* BOND PRICING: For the Week Nov. 12 to Nov. 16, 2007
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      62.96
                          0.250    10/14/26     CDN      38.74
Republic of Austria       4.000    06/22/22     EUR      72.33
                          0.396    08/04/25     EUR      61.36
                          5.243    10/10/25     EUR      57.84

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.43
                          0.500    04/26/13     AUD      69.86
                          1.000    11/21/16     NZD      56.39
                          1.000    10/30/17     AUD      56.80
                          0.500    09/24/20     CDN      57.33
                          0.250    06/28/40     CDN      20.14

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      59.06
Alcatel S.A.              4.750    01/01/11     EUR      16.01
Altran Technologies S.A.  3.750    01/01/09     EUR      12.65
BNP Paribas               0.250    12/20/14     US$      71.72
Calyon                    6.000    06/18/47     EUR      50.58
CAP Gemini S.A.           2.500    01/01/10     EUR      54.22
                          1.000    01/01/12     EUR      48.83
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.30
                          4.375    11/01/10     EUR      51.52
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      74.41
Groupe Vial S.A.          2.500    01/01/14     EUR      44.06
Havas S.A.                4.000    01/01/09     EUR      10.66
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Maurel & Prom             3.500    01/01/10     EUR      21.96
Publicis Group            0.750    07/17/08     EUR      29.87
                          1.000    01/18/18     EUR      41.98
Rallye                    3.750    01/01/08     EUR      51.71
Rhodia S.A.               0.500    01/01/14     EUR      43.70
Scor S.A.                 4.125    01/01/10     EUR       2.24
Soc Air France            2.750    04/01/20     EUR      29.09
Soitec                    4.625    12/20/09     EUR       9.70
Theolia S.A.              2.000    01/01/14     EUR      21.47
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.59
Valeo                     2.375    01/01/11     EUR      48.23
Vivendi Universal S.A.    1.750    10/30/08     EUR      31.62
Wavecom S.A.              1.750    01/01/14     EUR      24.78
Wendel Invest S.A.        2.000    06/19/09     EUR      46.09

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.07
                          0.500    12/19/17     EUR      67.87
                          5.000    05/23/20     EUR      74.94
                          1.250    07/07/20     EUR      73.13
                          1.250    07/29/20     EUR      73.58
                          6.000    07/21/25     EUR      68.64
                          5.000    09/01/25     EUR      72.81
                          8.000    08/10/30     EUR      65.04
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.24
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      55.54
Treofan Group            11.000    08/01/13     EUR      65.04

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

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

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.07
                          0.250    07/08/33     CDN      27.46
Irish Perm Plc            6.130    02/15/35     EUR      62.08
Magnolia Finance IV Plc   1.050    12/20/45     US$      29.13

ITALY
-----
Dexia Crediop S.p.A.      0.000    03/15/16     EUR      72.17

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

NETHERLANDS
-----------
ALB Finance B.V.          7.880    02/01/12     EUR      73.06
BK Ned Gemeenten          0.500    06/27/18     CDN      62.95
                          0.500    02/24/25     CDN      47.56
EM.TV Finance B.V.        5.250    05/08/13     EUR       5.36
Energy Group O/S          7.425    10/15/17     US$      32.50
Gerling Global            6.63     08/16/21     EUR      63.84
Lehman Bros TSY B.V.      2.940    02/16/17     EUR      79.88
                          6.000    02/15/35     EUR      66.66
                          7.000    05/17/35     EUR      63.88
                          7.250    10/05/35     EUR      56.80
Ned Waterschapbk          6.000    06/01/35     EUR      71.40
                          6.500    08/15/35     EUR      62.54
Parmalat Finance B.V.     5.500    03/30/09     EUR      27.98
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.16
                          6.000    02/22/35     EUR      67.94
                          7.000    02/28/35     EUR      68.82
                          7.000    03/23/35     EUR      64.19
                          6.000    05/09/35     EUR      72.60

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      69.82

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

SWITZERLAND
-----------
UBS AG                    1.000     12/21/11    NZD      72.66
                          1.000     01/25/12    NZD      74.77
                          1.000     02/27/12    NZD      74.36
                          1.000     03/28/12    NZD      73.87
                          1.000     06/28/12    NZD      72.76
                          1.000     07/30/12    NZD      73.96

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      54.86
Bank of Scotland          6.000     02/07/35    EUR      67.49
National Grid Gas Plc     1.754     10/17/36    GBP      44.84
                          1.771     03/30/37    GBP      44.89
Royal BK Scotland Plc     0.250     03/27/14    US$      74.05
                          9.500     04/04/25    US$      71.40
                          7.000     06/09/25    EUR      62.28
                          6.500     02/23/45    EUR      62.64
Scottish Power Plc        5.810     03/15/25    US$      70.00
TXU Eastern Funding Plc   6.750     05/15/09    US$       3.25
Wessex Water Finance Plc  1.369     07/31/57    GBP      29.79

                            *********

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

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

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

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

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

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

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

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

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

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


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