TCREUR_Public/071120.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

           Tuesday, November 20, 2007, Vol. 8, No. 230

                            Headlines




A U S T R I A

A. GOLGER: Klagenfurt Court Orders Business Shutdown
CESA-COMPUTERHANDEL: Claims Registration Period Ends Nov. 27
FSK ARMIERUNGEN: Feldkirch Court Orders Business Shutdown
M + M MOTOR-SERVICE: Innsbruck Court Orders Business Shutdown
PFEIFFER BAU: Claims Registration Period Ends Nov. 27

R&B DOWNHOLE: Korneuburg Court Orders Business Shutdown


B E L G I U M

M FABRIKANT: Panel Pursues US$10.25MM Recovery from Hahn Estate
TENNECO INC: Receives US$474 Mil. Tenders for 10-1/4% Sr. Notes


C Z E C H   R E P U B L I C

DABLICE REAL: Moody's Withdraws Ba1.cz Rating Upon Request


F R A N C E

CAP GEMINI: S&P Puts BB+ Ratings on CreditWatch Positive
DELPHI CORP: Court Okays US$6.8 Billion Exit Financing Plan


G E R M A N Y

90 GASTRO: Creditors' Meeting Slated for Dec. 13
AUTOHAUS HORENKAMP: Claims Registration Ends December 19
BLOMBERGER OBERFLACHEN: Claims Registration Ends December 20
BUSSE MARMOR: Creditors' Meeting Slated for Jan. 16, 2008
CHRYSLER LLC: Mulls Product Portfolio Streamlining

DUERR AG: Earns EUR5.7 Million for Nine Months Ended Sept. 30
EGS-RUEHRWERKE GMBH: Claims Registration Ends December 13
FERNSEH-SCHMIDT: Claims Registration Period Ends Dec. 12
GARTENGESTALTUNG KIRCHER: Claims Registration Period Ends Dec. 7
HIRSCHINGER GMBH: Creditors' Meeting Slated for Dec. 17

IN VITRO BIOTEC: Claims Registration Period Ends Nov. 30
LEISTEN UND MOEBELTEILE: Claims Registration Ends December 20
LICHTTECHNIK BACKHAUS: Claims Registration Ends December 27
MASCHINEN LAUER: Creditors' Meeting Slated for Dec. 11
MTI GLOBAL: Posts CDN2.1 Million Net Loss in Third Quarter 2007

OSWALD SCHULZE: Claims Registration Period Ends Jan. 3, 2008
PIEKARSKI GMBH: Claims Registration Period Ends Nov. 26
PKS GESELLSCHASFT: Claims Registration Period Ends Oct. 26
STONES MENSWEAR: Claims Registration Ends December 20
UMWELT-TECHNIK-SUED: Claims Registration Period Ends Dec. 10

VATERLAND WERK: Claims Registration Period Ends Nov. 23
WEHRSTEDT ENGINEERING: Claims Registration Ends December 17
WERTEMANUFAKTUR WERBEAGENTUR: Claims Registration Ends Dec. 17


G R E E C E

ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution


H U N G A R Y

AES CORP: Cash Tender Offer for US$1.24 Bln Senior Notes Expires


I R E L A N D

RITCHIE IRELAND: Auction Sale of Policies Deferred to Dec. 10


I T A L Y

ALITALIA SPA: Implements Organizational Changes


K A Z A K H S T A N

ATF BANK: Bank Austria Buys 91.8% Stake for US$2.1 Billion
ATF BANK: S&P Upgrades Ratings to BB+ on UniCredito Deal
BATYS SERVICE: Proof of Claim Deadline Slated for Dec. 18
EUROASIA TRANSIT: Creditors Must File Claims Dec. 12
HAPPY HOUSE: Claims Filing Period Ends Dec. 18

HLEBOZAVOD LLP: Creditors' Claims Due on Dec. 12
INSTROY-2006 LLP: Claims Registration Ends Dec. 18
JOL JYLU: Proof of Claim Deadline Slated for Dec. 12
PERFECT GIFTS: Creditors Must File Claims Dec. 18
SWM LTD: Claims Filing Period Ends Dec. 18

TAMERLAND TRD: Creditors' Claims Due on Dec. 12
TSENTRALNOYE GAZOSNABJENIYE: Claims Registration Ends Dec. 12


K Y R G Y Z S T A N

MILANO GROUP: Creditors Must File Claims by December 14
NASOS-OSH LLC: Proof of Claim Deadline Slated for December 14


L U X E M B O U R G

EVRAZ GROUP: Russian Units Release Results for Q3 2007


N E T H E R L A N D S

JUBILEE CDO VIII: S&P Rates EUR16 Million Class E Notes at BB
KONINKLIJKE AHOLD: Names John Rishton as President and CEO


R U S S I A

ALTAISKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008
EVRAZ GROUP: Russian Units Release Results for Q3 2007
FML LTD: S&P Affirms B- Ratings with Stable Outlook
KRASNOSEL'SKOYE: Creditors Must File Claims by Jan. 10, 2008
KUBAN'HYBRID: Asset Sale Slated for Dec. 10

MUGREEVSKOYE OJSC: Court Names S. A. Akimov as Liquidator
NOVOSIBIRSKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008
SKB BANK: Fitch Assigns B- IDR on Vulnerable Liquidity


S P A I N

GALICIA EMPRESAS I: Fitch Junks EUR24.3 Million Class E2 Notes


S W I T Z E R L A N D

ALLARTICON JSC: Creditors' Liquidation Claims Due by November 22
BALMA REINIGUNG: Lucerne Court Closes Bankruptcy Proceedings
FLONTEX JSC: Creditors' Liquidation Claims Due by November 22
HEINZ PULVER: Creditors' Liquidation Claims Due by November 30
INSTITUT FUR: Creditors' Liquidation Claims Due by November 30

PAN PUBLICA: Creditors' Liquidation Claims Due by November 26
SP.ACES JSC: Zug Court Starts Bankruptcy Proceedings
TECHNITRON ELEKTRIK: Creditors Must File Claims by November 22
VERSUSCHIRICO LLC: Zug Court Starts Bankruptcy Proceedings
WIDMER DOMINIC: St. Gallen Court Closes Bankruptcy Proceedings


U K R A I N E

BM USBUILDINGASSEMBLY: Creditors Must File Claims by November 23
CREATIVE GAMES: Creditors Must File Claims by November 23
HERSON COMBINES: Claims Filing Bar Date Set November 23
SMILE-INTRO LLC: Creditors Must File Claims by November 23
TECHNICS LLC: Creditors Must File Claims by November 23

UPPK LLC: Claims Filing Bar Date Set November 23
YUGA LLC: Creditors Must File Claims by November 23

* S&P Assigns BB- Ratings to Ukraine's US$700 Mln Benchmark Bond
* Fitch Assigns BB- Ratings to Ukraine's US$700 Million Loan


U N I T E D   K I N G D O M

ADAPT RECRUITMENT: Claims Filing Period Ends December 20
ADVANCED MKTG: U.S. Court Confirms Chapter 11 Liquidation Plan
ATOMIC MK: Taps Ernst & Young as Administrators
AVAYA INC: Moody's Places Corporate Family Rating at B2
BRITISH ENERGY: Earns GBP243 Mln in Six Months Ended Sept. 30

CAMERON RICHARD: Taps Administrators from Vantis
DIRECTION ENVIRONMENTAL: Joint Liquidators Take Over Operations
ENRON CORP: State Gets Go Signal to Seek Ex-Founder's Assets
FORD MOTOR: Names Tata, Mahindra & One Equity as Final Bidders
FORD MOTOR: Ratified UAW Pact Prompts Moody's to Hold Ratings

GILMAC BUILDING: Calls In Liquidators from Grant Thornton
GMW LTD: Claims Filing Period Ends February 6, 2008
GORDON PRESS: Brings In Grant Thornton as Administrators
GORDON RUSSELL: Taps Liquidators from Smith & Williamson
HUSSEY CONSTRUCTION: Names Administrators from Tenon Recovery

ICONIX BRAND: Buying Starter(R) Brand from NIKE for US$60 Mln
LAMPLIGHT GROUP: Brings In Liquidators from Vantis Business
MYLAN INC: Prices Public Offering of Preferred & Common Stock
NORTHERN ROCK: Virgin Group Consortium Submits Takeover Bid
NORTHERN ROCK: Olivant Bid Eyes Restructuring

NORTHERN ROCK: Reviews Proposals & Considers Strategic Options
NORTHERN ROCK: CEO Adam Applegarth to Leave Post by January 2008
ONLINE DELIVERY: Brings In Grant Thornton as Administrators
PLASTISCENE LTD: Appoints Ernst & Young as Joint Administrators
REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant

REMY WORLDWIDE: U.S. Trustee Balks at Schedules Filing Extension
REMY WORLDWIDE: Wants to Sell Knopf Business for US$18.5 Million
S D I PRINT: Names Philip John Gorman Liquidator
WATERFORD WEDGWOOD: Fitch Junks IDR on Weak U.S. Dollar

* Large Companies with Insolvent Balance Sheet




                            *********

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


A. GOLGER: Klagenfurt Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Klagenfurt entered Oct. 19 an order shutting
down the business of LLC A. Golger Haustechnik (FN 212090y).

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

The estate administrator can be reached at:

         Mag. Herbert Steinwandter
         Peraustrasse 9
         9500 Villach
         Austria
         Tel: 04242/28 122
         Fax: 04242/28122-22
         E-mail: villach@lawoffice.co.at

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on Oct. 11 (Bankr. Case No 41 S 101/07m).


CESA-COMPUTERHANDEL: Claims Registration Period Ends Nov. 27
------------------------------------------------------------
Creditors owed money by LLC Cesa-Computerhandel Eder u. Schmol
(FN 203985d) have until Nov. 27 to file written proofs of claim
to court-appointed estate administrator Volker Leitner at:

         Mag. Volker Leitner
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Georgen am Steinfelde, Austria, the Debtor
declared bankruptcy on Oct. 19 (Bankr. Case No. 14 S 176/07h).


FSK ARMIERUNGEN: Feldkirch Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Feldkirch entered Oct. 19 an order shutting
down the business of LLC FSK Armierungen (FN 220174k).

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

The estate administrator can be reached at:

         Mag. Andreas Droop
         c/o  Dr. Arnulf Summer
         Kirchstrasse 4
         6900 Bregenz
         Austria
         Tel: 05574/47244
         Fax: 05574/52545
         E-mail: andreas.droop@vol.at

Headquartered in Bregenz, Austria, the Debtor declared
bankruptcy on Oct. 11 (Bankr. Case No 14 S 40/07f).  Arnulf
Summer represents Mag. Droop in the bankruptcy proceedings.


M + M MOTOR-SERVICE: Innsbruck Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Innsbruck entered Oct. 19 an order shutting
down the business of LLC M + M Motor-Service (FN 37218h).

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

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


PFEIFFER BAU: Claims Registration Period Ends Nov. 27
-----------------------------------------------------
Creditors owed money by LLC Pfeiffer Bau (FN 247189p) have until
Nov. 27 to file written proofs of claim to court-appointed
estate administrator Friedrich Nustere at:

         Dr. Friedrich Nustere
         Riemerplatz 1
         3100 St. Poelten
         Austria
         Tel: 02742/47087
         Fax: 02742/47089
         E-mail: ra-nusterer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Dec. 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Gresten, Austria, the Debtor declared
bankruptcy on Oct. 22 (Bankr. Case No. 14 S 177/07f).


R&B DOWNHOLE: Korneuburg Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Korneuburg entered Oct. 19 an order shutting
down the business of LLC R&B Downhole Technology Handel (FN
241124w).

Court-appointed estate administrator Ferdinand Bruckner
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. Ferdinand Bruckner
         c/o Dr. Elisabeth Zonsics-Kral
         Schubertstrasse 10/3/5/9
         2100 Korneuburg
         Austria
         Tel: 02262/729 39
         Fax: 02262/72437
         E-mail: bruckner@raedrb-drz.at
                 widhalm@raedrb-drz.at

Headquartered in Korneuburg,, Austria, the Debtor declared
bankruptcy on Oct. 17 (Bankr. Case No 36 S 114/07t).  Elisabeth
Zonsics-Kral represents Dr. Bruckner in the bankruptcy
proceedings.


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


M FABRIKANT: Panel Pursues US$10.25MM Recovery from Hahn Estate
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the bankruptcy
cases of M. Fabrikant & Sons Inc. and Fabrikant-Leer
International Ltd. asks the U.S. Bankruptcy Court for the
Southern District of New York to direct the estate of Philip
Hahn and Irving Rosenzweig, in his capacity both as the executor
of the Hahn Estate and as an officer and director of the
Debtors, to produce documents and appear for oral examination.

The Committee previously obtained Court authority to take
discovery from the Hahn Estate and Mr. Rosenzweig with respect
to potential causes of action to avoid and recover US$10.25
million in transfers that the Debtors made to the Hahn Estate in
December 2005 and January 2006.

In this regard, the Committee intends to seek leave of the Court
to pursue the causes of action on behalf of the Debtors, and
the Committee is withdrawing the balance of the discovery
that remains to be taken.

The Committee reminds the Court that it has been evaluating
additional potential causes of action against both the Hahn
Estate and Mr. Rosenzweig, for the breaches of fiduciary
duty to the Debtors and their creditors that Messrs. Hahn and
Rosenzweig may have committed during the more than three years
each of them served on the Debtors' Board of Directors.

The Committee determined that it needs additional information,
which it now seeks through the present Rule 2004 application,
to adequately evaluate the potential causes of action.

According to the Committee, Messrs. Hahn and Rosenzweig each
served on the Debtors' Board from at least August 2002 until
September 2005 (in the case of Mr. Hahn) and January 2006 (in
the case of Mr. Rosenzweig).  During that period, while
insolvent, the Debtors fraudulently transferred many tens of
millions of dollars to affiliated companies owned and controlled
by members of the Fortgang family.

The transfers included:

   (a) unsecured and undocumented advances totaling tens of
       millions of dollars to insolvent affiliates; and

   (b) preferential paydowns, also totaling tens of millions
       of dollars, of debt owed to other Affiliates, in
       violation of New York law deeming fraudulent the
       preferential repayment of debt owed to an insider.

To evaluate whether, as a result of the transfers, the Debtors
have viable breach of duty claims against Messrs. Hahn and
Rosenzweig, the Committee needs discovery concerning:

   (i) Messrs. Hahn and Rosenzweig's knowledge and evaluation of
       the transfers, and their likely impact on MFS, at the
       time; and

  (ii) Messrs. Hahn and Rosenzweig's business dealings with the
       Fortgangs and the Affiliates, which may have impaired
       their ability to evaluate these transfers disinterestedly
       and free of conflicts of interest.

                        About M. Fabrikant

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells diamonds and jewelries.
Established in 1895, the Company is one of the oldest diamond
and jewelry wholesaler in the world, including Japan, Canada,
China, Thailand, Israel, Belgium, and Italy.  The company and
its affiliate, Fabrikant-Leer International Ltd., filed for
chapter 11 protection on Nov. 17, 2006 (Bankr. S.D.N.Y. Lead
Case No. 06-12737).  Mitchel H. Perkiel, Esq., Lee W. Stremba,
Esq., and Paul H. Deutch, Esq., at Troutman Sanders LLP
represent the Debtors in their restructuring efforts.  Alan
Kolod, Esq., Lawrence L. Ginsberg, Esq., and Christopher J.
Caruso, Esq., at Moses & Singer LLP serve as counsel to the
Official Committee of Unsecured Creditors.  In schedules filed
with the Court, M. Fabrikant disclosed total assets of
US$225,612,204 and total debts of US$439,993,890.


TENNECO INC: Receives US$474 Mil. Tenders for 10-1/4% Sr. Notes
---------------------------------------------------------------
Tenneco Inc. disclosed that as of 5:00 p.m., New York City time,
on Nov. 15, 2007, a total of US$474 million in aggregate
principal amount of its 10-1/4% Senior Secured Notes due 2013
(CUSIP 880349AD7) have been tendered pursuant to its tender
offer for up to US$230 million aggregate principal amount of
notes.

As such, the requisite consents of holders of a majority in
principal amount of notes required to adopt the proposed
amendments to the indenture governing the notes have been
received, and the company and the trustee executed a
supplemental indenture to effect the proposed amendments
described in the Offer to Purchase and Consent Solicitation
Statement dated Nov. 1, 2007.

Accordingly, tendered notes may no longer be withdrawn and
consents delivered may no longer be revoked, except in the
limited circumstances described in the offer to purchase.

Based on the results, more than US$230 million principal amount
of notes have already been tendered, so the amount of notes that
will be purchased will be prorated based on the aggregate
principal amount of notes validly tendered in the tender offer
on or before the expiration date.

In addition, the pricing terms of the offer were also set.  As
such, the total consideration for each US$1,000 principal amount
of notes validly tendered and not withdrawn prior to the Consent
Date is US$1,087.09, which includes a consent payment of US$30.

The total consideration was determined by reference to a fixed
spread of 50 basis points over the bid side yield of the 5-1/8%
U.S. Treasury Note due June 30, 2008, which was calculated at
2:00 p.m., New York City time, on Nov. 15, 2007.  The reference
yield and the offer yield are 3.581% and 4.081%.

Holders who tender their notes after the Consent Date but on or
prior to the expiration date for the offer, and whose notes are
accepted for purchase, will receive the related tender offer
consideration as defined in the offer to purchase, but will not
receive the related consent payment.

The offer remains open and is scheduled to expire at midnight,
New York City time, on Nov. 30, 2007, unless extended.  In
addition, accrued and unpaid interest on the notes up to but not
including the settlement date for the offer, which is expected
to be on or about Dec. 3, 2007, will be paid in cash on validly
tendered notes accepted for purchase.

The tender offer is conditioned on the satisfaction or waiver
prior to the acceptance date of customary conditions, including
Tenneco having received from the offer and sale of new notes, on
terms and conditions acceptable to it in its sole discretion,
funds sufficient to consummate the offer.  The company expects
to close on an offering of new 8-1/8% Senior Notes due 2015 on
or about Nov. 20, 2007.

Copies of the complete terms and conditions of the tender offer
and consent solicitation may be obtained by contacting Global
Bondholder Services Corporation, the information agent for the
offer, at (212) 430-3774 (collect) or (866) 873-5600 (U.S. toll-
free).

Banc of America Securities LLC and Citi are the dealer managers
and solicitation agents for the tender offer and consent
solicitation.  Additional information concerning the tender
offer and consent solicitation may be obtained by contacting
Banc of America Securities LLC, High Yield Special Products, at
(704) 388-4813 (collect) or (888) 292-0070 (U.S. toll-free) and
Citigroup Global Markets Inc. at (800) 558-3745 (toll-free).

                        About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings
and securities ratings on Rating Watch Negative.  Fitch
confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank
facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv)
Subordinated 'B'.


===========================
C Z E C H   R E P U B L I C
===========================


DABLICE REAL: Moody's Withdraws Ba1.cz Rating Upon Request
----------------------------------------------------------
Moody's Investors Service withdrew the Ba1.cz long-term national
scale senior secured rating assigned to the bond issued by
Dablice Real a.s. at the request of the issuer.

Moody's has withdrawn this rating for business reasons.

Dablice Real, a.s., established in March 2003, is owned by three
private individuals.  DR is a special-purpose vehicle
established for the purpose of acquiring land and preparing it
for commercial development.  DR issued a bond in 2005 for a
total amount of CZK90 million (approx. EUR 3.2 million), for the
purposes of financing the land purchase, investing in the
connections to the necessary infrastructure, changing the land's
classification and selling on the land.  The bond matures in
July 2008.


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


CAP GEMINI: S&P Puts BB+ Ratings on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit and debt ratings on France-based IT services
company Cap Gemini S.A. on CreditWatch with positive
implications.

"The CreditWatch placement reflects the continued improvement of
the company's revenues and margins," said Standard & Poor's
credit analyst Patrice Cochelin.  "Weak margins have held back
the ratings on Cap Gemini in recent quarters," Mr. Cochelin
said.

Cap Gemini now expects operating margins to be above 7% for
full-year 2007, up from 5.8% in 2006, implying margins of at
least 8% in second-half 2007, up from 6.8% in second-half 2006
and 5.8% in first-half 2007.

Cap Gemini's third-quarter 2007 revenues were up 6.2%
organically from third-quarter 2006.

S&P expects to resolve the CreditWatch in the coming two months
following a meeting with Cap Gemini's management.

"A potential upgrade to 'BBB-' would require our comfort with
the company's ongoing operating improvement, particularly on
margins and cash flow generation, and on the continuation of
prudent financial policies," said Mr. Cochelin.


DELPHI CORP: Court Okays US$6.8 Billion Exit Financing Plan
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved a US$6,800,000,000 financing plan for Delphi
Corp.'s exit from bankruptcy.

The Hon. Robert D. Drain authorized Delphi to enter into, and
perform under, an engagement letter and fee letters with
JPMorgan Chase Bank, N.A., and Citigroup, which have agreed to
arrange and syndicate:

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

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

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

A redacted version of the Engagement Letter is available for
free at http://ResearchArchives.com/t/s?2533

Delphi did not disclose the fees it will pay to the arrangers
and obtained approval to file the fee letter under seal.

Troy, Michigan-based Delphi, the Associated Press noted,
originally sought US$8,700,000,000 in loans, but reduced that
amount and delayed voting on its reorganization plan as it
struggled to secure the financing in a tighter credit market.

Delphi expects to emerge from bankruptcy during the first
quarter of 2008.  Delphi filed its Joint Plan of Reorganization
on September 6, 2007, but said it will revise its plan due to
changes in its exit financing terms and investment agreements
with potential equity investors.  The exit financing will be
made available on the effective date of the Plan.

The Reorganization Plan also provides that Delphi will obtain
additional financing of up to US$2,550,000,000 from an equity
rights offering, backstopped by investors led by Appaloosa
Management LP.  The investment agreement, according to a
Nov. 14, 2007 news release, has been renegotiated to provide for
an increase in consideration to the plan investors, after
Goldman Sachs pulled out of the deal.  According to AP, Judge
Drain balked at the new terms of the deal and said he was "very
distressed" the terms had changed, "sucking out hundreds of
millions of dollars over these apparent excuses."

The Official Committee of Unsecured Creditors and the Official
Committee of Equity Security Holders of Delphi have conveyed
their opposition to the potential amendments to the Plan.
Delphi's chief customer, General Motors Corp., which is expected
to recover US$2,700,000,000 in cash, notes and stock from the
auto-parts supplier, has supported the amendments.

Delphi is expected to file a revised Reorganization Plan and
related documents on or before November 29, 2007, when the Court
holds a hearing to consider approval of the disclosure statement
explaining the terms of the Plan.

                     About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The hearing to consider the adequacy of the Disclosure
Statement started on Oct. 3, 2007 and has been continued to
November 29.

(Delphi Bankruptcy News, Issue No. 97; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


90 GASTRO: Creditors' Meeting Slated for Dec. 13
------------------------------------------------
The court-appointed insolvency manager for 90 Gastro GmbH,
Ruediger Wienberg will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:35 a.m. on
Dec. 13.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on March 6, 2008 at the same
venue.

Creditors have until Jan. 20, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against 90 Gastro GmbH on Oct. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         90 Gastro GmbH
         Dennewitzstr. 37
         10785 Berlin
         Germany


AUTOHAUS HORENKAMP: Claims Registration Ends December 19
--------------------------------------------------------
Creditors of Autohaus Horenkamp GmbH & Co. have until Dec. 19 to
register their claims with court-appointed insolvency manager
Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.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 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. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Autohaus Horenkamp GmbH & Co. on Oct. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus Horenkamp GmbH & Co.
         Hertinger Str. 57
         59423 Unna
         Germany

         Attn: Guenter Horenkamp, Manager
         Jaegerweg 12
         59423 Unna
         Germany


BLOMBERGER OBERFLACHEN: Claims Registration Ends December 20
------------------------------------------------------------
Creditors of Blomberger Oberflachenbearbeitung GmbH have until
Dec. 20 to register their claims with court-appointed insolvency
manager Hans-Peter Burghardt.

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 Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstrasse 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:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

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

The Debtor can be reached at:

          Blomberger Oberflachenbearbeitung GmbH
          Attn: Stefan Plattner, Manager
          Industriestr. 5
          32825 Blomberg
          Germany


BUSSE MARMOR: Creditors' Meeting Slated for Jan. 16, 2008
---------------------------------------------------------
The court-appointed insolvency manager for Busse Marmor- und
Betonwerke GmbH, Rainer Eckert will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Jan. 16, 2008.

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

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on March 6, 2008 at the same
venue.

Creditors have until Jan. 31, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511/626287-0
         Fax: 0511/626287-10
         E-mail: eckert-hannover@rae-eckert.de
         Web site: http://www.rae-eckert-de/

The District Court of Syke opened bankruptcy proceedings against
Busse Marmor- und Betonwerke GmbH on Oct. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Busse Marmor- und Betonwerke GmbH
         Nienburger Strasse 44
         31547 Rehburg-Loccum
         Germany


CHRYSLER LLC: Mulls Product Portfolio Streamlining
--------------------------------------------------
Chrysler LLC is in discussions with dealers on product portfolio
changes and poor performing dealerships, Jeff Bennett and Josee
Valcourt of the Wall Street Journal reports citing three dealers
familiar with the matter.

To avoid confusion on overlapping products, sources said that
Chrysler wants dealers to sell all of its passenger cars under
the Chrysler name; pickup and commercial trucks under the Dodge
name; and, sport-utility vehicles under the Jeep name.

According to WSJ, the move would reduce the number of dealers
and weed out competition between products such as midsized
sedans Dodge Avenger and Chrysler Sebring, which are marketed
under different names.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
the company had plans to eliminate four models through 2008,
including Dodge Magnum, the convertible version of Chrysler PT
Cruiser, Chrysler Pacifica and Chrysler Crossfire.  In the same
time frame, Chrysler will add two all-new products to its
portfolio: the Dodge Journey and Dodge Challenger, along with
two new hybrid models, the Chrysler Aspen and Dodge Durango.

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

                          *     *     *

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


DUERR AG: Earns EUR5.7 Million for Nine Months Ended Sept. 30
-------------------------------------------------------------
Duerr AG released its financial results for the nine months and
third quarter ended Sept. 30, 2007.

Duerr posted EUR5.7 million in net profit on EUR1.02 billion in
net revenues for the first nine months of 2007, compared with
EUR0.1 million in net profit on EUR984 million in net revenues
for the same period in 2006.

The company reported EUR5.7 million in net income on
EUR364.7 billion in net revenues for the third quarter of 2007,
compared with EUR3.4 million in net profit on EUR357.6 million
in net revenues for the same period in 2006.

"We have got off to a good start in the fourth quarter," said
Ralf Dieter, CEO of Duerr AG.  "So we now expect growth of at
least 10% in new orders compared with last year."

The earnings situation was burdened for the last time in the
third quarter by delays on projects in India.  This caused the
gross margin in the first nine months to dip to 16.0% as
compared with 16.5% in the same period last year.  Cost
reductions were achieved through the improvements in internal
processes which Duerr has implemented under the Group-wide FOCUS
program, with administrative and selling expenses declining
overall by 1.5% to EUR132.2 million.

Operating cash flow (-EUR32.7 million) improved appreciably by
EUR47.1 million in the first nine months of 2007. An even
stronger improvement was prevented by a temporary build-up in
net working capital.  This was due to growth in trade
receivables and inventories as a result of the increased volume
of business.

Owing to the good order situation the number of employees has
risen by 3.9% versus Dec. 31, 2006, to 5,869.  The increase was
primarily in the growth region of Asia, where the number of
employees rose by 20.0% to 721 (Dec. 31, 2006: 601).

At 22.4%, the equity ratio as of Sept. 30, 2007 was little
changed versus the end of 2006 (23.6%).  Net financial debt
amounted to EUR170.5 million at the end of the third quarter of
2007, as compared with EUR164.4 million as of September 30,
2006.

               Unchanged Positive Outlook for 2007

Duerr expects a strong improvement in earnings in fiscal 2007.
At the operating level (EBIT before one-time expenses) the
margin should rise to 3.5% from 2.9% last year, while sales
growth of between 5% and 10% is forecast. Among the factors
contributing to the earnings improvement will be the marked
turnaround at the Cleaning and Filtration Systems business unit
and in the U.S.A. Operating cash flow should be clearly positive
in 2007.  Duerr is still aiming to pay a dividend.

Duerr expects a further earnings improvement in 2008. The target
margin for 2008 is 5% based on earnings at the operating level.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2
Probability of Default and Caa1 Senior Subordinate ratings from
Moody's Investor Service.  Moody's said the outlook is stable.

The company also carries B Long-Term Foreign Issuer Credit and
Local Issuer Credit ratings from Standard & Poor's.  S&P said
the Outlook is Stable.


EGS-RUEHRWERKE GMBH: Claims Registration Ends December 13
---------------------------------------------------------
Creditors of EGS-Ruehrwerke GmbH have until Dec. 13 to register
their claims with court-appointed insolvency manager Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Jan. 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Thiele
         Bronnerstr. 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against EGS-Ruehrwerke GmbH on Oct. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EGS-Ruehrwerke GmbH
         Am Buddenberg 18
         59379 Selm
         Germany

         Attn: Burkhard Gandt, Manager
         Schwansbeller Weg 34
         44532 Luenen
         Germany


FERNSEH-SCHMIDT: Claims Registration Period Ends Dec. 12
--------------------------------------------------------
Creditors of Fernseh-Schmidt GmbH have until Dec. 12 to register
their claims with court-appointed insolvency manager Dr. Rainer
Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:05 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

          Dr. Rainer Eckert
          Arthur-Menge-Ufer 5
          30169 Hannover
          Germany
          Tel: 0511 626287-0
          Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against Fernseh-Schmidt GmbH on Oct. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fernseh-Schmidt GmbH
         Engelbosteler Damm 49
         30167 Hannover
         Germany


GARTENGESTALTUNG KIRCHER: Claims Registration Period Ends Dec. 7
----------------------------------------------------------------
Creditors of Gartengestaltung Kircher GmbH have until Dec. 7 to
register their claims with court-appointed insolvency manager
Dietrich Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

          Dietrich Hauser
          Edisonstrasse 19
          74076 Heilbronn
          Germany
          Tel: 07131/64281-0
          Fax: 07131/64281-28

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

The Debtor can be reached at:

          Gartengestaltung Kircher GmbH
          Katzensteige 18
          74076 Heilbronn
          Germany


HIRSCHINGER GMBH: Creditors' Meeting Slated for Dec. 17
-------------------------------------------------------
The court-appointed insolvency manager for Hirschinger GmbH
Baustoffhandel, Thomas Maier will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:00 a.m. on Dec. 17.

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

         The District Court of Pirmasens
         Hall 235
         Second Floor
         Pirmasens
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Jan. 22, 2008 at the same
venue.

Creditors have until Jan. 14, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Maier
         Pirmasenser Strasse 18
         66994 Dahn
         Germany
         Tel: 063 91/92 28 0
         Fax: 063 91/92 28 99
         E-mail: insolvenz@stb-maier.de

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

The Debtor can be reached at:

         Hirschinger GmbH Baustoffhandel
         Pirmasenser Strasse 53
         66994 Dahn
         Germany


IN VITRO BIOTEC: Claims Registration Period Ends Nov. 30
--------------------------------------------------------
Creditors of In Vitro Biotec GmbH have until Nov. 30 to register
their claims with court-appointed insolvency manager Holger
Bluemle.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Holger Bluemle
         Kriegsstr. 113
         76135 Karlsruhe
         Germany
         Tel: 0721/919570
         Fax: 0721/9195711

The District Court of Stuttgart opened bankruptcy proceedings
against In Vitro Biotec GmbH on Oct. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         In Vitro Biotec GmbH
         Attn: Dr. Marion Mappes
         Kesselstr. 17
         70327 Stuttgart
         Germany


LEISTEN UND MOEBELTEILE: Claims Registration Ends December 20
-------------------------------------------------------------
Creditors of Leisten und Moebelteile-Fertigungs-GmbH have until
Dec. 20 to register their claims with court-appointed insolvency
manager Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstrasse 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:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Leisten und Moebelteile-Fertigungs-GmbH on Oct. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Leisten und Moebelteile-Fertigungs-GmbH
         Attn: Stefan Plattner, Manager
         Flachsmarktstr. 48
         32825 Blomberg
         Germany


LICHTTECHNIK BACKHAUS: Claims Registration Ends December 27
-----------------------------------------------------------
Creditors of Lichttechnik Backhaus GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Henning Bungart.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Henning Bungart
         Zweigertstr. 43
         45130 Essen
         Germany
         Tel: (0201) 793613

The District Court of Essen opened bankruptcy proceedings
against Lichttechnik Backhaus GmbH on Oct. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Lichttechnik Backhaus GmbH
         Hindenburgstr. 82-86
         45147 Essen
         Germany

         Attn: Heinz Backhaus, Manager
         Dahlhauser Str. 171
         45279 Essen
         Germany


MASCHINEN LAUER: Creditors' Meeting Slated for Dec. 11
------------------------------------------------------
The court-appointed insolvency manager for Maschinen Lauer GmbH,
Dr. Thomas Schmidt will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
2:30 p.m. on Dec. 11.

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

         The District Court of Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on Jan. 15, 2008 at the same
venue.

Creditors have until Dec. 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Thomas Schmidt
         Kalenfelsstrasse 5a
         54290 Trier
         Germany
         Tel: 0651/970400
         Fax: 0651/9704040
         E-mail: thomas.schmidt@king-lawyers.de

The District Court of Trier opened bankruptcy proceedings
against Maschinen Lauer GmbH on Oct. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Maschinen Lauer GmbH
         Diedenhofener Strasse 19
         54294 Trier
         Germany


MTI GLOBAL: Posts CDN2.1 Million Net Loss in Third Quarter 2007
---------------------------------------------------------------
MTI Global Inc. reported financial results for the three and
nine-month periods ended Sept. 30, 2007.  MTI Global also
disclosed the consolidation of the majority of Aerospace
production in Mexico and the consolidation options of recently
acquired Mold-Ex silicone division with MTI's current US
production facilities.

The net loss for the third quarter of 2007 was CDN2.1 million,
compared with a net loss of CDN463,000 for the same period last
year.

Sales for the three months ended Sept. 30, 2007, were
CDN15.5 million, an increase of 5% compared with last year's
sales of CDN14.8 million.  Sales included a decrease of
approximately CDN700,000 attributable to the impact of the
decline in the U.S. dollar compared with the currency rates for
the same period in 2006.

Aerospace sales for the third quarter of fiscal 2007 were
CDN4.8 million compared with sales of CDN5.6 million for the
comparable period last year.  Sales reflect a decrease of
CDN427,000 related to the weakening U.S. dollar compared with
last year.

Fabricated Products sales for the period were CDN944,000 or 8%
lower than sales of CDN1 million for the third quarter of fiscal
2006.  The decrease was attributable to an anticipated decline
in automotive market sales.

North American Silicone sales for the third quarter of fiscal
2007 increased by 30%, or CDN1.3 million, to CDN5.7 million,
compared with CDN4.4 million for the same period last year.  The
increase is due to revenues of CDN1.8 million from the
acquisition of Mold-Ex during the quarter, offset by CDN300,000
in the quarter due to the lower exchange rate in effect this
year as well as overall reduced activity in the transit market.

European Silicone sales increased by CDN221,000, or 6% to
CDN4.1 million for the third quarter of 2007 compared with sales
of CDN3.9 million for the same period last year.  The sales
improvement included a modest CDN27,000 gain, or 1% attributable
to the increase in the Euro.

The gross margin for the third quarter in 2007 was
CDN4.5 million, a CDN550,000 or 11% decrease, compared with the
third quarter last year.  The gross margin as a percentage,
decreased to 29% from 34%, mostly due to redundant costs at MTI
PolyFab resulting from subcontracting the majority of Aerospace
manufacturing to Mexico and the decrease in the U.S. dollar.
Offsetting the decrease in gross margin was a positive
contribution of CDN745,000 from the inclusion of the Mold-Ex
silicone results.

President and chief executive officer, Bill Neill commented,
"Third quarter results were disappointing to say the least.
While we expected some continued pressures on results due to the
rising Canadian dollar, we did not anticipate the sharp dramatic
rise in such a short period of time.  To put this into context,
during the third quarter, the strengthening Canadian dollar
eroded approximately CDN427,000 in Aerospace sales alone."

Mr. Neill commented, "Over the past year, we have implemented a
number of cost cutting and efficiency initiatives to mitigate
industry and economic pressures.  In light of the current
pressures and to further those initiatives, we are implementing
a shorter term plan focused specifically on improving and
streamlining customer and sales relationships; achieving more
stringent discipline with respect to processes; and tighter
management of working capital including inventory and overall
financial performance.  This is the next logical step building
on existing measures."

"We took decisive action earlier on in the year to mitigate the
effects of the rising Canadian dollar - including moving
production of most Aerospace programs to Mexico - and the full
benefits of this action will be fully reflected starting with
the first quarter of fiscal 2008," he added.

During the quarter, the company added the recently acquired
silicone division of Mold-Ex to the North American Silicone
division.  This complementary acquisition contributed
approximately CDN1.8 million to revenues to this division.  MTI
Global previously disclosed it would review consolidation
alternatives for this division with a view to maximizing
efficiencies and cost reductions.

           Migration of Aerospace Production to Mexico

As previously reported, MTI continued the migration of its
Aerospace production to MTI de Baja, Mexico, starting with the
Boeing 787 program.  To date, nearly 40% of the planned
Aerospace production transfers have been completed with the
remaining 60% on target to be completed by year end.  During the
quarter, MTI Global incurred expenses of approximately CDN1
million associated with the migration of programs to Mexico.
The company also expects a further CDN500,000 in related
expenses to be incurred in the fourth quarter with the full
financial benefits and meaningful effects on results to begin in
the first quarter of fiscal 2008.

                       Nine Months Results

Sales for the nine months ended Sept. 30, 2007, were
CDN47.8 million, 3% ahead of last year's sales of
CDN46.3 million.  This includes a decrease of approximately
CDN529,000 due to the impact of currency fluctuations.

The gross margin for the nine months ended Sept. 30, 2007, was
CDN15.7 million, a decrease of CDN1.3 million or 7%.  The gross
margin as a percentage decreased to 32% from 36% in the same
period of 2006 because of duplication of costs in Mexico and
margin erosions due to currency fluctuations.

The loss before income taxes and non-controlling interest for
the nine months ended Sept. 30, 2007, was CDN2.6 million
compared to a loss of CDN157,000 last year.

For the nine months ended Sept. 30, 2007, the net loss was
CDN2.8 million, to a net loss of CDN348,000 for the same period
last year.

As at Sept. 30, 2007, the company had working capital of
CDN7.2 million - including cash and cash equivalents, plus cash
deposited as collateral totaling CDN700,000 - compared with
CDN14.2 million at Dec. 31, 2006.  Working capital has decreased
due to an increase in bank indebtedness and an increase in the
current portion of long term debt.  The company is taking active
measures including better inventory management to improve
working capital.

At Sept. 30, 2007, the company's consolidated balance sheet
showed CDN60.8 million in total assets, CDN18.3 million in total
liabilities, and CDN42.5 million in total shareholders' equity.

                    Breach of Financial Covenant

Subsequent to the release of the second quarter results, the
company was notified by its Canadian chartered bank that it was
in breach of a financial covenant in its credit facility
agreement as at June 30, 2007.  Specifically, the company did
not comply with the debt service coverage ratio of 1.25
calculated on a rolling twelve-month basis.  Furthermore, the
company was in breach of a general covenant concerning the
transfer of certain inventory and equipment to the company's
contract manufacturer in Mexico without first receiving the
Bank's prior written consent.  The company has received a
written notice of waiver of the June 30, 2007, breaches through
Nov. 30, 2007, and has requested the Bank's written consent for
ongoing transfers of inventory and equipment in compliance with
the terms of its loan agreement.

Due to unfavorable financial results in the third quarter, the
company remains in breach of the same debt service coverage
ratio as at Sept. 30, 2007.  Accordingly, the credit facilities
consisting of an operating and term loan with the Bank are in
default and have both been reflected in current liabilities.
The company also expects to be in breach of the debt service
covenant at Dec. 31, 2007.

The company has commenced discussions with the Bank with respect
to the breaches and has requested that the Bank waive the
default for Sept. 30, 2007.

                         About MTI Global

Headquartered in Mississauga, Ontario, MTI Global Inc. (TSX:
MTI) -- http://www.mtiglobalinc.com/-- designs, develops and
manufactures custom-engineered products using silicone and other
cellular materials.  The company serves a variety of specialty
markets focused on three main product categories: Silicone,
Aerospace and Fabricated Products.  MTI's Canadian manufacturing
operations are located in Mississauga, Ontario, with
international manufacturing operations located in Richmond and
Buchanan, Virginia; Pensacola, Florida; Bremen, Germany; and a
contract manufacturer venture in Ensenada, Mexico.  The company
also has sales operations in England and Sweden, and an
engineering support centre in Brazil.


OSWALD SCHULZE: Claims Registration Period Ends Jan. 3, 2008
------------------------------------------------------------
Creditors of Oswald Schulze Service und Montagegesellschaft mbH
i.L. have until Jan. 3, 2008 to register their claims with
court-appointed insolvency manager Angela Gerigk.

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

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 296
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Angela Gerigk
         Katharinenstr. 7
         46282 Dorsten
         Germany

The District Court of Essen opened bankruptcy proceedings
against Oswald Schulze Service und Montagegesellschaft mbH i.L.
on Oct. 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Oswald Schulze Service und Montagegesellschaft mbH i.L.
         Krusenkamp 22-24
         45964 Gladbeck
         Germany


PIEKARSKI GMBH: Claims Registration Period Ends Nov. 26
-------------------------------------------------------
Creditors of Piekarski GmbH have until Nov. 26 to register their
claims with court-appointed insolvency manager Dr. Peter C.
Minuth.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.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 Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Dr. Peter C. Minuth
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany
         Tel: 0211-492240
         Fax: 0211-4922487

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

The Debtor can be reached at:

         Piekarski GmbH
         Fischerort 4
         46446 Emmerich am Rhein
         Germany

         Attn: Thomas Piekarski, Manager
         Seufzerallee 16
         46446 Emmerich am Rhein
         Germany


PKS GESELLSCHASFT: Claims Registration Period Ends Oct. 26
---------------------------------------------------------
Creditors of PKS Gesellschaft fuer Elektro- und Medientechnik
Verwaltungs mbH have until Oct. 26 to register their claims with
court-appointed insolvency manager Dr. Winfried Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfried Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against PKS Gesellschaft fuer Elektro- und Medientechnik
Verwaltungs mbH on Oct. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PKS Gesellschaft fuer Elektro- und
         Medientechnik Verwaltungs mbH
         Manderscheidtstr. 14
         45141 Essen
         Germany

         Attn: Gudrun Steuernagel, Manager
         Manderscheidtstr. 14
         45141 Essen
         Germany


STONES MENSWEAR: Claims Registration Ends December 20
-----------------------------------------------------
Creditors of Stones menswear GmbH have until Dec. 20 to register
their claims with court-appointed insolvency manager Thomas
Schaefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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 Schaefer
         Fuggerstr. 16
         86150 Augsburg
         Germany

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

The Debtor can be reached at:

         Stones menswear GmbH
         Attn: Robert Scharf and Krueger Mathias, Managers
         Annastr. 8-10
         86150 Augsburg
         Germany


UMWELT-TECHNIK-SUED: Claims Registration Period Ends Dec. 10
------------------------------------------------------------
Creditors of Umwelt-Technik-Sued GmbH have until Dec. 10 to
register their claims with court-appointed insolvency manager
Hanns Poellmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 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 Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Germany

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

The insolvency manager can be reached at:

         Hanns Poellmann
         Prannerstrasse 11
         80333 Muenchen
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against Umwelt-Technik-Sued GmbH on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Umwelt-Technik-Sued GmbH
         Attn: Adam Buerger, Manager
         Steinkirchen 9
         84419 Obertaufkirchen
         Germany


VATERLAND WERK: Claims Registration Period Ends Nov. 23
-------------------------------------------------------
Creditors of Vaterland Werk Friedrich Herfeld Soehne GmbH have
until Nov. 23 to register their claims with court-appointed
insolvency manager Martin Buchheister.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 7, 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 Hagen
         Meeting Hall 143
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Martin Buchheister
         Rathausplatz 21-23
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Vaterland Werk Friedrich Herfeld Soehne GmbH on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Vaterland Werk Friedrich
         Herfeld Soehne GmbH
         Am Stadtgarten 4-8
         58809 Neuenrade
         Germany

         Attn: Juergen Herfeld, Manager
         Rueterbruch 6
         58809 Neuenrade
         Germany


WEHRSTEDT ENGINEERING: Claims Registration Ends December 17
-----------------------------------------------------------
Creditors of Wehrstedt Engineering GmbH have until Dec. 17 to
register their claims with court-appointed insolvency manager
Friedemann U. Schade.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Jan. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Friedemann U. Schade
         Seelhorststrasse 64
         30175 Hannover
         Germany
         Tel: 0511/515122-0
         Fax: 0511/515122-19
         Web: http://www.kuebler-gbr.de/

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

The Debtor can be reached at:

         Wehrstedt Engineering GmbH
         Attn: Matthias Wehrstedt, Manager
         Heinrichstr. 26
         38179 Schwuelper
         Germany


WERTEMANUFAKTUR WERBEAGENTUR: Claims Registration Ends Dec. 17
--------------------------------------------------------------
Creditors of WERTEMANUFAKTUR Werbeagentur GmbH have until
Dec. 17 to register their claims with court-appointed insolvency
manager Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Karsten Toetter
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against WERTEMANUFAKTUR Werbeagentur GmbH on July 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WERTEMANUFAKTUR Werbeagentur GmbH
         Attn: Jens Schroeder and Tilo Maack, Managers
         Holzdamm 18
         20099 Hamburg
         Germany


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


ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution
---------------------------------------------------------------
Armstrong Holdings, Inc., the former parent company of Armstrong
World Industries, Inc., disclosed its timetable for dissolution
including distribution of net assets to shareholders.

The last day of trading in ACKH common stock and the record date
for shareholders entitled to receive a final distribution of the
company's net assets will be on Dec. 5, 2007.  The company's
stock transfer books will close and no further trading or
transfers will be recognized after settlement of trades made
through that date.

On Dec. 12, 2007, the distribution agent, American Stock
Transfer & Trust Company, will begin the distribution of assets
to shareholders.  Following this distribution, Armstrong
Holdings, Inc. will file Articles of Dissolution with the
Commonwealth of Pennsylvania and will cease to exist.

The company's net assets for distribution total approximately
US$28 million, which will be divided pro-rata per share among
the holders of the 40,551,975 outstanding shares of ACKH common
stock.  This amounts to a distribution of approximately US$0.69
per share. Shareholders should consult their tax advisor on the
tax implications of this distribution.

Shareholders who hold ACKH stock in brokerage accounts will
receive the distribution in their accounts and their ACKH
holdings will be cancelled after the distribution.

Direct shareholders do not need to return their stock
certificates to receive a distribution.  Those certificates will
become void and have no value.  When they receive their
distribution checks, direct shareholders should cancel or
destroy those Armstrong Holdings stock certificates.

Direct shareholders with questions concerning their accounts
should contact American Stock Transfer & Trust Company at (800)
937-5449.

Armstrong Holdings, Inc. previously was the parent holding
company of Armstrong World Industries, Inc. until Oct. 2, 2006.
On that date, AWI emerged from Chapter 11 bankruptcy.  Under
AWI's Plan of Reorganization, the company's ownership in AWI was
cancelled.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                            *     *     *

Standard & Poor's Ratings Service affirmed the 'BB' corporate
credit and senior secured ratings for Armstrong World Industries
Inc. on March 2007.

Moody's Investors Service assigned, in October 2006, a Ba2
rating on Armstrong World Industries, Inc.'s new credit facility
and a Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


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


AES CORP: Cash Tender Offer for US$1.24 Bln Senior Notes Expires
----------------------------------------------------------------
The AES Corporation disclosed that the offer to purchase up to
US$1.24 billion aggregate principal amount of its outstanding
senior notes in accordance with the terms and conditions
described in its Offer to Purchase and the related Letter of
Transmittal expired as scheduled at 12:00 midnight on Nov. 13,
2007.

As of such time, a total of approximately US$1.9 billion
aggregate principal amount of Notes had been validly tendered,
consisting of approximately:

   (i) US$192.6 million principal amount of 8.75% Senior Notes
       due 2008,

  (ii) US$600.0 million principal amount of 9.00% Second
       Priority Senior Secured Notes due 2015 and

(iii) US$1.1 billion principal amount of 8.75% Second Priority
       Senior Secured Notes due 2013.

In accordance with the terms of the tender offer, since the
total amount of Notes tendered exceeded the Tender Cap, the
company accepted for purchase all of the 2008 Notes, all of the
2015 Notes and approximately US$447.4 million principal amount
of the 2013 Notes (representing a pro ration factor of 37.6714%,
with each amount tendered rounded down to the nearest US$1,000)
that were validly tendered prior to the expiration time.
Settlement of the tender offer occurred today at which time none
of the 2015 Notes, approximately US$9.3 million principal amount
of the 2008 Notes and approximately US$752.6 million principal
amount of the 2013 Notes remained outstanding.

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

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

                         *     *     *

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

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


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


RITCHIE IRELAND: Auction Sale of Policies Deferred to Dec. 10
-------------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. moved
the auction sale of a pool of life settlement policies a month
later, from Nov. 9, 2007, to Dec. 10, 2007, Bill Rochelle of
Bloomberg News reports.

The hearing to consider the results of the sale has been set for
Dec. 13, 2007, Bloomberg relates.

As reported in the Troubled Company Reporter on Oct. 8, 2007,
the U.S. Bankruptcy Court for the Southern District of New York
approved the procedures proposed by the Debtors for the sale
those policies, which constitutes all or substantially all of
the Debtors' assets.

To participate in the auction, initial overbids must be in an
amount of at least US$1 million for any Ritchie I Asset Pool,
US$.5 million for any Ritchie II Asset Pool and US$3 million for
a bid on all the assets.

The Debtors sought Houlihan Lokey Howard & Zukin Capital Inc.'s
services in the sale process.

Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading
(Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading
(Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are
Dublin-based funds of hedge fund group Ritchie Capital
Management LLC.  The Debtors were formed as special purpose
vehicles to invest in life insurance policies in the life
settlement market.  The Debtors filed for Chapter 11 protection
on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-
11907).  Allison H. Weiss, Esq., David D. Cleary, Esq., and
Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae,
LLP represent the Debtors in their restructuring efforts.  No
Official Committee of Unsecured Creditors has been appointed to
date.  When the Debtors filed for bankruptcy, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a Chapter 11 plan expires on
Jan. 16, 2008.


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


ALITALIA SPA: Implements Organizational Changes
-----------------------------------------------
Alitalia S.p.A. has approved these organizational changes:

   -- the Business & Corporate Coordination department, headed
      by Giancarlo Schisano, is eliminated;

   -- a new Passenger & Cargo Division, headed by Mr. Schisano,
      has been set up reporting directly to the President,
      dealing with Purchasing & Supply Management, Marketing &
      Business Strategies, Sales & Distribution, Production,
      and Cargo, which report directly to the new division.

   -- the Administration, Finance & Control department, headed
      by Vittorio Mazza, will now report directly to the
      President again;

   -- Giancarlo Zeni, who previously headed Marketing & Business
      Strategies, is leaving the Company; and

   -- Andrea Stolfa, who previously headed Planning &
      Development as part of the Production Division, becomes
      head of Marketing & Business Strategies.

                         About Alitalia

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

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

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


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


ATF BANK: Bank Austria Buys 91.8% Stake for US$2.1 Billion
----------------------------------------------------------
Bank Austria Creditanstalt AG, responsible within the UniCredit
Group for commercial banking activities in Central and Eastern
Europe, has finalized the acquisition of 91.8% of the total
issued share capital of JSC ATF Bank for a consideration of
approximately US$2.1 billion (EUR1.5 billion).

In particular, BA-CA acquired 95.6% of total issued ordinary
shares for a consideration of US$1.7 billion and 85% of total
issued preference shares for a consideration of US$456 million.

As announced on June 21, 2007, under the terms of the agreement
signed by BA-CA and the private majority shareholders of ATF,
the consideration will be increased by relevant portion of a
further payment to be calculated based on 50% of ATF's 2007
consolidated net profit, adjusted to take into consideration any
accounting discrepancies shown in the 2007 audited consolidated
financial statements (compared to previous years audited
financial statement).

Additionally, pursuant to the Kazakh Law on joint stock
companies, on Nov. 17, 2007, BA-CA launched a mandatory tender
offer for the Bank's remaining shares not already held at a
price of KZT10,180.93 (equivalent to US$84.37) for each ordinary
share and KZT5,675.11 (equivalent to US$47.03) for each
preference share, representing, in each case, the price per
share agreed by BA-CA with the majority shareholders of ATF.
The offer will remain open for 30 days and minority shareholders
will have the opportunity to tender their ordinary and/or
preference shares until Dec. 17, 2007.  Shareholders tendering
their shares in the course of the mandatory tender offer will
also have a right to receive their relevant portion of the price
adjustment described.

Through the acquisition of ATF, the UniCredit Group will further
strengthen its CEE network through a leading presence in the
Republic of Kazakhstan, as well as additional operations in the
Republic of Kyrgyzstan, the Republic of Tajikistan and the
Russian Federation.  Credit Suisse, UniCredit MIB and Allen &
Overy acted as advisors to BA-CA.

                     About the UniCredit Group

With a current market capitalization of approximately EUR84
billion (Oct. 1, 2007), ranking among the top financial groups
in Europe, UniCredit has a presence in 23 countries, with over
40 million clients and 9,000 branches, approximately 176,000
employees and total assets of approximately EUR1,018 billion
(pro forma) as at June 30, 2007.

Through the merger with Capitalia, effective as of Oct. 1, 2007,
UniCredit has significantly strengthened its presence in Italy,
which is one of its core markets alongside Germany, Austria and
CEE.

In the CEE region, UniCredit operates the largest international
banking network with over 3,700 branches and outlets, where more
than 76,000 employees serve approximately 27 million customers.

                        About ATF Bank

Based in Almaty, Kazakhstan, ATF Bank --  http://www.atfbank.kz/
-- reported total assets of KZT1047 billion (US$8.2 billion) at
year-end 2006, ranking as third-largest bank in the country.

                          *     *     *

As reported in the TCR-Europe on July 5, 2007, Moody's Investors
Service placed under review for possible upgrade the Ba1/NP
local currency deposit ratings, the Ba1 senior unsecured notes
rating, as well as the Ba3 junior subordinated debt rating of
Kazakhstan's ATF Bank.  Moody's said the bank's Ba1/NP foreign
currency deposit ratings and the D- bank financial strength
rating were affirmed and carry stable outlooks.

In March 2007, Fitch Ratings affirmed Kazakhstan-based ATF
Bank's ratings at Issuer Default 'BB-', Short-term 'B',
Individual 'D' and Support '3'.  Fitch said the Outlook on the
Issuer Default rating remains Stable.


ATF BANK: S&P Upgrades Ratings to BB+ on UniCredito Deal
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Kazakhstan-based ATF Bank to 'BB+'
from 'B+'.  The outlook is stable.

The rating was also removed from CreditWatch with positive
implications, where it had been placed on June 22, 2007.

At the same time, the 'B' short-term rating was affirmed.

"The upgrade follows the acquisition by UniCredito Italiano of a
91.8 % stake in ATF Bank, through subsidiary Bank Austria
Creditanstalt," said Standard & Poor's credit analyst Ekaterina
Trofimova. "ATF stands to benefit from this transaction in terms
of financial flexibility, funding, capital, and risk
management."

S&P considers ATF to be a strategically important subsidiary of
UniCredito (UniCredito Italiano SpA and Bank Austria
Creditanstalt AG, both rated A+/Stable/A-1) and expect strong
parental support in case of need.  The long-term rating on ATF
consequently includes a three-notch uplift from its stand-alone
credit quality.  UniCredito has launched a mandatory tender
offer for the remaining ATF shares, aiming to ultimately take
full ownership.

The ratings reflect ATF's risky operating environment, high
funding and lending concentrations, low capitalization, and
operational and cultural transformation challenges related to
its integration process with UniCredito. These weaknesses are
somewhat offset by support from the new parent, ATF's good
domestic commercial franchise, a dynamic and competent
management team, and adequate risk management.

With consolidated assets of Kazakhstani tenge KZT961 billion
(US$7.9 billion) and a market share of 8.5% in banking system
assets at June 30, 2007, ATF is the largest foreign-owned bank
in Kazakhstan and ranks among the top five domestic banks.

"We expect that the new, strong, and committed parent will
benefit ATF and enable the bank to minimize the impact of
current turbulence in the Kazakh banking market," added Ms.
Trofimova.  "Leveraging on its good local knowledge, strong
recognition, and parent support, ATF is well-positioned to
weather ongoing turmoil and reap the benefits of a still-
promising Kazakh market."

A potential upgrade will depend on improvements in the bank's
stand-alone creditworthiness, including the strengthening of its
business and financial profiles.  On the downside, if the bank
fails to gain from its new relationship with UniCredito or their
links weaken, the ratings would come under pressure.


BATYS SERVICE: Proof of Claim Deadline Slated for Dec. 18
---------------------------------------------------------
LLP Manufacturing-Construction Firm Batys Service has declared
insolvency.  Creditors have until Dec. 18 to submit written
proofs of claims to:

         LLP Manufacturing-Construction
         Firm Batys Service
         Frunze Str. 49
         Uralsk
         West Kazakhstan
         Kazakhstan


EUROASIA TRANSIT: Creditors Must File Claims Dec. 12
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Euroasia Transit 2003 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


HAPPY HOUSE: Claims Filing Period Ends Dec. 18
----------------------------------------------
LLP Happy House has declared insolvency.  Creditors have until
Dec. 18 to submit written proofs of claims to:

         LLP Happy House
         Kabanbai batyr Str. 76-20
         Almaty
         Kazakhstan


HLEBOZAVOD LLP: Creditors' Claims Due on Dec. 12
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Pervomaisky Bread-Baking Plant Hlebozavod
insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Satpayev Str. 22/1-56
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 62-26-83


INSTROY-2006 LLP: Claims Registration Ends Dec. 18
--------------------------------------------------
LLP Construction Company Instroy-2006 has declared insolvency.
Creditors have until Dec. 18 to submit written proofs of claims
to:

         LLP Construction Company Instroy-2006
         Nauryzbai batyr Str. 89
         Almaty
         Kazakhstan


JOL JYLU: Proof of Claim Deadline Slated for Dec. 12
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Temir Jol Jylu insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Tynyshbayev Str. 46
         Taraz
         Jambyl
         Kazakhstan


PERFECT GIFTS: Creditors Must File Claims Dec. 18
-------------------------------------------------
LLP Perfect Gifts has declared insolvency.  Creditors have until
Dec. 18 to submit written proofs of claims to:

         LLP Perfect Gifts
         Zenkov Str. 24
         Almaty
         Kazakhstan


SWM LTD: Claims Filing Period Ends Dec. 18
------------------------------------------
LLP SWM Ltd. has declared insolvency.  Creditors have until
Dec. 18 to submit written proofs of claims to:

         LLP SWM Ltd.
         Kazakhstanskaya Str. 21a
         Karaganda
         Kazakhstan


TAMERLAND TRD: Creditors' Claims Due on Dec. 12
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tamerland Trd 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


TSENTRALNOYE GAZOSNABJENIYE: Claims Registration Ends Dec. 12
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Tsentralnoye Gazosnabjeniye insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Satpayev Str. 22/1-56
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 62-26-83


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


MILANO GROUP: Creditors Must File Claims by December 14
-------------------------------------------------------
LLC Milano Group has declared insolvency.  Creditors have until
Dec. 14 to submit written proofs of claim to:

         LLC Milano Group
         Jybek Jolu Ave. 169a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 93-89-45


NASOS-OSH LLC: Proof of Claim Deadline Slated for December 14
-------------------------------------------------------------
LLC Nasos-osh has declared insolvency.  Creditors have until
Dec. 14 to submit written proofs of claim to:

         LLC Nasos-osh
         Kyrgyzstan Str. 44
         Osh
         Kyrgyzstan
         Tel: (0-502) 55-09-46


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


EVRAZ GROUP: Russian Units Release Results for Q3 2007
------------------------------------------------------
Evraz Group S.A.'s major Russian operating subsidiaries have
filed financial results with the Federal Financial Markets
Service of the Russian Federation for the three months ended
Sept. 30, 2007.  The results are prepared in accordance with
Russian accounting standards.

                           Highlights

The company highlights these results in the third quarter:

   -- prices and improved product mix help sustain NTMK profit
      growth The net profit of NTMK grew by 19% vs. third
      quarter 2006 as output rose , in particular of higher
      value added products, supported by an average 25% growth
      of prices across the majority of its products.

      Quarter-on-quarter, net profit decreased by 18% mainly due
      to higher raw materials prices (primarily coal and
      ferroalloys);

   -- Zapsib results reflect the planned blast furnace reline
      The third quarter 2007 net profit of Zapsib fell by 11%
      compared with the previous quarter and was marginally flat
      vs. third quarter 2006 due to a decrease in production
      caused by a scheduled blast furnace reline;

   -- higher prices for iron ore drive up KGOK and VGOK profit
      The third quarter 2007 net profit of KGOK and VGOK
      increased by 27% and 29% respectively compared with the
      same period last year and by 11% compared with second
      quarter 2007 as a result of higher iron ore prices and
      organic growth.

                          About Evraz

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

                         *     *     *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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


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


JUBILEE CDO VIII: S&P Rates EUR16 Million Class E Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR360 million senior secured floating-
rate notes to be issued by Jubilee CDO VIII B.V.  At
the same time, Jubilee CDO VIII will issue EUR40 million of
unrated notes.

This will be the 16th European CDO transaction managed by
Alcentra Ltd.

At closing, Jubilee CDO VIII will issue floating-rate notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a portfolio of predominantly senior-secured
leveraged loans.  The transaction will have a six-year
reinvestment period.

In this transaction, the issuer, as protection buyer, can enter
into offsetting CDSs. Using these instruments, the issuer can
buy protection for a specified reference obligation that it
already owns.  Under each offsetting, the issuer must pay an
ongoing premium. It may only enter into these obligations if the
minimum spread test is satisfied. Cash outflows will also
be taken into account in the interest-coverage test.  For
offsetting obligations, each premium will be netted off against
the spread received from the cash obligation owned by the
issuer.

                         Ratings List

   Jubilee CDO VIII B.V.
   EUR400 Million Senior Secured Floating-Rate Notes

                         Prelim.        Prelim. Amount
          Class          Rating           (Mln. EUR)
          -----          ------            --------
           A1             AAA                240
           A2             AAA                 24
           B              AA                  42
           C              A                   20
           D              BBB                 18
           E              BB                  16
           Subordinated
           securities     NR                  40

     NR -- Not rated.


KONINKLIJKE AHOLD: Names John Rishton as President and CEO
----------------------------------------------------------
Koninklijke Ahold N.V. has appointed John Rishton as President
and Chief Executive Officer.  Mr. Rishton has been in the role
of acting President and CEO since July 2007.

Ahold also appointed Kimberly Ross, currently deputy Chief
Financial Officer, as Chief Financial Officer, succeeding Mr.
Rishton.  She has been nominated by the Supervisory Board for
appointment to the Ahold Corporate Executive Board and will
assume her responsibilities as acting Executive Board member
with immediate effect.

Mr. Rishton's appointment as President and CEO and Ross'
appointment as CFO take effect immediately.

In addition, Peter Wakkie, Executive Vice President and Chief
Corporate Governance Counsel, has agreed to accept another term
as a member of the Corporate Executive Board.

"After careful consideration, the Supervisory Board unanimously
reached the conclusion that John is the right individual to lead
Ahold into the future," Rene Dahan, Chairman of Ahold's
Supervisory Board, said.  "John has the skills, capabilities,
and knowledge of Ahold, necessary to drive Ahold's strategy for
sustainable profitable growth.  I am delighted he has accepted
the role."

"I am also pleased that Kimberly has accepted the position of
CFO.  Kimberly brings a proven track record in finance, as well
as a deep knowledge of Ahold.

"Peter's decision to remain with Ahold is warmly welcomed by me
and all of my colleagues on the Supervisory Board.

"I am confident that John, along with his colleagues Dick Boer
(COO Ahold Europe), Lawrence Benjamin (COO Ahold U.S.A.), Peter
Wakkie (EVP and Chief Corporate Governance Counsel), and
Kimberly Ross (CFO), will form a powerful team.  Their combined
talent, skills and experience will be instrumental in driving
the performance of Ahold to its full potential."

The appointment of Kimberly Ross to the Corporate Executive
Board and the reappointment of Peter Wakkie will be proposed by
the Supervisory Board to the Annual General Meeting of
Shareholders on April 23, 2008.

                          About Ahold

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

                         *     *     *

As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer
Default and senior unsecured ratings from Fitch Ratings.  Fitch
said the Outlook is Positive.  Its Short-term rating is B.


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


ALTAISKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008
-----------------------------------------------------------
Creditors of OJSC Stud Farm Altaiskij have until Jan. 10, 2008,
to submit proofs of claim to:

         N. I. Aksenov
         Competitive proceedings manager
         P.O. Box 3073
         656015 Barnaul
         Russia

The Arbitration Court of Altai krai commenced competitive
proceedings on the company on Oct. 29.  The next hearing will
convene on Jan. 28, 2008.

The Debtor can be reached at:

         OJSC Stud Farm Altaiskij
         Zavodskoy Settlement
         Tyumentsevskij Raion
         Altai krai
         Russia


EVRAZ GROUP: Russian Units Release Results for Q3 2007
------------------------------------------------------
Evraz Group S.A.'s major Russian operating subsidiaries have
filed financial results with the Federal Financial Markets
Service of the Russian Federation for the three months ended
Sept. 30, 2007.  The results are prepared in accordance with
Russian accounting standards.

                           Highlights

The company highlights these results in the third quarter:

   -- prices and improved product mix help sustain NTMK profit
      growth The net profit of NTMK grew by 19% vs. third
      quarter 2006 as output rose , in particular of higher
      value added products, supported by an average 25% growth
      of prices across the majority of its products.

      Quarter-on-quarter, net profit decreased by 18% mainly due
      to higher raw materials prices (primarily coal and
      ferroalloys);

   -- Zapsib results reflect the planned blast furnace reline
      The third quarter 2007 net profit of Zapsib fell by 11%
      compared with the previous quarter and was marginally flat
      vs. third quarter 2006 due to a decrease in production
      caused by a scheduled blast furnace reline;

   -- higher prices for iron ore drive up KGOK and VGOK profit
      The third quarter 2007 net profit of KGOK and VGOK
      increased by 27% and 29% respectively compared with the
      same period last year and by 11% compared with second
      quarter 2007 as a result of higher iron ore prices and
      organic growth.

                          About Evraz

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

                         *     *     *

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

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

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

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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


FML LTD: S&P Affirms B- Ratings with Stable Outlook
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating and 'ruBBB-' Russia national scale
rating on Isle of Man-registered FML Ltd.  (East Line Group), a
holding company for Russia-based East Line Group, which operates
Moscow's largest airport, Domodedovo International Airport.  The
rating action follows a review of East Line's liquidity position
before the put option on its Russian ruble RUR3 billion bond
becomes exercisable on Nov. 26, 2007.  The outlook is stable.

The ratings on East Line remain constrained by the group's
complex, nontransparent structure; substantial litigation risks;
high reliance on the leasehold and operations of DME; heavy
dependence on its chairperson; limited access to capital
markets; above-average information risk; and the high legal and
regulatory risk inherent in the Russian business environment.

These factors are mitigated to a certain extent by steady growth
in passenger traffic in the Moscow aviation hub, DME's
competitive advantage in terms of better quality facilities and
services, management's track record in implementing its
modernization program and growth strategy at DME, and the
group's relatively moderate debt use.

"East Line is exposed to a potential liquidity outflow due to
the put option on its outstanding RUR3 billion bond, which is
exercisable on Nov. 26, 2007," said Standard & Poor's credit
analyst Eugene Korovin.  "Although the group has available
liquidity and committed lines to cover most of the RUR3
billion bond and other financial liabilities payable until the
end of 2007, S&P considers that, at present, these would not be
sufficient to cover the entire principal and coupon on the bond.
However, according to information provided by East Line, the
company will have sufficient liquidity by November 26 to cover
the entire principal and coupon amount in the event that all
bondholders exercise their put option."

"To cover the liquidity gap, East Line has received a firm
commitment from a major Russian bank to provide a bridge loan.
The loan agreement is expected to be signed by November 19,"
said Mr. Korovin.

East Line continues to be involved in litigation concerning
privatized and state-owned airport assets, a situation which
exemplifies the risks of high dependency on those assets.
Furthermore, the group's complex, nontransparent structure and
movements of assets and cash between group members expose East
Line to the risk of further legal proceedings.

East Line's operating performance is sound and outperforming
that of key competitors.  The operating performance is supported
by its better-quality airport services and a successful track
record of implementing its phased modernization and enlargement
program to support further passenger traffic growth.  This
competitive advantage has resulted in steady traffic growth
(21.9% in January-October 2007 year on year) and a nearly 50%
market share in the Moscow aviation hub.

Modernization and enlargement continue to entail significant
capital investments and use up all generated cash flows,
however.

Although litigation over the leasehold of state-owned assets has
not been fully resolved, we note that the group has achieved
significant progress and S&P expects that East Line will retain
control over DME, its main asset.  S&P will continue to monitor
negotiations between East Line and the government authorities.
The ratings might come under pressure if the final settlement
terms significantly deviate from expectations, or if other
litigation or regulatory rulings arise that significantly impair
the group's operations and financial profile.  A further delay
in presenting audited IFRS accounts for 2005-2006 will put
further downward pressure on the ratings.

Rating upside is unlikely until legal proceeding uncertainties
are fully resolved and timeliness of financial reporting is
improved.


KRASNOSEL'SKOYE: Creditors Must File Claims by Jan. 10, 2008
------------------------------------------------------------
Creditors of CJSC Krasnosel'skoye have until Jan. 10, 2008, to
submit proofs of claim to:

         A. N. Semenyak
         Zaporozhskaya Str. N 97
         Staroderevyankovskaya St.
         353720 Kanevskoj raio
         Russia

The Arbitration Court of Krasnodar krai declared the company
insolvent on Oct. 9.

The Debtor can be reached at:

         CJSC Krasnosel'skoye
         Lenina Str. 2?
         Krasnosel'skoye township
         Dinskoj Raion
         353223 Krasnodar krai
         Russia


KUBAN'HYBRID: Asset Sale Slated for Dec. 10
-------------------------------------------
The competitive proceedings manager of Seedplant Kuban'hybrid
FSUE, will open a public auction for the company's properties at
2:00 p.m. on Dec. 10 at:

         Seedplant Kuban'hybrid FSUE
         Room 33
         Stasova-Sormovskaya Str. 178-180/1
         Krasnodar
         Russia

The company has set a RUR14,419,619 starting price for the
auctioned assets.

Interested participants have until Dec. 5 to deposit an amount
of RUR2,883,923,80.

Bidding documents must be submitted to:

         Seedplant Kuban'hybrid FSUE
         Room 33
         Stasova-Sormovskaya Str. 178-180/1
         Krasnodar
         Russia


MUGREEVSKOYE OJSC: Court Names S. A. Akimov as Liquidator
---------------------------------------------------------
The Arbitration Court of Ivanovo appointed S. A. Akimov as
competitive proceedings manager for OJSC Peat Enterprise
Mugreevskoye.  He can be reached at:

         S. A. Akimov
         Dekabristov Str. 17-16
         Kineshma
         Ivanovo
         Russia

The Court commenced competitive proceedings on the company on
Oct. 17.

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Peat Enterprise Mugreevskoye
         Soviet Str. 9
         Mugreevskij Raion Township
         Yuzhskij Raion
         Ivanovo
         Russia


NOVOSIBIRSKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008
---------------------------------------------------------------
Creditors of OJSC Printing&Publishing Integrated Plant
Novosibirskij have until Jan. 10, 2008, to submit proofs of
claim to:

         E. L. Kustov
         Competitive proceedings manager
         Ordzhonikidze Str. 43
         630099 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 17.  The case is docketed under Case No. ?45-6597/07-44/52.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         OJSC Printing&Publishing Integrated Plant Novosibirskij
         Krasny Prospect 22
         630007 Novosibirsk
         Russia


SKB BANK: Fitch Assigns B- IDR on Vulnerable Liquidity
------------------------------------------------------
Fitch Ratings assigned SKB-Bank ratings of Long-term Issuer
Default 'B-' with a Stable Outlook, Short-term IDR 'B',
Individual 'D/E', Support '5' and Support Rating Floor 'No
Floor'.

The ratings of SKB reflect its relatively small size, high
concentration and fast growth of its loan portfolio and
potentially vulnerable liquidity position.  The ratings also
take into consideration the bank's regional franchise, good
earnings performance, sound asset quality to date and improved
corporate governance.

Upside potential for the ratings would be possible if the bank
diversifies its loan portfolio and funding structure, improves
its liquidity position and strengthens its franchise while
maintaining satisfactory asset quality.  Significant credit
losses, a notable decline in profitability, deterioration of its
liquidity position or decrease in capital adequacy would exert
downward pressure on the ratings.

SKB is a Yekaterinburg-based bank, with a fast growing franchise
in the Urals. At end of first half of 2007, the bank was ranked
sixth among regional banks of the Ural Federal District and 80th
among all Russian banks.  SKB's strategy primarily focuses on
the regional expansion and development of SME and retail
lending.  SKB is controlled by Mr. Dmitry Pumpyansky, beneficial
owner of the pipe company TMK and Sinara Group.  EBRD holds a
26% stake in SKB.


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


GALICIA EMPRESAS I: Fitch Junks EUR24.3 Million Class E2 Notes
--------------------------------------------------------------
Fitch Ratings has assigned AyT Caixa Galicia Empresas I Fondo de
Titulizacion de Activos's notes totalling EUR904.2 million due
in January 2045:

   -- EUR781.7 million Class A: 'AAA'
   -- EUR41.6 million Class B: 'AA-'
   -- EUR27.1 million Class C: 'BBB'
   -- EUR24.5 million Class D: 'BB-'
   -- EUR5 million Class E1: 'C'
   -- EUR24.3 million Class E2: 'C'

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

The ratings address payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger for the Class B, C and D notes, as well as the
repayment of principal by legal maturity.

This transaction is a cash flow securitization of a
EUR874.9 million static pool of secured and unsecured loans
granted by Caja de Ahorros de Galicia (rated 'A+'/'F1'/Outlook
Stable), a Spanish savings bank, to small- and medium-sized
Spanish enterprises with the purpose of financing business
activity.

This is the first SME loan securitization transaction to be
brought to the market by Caixa Galicia.  Some 69% of the
collateral is concentrated in Galicia, the bank's home region.
The pool being securitized, which consists of a portfolio of
more than 13,000 loans, is well diversified in terms of obligor
and industry concentration.

The issuer will be legally represented and managed by Ahorro y
Titulizacion, Sociedad Gestora de Fondos de Titulizacion S.A., a
special-purpose management company with limited liability
incorporated under the laws of Spain.


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


ALLARTICON JSC: Creditors' Liquidation Claims Due by November 22
----------------------------------------------------------------
Creditors of JSC AllArticon have until Nov. 22 to submit their
claims to:

         R.F. Fleischmann
         Liquidator
         Teufenerstrasse 12
         Postfach 15
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC AllArticon
         St. Gallen
         Switzerland


BALMA REINIGUNG: Lucerne Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Lucerne entered Sept. 25 an order
closing the bankruptcy proceedings of JSC Balma Reinigung.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6004 Lucerne
         Switzerland

The Debtor can be reached at:

         JSC Balma Reinigung
         Bergstrasse 2
         6004 Lucerne
         Switzerland


FLONTEX JSC: Creditors' Liquidation Claims Due by November 22
-------------------------------------------------------------
Creditors of JSC Flontex have until Nov. 22 to submit their
claims to:

         Alfred Fehr
         Liquidator
         Hallauerweg 10
         8247 Flurlingen
         Andelfingen ZH
         Switzerland

The Debtor can be reached at:

         JSC Flontex
         Schaffhausen
         Switzerland


HEINZ PULVER: Creditors' Liquidation Claims Due by November 30
--------------------------------------------------------------
Creditors of JSC Heinz Pulver have until Nov. 30 to submit their
claims to:

         Heinz Rudolf Pulver
         Holzackerstrasse 8a
         3123 Belp
         Seftigen BE
         Switzerland

The Debtor can be reached at:

         JSC Heinz Pulver
         Bern
         Switzerland


INSTITUT FUR: Creditors' Liquidation Claims Due by November 30
--------------------------------------------------------------
Creditors of JSC Institut fur Traditionelle Chinesische Medizin
have until Nov. 30 to submit their claims to:

         JSC Institut fur Traditionelle Chinesische Medizin
         Attn: Urs P. Pretot
         Klosterberg 11
         4051 Basel
         Switzerland


PAN PUBLICA: Creditors' Liquidation Claims Due by November 26
-------------------------------------------------------------
Creditors of JSC Pan Publica have until Nov. 26 to submit their
claims to:

         Hans Egli
         Liquidator
         Rosenweg 2
         6033 Buchrain LU
         Switzerland

The Debtor can be reached at:

         JSC Pan Publica
         Zug
         Switzerland


SP.ACES JSC: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC SP.ACES on Sept. 11.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC SP.ACES
         Albisstrasse 15
         6340 Baar ZG
         Switzerland


TECHNITRON ELEKTRIK: Creditors Must File Claims by November 22
--------------------------------------------------------------
Creditors of JSC Technitron Elektrik have until Nov. 22 to
submit their claims to:

         Kurt Stoller
         Liquidator
         Friedrichshafnerstrasse
         8590 Romanshorn
         Arbon TG
         Switzerland

The Debtor can be reached at:

         JSC Technitron Elektrik
         Romanshorn
         Arbon TG
         Switzerland


VERSUSCHIRICO LLC: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Versuschirico on Oct. 5.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Versuschirico
         Hinterbergstrasse 47
         6312 Steinhausen ZG
         Switzerland


WIDMER DOMINIC: St. Gallen Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Oct. 11 an order
closing the bankruptcy proceedings of LLC Widmer Dominic Bike &
Car Tuning.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of Canton St. Gallen
         Main Residence
         Addolorata Tazza
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC Widmer Dominic Bike & Car Tuning
         Wilerstrasse 90
         9200 Gossau SG
         Switzerland


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


BM USBUILDINGASSEMBLY: Creditors Must File Claims by November 23
----------------------------------------------------------------
Creditors of LLC BM Usbuildingassembly (code EDRPOU 34602368)
have until Nov. 23 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/454-b.

The Debtor can be reached at:

         LLC BM Usbuildingassembly
         Academic Zabolotny Str. 16
         03187 Kiev
         Ukraine


CREATIVE GAMES: Creditors Must File Claims by November 23
---------------------------------------------------------
Creditors of LLC Creative Games (code EDRPOU 34600973) have
until Nov. 23 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/453-b.

The Debtor can be reached at:

         LLC Creative Games
         40 years of Oct. Avenue 21
         03039 Kiev
         Ukraine


HERSON COMBINES: Claims Filing Bar Date Set November 23
-------------------------------------------------------
Creditors of OJSC Herson Combines (code EDRPOU 05780362) have
until Nov. 23 to submit their proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
12/129-B-07.

The Debtor can be reached at:

         OJSC Herson Combines
         Tiraspol Str. 1
         73000 Herson
         Ukraine

SMILE-INTRO LLC: Creditors Must File Claims by November 23
----------------------------------------------------------
Creditors of LLC Smile-Intro (code EDRPOU 34764028) have until
Nov. 23 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/455-b.

The Debtor can be reached at:

         LLC Smile-Intro
         Egin Potier Str. 14-A
         03057 Kiev
         Ukraine



TECHNICS LLC: Creditors Must File Claims by November 23
-------------------------------------------------------
Creditors of LLC Kharkov Agricultural Technics (code EDRPOU
32796922) have until Nov. 23 to submit their proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-50/174-07.

The Debtor can be reached at:

         LLC Kharkov Agricultural Technics
         Dergachi
         Lozovskaya Str. 96
         62300 Kharkov
         Ukraine


UPPK LLC: Claims Filing Bar Date Set November 23
------------------------------------------------
Creditors of LLC UPPK (code EDRPOU 32562926) have until Nov. 23
to submit their proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B-50/197-07.

The Debtor can be reached at:

         LLC UPPK
         Vishnevaya Str. 25
         Kharkov
         Ukraine


YUGA LLC: Creditors Must File Claims by November 23
---------------------------------------------------
Creditors of LLC Yuga (code EDRPOU 22736144) have until Nov. 23
to submit their proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/152-B-07.

The Debtor can be reached at:

         LLC Yuga
         Komunarov Str. 23
         Herson
         Ukraine


* S&P Assigns BB- Ratings to Ukraine's US$700 Mln Benchmark Bond
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to the US$700 million bond maturing in
2017 and issued by Ukraine (foreign currency BB-/Negative/B,
local currency BB/Negative/B).

At the same time, S&P assigned a recovery rating of '4',
indicating its expectation of an average recovery (30%-50%) in
the event of a payment default.

"The 'BB-' rating on Ukraine's bond reflects a blend of default
and recovery prospects," said Standard & Poor's credit analyst
Frank Gill.  "According to our criteria, foreign currency bonds
of speculative-grade issuers with a '4' recovery rating are
rated on par with the issuer credit rating; the rating on
Ukraine's upcoming bond therefore matches the 'BB-' foreign
currency sovereign credit rating."

The proceeds from the issue will go toward current budgetary
funding, partly to replace lower-than-anticipated privatization
receipts.

"The ratings on Ukraine are supported by the country's low
general government debt, and by its recent strong record in
attracting foreign direct investment," said Mr. Gill.
"Offsetting these strengths are Ukraine's weak political
institutions, aggressive private sector leveraging, exposure to
commodity prices, and high contingent liabilities."

No incidents marred the September 2007 parliamentary elections,
but the constitutional dispute between the president and
parliament is still unresolved.  Free and fair elections, though
welcome, do not guarantee the next government's longevity.

The new coalition, like its predecessors, will govern with only
a narrow parliamentary majority, and will face a strong and
well-financed opposition.  Despite this, the government must
enforce budgetary discipline and commit to privatization and the
implementation of critical structural reforms.  In addition, an
overhaul of banking supervision is long overdue.

The negative outlook reflects rapid external leveraging by
Ukraine's private sector, during a period of relatively high
short-term capital outflows.  Roughly one-third of domestic
credit growth is financed by increases in financial sector
external borrowing.

Given Ukraine's high vulnerability to commodity prices, we are
concerned by the ongoing deterioration in the country's
nonmetals trade deficit.  Were capital outflows to accelerate
following renewed political uncertainty, or a worsening of the
global financial environment, Ukraine's external liquidity
indicators could deteriorate significantly and the ratings could
be lowered.

Conversely, we would view positively efforts to enact credible
measures to improve domestic bank risk management and to control
foreign and foreign exchange-linked borrowing.  The sovereign
ratings would also benefit from a more-prudent approach to
current expenditure budgeting and a lasting resolution to the
dispute between the president and the government.  Such an
accord could lead to an increase in the average life-span of
coalition governments and therefore de-link policymaking from
the electoral cycle.


* Fitch Assigns BB- Ratings to Ukraine's US$700 Million Loan
------------------------------------------------------------
Fitch Ratings assigned a 'BB-' rating to Ukraine's forthcoming
10-year, US$0.7 billion Eurobond, which has a coupon of 6.75%.
The rating is in line with Ukraine's Foreign Currency Issuer
Default Rating, which has a Positive Outlook.

A solid macroeconomic performance is exerting upward pressure on
Ukraine's ratings.  The Ukrainian economy grew 7.3% in the first
nine months of 2007 year-on-year, up from 7.1% growth in 2006.
Sustained growth has taken average incomes to a projected 91% of
the 'BB' range median in 2007, from 45% in 2000.  Rising
incomes, fast-growing bank credit and capital inflows are
fueling consumption and investment, while high steel prices
helped exports grow 30% in the first nine months of 2007, year-
on-year.

Fitch expects a moderate current account deficit of 3.5% in
2007, up from 1.5% of GDP in 2006, with domestic demand driving
import growth of 34% year-on-year in the first nine months of
2007.  The strength of capital inflows saw reserves rise to
US$30.7 billion by end-September 2007, up 37% on end-2006,
underpinning the viability of the UAH's peg to the US$ at 5.05.
Public finances are strong, with general government debt of 15%
at end-2006 well below the 'BB' range median of 39%.  Fitch
projects a fiscal deficit of 2.8% of GDP for 2007, with the
ratio of government debt to GDP falling further to 13%.  The
sovereign was a net public external creditor to the tune of 8%
of GDP at end-2006, and Fitch projects this ratio will reach 12%
by end-2007.

Consumer price inflation hit 14.4% in the year to September
2007.  The summer drought (food prices rose 16%) and sharply-
rising prices for imported gas (utilities prices were up 29%)
seem to be driving the price acceleration, mitigating concerns
as these factors should fade away, although persistent high
inflation could eventually threaten Ukraine's macroeconomic
stability.  The authorities' tools for combating price pressures
are limited by the commitment to the UAH's peg.  Booming bank
credit growth (76% in the year to June 2007) and fast-rising
bank external debt throw the spotlight on weaknesses in the
financial system, which continues to weigh on the ratings.

Ukraine's ratings are constrained by political risk.  However,
if as Fitch expects the recent parliamentary elections lead to
an "Orange" coalition government, this would mark a second
successive handover of power between the country's main
political groupings following broadly fair and peaceful
elections.  The potential remains for a breakdown in
negotiations among key actors to lead to political instability,
but this is not Fitch's expectation.

"The strength of investment, capital inflows and growth, despite
ongoing political uncertainty, is encouraging and suggests
political risk may be diminishing as a threat to sovereign
creditworthiness," says Andrew Colquhoun, Director in Fitch's
Sovereigns Group.


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


ADAPT RECRUITMENT: Claims Filing Period Ends December 20
--------------------------------------------------------
Creditors of Adapt Recruitment Solutions (Southern) Ltd. (t/a
Christopher Martin Recruitment) have until Dec. 20 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and names and addresses of
their solicitors (if any) to:

         Nigel Ian Fox
         Joint Liquidator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed joint liquidators of the company on Nov. 2 for the
creditors' voluntary winding-up proceeding.


ADVANCED MKTG: U.S. Court Confirms Chapter 11 Liquidation Plan
--------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware confirmed on November 15, 2007, the
Amended Plan of Liquidation jointly filed by Advanced Marketing
Services, Inc., and its debtor-affiliates and the Official
Committee of Unsecured Creditors, moving the company one step
closer to emergence from bankruptcy.

The Plan Proponents filed their Third Amended Joint Plan of
Liquidation on November 13 to provide, among other things, that:

  (a) the initial Plan Administrator, and each successor Plan
      Administrator, will serve until the earlier of (i) the
      later to occur of the entry of a Final Decree, the
      dissolution of Reorganized AMS, as defined in the Plan,
      and the payment of final distributions to unsecured
      creditors, or (ii) the expiration of the term of the Plan
      Administrator's employment agreement or resignation,
      death, incapacity, removal or termination; and

  (b) in connection with the merger, Reorganized AMS'
      certificate of incorporation will be revised to include a
      provision prohibiting the issuance of any non-voting
      equity securities, and will otherwise comply with
      Sections 1123(a)(6) and (7).

A blacklined copy of the Third Amended Plan is available for
free at http://bankrupt.com/misc/Blacklinever3rdAmendedPlan.pdf

Judge Sontchi found that the Plan modifications (i) do not
adversely affect the treatment of any Claims against or
Interests in the Debtors under the Plan, and (ii) comply with
Section 1127 of the Bankruptcy Code and Rule 3019 of the Federal
Rules of Bankruptcy Procedure.

Subject to the restrictions on Plan modifications under Section
1127, the Plan Proponents reserve the right to alter or amend
the Plan before its substantial consummation.

               Plan Complies With Section 1129(a)

During the Confirmation Hearing, Judge Sontchi determined that
the Third Amended Plan satisfies all of the requirements for
Plan confirmation.

In accordance with the supporting declaration filed by Advanced
Marketing Services CFO and CEO Curtis R. Smith on November 13,
Judge Sontchi specifically finds that:

  (1) The Plan meets the requirements under Sections 1129(a)(1)
      and (a)(2) and complies with all applicable provisions of
      Sections 1122 and 1123, as well as the Bankruptcy Rules.

  (2) The Plan Proponents and their agents have solicited votes
      on the Plan in good faith and in compliance with the
      applicable provisions of the Bankruptcy Code and are
      entitled to the protections afforded by Section 1129(a)(2)
      of the Bankruptcy Code.

  (3) The Plan Proponents have proposed the Plan in good faith
      and not by any means forbidden by law.  The Debtors'
      officers and directors have acted in good faith in the
      negotiation and formulation of the Plan, thus satisfying
      Section 1129(a)(3).

  (4) The Plan provides that Professional Fee Claims will be
      entitled to payment only if and to the extent they are
      approved by the Court.  It also provides that all other
      Administrative Claims will be entitled to payment only if
      they are Allowed Claims.  Accordingly, the Plan satisfies
      Section 1129(a)(4).

  (5) The powers granted to Mr. Smith as Plan Administrator are
      consistent with applicable state law and the Bankruptcy
      Code provisions concerning liquidation proceedings, as
      well as in the interests of holders of claims and
      interests and with public policy.

  (6) The transactions contemplated by the Plan do not involve
      any rates established or subject to any governmental
      regulatory commission, hence, Section 1129(a)(6) is
      inapplicable.

  (7) The Plan satisfies Section 1129(a)(7) because each Holder
      of a Claim or Interest either has accepted the Plan or
      will receive property of a value that is not less than the
      amount that the holder would receive pursuant to a
      liquidation of the Debtors under Chapter 7.

  (8) The Plan satisfies Section 1129(a)(8) because Classes 1,
      2, 6, 7, 10 and 11 are not Impaired by the Plan and are
      conclusively presumed to have voted to accept the Plan.
      Classes 4 and 5 will not retain any value or receive and
      distribution under the Plan and are deemed to have
      rejected the Plan pursuant to Section 1126(g).  Classes 3,
      8, 9, 12 and 13 are Impaired and are entitled to vote.  As
      attested to in the Tabulation Certification, Classes
      3,8,9, 12 and 13 have voted to accept the Plan.

  (9) Treatment of Administrative and Tax Claims under the Plan
      satisfies the requirements of Section 1129(a)(9).

(10) As attested to in the tabulation certification, more than
      a majority in number and two-thirds in dollar amount of
      non-insider Creditors in Class 3 and Class 12 have voted
      to accept the Plan, thus satisfying Section 1129(a)(1O).

(11) The Debtors have sufficient Assets, and the Plan provides
      adequate means with which, to satisfy all claims under the
      Plan.  In addition, confirmation is not likely to be
      followed by the need for further financial reorganization,
      hence, Section 1129(a)(11) has been satisfied.

(12) The Plan provides that, on or before the Effective Date,
      all fees due and payable will be paid in full, thus
      satisfying Section 1129(a)(12).

(13) The Debtors are not obligated to pay "retiree benefits"
      as defined in Section 1114.  Accordingly, Section
      1129(a)(13) is inapplicable.

In addition, Judge Sontchi finds that the statutes under Section
1129(a)(14)and (15) apply only to individual debtors and, thus,
are inapplicable to Plan confirmation.  Also, the requirements
of Section 1129(a)(16) are not applicable to Plan confirmation
because the Debtors are not non-profit entities or trusts.

Moreover, in compliance with Section 1129(b), Judge Sontchi
finds that the Plan does not "discriminate unfairly" and is fair
and equitable with respect to each Imp[aired class of Claims or
Interests that have not voted to accept the Plan.

Judge Sontchi states that the requirements of Section 1129(d)
are satisfied because the principal purpose of the Plan is not
the voidance of taxes.

Judge Sontchi further determines that the provisions of the Plan
constitute a good faith compromise and settlement of all claims
or controversies relating to the rights that a Holder of a Claim
or Interest may have with respect to any Allowed Claim or
Allowed Interest or any distribution to be made.

             Plan Confirmation Objections Resolved

Judge Sontchi ruled that all Plan confirmation objections and
reservation of rights that have not been resolved, withdrawn or
rendered moot are overruled.

Objections to Plan confirmation were previously filed by (i)
Leigh Robinson, doing business as ExPress; Paul Joannides, doing
business as Goofy Foot Press; and Daniel Poynter, doing business
as Para Publishing, and (ii) Jefferies & Co., Inc.

Pursuant to a stipulation at the Confirmation Hearing, the Plan
Proponents and the Objecting Parties to the Plan confirmation
agreed to resolve Jefferies & Co.'s objection by modifying the
language in the exculpation set forth in the Plan.

The Plan Proponents agreed that the undisputed amounts of the
scheduled claims of Express, et al., are allowed and will be
paid on the Effective Date in these amounts:

  -- with respect to the undisputed amount of the scheduled
     claim of Express, US$37,471 plus interest, accruing at the
     federal judgment rate as of the Petition Date, 4.99% from
     the Petition Date through and including the Effective Date;

  -- with respect to the undisputed amount of the scheduled
     claim of Goofy Foot Press, US$48,257 plus interest, from
     the Petition Date to the Effective Date; and

  -- with respect to the undisputed amount of the para
     Publishing's scheduled claim, US$15,927 plus interest
     accruing at the Federal Judgment Rate.

The Plan Proponents and Express, et al., further agreed that the
rights of all parties are reserved with respect to any disputed
amounts of the scheduled claims.  The also agreed to establish a
reserve account of US$50,000 to fund the payment of any
additional Allowed Claims of Express, et al.  Filing of
objections to Goofy Foot Press' claims will be January 31, 2008.

                 Dissolution of Reorganized AMS

Upon the filing of a Certificate of Dissolution with the Office
of the Secretary of Delaware, Reorganized AMS will be deemed
dissolved for all purposes without the necessity for any other
actions.

On the Effective Date, the Assets of the Debtors will
automatically vest in Reorganized AMS, free and clear of al
claims, liens, charges, interests or other encumbrances, except
as provided in the Plan.

in addition, on the Effective Date, the Deffered Compensation
Plan will terminate without further corporate action.  Pursuant
to the Plan and in accordance with the provisions of a July 2003
Trust Agreement among AMS, Publishers Group West, Inc., and
Union Bank of California, N.A., the Deferred Compensation Trust
will terminate, and the trustee will pay all case and any other
assets held in respect of the Deffered Compensation plan to
Reorganized AMS.

According to Judge Sontchi, the Cash and Assets held in the
deferred Compensation Trust will be transferred to Reorganized
AMS and will become property of the AMS Estate available for
distribution to Holders of Allowed Unsecured Claims against AMS.
Individuals who contributed to the Deferred Compensation Plan
will be treated as Holders of Unsecured Claims against AMS.

            Creation of Post-Confirmation Committee

Subject to the terms of the Plan, the Creditors Committee will
dissolve automatically on the Plan Effective Date, and its
members will be deemed relieved of all of their prospective
duties and obligations in connection with the Chapter 11 cases
or the Plan and its implementation.  In addition, on the
Effective Date, the Creditors Committee will be reconstituted as
the Post-Confirmation Committee, with these members:

  * Random House, Inc.,
  * Hachette Book Group USA, Inc.,
  * Harper Collins Publishers,
  * Penguin Group, and
  * Workman Publishing Co.

The bylaws and and the fiduciary duties adopted by the Creditors
Committee prior to the Effective Date will apply to the Post-
Confirmation Committee.  Also, the new committee will have the
right to terminate the Plan Administrator with or without cause
and to then appoint a successor Plan Administrator.

            Filing of Admin. & Professional Fee Claims

Judge Sontchi directed that requests for Administrative Claims
arising on or after May 1, 2007, through the Effective Date must
be filed and served on the Plan Administrator no later than 30
days after the Effective Date.  Requests for Professional Fee
Claims must be filed no later than 45 days after the Effective
Date.

If a claim arises from the rejection of any executory contract
or unexpired lease, that Claim will be forever barred and will
not be enforceable against the Debtors or the Estates unless a
proof of claim is filed with the Court within 30 days after the
entry of the Confirmation Order.

                 Texas Taxing Authorities Claims

The Plan Proponents agreed that these Claims are allowed and
will be paid on the Effective Date:

  -- claim filed by the Lewisville independent School District
     in the amount of US$61,011, plus interest of US$6,711 for
     an aggregate total of US$67,722;

  -- claim filed by the County of Denton for US$8,628, plus
     interest of US$949, for an aggregate total of US$9,577; and

  -- claim filed by the city of Carrollton for US$23,322, plus
     interest in the amount of US$2,565, for an aggregate total
     of US$25,888.

However, the Claims filed by the county of Denton and the city
of Carrollton for postpetition taxes will be withdrawn.  If the
Texas Taxing Authorities Claims are not paid in full by Dec. 15,
2007, interest will accrue from and after the said date at the
statutory rate of 12%.

                Rejection of Executory Contracts

Under the Confirmation Order, each of the executory contracts or
unexpired lease pursuant to Section 365 is rejected by the
applicable Debtor, unless the Contract was previously assumed or
rejected by the Debtors by Court order; was identified on the
assumption schedule; is the subject of a request to assume
pending on or before the Plan Effective Date; or is otherwise
assumed pursuant to the terms of the Plan.

Based in San Diego, Calif., Advanced Marketing Services, Inc. --
http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  In schedules filed with the Court,
Advanced Marketing disclosed total assets of US$213,384,791 and
total debts of US$216,608,357.  Publishers Group West disclosed
total assets of US$39,699,451 and total debts of US$83,272,493.
Publishers Group Inc. disclosed zero assets but US$41,514,348 in
liabilities.

On Aug. 24, 2007, the Debtors' exclusive period to file a
chapter 11 plan expired.  On the same date, the Debtors and
Creditors Committee filed a Plan & Disclosure Statement.  On
September 26, the Court approved the adequacy of the Disclosure
Statement explaining the Second Amended Plan.  The hearing to
consider confirmation of the Plan is set on Nov. 15, 2007.
(Advanced Marketing Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


ATOMIC MK: Taps Ernst & Young as Administrators
-----------------------------------------------
Ian Best and Chris Marsden of Ernst & Young LLP were appointed
joint administrators of Atomic MK Ltd. (Company Number 04297104)
on Oct. 25.

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.

The company can be reached at:

         Atomic MK Ltd.
         66 Wigmore Street
         City of Westminster
         London
         W1U 2SB
         England


AVAYA INC: Moody's Places Corporate Family Rating at B2
-------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
to newly private Avaya, Inc., as well as Ba3 ratings to its new
senior secured US$200 million revolver and US$3.8 billion term
loan.  The company was acquired by TPG Capital LLC and Silver
Lake Partners on October 26, 2007 for US$8.3 billion.  Moody's
also withdrew the company's previous Ba3 corporate family rating
and shelf ratings which were placed under review for downgrade
after the company announced the going private transactions.  The
outlook is stable.

These ratings have been assigned:

   * Corporate family rating, B2

   * Probability of default, B2

   * US$200 million Senior Secured Revolving Credit Facility,
     Ba3, LGD2 (28%)

   * US$3,800 million Senior Secured Term Loan, Ba3, LGD2 (28%)

These ratings will be withdrawn:

   * Shelf registration for senior unsecured debt (P)B1
   * Shelf registration for preferred stock (P)B3

The capital structure includes the above rated debt as well as
an unrated, undrawn US$335 million senior secured multi currency
asset-based revolving credit facility and an unrated US$1.45
billion senior unsecured bridge facility consisting of a US$700
million senior unsecured cash-pay bridge loan and a US$750
million senior unsecured PIK-toggle bridge loan.  In addition to
the debt financing, the capital structure includes approximately
US$2.4 billion in equity from the private equity sponsors.

The above debt instrument ratings were determined using Moody's
Loss Given Default Methodology.  The ratings could be affected
if the capital structure changes.

The B2 corporate family rating reflects the significant leverage
being used to finance the buyout offset by the company's
industry leading position within the enterprise telephony market
and favorable replacement trends facing the industry.  Closing
leverage is estimated to be approximately 7x funded debt to
EBITDA (on a Moody's adjusted basis which includes approximately
US$1 billion of unfunded pension obligations).  Despite the
strong cash generating capabilities of the underlying business,
the debt service, pension service and capital requirements of
the business leave minimal cash in the next few years to pay
down debt and little cushion in the event of a downturn.
Leverage and cash flow coverage at these levels are suggestive
of a B3 rating, but the strength of the company's business and
major cost cutting initiatives are positive factors that offset
the company's high leverage.  However, the rating remains weakly
positioned at the low end of the B2 rating category.  Avaya is a
leader in the global enterprise telephony industry and holds the
largest market share in numerous sub-segments.  The industry is
going through a significant upgrade cycle as customers replace
or migrate their traditional TDM phone systems to next
generation internet protocol systems.

The company has one of the largest installed bases of corporate
phone systems in the world.  Incumbency is a key ratings driver
as customers tend to be "sticky" and generate a recurring
revenue stream from multi-year maintenance contracts, upgrades,
replacements and expansions once a system has been put in place.
The company is also a leader in sales of IP based enterprise
telephony systems.  While Cisco initially dominated the IP
enterprise phone market, Avaya has made significant strides and
in numerous segments has surpassed Cisco.

The stable outlook reflects the view that the company will
continue to benefit from the general growth in IP telephony
upgrades, maintain or grow their market share and realize on
their cost cutting initiatives.  The ratings could be negatively
impacted by a significant slow down in enterprise telephony
spending, loss of market share or challenges in implementing the
planned cost reductions or reducing leverage.  Moody's does not
anticipate an upgrade in the near term given the high debt
levels.

Avaya Inc., based in Basking Ridge, New Jersey, is a leading
worldwide supplier of communications systems and software for
enterprise customers.  The company had revenues of approximately
US$5.3 billion for fiscal 2007.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.


BRITISH ENERGY: Earns GBP243 Mln in Six Months Ended Sept. 30
-------------------------------------------------------------
British Energy Group plc released unaudited financial results
for the six months ended Sept. 30, 2007.

The Group reported a net profit of GBP243 million on revenue of
GBP1.39 billion for the six months ended Sept. 30, 2007,
compared with a net profit of GBP189 million on revenue of
GBP1.36 billion for the six months ended Oct. 31, 2006.

At Sept. 30, 2007, the Group's consolidated balance sheet showed
GBP12.3 billion in total assets, GBP7.1 billion in total
liabilities and GBP5.2 billion in total shareholders' equity.

                           Key Points

    * while the level of small unplanned losses incurred during
      the period shows significant improvement from prior
      periods, nuclear output has been adversely impacted by
      previously reported boiler inspection outages and load
      restrictions at Hinkley Point B and Hunterston B.  In
      addition, the remainder of the financial year will be
      significantly impacted by the boiler closure unit (BCU)
      issue at Hartlepool and Heysham 1.

      IFRS net profit for the period attributable to
      shareholders GBP243 million (comparable period: GBP189
      million), basic earnings per share 28.2p (comparable
      period: 33.2p); includes Cash Sweep Payment credit GBP134
      million (comparable period: GBPnil) and amortization of
      conversion asset GBP70 million (comparable period:
      GBPnil).

    * total output for the period was 30.7TWh (nuclear 27.8TWh,
      coal 2.9TWh), down from 31.9TWh for the comparable period
     (nuclear 29.0TWh, coal 2.9TWh), due to boiler issues at
      Hinkley Point B and Hunterston B.  Output stated after
      total non-routine nuclear losses of 8.3TWh (being
      unplanned losses of 3.3TWh attributable to operations at
      Hinkley Point B and Hunterston B, losses of 1.6TWh
      attributable to other stations and 3.4TWh losses at
      Hinkley Point B and Hunterston B that were planned at the
      start of the year) compared to 6.3TWh losses in the
      comparable period.

    * the four units at Hartlepool and Heysham 1 remain out of
      service, following identification of a legacy wire winding
      issue during inspection of the BCUs at Hartlepool Reactor
      1.  A failed wire has also been identified at Heysham 1
      Reactor 1.  Inspection of the two remaining reactors is in
      progress.  A timetable and agreed program of work for
      return to service can only be formed when inspections and
      a full assessment have been completed.  Action taken to
      manage the contract book position has progressed well.

    * as disclosed in the first quarter 2007/08 results, the
      four units at Hinkley Point B and Hunterston B are
      currently operating in a range around 60% load.  Further
      boiler balancing work will be directed at delivering
      approximately 70% load, in a phased process during planned
      outages over the next financial year.  A decision on life
      extension will be made by March 31, 2008, at the latest.

    * Adjusted EBITDA increased in the period to GBP511 million,
      reflecting higher realized prices, offsetting higher unit
      operating cost.

         -- Realized price was GBP38.4/MWh for the period, up
            GBP2.7/MWh (8%) from the comparable period.   As at
            Nov. 9,2007, fixed price contracts in place for
            60TWh for the financial year 2007/08 at an average
            contract price of GBP41/MWh (including the impact of
            5TWh of contracts, capped at around GBP31/MWh).

         -- Unit operating cost increased to GBP25.9/MWh for the
            period from GBP24.0/MWh in the comparable period,
            partially reflecting reduced output.  Other cost
            increases in line with previous guidance for the
            full year.  Operating margin increased to
            GBP12.5/MWh from GBP11.7/MWh in the comparable
            period.

    * investment in plant projects, major repairs and strategic
      spares was GBP124 million for the period, down from GBP138
      million in the comparable period.  The Group expects to
      continue to invest  toward the higher end of the range
      GBP250 million to GBP300 million in  financial year
      2007/08, excluding incremental expenditure on BCU
      inspections and assessment, currently expected to be
      around GBP20 million.

    * total output for the current financial year to Nov. 4,
      2007 was 36.4TWh (32.3TWh nuclear, 4.1TWh coal), after
      total non-routine nuclear losses of 10.7TWh (being
      unplanned losses of 3.7TWh attributable to operations at
      Hinkley Point B and Hunterston B, losses of 3.0TWh
      attributable to other stations and 4.1TWh losses at
      Hinkley Point B and Hunterston B that were planned at the
      start of the year).

    * as at Nov. 9, 2007, fixed price contracts in place for
      approximately 40TWh for the financial year 2008/09 at an
      average price of GBP42/ MWh excluding the impact of capped
      price contracts at around GBP32/MWh.  The capped contracts
      are for delivery of approximately 5TWh per annum up to
      March 2011.

    * as at Nov. 9, 2007, the Group had approximately 104TWh of
      zero/capped collateral trades that will deliver over the
      period to March 2013 at fixed prices (excluding power
      already delivered under these contracts), up from 62TWh at
      Nov. 12, 2006.

    * the Board intends to consider an additional dividend from
      available cash in February 2008 at the time of the third
      quarter results announcement.  In light of current
      operating difficulties, the Board expects to pay
      particular attention to recent performance history and any
      liquidity issues in determining the amount of any
      additional dividend.

    * the public consultation on the future of nuclear power in
      the U.K. closed on Oct. 10, 2007, which should enable the
      Government to take a decision on new nuclear build around
      the end of the calendar year.  The Group expects to
      provide a  further update on its partnering discussions
      before the end of the financial year.

The NLF Cash Sweep percentage was 35.2% as at Sept. 30, 2007,
down from 64.0% at March 31, 2007 principally as a result of the
partial conversion into equity by the NLF of its cash sweep
entitlement in June 2007.  This transaction resulted in the
issue and sale of 450 million ordinary shares and resulted in an
increase in share capital and share premium of GBP45 million and
GBP2,295 million respectively and a conversion asset of GBP2,340
million.  The conversion asset is being amortized over the
accounting lives of the stations, accordingly an amortization
charge of GBP70 million has been recorded in the results for the
period.  On Oct. 22, 2007 the Court of Session, Edinburgh
approved a reduction of GBP2,295 million in British Energy Group
plc's share premium reserve, thereby increasing the level of
distributable reserves available by GBP2,295 million.

The NLF agreed to waive a portion of the Cash Sweep Payment in
respect of the financial year 2006/07 to maintain economic
parity between the NLF and shareholders, reducing the amount
payable from GBP305 million to GBP171 million and resulting in
an income statement credit of GBP134 million being recognized
this period.  Accordingly, a Cash Sweep Payment of GBP171
million was made to the NLF in July 2007.  In line with its
accounting policy, no accrual has been made as at Sept. 30, 2007
for any NLF Cash Sweep Payment in respect of the financial year
2007/08.

Bill Coley, CEO of British Energy, said: "The first half of the
year has shown many operating metrics across the entire fleet at
'best ever' recorded levels.  That is a tribute to the
operational focus of our employees and the investments made in
improving the materiel condition of our plant."

"It is unfortunate that the output in the second half will be
impacted by the BCU issue at Hartlepool and Heysham 1, which
stems from the original design and construction of the stations.
The team is in place to deal with this issue.

"We look forward to the outcome of the Government's nuclear
consultation and the opportunity for British Energy to grow
shareholder value.  Sizewell B, which is representative of
designs that will be built across the industry, continues to
perform on par with any PWR in the world."

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- produces electricity in the
United Kingdom.

                        *     *     *

As reported in the TCR-Europe on Oct. 26, 2007, Standard &
Poor's Ratings Services placed its 'BB+' long-term corporate
credit rating on U.K.-based nuclear generator British Energy
Group PLC and its subsidiary British Energy Holdings PLC
on CreditWatch with negative implications.

The 'BB' issue rating on BEH's GBP550 million senior unsecured
bonds was also placed on CreditWatch with negative implications.

In September 2007, Fitch Ratings has affirmed British Energy
Group plc's and British Energy Holdings plc's Long-term Issuer
Default Ratings at 'BB+'.  BEH's amortizing bonds are also
affirmed at 'BB'.  BEH's bonds are rated below the Long-term IDR
because, in the event of insolvency, the bonds rank behind
several other payments, including amounts owed to the Nuclear
Liabilities' Fund.  Fitch said the Outlooks for BEG's and BEH's
Long-term IDRs remain Stable.

As of July 26, 2007, British Energy Group plc carries a long-
term corporate family rating of B2 from Moody's with a stable
outlook.


CAMERON RICHARD: Taps Administrators from Vantis
------------------------------------------------
Robert Leonard Harry Knight and Mark Newman of Vantis Business
Recovery Services were appointed joint administrators of Cameron
Richard and Smith (Holdings) Ltd. (Company Number 02087047) on
Nov. 2.

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

The company can be reached at:

         Cameron Richard & Smith (Holdings) Ltd.
         Boundary House 7 17
         Jewry Street
         City of London
         London
         EC3N 2EX
         England
         Tel: 020 7488 4554
         Fax: 020 7481 1406
         E-mail: http://www.crsreins.com/


DIRECTION ENVIRONMENTAL: Joint Liquidators Take Over Operations
---------------------------------------------------------------
Stephen Robert Cork and Anthony Cliff Spicer of Smith &
Williamson Ltd. were appointed joint liquidators of Direction
Environmental Solutions Ltd. (formerly irection Air Conditioning
Ltd.) on Aug. 21 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England

The company can be reached at:

         Direction Environmental Solutions Ltd.
         c/o Smith & Williamson Ltd.
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


ENRON CORP: State Gets Go Signal to Seek Ex-Founder's Assets
------------------------------------------------------------
U.S. District Judge Ewing Werlein, on Nov. 14, 2007, ruled that
the government can proceed in its effort to seize around
US$13 million in assets from the estate of former Enron Corp.
CEO and founder Kenneth Lay, Kristen Hays of the Houston
Chronicle reports.

According to the Houston Chronicle, the amount includes:

    * US$2.5 million that Mr. Lay used to pay off a
      condominium's mortgage days after Enron filed for
      bankruptcy;

    * US$10 million that was controlled by a partnership named
      after Mr. Lay and his wife Linda; and

    * US$22,000 in a bank account.

Judge Werlein said that the prosecutors had given enough
allegations of criminal activity connected to the cash and
property in question in order to pursue its case, the report
adds.

As previously reported in the Troubled Company Reporter, on
May 25, 2006, the jury found Mr. Lay and his co-accused, former
Enron CEO Jeffrey Skilling guilty of conspiracy and securities
and wire fraud in the Enron fraud case.  Mr. Lay died of a heart
attack on July 5, 2006, while vacationing in Aspen, Colorado.

As reported in the Troubled Company Reporter on Nov. 20, 2006,
the Honorable Sim Lake of the U.S. District Court for the
Southern District of Texas vacated the conviction Mr. Lay,
ruling that his death before he could file an appeal practically
voided his conviction.  Judge Lake said that under existing
federal laws that were used as precedent ruling by the Fifth
Judicial District, a defendant's conviction could be dismissed
if the defendant dies before he or she could appeal the
conviction.  The 5th U.S. Circuit Court of Appeals affirmed the
ruling of Judge Lake.

According to the Houston Chronicle, the government had
originally planned to pursue the seizure of the assets based on
the convictions.  However, with the conviction vacated, the
government will once again have to prove his guilt at a civil
forfeiture trial.

The report adds that Samuel Buffone, Esq., counsel for Mrs. Lay,
said that they will continue to fight and are confident that the
court will determine that the government has no valid claims on
the assets.

With the ruling, the case can now proceed although no trial or
hearings have been set, the Houston Chronicle discloses.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.


FORD MOTOR: Names Tata, Mahindra & One Equity as Final Bidders
--------------------------------------------------------------
Ford Motor Company has narrowed the final bidders for its Jaguar
and Land Rover brands to three -- Indian carmaker Tata Motors,
rival Mahindra & Mahindra in collaboration with buyout firm
Apollo, and One Equity Partners, a buyout firm funded by U.S.
investment bank JP Morgan, Mathieu Robbins writes for Reuters,
quoting people familiar with the matter.

Tata, Mahindra & Mahindra and One Equity are each set to move on
to the third round of negotiations with Ford in line with their
efforts to acquire the two British marques, the report says.
The three bidders are now expected to begin talks with trade
unions and the U.K. government about saving jobs following
speculations that some of the bidders intend to shift production
from the U.K.

Buyout firms TPG, Terra Firma and Ripplewood were expected to
submit second-round bids but Ford decided to drop them from the
third-round shortlist, Reuters reveals.

                    Former Rover Head Eyes Jaguar

Wolfgang Reitzle, the former head of Rover, has partnered with
former Ford Motor Co. CEO Jacques Nassar in a bid to buy Ford's
Jaguar and Land Rover brands, Ben Harrington writes for the
Daily Telegraph.

According to the report, Mr. Reitzle has started working with
One Equity Partners in the final stages of the auction process
for the car brands.  If One Equity's bid for Jaguar and Land
Rover will be successful, Mr. Reitzle would take up a non-
executive role at the company, the Telegraph relates.

Unnamed industry sources told the Telegraph that Mr. Reitzle
could provide the right management and advice to Jaguar and Land
Rover.  Analysts estimated that the two brands could cost as
much as GBP1 billion between them.

Mr. Reitzle previously worked for Ford Motor's Premier
Automotive Group -- which includes Aston Martin, Jaguar,
Lincoln, Volvo and Land Rover -- as chairman and CEO before he
left for Linde AG in May 2002.

Ford began exploring the sale of the European brands in June as
part of a strategic global review, which also included the sale
of Aston Martin to a Kuwait-backed consortium in a GBP480
million-deal completed in March, Reuters relates.

The TCR-Europe reported on Sept. 18, 2007, that the sale of the
two luxury brands is expected to add about US$1.5 billion to
US$2 billion to Ford's coffers.  Ford is scrambling to beef up
its finances in order to fund a potential Voluntary Employment
Benefits Association, as well as its ongoing restructuring
plans.

                      About Ford Motor Co.

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

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


FORD MOTOR: Ratified UAW Pact Prompts Moody's to Hold Ratings
-------------------------------------------------------------
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.

Bruce Clark, senior vice president with Moody's said, "The key
elements of the Ford labor agreement are similar to those
contained in the contracts recently reached by the UAW with
General Motors and Chrysler.  Over the long term the new
contract will help to significantly reduce Ford's wage and
health care costs." Clark cautioned, however, that "Despite the
very constructive elements of the agreement, the cash flow
benefits of the new contract will not really take hold until
2010.  As a result we still expect that through 2008, Ford's
operating cash flow will be significantly negative and its
credit metrics will remain weak."

The essential features of the contract include: the
establishment of a UAW-managed VEBA that will be responsible for
retiree health care costs; the establishment of a two-tiered
wage structure; and tighter restrictions on eligibility for JOBs
bank benefits

The improvement in Ford's outlook to stable reflects the longer-
term benefits of the UAW agreements and the company's
significant liquidity position, balanced against a very
challenging operating environment and the sizable negative cash
flow the company will generate through 2009.

Moody's revision of Ford Credit's outlook to stable considers
the ownership and business connections between Ford and Ford
Credit that link the ratings of the two firms.  Ford's improved
outlook suggests that it may be less likely to pursue actions
and strategies that would have adverse consequences for Ford
Credit's credit profile.  Pressures on Ford Credit's stand-alone
characteristics, such as its liquidity, asset quality and
profitability, may also be eventually eased by Ford's improved
operating prospects.  However, Ford Credit is likely to continue
to face near-term challenges to its profitability resulting from
higher trending borrowing, credit, and depreciation costs.  Ford
Credit's rating is positioned two-notches higher than Ford's,
reflecting Moody's view that holders of Ford Credit's debt would
experience lower loss severity in default than would the
creditors of Ford.

Until 2010, when Ford can begin to harvest some of the new
contract's cost savings, the company will have to contend with a
number of significant challenges that will result in
considerable negative cash flow from operations.  The rate of
operating cash consumption will be considerable during 2008 but
will likely narrow during 2009.  The near term challenges
confronting Ford include: a cost structure that, although
improving, is still uncompetitive with that of Asian rivals, the
need to fund employee buy-outs associated with the new UAW
contract, and the reluctance on the part of consumers to pay as
much for certain Ford vehicles as for vehicles produced by
competitors - despite Ford's steadily improving quality
measures.  Ford will also have to contend with the possibility
that broader economic and market conditions could become more
difficult in the US.  There is an increasing risk that US
automotive shipments fall below 16 million units during 2008;
this compares with shipments of about 16.5 million in 2007, and
17 million in 2006.  In addition, high oil prices could
accelerate the shift in consumer preference away from trucks and
SUVs toward cars and more fuel efficient vehicles.  These trends
could have a negative impact on the late-2008 introduction of
Ford's most profitable and most strategically important vehicle
-- the F-150 light truck.

An important mitigant to these near-term challenges is Ford's
strong liquidity position that will include approximately US$30
billion in cash and securities following the funding of the UAW-
managed VEBA, and US$11 billion in available credit facilities
that are committed through 2011.  Moody's notes that the degree
of benefit provided by this credit facility to Ford's overall
liquidity position may be moderated by the company's ability to
designate Ford Credit as a borrower.  Nevertheless, Ford has
considerable capacity to cover all expected cash requirements
during the next 12 to 24 months.  This very ample liquidity
profile supports the company's SGL-1 Speculative Grade Liquidity
rating.

During 2008, Ford will continue to focus on reducing material
costs, gaining market acceptance for new vehicles, stabilizing
its retail share position, and improving the pricing power and
profitability of it car and cross over vehicle portfolio.  The
company will also look to take full advantage of the cost
reduction opportunities within the UAW agreement.  Ford's rating
outlook could improve if progress in these areas indicates that
the company is on track to generate positive free cash flow,
sustain interest coverage exceeding 1x, and achieve EBITA
margins approximating 2.5% during the 2009 time frame.

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.


GILMAC BUILDING: Calls In Liquidators from Grant Thornton
---------------------------------------------------------
Daniel R. W. Smith and Martin G. Ellis of Grant Thornton U.K.
LLP were appointed joint liquidators of Gilmac Building Services
Ltd. on  Nov. 7 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London
         NW1 2EP
         England


GMW LTD: Claims Filing Period Ends February 6, 2008
---------------------------------------------------
Creditors of GMW (Leicester) Ltd. have until Feb. 6, 2008 to
send their full names, address and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Oct. 22 for the creditors' voluntary winding-up
procedure.


GORDON PRESS: Brings In Grant Thornton as Administrators
--------------------------------------------------------
Andrew Hosking and David Riley of Grant Thornton UK LLP were
appointed joint administrators of The Gordon Press Ltd. (Company
Number 4617467) on Oct. 30.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         The Gordon Press Ltd.
         Beddington Trading Estate
         Bath House Road
         Croydon
         CR0 4TT
         England
         Tel: 020 8684 0313


GORDON RUSSELL: Taps Liquidators from Smith & Williamson
--------------------------------------------------------
Anthony Murphy and Robert William Leslie Horton and Neil Francis
Hickling of Smith & Williamson Ltd. were appointed joint
liquidators of Gordon Russell (U.K.) Ltd. on Oct. 24 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         GU1 4RA
         England


HUSSEY CONSTRUCTION: Names Administrators from Tenon Recovery
-------------------------------------------------------------
S.J. Parker and T.J. Binyon of Tenon Recovery were appointed
joint administrators of Hussey Construction Ltd. (Company Number
4841359) on Oct. 24.

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

The company can be reached at:

         Hussey Construction Ltd.
         8C
         High Street
         Southampton
         SO14 2DH
         England
         Tel: 023 8043 2326


ICONIX BRAND: Buying Starter(R) Brand from NIKE for US$60 Mln
-------------------------------------------------------------
Iconix Brand Group Inc. has entered into a definitive agreement
to purchase the Starter(R) brand from NIKE Inc.  The purchase
price will be US$60 million to be paid in cash and the
acquisition is anticipated to close in December.

Iconix is forecasting 2008 royalty revenue from Starter of
approximately US$18 million worldwide.

"Starter is an iconic brand that diversifies our portfolio of
holdings by moving us into the athletic apparel, team sports and
athletic footwear categories," Neil Cole, chairman and CEO,
Iconix, stated.  "It is a brand with a great deal of growth
potential, both in the United States and around the world, and
one to which I am confident that Iconix can quickly add a lot of
value. We are very excited by this brand's potential, especially
given Wal- Mart's unmatched reach as a retailer and our
marketing expertise."

"We believe Starter has the potential to become one of the
largest athletic apparel and footwear brands in the world," Mr.
Cole added.  "To help reach that potential, we are working on a
multi-faceted strategy, including signing some major
professional sports figures and growing our team sports business
which is Starter's heritage."

"Our customers have responded very positively to our athletic
apparel and footwear brands at value price points," Dottie
Mattison, SVP and GMM of apparel for Wal-Mart commented.
"Starter is one of our most powerful brands, both in terms of
its heritage and the range of different categories it covers.
Iconix is an innovator in marketing and building brands and we
are enthusiastic about their plans for Starter."

Iconix also owns the brands Danskin Now and OP which are both
licensed to Wal-Mart.

The acquisition is subject to customary closing conditions
including clearance under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.

                         About NIKE Inc.

headquartered near Beaverton, Oregon, NIKE Inc. (NYSE:NKE) --
http://www.nikebiz.com/-- is a designer, marketer and
distributor of authentic athletic footwear, apparel, equipment
and accessories for a wide variety of sports and fitness
activities.  Wholly owned Nike subsidiaries include Converse
Inc., which designs, markets and distributes athletic footwear,
apparel and accessories; NIKE Bauer Hockey Inc., a designer and
distributor of hockey equipment; Cole Haan, a designer and
marketer of luxury shoes, handbags, accessories and coats;
Hurley International LLC, which designs, markets and distributes
action sports and youth lifestyle footwear, apparel and
accessories and Exeter Brands Group LLC, which designs and
markets athletic footwear and apparel for the value retail
channel.

Founded in 1971, Starter is a licensed apparel business selling
to Wal-Mart in the United States, Canada and Mexico.

                      About Iconix Brand

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

                         *     *     *

As of Nov. 8, 2007, Moody's ratings assigned to the Iconix Brand
Group Inc. on June 14, 2007 still apply.  These assigned ratings
were B1 long-term corporate family and probability-of-default
ratings, Ba2 bank loan debt rating, and B3 subordinated debt
rating.  The outlook remains stable.


LAMPLIGHT GROUP: Brings In Liquidators from Vantis Business
-----------------------------------------------------------
G. Mummery and M. Weller of Vantis Business Recovery Services
were appointed joint liquidators of Lamplight Group Ltd. on
Nov. 12 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


MYLAN INC: Prices Public Offering of Preferred & Common Stock
-------------------------------------------------------------
Mylan Inc. has priced its concurrent public offerings of 1.86
million shares of 6.50% mandatory convertible preferred stock at
US$1,000 per share and 53.5 million shares of common stock at
US$14 per share pursuant to a shelf registration statement
previously filed with the U.S. Securities and Exchange
Commission.

The underwriters have options to purchase approximately 279,000
additional shares of preferred stock and approximately 8.025
million shares of common stock, in each case to cover
overallotments, if any.  These offerings are separate public
offerings by means of separate prospectus supplements and the
closing of each offering is not contingent on the other.

The preferred stock will pay, when declared by the Board of
Directors, dividends at a rate of 6.50% percent per annum on the
liquidation preference of US$1,000 per share, payable quarterly
in arrears in cash, shares of Mylan common stock or a
combination thereof at Mylan's election.  The first dividend
date will be February 15, 2008.

Each share of preferred stock will automatically convert on
November 15, 2010, into between approximately 58.5480 shares and
71.4286 shares of MYL common stock.  The conversion rate will be
subject to anti-dilution adjustments in certain circumstances.
Holders may elect to convert at any time at the minimum
conversion rate of 58.5480 shares of common stock for each share
of preferred stock.  The preferred stock has been approved for
listing on the New York Stock Exchange, subject to issuance.
The ticker symbol for this security will be MYLPrA.

The offerings will generate net proceeds of approximately US$2.5
billion after underwriters discounts and expenses, without
giving effect to the exercise of the overallotment options.  The
closing date for the transactions is expected to be November 19,
2007.

Mylan intends to use the net proceeds of the offerings to prepay
a portion of the bridge loans that were borrowed to finance in
part its acquisition of Merck KGaA\u2019s generics business.

The joint book-running managers for the preferred stock and
common stock offerings are Merrill Lynch & Co. and Goldman,
Sachs & Co. Merrill Lynch & Co. is acting as sole global
coordinator for all financings for Mylan.  Co-managers for the
common stock offering are Citi, JPMorgan and Cowen and Company.
Co-managers for the preferred stock offering are Citi, JPMorgan,
Cowen and Company, Banc of America Securities LLC and Mitsubishi
UFJ Securities.

Copies of the prospectuses related to the offerings may obtained
from:

      Merrill Lynch & Co.
      4 World Financial Center
      New York, NY 10080
      Attention: Prospectus Department

       --- or ---

      Goldman, Sachs & Co.
      85 Broad Street
      New York, NY 10004
      Attention: Prospectus Department
      Fax: (212) 902-9316

                   About Mylan Inc.

Mylan Inc., fka Mylan Laboratories Inc., (NYSE: MYL) --
http://www.mylan.com/-- is a global pharmaceutical company with
market leading positions in generic pharmaceuticals, transdermal
technology and unit dose packaged products.  Mylan operates
through three principal subsidiaries: Mylan Pharmaceuticals, a
world leader in generic pharmaceuticals; Mylan Technologies, the
largest producer of generic and branded transdermal patches for
the U.S. market; and UDL Laboratories, the top U.S.-supplier of
unit dose pharmaceuticals.

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.


NORTHERN ROCK: Virgin Group Consortium Submits Takeover Bid
-----------------------------------------------------------
A consortium of bidders led by Virgin Group Ltd., has formally
submitted Friday a proposal to recapitalize and refinance
Northern Rock Plc.

The consortium, which includes American International Group
Inc., WL Ross & Co., Toscafund Asset Management LLP, and First
Eastern Investment Group, intends for Northern Rock to continue
as a going concern and a listed entity -- rebranded as Virgin.

An experienced plc board is being assembled, including Sir Brian
Pitman as Chairman.  Sir George Mathewson is senior adviser.

The consortium said in a statement that a significant proportion
of the Bank of England borrowings will be repaid immediately
with a clear timeline envisaged for full repayment of the
borrowings and the release of HMT's guarantees.

The full details of the proposal remain confidential.

Any issue of new equity would be conditional on the current
shareholders approving a "whitewash" of the provisions of Rule 9
of the Takeover Code, which would otherwise require the
Consortium to make a takeover offer for the Company's existing
share capital.

This announcement does not constitute a commitment to proceed
with the proposal or any other transaction in respect of
Northern Rock and, in particular, it does not constitute an
offer for Northern Rock or an announcement of a firm intention
to make an offer under Rule 2.5 of the Takeover Code.
Accordingly there can be no certainty that the proposal will
result in any transaction or offer.


Greenhill & Co. International LLP is acting exclusively for
Virgin Management Limited and for no-one else in connection with
the Proposal and will not be responsible to anyone other than
Virgin for providing the protections afforded to clients of
Greenhill or for providing advice in relation to the Proposal or
any other matters referred to in this announcement.

Quayle Munro Group is acting exclusively for Virgin and for
no-one else in connection with the Proposal and will not be
responsible to anyone other than Virgin for providing the
protections afforded to clients of QMG or for providing advice
in relation to the Proposal or any other matters referred to in
this announcement.

                     About Northern Rock plc

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

                          *     *     *

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


NORTHERN ROCK: Olivant Bid Eyes Restructuring
---------------------------------------------
Olivant, an independent investment group, has submitted a
detailed proposal to the Board of Northern Rock plc offering an
alternative to a distressed sale of all or part of the Company's
business.  The Olivant proposal entails taking urgent steps to
re-establish Northern Rock as a viable business, retaining its
brand and restoring it to financial health.

Overview of proposal:

  * Immediate introduction of an experienced operational team
    into Northern Rock, led by Olivant's chairman, Luqman
    Arnold, to achieve stabilization of the Company and its
    business


  * Prompt repayment of Bank of England liquidity support
    facility through active operational management, accelerated
    through external market financing

  * Implementation of a restructuring strategy to size Northern
    Rock to its natural funding and operational capacity

  * Subscription for a minority stake in Northern Rock on terms
    to be agreed with the Company's board

  * Olivant's only financial return will arise from an increase
    in the value of its investment

Luqman Arnold, chairman of Olivant, said: "The key to repayment
of the Bank of England facility is to stabilize Northern Rock
and restore confidence in the bank and its brand.  We believe
this can be achieved through efficient day-to-day management of
the Company's sources and uses of funds.  However, we propose a
significant reduction in the amount of the facility through the
use of external funding.  Whilst we understand the desire of the
Northern Rock board to explore a range of options for the
Company, including sale and break-up, we believe that, in
current market conditions, a distressed sale would be unlikely
to maximize value for shareholders, creditors, employees or
customers."

Olivant has held discussions with the Company, its advisers and
the Tripartite Authorities about its proposals and will continue
these discussions.

                     About Northern Rock plc

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

                          *     *     *

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


NORTHERN ROCK: Reviews Proposals & Considers Strategic Options
--------------------------------------------------------------
The Board of Northern Rock confirms that, as part of its review
of its strategic options, the Company has received indicative
expressions of interest covering a range of options for the
business.  It currently expects to receive further expressions
of interest in the next few days.

The Company's advisors have begun discussions with interested
parties to clarify their proposals in order to allow the Board
to consider and identify the most appropriate course of action
for the Company and its stakeholders.  At the same time,
Northern Rock and its advisors continue to be engaged in
discussions with refinanciers to explore refinancing and/or
reorganization solutions for the Company.


The proposals received by the Company are of two types:

   (i) proposals to invest in the Company (including through an
       injection of assets as well as new capital); and

  (ii) proposals to acquire parts of the business or assets of
       the Company.

While further analysis and discussion of the proposals is
required, based on the information it has so far, the Board of
Northern Rock believes that the range of values for the existing
equity implied by the proposals is materially below the market
price at the close of business on Friday, Nov. 16, 2007.

The value to shareholders from any of the proposals (and indeed
any of the other strategic options available to the Company)
remains highly uncertain and will be dependent, among other
things, on when and if there is an improvement in market
conditions including access to liquidity and the value created,
if any, from the run off of the assets and liabilities remaining
in the Company following any disposal of all or part of its
business.  Implementation of any such proposal will also require
the approval of the Tripartite Authorities, acting in accordance
with their publicly stated objectives.

The Company continues to consider these proposals and the other
options which may be available as part of its strategic review.
As previously announced, the strategic review will be completed
by February 2008.  Northern Rock emphasizes that there can be no
certainty that the discussions with interested parties will
lead to an investment in or offer for the Company or for all or
any part of its business or that any such offer will be
implemented.

            Continuing HM Treasury Guarantee Arrangements

The Company confirms that the existing deposit guarantee
arrangements announced by HM Treasury and the revised facilities
agreed with the Bank of England announced on Oct. 9, 2007 remain
in place.  In particular, these guarantee arrangements will
protect all retail deposits held with Northern Rock regardless
of the amount deposited and apply to all existing, re-opened and
new retail accounts.  HM Treasury has announced that these
arrangements to protect depositors of Northern Rock will remain
in place during the current instability in the financial
markets.

As explained on Oct. 11, the Tripartite Authorities' objectives
in relation to Northern Rock are to protect taxpayers; to
promote financial stability; and to protect consumers.

The authorities said they will assess proposals in light of the
full range of strategic options available, including any
proposals to meet Northern Rock's liabilities to the public
sector without any change in ownership of its business or
assets.

                     About Northern Rock plc

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

                          *     *     *

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


NORTHERN ROCK: CEO Adam Applegarth to Leave Post by January 2008
----------------------------------------------------------------
Northern Rock plc discloses significant changes to its Board to
coincide with the start of the second phase of its strategic
review.  The streamlining of the Board is intended to assist a
smooth and rapid decision-making process around the strategic
review of the Company's options, which is currently in progress.

                         Executive Directors

Adam Applegarth, Chief Executive, has tendered his resignation
and it has been accepted by the Board subject to him continuing
as a Board Director and Chief Executive throughout the second
phase of the strategic review process, which is scheduled for
completion no later than end of January 2008.

Chairman Bryan Sanderson said: "Adam's participation in the next
phase of the strategic review is important, not least due to his
extensive knowledge of the business and his ability to lead the
process during this difficult period."

David Baker, Keith Currie and Andy Kuipers are standing down as
Board directors, but remain officers of the company and continue
to have responsibility for their full range of duties.

Dave Jones continues to serve on the Board as Finance Director.

                      Non-Executive Directors

John Devaney and Simon Laffin have agreed to join the board as
non-executive directors effective upon each of them obtaining
approval from the FSA under its approved persons regime.

Mr. Devaney is the Chairman of National Air Traffic Services and
also the Chairman of Telent plc.

Mr. Laffin is an adviser to CVC Capital Partners and was
previously the Chief Financial Officer and Property Director of
Safeway Plc.

"I am delighted to welcome John Devaney and Simon Laffin to the
Board," Mr. Sanderson said.  "I believe they have the right
experience to help Northern Rock through its ongoing strategic
review."

Sir Derek Wanless, Nichola Pease, Adam Fenwick and Rosemary
Radcliffe will retire from the Board as Non Executive Directors
with immediate effect.

Sir Ian Gibson and Michael Queen continue to serve as Non
Executive Directors.

"I would like to thank the retiring Non Executive Directors for
their efforts over a number of years and their commitment during
the very difficult circumstances of the last few months," Mr.
Sanderson added.  "Special thanks are due to Rosemary
Radcliffe's contribution during a period of ill-health.  I wish
her a speedy recovery."

                     About Northern Rock plc

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

                          *     *     *

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


ONLINE DELIVERY: Brings In Grant Thornton as Administrators
-----------------------------------------------------------
Nigel Morrison and Trevor O'Sullivan of Grant Thornton UK LLP
were appointed joint administrators of Online Delivery Ltd.
(Company Number 03690514) on Oct. 29.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

Headquartered in Southampton, England, Online Delivery Ltd. --
http://www.onlinedelivery.co.uk/-- offers logistics solution
through transport, warehousing, full or part loads, dedicated or
groupage services.


PLASTISCENE LTD: Appoints Ernst & Young as Joint Administrators
---------------------------------------------------------------
Ian Best and Chris Marsden of Ernst & Young LLP were appointed
joint administrators of Plastiscene Ltd. (Company Number
4440607) on Oct. 26.

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.

The company can be reached at:

         Plastiscene Ltd.
         66 Wigmore Street
         City of Westminster
         London
         W1U 2SB
         England
         Tel: 01908 280 050


REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant
--------------------------------------------------------------
The Honorable Kevin Carey authorized Remy Worldwide Holdings
Inc. and its debtor-affiliates to employ Huron Consulting
Services, LLC, as its financial consultant, effective as of the
Oct. 8, 2007 Petition Date, subject to certain modifications of
the firm's Engagement Letter.

As reported im the Troubled Company Reporter on Nov. 5, 2007,
Huron is expected to assist:

   (a) in a number of general accounting department and
       financial reporting matters including SEC reporting,
       preparation of and supporting notes to financial
       statements and acting as the Debtors' liaison with other
       professional firms for the implementation of fresh start
       reporting requirements and related implementation tasks;

   (b) in establishing operations and financial controls and
       maintaining financial and cash flow budgeting;

   (c) leadership with the financial function of the Debtors,
       including assisting the Debtors in strengthening their
       core competencies; and

   (d) with other matters as may be requested by the Debtors.

Huron has assigned one of its directors, Stuart Walker, to work
with the Debtors.  Mr. Walker has over 18 years of experience in
a wide range of financial advisory roles, including turnaround
and crisis manager, merger and acquisition advisor, and interim
chief financial officer, Kerry A. Shiba, the Debtors' senior
vice president and chief financial officer, related.

Mr. Walker will lead any additional consultants from Huron as
may be necessary in the future.

Mr. Walker will be paid US$13,000 per week, prorated on a daily
basis, for services he will render.

The Debtors will pay for services of the other Huron
professionals at these hourly rates:

      Advisory Services:

        Managing Director                 US$680 to US$600
        Director                          US$575 to US$500
        Manager                           US$475 to US$400
        Associates                        US$375 to US$300
        Analysts                          US$275 to US$200

     Project Execution/Support Services:

        Subject Matter Expert             US$300 to US$200
        Project Execution Team Leader     US$175 to US$125
        Project Professional              US$150 to US$105

The Debtors will also reimburse the firm for any necessary out-
of-pocket expenses it incurs.

Huron noted that it received US$24,204 from the Debtors for
professional services it performed and expenses it incurred
related to prepetition activities, through Oct. 8, 2007.

Huron also received a US$100,000 retainer to cover services to
be performed and expenses to be incurred in connection with the
Chapter 11 cases.  After application of the retainer to satisfy
US$28,697 relating to prepetition professional services and
related expenses, Huron says it currently holds the excess
retainer amount of US$71,302 for application toward and payment
of postpetition fees and expenses allowed by the Court.  The
retainer will either be applied to Huron's final invoice or will
be refunded at the conclusion of the engagement.

Huron will be responsible for the overall management, hiring,
and compensation of all consultants to be provided to the
Debtors and will not be considered employees of the Debtors with
respect to benefits and other employment matters, Mr. Shiba
said.

The Debtors will provide Huron general indemnity.

The modifications of the firm's Engagement Letter are:

   (a) The provision of the Engagement Letter's General Business
       Terms relating to arbitration in the event of a dispute
       arising between the Debtors and Huron is revised to
       reflect that the provision will apply only to the extent
       that the Bankruptcy Court, or the District Court if the
       reference is withdrawn, does not retain jurisdiction over
       a controversy or claim.

   (b) All requests of Huron for payment of indemnity will be
       made by means of an application and will be subject to
       review by the Court to ensure conformity to the terms of
       the Engagement Letter.  However, in no event will Huron
       be indemnified in the case of its own bad faith or
       willful misconduct.

   (c) The Debtors have no obligation to indemnify Huron, or
       provide contribution or reimbursement to Huron for any
       claim or expense that is (i) judicially determined to
       have arisen from Huron's gross negligence or willful
       misconduct,  or (ii) settled prior to a judicial
       determination as to Huron's gross negligence or willful
       misconduct.

   (d) If, before confirmation of a Chapter 11 Plan or the entry
       of an order closing the Debtors' cases, Huron believes
       that it is entitled to the payment of any amount on
       account of the Debtors' indemnification or reimbursement
       obligations under the Engagement Letter, Huron must file
       an application before the Court.  The Debtors may not pay
       the amount before the entry of an order approving
       payment.

   (e) The Debtors will not be permitted to indemnify Huron with
       respect to any claims by the Debtors for Huron's breach
       of the Engagement Letter.

   (f) In the event that Huron seeks reimbursement for
       attorney's fees pursuant to the Engagement Letter, the
       invoices and supporting time records will be included in
       Huron's own monthly fee statement and will be subject to
       the same payment procedures applicable to professionals
       in the Debtors' cases.

   (g) Paragraph 8 of the Engagement Letter's General Business
       Terms will apply solely to claims of Huron and the
       Debtors against each other, and will not apply if the
       Debtors or a representative of the estates asserts a
       claim for Huron's own bad faith or willful misconduct.
       Additionally, the phrase "for the portion of the
       engagement giving rise to liability" is deleted from that
       paragraph.

Michael C. Sullivan, managing director of Huron, assured the
Court that his firm does not have an interest materially adverse
to the interest of the Debtors' estates and thus, is a
"disinterested person" as the term is defined under 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.  Greenbert Traurig, LLP, is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP, 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: U.S. Trustee Balks at Schedules Filing Extension
----------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
asks the U.S. Bankruptcy Court for the District of Delaware to
deny the request of Remy Worldwide Holdings Inc. and its debtor-
affiliates to extend the filing of their Schedules and
Statements to Dec. 22, 2007.

The U.S. Trustee complains that the Debtors provided no
explanation unique to their Chapter 11 cases as to why a
deviation from the 30-day standard for filing Schedules and
Statements is justified, or if any extension is justified as to
why the Debtors are entitled to a permanent waiver of that
requirement upon confirmation of the proposed Plan of
Reorganization.

To recall, the Debtors sought a 45-day extension to file their
Schedules and Statements and sought authority for a permanent
waiver of the obligation to file their Schedules assuming that
they confirm their Reorganization Plan prior to the expiration
of that extended period.

The Debtors, the U.S. Trustee notes, only cited standard reasons
as "cause" for the granting of the 45-day extension.  The
Debtors asserted that their cases are big and complex and that
their professionals are busy with other matters at the beginning
of the cases, William K. Harrington, Esq., of the U.S.
Department of  Justice, points out.

The U.S. Trustee emphasizes that the nature and pace of the
Debtors' cases require a prompt deadline for filing Schedules
and Statements.

The Debtors have filed a comprehensive Disclosure Statement and
complete creditor matrix on the Petition Date, Mr. Harrington
reminds the Court.  "Accordingly, the bulk of the information
necessary for the Debtors to complete their Schedules and
Statements has already been compiled and should be readily
available," he says.

Moreover, by seeking a permanent waiver of the requirement to
file their Schedules and Statements, Mr. Harrington contends,
the Debtors are seeking to dispense with their obligation to
advise creditors as to their position as to the extent and
nature of the creditors' claims which are being discharged under
the Plan.  Although the Debtors have filed a seemingly
comprehensive Disclosure Statement, no information is provided
by the Debtors as to what is owed to individual creditors, Mr.
Harrington tells the Court.

The U.S. Trustee tells the Court that it would not object to an
extension of 30 days for the preparation of the Debtors'
Schedules and Statements, without prejudice to the Debtors'
rights to request a further extension.

The U.S. Trustee also urges the Court not permit the Debtors to
seek a bar date for filing proofs of claim under Rule 3003(c)(2)
of the Federal Rule of Bankruptcy Procedure until accurate
Schedules and Statements are filed.  If a bar date is set, the
Debtors will have effectively shifted the burden of quantifying
and establishing for all creditors the nature and extent of
their Claims as every creditor seeking a distribution under the
Plan will be compelled to file a proof of claim to establish its
Claim, Mr. Harrington argues.

                       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.  Greenbert Traurig, LLP, is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP, 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: Wants to Sell Knopf Business for US$18.5 Million
----------------------------------------------------------------
Remy Worldwide Holdings Inc. seek the authority of the U.S.
Bankruptcy Court to sell substantially all of the assets of
Debtors M&M Knopf Auto Parts LLC and Reman Holdings L.L.C. to
Knopf Automotive LLC, free and clear of all liens, claims, and
encumbrances.

The Debtors also ask the Court for authority to assign certain
unexpired leases in connection with the proposed Knopf Sale.

M&M Knopf is in the business of selling used starter and
alternator cores, scrap metal, and other remanufactured car
parts.  As part of their expansion and diversification efforts,
the Debtors acquired M&M Knopf in 2000.

                        Marketing Efforts

The Knopf operations, according to Douglas P. Bartner, Esq., at
Shearman & Sterling LLP, in New York, is capital intensive and
if the Debtors were to continue to operate the Business,
significant additional capital infusions would be needed.

Thus, by March 2006, the Debtors decided to to pursue options
for divesting the Knopf Business.  The Debtors engaged W.Y.
Campbell to perform a market  analysis and make recommendations
regarding the best market and method for divesting the Knopf
Business.

Upon analysis, W.Y. Campbell concluded that Heywood and Marshall
Knopf were the most logical purchasers and were the most likely
to pay the highest and best price for the Knopf Business.

Heywood Knopf, Marshall Knopf and Michael Knopf previously owned
the Business and sold their interest in it to the Debtors in
March 2000, Mr. Bartner explains.  Mr. H. Knopf served as chief
executive officer of M&M Knopf until March 2006, and Mr.
Marshall Knopf as president of M&M Knopf until December 2005.

The market for the assets of the Knopf Business is small, Mr.
Bartner notes, and W.Y. Campbell took into consideration the
fact that one of the Business' integral assets is a contract for
distribution with an aftermarket original equipment manufacturer
-- the Saginaw Distribution Agreement -- which depends upon
maintaining a business relationship with Heywood Knopf.

The Saginaw Distribution Agreement generates the majority of the
positive EBIT for the Knopf Business and without the benefit of
that personal relationship with Mr. Knopf, when the Saginaw
Distribution Agreement was set to expire in accordance with its
terms, the original equipment manufacturer would not have
renewed its agreement with M&M Knopf, the Debtors note.

Also, the Debtors understand and believe that Mr. Knopf was
planning to open a competing venture upon the expiration of a
non-compete agreement -- which would have significantly diluted
the market for the products of the Knopf Business.

Moreover, the Knopfs are currently the landlords on five of the
six leases for properties where the Knopf Business operates, and
Debtor M&M Knopf is currently paying above-market rent on some
or all of those leases, Mr. Bartner notes.  The proposed Sale,
he contends, relieves the Debtors from continued performance
under costly leases.

                      Knopf Purchase Agreement

Accordingly, after engaging in arm's-length and good faith
negotiations, Debtors M&M Knopf and Reman Holdings, as
shareholder, entered into an Asset Purchase Agreement with Knopf
Automotive on Nov. 6, 2007, for the sale of the Knopf Business.

Under the APA, the Debtors have agreed to sell substantially all
of M&M Knopf's assets for US$16 million, plus a working capital
adjustment expected to be approximately US$2.5 million, for a
total
expected purchase price of approximately US$18.5 million.

If the working capital as of closing is less than US$24,296,500,
the Purchase Price will be decreased by the difference between
that amount and the value of the working capital.

If the working capital as of closing is greater than
US$24,296,500, the Purchase Price will be increased by an amount
-- the Excess Working Capital Amount -- equal to 50% of that
excess, and M&M Knopf will pay to Knopf Automotive the Excess
Working Capital Amount; provided that in no event will the
Excess Working Capital Amount exceed US$1 million.

The Assets to be sold to Knopf Automotive include:

   * all accounts receivable of M&M Knopf, other than the HR&M
     receivable.  The HR&M receivable refers to that portion of
     the receivable from HR&M that is subject to a civil claim
     filed by M&M Knopf against HR&M;

   * all inventory;

   * all supplies, equipment, vehicles, machinery, furniture,
     fixtures, leasehold improvements and other tangible
     property used by M&M Knopf in connection with its business;

   * all of M&M Knopf's right, title and interest in and to
     certain identified contracts; all utility, security and
     other deposits and prepaid expenses;

   * M&M Knopf's permits and other authorizations of
     governmental authorities and third parties, licenses,
     telephone numbers, customer lists, and vendor lists,
     advertising materials and data, together with all books,
     operating data and records of M&M Knopf;

   * all rights in respect of the identified real property
     leased by M&M Knopf;

   * M&M Knopf's identified bank accounts; and

   * M&M Knopf's identified telephone numbers.

The M&M Knopf Assets to be sold will not include:

   * all cash and cash equivalents, except as identified,
     securities, negotiable instruments of M&M Knopf on hand; in
     lock boxes; in financial institutions or elsewhere;
     including all cash residing in any collateral cash account
     securing any obligation or contingent obligation of M&M
     Knopf or any affiliate;

   * any rights to tax refunds, credits or similar benefits
     attributable to excluded assets;

   * M&M Knopf's seal, minute books, charter documents, stock or
     equity records books and other books and records as pertain
     to the organization, existence or capitalization of M&M
     Knopf, as well as any other records or materials relating
     to M&M Knopf generally and not involving or related to the
     assets or the operations of M&M Knopf's business;

   * all rights of M&M Knopf under the Asset Purchase Agreement,
     the 2000 purchase agreement or the ancillary agreements;

   * tax returns of M&M Knopf, other than those relating to
     solely to the assets;

   * all current and prior insurance policies of M&M Knopf;

   * any identified right, property or asset; and

   * the HR&M Receivables.

At the closing, Knopf Automotive will assume, and agree to
satisfy and discharge all liabilities:

   -- reflected on the Closing Date Balance Sheet;

   -- of M&M Knopf arising under the identified contracts
      assumed by Knopf Automotive;

   -- for product warranty service claims relating to products
      manufactured, tested, marketed, distributed or sold by M&M
      Knopf; and

   -- in respect of any and all accounts payable and accrued
      expenses of M&M Knopf reflected on the Closing Date
      Balance Sheet.

M&M Knopf will retain and will be responsible for paying,
performing and discharging, among others, its liabilities:

   -- relating to the excluded assets;

   -- relating to its employees not hired by Knopf Automotive;

   -- on taxes arising as a result of M&M Knopf's obligations of
      its business or ownership of the assets prior to closing;

   -- on all taxes arising as a result of the transactions
      consummated pursuant to the APA;

   -- on products liability claims relating to products sold by
      M&M Knopf after March 10, 2000 and before the closing
      date; and

   -- on retained environmental obligations.

The closing of the proposed Sale is contemplated to occur no
later than Dec. 4, 2007, in advance of the proposed effective
date for the Plan.

A full-text copy of the Knopf Asset Purchase Agreement and a
list of the Contracts to be assumed and assigned are available
for free at http://ResearchArchives.com/t/s?2557

                        Sale is Warranted

"[B]y selling the Business as a going-concern enterprise instead
of liquidating, the Debtors are generating at least US$10
million more for the chapter 11 estates . . . ," Mr. Bartner
says.

As of Sept. 30, 2007, the book value of the Knopf Business was
approximately US$26.5 million.  As a result, at an US$18.5
million purchase price, the Debtors will incur an approximately
US$8 million loss.  By selling the Business, Mr. Bartner notes,
the Debtors will not need to make the significant investment
that would have otherwise been necessary to make the Business
profitable if they  retained it.  But if the Debtors were forced
to liquidate the Business, they would incur significant wind-
down expenses associated with ceasing operations totaling
approximately US$7,000,000.

Additional grounds, Mr. Bartner presents, supporting the
Debtors' business judgment to exit the Business are:

   (i) the Business is not a core business unit in the Debtors'
       future strategy;

  (ii) significant inventory risks exist with respect to
       valuation and commodity prices for scrap;

(iii) general business practices in the industry create
       unreasonable cash control risks;

  (iv) there are historical problems with respect to inventory
       controls and frequent write-downs of inventory; and

   (v) there is potential legal title exposure in inventory
       relating to unreliable sources of product.

"[On the contrary, the failure of the Debtors to close the
transaction prior to the Plan Effective Date would threaten the
success of the Debtors' prepackaged Plan of Reorganization," Mr.
Bartner points out.

The Debtors assert that no auction is needed because Knopf
Automotive is the most logical buyer.  The Knopfs have a long
history of and specialized knowledge of the Business and its
customers, the Debtors point out.

The Court will convene a hearing on Nov. 20, 2007, to consider
the Debtors' request.  Any party-in-interest who opposes the
request can file a formal objection until Nov. 15, 2007.

                       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.  Greenbert Traurig, LLP, is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP, 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)


S D I PRINT: Names Philip John Gorman Liquidator
------------------------------------------------
Philip John Gorman of Hazlewoods LLP were appointed joint
liquidators of S D I Print Ltd. on Nov. 7 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         Gloucester
         England


WATERFORD WEDGWOOD: Fitch Junks IDR on Weak U.S. Dollar
-------------------------------------------------------
Fitch Ratings has affirmed Waterford Wedgwood plc's Long-term
Issuer Default Rating at 'CCC' and Short-term IDR at 'C'.  The
Outlook for the Long-term IDR is Negative.  At the same time,
the agency affirmed the senior secured debt rating at 'B-
'/'RR2'.  The mezzanine notes are affirmed at 'CC'/'RR6'.

"Waterford has made some progress on the restructuring of its
operations as reflected in the reduction in the group's
operating losses in fiscal year 2007," says Mr. Pablo Mazzini,
Director in Fitch's Leveraged Finance team in London.
"Unfortunately, a number of factors remain outside of
management's control and this has continued to impact the
business adversely in the first half of fiscal year 2008." Mr.
Mazzini added.

Among these factors, Fitch notes the ongoing weakness in the US
dollar, eroding the value of around 40% in EUR-denominated group
revenues generated in that market, along with cost inflation and
delays in passing on increased costs to a customer base that
continues to shift their preferences towards more modern
products.  In addition, despite the recent strong order backlog,
Fitch remains concerned about the outlook for consumer goods,
especially in the US following the sub-prime mortgage fallout.

Management is tackling the cost base in an effective manner
while new contemporary product ranges are expected to support
operating margins.  Despite ongoing shareholder support via
rights issues and preference share issuance (EUR96 million in
July 2007 with the possibility of raising a similar amount by
March 2008), significant execution risk exists in achieving a
sustainable business model.  The latest profit performance
provides a word of caution in this sense.  In fiscal year 2007,
the group managed to achieve its first positive EBITDA
(EUR15 million) in four years, although it reverted to losses in
the six months to Sept. 2007 (EUR15.3 million).

The level of financial risk is still high as the group continues
to consume cash at an alarming rate (negative free cash flow of
EUR105.8 million in fiscal year 2007 versus EUR177.7 million in
fiscal year 2006).  The funding of the business model,
therefore, remains at the sole discretion of the group's
controlling shareholders.  Further cash is being committed for
additional restructuring, including shifting capacity to low
cost economies.   Thus, ongoing shareholder support is expected
to push liquidity risk further out to fiscal year 2009.

The Negative Outlook reflects Waterford's weak credit metrics
expected in the foreseeable future, as well as further negative
developments in the US (both derived from currency depreciation
and potential subdued sales performance).  A return to an FFO
interest cover of 1.0x, which would be consistent with an EBITDA
of at least EUR40 million, is a pre-requisite to restore a
Stable Outlook at the current rating level.  At present, the
mezzanine notes due in December 2010 face probable equitization
given the challenging long-term business prospects and limited
financial flexibility.  Depending on the results from the second
stage restructuring and the trend in working capital, the ratio
of net lease-adjusted leverage and FFO leverage would remain
above 8.0x by March 2010, still ahead of the 7.0x considered the
maximum level consistent with a 'B-' Long-term IDR profile.  A
'CC' could be considered if there were a clear indication of
waning shareholder cash support.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE
------
Arbel                     PA.ARB    (116)         194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (2,718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)        2280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

ICELAND
-------
Decode Genetics Inc.      DCGN       (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)        2963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Vauxhall Motors                     (699)       2,584     (463)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *