TCREUR_Public/071121.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

          Wednesday, November 21, 2007, Vol. 8, No. 231

                            Headlines


A U S T R I A

F & B TEXTILHANDEL: Vienna Court Orders Business Shutdown
HANUSEK BAU: Vienna Court Orders Business Shutdown
INWESTED ASSET: Claims Registration Period Ends Nov. 28
KABELTRASSENBAU-MONTAGE: Claims Registration Period Ends Dec. 21
SANTORINI GASTGEWERBE: Claims Registration Period Ends Nov. 28
STERING GMBH: Graz Court Orders Business Shutdown

TE-DU BAUG: Vienna Court Orders Business Shutdown
VISEMA INFORMATIK: Claims Registration Period Ends Nov. 30


B E L G I U M

ADVANCED MICRO: Secures US$622 Mln Investment from Mubadala Unit
NUANCE COMMS: Posts $3.4 Mil. Net Loss in Quarter Ended Sept. 30


D E N M A R K

TDC A/S: Names Jesper Ovesen New Chief Financial Officer


F R A N C E

BOMBARDIER RECREATIONAL: Moody's Withdraws Ratings on Term Loans
DELPHI CORP: Reaches Agreement with Investors on Plan Amendments
MTI TECHNOLOGY: Gets Final OK to Use DIP Funds & Cash Collateral
SMOBY-MAJORETTE: MGA Confirms Interest Amidst Financial Woes
SR TELECOM: Files for Creditor Protection under CCAA

UTSTARCOM INC: Incurs US$55 Million Net Loss in Third Quarter


F I N L A N D

COMVERSE TECH: Consolidates Management Structure with Affiliate


G E R M A N Y

AUTOVERLEIH LEUTE: Claims Registration Ends January 12, 2008
CB MEZZCAP: S&P Puts BB- Ratings on Watch on Deferred Payments
CHARLOTTENSTRASSE VERWALTUNGS: Creditors' Meeting Set for Dec. 4
CHRYSLER LLC: Officially Seals New Labor Agreement with UAW
CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007

DURA AUTOMOTIVE: U.S. Trustee Objects to Chapter 11 Plan
DURA AUTOMOTIVE: Noteholders Support U.S. Trustee's Objections
DURA AUTOMOTIVE: Second Lien Group Objects to Chapter 11 Plan
ERS GMBH: Claims Registration Ends January 7, 2008
HOHNRATH PRINT: Claims Registration Period Ends Jan. 16, 2008
KROONFLOR GMBH: Claims Registration Period Ends December 13

MAKE COMMUNICATION: Claims Registration Period Ends December 7
MERTON REAL: Creditors' Meeting Slated for Dec. 10
MUELLER TRANSPORTE: Claims Registration Ends January 7, 2008
PORTFOLIO GREEN: S&P Rates Classes F and G Notes at B
REISEMOBIL CENTRUM: Claims Registration Period Ends November 26
SYBAU BAUTRAEGER: Claims Registration Period Ends November 29

UKRA BAU: Claims Registration Ends January 2, 2008
WLG LOGISTIK: Creditors' Meeting Slated for Dec. 18


H U N G A R Y

BAKONY MUVEK: Failed Talks & Asset Sale Trigger Liquidation


I R E L A N D

AFFILIATED COMPUTER: Extends E-ZPass New Hampshire Toll Contract


I T A L Y

DANA CORP: Gets Court Approval to Settle 7,500 Asbestos Claims
PARMALAT SPA: Could Get EUR3.1 Billion from Claims Settlement
PARMALAT SPA: Italian Prosecutors Pursue BofA Link Evidence
TISCALI SPA: Hikes Capital by EUR150 Mln to Repay Pipex Loan
XEROX CORP: Solid Position Prompts Moody's to Lift Ratings


K A Z A K H S T A N

ALTER EGO: Proof of Claim Deadline Slated for December 18
BOLASHAK LLP: Creditors Must File Claims December 12
COMPANY S-SERVICE: Claims Filing Period Ends December 18
COPY CITY: Creditors' Claims Due on December 18
DASK SECURITY: Claims Registration Ends December 18

DESIGN STROY: Proof of Claim Deadline Slated for December 12
LABO OJSC: Creditors Must File Claims December 18
TECH TRUST: Claims Filing Period Ends December 18
UYUK TRADE: Creditors' Claims Due on December 18
YASSY JER: Claims Registration Ends December 12


K Y R G Y Z S T A N

BISHKEKENERGOCOMPLEX LLC: Creditors Must File Claims by Dec. 26


L U X E M B O U R G

AGILENT TECHNOLOGIES: Board Approves Share-Repurchase Program
AGILENT TECH: Moody's Says Stock Repurchase Won't Affect Ratings
AGILENT TECH: Earns US$180 Mln in Fourth Quarter Ended Oct. 31
EVRAZ GROUP: Acquires Gazprom's Stake in Large Diameter Pipe


N E T H E R L A N D S

DISTINCT EUROPE: Fitch Affirms and Withdraws Low-B Ratings
JUBILEE CDO VIII: Fitch Holds BB Ratings on Class E Notes
KONINKLIJKE AHOLD: Reacquires Shares for EUR51.94 Million


R U S S I A

CONSUMER FINANCE: Fitch Ratings Holds B- IDR with Stable Outlook
EVRAZ GROUP: Acquires Gazprom's Stake in Large Diameter Pipe
HYNIX SEMICON: Creditors Plans to Sell Convertible Bonds
HYNIX SEMICON: 3Q Consolidated Revenue Up 24% to KRW2.44 Tril.
KAUCHUK CJSC: Asset Sale Set Dec. 10, 2007

KRASNOSLOBODSKAYA PMK-398: Creditors' Claims Due Jan. 10, 2008
OGK-5 OAO: Enel SpA Launches Buyout Offer
LOCKO BANK: Fitch Lifts IDR to B on Stable Franchise Growth
OTRADNENSKIJ OJSC: Court Hearing Set Feb. 5, 2008
ROSNEFT OIL: Forms Joint Venture with Sinopec Corp

ROSNEFT OIL: To Refine 1 Million Barrels of Oil Daily in 2008
SEVERYANKA CJSC: Creditor Must File Claims by Dec. 10, 2007
TOROPETSKIJ BREAD-BAKING: Court Hearing Set Feb. 19, 2008


S P A I N

DREAM FRUITS: In Talks with Financial Firms to Avert Bankruptcy


S W I T Z E R L A N D

2P MANAGEMENT: Zug Court Starts Bankruptcy Proceedings
ASIAN HEALTH: Creditors' Liquidation Claims Due by December 14
DREHSCHREIBE LIESTAL: Creditors Must File Claims by December 1
GASSER HOCH- UND TIEFBAU: Creditors Must File Claims by Nov. 30

IF JSC: Solothurn Court Closes Bankruptcy Proceedings
MICHEL KAUFMANN: Creditors Must File Claims by December 24
RESCOSOL JSC: Solothurn Court Closes Bankruptcy Proceedings
SILBERFLOTEN LLC: Creditors Must File Claims by November 28
SPIRI TRANSPORT: Creditors' Liquidation Claims Due by December 3

WOLLFAMILY LLC: Zug Court Starts Bankruptcy Proceedings


T U R K E Y

TURK EKONOMI: Fitch Affirms Low-B IDR on Parent Support


U K R A I N E

CORN-IMPULSE LLC: Creditors Must File Claims by November 23
HYDRO-CRIMEA LLC: Claims Filing Bar Date Set November 23
KRASILOVKA AGRICULTURAL: Creditors Must File Claims by Nov. 24
LESOVAYA DACHA: Creditors Must File Claims by November 23
NEW ERA: Creditors Must File Claims by November 23

PESKOVKA PLANT: Claims Filing Bar Date Set November 24
TRANS CAPITAL: Creditors Must File Claims by November 23
VELIKOPOLOVCHANSKOYE LLC: Creditors Must File Claims by Nov. 23


U N I T E D   K I N G D O M

4 ALL: Duncan R. Beat Leads Liquidation Procedure
ACCRETIVE LTD: Claims Filing Period Ends December 13
ALDER BUILDINGS: Claims Filing Period Ends December 7
ALUMINIUM CONSTRUCTION: Claims Filing Period Ends December 17
AXON FINANCIAL: Fitch Puts Junks Ratings on Various Notes

AXON FIN'L: Poor Portfolio Market Value Cues S&P's Junk Ratings
BANK BRASSERIE: Claims Filing Period Ends Jan. 6, 2008
BEAR STEARNS: Foreign Reps. File Opening Appellant Brief
BEAR STEARNS: Massachusetts Files Admin. Complaint Against BSAM
BRITISH AIRWAYS: Iberia Receives Takeover Bid from Gala Capital

COTT CORP: Failing Financial Metrics Cues Moody's to Cut Ratings
POPE & TALBOT: Files Chapter 11 Petition in Delaware
POPE & TALBOT: Case Summary & 29 Largest Unsecured Creditors
REMY WORLDWIDE: Bankruptcy Court Approves CVC Settlement Pact
REMY WORLDWIDE: Can Assume Caterpillar Inventory Agreement

SANYO ELECTRIC: To Invest JPY210 Bil. in Two Profitable Units
SANYO ELECTRIC: Lead in Microwave Cues BAIC to Order Recall
WALDON RADIO: Brings In Liquidators from Menzies Corporate

* Begbies Traynor Buys Insolvency Division of Bartfields Ltd


                            *********


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


F & B TEXTILHANDEL: Vienna Court Orders Business Shutdown
---------------------------------------------------------
The Trade Court of Vienna entered Oct. 23 an order shutting down
the business of LLC F & B Textilhandel (FN 170158h).

Court-appointed estate administrator Christiane Pirker
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. Christiane Pirker
         Hasenhutgasse 9
         Haus 3
         1120 Vienna
         Austria
         Tel: 817 57 57
         Fax: 817 57 55 17
         E-mail: Dr.Christiane.Pirker@chello.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 9 (Bankr. Case No 4 S 116/07x).


HANUSEK BAU: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Oct. 19 an order shutting down
the business of LLC HANUSEK Bau- und Gastronomie (FN 262738f).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 18 (Bankr. Case No 4 S 109/07t).  Arno Maschke
represents Dr. Unger in the bankruptcy proceedings.


INWESTED ASSET: Claims Registration Period Ends Nov. 28
-------------------------------------------------------
Creditors owed money by JSC inWESTed Asset Management &
Beteiligung (FN 254491b) have until Nov. 28 to file written
proofs of claim to court-appointed estate administrator Stephan
Riel at:

         Dr. Stephan Riel
         c/o Dr. Alexander Schoeller
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 01/713 44 33
         Fax: 01/713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Gerasdorf bei Vienna, Austria, the Debtor
declared bankruptcy on Oct. 22 (Bankr. Case No. 36 S 126/07g).
Alexander Schoeller represents Dr. Schoeller in the bankruptcy
proceedings.


KABELTRASSENBAU-MONTAGE: Claims Registration Period Ends Dec. 21
---------------------------------------------------------------
Creditors owed money by LLC Elephant (FN 143801y) have until
Nov. 30 to file written proofs of claim to court-appointed
estate administrator Peter Frisch at:

         Dr. Peter Frisch
         Braunauerstrasse 22
         4950 Altheim
         Austria
         Tel: 07723/41213
         Fax: 07723/41213-4
         E-mail: office@ra-frisch.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Maria Schmolln, Austria, the Debtor declared
bankruptcy on Oct. 19 (Bankr. Case No. 17 S 39/07b).


SANTORINI GASTGEWERBE: Claims Registration Period Ends Nov. 28
--------------------------------------------------------------
Creditors owed money by LLC Santorini Gastgewerbe (FN 119751f)
have until Nov. 28 to file written proofs of claim to court-
appointed estate administrator Eva Wexberg at:

         Dr. Eva Wexberg
         c/o Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 01/505 88 31
         Fax: 01/505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Dec. 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Klosterneuburg, Austria, the Debtor declared
bankruptcy on Oct. 23 (Bankr. Case No. 36 S 127/07d).  Walter
Kainz represents Dr. Wexberg in the bankruptcy proceedings.


STERING GMBH: Graz Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Graz entered Oct. 19 an order shutting down
the business of LLC Stering GmbH & Co KEG (FN 136174g).

Court-appointed estate administrator Marisa Schamesberger
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. Marisa Schamesberger
         Hofgasse 6
         Second Floor
         8010 Graz
         Austria
         Tel: 0316/842184
         Fax: 0316/8421848
         E-mail: kanzlei@ra-hofgasse6.com

Headquartered in Stiwoll, Austria, the Debtor declared
bankruptcy on Oct. 15 (Bankr. Case No 25 S 111/07x).


TE-DU BAUG: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Oct. 19 an order shutting down
the business of LLC Te-Du Baug (FN 283322a).

Court-appointed estate administrator Katharina Widhalm-Budak
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. Katharina Widhalm-Budak
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No 28 S 112/07k).


VISEMA INFORMATIK: Claims Registration Period Ends Nov. 30
----------------------------------------------------------
Creditors owed money by LLC Visema Informatik (FN 210443a) have
until Nov. 30 to file written proofs of claim to court-appointed
estate administrator Walter Kainz at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Dec. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 22 (Bankr. Case No. 28 S 119/07i).


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


ADVANCED MICRO: Secures US$622 Mln Investment from Mubadala Unit
----------------------------------------------------------------
AMD has received an investment from a subsidiary of Mubadala
Development Company.  Mubadala invested approximately
$622 million, receiving 49 million newly-issued shares at a
price per share of $12.70, the closing price of AMD common stock
on Nov. 15, 2007.

AMD received approximately $608 million, after reimbursing
Mubadala for approximately $14.6 million in expenses.  AMD will
use the net proceeds from the sale of the shares of common stock
for general corporate purposes including accelerating its long-
term, customer-focused growth strategy by investing in R&D,
product innovations and manufacturing excellence.

"We proudly welcome Mubadala, a world-class investor, to the AMD
shareholder family.  This investment strengthens AMD's ability
to deliver customer-centric innovation and choice to the
marketplace, creating greater value for all of our
shareholders," said AMD chairman and CEO Hector Ruiz.

"AMD is a great fit for Mubadala's investment approach - a
spirited competitor and innovator led by a strong and visionary
management team," Khaldoon Khalifa Al Mubarak Mubadala CEO and
managing director said.  "We see significant opportunities for
long-term growth and value creation."

This is a non-controlling, minority investment.  Mubadala will
not receive any board representation as part of the deal.  This
transaction does not present a controlling investment or
acquisition subject to review by the Committee on Foreign
Investment in the U.S.

Merrill Lynch acted as financial advisor to AMD.  Lehman
Brothers acted as lead financial advisor to Mubadala; Morgan
Stanley acted as co-financial advisor.

               About Mubadala Development Company

Headquartered in Abu Dhabi, United Arab Emirates, Mubadala
Development Company - http://www.mubadala.ae/-- is a strategic
investment and development company that is wholly-owned by the
Abu Dhabi Government.  The company has an international
portfolio, with interests in sectors such as energy, heavy
industry, telecommunications, infrastructure, and aerospace.

               About Advanced Micro Devices Inc.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and
manufactures microprocessors and other semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's $1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of $1.5 billion 5.75%
convertible senior notes due 2012.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


NUANCE COMMS: Posts $3.4 Mil. Net Loss in Quarter Ended Sept. 30
----------------------------------------------------------------
Nuance Communications Inc. disclosed financial results for the
fourth fiscal quarter ended Sept. 30, 2007.

On a GAAP basis, Nuance recognized a net loss of $3.4 million in
the quarter ended Sept. 30, 2007, compared with a net loss of
$7.2 million in the quarter ended Sept. 30, 2006.

Nuance reported revenues of $179.9 million in the quarter ended
Sept. 30, 2007, a 40% increase over revenues of $128.1 million
in the quarter ended Sept. 30, 2006.

Using a non-GAAP measure, the company reported non-GAAP revenue
of approximately $187.2 million, up 41% from the same period
last year.  Using a non-GAAP measure, Nuance reported non-GAAP
net income of $37.0 million for the period ending Sept. 30,
2007, compared to non-GAAP net income of $26.3 million in the
quarter ended September 30, 2006.

These GAAP figures exclude revenues lost to purchase accounting
in conjunction with the company's acquisition of BeVocal Inc.,
VoiceSignal Technologies Inc. and Tegic Communications.  The
non-GAAP net income amount excludes non-cash taxes and interest,
amortization of intangible assets, non-cash amortization of
stock-based compensation, and acquisition-related transition and
integration costs and charges.

"Nuance ended 2007 on a particularly high note, delivering
robust performance in several major product areas and producing
strong organic revenue growth," said Paul Ricci, chairman and
chief executive officer of Nuance.  "Our results in the fourth
quarter reflect favorable trends and momentum the company
experienced throughout 2007.  In particular, we have witnessed
strong demand from customers and partners across our diverse
speech markets, improved operational performance through expense
discipline and operating leverage, and enjoyed strategic and
operational synergies from recent acquisitions.  Combined, these
factors delivered results for the quarter and the year above
expectations and positioned Nuance for continued achievement in
2008."

At Sept. 30, 2007, the company's consolidated balance sheet
showed $2.20 billion in total assets, $1.31 billion in total
liabilities, and $895.8 million in total shareholders' equity.

                   About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN) -- http://www.nuance.com/-- provides speech and
imaging solutions for businesses and consumers around the world.

                          *     *     *

Nuance Communications still carries Standard & Poor's Ratings
Services 'B+' long term foreign issuer credit and 'B+' long term
local issuer credit ratings, which were placed on March 22,
2007.  S&P said the outlook is positive.


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


TDC A/S: Names Jesper Ovesen New Chief Financial Officer
--------------------------------------------------------
The Board of Directors of TDC A/S has decided to appoint Jesper
Ovesen, 50, as chief financial officer and member of the
executive committee as from Jan. 1, 2008.

Mr. Ovesen, who is a certified public accountant, has since
Jan. 1, 2007 been chief executive officer in KIRKBI A/S.  In the
period 2004-2006 he was chief financial officer in LEGO Holding
A/S.  He has earlier been chief financial officer in Danske Bank
and Novo Nordisk.

Mr. Ovesen is a member of the Board of Directors of among others
Skandinaviska Enskilda Banken AB, FLSmidth & Co A/S, Merlin
Entertainments S. a. r. l. and MODULEX A/S.

He succeeds the present chief financial officer Hans Munk
Nielsen, who wants to leave TDC A/S by the end of 2007.

                         About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                            *   *   *

As reported in the TCR-Europe on June 27, 2007, Fitch Ratings
affirmed TDC A/S's Long-term Issuer Default rating at 'BB-'
including TDC's and NTC Holdings' debt.  The Short-term IDR is
affirmed at 'B'.  All the ratings are removed from Rating Watch
Negative.  A Stable Outlook is assigned to the Long-term IDR.

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the existing non-financial speculative-grade corporate
issuers in Europe, Middle East and Africa, Moody's Investors
Service confirmed its Ba3 Corporate Family Rating for TDC A/S.

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

* Issuer: TDC A/S

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$6-billion
   Sr. Unsecured
   Medium-Term
   Note Program             Ba3      B1       LGD5    81%

   DEM500-billion 5%
   Sr. Unsecured            Ba3      B1       LGD5    81%
   Regular Bond/
   Debenture Due 2008

   JPY3-billion 1.28%
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       Ba3      B1       LGD5    81%

   EUR350-million 5.625%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba3      B1       LGD5    81%

   EUR750-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Ba3      B1       LGD5    81%

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    34%

At the same time, Standard & Poor's Ratings Services affirmed
all its ratings on Danish telecoms operator TDC A/S and its
parent company Nordic Telephone Co. Holding ApS, including the
'BB-/B' corporate credit ratings on TDC.  S&P said the outlook
is stable.


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


BOMBARDIER RECREATIONAL: Moody's Withdraws Ratings on Term Loans
----------------------------------------------------------------
Moody's Investors Service withdrew its proposed ratings on
Bombardier Recreational Products Ba2 senior secured revolver and
B1 senior secured term loan assigned on June 2007, following the
company's decision to postpone the offering due to current
market conditions.  At the same time, Moody's affirmed BRP's B1
corporate family rating, B1 probability of default rating, the
existing Ba2 rating of the senior secured revolver due 2011, and
the B1 rating of the senior secured term loan due 2013.  The
rating outlook continues to be negative.

"The negative outlook principally reflects Moody's concern that
consumer spending both in North America and in Europe, but
primarily in the United States, will soften in the near term
putting pressure on the company's operating performance," said
Kevin Cassidy, Vice President/Senior Credit Officer at Moody's
Investors Service.  "Although Moody's recognizes the operational
improvements the company has made over the last couple of years,
it has returned most of its profitability to shareholders in the
past," noted Cassidy.  He further stated that "Moody's expects
that the company will again lever up to improve shareholder
return once the capital markets improve"

BRP's rating could be downgraded if adjusted leverage approaches
5.5x either because of moderating operating performance or a
material increase in leverage or a combination of both.  On the
other hand, "the rating outlook could be stabilized if BRP
continues to improve its operating performance despite an
expected decline in consumer spending and maintains adjusted
leverage around 5x, even if it levers up for a dividend/share
repurchase," noted Cassidy.

Ratings withdrawn:

  -- CDN$250 million senior secured revolver, due 2012, at Ba2;

  -- CDN$1,125 million senior secured term loan, due 2013, at
     B1;

Ratings affirmed/assessments revised:

  -- Corporate family rating at B1;

  -- Probability of default rating at B1;

  -- CDN$250 million senior secured revolver, due 2011, at Ba2
     (to LGD 2, 28% from LGD 2, 25%);

  -- $720 million senior secured term loan, due 2013, at B1(to
     LGD 4, 54% from LGD 4, 51%)

With corporate headquarters in Valcourt, Quebec, Bombardier
Recreational Products Inc. is a leading designer, manufacturer,
and distributor of motorized recreational products worldwide
including operations in Australia, Brazil, France, Japan, the
Netherlands, Norway, the United Kingdom, and the United States,
among others.   Net sales for the twelve-month period ended July
2007 were approximately CDN$2.8 billion.


DELPHI CORP: Reaches Agreement with Investors on Plan Amendments
----------------------------------------------------------------
Delphi Corp. has reached agreement with General Motors Corp. and
its Plan Investors on amendments to its Joint Plan of
Reorganization, Global Settlement Agreement, and Master
Restructuring Agreement between Delphi and GM, and the New
Equity Purchase and Commitment Agreement with Delphi's Plan
Investors led by an affiliate of Appaloosa Management L.P.

Delphi filed these proposed amendments in the U.S. Bankruptcy
Court for the Southern District of New York as revisions to the
appendices to the company's Disclosure Statement.  Conforming
potential amendments to Delphi's Disclosure Statement will be
filed no later than Nov. 16, 2007.

These filings are being made in accordance with a scheduling
order entered by the Bankruptcy Court last week, which provides
for the resumption on Nov. 29, 2007, of the Disclosure Statement
hearing commenced in Oct. 2007.  Pursuant to the Bankruptcy
Court's order, the filings may be further amended by the company
on Nov. 28 and remain subject to approval of the Bankruptcy
Court.  Appaloosa and all of the other Plan Investors have
delivered a fully executed bid letter to the company in
connection with the revised Investment Agreement amendment.  The
effectiveness of the amendment is subject to various conditions
including Appaloosa being reasonably satisfied with any changes
to the Disclosure Statement when the proposed amendments are
filed later this week.

"T[he] filings, which have been agreed upon by GM and all of our
Plan Investors, are the cornerstones of a plan of reorganization
that we believe can be achieved during this challenging capital
markets environment," said John Sheehan, Delphi vice president
and chief restructuring officer.  "We have agreed to very
focused potential amendments to our reorganization plan which
continues to provide for full recoveries for unsecured creditors
at plan value as well as fair consideration for Delphi's equity
holders."

As with Delphi's Oct. 29 filing, these potential amendments
reflect current market conditions, commensurate changes to the
Company's emergence capital structure and form of plan currency
contemplated for stakeholder distributions, an effective
reduction of less than 5% in plan value to reflect macroeconomic
and industry conditions and uncertainties and reductions in
stakeholder distributions to some junior creditors and interest
holders.  Further, the potential amendments reflect changes
required by Delphi's Plan Investors to obtain their endorsement
of the Plan, the company's settlements with GM and its U.S.
labor unions, the company's emergence business plan and related
agreements.

The potential amendments include the following changes to
the Plan Investors' direct investment and certain stakeholder
recoveries:

                                        REVISED POTENTIAL
PARTY           ORIGINAL PLAN           AMENDMENT (11/14/07)
-----           -------------           --------------------
Net Funded      $7.1 Billion            $5.2 Billion
Debt

Plan Equity     Total enterprise        Total enterprise
Value           value of $13.9B,        value of $13.4B,
                which after deducting   which after deducting
                net debt and warrant    net debt and warrant
                value results in        value results in
                distributable value     distributable value
                of $6.6 billion (or     of $8.1 billion (or
                approximately $45.00    approximately $61.72
                per share based on      per share based on
                approx. 147.6 million   approx. 131.3 million
                shares)                 shares)

Plan            Direct Investment       Direct Investment
Investors
               * Purchase $400MM        * Purchase $400MM
                 of preferred stock       of preferred stock
                 convertible at an        convertible at an
                 assumed enterprise       assumed enterprise
                 value of $11.75B         value of $10.25B
                 (or 30.1% discount       (or 37.8% discount
                 from Plan Equity         from Plan Equity
                 Value)                   Value

               * Purchase $400MM        * Purchase $400MM
                 of preferred stock       of preferred stock
                 convertible at an        convertible at an
                 assumed enterprise       assumed enterprise
                 value of $12.80B         value of $10.75B
                 (or 14.3% discount       (or 31.6% discount
                 from Plan Equity         from Plan Equity
                 Value)                   Value)

               * Purchase $175MM        * Purchase $175MM
                 of New Common Stock      of New Common Stock
                 at an assumed plan       at an assumed plan
                 value of $12.8B          value of $10.25B
                 (or 14.3% discount       (or 37.8% discount
                 from Plan Equity         from Plan Equity
                 Value)                   Value)

GM             Recovery of $2.7B        Recovery of $2.7B

               * $2.7B in Cash          * $750MM in Cash

                                        * $750MM in second
                                          lien note

                                        * $1.1B in junior
                                          convertible preferred
                                          stock ($1.2B
                                          in liquidation value)

Unsecured      Par + accrued recovery   Par + accrued recovery
Creditors      at Plan value of $13.9B  at Plan value of $13.4B

               * 80% in New Common      * 75.5% in New Common
                 Stock valued             stock valued at
                 at Plan Equity Value     Plan Equity Value

               * 20% in Cash            * 24.5% through pro rata
                                          participation in the
                                          Discount Rights
                                          an assume enterprise
                                          value of $10.25B
                                          (or 37.8% discount
                                          from Plan Equity
                                          Value)

TOPrS          Par + accrued recovery   Par only recovery at
               at Plan value of $13.9B  Plan value of $13.4B

               * 100% in New Common     * 75.5% in New Common
                 Stock valued at          Stock valued at
                 $45 per share            Plan Equity Value

                                        * 24.5% through pro rata
                                          participation in the
                                          Discount Rights
                                          an assume enterprise
                                          value of $10.25B
                                          (or 37.8% discount
                                          from Plan Equity
                                          Value)

Existing       Par Value Rights         Par Value Rights
Common
Stockholders   * Right to acquire       * Right to acquire
                 approx. 12,711,111       approx. 20,770,345
                 shares of New Common     shares of New Common
                 Stock at a purchase      Stock at a purchase
                 price of $45.00          price struck at
                 per share                Planned Equity Value

               Warrants                 Warrants

               * Warrants to acquire    * Warrants to acquire
                 an additional 5%         6,908,758 shares of
                 of New Common Stock      New Common Stock
                 at $45.00 per share      (which comprises 5% of
                 exercisable for five     the fully diluted New
                 years after emergence    Common Stock)
                                          exercisable for 5
                                          years after emergence
                                          struck at 32.4%
                                          premium of Plan Equity
                                          Value

                                        * Warrants to acquire
                                          $1.0 billion of New
                                          Common Stock
                                          exercisable for six
                                          months after emergence
                                          struck at 8.2% premium
                                          to Plan Equity Value

               Direct Distribution      No provision for
                                        Direct Distribution
               * 1,476,000 shares of
                 New Common Stock

               Participation in         No Provision for
               Discount                 Participation in
               Rights Offering          Discount Rights Offering

               * Right to purchase
                 40,845,016 shares
                 of New Common Stock
                 at a purchase price
                 of $38.56 per share

A full-text copy of blacklined portions of Delphi's Disclosure
Statement, reflecting the Nov. 14 Proposed Amendments, is
available for free at:

    http://bankrupt.com/misc/Delphi_DSAmendments_11-14-07.pdf

Although the potential amendments are supported by GM and the
Plan Investors, Delphi has been advised by both of its Statutory
Committees that they will no longer support the Company's Plan
if amended as proposed.  The Creditors' Committee opposes
changes to the Plan made since the potential amendments filed on
Oct. 29, particularly the proposed increase in consideration to
the Plan Investors (as a result of the larger discounts to
Equity Plan Value agreed to by the company in exchange for the
Plan Investors' proposed investment), the form of distributions
to GM and proposed addition of out-of-the-money warrants to
common stockholders.  The Equity Committee opposes changes from
the original Plan filed on Sept. 6, which would reduce
recoveries to common stockholders as contemplated in the
potential amendments.  Absent a consensual resolution of these
concerns, both of the Delphi's Statutory Committees are expected
to supplement the objections filed by each committee on Nov. 2
and seek other relief from the Bankruptcy Court.

Delphi will continue to work toward a consensus among its
principal stakeholders, including the Creditors' Committee and
the Equity Committee, recognizing that such an outcome is not
assured.  In the event these amendments do not become effective,
the original underlying agreements as approved by the Bankruptcy
Court on Aug. 2 remain in effect.  The company continues to
pursue emergence from Chapter 11 during the first quarter of
2008.

                     About Delphi Corp.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $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.  As reported in yesterday's Troubled Company
Reporter, the Debtors are expected to file a revised
Reorganization Plan and related documents on or before the
Disclosure Statement hearing on November 29.  (Delphi Bankruptcy
News, Issue No. 96; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MTI TECHNOLOGY: Gets Final OK to Use DIP Funds & Cash Collateral
----------------------------------------------------------------
The Hon. Erithe A. Smith of the U.S. Bankruptcy Court for the
Central District of California gave M.T.I Technology Corporation
authority, on a final basis, to borrow up to $5,000,000 in
pospetition financing from Zinc Holdings LLC.

The financing was part of an asset purchase agreement the Debtor
signed with Zinc on Oct. 15, 2007, which provides for the sale
of the Debtor's European companies.

Under that purchase agreement, Zinc offered $5.5 million in
cash plus assumption of certain limited obligations for all of
the Debtor's interest in the European companies.

The facility will mature on the earliest of:

   a) Dec. 21, 2007;

   b) the effective date of any plan of reorganization the
      Debtor may file; and

   c) the date of consummation of any sale.

The Debtor will use the funds to finance working capital needs
and capital expenditures and for other general corporate
purposes.

As adequate protection, the Debtor granted Zinc perfected
security interests and liens in and on all of the Debtor's
assets, including, without limitation all property constituting
cash collateral, senior in priority to the prepetition liens and
also senior in priority to all other security interests and
liens, other than the liens and collateral of Well Fargo Bank,
National Association.

                      Cash Collateral Access

The Debtor is also authorized, on a final basis, to access the
cash collateral subject to prepetition security interests in
favor of The Canopy Group Inc. and Wells Fargo through the
termination date of the DIP financing.

Canopy holds a $5,190,546 secured claim against the Debtor as of
Oct. 9, 2007, while Wells Fargo holds a $1,711,670 secured claim
against the Debtor as of Oct. 10, 2007.

The prepetition lenders are granted perfected postpetition
security interests in and liens on their collateral.

Wells Fargo agrees to act as agent and bailee for the purposes
of perfecting the liens of Zinc and Canopy.

                      About MTI Technology

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

The company filed for Chapter 11 protection on Oct. 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  Omni Management Group LLC serve as the Debtor's claim,
noticing and balloting agent.  No Official Committee of
Unsecured Creditors has been appointed in this case to date.  As
of July 7, 2007, the Debtor had total assets of $64,002,000 and
total debts of $58,840,000.


SMOBY-MAJORETTE: MGA Confirms Interest Amidst Financial Woes
------------------------------------------------------------
MGA Entertainment confirmed its interest in Smoby-Majorette
after it discovered that Smoby's financial situation was weaker
than expected, The Financial Times reports citing Le Monde as
its source.

According to the report, a meeting was set Nov. 14, 2007, to
enable MGA management to discuss the future of Smoby with the
Commercial Court of Lons-le-Saunier.

The court indicated that liquidation has not been ruled out,
Financial Times relates.

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

The company said it plans to appeal the court's decision.

Jean-Christophe Breuil, the former chairman and CEO of Smoby-
Majorette, is undergoing investigation for allegedly
misappropriating funds via foreign dummy companies.

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

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

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

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

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

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

                           About Smoby

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

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


SR TELECOM: Files for Creditor Protection under CCAA
----------------------------------------------------
SR Telecom Inc. has filed for creditor protection under the
Companies' Creditors Arrangement Act, with the Quebec Superior
Court.  On Nov. 8, the company disclosed that, further to the
strategic review initiated on May 10, 2007, its Board of
Directors had evaluated the company's strategic options and
concluded that it is in the company's best interests to actively
pursue the sale of the company and/or its assets.  The company
believes that CCAA protection will enable SR Telecom to better
position itself for an acquisition.

"Despite the CCAA filing, we remain focused on the design,
delivery and deployment of our WiMAX solutions and are fully
committed to ensuring the satisfaction of our customers around
the world," Serge Fortin, President and CEO of SR Telecom, said.
"The filing provides a framework in which to optimize and
leverage our company's assets for all its stakeholders."

In conjunction with the CCAA filing, the company reported that
some 35 positions will be eliminated at its Montreal location
and its other offices around the world.  "We have taken the CCAA
route to ensure the future of SR Telecom; the unfortunate side
effect is that we must reduce our workforce," Mr. Fortin said.
"We are maintaining appropriate staff levels to continue the
development of our WiMAX solutions and sustain a strong level of
customer support.  This unfortunate, yet necessary, step will
decrease our expenditures during the CCAA period and will reduce
our operating cost base in order to facilitate an acquisition."

SR Telecom believes that filing for protection is a preventive
measure.  Protection under CCAA will provide SR Telecom with the
ability to operate without interruption and continue to serve
its customers around the world.  Management believes that the
sale andrestructuring process will likely be completed during
the first quarter of 2008.

                        Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the company's losses
for the current and prior years, negative cash flows, reduced
availability of supplier credit and lack of operating credit
facilities.  As such, the realization of assets and the
discharge of liabilities and commitments in the ordinary course
of business are subject to significant uncertainty.

For the three and six months ended June 30, 2007, the company
realized a net loss of CDN$14.9 million and CDN$27.1 million,
respectively (CDN$115.6 million for the year ended Dec. 31,
2006), and used cash of CDN$9.2 million and CDN$21.6 million,
respectively (CDN$45.2 million for the year ended Dec. 31, 2006)
in its continuing operating activities.  Going forward, the
company will continue to require substantial funds as it
continues the development of its WiMAX product offering.

                          About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  SR Telecom's products are currently deployed in
more than 110 countries worldwide, including France.


UTSTARCOM INC: Incurs US$55 Million Net Loss in Third Quarter
-------------------------------------------------------------
UTStarcom, Inc. has reported financial results for the third
quarter of 2007.

Net sales for the third quarter 2007 were US$646 million.  This
US$108 million increase over the second quarter of 2007 was
driven by strong sales in PCD as well as growth in our Broadband
and Wireless business units.  Gross margins for the third
quarter of 2007 were 10%.  The gross margins percentage was
impacted by a much larger percentage of PCD sales, as well as
approximately US$10 million of inventory reserves.  The net loss
for the third quarter was US$55 million, or a loss of US$0.46
per share.  This compares to a loss of US$62 million in the
second quarter of 2007 and US$43 million in the third quarter of
2006.

Our third quarter cash and short term investments totalled
US$644 million, an increase of US$116 million from the second
quarter of 2007.  For this quarter, cash and short-term
investments include approximately US$115 million of investments
that were previously accounted for as long term equity
investments.

"Our third quarter results do not yet reflect the benefits of
changes we are in the process of implementing in UTStarcom,"
stated UTStarcom Chief Operations Officer, Peter Blackmore.

Mr. Blackmore added, "We have strong technology in IP
communications and are building momentum in IPTV, NGN and
optical infrastructure and access devices.  Management has a
high sense of urgency about improving the operational
capabilities of the company to ensure profitable growth.  Our
conference call will give details about our progress on this."

      Guidance for the fourth quarter of 2007

     -- Revenue flat to slightly up compared to third quarter
        2007

     -- Gross margins up 2 to 4 points from third quarter 2007

     -- Operating expenses (excluding any special charges) down
        sequentially

                      About UTStarcom, Inc.

Headquartered in Alameda, California, UTStarcom Inc. (Nasdaq:
UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                        *     *     *

As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007, and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007, to the maturity date of the Notes, unless the
Notes are earlier repurchased or converted.


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


COMVERSE TECH: Consolidates Management Structure with Affiliate
---------------------------------------------------------------
Comverse Technology Inc. continued its organizational
realignment, through which certain positions at Comverse
Technology and its subsidiary Comverse Inc. have been
consolidated, creating a more agile, cross-functional structure.

Accordingly, Comverse Technology's president and chief executive
officer Andre Dahan will assume the additional position of
president and CEO.

"We have been evolving from a holding company structure, and
toward a flatter, more functionalized global organization in
which senior management is closer to our customers, and
decisions can be made more efficiently," Mr. Dahan said.

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

   -- John Bunyan, chief marketing officer;

   -- Lance Miyamoto, executive vice president, global human
      resources;

   -- Cynthia Shereda, executive vice president, general
      counsel and corporate secretary; and

   -- Lauren Wright, senior vice president, business operations
      and planning.

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

With this realignment, Yaron Tchwella, the current president of
Comverse Inc., will be leaving the company after a transition
period.

"I'd like to thank Yaron for his contributions to the company,
and in particular for his role in helping to design and launch
our organizational transition, while meeting business goals and
objectives during his time as president," Mr. Dahan added.

               About Comverse Technology Inc.

Based in Woodbury, New York, Comverse Technology Inc., --
http://www.cmvt.com/-- (Pink Sheets: CMVT.PK) through its
Comverse Inc. subsidiary, provides software and systems enabling
network-based multimedia enhanced communication and billing
services.  The company's Total Communication portfolio includes
value-added messaging, personalized data and content-based
services, and real-time converged billing solutions.  Other
Comverse Technology subsidiaries include: Verint Systems
(VRNT.PK), which provides analytic software-based solutions for
communications interception, networked video security and
business intelligence; and Ulticom (ULCM.PK), which provides
service enabling signaling software for wireline, wireless and
Internet communications.

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

                          *     *     *

In March 2006, Standard & Poor's placed the company's long-term
foreign and local issuer credit ratings at BB-.  The ratings
still hold to date.


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


AUTOVERLEIH LEUTE: Claims Registration Ends January 12, 2008
------------------------------------------------------------
Creditors of Autoverleih Leute GmbH have until Jan. 12, 2008, to
register their claims with court-appointed insolvency manager
Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 25, 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 Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 55-57
         53474 Bad Neuenahr-Ahrweiler
         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 Steger
         Koelnstr. 135
         53757 St. Augustin
         Germany
         Tel.: 02241-90600
         Fax : 02241-90 60 90
         E-Mail: kanzlei@kalker-fahnster.de

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Autoverleih Leute GmbH on Oct. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autoverleih Leute GmbH
         Attn: Axel Mueller, Manager
         Rheinallee 8
         53489 Sinzig
         Germany

         Attn: Sabine Leute, Manager
         Linzer Str. 11
         53489 Sinzig
         Germany


CB MEZZCAP: S&P Puts BB- Ratings on Watch on Deferred Payments
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on the class B, C, D, and E
notes issued by CB MezzCAP Limited Partnership, a German SME CLO
transaction.  The class A notes are unaffected at this time.

The CreditWatch placement follows the latest transaction
reporting, according to which the third principal deficiency
event in the transaction's history occurred as the German CD and
DVD producer ODS Optical Disk Services GmbH filed for the
opening of insolvency proceedings on Oct. 5, 2007.  The
reporting introduces the second active deferral to the
transaction and indicates a deterioration in the portfolio
credit quality.

"We consider that the likelihood of default for ODS Optical Disk
Services is significant, which could have a considerable impact
on the level of losses incurred by the issuer under its
participation right," said credit analyst Mr. Viktor Milev.

Mr. Milev added, "ODS Optical Disk Services had issued a EUR6
million profit participation right to CB MezzCAP and was already
in delinquency during the previous reporting period.  The
current portfolio share is 3.44%."

Mr. Milev added: "Excess spread in the transaction has
constantly decreased over the past three reporting periods.  In
contrast, the balance of the principal deficiency ledger  has
since risen notably and now stands at EUR17.4 million.  To what
extent this balance can be cleared depends on the further
performance of the portfolio as well as the status of the two
companies in deferral.  If they are able to resume payments as
envisaged, the structure will benefit from a higher excess
spread.  If not, further principal deficiency events and a
resulting increase in the PDL balance are inevitable.  S&P will
keep in close contact with the financial adviser and transaction
monitor to assess the status of the deferred assets to the
highest degree possible.  This analysis and S&P's expectation of
future losses to be incurred will govern whether the ratings on
the notes placed on CreditWatch will be lowered."

CB MezzCAP has previously suffered two defaults on the entities
Nici AG and Erich Rohde KG.  The resulting PDL entries were
partially cured through excess spread and through the recovery
benefit gained from the sale of the Nici AG asset.

                          Ratings List


CB MezzCAP Limited Partnership
   EUR199.5 Million Floating-Rate Notes

           Class               Rating
                       To                  From

            B           AA/Watch Neg        AA
            C           A/Watch Neg         A
            D           BBB-/Watch Neg      BBB-
            E           BB-/Watch Neg       BB-


CHARLOTTENSTRASSE VERWALTUNGS: Creditors' Meeting Set for Dec. 4
----------------------------------------------------------------
The court-appointed insolvency manager for Charlottenstrasse
Verwaltungs GmbH, Christoph Schulte-Kaubruegger will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:25 a.m. on Dec. 4.

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 11:05 a.m. on March 11, 2008 at the same
venue.

Creditors have until Jan. 10, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Charlottenstrasse Verwaltungs GmbH
         Breite Str. 12
         14199 Berlin
         Germany


CHRYSLER LLC: Officially Seals New Labor Agreement with UAW
-----------------------------------------------------------
Leaders of Chrysler LLC and the United Auto Workers union
officially sealed a new four-year national labor agreement at a
signing ceremony Monday, Nov. 19, 2007 in Detroit, Michigan.
After the contract was signed, top members of the bargaining
teams -- UAW President Ron Gettelfinger, Chrysler Vice Chairman
and President Tom LaSorda, UAW Vice President General
Holiefield, and Chryler Senior Vice President Employee Relations
John Franciosi -- shook hands, officially ending the process
that began last spring.

As reported in the Troubled Company Reporter on Oct. 31, 2007,
Chrysler confirmed that on Oct. 27, 2007, a new Chrysler-UAW
2007 national labor agreement, in response to UAW's ratification
results.

UAW members voted to ratify the new collective bargaining
agreement with Chrysler, with 56% votes in favor of the four-
year pact among production workers, and 51% in favor among
skilled trades workers.  About 94% of office and clerical
workers voted in favor of the agreement, and 79% of UAW-
represented Chrysler engineering workers approved the contract.

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.


CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007
-------------------------------------------------------------
Chrysler LLC's Jeep(R) brand sales outside North America have
grown 15 percent in 2007, and the brand led Chrysler LLC sales
outside North America with 79,520 units sold through October.
The Company's International sales increased 14 percent (19,797
units) for the month and were up 18 percent for the year
(196,626 units).  That added a 29th month to the Company's
record of consecutive months of year-over-year sales increases.

Markets with a growing auto industry have been promising for
Chrysler.  Through October 2007, sales in regions such as Asia
Pacific, Latin America and the Middle East have seen growth of
17 percent, 25 percent and 65 percent respectively.  The
increased sales in emerging markets, especially China, Brazil
and Russia, have contributed significantly to the Company's
overall growth outside North America.

"It is important to recognize opportunities outside North
America to balance the impact any one region can have on the
business," said Michael Manley, Executive Vice President
International Sales, Marketing and Business Development.

Mr. Manley added "Our focus on growth is not only to increase
sales internationally, but also to ensure that the growth is
balanced among the Company's three brands. Our continued focus
must be on developing great products that are appropriate for
our markets, world-class quality and the development of the most
competitive distribution channels."

Year-to-date, Jeep has claimed the place as top-Chrysler LLC
selling brand with 79,520 units sold, an increase of 15 percent
over the same time period last year. Many of the recently-
introduced products for the brand have been posting solid sales.
The all new Jeep Wrangler has doubled the sales of it
predecessor model, and Grand Cherokee continues to gather strong
sales numbers ranking it as the number-two selling vehicle for
Chrysler LLC outside North America.

"The expanded portfolio for the Jeep brand has resulted in a
sales increase of more than 10,000 units so far this year, and
established it as the Company's highest volume brand outside
North America," said Thomas Hausch, Vice President
International Sales. "Replacements for existing models, such as
Grand Cherokee and Wrangler have been very well received; and
this month in Morocco, we are launching the all-new Jeep
Cherokee to International markets, which we believe will help
the brand grow its global presence even further.  Overall, with
197,000 units sold year to date, we have already surpassed the
total calendar year sales for 2005, and Jeep has contributed
significantly to this accomplishment."

                     About Chrysler LLC

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

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

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


DURA AUTOMOTIVE: U.S. Trustee Objects to Chapter 11 Plan
--------------------------------------------------------
Kelly Beaudin Stapleton, the United Stated Trustee for Region 3,
asks the U.S. Bankruptcy Court for the District of Delaware to
deny confirmation of the Joint Plan of Reorganization filed by
DURA Automotive Systems Inc. and its debtor-affiliates.

As previously reported in the Troubled Company Reporter, the
Court had approved the adequacy of the Disclosure Statement
explain the Debtors' plan on Oct. 3, 2007.  The Court had
initially scheduled the confirmation hearing on November 26 but
was rescheduled to Dec. 6, 2007.

"The Plan should not be approved on the grounds that, as
proposed, it is unconfirmable as a matter of law," asserts the
U.S. Trustee.

The U.S. Trustee believes that Debtors are inappropriately
seeking deemed substantive consolidation for plan purposes.  She
notes that, under applicable Third Circuit Law, substantive
consolidation is prohibited, unless the proponents of it can
establish a prima facie case for true substantive consolidation.

The Debtors are perfectly capable of presenting non-consolidated
claims and financial information, the U.S. Trustee asserts.  She
explains that, while the Debtors filed consolidated financial
statements, the Debtors maintained all corporate formalities,
maintained separate books and records for their respective
estates, as well as non-consolidated claims and financial
information.

The U.S Trustee also disputes the Joint Plan of Reorganization
on the account that it unfairly discriminates against certain
general unsecured creditors, specifically, the Class 3B Senior
Notes Claimants -- holders of senior notes with principal amount
less than $75,000.  She elaborates that if the ability to
participate in the $140,000,000 to $160,000,000 equity rights
Offering has any value, the treatment of the Class 3B Senior
Note Claimants under the Plan constitutes unfair discrimination,
because the ability to participate in the Rights Offering is
limited to Class 3A Notes claimants, or holders of senior notes
with a principal amount greater than $75,000.

As previously reported, Pacificor, LLC, which has committed to
back stop the rights offering pursuant to the Court-approved
Backstop Rights Purchase Agreement, has required that Dura
emerge from bankruptcy as a privately held company.  As a
result, parties entitled to buy shares of Reorganized Dura were
limited to large holders of Senior Notes Claims.

                      About DURA Automotive

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

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

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

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


DURA AUTOMOTIVE: Noteholders Support U.S. Trustee's Objections
--------------------------------------------------------------
Certain beneficial holders of approximately $88,000,000 in face
amount of 9% senior subordinated notes due May 2009, issued by
Dura Operating Corp., support the arguments stated by the U.S.
Trustee for Region 3 that that:

   (i) the Plan unfairly discriminates certain general unsecured
       creditors; and

  (ii) the Debtors cannot prove that substantive consolidation
       is proper.

Tobey M. Daluz, Esq., at Ballard, Spahr, Andrews & Ingersoll,
LLP, in Wilmington, Delaware, also argues that the Plan is not
fair and equitable under Section 1129(b)(1) of the Bankruptcy
Code because Pacificor will receive 42.4% of the new common
stock of Reorganized Dura, and the Debtors' management will
receive 10% of the Distribution Shares under the Management
Equity Program.

Under the Backstop Agreement and the Plan, Pacificor, as the
Backstop Party and as a holder of a large percentage of the
Senior Notes, will receive 42.4% of the New Common Stock in
exchange for payment of $160,000,000.  The valuation of the
Debtors implicit in this transaction results in the Plan
providing for no distribution to the 9% Noteholders, he notes.
Nevertheless, he points out, the Debtors have not tested the
value assigned to the Debtors under the Backstop Deal and the
Plan in the marketplace, and have offered little in the way of
other evidence to support this value.

Proposing a Plan under the circumstances that makes no
distributions of claims in excess of $500,000,000 -- holders of
subordinated notes in the aggregate principal amount of
$560,700,000 will receive no distributions under the Plan -- is
neither fair nor equitable, Mr. Daluz further argues.  He cites
rulings in In re Exide Technologies, 303 B.R.47, 62
(Bankr.D.Del.2003); In re Zenith Electronics Corp., 241 B.R.92,
103 (Bankr.D.Del.1999), and H.R.Rep. 595, 95thCong., 1stSess.414
(1977).

While the 9% Noteholders receive no distribution, the Debtors'
management will receive shares of stock of Reorganized Dura
under the Management Equity Program, Mr. Daluz notes.  Thus, he
says, there is a strong possibility that the Debtors' management
will receive shares on account of nothing, or, alternatively, on
account of their interests in, or claims against, the Debtors.

Mr. Daluz also states that the Debtors must prove that the Plan
is feasible and not likely to be followed by liquidation or the
need for further reorganization.  It appears that the Debtors
still have not received a commitment from any lender to provide
$425,000,000 in exit financing, he says.

"The recent troubles in the credit markets, the Debtors'
statements that the DIP Lenders are nervous about extending the
maturity date beyond December 31, 2007, and the Debtors' need to
enter into the Fee Engagement Letter before the DIP Lenders
would agree to pursue syndication of the exit financing make it
[appear] that the Debtors cannot prove feasibility without a
commitment by a lender to provide the $425,000,000 in exit
financing that the Debtors require under the Plan," Mr. Daluz
states.

                      About DURA Automotive

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

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

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

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


DURA AUTOMOTIVE: Second Lien Group Objects to Chapter 11 Plan
-------------------------------------------------------------
Second Lien Group also expressed to the U.S. Bankruptcy Court
for the District of Delaware their objection to the Joint Plan
of Reorganization filed by DURA Automotive Systems Inc. and its
debtor-affiliates.

Pursuant to a Credit Agreement dated May 3, 2005, certain of the
Debtors borrowed $225,000,000 on a second lien basis.  Loans
under the agreement accrue interest at a margin over either a
Eurodollar-based rate or a prime rate-based rate.  As of
immediately prior to the Petition Date, all loans under the
Second Lien Credit Agreement accrued at the Eurodollar Rate,
which was the lower of the two rates.

Laurie Selber Silverstein, Esq., at Potter, Anderson & Corroon,
LLP, in Wilmington, Delaware, relates that, pursuant to the
Second Lien Agreement, if an event of default occurs, any
outstanding Eurodollar loan must be automatically converted to
a Base Rate loan.  In light of the Debtors' Chapter 11 filing,
which qualifies as an event of default, the Second Lien Group
has insisted that no further Eurodollar loans were permissible,
the loans are automatically converted from Eurodollar to Base
Rate loans.

The Debtors, however, contended that that the Eurodollar Rate is
the applicable interest rate.

In resolution to the Second Lien Group's objection to the
Debtors' use of the Second Lien Lenders' cash collateral and the
entry into a postpetition financing, the Debtors agreed to grant
the Second Lien Lenders adequate protection payments measured by
a compromise "Stated Rate", half-way between the Eurodollar Rate
and the Base Rate.

The Plan proposes to satisfy the Second Lien Facility Claims
through cash payment in the amount of the principal amount of
$225,000,000 "plus outstanding interest, fees and expenses
payable pursuant to the Final DIP Order or as the Bankruptcy
Court otherwise orders, but not otherwise paid, as of the
Effective Date."  The Plan, however, provides that the
postpetition interest will be calculated at the "Stated Rate"
and not on the Base Rate, which amounts to a $2,000,000
disparity to the recoveries of the Second Lien Lenders.

The Second Lien Group reiterates its contentions that
postpetition interest should be computed, and paid, at the Base
Rate.  It asks the Court grant the Second Lien Lenders the
accrued differential of approximately $2,000,000 between the
Debtors' stated Eurodollar Rate and the Base Rate.

As previously reported, in light of the Second Lien Group's
contentions that holders of Class 2 Second Facility Claims are
impaired under the Plan as a result of the disputes with respect
to the postpetition interest, the Debtors agreed to solicit
votes from Second Lien Lenders on a provisional basis, pending
resolution of their disputes.

               Holder of Shares of Dura Stock

Timothy Paul Harrison, holder of 898 shares of Dura Automotive
Systems, Inc., common stock, says that Dura management has not
disclosed any information as to "[its] plan to start a new
company with the stockholders' assets..."  Mr. Harrison has
received copies of Dura's Joint Plan of Reorganization and
related documents but said the information provided is
confusing.

"It is obvious that the company and the consulting firms do not
want the real owners of this company to know about this plan,"
he said.

Mr. Harrison insists that Dura should present a summary of the
Plan to start a new company and at let the stock holders vote
and express their objections.

The Plan currently provides for the cancellation of the existing
stock of the company, and the sale and distribution of the
common stock of Dura to noteholders and general unsecured
claimants upon emergence from bankruptcy.   Equity holders are
deemed to reject the Plan, and therefore, will not be given
ballots.

                        Other Objections

As reported in the Troubled Company Reporter on Nov. 13, 2007,
Atwood Acquisition Co. LLC, The United States Government, on
behalf of the Internal Revenue Service, and Douglas Stevens and
Raphael Durst, owners of Dura Operating Corp. Series C/D 9%
Senior Subordinated Notes Cusip Number 26632QAh6, also raised
objections to the Debtors' Pla.

                      About DURA Automotive

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

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

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

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


ERS GMBH: Claims Registration Ends January 7, 2008
--------------------------------------------------
Creditors of ERS GmbH have until Jan. 7, 2008 to register their
claims with court-appointed insolvency manager Dr. Thomas
Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Jan. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 12
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Dr. Thomas Dithmar
         Barbarossahof 3
         99092 Erfurt
         Germany

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

The Debtor can be reached at:

         Attn: Klaus-Dieter Neumann, Manager
         An der Lache 29
         99086 Erfurt
         Germany


HOHNRATH PRINT: Claims Registration Period Ends Jan. 16, 2008
-------------------------------------------------------------
Creditors of Hohnrath Print und Medien GmbH & Co. KG i.L. have
until Jan. 16, 2008 to register their claims with court-
appointed insolvency manager Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 18, 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 Krefeld
         Meeting Hall H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         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. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany
         Tel: 0211 13940
         Fax: +4902111394251

The District Court of Krefeld opened bankruptcy proceedings
against Hohnrath Print und Medien GmbH & Co. KG i.L. on Oct. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hohnrath Print und Medien GmbH & Co. KG i.L.
         47877 Willich
         Germany


KROONFLOR GMBH: Claims Registration Period Ends December 13
-----------------------------------------------------------
Creditors of Kroonflor GmbH have until Dec. 13 to register their
claims with court-appointed insolvency manager Dr. Juergen
Toemp.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 3, 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. Juergen Toemp
         Wilhelmshofallee 75
         47800 Krefeld
         Tel: 02151-58130
         Fax: 02151-5813134

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

The Debtor can be reached at:

         Kroonflor GmbH
         In de Schanz 13
         47638 Straelen
         Germany

         Attn: Willem Kroon, Manager
         Laakweg 4
         NLD-5944 Ex Arcen
         Germany


MAKE COMMUNICATION: Claims Registration Period Ends December 7
--------------------------------------------------------------
Creditors of Make Communication GmbH have until Dec. 7 to
register their claims with court-appointed insolvency manager
Gerhard Tonhaeuser.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Gerhard Tonhaeuser
         Moltkestrasse 40
         74072 Heilbronn
         Germany
         Tel: 07131/60990
         Fax: 07131/609961

The District Court of Stuttgart opened bankruptcy proceedings
against Make Communication GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Make Communication GmbH
         Attn: Jochen Marquardt, Manager
         Kreuzenstrasse 108
         74076 Heilbronn
         Germany


MERTON REAL: Creditors' Meeting Slated for Dec. 10
--------------------------------------------------
The court-appointed insolvency manager for Merton Real Estate
Entwicklungsgesellschaft mbH, Bjoern Gehde will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:40 a.m. on Dec. 10.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on March 3, 2008 at the same
venue.

Creditors have until Jan. 10, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Merton Real Estate Entwicklungsgesellschaft
mbH on Oct. 25.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Merton Real Estate Entwicklungsgesellschaft mbH
         Pariser Str. 44
         10707 Berlin
         Germany


MUELLER TRANSPORTE: Claims Registration Ends January 7, 2008
------------------------------------------------------------
Creditors of Mueller Transporte GmbH have until Jan. 7, 2008 to
register their claims with court-appointed insolvency manager
Holger Leichtle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         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 Leichtle
         Danneckerstrasse 52
         70182 Stuttgart
         Germany
         Tel: 0711/238890

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

The Debtor can be reached at:

         Mueller Transporte GmbH
         Attn: Axel Mueller, Manager
         Blankensteinstrasse 6
         74385 Pleidelsheim
         Germany


PORTFOLIO GREEN: S&P Rates Classes F and G Notes at B
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings
to the EUR576.5 million floating-rate notes issued by Portfolio
GREEN German CMBS GmbH, a special purpose entity incorporated in
Germany.  At the same time, Portfolio GREEN German CMBS issued
EUR8.9 million of unrated notes.

This transaction is structured as a true sale.  The issuer
issued the notes on the closing date and, using the issuance
proceeds, acquired from Lehman Brothers Bankhaus AG the economic
interest of 416 mortgage loans advanced to individual and
corporate borrowers and secured by commercial properties in
Germany.

The pool had a principal balance outstanding of EUR585.4 million
at cut-off. EUR6.1 million of third-party claims rank senior and
EUR154.2 million rank pari passu to the claims under the
securitized loans.

The ownership interest in the portfolio is divided between a
legal and beneficial owner.  The issuer owns the economic
interest in the portfolio while the legal title in the portfolio
is held by a collateral agent for the issuer's benefit.  A
collateral agency agreement regulates the collateral agent's
responsibilities to the issuer.

                          Ratings List

Portfolio GREEN German CMBS GmbH
   EUR585.4 Million Floating-Rate Notes

         Class          Rating         Amount (Mln. EUR)
         -----          ------         ----------------
          A              AAA                 425.5
          B              AA                   40.0
          C              A                    40.0
          D              BBB                  35.0
          E              BB                   20.0
          F              B                    12.0
          G              B                     4.0
          H              NR                    8.9

    NR -- Not rated.


REISEMOBIL CENTRUM: Claims Registration Period Ends November 26
---------------------------------------------------------------
Creditors of Reisemobil-Centrum Camper World am Niederrhein GmbH
have until Nov. 26 to register their claims with court-appointed
insolvency manager Dr. Gerrit Hoelzle.

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. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Tel: 02832/97720
         Fax: 02832/977229
         Germany

The District Court of Kleve opened bankruptcy proceedings
against Reisemobil-Centrum Camper World am Niederrhein GmbH on
Nov. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Reisemobil-Centrum Camper World am
         Niederrhein GmbH
         Blackweg 1
         46446 Emmerich am Rhein
         Germany

         Attn: Cornelis Frederik Teun Smit
         Eltener Strasse 37
         46446 Emmerich am Rhein
         Germany


SYBAU BAUTRAEGER: Claims Registration Period Ends November 29
-------------------------------------------------------------
Creditors of SYBAU Bautraeger GmbH have until Nov. 29 to
register their claims with court-appointed insolvency manager
Dirk Oelbermann.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dirk Oelbermann
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel.: (0421)792 57-0
         Fax: (0421)792 57-57

The District Court of Syke opened bankruptcy proceedings against
SYBAU Bautraeger GmbH on Nov. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SYBAU Bautraeger GmbH
         Hauptstr. 23
         28857 Syke
         Germany

         Attn: Helmut Gussmann, Manager
         Hauptstr. 23
         28857 Syke
         Germany


UKRA BAU: Claims Registration Ends January 2, 2008
--------------------------------------------------
Creditors of UKRA Bau GmbH have until Jan. 2, 2008 to register
their claims with court-appointed insolvency manager Eberhard
Irrgang.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be reached at:

         Eberhard Irrgang
         Martin-Luther-Platz 11
         95100 Selb
         Germany
         Tel: 09287-2575
         Fax: 09287-87197

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

The Debtor can be reached at:

         UKRA Bau GmbH
         Oststrasse 2 a
         95145 Oberkotzau
         Germany

         Attn: Ulrich Krauss, Manager
         Oststr. 2
         95145 Oberkotzau
         Germany


WLG LOGISTIK: Creditors' Meeting Slated for Dec. 18
---------------------------------------------------
The court-appointed insolvency manager for WLG Logistik und
Grundstuecksverwaltungsgesellschaft mbH, Heiko Dauenhauer will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 2:00 p.m. on Dec. 18.

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

         The District Court of Pirmasens
         Hall 153
         Bahnhofstrasse 22-26
         66953 Pirmasens
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on Feb. 5, 2008 at the same venue.

Creditors have until Jan. 15, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Heiko Dauenhauer
         Bahnhofstrasse 2
         66953 Pirmasens
         Germany
         Tel: 063 31-55 22 0
         Fax: 063 31-55 22 55

The District Court of Pirmasens opened bankruptcy proceedings
against WLG Logistik und Grundstuecksverwaltungsgesellschaft mbH
on Oct. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WLG Logistik und Grundstuecksverwaltungs GmbH
         Attn: Patrick Wagner, Manager
         Gueterbahnhof
         66953 Pirmasens
         Germany


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


BAKONY MUVEK: Failed Talks & Asset Sale Trigger Liquidation
-----------------------------------------------------------
The owners of bankrupt Bakony Muvek Zrt decided to wind up the
company's business, after attempts to reach agreements with
creditors and sell some of its assets failed, MTI-Econews
reports citing business weekly HVG as its source.

According to the report, Bakony has accrued over HUF2 billion in
debts over the past several years.  It posted HUF44 million in
losses against HUF3.4 billion in revenues in 2006.

The Troubled Company Reporter-Europe reported on April 10,
2007, that Bakony owes HUF580 million to tax authorities,
around HUF420 million to suppliers and almost HUF1 billion to
Bankar Holding Zrt, its main shareholder.

Headquartered in Veszprem, Hungary, Bakony Muvek Zrt supplies
car parts.


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


AFFILIATED COMPUTER: Extends E-ZPass New Hampshire Toll Contract
----------------------------------------------------------------
Affiliated Computer Services, Inc. has extened the E-ZPass
electronic toll collection contract with the New Hampshire
Department of Transportation.

The current contract allows for three additional three-year
options to be exercised for a total contract length of 12 years.
Affiliated Computer will continue to operate the E-ZPass toll
collection customer service center during the current option
period.  The contract value for the option period is US$14.2
million.

"During the past three years, ACS has done an excellent job
managing the Customer Service Center functions for the New
Hampshire Department of Transportation," said Bureau of
Turnpikes Administrator, within the New Hampshire Department of
Transportation, Harvey Goodwin.  "ACS' experience and
professionalism have helped make E-ZPass in New Hampshire a huge
success.  We are extremely pleased that this contract has been
extended for an additional three years."

The company operates three walk-in service centers across the
state enabling citizens to enroll and maintain participation in
the pre-paid electronic toll collection system.

"Called one of the greatest innovations of our time, E-ZPass
dramatically reduces traffic congestion, as well as air
pollution caused by idling vehicles," said ACS managing director
of Transportation Solutions, Michael Huerta.  "ACS congratulates
the New Hampshire Department of Transportation on its foresight
in employing this technology."

The New Hampshire E-ZPass program has 195,000 account holders
with 335,000 E-ZPass transponders logging 64 million electronic
toll transactions annually.  The service center handles 290,000
phone calls and 70,000 walk-in customers each year.

               About Affiliated Computer Services

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ --
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                           *   *   *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services has kept its
'BB' corporate credit and senior secured ratings on Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on Mar. 20, 2007.


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


DANA CORP: Gets Court Approval to Settle 7,500 Asbestos Claims
--------------------------------------------------------------
Dana Corp. and its debtor-affiliates obtained the U.S.
Bankruptcy Court for the Southern District of New York's
permission to enter into settlement agreements with Asbestos
personal injury claimants.

The settlements, which would cost the Debtors $2,000,000 and
partially reimbursed by insurers, would result to the dismissal
of 7,500 Asbestos claims filed by tort attorneys Robert Peirce &
Associates; The Lanier Law Firm; Goldenberg, Miller, Heller &
Anotognoli; and Bevan & Associates.

According to toledoblade.com, Judge Burton Lifland said the
decision "resolves a very large number of claims" and opens the
door for other claimants to seek similar settlements.

The Debtors are facing 150,000 asbestos-related personal injury
claims as of June 30, 2007.  The Debtors have been named
defendants in a number of lawsuits related to the Debtors' sale
of certain automotive gaskets containing asbestos in an
encapsulated form and the alleged exposure of people to asbestos
as a consequence of contact with these gaskets.

The settlement agreements, among other things, require the
Asbestos Personal Injury Claimants to provide medical
documentation of their illnesses, and evidence of their exposure
to asbestos-containing products manufactures, sold, or
distributed by Dana, according to Corinne Ball, Esq., at Jones
Day, in New York, on behalf of the Debtors.  She added that the
claimants must also submit release to qualify for payment of
their asbestos personal injury claims.

The Court overruled an objection filed by an ad hoc committee of
asbestos personal injury claimants.  The group, represented by
Douglas T. Tabachnik, Esq., at the Law Offices of Douglas T.
Tabachnik, in Freehold, New Jersey, and Sander L. Esserman,
Esq., at Stutzman, Bromberg, Esserman & Plifka, in Dallas,
Texas, complained that the Settlement Agreements provide
potentially different, more favorable treatment for the asbestos
personal injury claims that are being settled pre-confirmation
than the treatment afforded other asbestos personal injury
claims, although those claims are classified in the same class
under Dana's plan of reorganization.  The ad hoc committee also
asked the Debtors to shed light with respect to the settlements
reached by some of its members with the Dana, which settlements
remain unfunded and unpaid.

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

                      About Dana Corporation

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 61; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Could Get EUR3.1 Billion from Claims Settlement
-------------------------------------------------------------
With the United States District Court pushing for a resolution,
analysts are forecasting that Parmalat S.p.A. Chief Executive
Officer Enrico Bondi can reap as much as EUR3,100,000,000, or
$4,500,000,000, equivalent to about 75% of Parmalat's market
value, by settling damage claims against Bank of America Corp.,
Citigroup Inc., accountant Grant Thornton LLP and 13 Italian
lenders, Bloomberg News reports.

Parmalat's biggest pending suits are against BofA, Citigroup and
Grant Thornton, where Dr. Bondi is seeking about $10,000,000,000
each.  Parmalat also has 63 "claw-back actions" pending against
certain banks for EUR6,400,000,000, seeking to recover
prepetition payments.

Parmalat counsel Nicola Palmieri said he expects a decision on
whether the Citigroup case will go to trial by March, while a
decision regarding BofA and Grant Thornton could come before the
end of first quarter 2008, according to Bloomberg.  Citigroup's
lawyer, John Baughman of Paul Weiss Rifkind Wharton & Garrison
LLP, in New York, declined to comment on the possibility of a
settlement.

As previously reported, Dr. Bondi has already recouped about
EUR800,000,000 from nine financial companies including Merrill
Lynch & Co. and a unit of accounting firm Deloitte Touche
Tohmatsu.  Settling claims for an estimated EUR2,800,000,000
could add about 60% to Parmalat's stock, Bloomberg says, citing
estimated calculations by Lehman Brothers Holdings Inc., which
holds less than 2% of Parmalat shares.  Lehman Brothers also
values the underlying dairy business at between EUR2.20 and
EUR2.40 per Parmalat share.

"This is an excellent opportunity to get into an unloved stock
with great upside potential and very little downside," Bloomberg
quoted Churchill Capital Group analyst Ben Rolfe as saying.
"There is a light at the end of the tunnel and it's approaching
fast."

Churchill Capital does not own any shares in Parmalat's common
stock.

Moreover, Bloomberg reports that Parmalat's future could also be
complicated by a class-action suit filed by U.S. investors, to
which the company's defense hinges on the principle that it was
not the wrongdoer and should have protection as the successor of
a bankrupt company.  In July, District Judge Lewis Kaplan ruled
that the new Parmalat is a defendant in that case.  Parmalat has
appealed that decision.  The case has not yet been certified by
the judge.

Rob Mann, an analyst at Collins Stewart Plc, in London, however,
told Bloomberg that the Class Action suit will not effect "a
great deal of downside" on Parmalat's stock, because "any such
claims by U.S. bondholders would first have to be approved by
the Italian court that is overseeing the bankruptcy."

Parmalat estimates that its operating profit will rise by as
much as 10%, or about EUR30,000,000, this year as it sells more
fortified products, Bloomberg reports.

As of November 14, shares of Parmalat rose 8 cents, or 3.1%, to
EUR2.61 in Milan.  The percentage increase and current trading
of more than 21,000,000 shares were both the most in almost
three months, Bloomberg says.

Parmalat filed for bankruptcy in 2003, with total liabilities of
approximately EUR14,000,000,000, almost eight times the amount
reported by former management.  The company had never actually
generated a profit after its stock market listing in 1992,
though it reported earnings every year.

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.  (Parmalat Bankruptcy News, Issue
No. 94; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Italian Prosecutors Pursue BofA Link Evidence
-----------------------------------------------------------
In connection with continuing investigations on Parmalat
S.p.A.'s collapse, Gerardo La Guardia, chief prosecutor in
Parma, Italy, said that Italian prosecutors can prove the
existence of a direct link between former Parmalat Chief
Financial Officer Fausto Tonna and former Bank of America
Manager Luca Sala.

According to Reuters, Mr. La Guardia disclosed that the
magistrates have evidence of bank transfers by the former
officers, which he believed would prove part of the bank's
management was aware of Parmalat's situation before it tumbled
under EUR14,000,000,000 of debts in 2003.

The transfers made to a Swiss bank account allowed some of the
management to profit, Mr. La Guardia said.

Mr. Tonna purportedly denied any involvement with Mr. Sala, who
worked with Parmalat when he was head of corporate banking at
BofA in Italy.

Mr. Sala, who moved to Parmalat as a consultant in 2003, is on
trial in Milan for market manipulation, false communication and
acting as an obstacle to surveillance activities, Reuters
reports.  BofA has also denied that its managers were aware of
Parmalat's situation before it fell apart.

Investigations on the matter were continuing, Reuters says.

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.  (Parmalat Bankruptcy News, Issue
No. 94; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


TISCALI SPA: Hikes Capital by EUR150 Mln to Repay Pipex Loan
------------------------------------------------------------
Tiscali S.p.A.'s Board of Directors has exercised the powers
granted by the Extraordinary General Meeting, for a maximum
amount or EUR220 million, resolving upon a share capital
increase of up to EUR150 million to be offered with preemption
rights for Tiscali's shareholders.

It is expected that the capital increase will be executed in the
first months of 2008, depending on market conditions, and that
the capital increase proceeds will be utilized to partially
refinance the debt related to the acquisition of the broadband
and voice division of Pipex in the U.K.

The terns of the capital increase will be set closer to the
offer. Banca IMI and JPMorgan will act as lead managers of the
future underwriting consortium.

Tiscali has also signed an agreement whereby Management&Capitali
S.p.A. (M&C) will underwrite EUR60 million of subordinated bonds
convertible into Tiscali new shares.  The bonds will be issued
by a Luxembourg company controlled by Tiscali S.p.A., which will
also guarantee the bonds.

                         About Tiscali

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

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.


XEROX CORP: Solid Position Prompts Moody's to Lift Ratings
----------------------------------------------------------
Moody's Investors Service raised the ratings of Xerox
Corporation and supported subsidiaries, upgrading Xerox's senior
unsecured rating to Baa2 from Baa3.  The upgrade reflects the
company's solid competitive position in the mature and
competitive office equipment sector, its good business
execution, continued progress in building its installed base of
equipment that drives its post sales annuity revenue, stable
profitability, and solid free cash flow generation.  The
accelerated reduction of secured debt also supports the upgrade,
as does Xerox's disciplined financial philosophy with respect to
maintaining strong balance sheet liquidity and modest financial
leverage.  The outlook is positive.

The positive outlook considers the company's good prospects for
continuing to grow its installed base of equipment and maintain
or enhance operating performance levels.  To the extent that
management maintains good financial discipline as it seeks to
grow revenue, the rating could have upward pressure over time.

Over the next year, Moody's expects modest, low single digit
revenue growth driven by the post sale revenue that follows
equipment sales.  Xerox has demonstrated good unit installation
activity with customers over the last several quarters, which
its strong product lineup should continue to support, with 39
new product introductions this year and good business execution.

"While Moody's anticipates consistent operational execution and
stable operating margins in the 8% to 9% range, product pricing
remains very competitive, especially with the faster growing
color copiers, where Xerox is well positioned," says Moody's
Richard Lane.  "This will require continued focus on operational
efficiencies and cost management."

Importantly, the company continues to consistently reduce the
level of secured debt in its capital structure.  Since the peak
balance of $4.9 billion in December 2004, Xerox has reduced its
secured debt to just over $400 million at October 2007.  Moody's
expects this will decline to around $300 million by fiscal year
end December 2007 and approach zero by the end of 2008.

Liquidity remains solid, with cash balances of $848 million at
September 2007 plus access to a $2.0 billion unsecured revolving
credit facility, for which covenant room is expected to remain
ample. Combined with expectations of stable annual free cash
flow
($1.5 billion for the latest twelve months ended September
2007),
Moody's views Xerox as well positioned:

    (1) to meet aggregate public debt maturities of
        approximately $625 million through 2008;

    (2) to address potential calls on liquidity related to
        outstanding shareholder litigation;

    (3) to repurchase common stock;

    (4) to potentially reinstate a common dividend, and

    (5) to make modest sized acquisitions, such as the recent
        purchases of Advectis.

Ratings raised include:

Xerox Corporation:

   * Senior unsecured to Baa2 from Baa3
   * Trust preferred to Baa3 from Ba1

Xerox Credit Corporation:

   * Senior unsecured to Baa2 from Baa3
     (support agreement from Xerox Corporation)

Xerox Corporation, headquartered in Norwalk, Connecticut,
develops, manufactures and markets document processing systems
and related supplies, and provides consulting and outsourcing
document management services.


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


ALTER EGO: Proof of Claim Deadline Slated for December 18
---------------------------------------------------------
LLP Company Alter Ego has declared insolvency.  Creditors have
until Dec. 18 to submit written proofs of claims to:

         LLP Company Alter Ego
         Office 683
         Respublika square. 15
         Almaty
         Kazakhstan


BOLASHAK LLP: Creditors Must File Claims December 12
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Bolashak insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 57-16-66


COMPANY S-SERVICE: Claims Filing Period Ends December 18
--------------------------------------------------------
LLP Company S-Service has declared insolvency.  Creditors have
until Dec. 18 to submit written proofs of claims to:

         LLP Company S-Service
         Seifullin Str. 288
         Almaty
         Kazakhstan


COPY CITY: Creditors' Claims Due on December 18
-----------------------------------------------
LLP Copy City has declared insolvency.  Creditors have until
Dec. 18 to submit written proofs of claims to:

         LLP Copy City
         Gogol Str. 155
         Jetysuksky district
         Almaty
         Kazakhstan


DASK SECURITY: Claims Registration Ends December 18
---------------------------------------------------
LLP Dask Security has declared insolvency.  Creditors have until
Dec. 18 to submit written proofs of claims to:

         LLP Dask Security
         Micro Sistrict Samal-2, 50-16
         Almaty
         Kazakhstan


DESIGN STROY: Proof of Claim Deadline Slated for December 12
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karganda has
declared LLP Design Stroy Project insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karganda
         Jambyl Str.9
         Karaganda
         Kazakhstan


LABO OJSC: Creditors Must File Claims December 18
-------------------------------------------------
Branch of OJSC Mehanomontage Labo has declared insolvency.
Creditors have until Dec. 18 to submit written proofs of claims
to:

         Branch of OJSC Mehanomontage Labo
         Suyunbai ave. 343
         Almaty
         Kazakhstan
         Tel: 8 (7272) 35-89-37
              8 (7272) 35-69-77
              8 (7272) 35-77-26


TECH TRUST: Claims Filing Period Ends December 18
-------------------------------------------------
LLP Tech Trust has declared insolvency.  Creditors have until
Dec. 18 to submit written proofs of claims to:

         LLP Tech Trust has declared insolvency
         Neftyanaya Str. 1
         Uralsk
         West Kazakhstan
         Kazakhstan


UYUK TRADE: Creditors' Claims Due on December 18
------------------------------------------------
LLP Uyuk Trade Ltd has declared insolvency.  Creditors have
until Dec. 18 to submit written proofs of claims to:

         LLP Uyuk Trade Ltd.
         Abylai han Str. 158
         Taldykorgan
         Almaty
         Kazakhstan


YASSY JER: Claims Registration Ends December 12
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karganda has
declared LLP Yassy Jer insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karganda
         Jambyl Str.9
         Karaganda
         Kazakhstan


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


BISHKEKENERGOCOMPLEX LLC: Creditors Must File Claims by Dec. 26
---------------------------------------------------------------
LLC Bishkekenergocomplex has declared insolvency.  Creditors
have until Dec. 26 to submit written proofs of claim to:

         LLC Bishkekenergocomplex
         Orozbekov Str. 110a
         Bishkek
         Kyrgyzstan


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


AGILENT TECHNOLOGIES: Board Approves Share-Repurchase Program
-------------------------------------------------------------
Agilent Technologies Inc.'s Board of Directors has approved a
share-repurchase program of up to $2 billion of its common stock
over the next two years.  Agilent completed its previous $2
billion share buyback in October, bringing its cumulative
repurchases to $6.466 billion since the program's inception in
2005.

"The Board's decision reflects our confidence in Agilent's
operating model and strong cash flow," said Bill Sullivan,
Agilent president and chief executive officer.  "It also
demonstrates our continuing commitment to return excess cash to
the owners."

Agilent anticipates the share-repurchase program will be
implemented using a variety of methods, which may include open-
market purchases, block trades, accelerated share-repurchase
transactions or otherwise, or by any combination of such
methods.
The number of shares to be repurchased and the timing of any
repurchases will depend on factors such as the stock price,
economic and market conditions, and corporate and regulatory
requirements.  The stock-repurchase program may be suspended or
discontinued at any time.

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is a measurement company and a technology leader in
communications, electronics, life sciences and chemical
analysis.  The company's 19,000 employees serve customers in
more than 110 countries.  The company has operations in India,
Argentina, Puerto Rico, Bolivia, Paraguay, Venezuela, and
Luxembourg, among others.


AGILENT TECH: Moody's Says Stock Repurchase Won't Affect Ratings
----------------------------------------------------------------
Agilent Technologies, Inc. announcement that its board has
authorized a new $2 billion common stock repurchase program to
be implemented over the next two years will not impact Agilent's
credit rating, according to Moody's Investors Service.  The
share repurchase is expected to be funded with proceeds from
free cash flow, cash and option exercises.

Moody's believes the announcement will not impact Agilent's
ratings given the company's strong liquidity even after
considering the planned share repurchase program.  Nonetheless,
the announcement continues to indicate an aggressive use of
Agilent's significant balance sheet liquidity ($1.8 billion of
unrestricted cash as of October 2007) since we expect free cash
flow after acquisitions for fiscal 2008 to be less than the $1
billion of annual share repurchases planned.  As such, the
company's continued use of free cash flow for non-productive
purposes reduces financial flexibility and could constrain the
rating at the current rating level.  In October 2007, the
company completed a $600 million debt offering to replenish cash
balances that were used to fund the remaining purchases under
its fiscal 2007 $2 billion accelerated stock buyback program.
Moody's noted that at the current rating category, Agilent had
capacity to incur the additional debt supported by higher EBITDA
levels.

The Ba1 rating currently incorporates financial policies that
are not fully aligned with creditor interests as well as the
potential for leveraging event risk.  The rating also captures
the expectation that healthy liquidity and low balance sheet
leverage will be maintained.  Moody's notes the maintenance of
strong liquidity is critical in order to ensure the ability to
continue investing in new product development during the
inevitable industry down cycles and also to maintain flexibility
for opportunistic acquisitions that fill in technology gaps or
round out service capabilities.

Following the execution of the share repurchase program, Moody's
expects that Agilent will maintain cash balances of around $1
billion or more in addition to having access to a $300 million
multiyear committed unsecured credit facility.  Additional
liquidity support is derived from our expectation that free cash
flow generation will remain robust through cycles given that
operating performance continues to be solid.  Moody's expects
that the bulk of free cash flow is likely to be used for
strategic acquisitions and share repurchases under the new $2
billion share repurchase program, thereby limiting further cash
buildup.  To the extent that acquisitions plus share repurchases
were to significantly exceed amounts provided by the company's
free cash flow for a sustained period, the rating or outlook
would not likely experience upward pressure.

Headquartered in Santa Clara, California, Agilent Technologies,
Inc. is a leading measurement technology company serving the
communications, electronics, life sciences and chemical analysis
industries.  Net revenues for the twelve months ended Oct. 31,
2007 were $5.4 billion.


AGILENT TECH: Earns US$180 Mln in Fourth Quarter Ended Oct. 31
--------------------------------------------------------------
Agilent Technologies Inc. reported orders of US$1.48 billion for
the fourth fiscal quarter ended Oct. 31, 2007, 6 percent above
one year ago.  Revenues during the quarter were US$1.45 billion,
9 percent above last year.  Fourth quarter GAAP net income was
US$180 million.  Last year's fourth quarter GAAP net income from
continuing operations was US$126 million.

Included in this quarter's GAAP income is US$36 million of
share-based compensation expense.  Excluding this item and US$10
million of other net adjustments, Agilent reported fourth
quarter adjusted net income of US$206 million.  On a comparable
basis, the company earned US$190 million one year ago.

"Agilent had a good fiscal fourth quarter, especially
considering the continued divergent trends of our markets," said
Bill Sullivan, Agilent president and chief executive officer.
"Bio-analytical markets were strong in both Chemical Analysis
and Life Sciences, and across all geographies.  Electronic
measurement markets were very mixed, with strength in aerospace/
defense and wireless R&D, a flat profile for wireless handset
and electronic manufacturing test, and weakness in computer and
semiconductor markets."

Total fourth quarter revenues were up 9 percent from last year
to US$1.45 billion.  Adjusted net income per share, at US$0.53,
was 18 percent above last year's results and near the top of the
US$0.50 - US$0.54 guidance range.

Mr. Sullivan noted that the Bio-Analytical segment grew at a
double-digit pace for the sixth consecutive quarter, and that
the segment operating margin was at a record level.  "We are
seeing sustained strength in our new Liquid Chromatograph, Mass
Spectroscopy and Gas Chromatograph platforms, and Stratagene
integration activities continue to go well.  Last week, we
announced the acquisition of Velocity11, adding lab automation
to our expanding workflow solutions."

"While the Electronic Measurement segment was flat overall, we
saw good growth in those areas where we have invested in
specific growth initiatives, such as aerospace / defense and
wireless R&D," said Mr. Sullivan.

Fourth quarter Return on Invested Capital reached a new high of
30 percent, a point better than last year's strong performance.
Both Receivables Days-Sales-Outstanding and Inventory Days-On-
Hand reached new historic lows.  Cash generated from operating
activities was US$398 million in the fourth quarter. During the
period, the company repurchased US$631 million of its common
stock, completing its US$2 billion buyback program.

Full fiscal 2007 revenues grew 9 percent to US$5.4 billion.
Adjusted net income per share rose 22 percent to US$1.82.
Return on Invested Capital reached 27 percent, and cash
generated from operating activities during fiscal 2007 was
US$969 million.

Said Mr. Sullivan, "Today, Agilent's Board of Directors
authorized a new program to repurchase up to US$2 billion of
Agilent's common shares, reflecting its confidence in Agilent's
ability to create superior shareholder value, leveraging our
operating model through higher sustainable growth."

Looking ahead, Sullivan said the company was comfortable with
the range of analyst estimates for FY2008 revenues and adjusted
net income per share.  For the fiscal first quarter of 2008,
revenues are expected to be in the range of US$1.35 billion to
US$1.40 billion, up 5 percent to 9 percent from last year.

Comparisons of this year's first quarter adjusted net income
will be affected by a change in the timing of Agilent's annual
compensation awards program, and by a shift toward more variable
compensation. Compared to last year, about US$32 million more
compensation-related expense will be recognized in First Quarter
Fiscal Year 20008.  That US$0.06 per share cost increase will be
offset by a US$0.04 reduction in Q2 expense, and by US$0.01
reductions in FY08's third quarter and fourth quarter.
Reflecting this changed pattern of compensation expense, first
quarter adjusted net income is expected to be in the range of
US$0.38 to US$0.43 per share, 15 percent to 30 percent above
last year's comparable earnings.

                       About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.  The company has
operations in India, Argentina, Puerto Rico, Bolivia, Paraguay,
Venezuela, and Luxembourg, among others.

                           *   *   *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has assigned a Ba1
rating to Agilent Technologies, Inc.'s proposed offering of
USUS$500 million senior notes due 2017 and affirmed its existing
ratings and stable outlook.


EVRAZ GROUP: Acquires Gazprom's Stake in Large Diameter Pipe
------------------------------------------------------------
Evraz Group S.A. has acquired a 19.9% stake in OJSC Large
Diameter Pipe Factory from OJSC Gazprom, Oil-Gaz.Biz reports.

OJSC Nizhny Tagil Metallurgical Plant, a unit of Evraz, acquired
the stake via a tender for RUR241.8 million, Oil-Gaz.Biz adds.

                          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 of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.

Evraz also carries BB- Local and Foreign Issuer Credit ratings
from Standard & Poor's.  S&P said the Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


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


DISTINCT EUROPE: Fitch Affirms and Withdraws Low-B Ratings
----------------------------------------------------------
Fitch Ratings affirmed the ratings of DISTINCT (Diversified
Stable Income Credit) Europe BV's portfolio of assets, actively
managed by NIBC Credit Management, at bond fund credit rating
'BB+' and volatility rating 'V6'.  This portfolio of assets
constitutes the sole assets of a Dutch-registered company that
issues debt through a medium-term note program.

The portfolio invests in a broad range of corporate credits
predominantly in the 'BBB' to 'BB' rating range, structured
finance securities (CMBS, RMBS and CLOs, mezzanine and junior
tranches) and senior secured leveraged loans, primarily
connected to leveraged buy-outs (tranches B and C, no
mezzanine).

Fitch has simultaneously withdrawn the rating, following the
decision of the manager to dissolve the program.  Fitch will no
longer provide analytical coverage for the above mentioned
portfolio.

Established in 2003 to manage money for third parties, NCM is a
subsidiary of the Dutch merchant bank NIBC Bank N.V. (rated
'A'/'F1'/Outlook Negative).


JUBILEE CDO VIII: Fitch Holds BB Ratings on Class E Notes
---------------------------------------------------------
Fitch Ratings has assigned Jubilee CDO VIII B.V.'s upcoming
issue of floating-rate notes expected ratings:

   -- EUR240 million Class A-1 senior secured floating-rate
      notes: 'AAA'

   -- EUR24 million Class A-2 senior secured floating-rate
      notes: 'AAA'

   -- EUR42 million Class B senior secured floating-rate notes:
      'AA' EUR20 million Class C senior secured deferrable
      floating-rate notes: 'A'

   -- EUR18 million Class D senior secured deferrable floating-
      rate notes: 'BBB'

   -- EUR16 million Class E senior secured deferrable floating-
      rate notes: 'BB'

The transaction is a securitization of leveraged loans,
including primarily senior secured loans, second lien loans,
mezzanine obligations and high yield bonds.

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

The expected ratings of the Class A-1, A-2 and B notes address
the ultimate repayment of principal at maturity and the timely
payment of interest when due, according to the terms of the
notes.  For the Class C, D and E notes, which can defer
interest, the expected ratings address the ultimate payment of
principal and interest, including deferred interest, at
maturity.  The ratings are based on the quality and diversity of
the portfolio of assets, which are selected by the collateral
manager, Alcentra Limited, subject to the guidelines outlined in
the collateral management agreement.

The expected ratings are also based on the credit enhancement
provided to the various Classes of notes in the form of
subordination, structural protection and excess spread.  Credit
enhancement, in the form of subordination, for the Class A notes
will total 38.14%, which will be provided by the A-2 notes
(6.19%), B notes (10.82%), C notes (5.15%), D notes (4.64%), E
notes (4.12% ) and the unrated subordinated Class of notes
(7.22%).

Alcentra will actively manage the collateral over the six-year
reinvestment period.  Fitch assigned Alcentra Limited a 'CAM1-'
rating for European leveraged loans on May 11, 2007, primarily
based on its high level of focus on leveraged loans, and
experienced and stable management team.

Jubilee CDO VIII B.V. is a limited liability company
incorporated under the laws of the Netherlands.  At the closing
date, the issuer is expected to have purchased at least 95% of
the target portfolio; the remainder will be purchased over the
following 365 days.


KONINKLIJKE AHOLD: Reacquires Shares for EUR51.94 Million
---------------------------------------------------------
Koninklijke Ahold N.V. has repurchased 5,227,108 of its own
common shares in the period from Nov. 12, 2007, up to and
including Nov. 16, 2007.

Shares were repurchased at an average price of EUR9.9361 per
share for a total amount of EUR51.94 million. These repurchases
were made as part of the EUR1 billion share buyback program
announced on Aug. 30, 2007.

The total number of shares repurchased under this program to
date is 93,309,298 common shares for a total consideration of
EUR969.6 million.

                          About Ahold

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

                         *     *     *

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
===========


CONSUMER FINANCE: Fitch Ratings Holds B- IDR with Stable Outlook
----------------------------------------------------------------
Fitch Ratings has assigned Russia's Commercial Bank Consumer
Finance Company Long-term Issuer Default Rating 'B-' with a
Stable Outlook, Short-term IDR 'B', Individual rating 'D/E',
Support rating '5' and Support Rating Floor 'No Floor'.

CFC Bank's ratings are underpinned by the limited probability of
support being made available from Meridian Capital Limited, an
investment holding company, owned by six wealthy individuals,
with its main assets in Russia and Kazakhstan.  MCL holds a 100%
stake in MC Consumer Finance Company, of which CFC Bank is part
(100%-owned by MCCFC).

Fitch understands that decisions to provide capital or liquidity
support to MCCFC would be made by MCL on a commercial basis.
However, the agency also notes MCL's track record of providing
equity and non-equity funding to date, and also the currently
still relatively small size of MCCFC compared to MCL.  That
said, a rapid expansion of MCCFC's business and balance sheet
could reduce MCL's ability and propensity to provide support in
case of need.

The ratings reflect CFC Bank's high integration within MCCFC, of
which it is one of the two principal operating subsidiaries.
MCCFC is engaged in car loans to individuals, leasing and
residential mortgage lending in Russia, and CFC Bank books all
leases, mortgages and a small part of car loans on its balance
sheet.  Fitch understands that all MCCFC's companies are run
centrally by one management team, and that the group is regarded
as a single entity by its shareholders.  Risk management is
fully centralized and most funding is raised at the head
company.  Almost all the group's assets are also in the process
of being consolidated under CFC Bank.

MCCFC has a comfortable liquidity position and adequate
capitalization. It recorded a healthy net interest margin in
2006 and first half of 2007.  At the same time, MCCFC, founded
in 2004, displays many characteristics of a young company: small
size, rapid growth, limited track record, high operating
expenses and undiversified funding. These factors presently
constrain upside potential for CFC Bank's Individual rating,
although diversification of the funding base, an improvement in
cost efficiency and demonstration of a sustained good asset
quality track record would be positives for the credit profile.
Large credit losses would be the main potential source of
downward pressure on the Individual rating.


EVRAZ GROUP: Acquires Gazprom's Stake in Large Diameter Pipe
------------------------------------------------------------
Evraz Group S.A. has acquired a 19.9% stake in OJSC Large
Diameter Pipe Factory from OJSC Gazprom, Oil-Gaz.Biz reports.

OJSC Nizhny Tagil Metallurgical Plant, a unit of Evraz, acquired
the stake via a tender for RUR241.8 million, Oil-Gaz.Biz adds.

                          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 of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.

Evraz also carries BB- Local and Foreign Issuer Credit ratings
from Standard & Poor's.  S&P said the Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


HYNIX SEMICON: Creditors Plans to Sell Convertible Bonds
--------------------------------------------------------
Hynix Semiconductor Inc.'s creditors are considering to issue
convertible bonds worth between KRW500 billion to
KRW600 billion, various reports says.

Korea Exchange Bank Spokeswoman Lee Nahm Yon told Bloomberg News
that creditors are examining the company's plans to sell
convertible bonds to raise funds for capital spending next year.
The timing and exact scale of the funding are still to be
decided in detail, Reuters relates.

Bang Min Ho, a spokesman for Hynix said they are thinking of a
lot of options, Bloomberg adds.

              About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


HYNIX SEMICON: 3Q Consolidated Revenue Up 24% to KRW2.44 Tril.
--------------------------------------------------------------
Hynix Semiconductor Inc.'s consolidated revenue for third
quarter ended September 30, 2007, increased 24% to
KRW2.44 trillion from KRW1.97 trillion.

The third quarter consolidated revenue also increased 30%
compared to the previous quarter's KRW1.87 trillion.

The increase in sales was primarily attributable to the improved
pricing environment owing to seasonal demand for both DRAM and
NAND flash in the earlier part of the quarter as well as the
Company's strategical movements to mitigate the rapid price drop
that happened during the later part of the quarter.

Such strategical movements include product mix shift to premium
products such as graphics and mobile and larger sales exposure
to long-term contract customers.  As a result, the Company's
average selling price for DRAM increased 3% quarter-on-quarter.
In addition, the Company achieved 17% quarter-on-quarter bit
growth supported by the strong demand from the PC OEMs.  For
NAND flash, the Company achieved 92% of bit growth which was
driven by the strong demand in the segments of video capable MP3
players and mobile phones that require high density NAND flash.
Nonetheless, such growth in bits was partially offset by 6% drop
in the average selling price.

Third quarter operating profits more than doubled to KRW254
billion from previous quarter's KRW109 billion.  It is an
improvement by 133% sequentially but a drop of 44% compared to
the same period last year.  Net profits for the third quarter
recorded KRW70 billion with 7% of net profit margin, sustaining
17 consecutive quarters of profits since the third quarter of
2003.  Adding the depreciation and amortization expenses to the
operating profits, EBITDA came to KRW882 billion with EBITDA
margin of 36%.

Meanwhile, consolidated cash and short-term financial
instruments decreased by KRW576 billion sequentially to KRW1.2
trillion, and the total debt increased by KRW240 billion to
KRW4.4 trillion at the end of the third quarter.  As a result,
debt to equity ratio and net debt to equity ratio showed 46% and
33%, respectively.

             About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


KAUCHUK CJSC: Asset Sale Set Dec. 10, 2007
------------------------------------------
E. N. Lysov, competitive proceedings manager of Kauchuk CJSC,
will commence an open auction sale of the company's properties
at noon of Dec. 10, 2007 at:

         Technicheskaya Str. 14
         Sterlitamak
         453110 Republic of Bashkortostan
         Russia

Interested bidders must submit offers by Dec. 5, 2007,
10:00 a.m. to 12 noon to:

         E. N. Lysov
         Technicheskaya Str. 14
         Sterlitamak
         453110 Republic of Bashkortostan
         Russia


KRASNOSLOBODSKAYA PMK-398: Creditors' Claims Due Jan. 10, 2008
--------------------------------------------------------------
Creditors of Krasnoslobodskaya PMK-398 OJSC have until
Jan. 10, 2008, to submit written proofs of claim to:

         Yu V. Eroshkin
         competitive proceedings manager
         Fedoseenko Str. 17-103.
         430001 Saransk
         Russia

The Arbitration Court of the Republic of Mordovia commenced
competitive proceedings on Krasnoslobodskaya PMK-398 OJSC on
Oct. 25, 2007.  The case is docketed under Case No. ?39-2622/07-
89/12.

The Debtor can be reached at:

         Krasnoslobodskaya PMK-398 OJSC
         Prigorodnoye
         Krasnoslobodskij Region
         Republic of Mordovia
         Russia


OGK-5 OAO: Enel SpA Launches Buyout Offer
-----------------------------------------
Enel Investment Holding B.V., Enel S.p.A.'s wholly owned Dutch
unit, has launched a mandatory public tender offer for the
entire share capital of the generation company OAO OGK-5
following the clearance received by the Russian financial
markets regulator.

The duty to launch the offer arises from overcoming the 30%
ownership threshold of OGK-5's share capital by EIH, after the
acquisition of about 7.15% stake completed on Oct. 26, 2007.

On Aug. 16 2007, EIH received from the Russian antitrust
authority (FAS) the authorization to increase its stake and buy
up to 100% of OGK 5's share capital. This authorization has a
validity period of 1 year.

The tender offer affects about 22,231 million OGK-5 shares
(equal to 62.85% of the Russian company's share capital, net of
the 37.15% already owned by EIH) and has been launched at a
price of 4.4275 rubles per share, fully payable in cash.

The offer price is equal to the highest price paid by the
offeror for the acquisition of OGK-5 shares in the last six
months.  In the event all OGK-5 shareholders accept, the maximum
consideration EIH should pay will be about RUR98,427 million
(equal to around RUR2.742 million at the current exchange rate).
The acquisition will be financed with existing credit lines.

OGK-5 shareholders will have 80 days to accept the offer,
starting from the official notification of the offer to OGK-5
occurred on Nov. 15, 2007.

Set up in 2004 as part of the electricity industry reform, OGK-5
is one of six wholesale generation companies in Russia where the
privatization process is underway.

Its four thermal plants are strategically located in some of the
most developed and fastest growing regions of the country and
include:

   -- 2,400 MW of gas-fired capacity at Konakovskaya in the Tver
      Region (Central Russia);

   -- 1,290 MW of gas-fired capacity at Nevinnomysskaya in the
      Stavropol Region (Southern Russia);

   -- 3,800 MW of coal-fired capacity at Reftinskaya in the
      Sverdlovsk Region (Urals); and

   -- 1,182 MW of gas-fired capacity at Sredneuralskaya in the
      Sverdlovsk Region (Urals).

In the first half of 2007 OGK-5 posted revenues of RUR13.748
billion, an operating profit of RUR1.37 billion and a net income
of RUR1.2 billion.

The tender offer for OGK-5 is part of Enel's strategy aimed at
strengthening the Group's position in the Russian market, where
Enel was the first non-Russian player to be awarded generation
assets as part of the ongoing liberalization and privatization
of the electricity sector.

Enel is a vertically integrated Group in Russia. In addition to
the stake in OGK-5, the Enel Group currently owns 40% of the
Severnaya Energia consortium (previously named Enineftegaz),
with Eni holding the remaining 60%.  The consortium has acquired
a number of promising natural gas assets (OAO Arcticgaz,
Urengoil and OAO Neftegaztechnologia).  Moreover, the Enel Group
also holds 49.5% of RusEnergoSbyt, the country's leading
independent electricity supplier.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

As of Nov. 20, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


LOCKO BANK: Fitch Lifts IDR to B on Stable Franchise Growth
-----------------------------------------------------------
Fitch Ratings has upgraded Russia-based Locko-bank's Long-term
Issuer Default rating to 'B' from 'B-' and its National Long-
term rating to 'BBB-(rus)' from 'BB+(rus)'.  Fitch has also
affirmed Locko's other ratings at Short-term IDR 'B', Individual
'D', Support '5' and Support Rating Floor 'No Floor'.  The
Outlooks for the Long-term IDR and National Long-term rating are
Stable.

The upgrade reflects:

   -- the stable growth of the bank's franchise, which has not
      compromised its good asset quality;

   -- consistent reduction of borrower concentration levels, as
      the bank follows its SME diversification strategy;

   -- reasonable capitalization; and

   -- adequate liquidity, which is supported by improved
      diversification of funding sources.

The ratings also take into account only modest refinancing
requirements with respect to wholesale borrowings in the near-
term.

Locko's ratings also take into consideration improved core
earnings in Sept. 2007, driven by a notable decrease in the
cost/asset ratio and a sustained higher loan/asset ratio.
However, Fitch notes some acceleration of expenses growth toward
the end of 2007, mainly due to increased interest expense
associated with two Eurobond issues placed since the beginning
of the year and an expansion-driven increase of operating costs.

Upside potential for the ratings is currently limited, given the
bank's size, risk associated with continued rapid growth and the
Russian operating environment.  However, positive factors for
the bank's credit profile would include further broadening of
the bank's franchise, improved core profitability and further
customer diversification.

Downward pressure is unlikely at present, but could arise from a
considerable worsening of asset quality or a major liquidity
shortfall.

Locko is a Moscow-based bank with 28 outlets (including 16 in
other Russian regions) serving corporates and retail customers
(mainly SMEs and high-net-worth individuals, respectively).
Locko ranked 81st by assets in Russia as of Sept. 1, 2007 (86th
at end-2006).  Locko is owned by several individuals (none of
whom has a stake of more than 20%), the International Finance
Corporation and East Capital Group.  The latter two acquired 15%
and 11%, respectively, of Locko from inactive shareholders in
2006.


OTRADNENSKIJ OJSC: Court Hearing Set Feb. 5, 2008
-------------------------------------------------
The Arbitration Court of the Krasnodar Krai will convene at
11:00 a.m., Feb. 5, 2008, to hear the bankruptcy supervision
procedure on Food Integrated Plant Otradnenskij OJSC at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The court commenced bankruptcy supervision procedure on the
company on Oct. 18, 2007.  The case is docketed under Case No.
?-32-16470/2007-60/429-?.

The Debtor can be reached at:

         Food Integrated Plant Otradnenskij OJSC
         Office 34
         Ordzhonikidze Str. 27
         350000 Krasnodar
         Russia

         Attn: P. N. Yurin, Interim Manager
         Lenina Str. 1
         Otradnaya Str.
         352290 Krasnodar Krai
         Russia


ROSNEFT OIL: Forms Joint Venture with Sinopec Corp
--------------------------------------------------
OAO Rosneft Oil Co. and China National Petroleum Corporation
have created a China-based joint venture, Interfax News reports,
citing a source privy to the matter.

"A Chinese-Russian joint venture set up by CNPC and Rosneft,
named the Russian-Chinese Eastern Petrochemical Company, was
incorporated in late October 2007," the source was quoted by
Interfax as saying.

"It cannot be ruled out that the official announcement of the
company's incorporation will be made during Rosneft General
Director Sergei Bogdanchikov's visit to Beijing in late November
2007," the source told Interfax.

                          About Rosneft

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

                          *     *     *

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


ROSNEFT OIL: To Refine 1 Million Barrels of Oil Daily in 2008
-------------------------------------------------------------
OAO Rosneft Oil Co. plans to refine 1 million barrels of oil
daily, RIA Novosti reports, citing company vice-president Peter
O'Brien.

Mr. O'Brien said Rosneft was increasing oil refining by 7% every
year due to growing demand for fuel in Russia and a higher rate
on return compared to crude sales, RIA relates.

                          About Rosneft

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

                          *     *     *

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


SEVERYANKA CJSC: Creditor Must File Claims by Dec. 10, 2007
-----------------------------------------------------------
Creditors of Severyanka CJSC have until Dec. 10, 2007, to submit
written proofs of claim to:

         V. V. Semenikhin
         Competitive Proceedings Manager
         Berdskoye shosse 186
         630097 Novosibirsk
         Russia

The Arbitration Court of the Novosibirsk region commenced
competitive proceedings on the company on Oct. 3, 2007.  The
case is docketed under Case No. ?45-7122/07-29/28.

The Debtor can be reached at:

         Severyanka CJSC
         40th Victory Anniversary Str. 40, 8?
         Bolotnoye
         633344 Novosibirsk
         Russia


TOROPETSKIJ BREAD-BAKING: Court Hearing Set Feb. 19, 2008
---------------------------------------------------------
The Arbitration Court of Tver will convene on Feb. 19, 2008, to
hear the bankruptcy supervision procedure on Toropetskij Bread-
Baking Complex LLC at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The case is docketed under Case. No. ?66-4917/2007.

The Debtor can be reached at:

         Toropetskij Bread-Baking Complex LLC
         Eremenko Str. 20
         Toropets
         Tver
         Russia

         Attn: V. V. Udodov, Interim Manager
         P.O. Box 402
         OPS-100
         170100 Tver
         Russia


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


DREAM FRUITS: In Talks with Financial Firms to Avert Bankruptcy
---------------------------------------------------------------
Dream Fruits S.A. is negotiating with financial institutions in
an effort to avert being placed in temporary receivership by the
Commercial Court of Toledo, The Financial Times reports citing
El Pais as its source.

The company filed for bankruptcy protection with the Commercial
Court of Toledo on Sept. 12, 2007, citing debts of EUR121
million.

In a report by Vidal Mate for El Pais, the company's market
expansion in Singapore, Japan and Taiwan, saw heavy investment
in improvements to and the construction of, production
facilities while 2006 saw the company focusing on expansion
efforts in France.

According to the report, Dream Fruits' turnover increased more
than 40% in 2006 to EUR100 million, with sales reflecting more
than 150 million liters.

Unnamed analysts told El Pais that in addition to the
possibility of mismanagement, the company's decline is a result
of an aim to grow in Spain and overseas with retail brands,
store brands and no-frills brand without balancing this strategy
with higher priced leading brands, FT relates.

Headquartered in Toledo, Spain, Dream Fruits S.A. --
http://www.dreamfruits.com/-- operates primarily in the juice,
wine and must sectors.


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


2P MANAGEMENT: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC 2P Management Holding on Oct. 9.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC 2P Management Holding
         Seestrasse 9
         6330 Cham ZG
         Switzerland


ASIAN HEALTH: Creditors' Liquidation Claims Due by December 14
--------------------------------------------------------------
Creditors of LLC Asian Health Center have until Dec. 14 to
submit their claims to:

         JSC uptrend Treuhand
         Niederhaslistrasse 4
         8105 Watt-Regensdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Asian Health Center
         Zurich
         Switzerland


DREHSCHREIBE LIESTAL: Creditors Must File Claims by December 1
--------------------------------------------------------------
Creditors of LLC Drehscheibe Liestal have until Dec. 1 to submit
their claims to:

         Hanspeter Meyer
         Liquidator
         Goldbrunnenstrasse 43
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Drehscheibe Liestal
         Liestal BL
         Switzerland


GASSER HOCH- UND TIEFBAU: Creditors Must File Claims by Nov. 30
---------------------------------------------------------------
Creditors of JSC Gasser Hoch- und Tiefbau have until Nov. 30 to
submit their claims to:

         Marietta Gasser-Frei
         Bahnhofstrasse 3
         7023 Haldenstein
         Landquart GR
         Switzerland

The Debtor can be reached at:

         JSC Gasser Hoch- und Tiefbau
         Haldenstein
         Landquart GR
         Switzerland


IF JSC: Solothurn Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Solothurn entered Oct. 4 an order
closing the bankruptcy proceedings of JSC If.

The Cantonal Bankruptcy Service can be reached at:

         Cantonal Bankruptcy Service
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         JSC If
         Dornacherplatz 7
         4500 Solothurn
         Switzerland


MICHEL KAUFMANN: Creditors Must File Claims by December 24
----------------------------------------------------------
Creditors of LLC Michel Kaufmann have until Dec. 24 to submit
their claims to:

         Michel Kaufmann
         Neuenkirchstrasse 35
         6020 Emmenbrucke LU
         Switzerland

The Debtor can be reached at:

         LLC Michel Kaufmann
         Birmensdorf ZH
         Switzerland


RESCOSOL JSC: Solothurn Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Solothurn entered Oct. 4 an order
closing the bankruptcy proceedings of JSC Rescosol.

The Cantonal Bankruptcy Service can be reached at:

         Cantonal Bankruptcy Service
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         JSC Rescosol
         Martin-Disteli-Strasse 59 a
         4600 Olten SO
         Switzerland


SILBERFLOTEN LLC: Creditors Must File Claims by November 28
-----------------------------------------------------------
Creditors of LLC Silberfloten have until Nov. 28 to submit their
claims to:

         LLC Jack Sueskind Productions
         Kirchstrasse 25
         8458 Dorf
         Andelfingen ZH
         Switzerland

The Debtor can be reached at:

         LLC Silberfloten
         Dorf
         Andelfingen ZH
         Switzerland


SPIRI TRANSPORT: Creditors' Liquidation Claims Due by December 3
----------------------------------------------------------------
Creditors of LLC Spiri Transport have until Dec. 3 to submit
their claims to:

         LLC Spiri Transport
         Strass 31
         Gachnang
         8500 Frauenfeld TG
         Switzerland


WOLLFAMILY LLC: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Wollfamily on Oct. 8.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Wollfamily
         Untermuli 6
         6300 Zug
         Switzerland


===========
T U R K E Y
===========


TURK EKONOMI: Fitch Affirms Low-B IDR on Parent Support
-------------------------------------------------------
Fitch Ratings has affirmed Turk Ekonomi Bankasi's ratings:

   -- Long-term local currency Issuer Default Rating: 'BB+'
   -- Short-term local currency IDR: 'B',
   -- Long-term foreign currency IDR: 'BB'
   -- Short-term foreign currency IDR: 'B'
   -- National Long-term rating: 'AA+(tur)'
   -- Individual rating: 'C/D'
   -- Support rating: '3'

The Outlooks for the Long-term IDRs and the National Long-term
rating are Stable.

TEB is 84.25%-controlled by TEB Financial Investment Company, in
turn 50:50-owned by France's BNP Paribas (rated 'AA'/'F1+') and
the Colakoglu Group, a leading Turkish conglomerate.  TEB
provides corporate, commercial, retail and private banking
services through 260 branches.

TEB's IDRs are support-driven and reflect the bank's indirect
42.13% ownership by BNPP.  No further upside potential is
possible given Turkey's current Country Ceiling ('BB').  The
Individual rating reflects a strong track record in managing
risks, sound asset quality with consistently low impaired loan
ratios and good liquidity.  These factors are offset by
diminishing profitability in the face of rapid expansion,
declining capital ratios and a modest franchise (1.9% deposit
share).

TEB is growing very rapidly.  Its branch network doubled in the
two and a half years to first half of 2007 and loans and
customer deposits increased by some 70% and 80%, respectively,
over the same period.  Key profitability ratios, though
acceptable, are slightly lagging those of its peers. As
profitable retail and SME business grows, margins should widen
and efficiency ratios are set to improve (cost/income around 70%
in third quarter of 2007).  Loans are dominated by middle market
commercial (46%) and corporate (28%) loans; concentrations by
customer are moderate. Impaired loans, 1.6% of total third
quarter 2007 loans, were fully reserved.

TEB's customer deposits, drawn mainly from corporate and private
clients, have demonstrated stability over the years, despite
being slightly concentrated.  The bank issues short-term debt in
local markets, taps international syndicated markets for short-
and medium-term funding and, more recently, has raised hybrid
subordinated instruments to boost capital ratios.  Tier 1
capital ratios (8.07% at first half of 2007) were negatively
impacted by continued growth and the operational risk charge.
Capital injections (TRY210 million raised in November) and a
Tier I subordinated loan (US$100 million) from IFC are
addressing this impact (Tier 1 Q307: 8.15%; total capital ratio:
12.5%).

TEB's Individual rating has never fallen below 'C/D', even in
times of extreme turmoil in Turkey's financial markets.  An
improvement in this rating may be possible if the bank
demonstrates an ability to grow its franchise substantially
while maintaining a sound financial profile.  Fitch has a high
opinion of TEB's management and systems, and prospects for
continued profitable development are favorable.  Fitch considers
that BNPP has a very high propensity to support TEB if required,
although its ability to do so might be limited by the transfer
risk associated with Turkey.  TEB's Support rating is therefore
constrained at '3'.
065.


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


CORN-IMPULSE LLC: Creditors Must File Claims by November 23
-----------------------------------------------------------
Creditors of LLC Corn-Impulse (code EDRPOU 32002763) have until
Nov. 23 to submit their proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 3/125-B.

The Debtor can be reached at:

         LLC Corn-Impulse
         Ogiyenko Str. 54
         Malin
         11600 Zhytomir
         Ukraine


HYDRO-CRIMEA LLC: Claims Filing Bar Date Set November 23
--------------------------------------------------------
The Economic Court of AR Krym has commenced bankruptcy
supervision procedure on LLC Hydro-Crimea (code EDRPOU
24026435).  The case is docketed under Case No. 2-3/14040-2007.

Creditors have until Nov. 23 to submit their proofs of claim to:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Hydro-Crimea
         M. Zhukov Str.
         Simferopol
         95000 AR Krym
         Ukraine


KRASILOVKA AGRICULTURAL: Creditors Must File Claims by Nov. 24
--------------------------------------------------------------
Creditors of Krasilovka Agricultural LLC (code EDRPOU 30839665)
have until Nov. 24 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 Debtor can be reached at:

         Krasilovka Agricultural LLC
         S. Basov Str. 32
         Krasilovka
         Brovary District
         Kiev
         Ukraine


LESOVAYA DACHA: Creditors Must File Claims by November 23
---------------------------------------------------------
Creditors of OJSC Lesovaya Dacha (code EDRPOU 30672447) have
until Nov. 23 to submit their proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 22/48b.

The Debtor can be reached at:

         OJSC Lesovaya Dacha
         Chapaev Str. 95
         Borovskoe
         Severodonetsk District
         Lugansk
         Ukraine


NEW ERA: Creditors Must File Claims by November 23
--------------------------------------------------
Creditors of LLC New Era(code EDRPOU 31814526) 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. 23/342-b.

The Debtor can be reached at:

         LLC New Era
         Academic Tupolev Str. 17
         04128 Kiev
         Ukraine


PESKOVKA PLANT: Claims Filing Bar Date Set November 24
------------------------------------------------------
Creditors of OJSC Peskovka Plant of Glass Goods (code EDRPOU
00293309) have until Nov. 24 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 the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B18/457-07.

The Debtor can be reached at:

         OJSC Peskovka Plant of Glass Goods
         Oct. Str. 1
         Peskovka
         Borodiansky District
         07820 Kiev
         Ukraine


TRANS CAPITAL: Creditors Must File Claims by November 23
--------------------------------------------------------
Creditors of LLC Trans Capital (code EDRPOU 32709164) 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. 15/919-b.

The Debtor can be reached at:

         LLC Trans Capitalization
         Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


VELIKOPOLOVCHANSKOYE LLC: Creditors Must File Claims by Nov. 23
---------------------------------------------------------------
Creditors of Velikopolovchanskoye LLC (code EDRPOU 03755041)
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. B 11/307-07.

The Debtor can be reached at:

         Velikopolovchanskoye LLC
         Krasnopartizanskaya Str. 5
         Velikopolovchanskoye
         Skvira District
         09030 Kiev
         Ukraine


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


4 ALL: Duncan R. Beat Leads Liquidation Procedure
-------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed joint liquidator
of 4 All Group Ltd. on Nov. 7 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


ACCRETIVE LTD: Claims Filing Period Ends December 13
----------------------------------------------------
Creditors of Accretive Ltd. (formerly Absolute Data Sales Ltd.)
have until Dec. 13 to send in their names, addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Andrew Andronikou
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of the company on Nov. 7 by
resolutions of members and creditors.


ALDER BUILDINGS: Claims Filing Period Ends December 7
-----------------------------------------------------
Creditors of Alder Buildings Ltd. have until Dec. 7 to send in
their names, addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to:

         Andrew Andronikou
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England

Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of the company on Nov. 7 by
resolutions of members and creditors.


ALUMINIUM CONSTRUCTION: Claims Filing Period Ends December 17
-------------------------------------------------------------
Creditors of Aluminium Construction Overseas Ltd. have until
Dec. 17 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their solicitors (if any) to:

         Steven Draine
         Joint Liquidator
         Moore Stephens LLP
         3/5 Rickmansworth Road
         Watford
         Herts
         WD18 0GX
         England

Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of the company on Nov. 9 for the
creditors' voluntary winding-up proceeding.


AXON FINANCIAL: Fitch Puts Junks Ratings on Various Notes
---------------------------------------------------------
Fitch Ratings has downgraded Axon Financial Funding Ltd's US and
Euro CP, US and Euro MTNs, and mezzanine notes.  Approximately
US$1.255 billion US CP, US$343 million Euro CP, US$6.347 billion
US MTNs, US$25 billion Euro MTNs and US$890 million of mezzanine
notes are affected.  All notes were previously on Rating Watch
Negative and remain on Rating Watch Negative.

These downgrades for Axon Financial and Axon Financial Funding
LLC programs have occurred:

   -- US CP: downgraded to 'C' (Short-term 'C') from 'F3'
   -- US MTN: downgraded to 'CCC' from 'BBB-'
   -- Euro CP: downgraded to 'C' (Short-term 'C') from 'F3'
   -- Euro MTN: downgraded to 'CCC' from 'BBB-'
   -- Mezzanine notes: downgraded to 'CC' from 'CCC'
   -- All notes remain on RWN

Axon Financial is a structured investment vehicle that takes
leveraged credit risk by investing in a diversified portfolio of
highly rated assets through issuing a mix of CP, MTNs, mezzanine
notes and capital notes.  Axon Financial Services Ltd currently
acts as the Enforcement Manager for Axon Financial and is
expected to follow the Enforcement Management Procedures
specified in the Security Agreement.  The Bank of New York is
the Security Trustee and has the ability to revoke the authority
of the Enforcement Manager at any time.

The rating actions reflect:

   -- all committed liquidity has been drawn;

   -- the continued deterioration in the net asset value of
      capital and mezzanine notes, which now stands at 11.4%;

   -- the potential for further price deterioration in the
      portfolio;

   -- the increased likelihood of an insolvency event occurring.

The rating actions reflect the fact that Axon Financial has not
yet been able to secure any alternative sources of funding and
has now entered Enforcement.  Consequently, a sale of assets
will be required to meet maturing liabilities, which could
result in further realized losses.  It is noted that Axon
Financial has sufficient cash at hand to meet maturing
liabilities for the next two weeks.

While in Enforcement, which is irreversible, Axon Financial is
not permitted to issue further senior notes and will have to
sell assets to redeem maturing funding.

All notes remain on rating watch negative, reflecting the
continued uncertainty surrounding Axon Financial.

Fitch will continue to monitor the assets and liabilities of
Axon Financial and appropriate rating actions will follow.

Axon Financial's portfolio currently comprises 33% RMBS (6%
prime, 20% near-prime, 1% sub-prime and 6% closed end seconds),
22% monoline-wrapped securities, 20% CDOs, 17% CMBS, 5% other
ABS and 3% cash equivalents.  The portfolio has a geographic
exposure of 96% to the US and 4% to the UK.  Currently, 96% of
Axon Financial's portfolio is rated 'AAA'-equivalent, 3.5%
'AA'-equivalent, 0.3% 'A'-equivalent and 0.2% 'BBB'-equivalent.
Fitch notes the very high credit quality of the portfolio assets
but, of late, some of the assets have experienced downgrades and
the market values of the assets have come under extreme
pressure.


AXON FIN'L: Poor Portfolio Market Value Cues S&P's Junk Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
ratings on Axon Financial Funding LLC and Axon Financial Funding
Ltd., co-issuers of the structured investment vehicle.  Standard
& Poor's also lowered its ratings on Axon's commercial paper,
medium-term note, and subordinated mezzanine note programs.  The
ratings remain on CreditWatch with negative implications, where
they were originally placed Sept. 14, 2007.

The downgrades reflect significant deterioration of the market
value of Axon's portfolio over the past week and Axon's decrease
in net asset value to below 20% of total paid-in capital.  If
Axon's NAV of total paid-in capital falls to 0%, the vehicle
will be accelerated and all senior liabilities will become due
and payable.  If an acceleration occurs, interest and principal
payments will be suspended and all senior liabilities will be
paid pari passu upon completion of the collateral liquidation.

The downgrades follow Standard & Poor's analysis of the
vehicle's ability to pay the senior liabilities based on the
market value of Axon's portfolio.  Further deterioration of the
assets' market value, as provided by an independent third-party
source, shows that the senior liabilities are vulnerable to
nonpayment according to the terms of the respective liabilities.

The downgrade of Axon's subordinated mezzanine debt reflects the
declining market values and the vehicle's realized losses
resulting from ongoing asset liquidations.  Axon's subordinated
mezzanine notes are currently highly vulnerable to nonpayment.

The outstanding amount of Axon's senior debt is approximately
US$8.477 billion, and the outstanding amount of the subordinated
mezzanine notes is approximately US$890 million.

Axon is a SIV structure managed by Axon Asset Management Inc.,
which purchases assets, manages the portfolio, and oversees the
issuance of CP and MTNs.  The portfolio is predominantly
invested
in structured finance assets, a considerable portion of which is
U.S. RMBS, CMBS, and CDO securities.


     Ratings Lowered and Remaining on Creditwatch Negative

    Axon Financial Funding LLC and Axon Financial Funding Ltd.
             Up to $20 billion European and U.S. CP
            and MTN programs and up to $1.25 billion
               subordinated mezzanine note program

                                       Rating
                                       ------
                               To                   From
                               --                   ----
    Issuer credit         CCC/Watch Neg/C   BBB/Watch Neg/A-2+
    CP                    C/Watch Neg       A-2/Watch Neg
    MTN                   CCC/Watch Neg     BBB/Watch Neg
    Sub. mezzanine notes  CCC-/Watch Neg    CCC+/Watch Neg


BANK BRASSERIE: Claims Filing Period Ends Jan. 6, 2008
------------------------------------------------------
Creditors of Bank Brasserie Ltd. have until Jan. 6, 2008  to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Nov. 7 for the creditors' voluntary winding-up
procedure.


BEAR STEARNS: Foreign Reps. File Opening Appellant Brief
--------------------------------------------------------
Bear Stearns High-Grade Structured Credit Strategies Master
Fund, Ltd., and Bear Stearns High-Grade Structured Credit
Strategies Enhanced Leverage Master Fund, Ltd.,  filed on
July 30, 2007, provisional winding-up proceedings in the Grand
Court of Cayman Islands under the provisions of the Companies
Law (2007 Revision) of the Cayman Islands.  On the same day, the
Funds filed petitions in the U.S. Bankruptcy Court for the
Southern District of New York seeking recognition of the Cayman
Islands liquidation as a foreign main proceedings under Chapter
15 of the U.S. Bankruptcy Code.

On July 31, 2007, the Cayman Islands Court appointed Simon
Lovell Clayton Whicker and Kristen Beighton, from KPMG, as the
Bear Stearns Funds' joint provisional liquidators and foreign
representatives.  The Cayman Court converted the provisional
liquidation to official liquidation in September.

In August 2007, Judge Burton R. Lifland of the U.S. Bankruptcy
Court for the Southern District of New York denied the Foreign
Representatives' Chapter 15 request finding that each of the
Funds' real seat and their "center of main interest" is the
United States, where they conduct the administration of their
interest on a regular basis, and the Southern District of New
York, where their principal interests, assets and management are
located.

The Foreign Representatives appealed from Judge Lifland's
Decision and asked the U.S. District Court in the Southern
District of New York to determine whether Judge Lifland erred in
finding that (i) the Funds' COMI are not located in the Cayman
Islands, hence their liquidation proceedings there are not
entitled to recognition as foreign main proceedings, and (ii)
the Funds do not have an "establishment" in the Cayman Islands,
and that, therefore, the foreign proceedings are not entitled to
recognition as foreign non-main proceedings.

                 Conflict with Chapter 15 Tenets

On the Foreign Representatives' behalf, Fred S. Hodara, Esq., at
Akin Gump Strauss Hauer & Feld, LLP, in New York, argues that
Judge Lifland's Decision conflicts with the basic tenets of
Chapter 15, which is to foster comity and cooperation between
American and foreign courts.

Mr. Hodara notes that Chapter 15 scholars, including Chapter 15
co-author Prof. Jay Westbrook in his work Locating the Eye of
the Financial Storm, uniformly stress that Chapter 15's purpose
of maximizing cooperation with foreign courts.  Judge Lifland,
also co-author of Chapter 15, in his work, Chapter 15 of the
United States Bankruptcy Code: An Annotated Section-by-Section
Analysis, has recognized the central role played by comity in
Chapter 15.

Since Chapter 15 was enacted in 2005, U.S. Courts have granted
comity and recognition to Cayman Islands proceedings including:

   -- In re SPhinX, Ltd., 351 B.R. 103, 112 (Bankr. S.D.N.Y.
      2006) granting non-main recognition;

   -- In re Amerindo Internet Growth Fund Limited, Chapter 15
      Case No. 07-10327 (RDD)(Bankr. S.D.N.Y. March 7, 2007)
      granting foreign main recognition; and

   -- In re Bancredit Cayman Limited (In Liquidation),
      Chapter 15 Case No. 06-11026 (SMB) (Bankr. S.D.N.Y.
      June 15, 2006) granting foreign main recognition.

Mr. Hodara asserts that Chapter 15 was designed to streamline
the process of granting recognition to foreign insolvency
proceedings making it "as simple, fast and inexpensive as
possible," by reducing it to "a simple documentary process,
unless challenged."

The United Nations Commission for International Trade Law
reflects the same idea, Mr. Hodara contends, noting that that
UNCITRAL lists, as one of its key objectives, provisions of a
system designed "to provide expedited and direct access for
foreign representatives to the courts of the enacting State" and
to avoid the need to rely on cumbersome and time-consuming
letters rogatory or other forms of diplomatic or consular
communications that might otherwise have to be used."

To obtain approval of a Chapter 15 request, foreign
representatives must demonstrate that the foreign proceeding is
either a "main" or nonmain" proceeding.  A foreign main
proceeding, under Section 1502(4) of the Bankruptcy Code, is one
that is brought in the courts of the country where the debtor
has the COMI is located, while a foreign nonmain proceeding,
under Section 1502(2), is one that is brought in a country
outside the place of a COMI where the debtor has an
"establishment," defined in Section 1502(5), as "any place of
operations where the debtor carries out a nontransitory economic
activity."  The Bankruptcy Code, however, does not defined
"nontransitory economic activity."

Chapter 15 includes a statutory presumption that, in the absence
of evidence to the contrary, a foreign debtor's COMI is the
place where its registered offices are located, Mr. Hodara tells
the U.S. District Court.  This statutory presumption, he
continues, may be challenged only on the basis of evidence that
the COMI is in another country, or on the basis of the very
narrow public policy exception in Section 1506, which permits
courts to refuse to take actions manifestly contrary to the
public policy of the United States.

Mr. Hodara further contends that one of the key reasons for
streamlining the recognition process is predictability.  A
predictable recognition process is essential to the insolvent
entity's creditors, he adds.  In considering whether to
recognize foreign insolvency proceedings under Chapter 15, Mr.
Hodara notes that courts and commentators, including the High
Court of Ireland in In re Eurofood IFSC Ltd., Case C-341/04
(Grand Chamber), 2006, agree that a Bankruptcy Court should heed
the goals of respecting international comity and meeting the
reasonable expectations of creditors.

           Erroneous Interpretation of COMI Presumption

Mr. Hodara tells the District Court that it is undisputed that
the Foreign Debtors submitted all of the requisite documents to
satisfy the threshold requirements for Chapter 15 recognition
and that their place of registration is in the Cayman Islands.
Thus, Mr. Hodara asserts that the Cayman Islands are the
presumptive site of the Foreign Debtors' COMI.  No interested
party has challenged recognition and there is nothing to suggest
that the Chapter 15 Petitions were filed for anything but the
proper purposes, he adds.

The analysis of the COMI of a hedge fund cannot be considered as
if the hedge fund were a company that manufactures products or
provides services, he explains.  Typically, a hedge fund will
have no office or employees, because, unlike a typical business,
there are no "cooperations" in the traditional sense.  Instead,
hedge funds, by the actions of their boards of directors, enter
into various service contracts with investment managers,
administrators, attorneys, and auditors.  Therefore, he
contends, in the hedge fund context, the pivotal analysis must
focus on the expectations of creditors and investors that the
law of the country where the fund is incorporated will control
both prior to, and after commencement of, any insolvency
proceedings.

Mr. Hodara also contends that initiation of the liquidation
proceedings in the Cayman Islands is consistent with the
expectations of the interested parties, which consist of four
investors and less than 20 creditors, many of which were
represented by Cayman Islands counsel before the commencement of
the Cayman Islands proceedings.

The Bankruptcy Court ignored relevant evidence that buttresses
the presumption that the Foreign Debtors' COMI is in the Cayman
Islands, Mr. Hodara alleges.  The Bankruptcy Court, he points
out, focused on facts set forth in pleadings filed at the very
outset of the Foreign Debtors' Chapter 15 cases before the
Foreign Representatives had had a chance to investigate.
Evidence presented prior to and during the Chapter 15 Request
hearings showed that Bear Stearns Asset Management, Inc., the
Funds' investment manager, managed investments located in
numerous jurisdictions, including the Cayman Islands and Europe,
he notes.  This is in contrary to the Bankruptcy Court's finding
that the assets managed by BSAM is located in the Southern
District of New York.

Mr. Hodara also alleges that Bankruptcy Court discounted a
number of relevant facts that contradicted its view of the
Cayman Islands office as a "letterbox."  While the Bankruptcy
Court acknowledged that two of High-Grade Fund' three investors
are registered Cayman Islands companies, it dismissed this fact
on the grounds that the investors were exempted foreign
entities.

The Bankruptcy Court gave no consideration to the fact that on
the appointment of the Foreign Representatives as joint
provisional liquidators, the powers of the boards of directors
ceased and the absolute control of the Foreign Debtors was
transferred to Cayman Islands-based official liquidators, Mr.
Hodara says.

Moreover, Mr. Hodara alleges that the Bankruptcy Court
completely ignored other facts adduced at the August 27 hearing
on the Foreign Debtors' Chapter 15 Petition request, namely
that:

   (a) the Foreign Debtors' prepetition attorneys are in the
       Cayman Islands;

   (b) the Foreign Debtors' prepetition auditors, Deloitte &
       Touche, performed auditing work in the Cayman Islands;

   (c) most, if not all, of the Foreign Debtors' remaining
       liquid assets are in bank accounts in the Cayman Islands;

   (d) the Foreign Representatives and the Foreign Debtors are
       governed by the laws and regulations of the Cayman
       Islands, where the only foreign proceedings, other than
       the Chapter 15 cases, are pending;

   (e) the Foreign Debtors are subject to Cayman Islands tax law
       and are not subject to U.S. income tax; and

   (f) the Foreign Debtors' investments included collateralized
       debt obligations constituted under Cayman Islands law.

Furthermore, Mr. Hodara alleges that the Bankruptcy Court erred
in failing to recognize the Foreign Proceedings as foreign
nonmain proceedings because the Foreign Debtors have
"establishments" in the Cayman Islands.

Mr. Hodara says the Foreign Representatives' evidentiary showing
of the business conducted in the Cayman Islands amply supports
recognition of the Cayman Islands proceedings at least as
foreign non-main proceedings based on a "place of operations
where the debtor carries out a non-transitory economic
activity."

Accordingly, the Foreign Representatives asks the District Court
to reverse Judge Lifland's denial of their Chapter 15 request,
and recognize the Foreign Proceedings as foreign main
proceedings
or, in the alternative, foreign non-main proceedings.

                   About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On Aug. 30,
2007, the Honorable Burton R. Lifland denied the Funds
protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than $100,000,000 each.  (Bear
Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


BEAR STEARNS: Massachusetts Files Admin. Complaint Against BSAM
---------------------------------------------------------------
The Enforcement Section of the Massachusetts Securities Division
in the office of Secretary of State William F. Galvin filed an
administrative complaint against Bear Stearns Asset Management,
Inc., for violating the Massachusetts Uniform Securities Act and
relevant regulations.

Since September 1, 2003, until 2007, BSAM is the investment
manager of Bear Stearns High-Grade Structured Credit Strategies
Master Fund, Ltd., and Bear Stearns High-Grade Structure Credit
Strategies Enhanced Fund, Ltd., which filed for liquidation
proceedings in the Grand Court of Cayman Islands in July 2007 as
a result of the collapse of the U.S. sub-prime mortgage market.
BSAM solicited investors for the Cayman Funds.

The Complaint asserts that BSAM was trading securities,
including mortgage-backed securities and collateralized debt
obligations, from its own account with hedge funds it advised
without properly notifying the client funds' independent
directors, as required by federal and state securities laws as
well as its own prospectus disclosures and representations.
Under the Complaint, the transactions that required prior
approval from the Cayman Funds' independent directors, 78.95%
did not receive approval in 2006, 58.66% in 2005, 29.73% in
2004, and 18% in 2003.

Through the Complaint, the Enforcement Section wants to censure
BSAM and to take further action as may be deemed just and
appropriate by the hearing officer for the protection of
investors.  It also requires BSAM to (i) permanently cease and
desist from violating the Act and Regulations and (ii) pay an
administrative fine in an amount as may be determined.

Michael Regan, Esq., staff attorney of the Enforcement Section,
in Boston, Massachusetts, notes that the Investment Act of 1940
bars an investment adviser from engaging in principal
transactions with an advisory client "without disclosing to such
client in writing before the completion of such transaction the
capacity in which he is acting and obtaining the consent of the
client to such transaction."

The disclosure and consent procedure was known as a Principal
Trade Letter at BSAM, Mr. Regan said.  The PTL was designed as a
tool to minimize and control conflicts of interest between BSAM,
Bear, Stearns & Co., Inc., the Cayman Funds, and other
investment vehicles managed by BSAM.

The Complaint also asserted that BSAM failed to carry out its
obligations with regard to principal transactions from 2004 to
2007.  Mr. Regan pointed out that BSAM staff "with
responsibility for PTLs were uncertain as to when and why PTLs
were necessary."  BSAM neither trained nor oversaw the people
who were supposed to obtain approvals on principal trades from
the Cayman Funds' directors.

Because the consent of the independent directors was not
obtained for many principal transactions, as required by federal
law and the BSAM offering documents, BSAM has violated the
Massachusetts Uniform Securities Act, Mr. Regan alleged.

"Investors are entitled to know when their investment adviser
has some stake in the other side of the deal, as Congress
realized back in 1940.  Investors must also be able to rely on
truthful information and representations provided in an Offering
Memorandum.  Bear Stearns Asset Management did not do what the
law and its own disclosures assured investors that it would do,"
Secretary Galvin said in a press release.

"The cavalier attitude that this company had about its various
conflicts of interest is intolerable.  This is a case that
demonstrates why existing rules regulating principal
transactions are so important for investors," Mr. Galvin
continued.

"This begins to explain how the sub-prime genie got out of the
bottle," Mr. Galvin told the Associated Press.

William O'Connor, Esq., at Crowell & Moring, in New York,
related to AP that the Complaint "is an indication that there
are a lot more problems that are going to come out" involving
alleged conflicts of interest in mortgage-related investments.
"It's not just about writing off losses.  You're going to see
more and more claims like this come forward," Mr. O'Connor
continued.

To recall, the Securities Division of Mr. Galvin's office had
conducted a probe on whether the Funds' informed its independent
directors before engaging in trading transactions.

                   About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On August
30, 2007, the Honorable Burton R. Lifland denied the Funds
protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than $100,000,000 each.  (Bear
Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


BRITISH AIRWAYS: Iberia Receives Takeover Bid from Gala Capital
---------------------------------------------------------------
Iberia Lineas Aereas de Espana SA, in which British Airways plc
has a 10% stake, has received a letter from Carlos Tejera on
Nov. 15, 2007, representing a consortium led by Gala Capital,
which, in relation to the possibility of launching a takeover
bid for 100% of the shares in the Spanish airline, requests
access to company information related to tax, transactions,
legal and accounting issues.  The consortium mentions an
indicative price of between EUR3.60 and EUR3.90 per share.

The consortium would be comprised of Gala Capital, other
Investment Funds advised by the former (Omega Capital and Inver-
avante, among others), several regional savings banks led by BBK
and Juan Jose Hidalgo.  The indicative price does not constitute
a binding offer nor does it imply that the consortium has
reached any definitive decision with regard to launching the
bid.

According to the Daily Telegraph, BKK has not yet reached a
formal agreement with Gala, while other backers tend to shy away
from the consortium.

The consortium, in its letter, calculates that the process
involving additional analysis and valuation could be completed
within approximately four weeks.

The consortium's letter has been forwarded to the company
directors.

Meanwhile, sources close to BA told the paper that the British
carrier is not threatened by the Spanish bids, although it is
looking into the viability of the Gala consortium, which has yet
to find an industry partner.

As previously reported in the TCR-Europe on Nov. 16, 2007, BA
and its private equity partner, Texas Pacific Group, are trying
to obtain a EUR2.5 billion bridging loan despite turmoil in the
credit markets as they attempt to push through a EUR3.60 per
share (EUR3.4 billion) bid for Iberia.

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

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

In May 2007 BA has joined with TPG Capital, Vista Capital,
Inversiones Ibersuizas and Quercus Equity to investigate a
possible consortium offer for the Spanish carrier.

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

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

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

                        *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


COTT CORP: Failing Financial Metrics Cues Moody's to Cut Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded the CFR rating of Cott
Corporation to B1 from Ba3.  The outlook is negative.  This
concludes the review for downgrade initiated on Sept. 21, 2007.

These ratings were lowered:

   * Cott Corporation

   -- Corporate Family rating to B1 from Ba3

   -- Probability of Default Rating to B1 from Ba3

   * Cott Beverages, Inc.

   -- US$275 million 8% senior sub notes due 2011 to B2, LGD5;
      74% from B1, LGD 5; 74%

The downgrade resulted from deterioration in the company's
financial metrics as a result of:

   (i) a weak carbonated soft drink market in North America due
       to the ongoing consumer shift away from CSDs,

  (ii) higher than expected promotional activity from larger
       national branded competitors,

(iii) the pressure on margins due to the rise in input costs
       including PET, high fructose corn syrup and aluminum, and

  (iv) delays in recognizing financial benefits from
       restructuring initiatives and product innovation.

Cott's ratings continue to be pressured by adverse effects on
revenues and margins due to distribution and manufacturing
costs, the weak CSD market in North America and continued
intense competition from better capitalized competitors, as well
as challenges with the installation of its new aseptic line in
the UK, which resulted in a voluntary recall.  In addition to
the above, the company faces other business challenges such as,
historically high input costs, the impact of poor weather on
sales and an uncertain interest rate environment.

To mitigate these pressures, Cott initiated a restructuring plan
in 2005 to reduce its operating costs.  There have also been
significant senior level management changes.  In 2007 the
company implemented price increases to offset the rise in
commodity costs, and is working on new product launches to meet
ongoing customer demand for product innovation.  However, these
initiatives have so far failed to produce results in the form of
improvement in operating performance, cash flow, and credit
metrics.  Gross margin has been nearly halved in the last three
years.  The company has failed to turn around performance thus
far and is performing at or below the lower end of Moody's
earlier expectations.  At the same time, the B1 corporate family
rating recognizes Cott's strong position in the retailer-brands
market.

The negative outlook reflects Moody's concern that the above
pressures will continue to impact profitability and cash flow as
well as uncertainty around the amount and timing of benefits
from restructuring initiatives and new product initiatives.
Further ratings downgrade could result in the event of continued
operating weaknesses such that interest coverage remains below 1
times, or Debt to EBITDA exceeds 4.5 times.

Cott has good availability under its US$250 million committed
credit facility to cover capital expenditures as well as its
cash needs during working capital buildup periods in the next
twelve months.  Also, it does not have material debt maturities
over the next four quarters.  However Moody's noted that Cott's
liquidity has weakened because of the decreased internal cash
generation and Moody's has concerns about covenant compliance.
The credit facility has two financial covenants.  Moody's
believes that the company may fail to be in compliance with its
current covenants in upcoming quarters, absent covenant relief,
which is likely but not assured.  The company has stated that it
is monitoring the situation and is in communication with its
banks about its expectations.

Headquartered in Toronto, Ontario, Cott Corporation is one of
the world's largest retailer-brand soft drink suppliers with a
leading position in take-home carbonate soft drink markets in
the US, Canada, and the UK.  Sales in 2006 were nearly US$1.8
billion.


POPE & TALBOT: Files Chapter 11 Petition in Delaware
----------------------------------------------------
Pope & Talbot, Inc. disclosed that, in order to address its
financial challenges and to support efforts to be a more
efficient organization, the company has filed voluntary
petitions for reorganization under Chapter 11 of the United
States Bankruptcy  Code.  Pope & Talbot's Board of Directors, in
a unanimous decision, directed the company to take this action
as the best alternative for the long term interests of the
company, its employees, customers, creditors, business partners
and other stakeholders.

"We want to assure our customers, employee colleagues and our
communities that, although our business environment continues to
present difficult challenges, Pope & Talbot is endeavoring to
operate business as usual," Harold Stanton, President and CEO,
said.  "We have worked hard to preserve liquidity during this
tough situation and this reorganization is a necessary and
responsible step to strengthen the company."

Persistent record low demand for lumber, high priced pulp chips
and sawdust, the appreciation of the Canadian Dollar and the
high cost of debt service have combined for an untenable
business environment.  Pope & Talbot has determined the best
alternative is to seek protection and flexibility under both
U.S. and Canadian bankruptcy laws.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Pope & Talbot and its wholly-owned subsidiaries obtained an
initial order from the Superior Court of Justice (Commercial
List) for the Province of Ontario granting them protection from
its creditors under the Companies' Creditors Arrangement Act of
Canada on Oct. 29, 2007.  The company will use the protections
of Chapter 11 and the CCAA to provide additional time for it to
continue its restructuring efforts, which include, but are not
limited to, the sale of certain or all of the company's assets.

The lenders under the company's existing senior secured credit
facility are providing a "debtor-in-possession" financing
facility of approximately $90 million.  Subject to court
approval in the U.S. and Canada, the financing, together with
cash generated from daily operations, will fund current
operating needs, including wages, benefits and other operating
expenses.

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
United Kingdom, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.


POPE & TALBOT: Case Summary & 29 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: Pope & Talbot, Inc.
             1500 Southwest First Avenue, Suite 200
             Portland, OR 97201

Bankruptcy Case No.: 07-11738

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Penn Timber, Inc.                          07-11739
        Pope & Talbot Lumbar Sales, Inc.           07-11740
        Pope & Talbot Pulp Sales U.S., Inc.        07-11741
        Pope & Talbot Relocation Services, Inc.    07-11742
        Pope & Talbot Spearfish, L.P.              07-11743
        P.&T. Power Co.                            07-11744
        Mackenzie Pulp Land, Ltd.                  07-11745
        Pope & Talbot, Ltd.                        07-11746
        P.&T. Factoring, L.P.                      07-11747
        P.&T. Finance One, L.P.                    07-11748
        P.&T. Finance Three, L.L.C.                07-11749
        P.&T. Finance Two, L.P.                    07-11750
        P.&T. Funding, Ltd.                        07-11751
        P.&T. L.F.P. Investment, L.P.              07-11752

Type of Business: The Debtors are forest products companies.
                  They manufacture two primary products: pulp
                  and lumber, including specialty products that
                  have a variety of market applications.  They
                  market to a diversified, geographically
                  balanced customer base and conduct business in
                  two operating segments: Pulp and Wood
                  Products.  They produce northern bleached
                  softwood kraft (N.B.S.K.) chip and sawdust
                  pulp.  The pulp they manufacture and sell is
                  used in a range of end products, including
                  newsprint, tissue, high-grade coated and
                  uncoated paper.  In addition, they manufacture
                  pulp for use in specialty products, such as
                  fiber cement siding for residential
                  applications and non-woven fabric for surgical
                  gowns.  They manufacture and sell standardized
                  and specialty lumber for use in residential
                  and light construction and in residential
                  repair and remodeling.  They produces machine
                  stress rated (M.S.R.), which are value-added
                  products.  See http://www.poptal.com/

                  The company's Canadian subsidiaries applied
                  for protection under the Companies' Creditors
                  Arrangement Act of Canada on Oct. 28, 2007.

Chapter 11 Petition Date: November 19, 2007

Court: District of Delaware (Delaware)

Debtors' Counsel: Laura Davis Jones, Esq.
                  Pachulski, Stang, Ziehl & Jones, L.L.P.
                  919 North Market Street, 17th Floor
                  Wilmington, DE 19899-8705
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400

Debtors' consolidated financial condition of June 30, 2007:

   Total Assets: $681,960,000

   Total Debts:  $601,090,000

Debtors' Consolidated List of Their 29 Largest Unsecured
Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
The Bank of New York Trust     Bond Issuance
$135,000,000
Co., N.A.
601 Travis Street, 18th Floor
Houston, Texas 77002
Attention: Marcella Burgess
Tel: (713) 483-6536
Fax: (713) 483-7038

Canadian Forest Products Ltd.  Trade                 $1,000,137
100-1700 West 75th Avenue
Vancouver, B.C. V6P 6G2
Attention: Helen Mammic
Tel: (250) 962-3539
Fax: (604) 661-5429

B.C. Hydro                     Trade                 $976,473
6911 Southpoint Drive-C.O. 1
Burnaby, B.C. V3N 4X8
Attention: Matt Steele
Tel: (604) 453-6593
Fax: (604) 453-6280

K.&D. Logging, Ltd.            Trade                 $836,813
P.O. Bag 19
Fort St. James, B.C. VOJ 1PO
Attention: Melanie Ub1ieis
Tel: (250) 996-8032
Fax: (250) 996-8742

Canadian National Railway      Trade                 $804,688
P.O. Box 71206
Chicago, Ilinois 60694-1206
Attention: Ruby Cherian
Tel: (905) 803-3548
Fax: (905) 803-3721

Canexus U.S., Inc.             Trade                 $767,917
P.O. Box 120199
Dallas, Texas 75312-0199
Attention: Murray Wright
Tel: (403) 571-7331
Fax: (604) 924-2814

I.G.I. Resources, Inc.         Trade                 $739,986
701 Morrison-Knudsen Drive-
Suite 300
Boise, Idaho 83707
Attention: Sarah Smith
Boise, Idaho 83707
Tel: (208) 395-0541
Fax: (208) 395-0536

Western Forest Products, Inc.  Trade                 $599,724
435 Trunk Road, 3rd Floor
Duncan, B.C. V9L 2P9
Attention: Doug Abbott
Tel: (250) 748-3711
Fax: (250) 748-5719

B.N.S.F. Railway Co.           Trade                 $569,512
P.O. Box 910134
Dallas, Texas 75391-0134
Attention: Gene L' Allier
Tel: (651) 298-7798
Fax: (651) 298-6690

Industra, Inc.                 Trade                 $502,000
c/o Bank One, TX, NA
909 Fanin, 4th Floor
Houston, Texas 77010
Attention: Kent Jordan
Tel: (360) 567-3645
Fax: (360) 567-3699

P.& D. Lodging, Ltd.           Trade                 $492,072
1850 Brentwood Road
Ke1owna, B.C. ViP 1H2
Attention: Philis Pilon
Tel: (250) 491-1121
Fax: (250) 491-1755

Newland Enterprises Ltd.       Trade                 $447,639
P.O. Box 286
Fort St. James, B.c. VOJ LPO
Attention: June Wilick
Tel: (250) 996-8838
Fax: (250) 996-8839

Kemira Chemicals Canada, Inc.  Trade                 $437,407
P.O. Box 3400
Station Terminal
Vancouver, B.c. V6B 3Y4
Attention: Kim Boland
Tel: (250) 562-1748
Fax: (613) 348-7700

Anglo Canadian Shipping Co.    Trade                 $385,518
900 West Hastings Street,
Suite 1100
Vancouver, B.C. V6C lE5
Attention: Elizabeth Stewart
Tel: (604) 683-4221
Fax: (604) 688-3401

Fortisbc                       Trade                 $382,608
P.O. Box 2025, Station M
Calgary, AB T2P 5H4
Attention: Customer Service
Tel: (866) 436-7847
Fax: (250) 469-8096

Aon Risk Services of Oregon    Trade                 $375,000
P.W. Center
1211 Southwest Fifth Avenue,
Suite 600
Portland, OR 97204
Attention: Donna Keene
Tel: (503) 224-9700
Fax: (503) 295-0923

Canadian Stebbins Engineering  Trade                 $322,243
& Manufacturing
2373 Stevenage Drive
Ottawa, ON Kl G 3WL
Attention: Craig Buckley
Tel: (613) 737-2800
Fax: (613) 737-2801

Gearbulk Pool, Ltd.            Trade                 $301,034
P.O. Box HM 2257
14 Par La Vile Road
Hamilton, Bermuda
Attention: Deb Betz or
Terry Cole
Tel: (604) 647-2125
Fax: (604) 669-1824

Andritz, Inc.                  Trade                 $298,942
1115 North Meadow Parkway
Roswell, GA 30076-3857
Attention: Darell Wiliams
Tel: (770) 640-2432
Fax: (770) 640-2521

Coral Power, L.L.C             Trade                 $288,535
909 Fannin, Suite 700
Houston, Texas 77010
Attention: Carolina Bell
Tel: (713) 767-5351
Fax: (713) 265-5351

Bekaert Canada, Ltd.           Trade                 $254,254
11041 Elevator Road
Surrey, B.C. V3V 2R8
Attention: Hannah Tietze
Tel: (604) 581-3933
Fax: (604) 581-3775

Star Shipping (Canada), Ltd.   Trade                 $231,358
1111 West Hastings Street,
9th Floor
Vancouver, B.C. V6E 213
Attention: May Wei
Tel: (604) 661-2000
Fax: (604) 685-0242

E.C.P., L.P. (M2180)           Trade                 $229,890
P.O. Box 11562
Succursale Centre-Vile
Montreal, QC H3C 5N7
Attention: Roxanne Binette
Tel: (877) 635-3365
Fax: (514) 744-1854

Pacific Regeneration           Trade                 $216,430
Technologies, Inc.
#101-1006 Fort Street
Victoria, B.C. V8V 3K4
Attention: Cal Horning
Tel: (250) 229-5353
Fax: (250) 381-0252

A.I.G. Credit Corp. of Canada  Trade                 $215,258
666 Burrard Street,
Suite 1100
Vancouver, B.C. V6C 2X8
Attention: Grace Esquejo
Tel: (800) 710-4860
Fax: (866) 298-0284

Carmanah Design &              Trade                 $211,743
Manufacturing, Inc.
3550 Lougheed Highway
Vancouver, B.C. V5M 2A3
Attention: Aran Bains
Tel: (604) 299-3431
Fax: (604) 268-1617

Cosco Container Lines          Trade                 $207,913
Americas, Inc.
2101 4th Avenue, Suite 1500
Seattle, WA 98121
George Ostathis
Tel: (604) 895-8841
Fax: (206) 654-4599

G.L.&T. Logging, Ltd.          Trade                 $183,402
P.O. Box 44
Fauquier, B.C. VOG 1KO
Attention: Gordon Haugland
Tel: (250) 269-7397
Fax: (250) 269-7318

B.C. Bearing Engineers, Ltd.   Trade                 $183,271
1340 Ka1amalka Lake Road,
Suite 401
Vernon, B.C. VlT 6V2
Attention: Warren Sewell
Vernon, B.C. VlT 6V2
Tel: (250) 562-0452
Fax: (250) 563-8953


REMY WORLDWIDE: Bankruptcy Court Approves CVC Settlement Pact
-------------------------------------------------------------
Remy Worldwide Holdings, Inc., and its debtor-affiliates sought
and obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to assume a Settlement, Support,
Forbearance and Release Agreement, dated as of June 15, 2007,
with Court Square Capital Limited, a subsidiary of Citigroup
Inc., and certain holders of Remy securities to protect against
the possible loss of tax benefits related to the Debtors' net
operating loss carryovers.

As reported in the Troubled Company Reporter on Oct. 16, 2007,
Court Square agreed, among others, to:

   1. certain limitations on its ability to effectuate stock
      transfers and take a worthless stock deduction with
      respect to the shares of RWHI's equity interests it
      holds; and

   2. compromise amounts owed to it under a December 2002
      Advisory Agreement with the Debtors.

The parties exchanged mutual releases under the CVC Settlement
Agreement.  Remy also agreed to pay Court Square $4 million in
cash on the effective date of Remy's prepackaged plan of
reorganization and to assume the CVC Settlement Agreement
promptly upon filing for bankruptcy.

About $1,750,000 of the Settlement Payment will be paid to Court
Square Advisor, LLC, and $2,250,000 will go to Citicorp Venture
Capital Equity Partners L.P.  If Court Square does not receive
the payment by June 15, 2008, the payment will begin to accrue
interest at 20% per annum as of that date, until paid in full.

Court Square and the Noteholders also agreed to support the
Debtors' Plan.

Court Square acquired Delco Remy International, Inc., in March
2001 pursuant to a merger transaction.  Court Square, through
its affiliates, currently holds roughly 70% of RWHI Equity
Interests.

Court Square may terminate the CVC Settlement Agreement if,
among other things, (i) the Plan is inconsistent with the terms
of the Settlement Agreement, (ii) the Bankruptcy Court does not
approve the assumption of the Agreement or (iii) if certain
provisions of the deal are severed, disallowed, modified,
amended, withdrawn, or deemed invalid or unenforceable.  In the
event of termination, Court Square could sell its RWHI equity
securities or, if the Debtors not emerge from bankruptcy during
the 2007 calendar year, claim a worthless stock deduction and
cause an ownership change with respect to the company under
Section 382 of the Tax Code prior to the Effective Date.  An
ownership change effectively would eliminate the Debtors'
ability to use their existing NOLs to offset future income of
Reorganized Remy.

                   Reasonable Business Judgment

Section 365 of the Bankruptcy Code provides that the trustee,
"may assume or reject any executory contract or unexpired lease
of the Debtor."  The standard for a bankruptcy court's approval
of a motion to assume under Section 365 is whether the debtor's
reasonable business judgment supports assumption, Douglas P.
Bartner, Esq., at Shearman & Sterling LLP, in New York, the
Debtors' proposed counsel, reminded the Honorable Kevin Carey,
citing NLRB v. Bildisco & Bildisco, 465 U.S. 513,523 (1984);
Group of Inst. Investors v. Chicago, Milw., St. Paul & Pac. R.R.
Co., 318 U.S. 523, 550 (1943); Meyers v. Martin (In re Martin),
91 F.3d 389, 395 (3d Cir. 1996); In re Market Square Inn, Inc.,
978 F.2d 116, 121 (3d Cir. 1992); In re Taylor, 913 F.2d 102 (3d
Cir. 1990); and Sharon Steel Corp. v. Nat'l Fuel Gas Distrib.
Corp. (In re Sharon Steel Corp.), 872 F.2d 36, 40 (3d Cir.
1989).

Preserving the NOLs could provide significant tax savings to the
Debtors following their emergence from Chapter 11 because it
will reduce, and potentially completely offset, the potential
effects of "cancellation of debt" income to be incurred by the
Debtors as a result of the debt restructuring contemplated by
the Plan, Mr. Bartner explained.

The Settlement also would let the Debtors' estate avoid claims
by Court Square as a result of the rejection of the Advisory
Agreement.

"The benefit derived from assumption [of the Settlement] could
last for years to the extent that the Reorganized Debtors are
able to utilize the NOLs," Mr. Bartner said.

The CVC Settlement Agreement was negotiated in good faith and at
arm's-length, Mr. Bartner assured the Court.

Court Square's affiliates holding Remy Equity Interests are:

   a) Court Square Advisor, LLC

   b) Court Square Capital Limited
      * 1,000 Shares Class A Common Stock

   c) Citicorp Venture Capital Equity Partners, L.P.
      * 1,735,711.17 Shares Class B Common Stock
      * 16,378.57 Shares Class C Common Stock
      * 1,620,406.51 Shares Series A Preferred Stock

   d) CVC Management LLC

   e) CVC/SSB Employee Fund, L.P.
      * 17,278.89 Shares Class B Common Stock
      * 163.15 Shares Class C Common Stock
      * 16,131.04 Shares Series A Preferred Stock

   f) CVC Executive Fund LLC
      * 15,395.57 Shares Class B Common Stock
      * 145.28 Shares Class C Common Stock
      * 14,372.83 Shares Series A Preferred Stock

   g) CVC Partners, LLC                       -

Court Square is represented in the Debtors' cases by H. Jeffrey
Schwartz, Esq., at Dechert LLP, in New York.

The Noteholders that signed the CVC Settlement Agreement are:

   1. Fidelity National Special Opportunity Inc.;
   2. Hoak & Co.;
   3. Third Point LLC;
   4. H Partners LP;
   5. Joshua Tree Capital Partners, LP;
   6. Corriente Master Fund, L.P.; and
   7. Group G Capital Partners LLC
   8. Ore Hill Hub Fund Ltd., Geer Mountain Financing, Ltd.,
      Kinney Hill Credit Opportunities Fund, Ltd.;

The Noteholders are represented by Fred S. Hodara, Esq., at Akin
Gump Strauss Hauer & Feld LLP, in New York.

                      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 $919,736,000 and total liabilities of $1,265,648,000.
(Remy Bankruptcy News; Issue No. 6, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: Can Assume Caterpillar Inventory Agreement
----------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates sought
and obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to assume an inventory purchase agreement
with Caterpillar Inc.

As reported in the Troubled Company Reporter on Oct. 17, 2007,
the Debtors sold their diesel engine remanufacturing business to
Caterpillar for roughly $158 million, pursuant to an asset
purchase agreement dated Jan. 29, 2007.  The Debtors also
entered into outsourcing agreements with Caterpillar, which will
become the Debtors' exclusive supplier of remanufactured heavy
duty starters and alternators.  Caterpillar would acquire
certain machinery and equipment related to the heavy duty
starter and alternator remanufacturing business.

The initial closing occurred June 25, 2007.  On the same day,
the parties amended the Asset Purchase Agreement to provide, for
among other things, the Debtors' sale, for $7.16 million,
certain inventory, machinery, equipment and other assets used
designing, remanufacturing, assembling, testing, marketing and
selling remanufactured heavy duty rotating electrics, including
starters and alternators in North America through the Debtors'
facilities in Mississippi.

Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, the Debtors' proposed co-counsel, told
the Court that under a related inventory purchase agreement,
Remy Reman, L.L.C. and Remy International, Inc., would sell to
Caterpillar Reman Acquisition Two LLC:

   1. alternator core work-in-process inventory having an
      aggregate purchase price of $87,000;

   2. alternator new parts having an aggregate purchase price
      of $1.28 million;

   3. starter core inventory having aggregate value of
      $2,421,000;

   4. starter core work-in-process inventory having an
      aggregate purchase price of $2.29 million; and

   5. starter new parts having an aggregate purchase price of
      $748,000.

Mr. Enos said the Inventory Purchase Agreement contemplates the
transfer of Inventory aggregating roughly $6.80 million.

The Inventory Purchase Agreement also provided that Caterpillar
may elect to adjust purchase prices for the starter core
inventory using the per unit market value of the Purchased
Inventory as determined using a methodology agreed to between
the parties.  If either party disagreed with the adjusted
inventory value for the starter core inventory, the parties will
resolve the disagreement using dispute resolution process
applicable to alternator core inventory set forth in the Asset
Purchase Agreement.

Mr. Enos said the purchase price does not include any sales,
use, excise or other taxes that the Debtors may be required to
pay in connection with the Inventory sale.  The amount of any
applicable present or future tax will be paid by Caterpillar as
an additional charge or, in lieu of that, Caterpillar will
provide the Debtors with a tax exemption certificate acceptable
to the relevant taxing authorities.

The parties also agreed to certain indemnification provisions.

The Debtors further sought and obtained permission to continue
the transfer of the remainder of the Purchased Inventory, free
and clear of all liens, claims and encumbrances.

Assumption of the Inventory Purchase Agreement is in the best
interest of the Debtors, their estates and creditors, Mr. Enos
contended.  He explained that the sale will result in lower
product costs for the Debtors and represented the highest or
otherwise best offer for the Purchased Assets.

Mr. Enos also asserted that the the sale of the remainder of the
Purchased Inventory is an integral part of the Caterpillar
transaction, which has been substantially consummated.

The purchase price, Mr. Enos said, was determined after good
faith, arm's-length negotiations.  "Accordingly, the Debtors
will realize consideration for the Purchased Assets and the
Remainder of the Purchased Inventory that will be fair and
reasonable," Mr. Enos maintained.

                      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 $919,736,000 and total liabilities of $1,265,648,000.
(Remy Bankruptcy News; Issue No. 6, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SANYO ELECTRIC: To Invest JPY210 Bil. in Two Profitable Units
-------------------------------------------------------------
Sanyo Electric Co., Ltd., will invest JPY210 billion in its
rechargeable battery and photovoltaic power generation
businesses over the three years from fiscal 2008, reports The
Yomiuri Shimbun.

In a company business strategy master plan obtained by The
Yomiuri Shimbun, Sanyo, which is undergoing some reconstruction,
aims to improve its business structure by focusing on these
profitable sectors.

The report states that the consumer electronics manufacturer's
global market for photovoltaic power generation is expected to
double in the 2006 to 2010 period.

In line with this, Osaka-based Sanyo, which initially planned to
increase its production capacity to 600 megawatts per year, will
now double its planned capacity to hit 1,200 megawatts per year
over the three years from fiscal 2008 to 2010 by investing
JPY110 billion, relates The Yomiuri Shimbun.

For its rechargeable battery unit, Sanyo, according to the
report, plans to invest JPY100 billion, mainly to improve its
production capacity for lithium ion rechargeable batteries that
are used for personal computers, cell phones and hybrid electric
vehicles.

The article notes that the company has earmarked a total of
JPY37 billion in the two business fields in fiscal 2007.

The master plan, which sets out the firm's planned direction for
the three years from fiscal 2008, will be officially announced
on Nov. 27, adds The Yomiuri Shimbun.

                   About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: Lead in Microwave Cues BAIC to Order Recall
-----------------------------------------------------------
Sanyo Electric Co., Ltd., was ordered by the Beijing
Administration for Industry and Commerce to stop selling
microwave ovens in Beijing that are made by a local joint
venture due to excessive amounts of lead found in them, Jiji
Press reports.

The report states that the Beijing authority has also ordered
Osaka-based Sanyo to recall all EM-2010EB1 microwave ovens
already sold.

Officials said that an inspection in March by the BAIC found
that the amount of lead in parts of the ovens were 30 times the
permitted level, relates Jiji Press.

Sanyo, according to the report, claims that the joint venture in
Anhui Province manufactures 80,000 microwave oven units
annually, mainly for the Chinese market.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


WALDON RADIO: Brings In Liquidators from Menzies Corporate
----------------------------------------------------------
Andrew John Duncan and Paul David Williams of Menzies Corporate
Restructuring were appointed joint liquidators of Waldon Radio
Services Ltd. (formerly Mundays (786) Ltd.) on Nov. 12 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


* Begbies Traynor Buys Insolvency Division of Bartfields Ltd
------------------------------------------------------------
Begbies Traynor Group plc, (AIM: BEG), has acquired the
insolvency division of Bartfields (UK) Limited for an
undisclosed sum.

The Insolvency Division is led by Gerald Krasner supported by a
team of sixteen staff, who will be integrated with the Group's
existing Leeds practice shortly after completion.

The acquisition is another move by the Begbies Traynor Group to
strengthen its insolvency presence in the Yorkshire and North
East region, a market which the Group believes has significant
growth potential.

Bartfield & Co was founded in 1927 and has developed
significantly over recent years through a combination of
acquisition and organic growth. The Insolvency Division
specialises in insolvency services to small to medium sized
businesses but reaches beyond the Leeds area by sourcing work in
Newcastle, London, Lincoln, Liverpool, Chester, and Hull.

Ric Traynor, Executive Chairman of Begbies Traynor Group plc,
comments "We are delighted that Gerald Krasner and his team have
chosen to join the Group; the acquisition of Bartfields
insolvency division will significantly enhance the Group's
insolvency offering in Yorkshire and the wider North East
region".

Gerald Krasner, Director, Bartfields said "My team and I are
delighted to be joining the Begbies Traynor Group; this move
will strengthen the core business and will allow our existing
work referrers the opportunity to benefit from additional
services now available to them from within the Group".

Begbies Traynor (AIM: BEG) http://www.begbies.com/-- assists
companies, creditors, financial institutions and individuals on
all aspects of financial restructuring and corporate recovery.


                            *********

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 * * *