TCREUR_Public/071122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, November 22, 2007, Vol. 8, No. 232

                            Headlines




A U S T R I A

ARIADNE MARKETING: Claims Registration Period Ends Dec. 4
BOIGNER IMMOBILIEN: Claims Registration Period Ends Nov. 30
DS DJORDJEVIC: Claims Registration Period Ends Dec. 6
FIGURINA LADY-CHIC: Claims Registration Period Ends Nov. 30
M&H MEDIA: Claims Registration Period Ends Dec. 3


B E L G I U M

FLOWSERVE CORP: To Pay US$0.15 Per Share Dividend on Jan. 8


URS CORP: Closes Washington Group Acquisition for US$3.1 Billion


E S T O N I A

BALTI INVESTEERINGUTE: Moody's Puts B1/NP/E+ Ratings


F R A N C E

PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB
SR TELECOM: Sept. 30 Balance Sheet Upside-Down by CDN$30.8 Mln


G E R M A N Y

A. FUERMANN: Claims Registration Ends December 20
AGRO-MAG TRANSPORT: Claims Registration Period Ends Dec. 18
BROOKLANDS GMBH: Claims Registration Period Ends Nov. 31
CHRYSLER LLC: Cerberus Postpones US$4 Bln Debt Sale, Source Says
DEMA GMBH: Claims Registration Period Ends Dec. 18

ERDL GMBH: Claims Registration Ends December 31
GFE ENERGIEANLAGEN: Creditors' Meeting Slated for Nov. 29
GLASBAU ROEBER: Claims Registration Ends December 27
GS DATENTECHNIK: Claims Registration Ends December 25
HAYN-BAU.DE: Claims Registration Ends December 20

HFHN WOOD: Creditors' Meeting Slated for Dec. 12
HORN TRANSPORT: Claims Registration Period Ends Dec. 6
JANSSEN-DRUCK GMBH: Claims Registration Period Ends Nov. 29
K-PLASTICS: Claims Registration Ends December 20
K.E.R. BAUSTOFFHANDEL: Claims Registration Ends December 28

KORROMAC KORROSIONSSCHUTZ: Claims Registration Ends December 28
PHOENIX KAPITALDIENST: Court Rejects Fraspa Damage Claims
RAISCH GMBH: Claims Registration Period Ends Dec. 10


G R E E C E

ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007
ARMSTRONG WORLD: Nitram Files September 2007 Operating Report


H U N G A R Y

AES CORP: Completed Notes Purchase Cues Moody's LGD Update
CLOROX COMPANY: Acquiring Burt's Bees for US$925 Million


I R E L A N D

INTERNATIONAL SECURITIES: DBRS Cuts Sub. Debt Ratings to CCC
SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on December 18


I T A L Y

ALITALIA SPA: Aeroflot Backs Out from Equity Purchase Race
IMAX CORP: Signs Four-Picture Contract with Dreamworks Animation


K A Z A K H S T A N

ALTYN-TOBE CJSC: Proof of Claim Deadline Slated for Dec. 22
AQUALIGHT CORPORATION: Creditors Must File Claims Dec. 25
DELIVER TRANS: Claims Filing Period Ends Dec. 22
ENERGO PROM: Creditors' Claims Due on Dec. 22
KAZTRANSOIL: S&P Affirms BB+ Ratings on Sovereign Relationship

KAZAKHSTAN ELECTRICITY: S&P Affirms BB+ Ratings; Outlook Stable
MSS-MONTAZHSTROYSERVICE LLP: Claims Registration Ends Dec. 22
PLEMPTITSA LLP: Proof of Claim Deadline Slated for Dec. 22
SHYK CJSC: Creditors Must File Claims Dec. 22
TAMERLAN INTERPRISES: Claims Filing Period Ends Dec. 22

TEMIR ZHOLY: Government Support Cues S&P to Affirm BB+ Rating


K Y R G Y Z S T A N

OSH ARAGY: Creditors' Meeting Slated for November 30
SMART COM: Creditors' Meeting Slated for November 29


N E T H E R L A N D S

FOOT LOCKER: Paying US$0.125 Per Share Qtrly Dividend on Feb. 1
KONINKLIJKE AHOLD: Completes Share Buyback Program


P O R T U G A L

ATLANTES MORTGAGES 1: Fitch Affirms Class D Debt Ratings at BB


R O M A N I A

SBARRO INC: Posts US$35.1-Mil. Combined Net Loss for Third Qtr.


R U S S I A

EUROSTEEL CJSC: Creditors Must File Claims by Dec. 10
CHEREMUSHKI OJSC: Creditors Must File Claims by Dec. 10
FORD MOTOR: Russian Plant Workers Resume Strike
KUZNETSKAUTOYUG CJSC: Court Hearing Slated for Feb. 20, 2008
ROSNEFT OIL: Dutch Court Places Fund Under Temporary Injunction

UIBATSKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008
YUGO-ZAPAD CJSC: Creditors Must File Claims by Dec. 10


S P A I N

CAJA LABORAL 1: Fitch Junks Class E Notes with Stable Outlook


S W I T Z E R L A N D

CONFIANCE SERVICES: Creditors' Liquidation Claims Due by Nov. 23
FIVEST VENTURE: Creditors' Liquidation Claims Due by November 26
GARAGE SONNENBERG: Creditors Must File Claims by November 26
HASLER-DRUCK JSC: Creditors Must File Claims by November 26
IEC EUROPETROL: Creditors' Liquidation Claims Due by November 26

IMV INSTITUT: Creditors' Liquidation Claims Due by November 26
NEUGRUTT-GASTSTATTEN: Creditors Must File Claims by November 26
RONOR JSC: Creditors' Liquidation Claims Due by November 26
RUD. ITEN: Creditors' Liquidation Claims Due by November 26
SEATECH COMPUTERSYSTEMS: Claims Registration Period Ends Nov. 26


U K R A I N E

AFINITY-SERVICE LLC: Creditors Must File Claims by November 25
HOTEL MIR: Creditors Must File Claims by November 24
KOVALEVKA OJSC: Claims Filing Bar Date Set November 24
KRUPA OJSC: Creditors Must File Claims by November 25
LEBIAZHEYE LLC: Creditors Must File Claims by November 25

MIR LLC: Claims Filing Bar Date Set November 25
PRIDNIEPROVSKY MANAGEMENT: Claims Filing Bar Date Set Nov. 25
WESTPROM-TRADE LLC: Creditors Must File Claims by November 25


U N I T E D   K I N G D O M

ARROW ELECTRONICS: North American Biz to Deploy Seagate Products
BALLY TECH: Inks Casino Management System Pact With Pechanga
BROXBOURNE BOROUGH: Claims Filing Period Ends December 21
CHURCH VIEW: Brings In Liquidators from Mazars
DESIGNER STEELS: Claims Filing Period Ends December 7

FKI PLC: Acquires Hunslet-Barclay for GBP2.1 Million
FORD MOTOR: UK Union Leaders Favor Tata Bid for Two Brands
FORD MOTOR: Russian Plant Workers Resume Strike
FORD MOTOR: S&P Holds 'B' Rating and Removes Positive Watch
HUNSLET-BARCLAY: Administrators Sell Assets to FKI Subsidiary

MAIL MARKETING: Colin Prescott Leads Liquidation Procedure
MARLIN MANUFACTURING: Claims Filing Period Ends Feb. 13, 2008
MYLAN INC: Completes Sale of Preferred and Common Stock
NORTHERN ROCK: Begins Talks with Possible Bidders; Gets Low Bids
QUEBECOR WORLD: Inks Share Purchase Agreement with RSDB NV

REMY WORLDWIDE: Court Confirms Prepackaged Reorganization Plan
SCO GROUP: Court OKs Dorsey & Whitney as Special Counsel
SCO GROUP: Hearing on Asset Sale Protocol Deferred to December 5
TIMBERLOK LTD: Appoints Michael C. Kienlen as Liquidator
TIMBERTEC JOINERY: Calls In Liquidators from KPMG

WALES MILLENNIUM: Assembly Funds to Wipe Out GBP13.5 Mln Debt
WATERFORD WEDGWOOD: Appoints Anthony Jones as New CFO

* Research Predicts Over-Leveraged Buyout to Crumble

* Beard Group's Featured Conference for November 2007
* Upcoming Meetings, Conferences and Seminars




                            *********


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


ARIADNE MARKETING: Claims Registration Period Ends Dec. 4
---------------------------------------------------------
Creditors owed money by LLC Ariadne Marketing (FN 39512g) have
until Dec. 4 to file written proofs of claim to court-appointed
estate administrator Maria-Christina Nau at:

         Mag. Maria-Christina Nau
         c/o Dr. Guenther Viehboeck
         Jasomirgottstrasse 6
         1010 Vienna
         Austria
         Tel: 53 52 453
         Fax: 53 52 810
         E-mail: office@viehboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Dec. 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 19 (Bankr. Case No. 4 S 120/07k).  Guenther Viehboeck
represents Mag. Nau in the bankruptcy proceedings.


BOIGNER IMMOBILIEN: Claims Registration Period Ends Nov. 30
-----------------------------------------------------------
Creditors owed money by LLC Boigner Immobilien Treuhand (FN
182826m) have until Nov. 30 to file written proofs of claim to
court-appointed estate administrator Guenther Hoedl at:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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. 19 (Bankr. Case No. 28 S 118/07t).


DS DJORDJEVIC: Claims Registration Period Ends Dec. 6
-----------------------------------------------------
Creditors owed money by KEG DS Djordjevic (FN 213328v) have
until Dec. 6 to file written proofs of claim to court-appointed
estate administrator Petra Diwok at:

         Mag. Petra Diwok
         c/o  Dr. Viktor Igali-Igalffy
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 80 57
         Fax: 713 07 76
         E-mail: diwok@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 19 (Bankr. Case No. 5 S 126/07z).  Viktor Igali-Igalffy
represents Mag. Diwok in the bankruptcy proceedings.


FIGURINA LADY-CHIC: Claims Registration Period Ends Nov. 30
-----------------------------------------------------------
Creditors owed money by LLC Figurina Lady-chic (FN 177899t) have
until Nov. 30 to file written proofs of claim to court-appointed
estate administrator Georg Dieter at:

         Mag. Georg Dieter
         Friedhofgasse 20
         8020 Graz
         Austria
         Tel: 0316/7085
         Fax: 0316/7085-25
         E-mail: law-office@rath-Partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Dec. 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Oct. 19 (Bankr. Case No. 26 S 87/07z).


M&H MEDIA: Claims Registration Period Ends Dec. 3
-------------------------------------------------
Creditors owed money by LC M&H Media Solutions (FN 271462i) have
until Dec. 3 to file written proofs of claim to court-appointed
estate administrator Horst Winkelmayr at:

         Mag. Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Vienna
         Austria
         Tel: 532 47 77
         Fax: 532 47 77-50
         E-mail: rae@kniwi.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 19 (Bankr. Case No. 3 S 135/07h).


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B E L G I U M
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FLOWSERVE CORP: To Pay US$0.15 Per Share Dividend on Jan. 8
-----------------------------------------------------------
Flowserve Corp.'s Board of Directors has authorized the payment
of a quarterly cash dividend of 15 cents per share on the
company's outstanding shares of common stock.  The dividend is
payable on Jan. 9, 2008, to shareholders of record as of the
close of business on Dec. 26, 2007.

While Flowserve currently intends to pay regular quarterly
dividends for the foreseeable future, any future dividends will
be reviewed individually and declared by the Board at its
discretion, dependent on the Board's assessment of the company's
financial condition and business outlook at the applicable time.

                      About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


URS CORP: Closes Washington Group Acquisition for US$3.1 Billion
----------------------------------------------------------------
URS Corporation has completed its acquisition of Washington
Group International Inc. for a total purchase price of
approximately US$3.1 billion.  The closing of the acquisition
follows approvals by URS and Washington Group stockholders at
each company's special meeting of stockholders held earlier.

"This transaction has important benefits for the stockholders
and customers of both companies," said Martin M. Koffel,
Chairman and Chief Executive Officer of URS.  "With the addition
of Washington Group's complementary engineering and construction
services, URS becomes one of the few fully-integrated
engineering, construction and technical services firms capable
of serving every phase of a project -- from initial planning,
engineering and construction of a project, to operations and
maintenance.  The combined company also has enhanced scale and
expertise to meet the increasing demand for comprehensive
solutions on large, complex global assignments.  We are looking
forward to capturing the tremendous potential of the combined
company."

Mr. Koffel continued, "We also are delighted to welcome
Washington Group's 25,000 employees to URS.  We believe the
combined company is unrivaled in terms of its professional
talent and the opportunities we are able to offer our employees
as part of a larger, more dynamic company."

The acquisition further diversifies and broadens URS' market
exposure, allowing the Company to offer a broad range of
engineering and construction services to clients in the
transportation, facilities, environmental, water/wastewater,
industrial infrastructure and process, homeland security,
installations and logistics, and defense systems markets.  In
addition, the combined company will be a major contractor to the
federal government.

Under the terms of the merger agreement, Washington Group
stockholders are receiving US$43.80 in cash and 0.900 shares of
URS common stock for each share of Washington Group stock.  In
lieu of receiving the mix of cash and URS common stock,
Washington Group stockholders may elect to receive all stock or
all cash.  The number of shares to be paid in lieu of cash in an
all-stock election and the amount of cash to be paid in lieu of
URS common stock in an all-cash election will be based on the
volume weighted average trading price of URS common stock during
the five trading day period ended Nov. 14, 2007 of US$57.0184.
All-cash and all-stock elections are subject to proration.

Based on the five trading day volume weighted average price of
URS common stock of US$57.0184, Washington Group stockholders
can elect to receive US$95.11656 in cash (subject to proration),
1.6681731 shares of URS common stock (subject to proration), or
US$43.80 in cash and 0.900 shares of URS common stock.  The
deadline for Washington Group stockholders to elect whether to
receive a cash consideration, stock consideration or a
combination thereof, subject to proration, will be 5:00 p.m. ET
on Nov. 20, 2007.

URS stockholders are retaining the shares they held prior to the
transaction.

In connection with the completion of the transaction, Washington
Group's shares have ceased to trade on the NYSE as of the close
of trading last Friday.  Washington Group will operate as the
Washington Division of URS. Steven Hanks, former Chief Executive
Officer of Washington Group, has been named President of the
Washington Division and appointed to the URS Corporation Board
of Directors.

                       About URS Corporation

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2007, Standard & Poor's Ratings Services assigned its
'BB+' bank loan rating and '2' recovery rating to URS Corp.'s
proposed USUS$2.1 billion senior secured credit facilities,
indicating expectations of substantial recovery in the event of
a payment default.  The facilities are rated the same as the
corporate credit rating on the company.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed US$2.1 million senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International Inc.


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E S T O N I A
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BALTI INVESTEERINGUTE: Moody's Puts B1/NP/E+ Ratings
----------------------------------------------------
Moody's Investors Service assigned a E+ bank financial strength
rating to Balti Investeeringute Grupi Pank AS, which translates
into a Baseline Credit Assessment of B1; a long-term deposit
rating of B1; and a short-term deposit rating of Non-Prime. The
outlook on all ratings is stable.

The major elements underpinning the bank's BFSR are good
earnings generation, adequate capital base and efficiency of the
operations.  Since the bank's client base concentrates on the
retail sector, credit concentration remains low.

However, these strengths are offset by:

   (i) the significant proportion of market funding that is
       confidence-sensitive and shows high maturity
       concentration;

  (ii) non-diversified revenue structure based on high margins
       that Moody's views unsustainable;

(iii) the weak corporate governance structure due to
       concentrated ownership;

  (iv) weak asset quality combined with high lending growth;

   (v) the modest, albeit developing, overall franchise in a
       single business and small markets; and

  (vi) established but still-developing risk management
       procedures in a risky business area.

It is also noted that the bank has recently decided to
concentrate on non-collateralized income loans instead of loans
backed by a mortgage or surety collateral.

In light of BIG Pank's very small size, low market share in
deposits in Estonia and limited importance to the Estonian
banking system, Moody's believes that no systemic support would
be provided to the bank in the event of a financial crisis.
Therefore, BIG Pank's B1 long-term global local currency
deposit rating does not incorporate systemic support.

BIG Pank is a small bank with a limited franchise in the Baltic
region. Total assets of the bank amounted to EUR145 million and
equity to EUR24.4 million at June 30, 2007.  The group
specializes in consumer finance and operates 36 branch offices
in the three Baltic countries.  It has a market share of almost
9% in Estonia, around 3% in Latvia and entered the Lithuanian
market only recently.  The bank's main competitors are universal
banks and institutions specialized in consumer finance and
leasing.  The group was established in 1992 and is owned by two
Estonians each holding 50% of the shares.

Looking ahead, Moody's believes that an upgrade of BIG Pank's
BFSR could potentially be prompted by an improvement in its
liquidity and funding profile, a significant improvement in
asset quality, more diversified activities as well as deeper
market penetration with well-controlled risk and cost
management.

A rating downgrade of BIG Pank's BFSR could possibly be
triggered by a deterioration in the bank's capitalization, asset
quality and profitability or its liquidity and funding position
coming under severe pressure.

These ratings were assigned with stable outlook:

   * Balti Investeeringute Grupi Pank AS

   -- Long-term bank deposits: B1;
   -- Short-term bank deposits: Non-Prime;
   -- Bank financial strength rating: E+.

Headquartered in Tartu, Estonia BIG Pank reported EUR145 million
in total assets at the end of June 2007.


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F R A N C E
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PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB
-----------------------------------------------------------
Standard & Poor's Ratings Service raised its corporate credit
rating on offshore contract drilling firm Pride International
Inc. to 'BB+' from 'BB'.  At the same time, S&P raised the
rating on the company's unsecured debt to 'BB+' from 'BB-'.  The
outlook is stable.

The rating action followed a full review of Pride in light of
2007 strategic initiatives that have included the recent
divestiture of its Latin American onshore business units and the
announcement of two newbuild ultradeepwater drillships.

"The upgrade reflects continued improvement in cash flow and
credit metrics and a strengthening backlog of contract
revenues," said Standard & Poor's credit analyst Jeffrey B.
Morrison.  "The raising of Pride's unsecured rating to the same
level as the corporate credit rating reflects S&P's expectation
that secured debt will remain at less than 15% of assets, on a
book value basis, over the intermediate term."

As of Sept. 30, 2007, Houston, Texas-based Pride had about
US$1.2 billion in adjusted debt, incorporating operating leases.

The ratings on Pride reflect a large, well-diversified fleet of
mobile offshore drilling units, a fairly broad geographic scope
of operations, a growing backlog, and an improving financial
risk profile.  Strengths are partially tempered by expanding
near- to intermediate-term capital spending requirements,
concerns regarding the longer term earnings prospects for
Pride's older, mat-supported jackup units (particularly those
operating in the U.S. Gulf of Mexico), and participation in a
historically cyclical and capital-intensive industry.


SR TELECOM: Sept. 30 Balance Sheet Upside-Down by CDN$30.8 Mln
--------------------------------------------------------------
SR Telecom Inc. disclosed its third quarter results for the
period ending Sept. 30, 2007.

At Sept. 30, 2007, the company's balance sheet showed total
assets of CDN$95.7 million and total liabilities of CDN$126.6
million, resulting in a stockholders' deficit of CDN$30.8
million.  Equity at Dec. 31, 2006, was CDN$10.9 million.

SR Telecom's third quarter revenue grew 10% to US$18.0 million
from CDN$16.4 million during the same period in 2006.  Revenue
in the third quarter of 2007 was below management's expectations
and was generated mainly through the ongoing implementation of
major legacy contracts in Mexico and Argentina.  Operating loss
from continuing operations was CDN$19.6 million, a significant
decrease from the CDN$41.5 million operating loss recorded
during the same period one year ago.  Net loss and comprehensive
loss was CDN$22.2 million compared to CDN$53.5 million in 2006.

A large portion of these improvements are due to the US$21.6
million in restructuring charges that were incurred in 2006.
Nonetheless, the 2007 third quarter showed a CDN$6.3 million
decline in selling, general and administrative expenses.  The
SG&A gains, however, were offset by a CDN$7.0 million shift from
gross profit to gross loss, due primarily to a CDN$3.6 million
write down of inventory, and to the company's symmetryONE
product experiencing significant price pressure in the market.
Year-to-date revenue was CDN$63.2 million, up 25.0% from
CDN$50.4 million in the first nine months of 2006.  Operating
loss for the nine-month period in 2007 was CDN$42.1 million
compared to CDN$70.7 million in the same period of 2006.  The
year-to-date net loss and comprehensive loss was CDN$49.3
million compared to CDN$84.4 million during the first
nine months in the prior year.

Backlog at Sept. 30, 2007, stood at CDN$19.3 million, the
majority of which is expected to be delivered by the end of this
year.  This compares with CDN$45.4 million at the end of 2006
and CDN$27.1 million at the end of the second quarter of 2007.

                       Management Expectations

SR Telecom reported improved revenues and decreased losses in
its third quarter compared to the same period in 2006; however,
these results remained below management's expectations.  Third
quarter revenues were adversely affected by a longer-than-
anticipated sales cycle with several large potential customers.
The company nonetheless remains encouraged by the continuing
interest in its symmetryMX suite of WiMAX solutions from
customers around the world.

The company also reported that, further to the strategic review
initiated on May 10, 2007, its Board of Directors has evaluated
the company's strategic options in the context of SR Telecom's
past and present financial situation, its order backlog, and the
likelihood of future success with its existing structure.  The
Board has concluded that it is in the company's best interests
to actively pursue the sale of the company and/or its assets.

SR Telecom has engaged investment bankers Lazard Ltd. to assist
the company in identifying interested parties.  The Board has
appointed a special committee in connection with this process,
which will continue to evaluate the company's strategic options.

"To grow and succeed in the global WiMAX market, SR Telecom
needs a strong financial footing, a diversified product
portfolio andthe purchasing power to benefit from economies of
scale," Paul Griswold, Chairman of the Board of SR Telecom,
said.

"While SR Telecom has taken positive strides in 2007, its past
financial performance and current market perceptions weigh
heavily on operations, and the company needs to consider
alternatives to strengthen itself other than solely through
additional financing options," President and CEO Serge Fortin
added.

                        Financial Position

As reported in the Troubled Company Reporter on July 6, 2007,
the company entered into an agreement with a syndicate of
lenders comprised of shareholders providing for a term loan of
CDN$35.0 million, all of which was drawn at closing.  An
additional CDN$10 million term loan could be available for
drawdown, subject to certain conditions being met, for a period
of up to one year from closing.

As at Sept. 30, 2007, management believes the company had not
met all of the conditions required to drawdown the additional
CDN$10 million.

As at Sept. 30, 2007, the company's consolidated cash, including
restricted cash, was CDN$27.1 million, up slightly from
CDN$26.2 million at Dec. 31, 2006.

                        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.

SR Telecom Inc. has filed for creditor protection under the
Companies' Creditors Arrangement Act, with the Quebec Superior
Court after evaluating the company's strategic options and
concluding 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.


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G E R M A N Y
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A. FUERMANN: Claims Registration Ends December 20
-------------------------------------------------
Creditors of A. Fuermann GmbH have until Dec. 20 to register
their claims with court-appointed insolvency manager Dr. Karl
Franke.

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

The meeting of creditors will be held at:

         The District Court of Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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. Karl Franke
         Schubartstr. 13
         73430 Aalen
         Germany
         Tel: 07361/9251-0
         Fax: 07361/9251-99
         E-mail: karlfranke@kiesel-partner.de

The District Court of Aalen opened bankruptcy proceedings
against A. Fuermann GmbH on Nov. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          A. Fuermann GmbH
          Brucknerstr. 37
          73430 Aalen
          Germany

          Attn: Michael Fuermann, Farberstr. 2
          73432 Aalen-Unterkochen
          Germany


AGRO-MAG TRANSPORT: Claims Registration Period Ends Dec. 18
-----------------------------------------------------------
Creditors of AGRO-MAG Transport GmbH have until Dec. 18 to
register their claims with court-appointed insolvency manager
Martin Schoebe.

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

The meeting of creditors will be held at:

         The District Court of Kempten
         Room 144/I
         Residenzplatz 4-6
         87435 Kempten
         Germany

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

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich
         Germany
         Tel: 089/1893770
         Fax: 089/18937750

The District Court of Kempten opened bankruptcy proceedings
against AGRO-MAG Transport GmbH on Oct. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AGRO-MAG Transport GmbH
         Doesinger Weg 24
         87665 Mauerstetten
         Germany


BROOKLANDS GMBH: Claims Registration Period Ends Nov. 31
--------------------------------------------------------
Creditors of Brooklands GmbH have until Nov. 31 to register
their claims with court-appointed insolvency manager Georg
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 12, 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 Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Brooklands GmbH on Nov. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Brooklands GmbH
         Attn: Wilfried Kiausch, Manager
         Kaiserswerther Strasse 115
         40474 Duesseldorf
         Germany


CHRYSLER LLC: Cerberus Postpones US$4 Bln Debt Sale, Source Says
----------------------------------------------------------------
The sale of Chrysler LLC's US$4 billion loans has been postponed
indefinitely, a source familiar with the matter told The Wall
Street Journal, without specifying any timetable for a possible
resale.

According to Reuters, citing an unidentified source, the latest
postponement was prompted by weak credit markets and worsening
news from the U.S. automotive sector.

JPMorgan Chase and Co., Citigroup Inc., Goldman Sachs Group
Inc., Morgan Stanley and Bear Stearns & Co. had planned to sell
the loans at about 97.5 cents on the dollar this week, in an aim
to lessen US$171 billion in leveraged loan backlog, the TCR-
Europe reported on Nov. 9, 2007.

The banks, sources said, were eager to dispose the US$10 billion
loans that they were not able to sell in July and August after
Cerberus Capital Management acquired Chrysler from former owner
DaimlerChrysler AG.

As reported in the TCR-Europe on July 4, 2007, Fitch Ratings has
initiated rating coverage on Chrysler LLC by assigning these
ratings:

    -- Long-term Issuer Default Rating 'B+';
    -- US$10 billion first-lien loan 'BB+/RR1';
    -- US$2 billion second-lien loan 'BB+/RR1'.

The US$12 billion in senior secured financing will be raised
following the pending acquisition of 80.1% of Chrysler's parent,
Chrysler Holding LLC, by affiliates of Cerberus Capital
Management, L.P.  The 'RR1' Recovery Rating is based on Fitch's
expectation of full recovery in the event of bankruptcy.  The
Rating Outlook is Stable.

The sale, which was previously postponed once, will push through
depending on market conditions, a source told WSJ.

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 Oct. 31, 2007,
Standard & Poor's Ratings Services said its corporate credit
ratings on Chrysler LLC and DaimlerChrysler Financial Services
Americas LLC remain on CreditWatch with positive implications,
following the United Auto Workers' narrow approval of the new
Chrysler-UAW labor contract.  The ratings were placed on
CreditWatch on Sept. 26, 2007, based on S&P's belief that
Chrysler would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the
US$5 billion "second-out" first-lien term loan tranche.  This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with the closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


DEMA GMBH: Claims Registration Period Ends Dec. 18
--------------------------------------------------
Creditors of DEMA GmbH have until Dec. 18 to register their
claims with court-appointed insolvency manager Ursula Paulus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 29, 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Ursula Paulus
         Oppenhoffallee 120
         52066 Aachen
         Germany
         Tel: 0241/9039775
         Fax: 0241/9039816.

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

The Debtor can be reached at:

          DEMA GmbH
          Heibachstr. 49
          52249 Eschweiler
          Germany


ERDL GMBH: Claims Registration Ends December 31
-----------------------------------------------
Creditors of Erdl GmbH have until Dec. 31 to register their
claims with court-appointed insolvency manager Dr. Margit
Watzinger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on Jan. 29, 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 Traunstein
         Meeting Hall C 001
         Herzog-Otto-Str. 1
         83278 Traunstein
         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. Margit Watzinger
         Stollstr. 5
         83022 Rosenheim
         Germany
         Tel: 08031 /380960
         Fax: 08031 / 13892

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

The Debtor can be reached at:

         Erdl GmbH
         Gabelsbergerstr. 4-6
         83303 Trostberg
         Germany


GFE ENERGIEANLAGEN: Creditors' Meeting Slated for Nov. 29
---------------------------------------------------------
The court-appointed insolvency manager for GFE Energieanlagen-
Handels-GmbH, Stefanie Luethje, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on Nov. 29.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on Jan. 31, 2008 at the same
venue.

Creditors have until Dec. 18 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

          Stefanie Luethje
          Ostertorsteinweg 74/75
          28203 Bremen
          Germany
          Tel: 792570
          Fax: 7925757
          E-mail: Luethje@oelb.de
          Webmail: http://www.oelb.de/

The District Court of Bremen opened bankruptcy proceedings
against GFE Energieanlagen-Handels-GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          GFE Energieanlagen-Handels-GmbH
          Louis-Seegelken-Strasse 74
          28717 Bremen
          Germany


GLASBAU ROEBER: Claims Registration Ends December 27
----------------------------------------------------
Creditors of Glasbau Roeber GmbH have until Dec. 27 to register
their claims with court-appointed insolvency manager Torsten
Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Jan. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Torsten Gutmann
         Lueders Partnergesellschaft
         Zum Blauen See 5
         D 31275 Lehrte
         Tel: (0 51 32) 82 68 38
         Fax: (0 51 32) 82 68 96

The District Court of Braunschweig opened bankruptcy proceedings
against Glasbau Roeber GmbH on Oct. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Glasbau Roeber GmbH
         Petzvalstrasse 36 a
         38108 Braunschweig
         Germany

         Attn: Sabine Wagner, Liquidator
         Forststrasse 4
         38162 Cremlingen/Hordorf
         Germany


GS DATENTECHNIK: Claims Registration Ends December 25
-----------------------------------------------------
Creditors of GS Datentechnik GmbH have until Dec. 25 to register
their claims with court-appointed insolvency manager Dr.
Christian Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 101
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Gerloff
         Nymphenburger Str. 139
         80636 Muenchen
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings
against GS Datentechnik GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GS Datentechnik GmbH
         Daimlerstr. 18
         85748 Garching
         Germany


HAYN-BAU.DE: Claims Registration Ends December 20
-------------------------------------------------
Creditors of HAYN-Bau.de GmbH have until Dec. 20 to register
their claims with court-appointed insolvency manager Hubert
Haarbeck.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Dresden
          Hall D131
          Olbrichtplatz 1
          01099 Dresden
          Germany

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

The insolvency manager can be reached at:

         Hubert Haarbeck
         Anton-Graff-Strasse 17
         01309 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against HAYN-Bau.de GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HAYN-Bau.de GmbH
         Klostergasse 24
         01558 Grossenhain
         Germany


HFHN WOOD: Creditors' Meeting Slated for Dec. 12
------------------------------------------------
The court-appointed insolvency manager for HFHN Wood Engineering
GmbH, Dr. Martin Gitzinger will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on Dec. 12.

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

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

Creditors have until Dec. 19 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Martin Gitzinger
         Grosser Markt 8
         66740 Saarlouis
         Germany
         Tel: 06831-93090
         Fax: 06831-930930

The District Court of Saarbruecken opened bankruptcy proceedings
against HFHN Wood Engineering GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          HFHN Wood Engineering GmbH
          Matthias-Nickel-Str. 14
          66346 Pttlingen-Koellerbach
          Germany


HORN TRANSPORT: Claims Registration Period Ends Dec. 6
------------------------------------------------------
Creditors of Gebr. Horn Transport und Logistic GmbH have until
Dec. 6 to register their claims with court-appointed insolvency
manager Wolfgang Matussek.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on Jan. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Wolfgang Matussek
         Goethestrasse 6
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Gebr. Horn Transport und Logistic GmbH on
Nov. 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gebr. Horn Transport und
         Logistic GmbH
         Mozartstrasse 6
         17192 Waren
         Germany


JANSSEN-DRUCK GMBH: Claims Registration Period Ends Nov. 29
-----------------------------------------------------------
Creditors of Janssen-Druck GmbH have until Nov. 29 to register
their claims with court-appointed insolvency manager Wilhelm
Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 20, 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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151/80580
         Fax: 02151/805858

The District Court of Kleve opened bankruptcy proceedings
against Janssen-Druck GmbH on Oct. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Janssen-Druck GmbH
         Hahnenacker 21
         47533 Kleve
         Germany

         Attn: Wilhelm Janssen, Manager
         Hahnenacker 17 a
         47533 Kleve
         Germany


K-PLASTICS: Claims Registration Ends December 20
------------------------------------------------
Creditors of K-plastics Kunststoffverarbeitung GmbH have until
Dec. 20 to register their claims with court-appointed insolvency
manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meppen
         Hall 1
         Obergerichtsstrasse 20
         49716 Meppen
         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:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557-93840
         Fax: 02557-938450

The District Court of Meppen opened bankruptcy proceedings
against K-plastics Kunststoffverarbeitung GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         K-plastics Kunststoffverarbeitung GmbH
         Flachsmeerstr. 36a
         26871 Papenburg
         Germany

         Attn: Dominique Kinzhofer, Manager
         Niehausstr. 3
         49624 Loeningen
         Germany


K.E.R. BAUSTOFFHANDEL: Claims Registration Ends December 28
-----------------------------------------------------------
Creditors of K.E.R. Baustoffhandel GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Michael Foehlisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 29, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         Germany


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

The insolvency manager can be reached at:

         Michael Foehlisch
         Hamburger Str. 208
         22083 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against K.E.R. Baustoffhandel GmbH on Nov. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         K.E.R. Baustoffhandel GmbH
         Chaussee 2
         22145 Braak
         Germany


KORROMAC KORROSIONSSCHUTZ: Claims Registration Ends December 28
---------------------------------------------------------------
Creditors of KORROMAC Korrosionsschutz u. Malerei GmbH have
until Dec. 28 to register their claims with court-appointed
insolvency manager Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 29, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Stephan Neubauer
         Spitaler Strasse 4
         20095 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against KORROMAC Korrosionsschutz u. Malerei GmbH on Nov. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KORROMAC Korrosionsschutz u. Malerei GmbH
         Attn: Horst Schuemann, Manager
         Grosse Str. 15 a
         22926 Ahrensburg
         Germany


PHOENIX KAPITALDIENST: Court Rejects Fraspa Damage Claims
---------------------------------------------------------
The District Court of Frankfurt (Main) has turned down a
complaint lodged by investors of Phoenix Kapitaldienst GmbH,
claiming damages from German savings bank Frankfurter Sparkasse
AG (Fraspa), Handelsblatt reports.

According to the report, the court is due to issue the grounds
of its ruling within the next three weeks.

Handelsblatt says Fraspa acknowledged the ruling.  Meanwhile,
the plaintiffs' lawyers are contemplating an appeal.

                        Insolvency Plan

As previously reported in the TCR-Europe on Nov. 8, 2007, the
District Court of Frankfurt (Main) has rejected Phoenix
Kapitaldienst's insolvency plan, acting on a complaint filed by
Irish creditor Citco Global Custody.

The insolvency plan foresees a EUR200 million payment to around
30,000 Phoenix Kapitaldienst investors.

The court, however, has yet to act on a complaint filed by a
total of 20 banks and financial service providers, asking for
the appointment of a special insolvency administrator for
Phoenix Kapitaldienst.

In a TCR-Europe report on Oct. 31, 2007, the banks are accusing
Frank Schmitt, Phoenix Kapitaldienst's insolvency administrator,
of deceiving investors and catering to his own interests.
Mr. Schmitt also allegedly used trustee funds belonging to
investors, reportedly approved and arranged by members of the
creditors' committee.

Phoenix Kapitaldienst is a German security-trading bank, which
owes up to EUR230 million in debts.  The District Court of
Frankfurt (Main) opened insolvency proceedings for the company
on July 1, 2005.


RAISCH GMBH: Claims Registration Period Ends Dec. 10
----------------------------------------------------
Creditors of RAISCH GmbH Garten- und Landschaftsbau have until
Dec. 10 to register their claims with court-appointed insolvency
manager Martin Mucha.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Jan. 9, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall One
         First Floor
         Ritterstr.5 (Eingang Strohstrasse)
         Esslingen
         Germany

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

The insolvency manager can be reached at:

         Martin Mucha
         Hunmboldtstr. 16
         70178 Stuttgart
         Germany
         Tel: 0711/96689-0
         Fax: 0711/966889-19

The District Court of Esslingen opened bankruptcy proceedings
against RAISCH GmbH Garten- und Landschaftsbau on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         RAISCH GmbH Garten- und Landschaftsbau
         Attn: Dieter Raisch, Manager
         Breslauer Str. 1
         73760 Ostfildern
         Germany


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


ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007
-------------------------------------------------------------
                Desseaux Corp. of North America
                    Unaudited Balance Sheet
                   As of September 30, 2007

                            ASSETS

Current Assets                                             US$0
Plant, Property and Equipment, Net                            0
Other Assets:
   Investment in Subsidiary                           3,885,354
   Due from Parent Corporation                              840
                                                ---------------
Total Assets                                       US$3,886,194

                     LIABILITIES & EQUITY

Liabilities Not Subject to Compromise:
   Due to Parent Corporation                          US$66,805
   Payable to Nitram Liquidators - Postpetition           7,835
                                                ---------------
Total Liabilities Not Subject to Compromise              74,640

Liabilities Subject to Compromise:
   Accrued Expenses                                     247,768
   Payable to Subsidiary                                944,860
   Notes Payable                                      2,964,500
                                                ---------------
Total Liabilities Subject to Compromise               4,157,128

Shareholder's Equity:
   Common Stock                                           1,000
   Paid-in Capital                                    2,499,000
   Retained Deficit                                  (2,845,574)
                                                ---------------
Total Shareholder's Equity                             (345,574)
                                                ---------------
Total Liabilities and Owners' Equity               US$3,886,194


                 Desseaux Corp. of North America
                Unaudited Statements of Operations
                  Month Ended September 30, 2007

Ordinary Income/Expense                                    US$0
                                                ---------------
Total Income/Expense                                          0
                                                ---------------
Federal Income Taxes                                          0
State Taxes                                                   0
                                                ---------------
Net Income (Loss)                                         (US$0)


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

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

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

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

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

Nitram Liquidators Inc. and Desseaux Corporation of North
America delivered to the Court a Joint Chapter 11 Plan of
Liquidation and an accompanying Disclosure Statement on Sept.
20, 2007.  The Court has set Oct. 16, 2007, as the last day for
filing objections to the Nitram/Desseaux's disclosure statement.
A hearing to consider confirmation of the Plan is set for Nov.
2, 2007.  (Armstrong Bankruptcy News, Issue No. 116; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


ARMSTRONG WORLD: Nitram Files September 2007 Operating Report
-------------------------------------------------------------
                    Nitram Liquidators, Inc.
                    Unaudited Balance Sheet
                    As of September 30, 2007

                             ASSETS

Current Assets:
   Cash                                               US$12,368
   Accounts Receivable                                  559,035
   Reserve for Uncollectible Accounts                  (559,035)
                                                ---------------
Other Current Assets:
   Deferred Tax                                               -
   Due from Parent Corporation                          952,694
   Note Receivable from Southwest Recreation          6,334,948
   Reserve for Receivable                            (6,334,948)
                                                ---------------
Total Current Assets                                    965,119
                                                ---------------
Plant, Property and Equipment, Net                            0
Other Assets                                                  0
                                                ---------------
Total Assets                                         US$965,061

                      LIABILITIES & EQUITY

Liabilities Not Subject to Compromise:
   Due to Parent Corporation                         US$104,012
   Accounts Payable Postpetition                            481
                                                ---------------
Total Liabilities Not Subject to Compromise             104,493


Liabilities Subject to Compromise:
   Accounts Payable                                     208,148
   Warranty Reserves                                    569,998
   Due to Affiliates                                  8,443,772
                                                ---------------
Total Liabilities Subject to Compromise               9,221,918


Shareholder's Equity:
   Common Stock                                           1,000
   Cumulative Dividends (Preferred)                   2,964,500
   Dividends                                           (284,098)
   Paid-in Capital                                    3,459,000
   Retained Deficit                                 (14,501,751)
                                                ---------------
Total Equity                                         (8,361,349)
                                                ---------------
Total Liabilities and Owners' Equity                 US$965,061


                      Nitram Liquidators, Inc.
                Unaudited Statements of Operations
                    Month Ended August 31, 2007

Income                                                     US$0
                                                ---------------
Total Operating Expenses                                      0

Operating Income (Loss)                                       0
                                                ---------------
Other Income (Expense)
   Bank Fees                                                (57)
                                                ---------------
Total Other Income                                          (57)
                                                ---------------
Income (Loss) Before Capital-related Expenses            (US$57)


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

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

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

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

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

Nitram Liquidators Inc. and Desseaux Corporation of North
America delivered to the Court a Joint Chapter 11 Plan of
Liquidation and an accompanying Disclosure Statement on Sept.
20, 2007.  The Court has set Oct. 16, 2007, as the last day for
filing objections to the Nitram/Desseaux's disclosure statement.
A hearing to consider confirmation of the Plan is set for Nov.
2, 2007.  (Armstrong Bankruptcy News, Issue No. 116; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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


AES CORP: Completed Notes Purchase Cues Moody's LGD Update
----------------------------------------------------------
The AES Corporation (AES: B1 Corporate Family Rating) has
completed its previously announced offer to purchase up to
US$1.24 billion of outstanding senior notes.  While no ratings
changed as a result, the LGD point estimate on its senior
secured credit facilities were revised to LGD 1, 2%, from LGD 1,
3%, its second priority secured notes to LGD 3, 38% from LGD 3,
41% and its senior unsecured notes to LGD 4, 53% from LGD 4,
57%.


CLOROX COMPANY: Acquiring Burt's Bees for US$925 Million
--------------------------------------------------------
The Clorox Company, as part of its strategy to grow in and
beyond its core in fast-growing, higher-margin consumer-product
categories, will acquire Burt's Bees, a leader in the natural
personal care category.

The highly fragmented U.S. natural personal care market
represents about US$6.4 billion in sales and is currently
growing at about 9% annually.  Founded in 1984, the Burt's
Bees(R) brand today is regarded among many consumers who
purchase natural personal care products as the "most natural"
personal care brand and as the leading natural brand in the U.S.
The acquisition of Burt's Bees is strongly aligned with Clorox's
Centennial Strategy to pursue growth in areas aligned with
consumer "megatrends" in health and wellness, sustainability,
convenience and a more multicultural marketplace.

"This acquisition allows us to enter a growing market that's
consistent with consumer megatrends," said Clorox Chairman and
CEO Donald R. Knauss.  "With this transaction, we're entering
into a new strategic phase for our company, enabling us to
expand further into the natural/sustainable business platform.
The Burt's Bees(R) brand is well-anchored in sustainability and
health and wellness, and we believe it will benefit from natural
and "green" tailwinds.  It's in an economically attractive
category with a margin structure that will be highly accretive
to Clorox.  Combined with our new Green Works(TM) line of
natural cleaning products, and Brita(R) water-filtration
products, we can leverage Burt's Bees' extensive capabilities
and credibility to build a robust, higher-growth platform for
Clorox."

Beth Springer, Clorox's executive vice president - Strategy &
Growth, who will oversee the business, said, "Burt's Bees is a
compelling strategic fit for us, and we believe we can expand on
its strong trends over time to build even greater value.  Burt's
Bees has a highly effective strategy and plan, strong trade
practices and organizational capabilities, and a robust culture
and esprit de corps that we want to leverage and protect.  We
strongly believe Clorox's deep capabilities to drive demand
creation through consumer communication and value-creating
customer capabilities, coupled with Burt's Bees' strong heritage
of innovation to delight consumers, create a right to win.
We're delighted Burt's Bees president and CEO, John Replogle,
will continue to lead the company, which will continue to be
based in North Carolina."

"I'm delighted we're entering into this partnership with Clorox
and that I will be part of this exciting next step for Burt's
Bees," said Mr. Replogle.  "The Clorox Company and Burt's Bees
have complementary values, visions and strengths.  Together, I
believe Clorox and Burt's Bees can help this business realize
its full potential."

"Burt's Bees' mission 'we make people's lives better every day -
naturally' is a terrific complement to Clorox's mission 'we make
everyday life better, every day,'" Ms. Springer said.  "Burt's
Bees' values align strongly with Clorox's and provide a solid
foundation for working together and creating synergies between
our management teams."

                 Terms Of Deal & Financial Impact

Under the terms of the agreement, Clorox will acquire 100% of
Burt's Bees from its stockholders in a transaction that is
structured as a merger.  The company is acquiring Burt's Bees
for US$925 million net of an additional US$25 million payment
for anticipated tax benefits.  Clorox will fund the all-cash
transaction through a combination of cash and short-term
borrowings.  The transaction, which is expected to close by the
end of this calendar year, is subject to regulatory approval.

Commenting on the transaction, Clorox senior vice president and
CFO Dan Heinrich said, "Burt's Bees is poised to capitalize on
expanded distribution within the U.S. and other countries in
which the Burt's Bees(R) brand is currently marketed.  The
business is enjoying strong distribution trends.  We believe we
can add value and expand these trends over time through our
strong customer capabilities, while maintaining Burt's Bees'
higher margins.  We see potential for expanding the brand into
adjacencies, and we believe international expansion may offer
significant upside potential beyond our valuation."

Based on its current growth trajectory and estimated 2007 net
customer sales of about US$170 million, Burt's Bees is
anticipated to add nearly 2 points of top-line growth to Clorox
in fiscal years 2008 and 2009.

Including estimates of purchase-accounting adjustments and one-
time transaction and integration costs related to the
transaction, the company anticipates that the transaction will
dilute its fiscal year 2008 earnings by about 10-15 cents per
diluted share and that it will be slightly accretive in fiscal
year 2009.  Excluding such purchase-accounting adjustments, one-
time transaction and integration costs as well as non-cash
expenses related to the transaction, the earnings per share
impact is anticipated to be neutral in fiscal year 2008 and
solidly accretive in fiscal year 2009.

Lehman Brothers acted as sole financial advisor to The Clorox
Company.  Goldman Sachs was financial advisor to Burt's Bees.

                        About Burt's Bees

Burt's Bees is a leading manufacturer of earth-friendly natural
personal care products.  The company manufactures more than 150
products in categories such as lip care, face care, body care,
hair care, men's grooming, baby care and outdoor remedies.
Burt's Bees(R) products are carried in nearly 30,000 retail
outlets, including major grocery and drug store chains in the
U.S., United Kingdom, Ireland, Canada, Hong Kong and Taiwan.

                       About Clorox Company

Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- provides
household cleaning products and reaches beyond bleach.  Although
best known for bleach (leader worldwide), Clorox makes laundry
and cleaning items (Formula 409, Pine-Sol, Tilex), cat litter
(Fresh Step), car care products (Armor All, STP), the Brita
water-filtration system (in North America), and charcoal
briquettes (Kingsford).

The company has locations worldwide, including the Philippines,
South Korea, Hungary, Russia and the United Kingdom.

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.


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


INTERNATIONAL SECURITIES: DBRS Cuts Sub. Debt Ratings to CCC
------------------------------------------------------------
Dominion Bond Rating Service has downgraded International
Securities Trading Corporation plc's Issuer and Senior Unsecured
Long-Term Debt rating to B from BB and maintained them Under
Review with Negative Implications.  The agency has also
downgraded the Company's subordinated debt ratings to CCC from B
and maintained them Under Review with Negative Implications.

Given the current market disruption and following the multiple-
notch downgrade last week by another rating agency of Structured
Investment Vehicles that make up a portion of ISTC's assets,
DBRS believes that the debt repayment capacity of the Company is
increasingly more impaired.  There is insufficient credit
information transparency presented by ISTC, but based on its
analysis DBRS believes that the Company may face the following:

   (1) a severe reduction in its cash position;

   (2) the disappearance of the availability of short-term
       funding; and

   (3) a material blow to ISTC's profitability and capital
       resources in the aftermath of the write-downs on SIVs in
       its portfolio.  In the rating agency's view, such a
       scenario may affect the Company's debt-repayment capacity
       to a degree that is no longer commensurate with the
       earlier ratings.

DBRS adds that the Under Review status of the current ratings
will take into consideration any further developments related to
ISTC in the current highly fluid and very negative scenario.  A
long-term rating of B is considered highly speculative and there
is a reasonably high level of uncertainty as to the ability of
the issuer to pay interest and principal on a continuing basis
in the future, especially in periods of economic recession or
industry adversity.  Long-term debt in the CCC rating category
is very highly speculative and is in danger of default of
interest and principal.

ISTC is based in Dublin, Ireland.  At the half-year to March 15,
2007, ISTC had a balance sheet of EUR1.9 billion, EUR170.8
million of shareholders' equity and a total capital ratio of
10.7%.  DBRS is waiting to see ISTC's full-year results for the
year to Sept. 15, 2007, which are due to be released this month.


SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on December 18
----------------------------------------------------------------
Sanmina-SCI Corporation has called for redemption on Dec. 18,
2007, US$120 million in aggregate principal amount of its Senior
Floating Rate Notes due 2010.  The aggregate principal amount of
the Notes currently outstanding is US$300 million.  The CUSIP
numbers for the Notes being called for redemption are 800907
AL1and U80024 AC3.

Upon redemption, holders of the Notes being redeemed will
receive the principal amount of the Notes being redeemed, plus
accrued and unpaid interest to but excluding the redemption
date.

"This is the first step in our debt reduction initiative and we
remain committed to utilizing our positive cash flow to further
reduce debt in fiscal 2008," Jure Sola, chairman and CEO of
Sanmina-SCI Corporation, stated.

Copies of the Notice of Redemption may be obtained from U.S.
Bank National Association, the Paying Agent, by calling (800)
934-6802.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007
Standard & Poor's Ratings Services revised its outlook Sanmina-
SCI Corp. to negative from stable.  The corporate credit and
senior unsecured ratings are affirmed at 'B+', and the
subordinated debt rating is affirmed at 'B-'.


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


ALITALIA SPA: Aeroflot Backs Out from Equity Purchase Race
----------------------------------------------------------
Alitalia S.p.A. disclosed that a communication has just been
received from OAO Aeroflot stating its management has decided
not to take part in the privatization of the Italian carrier.

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

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

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

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

                      About Alitalia

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

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

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


IMAX CORP: Signs Four-Picture Contract with Dreamworks Animation
----------------------------------------------------------------
IMAX Corporation and DreamWorks Animation SKG, Inc. has
announced an agreement to release the studio's first three 3D
motion pictures worldwide in IMAX(R) 3D.

The IMAX 3D releases will include Monsters vs. Aliens in March
2009, How to Train Your Dragon in November 2009 and Shrek Goes
Forth in May 2010. A fourth DreamWorks Animation title, Kung Fu
Panda, will be released in IMAX's 2D format in June 2008.  The
IMAX 3D titles are expected to be among the first presented with
IMAX's digital 3D projection system, which is scheduled to be
launched beginning June 2008.  This is IMAX's first multiple 3D
picture deal with a Hollywood studio.  The 3D titles also will
be simultaneously released to conventional digital 3D theatres.
Paramount Pictures will be the exclusive distributor of the
pictures.

"3D cinema has an opportunity to revolutionize the way people
experience movies," said DreamWorks Animation's Chief Executive
Officer, Jeffrey Katzenberg.  "We believe the immersive quality
of IMAX will provide our audiences with a unique way to
experience our films and we are delighted to include IMAX as a
key part of our 3D strategy."

"DreamWorks Animation envisions 3D as the future of CGI
animation, and we are excited to help them implement their
approach to delivering outstanding content in the years ahead,"
said IMAX Co-Chairpersons and Co-CEOs Richard L. Gelfond and
Bradley J. Wechsler.  "Further, we are so pleased that the
timing of the roll-out of our digital projection technology can
take advantage of DreamWorks Animation's 3D content that will
look, sound and feel amazing when it is presented in IMAX."

"DreamWorks Animation's creative spirit is well suited for IMAX
3D and we are delighted to be collaborating with their talented
team to bring moviegoers a premium 3D cinematic experience,"
added IMAX Filmed Entertainment Chairperson and President, Greg
Foster.  "DreamWorks Animation consistently produces and markets
films that appeal to adults and kids alike and these films will
certainly play an important role in maintaining a well-rounded
IMAX film slate over the next several years."

All four films will be digitally re-mastered into the
unparalleled image and sound quality of The IMAX Experience(R)
with IMAX DMR(R) (Digital Re-mastering) technology.

                  About DreamWorks Animation

DreamWorks Animation SKG (NYSE-DWA) --
http://www.dreamworksanimation.com/-- is devoted to producing
high-quality family entertainment through the use of computer-
generated (CG) animation.  Utilizing world-class creative talent
and state-of-the-art technological capabilities, the company is
committed to making two computer-animated feature films a year
that appeal to a broad movie-going audience.  The company has
theatrically released a total of fifteen animated feature films,
including Antz, Shrek, Shrek 2, Shark Tale, Madagascar, Wallace
& Gromit: The Curse of the Were-Rabbit, Over the Hedge, Flushed
Away, Shrek the Third and Bee Movie.

                     About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX; TSX:IMX) -- http://www.imax.com/-- is an
entertainment technology company, with emphasis on film and
digital imaging technologies including 3D, post-production and
digital projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.

                       *     *     *

At June 30, 2007, the company's balance sheet showed total
assets of US$220.2 million and total liabilities of US$284
million, resulting in a total shareholders' deficit of US$63.8
million.


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


ALTYN-TOBE CJSC: Proof of Claim Deadline Slated for Dec. 22
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared CJSC Mining Company Altyn-Tobe insolvent.

Creditors have until Dec. 22 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Post Office Box 1
         050057, Almaty
         Kazakhstan
         Tel: 8 (7272) 37-03-31
              8 777 390 38-30


AQUALIGHT CORPORATION: Creditors Must File Claims Dec. 25
---------------------------------------------------------
LLP Aqualight Corporation has declared insolvency.  Creditors
have until Dec. 25 to submit written proofs of claims to:

         LLP Aqualight Corporation
         30 let Oktyabrya Str. 7
         Shymkent
         South Kazakhstan
         Kazakhstan


DELIVER TRANS: Claims Filing Period Ends Dec. 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Deliver Trans Com (RNN 600400564328) insolvent on
Sept. 25.

Creditors have until Dec. 22 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 16
         Jandosov Str. 20
         Almaty
         Kazakhstan
         Tel: 8 (7272) 74-65-68


ENERGO PROM: Creditors' Claims Due on Dec. 22
---------------------------------------------
LLP Energo Prom Complect-2004 has declared insolvency.
Creditors have until Dec. 22 to submit written proofs of claims
to:

         LLP Energo Prom Complect-2004
         Akkum
         Tolebyisky District
         South Kazakhstan
         Kazakhstan


KAZTRANSOIL: S&P Affirms BB+ Ratings on Sovereign Relationship
--------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed the 'BB+'
ratings on KazTransOil, a subsidiary of JSC NC KazMunayGas'.

Ratings were also removed from CreditWatch with negative
implications, where they had been placed on Oct. 3, 2007,
following the CreditWatch listing of the Republic of Kazakhstan
(foreign currency BBB-/Stable/A-3; local currency BBB/Stable/
A-3).

The 'BB' ratings on KazTransGas and its 100% subsidiary JSC
InterGas Central Asia were also affirmed.  This reflects the
application of S&P's parent-subsidiary criteria for all
entities, as well as a review of the companies' stand-alone
creditworthiness and their links with KMG.  The outlook on KTO
is positive, reflecting potential rating upside from its
strengthening stand-alone credit quality.  The outlook on KMG
EP, KTG, and ICA is stable, mirroring that on KMG.

"The rating actions follow a review of Kazakhstan's links with
several GREs, including an assessment of the application of our
GRE criteria," said Standard & Poor's credit analyst Elena
Anankina.


KAZAKHSTAN ELECTRICITY: S&P Affirms BB+ Ratings; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'BB+' long-
term corporate credit rating on 100% government-owned Kazakhstan
Electricity Grid Operating Co.  The outlook is stable, mirroring
that on Kazakhstan.

The rating is based on a top-down approach and is two notches
below that on the sovereign, reflecting KEGOC's strategic
importance to the country as the owner and operator of the core
high-voltage electricity grid.

The ratings were also removed from CreditWatch with negative
implications, where they had been placed on Oct. 3, 2007,
following the CreditWatch listing of the Republic of Kazakhstan
(foreign currency BBB-/Stable/A-3; local currency BBB/Stable/
A-3).

"The rating actions follow a review of Kazakhstan's links with
several GREs, including an assessment of the application of our
GRE criteria," said Standard & Poor's credit analyst Elena
Anankina.


MSS-MONTAZHSTROYSERVICE LLP: Claims Registration Ends Dec. 22
-------------------------------------------------------------
LLP MSS-Montazhstroyservice has declared insolvency.  Creditors
have until Dec. 22 to submit written proofs of claims to:

         LLP MSS-Montazhstroyservice
         Saryarka Str. 48/2
         Astana
         Kazakhstan
         Tel: 8 (7172) 94-86-24
              8 (7172) 94-86-25


PLEMPTITSA LLP: Proof of Claim Deadline Slated for Dec. 22
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Plemptitsa insolvent.

Creditors have until Dec. 22 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Karbyshev Str. 47-39
         Kostanai
         Kazakhstan
         Tel: 8 (7142) 28-96-40


SHYK CJSC: Creditors Must File Claims Dec. 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared CJSC Shyk insolvent.

Creditors have until Dec. 22 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanov Str. 71-68
         Astana
         Kazakhstan
         Tel: 8 (7172) 21-48-16



TAMERLAN INTERPRISES: Claims Filing Period Ends Dec. 22
-------------------------------------------------------
Branch of LLP Tamerlan Interprises has declared insolvency.
Creditors have until Dec. 22 to submit written proofs of claims
to:

         Branch of LLP Tamerlan Interprises
         Micro District 12, 64-70
         Aktobe
         Aktube
         Kazakhstan


TEMIR ZHOLY: Government Support Cues S&P to Affirm BB+ Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed the 'BB+'
corporate credit and 'kzAA-' Kazakhstan national scale ratings
on 100% government-owned national railroad company Kazakhstan
Temir Zholy.

The outlook is stable and mirrors that on the sovereign.  S&P
now applies a top-down approach to the ratings on KTZ, as is
already the case for KMG and KEGOC, and the ratings reflect the
company's high reliance on strong government support.

For KTZ, the top-down approach reflects the company's strategic
importance based on its position as a national rail monopoly,
transporting 58% of national freight traffic and employing 2% of
the national labor force.  The 'BB+' rating on KTZ's 100%
subsidiary JSC Kaztemirtrans was also affirmed, with the stable
outlook mirroring that on the parent.  The ratings on KTT are
equalized with those on KTZ.

The ratings were also removed from CreditWatch with negative
implications, where they had been placed on Oct. 3, 2007,
following the CreditWatch listing of the Republic of Kazakhstan
(foreign currency BBB-/Stable/A-3; local currency BBB/Stable/
A-3).

"The rating actions follow a review of Kazakhstan's links with
several GREs, including an assessment of the application of our
GRE criteria," said Standard & Poor's credit analyst Elena
Anankina.


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


OSH ARAGY: Creditors' Meeting Slated for November 30
----------------------------------------------------
Creditors of LLC Osh-Aragy will convene at 10:00 a.m. on Nov. 30
at:

         Lenin Str. 377
         Osh
         Kyrgyzstan

The meeting will discuss the company's accounts payable and
accounts receivable, among others.

LLC Osh-Aragy declared insolvency on Oct. 17, 2007.
Subsequently, bankruptcy proceedings were introduced at the
company.  Yrysbai Sagynbayev has been appointed temporary
insolvency manager.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager can be reached at (+996 3222)
5-69-48, 5-48-19, (0-502) 39-05-15.


SMART COM: Creditors' Meeting Slated for November 29
----------------------------------------------------
Creditors of Smart Com LLC will convene at 10:00 a.m. on Nov. 29
at:

         Administrative Building of Bishkek FEZ
         Mir Ave. 303
         Bishkek
         Kyrgyzstan

The Department on Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic has appointed Suiunbai
Mailybayev as temporary insolvency manager of the company on
Oct. 19, 2007.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager can be reached at (0-773) 49-
44-21.


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


FOOT LOCKER: Paying US$0.125 Per Share Qtrly Dividend on Feb. 1
---------------------------------------------------------------
Foot Locker, Inc. Board of Directors has declared a quarterly
cash dividend on the Company's common stock of US$0.125 per
share, which will be payable on Feb. 1, 2008 to shareholders of
record on Jan. 18, 2008.

Foot Locker plans to report its third quarter 2007 financial
results on Tuesday, Nov. 20, 2007.

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, the Netherlands,
Australia, and New Zealand as of Feb. 3, 2007.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 11, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit and senior unsecured ratings on New York
City-based Foot Locker Inc. to 'BB' from 'BB+'.  S&P has removed
the ratings from CreditWatch, where they were placed with
negative implications on Aug. 18, 2006.  S&P said the outlook is
negative.


KONINKLIJKE AHOLD: Completes Share Buyback Program
--------------------------------------------------
Koninklijke Ahold N.V. has completed its EUR1 billion share
buyback program launched on August 30, 2007.

The total number of shares repurchased under the program was
96,427,207 common shares at an average price of EUR10.3702.

The program was completed with the purchase of 3,117,909 common
shares for a total consideration of EUR30.4 million in the final
purchase period from Nov. 19, 2008, until Nov. 20, 2007.

Of the total shares bought back, 76,427,207 are in the process
of being canceled in accordance with resolutions adopted at
Ahold's Annual General Meeting of Shareholders on May 3, 2007.

The remaining 20 million shares bought back will be held by
Ahold as treasury stock and used for employee share-based
compensation.

                          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.


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


ATLANTES MORTGAGES 1: Fitch Affirms Class D Debt Ratings at BB
--------------------------------------------------------------
Fitch Ratings has upgraded two tranches and affirmed five
tranches of two Portuguese RMBS transactions.  Following a
satisfactory review of these deals, the following rating actions
reflect the continued sound performance of the transactions
throughout 2007:

Azor Mortgages Plc:

   -- Class A (ISIN XS0206334095): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0206334335): upgraded to 'AA' from 'A+';
      Outlook Positive

   -- Class C (ISIN XS0206334764): upgraded to 'A-' (A minus)
      from 'BBB+'; Outlook Positive

Atlantes Mortgages No. 1 Plc:

   -- Class A (ISIN XS0161394324): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN XS0161394910): affirmed at 'A'; Outlook
      Positive

   -- Class C (ISIN XS0161395305): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN XS0161395560): affirmed at 'BB'; Outlook
      Stable

In both transactions, delinquencies, defined as mortgage loans
that are more than three months in arrears, have continued to
rise.  According to the latest investor reports the
delinquencies of Azor Mortgages reached 1.50% of the outstanding
portfolio, while Atlantes Mortgages Plc reported 5.07%, a ratio
significantly higher than the average of other Portuguese
transactions.

The pools of securitized mortgage loans contain a portion of two
types of government subsidies - Subsidized General and
Subsidized Youth (ages 18-30).  The program was initiated in
1977 to promote home ownership among lower income families;
however, due to cuts in government expenditure, the program was
brought to a halt in September 2002.  No new subsidies have been
issued since then, but the subsidies granted prior to 2002 are
still financed by the government.  Depending on the household
size and income, the government may pay up to 44% of the
interest on the loans.  The income eligibility of the borrower
is re-evaluated each year, and the percentage of subsidized
interest decreases over time.

The reviewed transactions benefit from swap transactions,
whereby the risk arising from the mismatch between the interest
paid on the issued notes and interest received from the mortgage
loans disbursed to the borrowers has been hedged.  The
transactions also include liquidity facilities, incorporated
with the purpose of covering liquidity shortfalls that might
arise throughout the lifetime of the transaction.  Mortgage
loans that are more than 12 months in arrears have been
provisioned 50% of their outstanding balance, mitigating the
risk evolving from lengthy foreclosure procedures.

Both transactions have a fully funded reserve fund and benefit
from excess spread, which has been decreasing, and according to
the latest investor report for Atlantes Mortgages Plc, reached
0.01% if the outstanding mortgage loan portfolio.

The structures of the transactions permit the originator to
substitute up to 5% of the initial mortgage loans in a 12-month
period (calculated over the outstanding balance of mortgage
loans at the start of the 12-month period).  The structure of
Azor Mortgages Plc also allows the originator to make limited
alterations to the existing terms and conditions of the mortgage
loans.  These alterations are subject to restrictions, which, if
breached, will result in the substitution or repurchase of the
affected mortgage loan(s).

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit
support available to each class of notes.  Credit cover levels
are influenced by a number of factors such as delinquency
levels, speed of note amortization, reserve fund levels and the
seasoning of the transactions.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.

The Atlantes Mortgages No. 1 Plc and Azor Mortgages Plc are
originated and serviced by members of the BANIF Group.


=============
R O M A N I A
=============


SBARRO INC: Posts US$35.1-Mil. Combined Net Loss for Third Qtr.
---------------------------------------------------------------
Sbarro, Inc. disclosed results of operations for the third
quarter and nine months ended Sept. 30, 2007.  The company's
detailed results are included in its Quarterly Report on Form
10-Q, which was filed with the U.S. Securities and Exchange
Commission.

           MidOcean Partners' Acquisition of Sbarro

On Jan. 31, 2007, MidOcean SBR Acquisition Corp., an indirect
subsidiary of MidOcean SBR Holdings, LLC, an affiliate of
MidOcean Partners III, L.P., and certain of its affiliates,
merged with and into the company in exchange for consideration
of US$450 million in cash, subject to certain adjustments.  As a
result of the merger, the company is now an indirect wholly
owned subsidiary of MidOcean SBR Holdings.

                Third Quarter Financial Results

Revenues were US$91.0 million for the quarter ended
Sept. 30, 2007, as compared to US$79.2 million for the quarter
ended Oct. 8, 2006.  The third quarter of 2007 consisted of
thirteen weeks as compared to twelve weeks in the third quarter
of 2006.  The one-week difference in 2007 generated revenues of
approximately US$6.8 million.  Sbarro's revenue increase was
primarily driven by same-store sales growth of 3.2% in its
company-owned stores, 4.3% in its domestic franchise stores and
6.6% in its international franchise stores as well as revenue
from new stores opened in 2007.

Net income for the quarter ended Sept. 30, 2007, was
US$503 thousand as compared to US$2.1 million for the quarter
ended Oct. 8, 2006.  The decrease in net income was primarily
due to higher net interest expense and depreciation and
amortization resulting from the Merger.

EBITDA, as calculated in accordance with the terms of the
company's bank credit agreement, was US$14.7 million for the
third quarter ended Sept. 30, 2007 as compared to
US$13.0 million for the third quarter ended Oct. 8, 2006.  The
one week difference in 2007 generated EBITDA of approximately
US$0.9 million.  EBITDA increased after absorbing higher product
costs, in particular the cost of cheese, which increased
approximately US$1.5 million.

As discussed in Exhibit A, EBITDA is a non-GAAP financial
measure that management believes is an important metric to
report to Sbarro's investors, as the company considers it a
helpful additional indicator of Sbarro's ability to meet future
debt obligations and to comply with certain covenants in the
borrowing agreements which are tied to this metric.  Exhibit A
includes a reconciliation of EBITDA to net income (loss), which
is the most directly comparable financial measure under U.S.
Generally Accepted Accounting Principles (GAAP).  Exhibit A also
identifies adjustments to EBITDA that are provided for under the
bank credit agreement.

                Year to Date Financial Results

The company has reported operating results and its financial
position for all periods presented as of and prior to
Jan. 30, 2007, (prior to completion of the merger) as those of
the Predecessor company and for all periods from and after
Jan. 31, 2007, (from completion of the merger) as those of the
Successor company.  The company's operating results for the nine
months ended Sept. 30, 2007, are presented as the combined
results of the Predecessor and Successor companies.  The
presentations of 'Combined' results is not consistent with the
requirements of GAAP; however, the company's management believes
that it is a meaningful way to present the results of operations
for the nine months ended Sept. 30, 2007.

Combined revenues were US$254.1 million for the nine months
ended Sept. 30, 2007, as compared to US$252.5 million for the
nine months ended Oct. 8, 2006.  The combined nine months of
2007 consisted of thirty-nine weeks as compared to the nine
months of 2006 which consisted of forty weeks.  The additional
week in 2006 generated revenues of approximately US$5.9 million
in 2006.  Sbarro's revenue increase was primarily driven by
same-store sales growth of 3.0% in its company-owned stores,
4.5% in its domestic franchise stores and 5.8% in its
international franchise stores as well as revenue from new
stores opened in 2007.  Revenues related to the real estate
operations, which were transferred to certain of the company's
former shareholders in connection with the Merger, were
US$0.3 million for 2007 and US$1.7 million for 2006.

Combined net loss for the nine months ended Sept. 30, 2007, was
US$35.1 million as compared to US$1.7 million for the nine
months ended Oct. 8, 2006.  The increase in net loss was due
primarily to the special event bonuses as well as higher net
interest expense and depreciation and
amortization resulting from the Merger.

Combined EBITDA for the nine months ended Sept. 30, 2007, as
calculated in accordance with the terms of the company's bank
credit agreement, was US$34.3 million as compared to
US$35.6 million for the nine months ended Oct. 8, 2006.  The
additional week in 2006 produced EBITDA of approximately
US$0.8 million in 2006.  The remaining decline in EBITDA was
primarily due to absorbing higher product costs, in particular
cheese of approximately US$2.3 million.

EBITDA for the twelve months ended Sept. 30, 2007, as calculated
in accordance with the terms of the bank credit agreement, was
US$59.7 million.  This amount reflects a correction to the
calculation of EBITDA, as determined under the bank credit
agreement, that the company have made to eliminate a
US$1.056 million adjustment that was incorrectly included in the
calculation of the bank credit agreement EBITDA for the thirteen
and the combined twenty- six weeks ended July 1, 2007.  The
correction is discussed in Exhibit A.  As corrected, the EBITDA
for the twelve months ended July 1, 2007, as calculated in
accordance with the terms of the bank credit agreement, was
US$58.9 million.  Sbarro remains in compliance with the relevant
borrowing covenants after giving effect to this correction to
the calculation of EBITDA.  The correction has no effect on
prior or current financial statements or GAAP results or
quarterly or annual filings with the Securities and Exchange
Commission, as it involves solely an adjustment to the amount of
an add-back included in the calculation of EBITDA pursuant to
the terms of the bank credit agreement.

Sbarro Chairperson, President and Chief Executive Officer, Peter
Beaudrault commented, "We are pleased with the continuing growth
in same store sales in both our company owned and franchised
stores.  We have opened 24 company owned stores in 2007, which
is ahead of our schedule.  Our International Franchise store
openings continue to make progress and our pipeline of new
International stores approximates 1,100." Mr. Beaudrault further
commented, "While commodity cost increases, particularly cheese
cost, have proven to be challenging in the quarter, we have done
well in controlling all other expenses.  Our combined EBITDA for
the nine months of 2007, calculated in accordance with our bank
credit agreement, declined approximately US$0.5 million,
excluding the impact of the additional week in 2006, which
produced EBITDA of approximately US$0.8 million in 2006.  The
decline in EBITDA was primarily due to absorbing higher product
costs, in particular increased cheese costs of approximately
US$2.3 million, which offset improved profitability generated by
increased sales and good cost controls."

In addition, the former shareholders received a distribution of
the cash on hand in excess of (i) US$11 million, plus (ii) all
amounts required to be paid in connection with various special
event bonuses paid in connection with completion of the Merger.

In connection with the Merger, the company transferred interests
in certain non-core assets to a newly formed company owned by
certain of the company's former shareholders.  There was no
additional consideration given for the transfer of these assets
as they were treated as a dividend.  The assets and related
costs that the company transferred (Withdrawn Assets) were:

   -- the interests in 401 Broadhollow Realty Corp. and 401
      Broadhollow Fitness Center Corp., which own the corporate
      headquarters of the company, the fitness center and the
      assets of the Sbarro Cafe located at the corporate
      headquarters;

   -- a parcel of undeveloped real property located in East
      Northport, New York;

   -- the interests in Boulder Creek Ventures, LLC and Boulder
      Creek Holdings, LLC, which own a 40% interest in a joint
      venture that operates 15 steakhouses under "Boulder
      Creek" and other names; and

   -- the interest in Two Mex-SS, LLC, which owns a 50%
      interest in a joint venture that operates two tex-mex
      restaurants under the "Baja Grill" name.

                        About Sbarro

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of April 23, 2006, the
company owned and operated 482 and franchised 491 restaurants
worldwide under brand names such as "Sbarro," "Umberto's," and
"Carmela's Pizzeria".  Total revenues for fiscal 2005 were
approximately US$348 million.  The company announced on June 19,
2006, its international expansion by opening more than 25
restaurants in Guatemala, El Salvador, Honduras, The Bahamas,
the Philippines and Romania.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 8, 2007, Standard & Poor's Ratings Services revised its
outlook on Sbarro Inc. to negative from stable.  At the
same time, Standard & Poor's affirmed the company's 'B-'
corporate credit rating and other ratings.

TCR-AP also reported on Feb. 8 that Moody's Investors Service
assigned the company a B3 corporate family rating while at the
same time assigned Ba3 senior secured ratings to its proposed
bank facility consisting of a US$25-million 1st lien revolver
and a US$150-million 1st lien term loan.  Additionally, the
rating agency gave a Caa1 rating on the proposed US$150-million
senior unsecured notes and a SGL-3 speculative grade liquidity
rating.


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


EUROSTEEL CJSC: Creditors Must File Claims by Dec. 10
-----------------------------------------------------
Creditors of CJSC EuroSteel have until Dec. 10 to submit proofs
of claim to:

         LLC Expert
         Moscow Str. 68
         344007 Rostov-on-Don
         Russia

The Arbitration Court of Rostov will convene at 10:00 a.m. on
Feb. 5, 2008, to hear the company's bankruptcy supervision
procedure.  The Court appointed A. Yu. Dolzhenko as interim
manager.  The case is docketed under Case No. A53-15725/
2007-?1-33.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC EuroSteel
         Anton Glushko per. 75, 11
         Taganrog
         347900 Rostov
         Russia


CHEREMUSHKI OJSC: Creditors Must File Claims by Dec. 10
-----------------------------------------------------
Creditors of OJSC Cheremushki have until Dec. 10 to submit
proofs of claim to:

         A. N. Pivovarov
         P.O. Box 13007
         54091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 9.  The case is docketed under Case No. A76-17054/
2007-48-272.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         OJSC Cheremushki
         Settlement Chesma
         Chelyabinsk
         Russia


FORD MOTOR: Russian Plant Workers Resume Strike
-----------------------------------------------
Workers at Ford Motor Co.'s manufacturing plant in Vsevolozhsok,
Russia, resumed their strike on Nov. 20, 2007, demanding higher
wages and reduction of night shifts from March 2008, published
reports say.

According to reports, Ford's workers held a 19-hour strike on
Nov. 6, 2007, after management repeatedly rejected their pay
hike demands.  They returned to work after a court ordered the
union to postpone further action until Nov. 20, 2007.

In a report by RIA Novosti, Yekaterina Kulinenko, a public
relations manager at Ford said that the strike could disrupt car
deliveries to Russian customers.

"The cars that were ordered earlier will be produced later and,
correspondingly, their delivery will be delayed due to the
strike," Mr. Kulinenko was quoted by RIA Novosti, adding that
the plant's daily output was 300 Ford Focus vehicles.

Mr. Kulinenko added the company's management was prepared to
hold talks with the plant's trade union only after the strike
was over.

                      About Ford Motor Co.

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

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

                          *    *    *

Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and other ratings on Ford Motor Co. and Ford
Motor Credit Co. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007.  S&P said
the outlook is stable.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the UAW.


KUZNETSKAUTOYUG CJSC: Court Hearing Slated for Feb. 20, 2008
------------------------------------------------------------
The Arbitration Court of Kemerovo will convene at 10:45 a.m. on
Feb. 20 to hear the bankruptcy supervision procedure of JCSC
KuznetskAutoYug.  The Court appointed M. M. Brodesko as interim
manager.  The case is docketed under Case No. A27-8602/ 2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         JCSC KuznetskAutoYug
         Pr. Kurako 31-31
         Novokuznetsk
         654000 Kemerovo
         Russia


ROSNEFT OIL: Dutch Court Places Fund Under Temporary Injunction
---------------------------------------------------------------
A court in Amsterdam, Netherlands, placed on temporary
injunction RUR3.5 billion in funds that OAO Rosneft Oil Co.
could receive from motions filed in the country, Interfax News
reports.

The court issued the injunction order upon request by Glendale
Group, which is claiming RUR3.5 billion from Rosneft unit
Yuganskneftegaz, Interfax relates.  Glendale claims the unit
issued the amount in eight promissory notes in 2003.

The court had placed an injunction on the funds in December 2006
following an petition by Yukos Capital S.a.r.l. for the Russian
court ruling recognized and executed in the Netherlands.

                          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.


UIBATSKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008
-----------------------------------------------------------
Creditors of OJSC Lugging Enterprise Uibatskij have until
Jan. 10, 2008, to submit proofs of claim to:

         A. V. Kozhematov
         Competitive proceedings manager
         P.O. Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Khakasia commenced competitive
proceedings against the company on Oct. 26.  The case is
docketed under Case No. A74-1208/2007.

The Debtor can be reached at:

         OJSC Lugging Enterprise Uibatskij
         Lenina Str. 52
         Ust'-Byur' Township
         Ust'-Abakanskij Raion
         655120 Khakasia
         Russia


YUGO-ZAPAD CJSC: Creditors Must File Claims by Dec. 10
------------------------------------------------------
Creditors of CJSC Yugo-Zapad have until Dec. 10 to submit proofs
of claim to:

         E. A. Boyarshinov
         Competitive proceedings manager
         Office 60
         El'kina Str. 96
         54048 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced competitive
proceedings against the company on Oct. 22.  The case is
docketed under Case No. A76-15104/07-60-158.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Yugo-Zapad
         Gryaznova Str. 44-1
         Magnitogorsk
         455037 Chelyabinsk
         Russia


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


CAJA LABORAL 1: Fitch Junks Class E Notes with Stable Outlook
-------------------------------------------------------------
Fitch Ratings has affirmed the five tranches of IM Caja Laboral
1, Fondo de Titulizacion de Activos following a review of the
performance of this mortgage backed transaction.

This transaction is a securitization of first- and second-
ranking Spanish residential mortgage loans originated and
serviced by Caja Laboral Popular.  The mortgage pool displays a
high geographical concentration in the Basque region where Caja
Laboral has a strong franchise.

Currently, loans that are more than one month in arrears
correspond to 0.38% of the collateral balance, whereas loans
that are more than three months in arrears are 0.03% in this
transaction.

All classes are amortizing sequentially, however, the class B, C
and D notes will be redeemed pro rata with the class A if the
credit enhancement for class A notes has doubled since closing
and the outstanding balance of mortgages more than three months
in arrears does not exceed 1.5%, 1% and 0.75% of the then-
outstanding collateral balance for B, C and D notes,
respectively.  The class E notes were issued to finance the cash
reserve fund at closing and have been structured to mirror the
amortization profile of the reserve fund.

There is a swap agreement in place with Caja Laboral.  Under
this agreement, the issuer will pay over a notional amount,
defined as the balance of non-defaulted collateral, a weighted
average of 12 million Euribor that accounts for distribution of
annual, semi-annual and quarterly reset dates on the collateral.
In return, it will receive the 3 million Euribor rate over the
same notional.

The rating actions are:

   -- Class A (ISIN ES 0347565006): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES 0347565014): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN ES 0347565022): affirmed at 'A+'; Outlook
      Stable

   -- Class D (ISIN ES 0347565030): affirmed at 'BBB+'; Outlook
      Stable

   -- Class E (ISIN ES 0347565048): affirmed at 'CCC'; Outlook
      Stable

Fitch has employed its credit cover multiple methodology in
reviewing the deals in order to assess the level of credit
support available to each class of notes.  Rating Outlooks for
European Structured Finance tranches provide forward-looking
information to the market. An Outlook indicates the likely
direction of any rating change over a one- to two-year period.




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


CONFIANCE SERVICES: Creditors' Liquidation Claims Due by Nov. 23
----------------------------------------------------------------
Creditors of JSC Confiance Services have until Nov. 23 to submit
their claims to:

         JSC KENDRIS private
         Liquidator
         Badenerstrasse 172
         8004 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Confiance Services
         Zug
         Switzerland


FIVEST VENTURE: Creditors' Liquidation Claims Due by November 26
----------------------------------------------------------------
Creditors of JSC FIVEST Venture Capital have until Nov. 26 to
submit their claims to:

         Martin Fatzer Treuhand
         Zurcherstrasse 35
         5628 Birri/Aristau
         Muri AG
         Switzerland

The Debtor can be reached at:

         JSC FIVEST Venture Capital
         Zug
         Switzerland


GARAGE SONNENBERG: Creditors Must File Claims by November 26
------------------------------------------------------------
Creditors of JSC Garage Sonnenberg Wollerau have until Nov. 26
to submit their claims to:

         Josef Niederberger
         Roosstrasse 20
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         JSC Garage Sonnenberg Wollerau
         Wollerau
         Hofe SZ
         Switzerland


HASLER-DRUCK JSC: Creditors Must File Claims by November 26
-----------------------------------------------------------
Creditors of JSC Hasler-Druck have until Nov. 26 to submit their
claims to:

         Walter Hasler
         Liquidator
         Fluhbergstrasse 3
         8708 Mannedorf
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Hasler-Druck
         Mannedorf
         Meilen ZH
         Switzerland


IEC EUROPETROL: Creditors' Liquidation Claims Due by November 26
----------------------------------------------------------------
Creditors of JSC IEC Europetrol have until Nov. 26 to submit
their claims to:

         Dr. Max Sidler
         Liquidator
         Untermuli 6
         6302 Zug
         Switzerland

The Debtor can be reached at:

         JSC IEC Europetrol
         Zug
         Switzerland


IMV INSTITUT: Creditors' Liquidation Claims Due by November 26
--------------------------------------------------------------
Creditors of IMV Institut fur Management - und
Verhaltenstraining have until Nov. 26 to submit their claims to:

         Roland Minnig
         Liquidator
         Innere Guterstrasse 4
         6304 Zug
         Switzerland

The Debtor can be reached at:

         IMV Institut fur Management - und Verhaltenstraining
         Institute of Management and Behavior Training
         Zug
         Switzerland


NEUGRUTT-GASTSTATTEN: Creditors Must File Claims by November 26
---------------------------------------------------------------
Creditors of JSC Neugrutt-Gaststatten have until Nov. 26 to
submit their claims to:

         Rheinpark
         9430 St. Margrethen SG
         Switzerland

The Debtor can be reached at:

         JSC Neugrutt-Gaststatten
         St. Margrethen SG
         Switzerland


RONOR JSC: Creditors' Liquidation Claims Due by November 26
-----------------------------------------------------------
Creditors of JSC Ronor have until Nov. 26 to submit their claims
to:

         Dr. Balthasar Bessenich
         Mailbox 257
         4010 Basel
         Switzerland

The Debtor can be reached at:

         JSC Ronor
         Riehen BS
         Switzerland


RUD. ITEN: Creditors' Liquidation Claims Due by November 26
-----------------------------------------------------------
Creditors of LLC Rud. Iten Heizungskontrollen have until Nov. 26
to submit their claims to:

         Rudolf Urs Iten
         Liquidator
         Einschlagmatteli 3
         4710 Balsthal
         Thal SO
         Switzerland

The Debtor can be reached at:

         LLC Rud. Iten Heizungskontrollen
         Balsthal
         Thal SO
         Switzerland


SEATECH COMPUTERSYSTEMS: Claims Registration Period Ends Nov. 26
----------------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Seatech Computersystems on Sept. 18.

Creditors have until Nov. 26 to file their written proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Seatech Computersystems
         6343 Risch ZG
         Switzerland


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


AFINITY-SERVICE LLC: Creditors Must File Claims by November 25
--------------------------------------------------------------
Creditors of LLC Afinity-Service (code EDRPOU 33598246) have
until Nov. 25 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. 23/386-b.

The Debtor can be reached at:

         LLC Afinity-Service
         Predslavinskaya Str. 34-B
         Kiev
         Ukraine


HOTEL MIR: Creditors Must File Claims by November 24
----------------------------------------------------
Creditors of Rent Enterprise Hotel Mir (code EDRPOU 13983197)
have until Nov. 24 to submit their proofs of claim to:

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

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 9/45.

The Debtor can be reached at:

         Rent Enterprise Hotel Mir
         Mitskevich Str. 32
         Rivne
         Ukraine


KOVALEVKA OJSC: Claims Filing Bar Date Set November 24
------------------------------------------------------
Creditors of Kovalevka OJSC (code EDRPOU 00855150) have until
Nov. 24 to submit their proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
2/443/07.

The Debtor can be reached at:

         Kovalevka OJSC
         Kovalevka
         57101 Nikolaev
         Ukraine


KRUPA OJSC: Creditors Must File Claims by November 25
-----------------------------------------------------
Creditors of OJSC Krupa (code EDRPOU 30425435) have until
Nov. 25 to submit their proofs of claim to:

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

The Debtor can be reached at:

         OJSC Krupa
         Gagarin Str.
         Soroka
         Illintsy District
         22731 Vinnica
         Ukraine


LEBIAZHEYE LLC: Creditors Must File Claims by November 25
---------------------------------------------------------
Creditors of Agricultural LLC Lebiazheye (code EDRPOU 00707679)
have until Nov. 25 to submit their proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-48/160-07.

The Debtor can be reached at:

         Agricultural LLC Lebiazheye
         Lebiazheye
         Zachepilovka District
         Kharkov
         Ukraine


MIR LLC: Claims Filing Bar Date Set November 25
-----------------------------------------------
Creditors of LLC Mir (code EDRPOU 03772559) have until Nov. 25
to submit their proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.

The Debtor can be reached at:

         LLC Mir
         Romodan
         Mirgorod District
         Poltava
         Ukraine


PRIDNIEPROVSKY MANAGEMENT: Claims Filing Bar Date Set Nov. 25
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 24/445-07.

Creditors of OJSC Pridnieprovsky Management of Building (code
EDRPOU 14308291)have until Nov. 25 to submit their proofs of
claim to:

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

The Debtor can be reached at:

         OJSC Pridnieprovsky Management of Building
         Anoshkin Avenue 181
         Dnieprodzerzhynsk
         51917 Dnipropetrovsk
         Ukraine


WESTPROM-TRADE LLC: Creditors Must File Claims by November 25
-------------------------------------------------------------
Creditors of LLC Westprom-Trade (code EDRPOU 33377856) have
until Nov. 25 to submit their proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/195/07.

The Debtor can be reached at:

         LLC Westprom-Trade
         Karpenko-Kary Str. 60
         69084 Zaporozhje
         Ukraine


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


ARROW ELECTRONICS: North American Biz to Deploy Seagate Products
----------------------------------------------------------------
Arrow Electronics, Inc.'s North American Components business
will distribute Seagate Technology's industry-leading disc-drive
product portfolio to Arrow's broad customer base in the United
States and Canada under an agreement announced.

Arrow will distribute Seagate's product portfolio including its
industry- leading EE25 hard-drive series for extreme
environments, the DB35 series for digital video recorders and
home media servers, the SV35 family for digital video
surveillance systems, Savvio 2.5-inch drives for mission-
critical enterprise server and storage applications, and the
Momentus family for laptop computers.

"Arrow's proven success in technical demand creation with the
embedded marketplace will provide broad customer access to the
industry's most diverse product portfolio," said Seagate's vice
president of global marketing, Marc Jourlait.  "We are pleased
to be extending our reach with the addition of Arrow as we
continue to deliver advanced digital storage that powers
mainstream and cutting-edge applications."

"Seagate's demonstrated leadership in disc-drive technology and
its commitment to developing unique solutions that meet, and
exceed, the diverse storage requirements of our OEM customer
base clearly adds to our value proposition," said Arrow's North
American Components business vice president of marketing, Robert
Behn.

The proliferation of embedded multimedia applications requiring
audio and video, and increasing regulatory requirements across
various markets are two important factors driving the storage
needs of embedded OEMs.

"These ever-increasing embedded storage requirements are what
led Seagate and Arrow to formalize our strategic alliance," said
Mr. Behn.

              About Arrow North American Components

The North American Components (NAC) business of Arrow
Electronics, Inc., is a leading provider of semiconductors and
passive, electromechanical and connector products, computing
solutions, services and supply-chain solutions tailored to serve
distinct customer segments with dedicated sales teams. Two
primary, customer-focused NAC groups serve these market
segments: The Arrow Electronics Components Group serves North
America-based OEM and contract manufacturing customers, and the
Arrow/Zeus Electronics Group targets the aerospace and military
markets.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                       *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


BALLY TECH: Inks Casino Management System Pact With Pechanga
------------------------------------------------------------
Bally Technologies Inc. has signed a sweeping contract with the
award-winning Pechanga Resort & Casino to provide a complete
slot accounting and casino management system solution, advanced
bonusing technology and more than 3,600 iVIEW interactive
player-communication displays for all of Pechanga's gaming
machines.

The contract is the company's most comprehensive systems
agreement ever and also includes the Bally Business
Intelligence/Data Visualization solution and the first sale of
the server-based Bally Live Rewards Casino Challenge(TM)
tournament technology.

Pechanga will utilize Bally Slot Management Systems (TM)/Casino
Management Systems (TM) technologies and Bally eTICKET(TM)
cashless functionality.  Pechanga also selected Bally Power
Bonusing(TM) products, including Bally Power Winners(TM), a
configurable random progressive jackpot technology that rewards
players using their player's club cards, and Bally Power
Promotions(TM), which gives players the ability to convert their
club points into downloadable slot machine credits.

Pechanga also plans to re-wire its casino floor with advanced
Ethernet capabilities that will boost the performance of the
Bally products even further and prepare the property for the
introduction of server gaming and advanced network floor
functionality.

The high-speed floor will allow for the launch of the player-
centric Casino Challenge tournaments presented on the iVIEW
displays, giving Pechanga the ability to conduct floor-wide slot
tournaments designed to increase time on device while rewarding
key players and building excitement
on the casino floor.

"We are constantly looking at ways to enhance the Pechanga
experience for our guests," said Pechanga Development
Corporation President, Amy Minniear.  "After a careful
competitive review, we found that Bally's product lineup would
help us make immediate enhancements for our players
while laying the foundation for a wide variety of technologies
that will benefit our operation in the future."

"We are extremely pleased to add Pechanga to our growing list of
Systems customers, especially those in Southern California,"
said Bally Technologies Chief Executive Officer, Richard
Haddrill.  "As one of the most successful casino operations in
the country, Pechanga is the perfect showcase for our product
lineup.  The Bally iVIEW display in particular will help the
forward-thinking team at Pechanga to offer their customers a new
playing and service experience."

                          About Pechanga

Pechanga Resort & Casino, owned and operated by the Pechanga
Band of Luiseno Mission Indians, is located just off I-15 in the
popular wine-growing region of Temecula, Southwest California.
The resort's central location and easy freeway access make it a
popular gaming destination for those driving from Los Angeles,
Orange County and San Diego.

                  About Bally Technologies Inc.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Fitch Ratings has upgraded Bally Technologies'
secured bank debt rating and affirmed Bally's Issuer Default
Rating as:

-- Secured bank credit facility upgraded to 'B/RR3' from
   'B-/RR4';

-- Issuer Default Rating affirmed at 'B-'.

Fitch has revised the rating outlook to stable from negative.

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


BROXBOURNE BOROUGH: Claims Filing Period Ends December 21
---------------------------------------------------------
Creditors of Broxbourne Borough FC Ltd. have until Dec. 21 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. 13 for the
creditors' voluntary winding-up proceeding.


CHURCH VIEW: Brings In Liquidators from Mazars
----------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Church View Shop & Building
Contractors Ltd. (t/a CVSB Ltd.) on Nov. 5 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         The Broadway
         Dudley
         West Midlands
         DY1 4PY
         England


DESIGNER STEELS: Claims Filing Period Ends December 7
-----------------------------------------------------
Creditors of Designer Steels Ltd. have until Dec. 7 to send
their names and addresses and particulars of their claims to:

         Matthew Colin Bowker and David Antony Willis
         Joint Liquidators
         Tenon Recovery
         Lowgate House
         Lowgate
         Hull
         HU1 1EL
         England

Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of the company on Nov. 9 for
the creditors' voluntary winding-up proceeding.


FKI PLC: Acquires Hunslet-Barclay for GBP2.1 Million
----------------------------------------------------
FKI Plc acquired Nov. 12, 2007, the business and assets of
Hunslet-Barclay Ltd. for the sum of GBP2.1 million, in behalf of
its subsidiary Brush Traction.

The acquisition of the business of Hunslet-Barclay fits in with
the strategy that FKI has been looking to execute by moving
Brush Traction's business into multiple unit refurbishment.

This will now allow the company to offer its customers solutions
for both locomotives and coach work, whilst providing a
strategically important site in Scotland to better serve the
Scottish rail industry.

As reported in the TCR-Europe, Hunslet-Barclay Ltd. called in
administrators from KPMG Restructuring on Oct. 26,2007,
following an application by its directors with the Court of
Session.

Production inefficiencies and difficulties on certain
refurbishment contracts led to significant trading losses for
Hunslet-Barclay.  Despite management changes and the instigation
of a restructuring program, serious cash flow difficulties
ultimately forced the directors to appoint administrators.

                      About Brush Traction

Brush Traction offers a wide range of products for the rail
traction market.  The company has produced locomotives and
propulsion systems for passenger carrying vehicles worldwide for
many years.

                   About Hunslet-Barclay Ltd.

Headquartered in Kilmarnock, Scotland, Hunslet-Barclay Ltd. is a
long established engineering business which specializes in the
refurbishment and repair of rail vehicles and related
components.  It is Austrian-owned and is part of the Waagner
Biro group.  It employs 138 staff and had a turnover of GBP9
million for the year to Dec. 31, 2006.  Turnover for the year to
Dec. 31, 2007, was on target to exceed GBP10 million.

                          About FKI PLC

Headquartered in Loughborough, England, FKI PLC --
http://www.fki.co.uk/-- is an international engineering group
active in the four specialized business areas: FKI Logistex,
Lifting Products & Services, Hardware and Energy Technology.

                            *   *   *

As reported in the TCR-Europe on Oct. 4, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
and the long-term senior unsecured rating of FKI plc.  The
outlook on all ratings has been changed to stable from negative.

Downgrades:

   * Issuer: FKI plc

   -- Probability of Default Rating, Downgraded to Ba3 from Ba2;

   -- Corporate Family Rating, Downgraded to Ba3 from Ba2;

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
      from Ba2.

Outlook Actions:

   * Issuer: FKI plc

   -- Outlook, Changed To Stable From Negative

On July 12, 2007, Standard & Poor's Ratings Services revised its
outlook on U.K.-based engineering group FKI PLC to negative from
stable.  At the same time, the 'BB' long-term and 'B' short-term
corporate credit ratings were affirmed.


FORD MOTOR: UK Union Leaders Favor Tata Bid for Two Brands
----------------------------------------------------------
Although officially protesting the sale, labor union leaders in
the United Kingdom representing workers for Ford Motor Company's
Jaguar and Land Rover units have selected bidder Tata Motors
Ltd. to acquire the carmaker's Jaguar and Land Rover brands,
various papers disclose.

Among the final bidders of two of Ford's Premier Automotive
Group brands -- Tata, J.P. Morgan Chase & Co.'s One Equity
Partners and Mahindra & Mahindra Ltd. -- Tata is seen by Unite,
U.K.'s largest union, as the one who will likely serve the best
interest of the union members, Russell Hotten of the
Telegraph.Co.UK reports citing Unite's joint general secretary,
Tony Woodley.

Unite union leaders at Jaguar and Land Rover said that if the
U.K.-based units are sold, it should to be to a company "with an
established presence and background in manufacturing," the union
said in a statement.

Stephen Power of the Wall Street Journal relates that union
leaders are trying to make a sale that would streamline closure
of manufacturing plants and displacement of workers at Jaguar
and Land Rover units, which employs 16,000 workers in U.K.

Sources say that the union endorsement is a political
commendation for Tata and an influence to U.K.'s governing labor
party, which is concern on the loss of investments and jobs in
the U.K.

                      About Ford Motor Co.

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

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


                          *     *    *

Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and other ratings on Ford Motor Co. and Ford
Motor Credit Co. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007.  S&P said
the outlook is stable.

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the UAW.


FORD MOTOR: Russian Plant Workers Resume Strike
-----------------------------------------------
Workers at Ford Motor Co.'s manufacturing plant in Vsevolozhsok,
Russia, resumed their strike on Nov. 20, 2007, demanding higher
wages and reduction of night shifts from March 2008, published
reports say.

According to reports, Ford's workers held a 19-hour strike on
Nov. 6, 2007, after management repeatedly rejected their pay
hike demands.  They returned to work after a court ordered the
union to postpone further action until Nov. 20, 2007.

In a report by RIA Novosti, Yekaterina Kulinenko, a public
relations manager at Ford said that the strike could disrupt car
deliveries to Russian customers.

"The cars that were ordered earlier will be produced later and,
correspondingly, their delivery will be delayed due to the
strike," Mr. Kulinenko was quoted by RIA Novosti, adding that
the plant's daily output was 300 Ford Focus vehicles.

Mr. Kulinenko added the company's management was prepared to
hold talks with the plant's trade union only after the strike
was over.

                      About Ford Motor Co.

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

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

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the UAW.


FORD MOTOR: S&P Holds 'B' Rating and Removes Positive Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and other ratings on Ford Motor Co. and Ford
Motor Credit Co. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007.  The
outlook is stable.

The CreditWatch placement resulted from the announcement that
General Motors Corp. had reached a contract agreement with its
main labor union, the United Auto Workers, on that day and we
expected Ford to reach a similar agreement.  As S&P expected,
Ford reached a largely similar agreement that caused S&P to
review the company's rating and outlook.  Ford's contract was
ratified by UAW members last week.

Standard & Poor's will hold a telephone conference call on
Nov. 20, 2007, at 11:00 a.m. Eastern Standard Time to discuss
its recent rating actions on Ford, GM, and Chrysler LLC
following the 2007 UAW contract agreements.  David Wyss,
Standard & Poor's chief economist, will provide our economic
outlook for 2008, followed by automotive analysts Robert Schulz
and Gregg Lemos-Stein, who will discuss the industry conditions
and specifics on the three Michigan-based automakers.  At the
conclusion of the analysts' remarks, they will be available to
answer questions.

"The rating affirmation reflects our view that Ford's new
contract is a substantial long-term positive for the company's
turnaround efforts in North America," said Standard & Poor's
credit analyst Robert Schulz, "but that a number of challenges
remain in 2008 and 2009 before cost savings from the contract
arrive in earnest."  Even under Ford's revised automotive cash
use guidance of US$12 billion to US$14 billion in 2007-2009,
including restructuring costs (an improvement from earlier
guidance of US$17 billion in automotive cash outflows), the
company will still use more cash in 2008 than in 2007.  S&P
believe Ford has sufficient liquidity to fund these operating
cash outflows and restructuring costs, although S&P do
expect Ford to move to a net debt position (debt in excess of
cash at the parent level) in 2008.

The stable outlook indicates S&P's belief that Ford will
continue to make progress on its turnaround program in North
America and sharply reduce its cash burn rate by 2009, that auto
operations outside North America will remain improved profit
contributors, and that Ford will manage its liquidity at
satisfactory levels.

The ratings on Ford reflect primarily the risks and lack of
intermediate-term visibility in the company's North American
automotive operations.  Ford's response to the massive
challenges of market-share erosion, excess capacity and
headcount, and adverse product mix trends was to undertake a
multiyear restructuring plan, of which the recently approved UAW
contract represents a major element.

However, as with past restructurings, the ultimate success
depends largely on whether the company can stabilize its market-
share losses at a level consistent with its future capacity.
Ford's U.S. light-vehicle market share, as measured by Ward's
Automotive, declined to 15.7% for the first 10 months of 2007
from 17.6% a year earlier, continuing a multiyear trend,
although part of the recent decline reflects deliberate efforts
to lower its dependence on less-profitable daily rental sales.
Although the company has demonstrated progress in its
restructuring, it would not take a sharp downturn in the North
American market or significant underperformance to reverse any
progress the company has made in reducing its cash burn rate.

One key variable for 2008 will remain the U.S. full-size pickup
truck market, which has shrunk in 2007 because of the weakening
housing market and high gas prices.  Sales of F-series pickups,
which represent about one-third of Ford-brand sales and a far
greater share of profitability, were down 12.9% in 2006 from a
year earlier and another 14.2% through the first 10 months of
2007 compared to the same period in 2006.  Meanwhile,
competition in this segment remains fierce.  A redesigned
version of Ford's most popular pickup, the F-150, will not be
available until 2008, about the same time that Dodge launches
its new truck.

In the meantime, Ford has introduced new crossover utility
vehicle models into this expanding but already well-populated
segment.  Initial sales results have been solid, but S&P believe
the sales of the new CUVs will not fully offset the lost SUV or
pickup sales in terms of profit contribution.  S&P believe this
industry mix shift into generally less profitable vehicle
segments is unlikely to reverse.

Ford Credit remains a significant earnings generator for its
parent through its automotive sales finance activities, but
these earnings have weakened considerably since 2004 because of
higher borrowing costs and lower levels of finance assets
outstanding.  S&P expect Ford Credit's earnings to be lower in
2007 than in 2006 largely because of the same factors.

The rating outlook is stable.  S&P expect Ford to continue
making progress on its North American turnaround.  S&P also
expect Ford to maintain substantial cash balances and access to
liquidity during the next two years.  Ford will likely use
greater cash from automotive operations in 2008 than in 2007,
and the stable outlook reflects that expectation, but does not
include the much sharper use of cash that would result from the
type of decline in U.S. light-vehicle sales that would accompany
a recession.

The outlook could be revised to negative or the ratings lowered,
despite the health care savings that will start to accrue in
2010, if S&P came to expect that Ford's substantial cash outflow
would not begin to lessen or begins to worsen because of
setbacks, whether Ford-specific or stemming from market
conditions.  S&P do not expect to revise the outlook to positive
within the next few quarters, given the uncertain economic
outlook and ongoing turnaround plan execution risk.


HUNSLET-BARCLAY: Administrators Sell Assets to FKI Subsidiary
-------------------------------------------------------------
FKI Plc acquired Nov. 12, 2007, the business and assets of
Hunslet-Barclay Ltd. for the sum of GBP2.1 million, in behalf of
its subsidiary Brush Traction.

The acquisition of the business of Hunslet-Barclay fits in with
the strategy that FKI has been looking to execute by moving
Brush Traction's business into multiple unit refurbishment.

This will now allow the company to offer its customers solutions
for both locomotives and coach work, whilst providing a
strategically important site in Scotland to better serve the
Scottish rail industry.

                      About Brush Traction

Brush Traction offers a wide range of products for the rail
traction market.  The company has produced locomotives and
propulsion systems for passenger carrying vehicles worldwide for
many years.

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

Headquartered in Kilmarnock, Scotland, Hunslet-Barclay Ltd. is a
long established engineering business which specializes in the
refurbishment and repair of rail vehicles and related
components.  It is Austrian-owned and is part of the Waagner
Biro group.  It employs 138 staff and had a turnover of GBP9
million for the year to Dec. 31, 2006.  Turnover for the year to
Dec. 31, 2007, was on target to exceed GBP10 million.

As reported in the TCR-Europe, Hunslet-Barclay Ltd. called in
administrators from KPMG Restructuring on Oct. 26, 2007,
following an application by its directors with the Court of
Session.

Production inefficiencies and difficulties on certain
refurbishment contracts led to significant trading losses for
Hunslet-Barclay.  Despite management changes and the instigation
of a restructuring program, serious cash flow difficulties
ultimately forced the directors to appoint administrators.


MAIL MARKETING: Colin Prescott Leads Liquidation Procedure
----------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
Mail Marketing International Ltd. on Nov. 12 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


MARLIN MANUFACTURING: Claims Filing Period Ends Feb. 13, 2008
-------------------------------------------------------------
Creditors of Marlin Manufacturing Ltd. have until Feb. 13, 2008
to send their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

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

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Nov. 13 for the creditors' voluntary winding-up
procedure.


MYLAN INC: Completes Sale of Preferred and Common Stock
-------------------------------------------------------
Mylan Inc. completed the sale of 2.14 million shares of 6.50%
mandatory convertible preferred stock at US$1,000 per share and
53.5 million shares of common stock at US$14 per share pursuant
to a shelf registration statement filed with the Securities and
Exchange Commission.

The amounts sold include 279,000 shares of preferred stock
issued pursuant to the underwriters' exercise of the
overallotment option.

The offerings generated net proceeds, after underwriting
discounts and expenses, totaling approximately US$2.8 billion,
which will be used to prepay a portion of the bridge loans that
were borrowed to finance in part its acquisition of Merck KGaA's
generics business.

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

Each share of preferred stock will automatically convert on Nov.
15, 2010, into between approximately 58.5480 shares and 71.4286
shares of MYL common stock.  The conversion rate will be subject
to anti-dilution adjustments in certain circumstances.

Holders may elect to convert at any time at the minimum
conversion rate of 58.5480 shares of common stock for each share
of preferred stock.  The preferred stock is listed on the New
York Stock Exchange under the symbol MYLPrA.

After giving effect to these offerings, MYL will have
approximately 302 million shares of common stock outstanding.

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

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

     Merrill Lynch & Co.
     Attn: Prospectus Department
     No. 4 World Financial Center
     New York, NY 10080

             or

     Goldman, Sachs & Co.
     Attn: Prospectus Department
     No. 85 Broad Street
     New York, NY 10004
     Fax (212) 902-9316
     Email prospectus-ny@ny.email.gs.com

                  About Mylan Inc.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service assigned B1 ratings to the new senior
secured credit facilities of Mylan Inc.  In addition, Moody's
lowered Mylan's corporate family rating to B1 from Ba1,
concluding  a rating review for possible downgrade initiated on
May 14, 2007 and lowered the speculative grade liquidity rating
to SGL-2 from SGL-1.  The rating outlook is stable.


NORTHERN ROCK: Begins Talks with Possible Bidders; Gets Low Bids
----------------------------------------------------------------
The Board of Northern Rock plc confirms that the Company has
received additional indicative expressions of interest covering
a range of options for the business, one of which does
contemplate an offer for the Company materially below the market
price at the close of business on Tuesday, Nov. 20, 2007.

The Company's advisors have begun discussions with a number of
selected interested parties to clarify their proposals.  The
Company is aware that all stakeholders in the Company want
clarity on the outcome of the strategic review as soon as
possible and is therefore progressing the process as quickly as
possible.

As previously disclosed, the strategic review will be completed
by February 2008, although the Company expects to make an
announcement of the preferred outcome for the Company and its
stakeholders in advance of that.

Northern Rock reminds all stakeholders that there can be no
certainty that the discussions with interested parties will lead
to an investment in or offer for the Company or for all or any
part of its business or that any such investment or offer will
be implemented.

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

As the Chancellor confirmed on Nov. 20, 2007, these guarantee
arrangements ensure that savers' deposits are safe, will remain
in place during the current instability in the financial markets
and, in any event, will not be removed without proper notice
being given to depositors.

                     About Northern Rock plc

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

                          *     *     *

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


QUEBECOR WORLD: Inks Share Purchase Agreement with RSDB NV
----------------------------------------------------------
Quebecor World Inc. and RSDB NV have signed a definitive Share
Purchase Agreement and Implementation Agreement to sell/merge
Quebecor World's European operations to RSDB Group.  RSDB will
buy Quebecor World's European operations and Quebecor World will
retain a 29.9% interest in the merged entity that will be named
"Roto Smeets Quebecor" and will be listed on Euronext Amsterdam.

Under the terms of the Share Purchase Agreement and
Implementation Agreement, RSDB will deliver to Quebecor World,
at closing, cash, a note and shares valued in the aggregate at
approximately EUR240 million (US$341 million), subject to
certain post-closing adjustments.  More specifically, the
consideration payable to Quebecor World will be comprised of:

   -- approximately EUR150 million (US$213 million) in cash,

   -- a EUR35 million (US$50 million) note, and

   -- 1.4 million shares in RSQ representing approximately 29.9%
      of the issued and outstanding shares of the combined
      business post-closing.

Completion of the merger is conditional, among other things, on
the approval of the shareholders of RSDB and receipt of
clearances from the European Commission.  Closing is expected to
take place by the end of 2007.

Wes Lucas, President and CEO Quebecor World, stated "This
transaction is a key element of our 5-Point Transformation Plan
and is expected to deliver several significant benefits to our
shareholders.  The sale/merger will improve our balance sheet,
and will provide additional financial flexibility and strategic
options to create further shareholder value.  We believe that it
will also enable us to strategically reposition our company to
focus on growing earnings within our core business in the
Americas, where we are a leader"

Mr. Lucas added "We are pleased that retaining an investment in
RSQ may present an upside opportunity, as Quebecor World will
help facilitate the consolidation of the European print industry
and the creation of the leading printer in Europe, which will
benefit our customers and employees going forward.  Quebecor
World and RSQ will also work together in the future to serve
global customers."

John Caris, Chief Executive Officer of RSDB said "The
combination of Quebecor World's European printing business with
RSDB will enable RSDB, through its increased scale and broader
footprint throughout Europe, to play an important role in the
consolidation of the graphic industry in Europe.  We see a great
opportunity to pool the best practices and extensive industry
experience available in the two businesses and to benefit from
an attractive range of potential synergies".

Roto Smeets Quebecor, the new merged company, will become the
leading player in the European printing industry, and the leader
in the European market.  Quebecor World's European operations
currently include 18 printing and related facilities employing
approximately 4,000 people in Austria, Belgium, Finland, France,
Spain, Sweden, and the United Kingdom. These plants produce
magazines, catalogs, retail inserts, direct mail products, book
and directories for many of Europe's leading retailers,
publishers and branded goods companies.

                          About RSDB NV

RSDB NV (Euronext: RSDB) is a leading European provider of high-
value graphic printing services based in Hilversum, The
Netherlands.  RSDB's principal business, Print Productions,
produces full service gravure and offset printing material, with
seven printing facilities in The Netherlands and one printing
facility in Hungary, supported by sales offices in seven
European countries.  RSDB's Marketing Communications business
focuses on marketing communications solutions and customer
management processes.

                    About Quebecor World Inc.

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

                          *     *     *

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

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


REMY WORLDWIDE: Court Confirms Prepackaged Reorganization Plan
--------------------------------------------------------------
Remy Worldwide Holdings, Inc., disclosed on Nov. 20, 2007 that
its pre-packaged plan of reorganization has been confirmed by
the U.S. Bankruptcy Court, only 43 days after its plan and
related petitions were filed.  Upon emergence, expected in early
December, Remy's long-term debt will be reduced by US$360
million.

"The recapitalization would not have been such a success in such
a short period of time without the loyalty of our customers, the
professionalism and dedication of our employees, and the
commitment and support of our creditor groups," Chief Executive
John Weber said in a press release.

Remy also reported that on the effective date of the Plan it
will enter into a US$120 million revolving credit facility to be
provided by Barclays Capital.  The Company said that the exit
financing, which includes a term loan of US$210 million, will
provide Remy with sufficient liquidity to continue to meet its
financial requirements and grow its business in the coming
years.  In addition, the sale of subsidiary operation Knopf was
approved and is expected to close on December 4.

"Since signing the Plan Support Agreement with our noteholders
just six months ago, Remy has successfully recapitalized the
Company''s financial position, strengthened its business through
a comprehensive restructuring of its commercial arrangement with
General Motors, and built a foundation from which we can grow.
In a matter of days Remy will emerge from this process a more
competitive Company with a strong balance sheet," Mr. Weber
concluded.

                          M&M Knopf Sale

Remy also reported that it has received bankruptcy court
approval for the sale of its subsidiary operation M&M Knopf Auto
Parts, which is one of the largest distributors of recycled auto
parts to the worldwide remanufacturing market and is also a
global distributor of Saginaw Steering systems.  A definitive
agreement was entered on November 6 to sell the business.

"The sale of Knopf reflects the continued progress Remy has made
in focusing on its core operations over the last year," Mr.
Weber stated. "This is a win-win situation for both parties and
we are pleased to see the Knopf brothers return to ownership of
their family business.  The Knopf brothers are excellent
businessmen and are best suited to continue to grow this
business.  Remy will have a continued involvement with the
Knopfs going forward and we wish them well in their future
endeavors."

The completion of the transaction is subject to customary
closing conditions and is expected to close on December 4, 2007.

                        About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SCO GROUP: Court OKs Dorsey & Whitney as Special Counsel
--------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. obtained authority
from the United States Bankruptcy Court for the District of
Delaware  to employ Dorsey & Whitney LLP as their special
corporate and  securities counsel, nunc pro tunc to Sept. 14,
2007.

As reported in the Troubled Company Reporter on Nov. 1, 2007,
Dorsey & Whitney is expected to:

   a. advise and counsel the Debtors with respect to their
      responsibilities in complying with the requirements of
      regulatory authorities and general corporate matters;

   b. give advice with respect to continued compliance with
      securities matters, specifically with respect to the
      Debtors' continued compliance with the Securities Act of
      1033 and the Securities and Exchange Act of 1934,
      including the preparation and filing of quarterly and
      annual reports required by federal law that will be
      necessary during the pendency of the cases;

   c. give advice with respect to general corporate governance,
      transactional, finance, labor and employment, and other
      related general outside counsel matters; and

   d. assist lead bankruptcy counsel as may be needed to protect
      the interests of the estates in all matters pending before
      the Court.

The Debtors will pay the firm at its standard hourly rate.

      Professional                 Designation     Rate
      ------------                 -----------     ----
      Nolan S. Taylor, Esq.        Partner         US$440
      Devan Padmanabhan, Esq.      Partner         US$495
      Eric Lopez Schnabel, Esq.    Partner         US$450
      Samuel P. Gardner, Esq.      Partner         US$330
      David Marx, Esq.             Associate       US$270

In addition, Dorsey had unbilled fees and expenses owed by the
Debtors totaling US$53,128 and other expenses already billed
totaling US$1,622.  Prior to the bankruptcy filing, Dorsey
received a US$100,000 retainer, however Dorsey was not able to
issue an invoice for its unbilled expenses.  The Debtors and
Dorsey has requested for authority to apply the unbilled claim
against the retainer and the remainder of the retainer against
fees approved for payment pursuant to Court orders.

The Debtors believe that the employment of Dorsey & Whitney is
necessary and in the best interest of the Debtors' estates.

The firm can be reached at:

                Nolan S. Taylor, Esq.
                Dorsey & Whitney LLP
                170 South Main Street, suite 900
                Salt Lake, Utah
                http://www.dorsey.com/

                       About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Hearing on Asset Sale Protocol Deferred to December 5
----------------------------------------------------------------
The hearing to consider approval of the procedures governing the
sale of The SCO Group Inc. and SCO Operations Inc.'s business
has been rescheduled to Dec. 5, 2007, at 10:00 a.m.

The hearing was originally set for Nov. 16, at 4:00 p.m.

As reported in the Troubled Company Reporter on Nov. 9, 2007,
the Debtors sought authority from the U.S. Bankruptcy Court for
the District of Delaware to sell certain of their assets to JGD
Management Corp. dba York Capital Management, subject to higher
and better offers.

The assets for sale are:

   -- the Debtors' Unix operating system;

   -- certain related claims in litigation; as well as

   -- certain transfer, cross-license and related agreements
      pertaining to the Hipcheck product line and Me Inc.
      Mobile intellectual property owned by Me Inc., a
      non-debtor affiliate.

Pursuant to an asset purchase agreement dated Oct. 22,2007,
JGD offered to buy the assets for US$36,000,000 and agreed to
post an earnest money deposit of US$1,800,000 or 5% of the
purchase price.

To participate in the auction, competing bids must accompany
a good faith cash deposit of not less than US$1,800,000.

In the event a competing bid outbids JGD's offer, JGD will be
entitled to an all cash breakup fee of US$780,000 plus
reimbursement of expenses incurred up to US$300,000.

Court documents did not disclose specific date and place of the
auction.

                      IBM and Novell Object

The proposed sale is facing opposition from creditors
International Business Machines Corporation and Novell Inc.

IBM told the Court that the Debtors' proposed procedure for the
sale is deficient and that the bidder protections are based on
a misleading characterization of the purchase price.

IBM argued that the sale is improper and itself cannot be
approved because the Debtors propose to sell assets they don't
own.

Additionally, Novell contended that the sale is "ill-advised at
every level."

According to Novell, the Debtors have not "established an
adequate justification for emergency consideration of the
proposed sale on shortened notice, relying instead on
unsubstantiated claims of urgent circumstances allegedly
dictated by" JGD.

                       About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


TIMBERLOK LTD: Appoints Michael C. Kienlen as Liquidator
--------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Timberlok Ltd. on Nov. 14 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Armstrong Watson
         Central House
         47 St Paul's Street
         Leeds
         LS1 2TE
         England


TIMBERTEC JOINERY: Calls In Liquidators from KPMG
-------------------------------------------------
Paul Andrew Flint, David Crawshaw and Brian Green of KPMG LLP
were appointed joint liquidators of Timbertec Joinery (U.K.)
Ltd. (formerly Primrose Farm Foods Ltd.) on Nov. 8 for the
creditors' voluntary winding-up  proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         8 Princes Parade
         Liverpool
         L3 1QH
         England


WALES MILLENNIUM: Assembly Funds to Wipe Out GBP13.5 Mln Debt
-------------------------------------------------------------
The Welsh Assembly Government's rescue package for Wales
Millennium Centre will wipe out the center's GBP13.5 million
debt and treble its annual funding from taxpayers' money, Wales
Heritage Minister Rhodri Glyn Thomas told The Western Mail.

Minister Thomas said each year's funding would grow from GBP1.2
million to GBP3.7 million, adding that there was "no prospect of
the Centre being able to pay off the pounds 13.5 million loan
the project received from HSBC", The Western Mail relates.

As previously reported by the Troubled Company Reporter-Europe
on Oct. 23, 2007, the flagship arts venue has up to GBP13.5
million in debts and could possibly sustain considerable losses
in future years.

A leaked report published by BBC Wales Dragon's Eye program last
month allegedly warned that the arts venue is in danger of
insolvency.

The Western Mail notes that opposition Assembly members
supported the measures but demanded for the overhauling of the
arts venue's management.

"It is no good paying off this debt and increasing the revenue
support without proper scrutiny of future budgets and financial
management," Conservative Shadow Culture Minister Paul Davies
told Western Mail.
"We cannot be expected to bail out the Centre every few years,
especially using public money."

However, Minister Thomas insisted the arrangement would "not be
at the expense" of the arts budget or the arts outside Cardiff,
Western Mail reports.

                       About the Company

The Wales Millennium Centre - http://wmc.org.uk/-- is a
center for the performing arts located on the Cardiff Bay
waterfront.  Opened in November 2004, it has hosted performances
of opera, ballet, dance, comedy and musicals.  The building
comprises two theaters, shops, bars and restaurants, and seven
resident Welsh arts organizations.

                          *     *     *

                      Going Concern Doubt

KPMG LLP, which audited the company's 2006 financials, has
expressed significant doubt about the group's ability to
continue as a going concern, citing considerable uncertainty
over a suitable settlement with the Welsh Assembly Government.


WATERFORD WEDGWOOD: Appoints Anthony Jones as New CFO
-----------------------------------------------------
Waterford Wedgwood Plc appointed Anthony Jones to its board of
directors and as chief financial officer on Nov. 15, 2007, with
immediate effect.

Mr. Jones has been Chief Financial Officer of Thorn, the
multinational consumer electrical goods group for the last five
years.  He is a fellow of the Chartered Institute of Management
Accountants and has an MBA from the London Business School.

"I am delighted that Anthony is joining the group.  His
experience in managing and restructuring the financial affairs
of a complex international group with multi-site operations will
be invaluable," Peter Cameron, Waterford's commented.

"I'm pleased to join Waterford Wedgwood at this exciting time
for the business.  The group has some of the great luxury brands
of the world and I look forward to working with Peter Cameron
and the management team on completing the urgent task of
restructuring the cost base and returning the group to
profitability," Mr. Jones said.

Anthony Jones replaces Patrick Dowling who retires in the New
Year.

"In his role as chief financial officer for the past three years
and as company secretary for the past eight years, Patrick's
contribution to Waterford Wedgwood has been enormous.  He has
provided guidance and insight to many of the group's most
important activities during this time period and we will miss
his counsel in the coming years," Mr. Cameron added.

Headquartered in Waterford, Ireland, Waterford Wedgwood plc
-- http://www.waterfordwedgwood.com/-- manufactures premium-
priced goods including crystal, ceramics and cookware.  The
company has leading positions in its key markets in the US,
Europe and Japan.

                          *    *    *
As reported by the TCR-Europe on Nov. 20, 2007, Fitch Ratings
has affirmed Waterford Wedgwood plc's Long-term Issuer Default
Rating at 'CCC' and Short-term IDR at 'C'.  The Outlook for the
Long-term IDR is Negative.  At the same time, the agency
affirmed the senior secured debt rating at 'B-'/'RR2'.  The
mezzanine notes are affirmed at 'CC'/'RR6'.

Waterford Wedgwood's 9-7/8% notes due 2010 carry junk ratings
from Moody's Investors' Service's (Caa2), and Standard & Poor's
(CCC-).


* Research Predicts Over-Leveraged Buyout to Crumble
----------------------------------------------------
A significant number of over-levered buyouts are expected to
crumble in the next two to three years and create a surge of
distressed investment opportunities, according to new research
released by Grant Thornton and Latham & Watkins.

In a survey of 110 senior lending bankers, CLO managers, hedge
funds and private equity executives in the UK and Europe, more
than half (51%) predict at least 10% of leveraged buyouts will
be acquired by distressed debt investors in the next two
years, including a quarter who predict more than 20% of LBOs
will be purchased by distressed investors during this period.

To put this in context, the majority of those surveyed (60%)
estimate at least 20% of LBO credits are over-levered.
Mark Byers, Head of Restructuring at Grant Thornton, said the
firm has already seen investors prepare for this shift as they
set up dedicated distressed teams to identify and grasp
opportunities in the distressed debt market.

"With deal flows also predicted to fall next year, it is highly
likely that distressed investing could make up an even greater
proportion of overall opportunities in the next 18 months.  For
those with the ability to move quickly, assign a sensible value
and assess a distressed investment's turnaround prospects, this
environment represents a significant and lucrative opportunity,"
Byers said.

But there is still reluctance in the vast majority of buyout
firms to even explore these opportunities. Just 28% of
executives are planning any change of strategy in light of the
recent turn in the credit markets.

Breaking down the attitudes of the various respondent groups,
unsurprisingly it seems the hedge fund community is the group
backing a boom in distressed investing, with 41% of hedge fund
respondents expecting a fifth of LBO credits to breach covenants
in the next three years.  Least expectant, however, are CLO
managers and banks, where just 5% and 7% of respondents
respectively believe breaches of more than 20% of credits are
likely within three years.

James Chesterman, London Chair of Banking and Finance at Latham
& Watkins, said his firm had been watching the position from
boththe leveraged finance and restructuring/distressed investing
side globally.

"Whilst currently hedge funds can see discounts on secondary
syndication providing returns now, we foresee the combination of
the continuing credit crunch and a potentially weakening US
economy as putting more stress on highly leveraged deals
creating opportunities for distressed investors over the next
12-18months," Mr. Chesterman said.

Survey respondents also painted a bleak picture for future LBOs,
with an overwhelming 94% of those surveyed expecting a decline
of at least 10% in deal volumes in 2008.  In total, 55% of
respondents believe that LBO deal flow will wane by at least
30%.  In terms of value, 86% of respondents expected a decrease
in company valuations.

There is also significant variation in forecasts on deal flow
based on deal size, with mega-deals singled out as the hardest
hit by the ongoing credit squeeze. In fact, 84% of those
surveyed predict a fall in volume for these deals, while 64%
expect thereto be a decline in public-to-private transactions,
which make upa significant proportion of these mega-deals.
Conversely, just10% of respondents envisage problems for mid-cap
deals.

In terms of new debt issuance and deal structures, respondents
predict several key shifts in 2008.  A significant 79% expect
leverage on LBOs to fall to an average of 5-7x EBITDA in 2008,
which is down from the lofty leverage levels witnessed pre-
credit crunch this summer.  In tandem with reduced leverage
comes larger equity contributions, with three-fifths of
respondents believing the average equity contribution to an LBO
will be higher than 40%in 2008.

The source of debt funding for LBOs is also likely to change
rapidly, according to respondents.  Two thirds anticipate a
diminishing role for second lien, and increased reliance on
senior and subordinated issuance, while the frequency of payment
in kind notes and covenant-lite financings is expected to
almost dry up completely while liquidity remains an issue.

Looking to the immediate future, however, Grant Thornton's Byers
issued a positive note for those lenders beginning to examine
the over-levered companies in their portfolios.

"The importance of a timely, proactive approach by both borrower
and lender is undeniable, and even if current credit issues
deepen, early action based on frank communication and advice
will still offer the best chance of a successful, sustainable
recovery," Byers concluded.


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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