TCREUR_Public/071123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, November 23, 2007, Vol. 8, No. 233

                            Headlines




A U S T R I A

AUREON BIOSYSTEMS: Claims Registration Period Ends Nov. 30
ROFANDRUCK KG: Claims Registration Period Ends Dec. 21
WERRIS HANDEL: Vienna Court Orders Business Shutdown


B E L G I U M

M FABRIKANT: Court Sets Dec. 7 as Admin Expense Bar Date
POPE & TALBOT: European Subsidiary Files Bankruptcy in Belgium
POPE & TALBOT: Agrees to Sell Three Sawmills to Interfor
QUEBECOR WORLD: Poor Liquidity Prompts S&P to Cut Rating to B-


F R A N C E

ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results
ASPEN TECH: Form 10-Q Filing Delay Cues Nasdaq Delisting Notice
FRESH DEL MONTE: S&P Affirms Corporate Credit Rating at BB-
XEROX CORP: Declares US$0.0425 Per Share Quarterly Dividend


G E R M A N Y

AMBIENTE-WOHNEN LICHT: Creditors' Meeting Slated for Dec. 3
ANLAGEN & KESSELBAU: Claims Registration Period Ends Dec. 11
BARG-HAUSTECHNIK-GMBH: Claims Registration Period Ends Nov. 30
BENDER GMBH: Claims Registration Period Ends Jan. 11
CHRYSLER LLC: Financing Deal Bump Signals More Debt Market Woes

CONNECT INFORMATIK: Claims Registration Period Ends Dec. 12
FLORITO BLUMENHANDELS: Creditors' Meeting Slated for December 4
GEMINI ELECTRONIC: Claims Registration Ends January 2, 2008
GOEGASTRO GMBH: Claims Registration Period Ends Dec. 13
KLK STAHLTECHNIK: Claims Registration Period Ends Dec. 14

MACKOWIAK TRANSPORT: Claims Registration Ends January 4, 2008
NORDBAU TIEF: Claims Registration Period Ends Dec. 31
ROAD MASTERS: Claims Registration Ends December 18
SCHLOSSER GMBH: Creditors' Meeting Slated for December 10
TEKNO KALTETECHNIK: Claims Registration Period Ends Dec. 31

TREND & DESIGN: Claims Registration Period Ends Dec. 27
VV CONSULTING: Claims Registration Period Ends Dec. 10
WAGNER RESEARCH: Claims Registration Ends December 17
WAGNER WERTPAPIERABRECHNUNGS: Claims Registration Ends Dec. 17
WEVO INGENIEUR: Claims Registration Ends December 18


I R E L A N D

ADVANCED MEDICAL: Names Richard Meier as President
AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid
WATERFORD WEDGWOOD: Cost-Cutting Measures to Affect 1,400 Jobs


I T A L Y

ALITALIA SPA: May Pick Winning Bidder by Mid-December 2007
ALITALIA SPA: Hikes Year-on-Year Traffic in October 2007
FREESCALE SEMICON: Depressed Revenues Cue S&P to Cut Rating


K A Z A K H S T A N

AK BARYS: Proof of Claim Deadline Slated for Dec. 22
BEREKE LLP: Creditors Must File Claims Dec. 22
CONTINENT-TARAZ LLP: Claims Filing Period Ends Dec. 22
ELIT INVEST-LTD: Creditors' Claims Due on Dec. 22
GRATSIYA LLP: Claims Registration Ends Dec. 22

MILLENIUM ASSETS: Proof of Claim Deadline Slated for Dec. 22
REA-CONSULTING LLP: Creditors Must File Claims Dec. 22
TIMKO INSAAT-KZ: Claims Filing Period Ends Dec. 22
YNTYMAK LLP: Creditors' Claims Due on Dec. 22


K Y R G Y Z S T A N

HILLY AND JOHN: Proof of Claim Deadline Slated for December 26


L U X E M B O U R G

EVRAZ GROUP: EC Extends Highveld Asset Sale Deadline to Jan. 20


N E T H E R L A N D S

BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President
FIRST DATA: Inks Quickpay Agreement with Tim Hortons
FLOWSERVE CORP: Selling Rail Business-Related Assets to Vossloh
KONINKLIJKE AHOLD: Earns EUR2.68 Bln for First Nine Months 2007
KRATON POLYMERS: Moody's Affirms B1 Corporate Family Rating

NXP BV: S&P Cuts Long-Term Rating to B+ on High Leverage


P O R T U G A L

LEAR CORP: Makes Two Executive Position Appointments


R U S S I A

BANK URALSIB: Modest Profitability Cues Fitch to Hold B+ IDR
BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend
BRYANSKIJ OJSC: Creditors Must File Claims by Dec. 10
EVRAZ GROUP: EC Extends Highveld Asset Sale Deadline to Jan. 20
IC RUSS-INVEST: Volatile Earnings Cue Fitch' B IDR

PENZAALCOHOLPROM: Creditors Must File Claims by Jan. 10, 2008
RNP CAUCASUS: Creditors Must File Claims by Jan. 10, 2008
SARMAKOVSKAYA MPMK: Creditors Must File Claims by Jan. 10, 2008
SOUTHERN TELECOMMUNICATIONS: S&P Lifts Ratings to B
SOVKHOZ KABARDINSKIJ: Claims Filing Period Ends by Jan. 10, 2008

TMK OAO: Board Recommends RUR3.17 Billion Dividend Payout
URALSIB LEASING: Fitch Rates IDR at B+ with Stable Outlook

* S&P Puts BB- Rating to Kyiv's US$250 Million Loan


S P A I N

GAT FTGENCAT: Moody's Junks EUR18.8 Million Series E Notes
TOWER AUTOMOTIVE: Reaches Settlement Resolving Michigan's Claim


S W I T Z E R L A N D

BIRRER.BURKART: Creditors' Liquidation Claims Due by November 30
CEMPROTEC LLC: Creditors' Liquidation Claims Due by November 28
DANSTAR NUTRISCIENCE: Creditors Must File Claims by November 30
ENTERTAINMENT ONE: Creditors' Liquidation Claims Due by Nov. 28
EIWALUX LLC: Basel-Country Court Starts Bankruptcy Proceedings

EXPERT MAMIE: Creditors' Liquidation Claims Due by November 30
IT-SUCCESS LLC: Creditors' Liquidation Claims Due by November 30
PC HOLZ-BAUTEN: Thurgau Court Closes Bankruptcy Proceedings
SP.ACES JSC: Claims Registration Period Ends November 26
YELLOW ACCESS: Claims Registration Period Ends November 26

ZUM WILDEN: Claims Registration Period Ends November 26


U K R A I N E

BALANCE PLUS: Creditors Must File Claims by November 25
BLAGOR-M LLC: Creditors Must File Claims by November 25
ENERGATON LLC: Creditors Must File Claims by November 25
FRAM LLC: Creditors Must File Claims by November 25
JASON LLC: Creditors Must File Claims by November 25

PROFESSIONAL DESINFECTION: Creditors Must File Claims by Nov. 25
TAKO OJSC: Claims Filing Bar Date Set November 25
TARGA LUX: Creditors Must File Claims by November 25
TIBAN LLC: Creditors Must File Claims by November 25


U N I T E D   K I N G D O M

ALERIS INT'L: Selling US Zinc Business for US$295 Million
AQUACLEAR LTD: Claims Filing Period Ends December 10
AXON FINANCIAL: Fitch Junks Mezzanine Notes on Payment Default
CABLE & WIRELESS: Excessive Executive Payout Angers Investors
CHASE CARTER: Joint Liquidators Take Over Operations

CHESTERTON PLC: Arqaam Capital Sells Stake in Chesterton
ENRON CORP: Shareholders' Lead Counsel Seeks US$700MM Legal Fees
FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3
GENERAL MOTORS: UAW Members Wary on GM's Exposure to ResCap Woes
HIGHBRIDGE SCAFFOLDING: Taps Liquidators from Tenon Recovery

LIMITED BRANDS: Earns US$12.1 Million in Period Ended November 3
LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan
LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes
NEWGATE FUNDING: Moody's Rates Class E Mortgage Notes at (P)Ba3
NORTHERN ROCK: ResCap Mulls Merger to Avert Bankruptcy: Sources

OER FRANCHISING: Brings In Liquidators from Chantrey Vellacott
PROFESSIONAL WINDOWS: Claims Filing Period Ends December 31
R & J PRODUCE: Calls In Liquidators from Mazars
REMY WORLDWIDE: Court Approves AP Services as Crisis Manager
SCOTTISH RE: Names Samir Shah as Chief Risk Officer

SCOTTISH RE: New York Court Partially Dismisses Securities Suit
YELL GROUP: Earns GBP83.9 Million for 6-Months Ended Sept. 2007

* BOOK REVIEW: Building American Cities: The Urban Real Estate
               Game




                            *********


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


AUREON BIOSYSTEMS: Claims Registration Period Ends Nov. 30
----------------------------------------------------------
Creditors owed money by LLC Aureon Biosystems (FN 114282m) have
until Nov. 30 to file written proofs of claim to court-appointed
estate administrator Daniel Lampersberger at:

         Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Dec. 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 22 (Bankr. Case No. 28 S 120/07m).


ROFANDRUCK KG: Claims Registration Period Ends Dec. 21
------------------------------------------------------
Creditors owed money by KG Rofandruck (FN 194757h) have until
Dec. 21 to file written proofs of claim to court-appointed
estate administrator Walter Rupprechter at:

         Mag. Walter Rupprechter
         c/o Dr. Ingrid Hochstaffl-Salcher
         LLC Hochstaffl & Rupprechter Rechtsanwalte
         Bahnhofstrasse 37
         6300 Woergl
         Austria
         Tel: 05332/71 800
         Fax: 05332/718007
         E-Mail: mail@hochstaffl-rupprechter.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:45 a.m. on Jan. 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 214
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Jenbach, Austria, the Debtor declared
bankruptcy on Oct. 19 (Bankr. Case No. 7 S 61/07s).  Ingrid
Hochstaffl-Salcher represents Mag. Rupprechter in the bankruptcy
proceedings.


WERRIS HANDEL: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered Oct. 19 an order shutting down
the business of LLC WERRIS Handel (FN 188628w).

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

The estate administrator can be reached at:

         Dr. Stephan Riel
         c/o  Dr. Johannes Jaksch
         Landstrasser Hauptstrasse
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No 5 S 117/07a).  Johannes Jaksch
represents Dr. Riel in the bankruptcy proceedings.


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


M FABRIKANT: Court Sets Dec. 7 as Admin Expense Bar Date
--------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York set Dec. 7, 2007, as the Administrative Expense Bar
Date in M. Fabrikant & Sons Inc. and Fabrikant-Leer
International Ltd.'s bankruptcy cases.

Administrative expense proofs of claim must be filed, so as to
be received on or before Dec. 7, 2007, to one of these
addresses:

If by mail:

     United States Bankruptcy Court
     Southern District of New York
     Re: M. Fabrikant & Sons Inc., el al., Claims Processing
     P.O. Box 5197, Bowling Green Station
     New York, NY 10274

If by hand delivery or overnight courier:

     United States Bankruptcy Court
     Southern District of New York
     Re: N, Fabrikant & Sons Inc., et al., Claims Processing
     One Bowling Green, Room 534
     New York, NY 10004

                       About M. Fabrikant

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


POPE & TALBOT: European Subsidiary Files Bankruptcy in Belgium
--------------------------------------------------------------
Pope & Talbot, Inc. disclosed that its subsidiary, Pope & Talbot
Pulp Sales Europe, LLC, filed an application for relief under
Belgian bankruptcy laws in the commercial court in Brussels.  If
the Belgian court grants the company's application, it is
expected that the Pope & Talbot Pulp Sales Europe, LLC will be
liquidated through the bankruptcy proceeding.

As reported in the Troubled Company Reporter, Pope & Talbot and
certain of its subsidiaries obtained protection from their
creditors under the Companies' Creditors Arrangement Act of
Canada on Oct. 29, 2007, and filed voluntary petitions for
reorganization under Chapter 11 of the United States Bankruptcy
Code on Nov. 19, 2007.  The company will use the protections of
Chapter 11 and the CCAA to provide additional time for it to
continue its restructuring efforts, which include, but are not
limited to, the sale of certain or all of the company's assets.

"We want to assure our customers that Europe remains an integral
part of our business," Harold Stanton, President and CEO of Pope
& Talbot, Inc., said.

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

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' initial CCAA Stay expires
on Nov. 23, 2007.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Laura Davis Jones, Esq. at  Pachulski, Stang,
Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets
of US$681,960,000 and total debts of US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.


POPE & TALBOT: Agrees to Sell Three Sawmills to Interfor
--------------------------------------------------------
Pope & Talbot Inc. has agreed to sell three sawmills and related
timber tenures to International Forest Products Limited for
roughly US$69 million plus the value of certain current assets
and liabilities assumed.

The three mills, located in Castlegar, British Columbia, Grand
Forks, British Columbia and Spearfish, South Dakota are
producers of high-quality softwood lumber products.

The transaction is subject to approvals by the U.S. Bankruptcy
Court for the District of Delaware and the Superior Court of
Justice (Commercial List) for the Province of Ontario, in
Canada, and will be effected under procedures that provide for
the possibility of competing bids.

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

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' initial CCAA Stay expires
on Nov. 23, 2007.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Laura Davis Jones, Esq. at  Pachulski, Stang,
Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets
of US$681,960,000 and total debts of US$601,090,000.

The Debtors' exclusive period to file a plan expires on March
18, 2008.  (Pope & Talbot Bankruptcy News, Issue No. 4;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Poor Liquidity Prompts S&P to Cut Rating to B-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Montreal-based printing company Quebecor World Inc. by one
notch, including the long-term corporate credit rating to 'B-'
from 'B'.  At the same time, the ratings remain on CreditWatch
with negative implications, where they were placed Aug. 9, 2007.

"The downgrade reflects Quebecor World's deteriorating liquidity
position following the withdrawal of the company's refinancing
plan to raise about CDNUS$750 million by issuing debt and
equity," said Standard & Poor's credit analyst Lori Harris.
Proceeds from the new issues were to be largely applied to the
substantial balance outstanding on the revolving credit facility
and to redeem the series 5 preferred shares.

Quebecor World views withdrawing the plan as necessary because
of adverse financial market conditions, which have led to the
company's inability to raise funds under the original terms and
conditions.  In the near term, management will need to explore
future refinancing opportunities, as well as other methods to
raise cash, including asset sales and sale leaseback
transactions.  "Quebecor World has announced that it will hire
independent financial advisors to assist in evaluating these
alternative actions," Ms. Harris added.

On Nov. 7, 2007, the company announced that it had signed a
definitive share purchase agreement with Dutch printer RSDB NV
(Roto Smeets) to sell Quebecor World's European operations to
RSDB.  The proposed new company, Roto Smeets Quebecor, which
will be the leading player in the European printing industry,
will be owned 70.1% by RSDB and 29.9% by Quebecor World.  The
purchase price for Quebecor World's European business will be
EUR 240 million (equal to about US$350 million), to be paid to
Quebecor World in cash, RSQ shares, and an eight-year note
receivable.  S&P expect the transaction to close shortly upon
regulatory and RSDB shareholder approvals.

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

The ratings will remain on CreditWatch until Standard & Poor's
is comfortable that the company has addressed its near-term
liquidity issues.  S&P will continue to monitor developments,
including management's future refinancing plans.


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


ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results
----------------------------------------------------------------
Aspen Technology Inc. has selected preliminary financial results
for its fiscal first quarter 2008.

The company reported license bookings of approximately US$36
million during the fiscal first quarter 2008, with license
bookings defined as the total net present value of all license
contracts signed in the quarter.  This represents an increase of
50% compared to license bookings of approximately US$24 million
in the first quarter of fiscal 2007.

The company ended Sept. 30, 2007, with US$128 million in cash
and cash equivalents, which is a decrease compared to US$132
million at the end of the previous quarter.  The sequential
decline in cash was primarily due to cash payments related to
incentive compensation following the company's record fiscal
2007 results.  On a year-over-year basis, the company's cash and
cash equivalents increased US$39 million from a balance of US$89
million at Sept. 30, 2006.

Mark Fusco, Chief Executive Officer of Aspen Technology, said
"We are pleased with the company's operational performance in
the first quarter, with strong year-over-year growth in license
bookings highlighting what was a strong start to the fiscal
year.  Our end markets are strong, the company's point solutions
and aspenONE suite remain best-in-class and our worldwide
organization is executing at a high level." Mr.Fusco added,
"With solid market demand, a differentiated value proposition
and industry leading domain expertise, we are optimistic about
the company's fundamental outlook for the remainder of fiscal
2008."

Brad Miller, Chief Financial Officer of AspenTech, said "We have
made considerable progress in becoming current with all of our
outstanding financial reporting requirements, including the
fiscal 2007 10-K and our fiscal first quarter 2008 10-Q.  We are
committed to addressing these matters and intend to become
current in these filings by Jan. 18, 2008, the extension date we
requested at our recent hearing with Nasdaq."

                    About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


ASPEN TECH: Form 10-Q Filing Delay Cues Nasdaq Delisting Notice
---------------------------------------------------------------
Aspen Technology has received, as expected, an Additional Staff
Determination Letter from the NASDAQ on Nov. 14, 2007,
indicating that the company is not in compliance with the
requirements for continued listing set forth in Marketplace Rule
4310(c)(14) as a result of the company's failure to file timely
with the U.S. the Securities and Exchange Commission the
company's Form 10-Q for the quarter ended Sept. 30, 2007.

The NASDAQ previously issued a Staff Determination regarding the
continued listing of the Company's Stock on the Nasdaq Global
Market due to the company's failure to file its Annual Report on
Form 10-K for the fiscal year ended June 30, 2007.  The November
14 Staff Determination further indicates that non-compliance as
a result of the company's failure to file its Form 10-Q serves
as an additional basis for delisting the company's stock at the
company's request, a hearing on the Staff Determinations was
conducted on Nov. 15, 2007, before a Nasdaq Listing
Qualifications Panel at which time the company requested an
extension to Jan. 18, 2008, to comply with NASDAQ listing
requirements.  There can be no assurance that the Panel will
grant the company's request.

AspenTech's delay in filing is attributed to the previously
announced intention to restate certain historical financial
statements.  The company is working diligently to complete its
delinquent Forms 10-Q and 10-K.

                    About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


FRESH DEL MONTE: S&P Affirms Corporate Credit Rating at BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-'
corporate credit rating on Fresh Del Monte Produce Inc., and
removed the rating from CreditWatch, where it was placed with
positive implications on Nov. 1, 2007.  The outlook is stable.

"The rating affirmation reflects the uncertain regulatory
environment in the produce industry despite the company's
stronger credit measures and recently reduced debt levels," said
S&P's credit analyst Alison Sullivan.

In November 2007, Fresh Del Monte completed its planned equity
offering and received about US$116 million in proceeds, most of
which was applied to debt reduction under its credit facility.
However, the European Commission is still investigating Fresh
Del Monte and other competitors in the fruit and vegetable
industry, having reason to believe they may have violated
European Union competition laws.  "It is possible that Fresh Del
Monte may be subject to a financial penalty which at this point
cannot be quantified," added Ms. Sullivan.  "In addition, it is
possible that changes may be enacted to the current EU banana
tariff system in 2008, and it remains unclear whether these
could have an adverse effect on the company."

Fresh Del Monte is the No. 1 marketer of fresh pineapples
worldwide, and the No. 3 marketer of bananas worldwide.
"However, product concentration remains a rating concern," Ms.
Sullivan concludes.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.




XEROX CORP: Declares US$0.0425 Per Share Quarterly Dividend
-----------------------------------------------------------
Xerox Corporation's board of directors declared a quarterly cash
dividend on Xerox common stock.  The dividend of US$0.0425 per
common share is the first in more than six years.

"With our return to investment grade, strong cash generation and
effective business model, we've significantly strengthened our
financial position, providing flexibility for investing in our
business and delivering shareholder returns," said Anne M.
Mulcahy, Xerox chairman and chief executive officer.  "Declaring
a dividend and our continued share repurchase initiatives
reflect the health of our business and our belief in the long-
term value we're creating for Xerox shareholders."

The dividend will be payable on Jan. 31, 2008, to shareholders
of record on Dec. 31, 2007.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

*     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 21,
2007, Moody's Investors Service raised the ratings of Xerox
Corporation and supported subsidiaries, upgrading Xerox's senior
unsecured rating to Baa2 from Baa3.  The upgrade reflects the
company's solid competitive position in the mature and
competitive office equipment sector, its good business
execution, continued progress in building its installed base of
equipment that drives its post sales annuity revenue, stable
profitability, and solid free cash flow generation.  The
accelerated reduction of secured debt also supports the upgrade,
as does Xerox's disciplined financial philosophy with respect to
maintaining strong balance sheet liquidity and modest financial
leverage.  Moody's said the outlook is positive.

Ratings raised include:

Xerox Corporation:

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

Xerox Credit Corporation:

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


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G E R M A N Y
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AMBIENTE-WOHNEN LICHT: Creditors' Meeting Slated for Dec. 3
-----------------------------------------------------------
The court-appointed insolvency manager for Ambiente-Wohnen Licht
Accessoires GmbH, Ulrich Nehrig, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:00 a.m. on Dec. 3.

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

         The District Court of Freibur
         Hall I
         Holzmarkt 2
         79098 Freiburg
         Germany

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

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

The insolvency manager can be reached at:

         Ulrich Nehrig
         LG-Fach 107
         Schillerstr. 2
         79102 Freiburg i. Br.
         Germany
         Tel: 0761/703900
         Fax: 0761/7039052

The District Court of Freiburg opened bankruptcy proceedings
against Ambiente-Wohnen Licht Accessoires GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Ambiente-Wohnen Licht Accessoires GmbH
          Zum Uebergang 1
          79312 Emmendingen
          Germany


ANLAGEN & KESSELBAU: Claims Registration Period Ends Dec. 11
------------------------------------------------------------
Creditors of AKU Anlagen & Kesselbau Unna GmbH have until
Dec. 11 to register their claims with court-appointed insolvency
manager Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Jan. 22, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against AKU Anlagen & Kesselbau Unna GmbH on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AKU Anlagen & Kesselbau Unna GmbH
         Attn: Dietlinde Buescher, Manager
         Otto-Hahn-Str. 36
         59423 Unna
         Germany


BARG-HAUSTECHNIK-GMBH: Claims Registration Period Ends Nov. 30
--------------------------------------------------------------
Creditors of Barg-Haustechnik-GmbH have until Nov. 30 to
register their claims with court-appointed insolvency manager
Matthias Bott.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Ravensburg
         Room 127
         Herrenstr. 42
         88212 Ravensburg
         Germany

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

The insolvency manager can be reached at:

         Matthias Bott
         Bodnegger Str. 19
         88287 Grunkraut
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against Barg-Haustechnik-GmbH on Oct. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Barg-Haustechnik-GmbH
         Attn: Simon Barg, Manager
         Jahnstr. 4
         88255 Baienfurt
         Germany


BENDER GMBH: Claims Registration Period Ends Jan. 11
----------------------------------------------------
Creditors of Bender GmbH have until Jan. 11 to register their
claims with court-appointed insolvency manager Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 29, 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 Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel.: 0261/304-790
         Fax: 0261/911-4729
         E-mail: info@lieser-rechtsanwaelte.de
         Web site: http://www.lieser-rechtsanwaelte.de/

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

The Debtor can be reached at:

         Bender GmbH
         Attn: Peter Bender, Manager
         Im Klos 1
         56332 Oberfell
         Germany


CHRYSLER LLC: Financing Deal Bump Signals More Debt Market Woes
---------------------------------------------------------------
The recent postponement of the sale of Chrysler LLC's US$4
billion loans, combined with Freddie Mac's credit losses, have
dampened the outlook for the U.S. credit markets, MarketWatch
reports.

The TCR-Europe reported on Nov. 9, 2007, that JPMorgan Chase and
Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley
and Bear Stearns & Co. had initially planned to sell Chrysler's
US$4 billion loans at about 97.5 cents on the dollar to lessen
the company's US$171 billion leveraged loan backlog.

In spite of strong demand for the deal, however, the banks
decided to shelve the sale due to weak credit markets and
worsening news from the U.S. automotive sector, Reuters relates,
citing an unidentified source.  This is particularly deflating
for the corporate credit market, MarketWatch observes.

"It shows how tough the market has become," said Steve Miller, a
managing director for Standard & Poor's LCD, MarketWatch notes.
"We had a really strong run after Labor Day, money poured in
from (the high-yield bond market) and all of this paper started
to clear."

"The last four weeks, the anxiety level has gone up. Some of the
money has poured out of high yield and that's tricked down to
the loan market and driven prices down.  Chrysler is a
harbinger," MarketWatch quotes Mr. Miller as saying.

Concurrently, loans sold recently have fallen in value in the
secondary market, and there remains close to US$300 billion in
LBO debt that needs to be financed.  U.S. LBO volume was up 143%
through September, MarketWatch states.

There is no longer any hope that investors would return to back
leveraged buyouts, which could, in turn, stall other planned
mergers and acquisitions.  In effect, the postponement of the
sale of Chrysler's loans marks the halt of other deals as well,
MarketWatch suggests.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

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

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                          *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


CONNECT INFORMATIK: Claims Registration Period Ends Dec. 12
-----------------------------------------------------------
Creditors of CONNECT Informatik GmbH ORG/DV-Dienstleistungen
have until Dec. 12 to register their claims with court-appointed
insolvency manager Steffen Rauschenbusch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 9, 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Steffen Rauschenbusch
         0 3, 11 + 12
         68161 Mannheim
         Germany
         Tel: 0621/ 16 680

The District Court of Karlsruhe opened bankruptcy proceedings
against CONNECT Informatik GmbH ORG/DV-Dienstleistungen on
Nov. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         CONNECT Informatik GmbH ORG/DV-Dienstleistungen
         Attn: Rolf Dziony, Manager
         Waldstr. 15 A
         77731 Willstatt
         Germany


FLORITO BLUMENHANDELS: Creditors' Meeting Slated for December 4
---------------------------------------------------------------
The court-appointed insolvency manager for florito
Blumenhandelsgesellschaft mbH, Bernd Statz will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:00 a.m. on Dec. 4.

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

         The District Court of Fulda
         Hall 3100
         Koenigstrasse 38
         36037 Fulda
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Jan. 28, 2008, at the same
venue.

Creditors have until Jan. 11, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bernd Statz
         Muehlstr. 25, D
         63526 Erlensee
         Germany
         Tel: 06183-900370
         Fax: 06183-900371

The District Court of Fulda opened bankruptcy proceedings
against florito Blumenhandelsgesellschaft mbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         florito Blumenhandelsgesellschaft mbH
         Attn: Guenter Reutelsterz, Manager
         Langen Acker 6
         36124 Eichenzell
         Germany


GEMINI ELECTRONIC: Claims Registration Ends January 2, 2008
-----------------------------------------------------------
Creditors of Gemini Electronic Handels GmbH have until
Jan. 2, 2008, to register their claims with court-appointed
insolvency manager Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Munich
         Germany

The District Court of Munich opened bankruptcy proceedings
against Gemini Electronic Handels GmbH on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gemini Electronic Handels GmbH
         Stahlgruberring 11 a
         81829 Munich
         Germany


GOEGASTRO GMBH: Claims Registration Period Ends Dec. 13
-------------------------------------------------------
Creditors of GoeGastro GmbH have until Dec. 13 to register their
claims with court-appointed insolvency manager Peter
Staufenbiel.

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

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Dr. Peter Staufenbiel
         Dransfelder Strasse 19 A
         37079 Goettingen
         Germany
         Tel: 0551/9000950
         Fax: 0551/9000955
         E-mail:  staufenbiel@hauter.com

The District Court of Goettingen opened bankruptcy proceedings
against GoeGastro GmbH on Oct. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GoeGastro GmbH
         Attn: Jens Hochhaus, Manager
         Ludwig-Prandtl-Strasse 28
         37077 Goettingen
         Germany


KLK STAHLTECHNIK: Claims Registration Period Ends Dec. 14
---------------------------------------------------------
Creditors of KLK Stahltechnik GmbH have until Dec. 14 to
register their claims with court-appointed insolvency manager
Joerg Bornheimer.

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

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/4937099

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

The Debtor can be reached at:

         KLK Stahltechnik GmbH
         Brahm 99
         42281 Wuppertal
         Germany

         Attn: Martin Kaiser, Manager
         Landringhauser Weg 15
         45549 Sprockhoevel
         Germany


MACKOWIAK TRANSPORT: Claims Registration Ends January 4, 2008
-------------------------------------------------------------
Creditors of Mackowiak Transportdienstleistungen GmbH have until
Jan. 4, 2008, to register their claims with court-appointed
insolvency manager Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Knut Thomas Hofheinz
         Markte 13
         30159 Hannover
         Germany
         Tel: 0511/357721-0
         Fax: 0511/357721-40

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

The Debtor can be reached at:

         Mackowiak Transportdienstleistungen GmbH
         Steindamm 11
         31311 Uetze
         Germany

         Attn: Marc Weingart, Manager
         Spannhagengarten 10
         30655 Hannover
         Germany


NORDBAU TIEF: Claims Registration Period Ends Dec. 31
-----------------------------------------------------
Creditors of Nordbau Tief- und Strassenbaugesellschaft mbH & Co.
KG have until Dec. 31 to register their claims with court-
appointed insolvency manager Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 20, 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 Rostock
         Hall 300
         Zochstrasse
         18057 Rostock
         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:

         Axel Raap
         Strandstrasse 92
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against NORDBAU Tief- und Strassenbaugesellschaft mbH & Co. KG
on Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          NORDBAU Tief- und Strassenbaugesellschaft mbH & Co. KG
          Vierburgweg 35
          18246 Buetzow
          Germany


ROAD MASTERS: Claims Registration Ends December 18
--------------------------------------------------
Creditors of Road Masters Fahrzeug Logistic GmbH have until
Dec. 18 to register their claims with court-appointed insolvency
manager Stefan von der Ahe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Jan. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leer
         Hall 101
         Woerde 5
         26789 Leer
         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:

         Stefan von der Ahe
         Dr.-Warsing-Str. 205
         26802 Moormerland
         Germany
         Tel: 04954/9570-0
         Fax: 04954/9570-60

The District Court of Leer opened bankruptcy proceedings against
Road Masters Fahrzeug Logistic GmbH on Oct. 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Road Masters Fahrzeug Logistic GmbH
         Zinnstrasse 16
         26789 Leer
         Germany


SCHLOSSER GMBH: Creditors' Meeting Slated for December 10
---------------------------------------------------------
Dr. jur. A. Koehler, the court-appointed insolvency manager for
Schlosser GmbH, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:27 a.m. on
Dec. 10.

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

         The District Court of Montabaur
         Hall 106
         First Floor
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:52 a.m. on Feb. 18, 2008, at the same
venue.

Creditors have until Jan. 4, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. jur. A. Koehler
         Wilhelmstrasse 42
         65582 Diez
         Germany
         Tel: 06432-64580
         Fax: 06432-645820
         E-mail: verwaltung@koehler-insolvenz.de

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

The Debtor can be reached at:

         Schlosser GmbH
         Attn: Joerg Schlosser, Manager
         Buchenweg 1
         56424 Mogendorf
         Germany


TEKNO KALTETECHNIK: Claims Registration Period Ends Dec. 31
-----------------------------------------------------------
Creditors of Tekno Kaltetechnik GmbH have until Dec. 31 to
register their claims with court-appointed insolvency manager
Dr. Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Jan. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         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. Georg Bernsau
         Zeilweg 42
         D 60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Offenbach am Main opened bankruptcy
proceedings against Tekno Kaltetechnik GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tekno Kaltetechnik GmbH
         Unterer Steinberg 6
         63225 Langen
         Germany


TREND & DESIGN: Claims Registration Period Ends Dec. 27
-------------------------------------------------------
Creditors of Trend & Design Vertriebs-GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Peter Knoepfel.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2008, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Peter Knoepfel
         Koenigstrasse 4
         30175 Hannover
         Germany
         Tel: 0511 336138-0
         Fax: 0511 336138-66

The District Court of Hannover opened bankruptcy proceedings
against Trend & Design Vertriebs-GmbH on Oct. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Trend & Design Vertriebs-GmbH
         An der Weide 7
         30900 Wedemark
         Germany


VV CONSULTING: Claims Registration Period Ends Dec. 10
------------------------------------------------------
Creditors of VV Consulting GmbH have until Dec. 10 to register
their claims with court-appointed insolvency manager Manfred
Kuhne.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on Jan. 16, 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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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:

         Manfred Kuhne
         Schwanallee 18-20
         35037 Marburg
         Germany
         Tel: 06421/407960
         Fax: 06421/15858

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

The Debtor can be reached at:

         VV Consulting GmbH
         Attn: Anthony van Vegten, Sr., Manager
         Oberer Kirchweg 7
         57271 Hilchenbach
         Germany


WAGNER RESEARCH: Claims Registration Ends December 17
-----------------------------------------------------
Creditors of Wagner Research Concepts GmbH have until Dec. 17 to
register their claims with court-appointed insolvency manager
Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Wagner Research Concepts GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wagner Research Concepts GmbH
         Esplanade 6
         20354 Hamburg
         Germany

         Attn: Uwe Wagner, Manager
         Papenhuder Strasse 34
         22087 Hamburg
         Germany


WAGNER WERTPAPIERABRECHNUNGS: Claims Registration Ends Dec. 17
--------------------------------------------------------------
Creditors of Wagner Wertpapierabrechnungs GmbH have until
Dec. 17 to register their claims with court-appointed insolvency
manager Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Michael W. Kuleisa
         Speersort 4 - 6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Wagner Wertpapierabrechnungs GmbH on Nov. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wagner Wertpapierabrechnungs GmbH
         Attn: Ayse Devlet Sanlier, Manager
         Lyser Strasse 12
         22761 Hamburg
         Germany


WEVO INGENIEUR: Claims Registration Ends December 18
----------------------------------------------------
Creditors of WeVo Ingenieur GmbH have until Dec. 18 to register
their claims with court-appointed insolvency manager Hans-Gerd
Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Koeln
         Germany
         Tel: 0221/33660130
         Fax: +492213366085

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

The Debtor can be reached at:

         WeVo Ingenieur GmbH
         Attn: Peter Jockel and Frank Jockel, Managers
         Engelbertstr. 3-5
         51429 Bergisch Gladbach
         Germany


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


ADVANCED MEDICAL: Names Richard Meier as President
--------------------------------------------------
Advanced Medical Optics Inc. has appointed Richard (Randy) A.
Meier as its president.  He retains his existing chief operating
officer title and responsibilities, which include leadership of
the company's eye care and cataract/implant businesses, global
customer services and manufacturing operations.

James V. Mazzo who remains the company's chairman and chief
executive officer previously held the title of president at AMO.

"Randy has assumed increasingly broad leadership roles since our
spin-off in 2002 and, over that time, has played an integral
role in the growth and development of our company," said Mr.
Mazzo.  "I am confident in his ability to serve as president,
continuing to work closely with me and the AMO leadership team
to execute our strategy and deliver on our operational and
financial goals."

Mr. Meier joined AMO in 2002 as corporate vice president and
chief financial officer.  He subsequently held various
positions, including executive vice president, operations and
president, eye care business.  In February 2007, he was named
chief operating officer and chief financial officer, a position
he held until October 2007, when Michael Lambert, 45, joined the
company as chief financial officer.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for
the twelve months ended June 24, 2005 were approximately
US$921 million.  The company has operations in Germany, Japan,
Ireland, Puerto Rico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service downgraded Advanced
Medical Optics, Inc.'s Corporate Family Rating and Probability
of Default Rating to B2 from B1.  The rating outlook was revised
to stable.  These rating actions conclude the review process for
possible downgrade, which began on May 29, 2007.


AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid
----------------------------------------------------------------
Affiliated Computer Services, Inc. has announced a contract with
the Idaho Department of Health and Welfare to provide pharmacy
benefits management services for its Medicaid program.  The
contract has a length of up to 10 years and a total value of
US$18.5 million, if a three-year option is exercised.

This contract extends a relationship that originated in 2002,
when Affiliated Computer first implemented SmartPA(R), an
automated prior authorization solution.  The company will
provide several pharmacy benefits management solutions,
including pharmacy claims processing, automated prior
authorizations using SmartPA, help desk support, Prospective
Drug Utilization Review, Retrospective Drug Utilization Review,
federal and supplemental drug rebate administration using the
company's Drug Rebate Analysis and Management System, and
reporting using CyberFormance(TM).

"We are pleased to have the opportunity to expand and continue
our successful pharmacy benefits management partnership with the
Department of Health and Welfare," said Government Healthcare
Solutions senior vice president and managing director,
Christopher T. Deelsnyder.  "This partnership demonstrates that
we work closely with our clients to help ensure the success of
their vision for providing patients with the best care possible
through innovative clinical and technology solutions."

              About Affiliated Computer Services

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

                        *     *     *

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


WATERFORD WEDGWOOD: Cost-Cutting Measures to Affect 1,400 Jobs
--------------------------------------------------------------
Waterford Wedgwood Plc confirmed on Nov. 21, 2007, that it is
cutting 490 jobs at its crystal plant in Waterford, Ireland, in
an attempt to cut costs as expenses rise and the U.S. dollar
drops, published reports say.

According to Reuters, the move is part of a wider cost-cutting
program across the company's operations worldwide that will lead
to 1,400 jobs being cut.

In an e-mailed statement to Bloomberg News, Jim Foley, head of
the Waterford Crystal unit, said that manufacturing at the
company's crystal plant became "untenable" due to high costs and
unfavorable currency movements.

"While I regret the loss of 490 jobs, it is imperative that we
continue to focus on our remaining cost-competitive capabilities
to secure the future of manufacturing in Ireland," Mr. Foley
told Bloomberg.  "I am confident it can be re-energized to
achieve sustained profitability."

Waterford Wedgwood spokesman Michael Dennehy did not disclose
specific details on the job cuts, although he noted that the
company was still working on raising cash to fund the job-
cutting program.  Chairman Tony O'Reilly said last month that
Waterford would sell EUR100 million of preference shares,
Bloomberg relates.

Waterford Wedgwood, which owns china brands such as Wedgwood,
Rosenthal and Royal Doulton as well as Waterford crystal, relies
on the U.S. for about 40% of group sales, Reuters relates.

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.

Waterford posted a net loss of EUR57.1 million on EUR317.4
million of revenue for the six months ended Sept. 30, 2007,
compared with a net loss of EUR21.1 million on EUR352.5 million
of revenue for the same period in 2006.

At Sept. 30, 2007, the Group's consolidated balance sheet showed
EUR683.2 million in total assets, EUR767.7 million in total
liabilities, and EUR84.5 million in stockholders' deficit.

                          *    *    *

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-).


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


ALITALIA SPA: May Pick Winning Bidder by Mid-December 2007
----------------------------------------------------------
Alitalia S.p.A.'s Board of Directors acknowledged the progress
made on the Company's project aimed at rapidly identifying
industrial and financial subjects committed to carrying forward
its restructuring, development and re-launching and, in such
context, willing to acquire a majority shareholding in the
Company, as reported by the Advisor Citi.

In particular, Citi informed the Board that the discussions to
enable the interested parties to present a non-binding proposal
by next week are progressing.

The Board will review the aforementioned offers in order to
select a party for exclusive negotiations, after the financial
and industrial aspects have been analyzed and evaluated by
Alitalia's advisors.

Within this framework and under the current circumstances, the
Board meeting called to identify the interested party to begin
exclusive negotiations with could be held within the first half
of the coming month of December.

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.

OAO Aeroflot, however, has decided not to take part in the
privatization of the Italian carrier.

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

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


ALITALIA SPA: Hikes Year-on-Year Traffic in October 2007
--------------------------------------------------------
Alitalia S.p.A.'s October 2007 traffic data compared to the same
period in 2006 showed an increase in both passenger and cargo
businesses.

Passenger business showed an increase in terms of traffic
(+1.0%) with a decrease of capacity offered by 1.0% compared
with the same period of 2006.

October 2007 Cargo statistics, compared to October 2006, showed
an increase in terms of goods flown (+0.7%) with capacity
offered down 5.9%.

                      Passengers Operations

Traffic, measured in Revenue Passenger Kilometers, increased by
1.0% and the capacity, measured in Available Seat Kilometers,
decreased by 1.0%.  Therefore load factor increased by 1.5
percentage points reaching 76.9%.

Alitalia carried 2.2 million passengers, up 2.3% compared to the
previous year.

Detailed comparisons with October 2006:

   -- Domestic Passenger Network: traffic increased by 6.0% with
      offered capacity up 1.6%.  Load factor was 66.9%;

   -- International Passenger Network: traffic increased by 0.9%
      and offered capacity decreased by 3.4%.  Load factor was
      72.7%; and

   -- Intercontinental Passenger Network: traffic decreased by
      0.4% and capacity was in line with October 2006.  Load
      factor was 84.1%.

                         Cargo Operations

October 2007 Cargo performance showed, compared to October 2006,
a traffic increase by 0.7% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 5.9%.

Overall Load factor was 70.9% with an increase by 4.7 percentage
points.

Regarding the All-Cargo sector, Load factor was 83% with an
increase by 12.9 percentage points compared with the same period
of 2006.

                         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.


FREESCALE SEMICON: Depressed Revenues Cue S&P to Cut Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Freescale Semiconductor Inc. to 'B+' from 'BB-' and
removed the rating from CreditWatch where it was placed with
negative implications on Sept. 18, 2007.  The outlook is
negative.

The action reflects the company's depressed revenues and cash
flows, resulting in debt leverage well above earlier
expectations, and limited prospects for material near-term
improvement.

"The ratings on Freescale reflect high debt leverage, about 7x
EBITDA, which is not likely to materially improve over the
intermediate term, reflecting ongoing challenging conditions in
the company's key markets, and substantial revenue dependence on
Motorola's cell phone business," said Standard & Poor's credit
analyst Bruce Hyman.

This is offset partially by the company's strong technology base
and expectations that its good business position with its key
customers will not significantly erode.

Freescale is a major supplier to the networking, wireless, and
automotive markets, where its semiconductors are key components
of platforms with multiyear design lives.

Debt leverage, 6.9x EBITDA for the four quarters ended September
2007, is expected to decline only modestly over the intermediate
term.

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


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


AK BARYS: Proof of Claim Deadline Slated for Dec. 22
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared JSC Ak Barys insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan
         Kazakhstan
         Tel: 8 (3152) 46-35-83


BEREKE LLP: Creditors Must File Claims Dec. 22
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Bereke insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tel: 8 (7253) 34-04-51
              8 701 751 98-65


CONTINENT-TARAZ LLP: Claims Filing Period Ends Dec. 22
------------------------------------------------------
LLP Computer Centre Continent-Taraz has declared insolvency.
Creditors have until Dec. 22 to submit written proofs of claims
to:

         LLP Computer Centre Continent-Taraz
         Abai Str. 121a
         Taraz
         Jambyl
         Kazakhstan


ELIT INVEST-LTD: Creditors' Claims Due on Dec. 22
-------------------------------------------------
LLP Elit Invest-Ltd has declared insolvency.  Creditors have
until Dec. 22 to submit written proofs of claims to:

         LLP Elit Invest-Ltd
         Komarov Str. 7
         Baiserke
         Ilyisky District
         Almaty
         Kazakhstan


GRATSIYA LLP: Claims Registration Ends Dec. 22
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Gratsiya insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan
         Kazakhstan
         Tel: 8 (3152) 46-35-83


MILLENIUM ASSETS: Proof of Claim Deadline Slated for Dec. 22
------------------------------------------------------------
LLP Millenium Assets has declared insolvency.  Creditors have
until Dec. 22 to submit written proofs of claims to:

         LLP Millenium Assets
         Second Floor
         Dostyk Ave. 105
         Almaty 050051
         Kazakhstan


REA-CONSULTING LLP: Creditors Must File Claims Dec. 22
------------------------------------------------------
LLP Rea-Consulting has declared insolvency.  Creditors have
until Dec. 22 to submit written proofs of claims to:

         LLP Rea-Consulting
         Micro District 5, 30-34
         Almaty
         Kazakhstan


TIMKO INSAAT-KZ: Claims Filing Period Ends Dec. 22
--------------------------------------------------
LLP Timko Insaat-KZ has declared insolvency.  Creditors have
until Dec. 22 to submit written proofs of claims to:

         LLP Timko Insaat-KZ
         Djangildin Str. 11/1
         Saryarka District
         Astana
         Kazakhstan


YNTYMAK LLP: Creditors' Claims Due on Dec. 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Yntymak insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tel: 8 (7253) 34-04-51
              8 701 751 98-65


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


HILLY AND JOHN: Proof of Claim Deadline Slated for December 26
--------------------------------------------------------------
LLC Hilly and John National has declared insolvency.  Creditors
have until Dec. 26 to submit written proofs of claim to:

         LLC Hilly and John National
         Tynystanov Str. 64/1-10
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-79-69


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


EVRAZ GROUP: EC Extends Highveld Asset Sale Deadline to Jan. 20
---------------------------------------------------------------
Evraz Group S.A. disclosed that the Commission of the European
Communities has extended until Jan. 20, 2008, the divestiture
period during which Highveld Steel and Vanadium Corporation
Limited, South Africa, is obliged to dispose of certain vanadium
assets.

Evraz owns 80.9% of the entire issued share capital of Highveld.

                          About Evraz

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

                         *     *     *

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

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

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


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


BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President
--------------------------------------------------------------
Bausch & Lomb has named A. Robert D. Bailey as its corporate
vice president and general counsel.  Mr. Bailey was most
recently vice president, assistant general counsel and assistant
secretary for the company.

Mr. Bailey re-joined Bausch & Lomb in 1997 after serving as
associate general counsel and assistant secretary at Goulds
Pumps, Inc. from 1995-1997.  He first joined at Bausch & Lomb as
counsel from 1994 to 1995.  He began his legal career as an
associate with what is now the Nixon Peabody law firm in
Rochester, New York.

Mr. Bailey holds a J.D., cum laude, from the University of
Minnesota and a B.A. degree from St. Olaf College in Northfield,
Minnesota.  He is admitted to practice in the State of New York.

Mr. Bailey replaces Robert B. Stiles who has announced his
intention to retire from Bausch & Lomb in 2008, after a career
spanning more than 25 years with Bausch & Lomb, most recently as
senior vice president and general counsel.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 31, 2007, Moody's Investors Service has confirmed and will
withdraw Bausch & Lomb Incorporated's Ba1 Corporate Family
Rating, Ba1 Probability of Default Rating and Ba1 ratings on
certain existing senior unsecured notes.  The rating outlook was
revised to stable and will be withdrawn.


FIRST DATA: Inks Quickpay Agreement with Tim Hortons
----------------------------------------------------
First Data Corp. has signed an agreement with Tim Hortons(R),
Canada's largest quick service restaurant chain, to provide
transaction processing for its new convenience card program
called Quickpay Tim Card(TM).

The Quickpay Tim Card is a pre-paid, re-loadable cash card that
can be used to pay for purchases both in-store and at the drive
thru at participating Tim Hortons stores.  Tim Hortons recently
launched the Tim Card at participating locations throughout
Canada.

First Data will provide transaction processing and will
manufacture the cards.  Tim Hortons' prepaid solution will also
feature connectivity via the Datawire transport network.  The
Datawire network, owned and operated by First Data, has become
the standard in the payments industry for point-of-sale
connectivity via the Internet.

"We are pleased to partner with Tim Hortons as they launch Tim
Card," said Peter Harrington, President, Latin America and
Canada, First Data International.  "We are committed to
providing our clients with tailored solutions that fit their
business.  This gift card solution gives merchants of all sizes
the ability to increase sales, strengthen customer loyalty and
enhance promotional activities, while providing their customers
with a convenient method of payment."

"First Data provides a solid solution, has the market experience
and can deliver the capabilities that Tim Hortons needs," said
David Clanachan, EVP, Training, Operations Standards, R&D and
Quality Assurance, Tim Hortons.  "The flexibility of First
Data's cash card solution will allow us to successfully launch
our Tim Card program."

                       About Datawire

The Datawire Network is a distributed transaction transport
network, which has emerged as the de facto standard for public
Internet Point-Of-Sale (POS) connectivity for merchants. First
Data acquired Datawire in February of 2007. The patented VXN
technology has been architected to provide secure, reliable,
consistent and rapid transaction transport. The Datawire network
has been in service for over 5 years and has transported
billions of transactions, servicing at present approximately
100,000 merchant locations worldwide.

                    About Tim Hortons Inc.

Tim Hortons -- http://www.timhortons.com/-- is the fourth
largest publicly-traded quick service restaurant chain in North
America based on market capitalization, and the largest in
Canada.  Tim Hortons appeals to a broad range of consumer
tastes, with a menu that includes coffee and donuts, premium
coffees, flavored cappuccinos, specialty teas, home-style soups,
fresh sandwiches and fresh baked goods.  As of Sept. 30, 2007,
Tim Hortons had 3,110 system-wide restaurants, including 2,758
in Canada and 352 in the United States.

                      About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/
-- provides  electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2007, Fitch Ratings has assigned a 'B-' rating to First
Data Corp.'s proposed USUS$2 billion senior unsecured notes due
2015 offering.

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's Investors Service has assigned these
ratings:

   -- Corporate Family Rating - B2

   -- USUS$2 billion senior secured revolving credit facility
      (expires 2013) - Ba3, LGD2 (27%)

   -- USUS$13 billion senior secured Term Loan B (due 2014) -
      Ba3, LGD2 (27%).


FLOWSERVE CORP: Selling Rail Business-Related Assets to Vossloh
---------------------------------------------------------------
Flowserve Corporation has reached a tentative agreement to sell
the rail business related assets of its wholly owned Australian
subsidiary Thompsons Kelly & Lewis Pty Ltd., to Vossloh AG.
Terms of the sale were not disclosed.

The transaction is expected to be finalized by mid-December and
is subject to approval by Vossloh AG's Supervisory Board.

The TKL rail operations are a part of Flowserve's Australian
pump business.  Rail assets that are part of the sale include
those at Castlemaine, Orange and Kewdale.  Total revenue in 2006
related to these assets was approximately US$11 million.  The
affected rail assets were originally acquired when Flowserve
purchased TKL in 2004.  Based on Flowserve's current set of core
strategies in the fluid motion and control industry, these
assets were considered non-core to the business. The pump assets
at TKL, however, remain a core part of Flowserve.

TKL rail is a leading rail switch brand in Australia and is
known for its product quality and expertise.  The rail business
currently is experiencing growth based on the demand for rail
infrastructure in the country.

"A strategic divestiture of this nature to a company whose core
operations are more strongly aligned with the rail business
should offer better future opportunities for the business in
market share, capital investment and access to technology," said
Lewis Kling, Flowserve President and CEO.

The company will operate as Vossloh Cogifer Australia.

                       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.


KONINKLIJKE AHOLD: Earns EUR2.68 Bln for First Nine Months 2007
---------------------------------------------------------------
Koninklijke Ahold N.V. released its financial results for the
first nine months and third quarter ended Sept. 30, 2007.

Ahold posted EUR2.68 billion in net income on EUR21.54 billion
in net revenues for the first nine months of 2007, compared with
EUR675 million in net income on EUR21.23 billion in net revenues
for the same period in 2006.

Ahold posted EUR214 million in net income on EUR6.32 billion in
net revenues for the third quarter of 2007, compared with
EUR210 million in net income on EUR6.25 billion in net revenues
for the same period in 2006.

As of Sept. 30, 2007, Ahold had EUR14.75 billion in net assets,
EUR10.53 billion in total liabilities, and EUR4.22 billion in
total shareholders' equity.

"We continue to make good progress with our strategy. In the
United States, our Value Improvement Program at Stop & Shop and
Giant-Landover remains on track, with almost half the program
completed," John Rishton, President and CEO, said.  "The
progress made so far has enabled us to accelerate the program
and we now expect to complete 70% by year-end, up from the
previous target of 50%.  In October, we announced a major three-
year remodeling program of more than half of our Giant-Landover
stores and the agreement to sell the remainder of our Tops
operation.

"In Europe, Albert Heijn continues to show impressive
performance.  In the Czech Republic, we are making significant
price investments as part of our repositioning strategy. In
Slovakia, we have decided to continue operating as a result of
improved performance and the current difficult financial
markets.


"For our total core retail operations, we expect the operating
margin for the full-year 2007 to be at the higher end of our
previous guidance of 4% to 4.5%.

"Following the capital repayment in August and the EUR1 billion
share buyback program completed yesterday, we have returned a
total of EUR4 billion to shareholders this year. In addition, we
plan to reinstate an annual dividend on Ahold's common shares.

"The proposed dividend for the 2007 financial year will be
announced with our full-year results on March 6, 2008."

                          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.


KRATON POLYMERS: Moody's Affirms B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed Kraton Polymers LLC's B1
corporate family rating but revised the company's outlook to
negative as Moody's expects continued margin weakness, due to
delays in passing on the full extent of raw material cost
increases to Kraton customers, which will diminish free cash
flow from operations over the next 12 to 18 months.

Moody's has revised the outlook to negative from stable.

Kraton's margins have been adversely impacted by an upturn in
raw material costs such that gross margins for the third quarter
have dropped to 16% from 22% year-over-year despite a measure of
success in achieving some price increases.  Year to date,
Kraton's cost of goods sold, as measured on a US dollar per
metric ton basis, have increased 11% and only 43% of these
higher costs have been passed on to customers.  Margin declines
have also served to offset the benefits of successful programs
to cut fixed costs.  New cost cutting efforts are just being
completed and their benefits to cash flows have not been
realized.

In early 2007, Moody's indicated the ratings or outlook could be
lowered if Kraton significantly under performed our forecast
such that debt to EBITDA exceeded 5.5 times or retained cash
flow to total debt declined below 7% over the next 18 months.
Due to margin pressures, for the LTM period ending
Sept. 30, 2007, adjusted debt to EBITDA was 7.3 times (adjusted
for pensions and capitalized leases) and retained cash flow to
total adjusted debt declined below 5% -- metrics that drive the
change in the outlook to negative.  Moody's will monitor
Kraton's performance, cost saving initiatives, and ability to
increase product prices over the next few quarters as it seeks
to reverse this margin pressure, but its ratings could be
downgraded in the absence of sustainable improvement.

Moody's also views Kraton's liquidity profile as facing pressure
due to potential breaches of financial covenants.  The company
made a US$40 million pre-payment on its term loan in the third
quarter from available cash.  The 5.45 debt to adjusted EBITDA
covenant in Kraton's credit facility would have been breached in
the third quarter of 2007 if the company had not made at least a
US$16 million pre-payment on its term loan.  The credit
facilities' leverage and interest coverage covenants tighten in
2008, raising the possibility that Kraton may fail to meet
covenant tests by the end of the second quarter of 2008 if
margin pressure accelerates.  At Sept. 30, 2007, Kraton had no
borrowings under the revolving portion of its US$75.5 million
credit facility and more than US$30 million in cash on the
balance sheet.

Based in Houston, Texas, Kraton Polymers LLC --
http://www.kraton.com/-- produces styrenic block copolymers.
SBCs are highly-engineered thermoplastic elastomers, which
enhance the performance of numerous products by delivering a
variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.  Its production
facilities are located in the United States, Germany, France,
The Netherlands, Brazil, and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Standard & Poor's Ratings Services lowered its
ratings on Kraton Polymers LLC, including the corporate credit
and senior secured debt ratings to 'B' from 'B+'.  S&P said the
outlook is negative.


NXP BV: S&P Cuts Long-Term Rating to B+ on High Leverage
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
on Netherlands-based semiconductor manufacturer NXP B.V. to 'B+'
from 'BB-'.  The outlook is negative.

"The downgrade is due to NXP's persistently high financial
leverage in spite of signs of margin stabilization in third-
quarter 2007," said Standard & Poor's analyst Patrice Cochelin.

NXP had high adjusted gross leverage of about 6.8x at Sept. 30,
2007.  Adjusted EBITDA coverage of pro forma interest was about
2.0x at the same date.  This is before any adjustment for
minority interest in 61%-owned Systems on Silicon Manufacturing
Co. Pte. Ltd.

The negative outlook primarily reflects NXP's very high leverage
and challenging industry conditions.  If NXP can reduce gross
leverage to within the 5x-6x band compatible with the rating--
notably as EBITDA benefits from the business renewal program--we
could revise the outlook to stable.  Failure to deleverage in
line with those expectations could lead to increased rating
pressure, however.


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


LEAR CORP: Makes Two Executive Position Appointments
----------------------------------------------------
Lear Corporation has appointed Terrence B. Larkin to senior vice
president, general counsel and corporate secretary and Wendy L.
Foss to vice president, corporate controller and chief
compliance officer.

Mr. Larkin will assume responsibility for Lear Corp.'s legal and
regulatory matters globally, effective Jan. 1, 2008.  He will
report to executive vice president and chief administrative
officer Daniel Ninivaggi.

Mr. Larkin joins Lear Corp. from Bodman LLP where he served as a
partner since 1986 and chairman of the firm's Business Law
Practice Group.  During his tenure with Bodman, he focused on
general corporate and transactional matters, with a particular
expertise in supporting clients in the automotive industry.  He
is a board member of the Detroit Regional Chamber of Commerce,
an advisory board member of the Detroit Regional Economic
Partnership, a fellow of the Michigan State Bar Association and
general counsel for the Better Business Bureau for Detroit /
Eastern Michigan region.

"We are very fortunate to have someone with Terry's deep legal
experience and sound business judgment join the Lear team," said
Mr. Ninivaggi.  "He brings a wealth of legal expertise,
particularly in the areas of corporate and transactional
matters, and coupled with the solid automotive perspective he
brings to this position, will be a welcome addition to our
senior management team."

In her new role, Ms. Foss will assume the responsibilities of
the corporate controller function in addition to her existing
positions as vice president and chief compliance officer.  Her
appointment as controller is effective immediately and she will
report to senior vice president and chief financial officer Matt
Simoncini for finance matters.

"Wendy has demonstrated leadership abilities in a number of key
finance positions with Lear and her appointment as controller is
well deserved," said Mr. Simoncini.  "I look forward to her
future contributions toward the success of Lear in this
extremely important role."

                       About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2007, Moody's Investors Service affirmed Lear
Corporation's Corporate Family Rating of B2 with a stable
outlook.  Ratings on the company's term loan of B2 and on its
unsecured notes of B3 were similarly affirmed but with slight
revisions to their respective LGD point estimates.  The
company's liquidity rating of SGL-2, designating good liquidity
was also affirmed.

Ratings affirmed with revised LGD point estimates:

-- Corporate Family Rating, B2

-- Probability of Default, B2

-- Senior Secured Term Loan, B2 (LGD-3, 47%) from B2 (LGD-4,
   50%)

-- Senior Unsecured Notes to B3 (LGD-4, 58%) from B3 (LGD-4,
   61%)

-- Shelf ratings for senior unsecured, subordinated and
   preferred, (P)B3 (LGD-4, 58%), (P)Caa1(LGD-6, 97%), and
   (P)Caa1 (LGD-6, 97%) respectively from (P)B3 (LGD-4, 61%),
   (P)Caa1 (LGD-6, 97%), and (P)Caa1 (LGD-6, 97%)
   respectively.

-- Speculative Grade Liquidity Rating, SGL-2


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


BANK URALSIB: Modest Profitability Cues Fitch to Hold B+ IDR
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Bank Uralsib's Long-term
Issuer Default rating at 'B+', Short-term IDR at 'B', Individual
rating at 'D', Support rating at '4' and Support Rating Floor at
'B'.  The Outlook for the Long-term IDR is Stable.

The ratings reflect Uralsib's modest core profitability; still
sizable, although reduced, equities exposures, which result in
volatility in the bank's earnings; significant levels of
impairment in the rapidly growing retail loan portfolio; and
material related party exposures.  At the same time, the ratings
also take into consideration Uralsib's nation-wide franchise,
which is sizeable for a Russian privately owned bank; strong
regional diversification; low loan concentrations for the
Russian market; and currently comfortable liquidity.

Core profitability is currently modest as a result of high costs
and moderate interest income generation, although the situation
has been gradually improving since 2005.  Negative net income in
first half of 2007 was a result of significant losses from
equity positions in Russian oil company Lukoil and other oil and
gas stocks, although these exposures have resulted in large
gains in previous years.  The Lukoil position has been declining
gradually and most of the other stocks were sold in first half
of 2007, but in total they still represented a considerable 39%
of equity at end of first half of 2007.

"Improvements in core earnings, and therefore stronger internal
capital generation to support growth, combined with further
sustainable reductions in market risk exposures could exert
upward pressure on the ratings," says Vladimir Markelov,
Associate Director at the Fitch's Financial Institutions team in
Moscow.  Downward pressure on the ratings is not expected in the
near-term, although any substantial credit or market losses,
resulting in a significant tightening of capitalization, could
have a negative effect.

Uralsib was the second-largest privately owned Russian bank by
assets at end of first half of 2007.  Uralsib Financial
Corporation holds a 90% stake in Uralsib, and 7% is held by the
Bashkortostan Republic government.  UFC has two individual
shareholders, one of whom is Nikolai Tsvetkov, who is currently
consolidating a majority stake in UFC.


BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend
-----------------------------------------------------------
Bristow Group Inc. Board of Directors has declared a dividend of
US$0.68750 per share of Mandatory Convertible Preferred Stock
issued and outstanding at the close of business on Dec. 1, 2007,
which will be payable on Dec. 17, 2007, to stockholders of
record at the close of business.  There are 4,600,000 shares of
Bristow's Mandatory Convertible Preferred Stock issued and
outstanding.

                  About Bristow Group Inc.

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

                        *     *     *

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


BRYANSKIJ OJSC: Creditors Must File Claims by Dec. 10
-----------------------------------------------------
Creditors of OJSC Diesel-Driven Machinery Repair Pilot Plant
Bryanskij have until Dec. 10 to submit proofs of claim to:

         S. S. Suvorov
         Interim Manager
         P.O. Box 183
         127018 Moscow
         Russia

The Arbitration court of Bryansk will convene on May 12, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A09-6208/07-34.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Diesel-Driven Machinery Repair Pilot Plant
         Bryanskij
         Yuralskaya Str. 107
         241020 Bryansk
         Russia


EVRAZ GROUP: EC Extends Highveld Asset Sale Deadline to Jan. 20
---------------------------------------------------------------
Evraz Group S.A. disclosed that the Commission of the European
Communities has extended until Jan. 20, 2008, the divestiture
period during which Highveld Steel and Vanadium Corporation
Limited, South Africa, is obliged to dispose of certain vanadium
assets.

Evraz owns 80.9% of the entire issued share capital of Highveld.

                          About Evraz

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

                         *     *     *

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

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

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


IC RUSS-INVEST: Volatile Earnings Cue Fitch' B IDR
--------------------------------------------------
Fitch Ratings has affirmed Russia's OJSC Investment Company IC
Russ-Invest's ratings at Long-term Issuer Default 'B', National
Long-term 'BBB-(rus)' and Short-term IDR 'B'.  The Outlooks for
the Long-term IDR and National Long-term rating are Stable.

The ratings reflect IC Russ-Invest's high exposure to Russian
market risk, resulting in potential earnings volatility, and
potential corporate governance concerns that surround a small
company owned by management.  The ratings also reflect the
absence of any debt at IC Russ-Invest.

Upside rating potential for IC Russ-Invest is currently limited
by its size and reliance on proprietary trading, with a sole
focus on the Russian market.  Downside pressure could result
from material changes in leverage or capital management, which
Fitch does not foresee at this stage.

Fitch notes that although IC Russ-Invest has managed to record
healthy profits over the last five years, its performance has
not been tested in a prolonged downturn in the local stock
market.  At the same time, Fitch understands that operating
costs are comfortably covered by relatively stable interest
income.

IC Russ-Invest is a former voucher fund with a shareholder base
of more than 2.2 million individuals, although management owns a
controlling stake.  The company's main activity is trading on
its own account.  It invests in RUB-denominated securities that
are mostly traded on either RTS or MICEX.


PENZAALCOHOLPROM: Creditors Must File Claims by Jan. 10, 2008
-------------------------------------------------------------
Creditors of OJSC Penzaalcoholprom have until Jan. 10, 2008, to
submit proofs of claim to:

         LLC UK Region-Yug
         Stasova-Sormovskaya Str. 178-180/1
         350075 Krasnodar
         Russia

The Arbitration Court of Penza commenced competitive proceedings
against the company on Oct. 18.  The Court appointed A. D.
Mavrov as competitive proceedings manager.  The case is docketed
under Case No. A49-1678/2007-23B/26.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         OJSC Penzaalcoholprom
         Volodarskogo Str. 49
         440600 Penza
         Russia


RNP CAUCASUS: Creditors Must File Claims by Jan. 10, 2008
---------------------------------------------------------
Creditors of CJSC rNP Caucasus have until Jan. 10, 2008, to
submit proofs of claim to:

         A. Kh. Tkhagapsoev
         Competitive proceedings manager
         Lenina Pr. 36
         Nal'chik
         360022 Kabardino-Balkarian
         Russia

The Arbitration Court of Kabardino-Balkarian commenced
competitive proceedings against the company after finding it
insolvent on Feb. 14.  The case is docketed under Case No.
A20-1488/06.


SARMAKOVSKAYA MPMK: Creditors Must File Claims by Jan. 10, 2008
---------------------------------------------------------------
Creditors of CJSC Sarmakovskaya MPMK have until Jan. 10, 2008,
to submit proofs of claim to:

         A. Kh. Tkhagapsoev
         Competitive proceedings manager
         Lenina Pr. 36
         Nal'chik
         360022 Kabardino-Balkarian
         Russia

The Arbitration Court of Kabardino-Balkarian commenced
competitive proceedings against the company after finding it
insolvent on April 25.  The case is docketed under Case No.
A20-1559/06.


SOUTHERN TELECOMMUNICATIONS: S&P Lifts Ratings to B
---------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russian regional fixed-line telecoms
operator Southern Telecommunications Co. to 'B' from 'B-'.  At
the same time, the Russia national scale rating was raised to
'ruA' from 'ruBBB'.

Both ratings were removed from CreditWatch, where they had been
placed with positive implications on June 6, 2007.  The outlook
is positive.

"The upgrade reflects significant improvement in STC's operating
performance and financial profile," said Standard & Poor's
credit analyst Alexander Griaznov.

STC's debt leverage has been declining and the company's limited
capital expenditures and increasing EBITDA continue to translate
into positive free operating cash flow.  The company's
profitability, driven by a growing share of value-added services
and tight cost control, saw a notable improvement, with a first-
half 2007 EBITDA margin of 38.7%, under IFRS.  Liquidity is
improving, supported by positive free cash flow generation
(helped by lower working-capital needs) and successful
refinancing efforts.

The ratings remain constrained by STC's aggressive financial
risk profile; limited revenue diversification, combined with the
need to further improve operating efficiency; and the
uncertainty of further regulatory and industry reform.

STC's dominant position in key telephony segments in its
franchise area and its established position as a regional
incumbent operator in Russia's telecoms industry support the
ratings.

"We expect a possible one-notch upgrade if the company maintains
its improving performance trends and continues deleveraging
toward a more moderate leverage ratio," said Mr. Griaznov.

Management has a target leverage ratio of net debt to EBITDA of
2.1x by 2011, which falls in line with the possibility of a
higher rating.

STC's inability to maintain its performance dynamics, indicating
a meaningful decline of profitability or an increase in debt of
more than S&P's expectations could, however, cause the outlook
to be revised to stable.


SOVKHOZ KABARDINSKIJ: Claims Filing Period Ends by Jan. 10, 2008
----------------------------------------------------------------
Creditors of OJSC Stud Sovkhoz Kabardinskij have until Jan. 10,
2008, to submit proofs of claim to:

         A. Kh. Tkhagapsoev
         Competitive proceedings manager
         Lenina Pr. 36
         Nal'chik
         360022 Kabardino-Balkarian
         Russia

The Arbitration Court of Kabardino-Balkarian commenced
competitive proceedings against the company after finding it
insolvent on Feb. 6.  The case is docketed under Case No.
A20-1491/06.


TMK OAO: Board Recommends RUR3.17 Billion Dividend Payout
---------------------------------------------------------
OAO TMK's Board of Directors has recommended that shareholders
approve interim dividends of RUR3.63 per share for the first
nine months of 2007.

A total of RUR3,168,993,630 will be paid out as dividend by
Feb. 24, 2008.  This amount corresponds to TMK's policy to pay
dividends amounting to at least 25% of its annual IFRS
consolidated net profits.

The company's Board of Directors has decided to convene an
Extraordinary General Meeting of Shareholders in the form of an
absentee ballot on Dec. 25, 2007.

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

Other matters to be considered will concern the approval of
transactions associated with the financing of TMK's Strategic
Investment Program and the restructuring of the Company's and
its subsidiaries' credit portfolios.

As part of a long-term program to transfer external borrowings
from the subsidiary level to the OAO TMK level, the Company
plans to replace short-term bank loans made to its subsidiaries
with long-term loans from OAO TMK.

Voting will also concern the company's guarantee for its
subsidiary, Seversky Tube Works (STZ), regarding a loan from
France's Societe Generale to partially finance the acquisition
of a Fine Quality Mill (FQM) from Italy's Danieli.

TMK is to guarantee the repayment of the loan in the amount of
EUR 88,655,000 plus interest, commissions, and all other
payments, with a total value amounting to more than 2% of TMK's
balance sheet, determined by accounting report data, as of
Sept. 30, 2007.

                            About TMK

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

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2007, Moody's
Investors Service changed the outlook on the Ba3 corporate
family and the Aa3.ru national scale ratings of TMK and the B1
senior unsecured rating of the loan participation
notes issued by TMK Capital S.A. to positive from stable.

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


URALSIB LEASING: Fitch Rates IDR at B+ with Stable Outlook
----------------------------------------------------------
Fitch Ratings has assigned Uralsib Leasing (Long-term foreign
currency and local currency Issuer Default Ratings of 'B+' and a
Short-term foreign currency IDR of 'B'.  The Outlooks for the
Long-term IDRs are Stable.  Fitch has also assigned UL a Support
rating of '4'.

The ratings consider the potential support UL would be likely to
receive from the main shareholder, Russia's Bank Uralsib
('B+'/Outlook Stable).  UL is highly integrated within Bank
Uralsib's operations and, notwithstanding the increasing focus
on independence (notably from a funding perspective), it remains
dependent on the bank for a number of functions, including risk
management and collection services.

Established in 2002, with the original focus on providing
leasing services to Bank Uralsib's customers, UL has grown its
franchise and diversified many of its activities.  Its portfolio
of finance leases is highly concentrated, as is its funding, but
asset quality has been good to date, leverage is reasonable and
profitability is sound.

UL is one of Russia's top five leasing company, providing a wide
range of products to small businesses, middle market and large
corporations.  The company presently operates through a network
of 48 offices.  UL is 87.6%-owned by Bank Uralsib.  UL's
beneficial owner is Nikolai Tsvetkov, who is also the ultimate
owner of Uralsib Financial Corporation.


* S&P Rates Bashkortostan's Upcoming RUR1.5 Bln Loan at BB
----------------------------------------------------------
Standard & Poor's Ratings Services said assigned its 'BB' senior
unsecured debt rating to the upcoming RUR1.5 billion (US$61
million) fixed-coupon bonds to be issued by the Russian Republic
of Bashkortostan (BB/Positive/--).

The bond will be placed on Dec. 4, 2007, and will have six
coupon payments of 4% each.  The bond matures in December 2010,
with a 1,092-day maturity.

"The rating on the bond is the same as the long-term issuer
credit rating on Bashkortostan," said Standard & Poor's credit
analyst Boris Kopeykin.

The rating on the Republic of Bashkortostan, located in the
Russian Federation (foreign currency BBB+/Stable/A-2; local
currency A-/Stable/A-2; Russia national scale 'ruAAA'), is
constrained by its low budget predictability and flexibility, a
concentration of major taxpayers in the oil processing and
extraction industries, long-term expenditure pressure, and
still-low wealth in the international context.

These constraints are mitigated by the republic's low debt,
strong liquidity, and growing economy.

"We expect Bashkortostan's prudent financial management and
gradual economic growth to help the republic maintain sound
financial indicators, despite expenditure pressures," said Mr.
Kopeykin.

Future positive rating actions could be driven by increased
visibility in the republic's medium-term financial position, and
a clearer cash reserve management strategy, confirming the
expectations of prudent financial policies.

In contrast, a more aggressive financial policy, with rapid
depletion of cash reserves and a deterioration in financial
performance to weaker-than-expected levels could put pressure on
the ratings.


* S&P Puts BB- Rating to Kyiv's US$250 Million Loan
---------------------------------------------------
Standard & Poor's Rating Services assigned its 'BB-' long-term
foreign currency senior unsecured debt rating to the proposed
US$250 million loan participation notes to be issued by Credit
Suisse International (AA-/Positive/A-1+) to fund a loan to the
Ukrainian City of Kyiv (BB-/Negative/--).

"The rating on the notes is equalized with the issuer credit
rating on the city," said Standard & Poor's credit analyst Boris
Kopeykin.

The maturity of the notes will be five years and they will be
issued on or about Nov. 26, 2007.  Credit Suisse International
will not provide any payment guarantees, and debt servicing on
the notes will depend solely on Kyiv's ability to repay the
loan.

"The proceeds of the loan will be used for capital investments
in public infrastructure--mostly an important bridge
construction project--and refinancing the city's existing debt
obligations," said Mr. Kopeykin.

The rating on the City of Kyiv, capital of Ukraine (foreign
currency BB-/Negative/B; local currency BB/Negative/B; Ukraine
national scale 'uaAA'), reflects Kyiv's limited fiscal
flexibility--due to central government control of major
revenues--and evolving inter-budgetary relations.  The rating is
also constrained by significant expenditure pressures,
relatively high foreign exchange risk related to bullet debt
repayments, and the need for further improvements in management
sophistication and transparency.

The rating is supported by the city's position as the economic,
financial, and cultural center of Ukraine--which results in
growing budget revenues--and sound liquidity levels.


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


GAT FTGENCAT: Moody's Junks EUR18.8 Million Series E Notes
----------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by Spanish securitization fund GAT
FTGENCAT 2007, FOndo de Titulizacion de Activos:

   -- (P)Aaa to the EUR276.7 million Series A1 notes;
   -- (P)Aaa to the EUR280.8 million Series A2(G) notes;
   -- (P)Aa3 to the EUR11.6 million Series B notes;
   -- (P)A3 to the EUR33.8 million Series C notes;
   -- (P)Baa3 to the EUR22.1 million Series D notes;
   -- (P)C to the EUR18.8 million Series E notes.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (December 2049).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal on Series A1, A2(G),
B, C and D at par on or before the rated final legal maturity
date, and for ultimate payment of interest and principal at par
on or before the rated final legal maturity date on Series E.

GAT FTGENCAT 2007, FTA is a securitization fund created with the
aim of purchasing a pool of loans granted by Caixa d'Estalvis de
Catalunya and Caixa d'Estalvis de Terrassa to Spanish corporates
and self-employed individuals based in Catalonia, in compliance
with the conditions required by the FTGENCAT program in order to
qualify for the Generalitat de Catalunya guarantee.

In Moody's view, strong features within this deal include, among
others:

   (1) a swap agreement guaranteeing the WA margin on the notes
       plus an excess spread of 0.65% and covering the servicing
       fee;

   (2) a 3.696% reserve fund to cover potential shortfalls in
       interest or principal;

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

   (4) the guarantee of the regional government of Catalonia
      (Aa3) for the Series A2(G) notes; and

   (5) the fact that the management company will elect the loans
       from the provisional pool that will result in the least
       concentrated securitized pool.

However, the transaction poses several challenging features,
namely:

   (1) geographical concentration in the region of Catalonia;

   (2) limited historical default and recovery information
       received from the originators;

   (3) pro-rata amortisation of the notes; and

   (4) the negative impact of the interest deferral trigger on
       the subordinated series.

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets comprised, as of
October 2007, a portfolio of 8,809 loans granted to 8,028
borrowers, which are Spanish enterprises or self-employed
individuals based in Catalonia.  The loans have been originated
between 1989 and June 2007, with a weighted average seasoning of
1.5 years and a weighted average remaining life of 11.3 years.
The interest rate is floating for the highest portion of the
pool (91.31%) and the weighted average interest rate of the pool
is 5.38%.  Around 63% of the outstanding of the portfolio is
secured by a mortgage guarantee over different types of
properties, 70% of that figure being first-lien with a weighted
average loan-to-value of 55%.  The remaining 37% is secured by a
personal guarantee. Geographically the pool is fully
concentrated in Catalonia and around 37% of the portfolio is
concentrated in the "buildings and real estate" sector according
to Moody's industry classification.  In terms of debtor
concentration, the pool includes exposures up to 1.33% of the
issuance amount.  At closing, the management company will elect
the loans from the provisional portfolio that will result in the
least concentrated securitized pool.

Moody's based the provisional ratings primarily on:

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

  (ii) historical performance information;

(iii) the swap agreements hedging the interest rate risk;

  (iv) the credit enhancement provided through the GIC account,
       the excess spread, the reserve fund and the subordination
       of the notes; and

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

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

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


TOWER AUTOMOTIVE: Reaches Settlement Resolving Michigan's Claim
---------------------------------------------------------------
The Tower Automotive Post-Consummation Trust, the trust that has
represented Tower Automotive, Inc., and its affiliates following
their emergence  from bankruptcy protection and the effective
date of their reorganization plan, has reached a settlement with
respect to business and use taxes due to the State of Michigan.

The State of Michigan submitted proofs of claim against TAI's
affiliates.

On July 17, 2005, the State of Michigan Department of Treasury
filed Claim No. 6394 against Tower Automotive Michigan, LLC, for
US$1,994, which was subsequently amended and superseded by Claim
No. 6419 for US$313,821 and Claim No. 6504 for US$301,877.

On July 28, 2007, Michigan filed Claim No. 6420 against Tower
Automotive Plymouth, Inc., for US$10,772,667 and Claim No. 6395
for US$500,456.  The Claims were subsequently amended and
superseded by Claim No. 6499 for US$10,302,488, Claim No. 6517
for US$11,690,291, Claim No. 6686 for US$11,689,834 and Claim
No. 6724 for US$4,643,767.

Michigan also filed Claim No. 6421 against Tower Automotive
Products, Co., for US$10,272,211, which was subsequently amended
and superseded by Claim No. 6498 for US$10,302,032.

The Debtors filed their 22nd Omnibus Claims Objection seeking to
expunge Michigan's claims as amended or duplicative.

As a result of arm's-length negotiations and an exchange of
information, the Post-Consummation Trust and Michigan has agreed
that:

    -- Claim No. 6504 will be reduced and fixed for US$46,799
       and will be entitled to treatment as a priority tax claim
       against the TAM estate;

    -- Claim No. 6724 will be reduced and fixed for US$19,096
       and will be entitled to treatment as a priority tax claim
       against the TAP estate;

    -- Claim No. 6498 will be reduced and fixed for US$32,645
       and will be entitled to treatment as a priority tax claim
       against the TAPC estate;

    -- The Fixed Claims supersede the claims that the Debtors
       scheduled in favor of Michigan will be deemed immediately
       expunged without further Court order; and

    -- the Debtors' 22nd Omnibus Objection will be deemed
       settled.

The Court-confirmed First Amended Joint Plan of Reorganization
of TAI and its affiliates provides that priority tax claims will
paid in full and unimpaired under the Plan.

                   About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,
Fiat, Ford, GM,Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen
and Volvo.  Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations
in Korea, Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.  On July 11, 2007,
the Court confirmed the Debtors' Amended Chapter 11 Plan and the
Debtors  emerged from Chapter 11 on July 31, 2007.  (Tower
Automotive Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


BIRRER.BURKART: Creditors' Liquidation Claims Due by November 30
----------------------------------------------------------------
Creditors of LLC birrer.burkart architekten have until Nov. 30
to submit their claims to:

         LLC birrer.burkart architekten
         Landschaustrasse 17
         6006 Lucerne
         Switzerland


CEMPROTEC LLC: Creditors' Liquidation Claims Due by November 28
---------------------------------------------------------------
Creditors of LLC CemProTec have until Nov. 28 to submit their
claims to:

         Louis Schiess
         Froschenweidstrasse 10
         8404 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC CemProTec
         Winterthur ZH
         Switzerland


DANSTAR NUTRISCIENCE: Creditors Must File Claims by November 30
---------------------------------------------------------------
Creditors of LLC Danstar NutriScience have until Nov. 30 to
submit their claims to:

         Dr. Willi Dietschi
         Dufourstrasse 43
         Mailbox 926
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Danstar NutriScience
         Zug
         Switzerland


ENTERTAINMENT ONE: Creditors' Liquidation Claims Due by Nov. 28
---------------------------------------------------------------
Creditors of JSC Entertainment One have until Nov. 28 to submit
their claims to:

         Dr. Herbert Pfortmuller
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Entertainment One
         Altendorf
         March SZ
         Switzerland


EIWALUX LLC: Basel-Country Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Basel-Country commenced bankruptcy
proceedings against LLC Eiwalux on Sept. 26.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Eiwalux
         Kasernenstr. 34
         4410 Liestal BL
         Switzerland


EXPERT MAMIE: Creditors' Liquidation Claims Due by November 30
--------------------------------------------------------------
Creditors of JSC expert Mamie have until Nov. 30 to submit their
claims to:

         Mamie-Brunner Hans
         Wassertorgasse 2
         4242 Laufen BL
         Switzerland

The Debtor can be reached at:

         JSC expert Mamie
         Laufen BL
         Switzerland


IT-SUCCESS LLC: Creditors' Liquidation Claims Due by November 30
----------------------------------------------------------------
Creditors of LLC IT-SUCCESS have until Nov. 30 to submit their
claims to:

         Jurgen Apitz
         Unterriedenstrasse 29
         5412 Gebenstorf
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC IT-SUCCESS
         Gebenstorf
         Baden AG
         Switzerland


PC HOLZ-BAUTEN: Thurgau Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Thurgau entered Oct. 9 an order
closing the bankruptcy proceedings of JSC PC Holz-Bauten.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Canton Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC PC Holz-Bauten
         Bruggackerstrasse 17
         8552 Felben-Wellhausen
         Frauenfeld TG
         Switzerland


SP.ACES JSC: Claims Registration Period Ends November 26
--------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC SP.ACES on Sept. 11.

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 SP.ACES
         Albisstrasse 15
         6340 Baar ZG
         Switzerland


YELLOW ACCESS: Claims Registration Period Ends November 26
----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Yellow Access on Aug. 17.

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 Yellow Access
         6340 Baar ZG
         Switzerland


ZUM WILDEN: Claims Registration Period Ends November 26
-------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Zum wilden Mann on Oct. 2.

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

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Official Instance of Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Zum wilden Mann
         Obere Gasse 33
         5400 Baden AG
         Switzerland


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


BALANCE PLUS: Creditors Must File Claims by November 25
-------------------------------------------------------
Creditors of LLC Balance Plus (code EDRPOU 32656579) have until
Nov. 25 to submit their proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/112b.

The Debtor can be reached at:

         LLC Balance Plus
         Gorky Str. 99a
         Alchevsk
         Lugansk
         Ukraine

BLAGOR-M LLC: Creditors Must File Claims by November 25
-------------------------------------------------------
Creditors of LLC Blagor-M (code EDRPOU 34694506) 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. 23/398-b.

The Debtor can be reached at:

         LLC Blagor-M
         Oranzhereynaya Str. 3
         Kiev
         Ukraine


ENERGATON LLC: Creditors Must File Claims by November 25
--------------------------------------------------------
Creditors of LLC Energaton (code EDRPOU 25219231) 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. 25/43-21/254.

The Debtor can be reached at:

         LLC Energaton
         Energetikov Avenue 14
         Energodar
         71500 Zaporozhje
         Ukraine


FRAM LLC: Creditors Must File Claims by November 25
---------------------------------------------------
Creditors of LLC Fram (code EDRPOU 31239178) 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. 23/397-b.

The Debtor can be reached at:

         LLC Fram
         Grushevsky Str. 28/2
         Kiev
         Ukraine


JASON LLC: Creditors Must File Claims by November 25
----------------------------------------------------
Creditors of LLC Jason (code EDRPOU 34750552) 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. 23/391-b.

The Debtor can be reached at:

         LLC Jason
         Mayakovsky Avenue 93-A
         Kiev
         Ukraine


PROFESSIONAL DESINFECTION: Creditors Must File Claims by Nov. 25
----------------------------------------------------------------
Creditors of LLC Professional Desinfection (code EDRPOU
24468073) have until Nov. 25 to submit their proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/70B.

The Debtor can be reached at:

         LLC Professional Desinfection
         Partizanskaya Str. 99-A
         Enakiyevo
         86429 Donetsk
         Ukraine


TAKO OJSC: Claims Filing Bar Date Set November 25
-------------------------------------------------
Creditors of OJSC Tako (code EDRPOU 01549053) 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
supervision procedure on the company.  The case is docketed
under Case No. 16/221/07.

The Debtor can be reached at:

         OJSC Tako
         Karpenko-Kary Str. 47
         Zaporozhje
         Ukraine


TARGA LUX: Creditors Must File Claims by November 25
----------------------------------------------------
Creditors of LLC Targa Lux (code EDRPOU 34048003) 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. 23/393-b.

The Debtor can be reached at:

         LLC Targa Lux
         Schors Str. 31
         Kiev
         Ukraine


TIBAN LLC: Creditors Must File Claims by November 25
----------------------------------------------------
Creditors of LLC Tiban (code EDRPOU 34479526) 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. 23/392-b.

The Debtor can be reached at:

         LLC Tiban
         Pestel Str. 11
         Kiev
         Ukraine


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


ALERIS INT'L: Selling US Zinc Business for US$295 Million
---------------------------------------------------------
Aleris International, Inc., has entered into a definitive
agreement to sell its Zinc business, which operates under the
name US Zinc, to affiliates of Votorantim Metais Ltda. for
US$295 million with certain adjustments for working capital and
other items.  Closing is subject to regulatory approvals and
customary closing conditions.

Aleris's Chairperson and Chief Executive Officer, Steven J.
Demetriou said, "The sale of US Zinc will allow Aleris to focus
on our core Aluminum business.  We plan to use the net sale
proceeds to reduce leverage.  I would like to thank the US Zinc
team for their significant contributions to Aleris."

US Zinc recycles zinc metal for use in the manufacture of
galvanized steel and produces value-added zinc products,
primarily zinc oxide and zinc dust, which are used in the
vulcanization of rubber products, the production of corrosion-
resistant paint and in other specialty chemical applications. US
Zinc operates six zinc facilities in the United States and a
newly built zinc oxide facility located outside of Shanghai,
China.

                        About Aleris

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

                        *     *     *

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


AQUACLEAR LTD: Claims Filing Period Ends December 10
----------------------------------------------------
Creditors of Aquaclear (Nottingham) Ltd. have until Dec. 10 to
send in full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Ian W. Kings and Steven P. Ross
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Ian W. Kings and Steven P. Ross of Tenon Recovery were appointed
joint liquidators of the company on Nov. 12 by resolutions of
members and creditors.


AXON FINANCIAL: Fitch Junks Mezzanine Notes on Payment Default
--------------------------------------------------------------
Fitch Ratings has downgraded Axon Financial Funding Ltd.'s U.S.
and Euro CP, U.S. and Euro MTNs, and mezzanine notes, and
removed them from Rating Watch Negative.

The following downgrades for Axon Financial and Axon Financial
Funding LLC programs have occurred:

   -- U.S. CP: downgraded to 'D' from 'C'; removed from RWN

   -- U.S. MTN: downgraded to 'D' from 'CCC'; removed from RWN

   -- Euro CP: downgraded to 'D' from 'C'; removed from RWN

   -- Euro MTN: downgraded to 'D' from 'CCC'; removed from RWN

   -- Mezzanine notes: downgraded to 'D' from 'CC'; removed from
      RWN

The rating actions follow the Security Trustee's declaration of
an Automatic Liquidation Event in light of the rapid decline in
the portfolio market value.  As a result of such decline, the
manager has determined that the market value of the remaining
assets within the portfolio may be insufficient to meet the
amount of outstanding senior liabilities in full.  The 'D'
rating reflects the fact that all senior liabilities became due
and payable upon such declaration and that such payment has not
been made.  The 'D' rating on the Mezzanine note reflects the
fact that there are insufficient funds to repay all deferred
interest and principle in full.

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

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

Axon Financial's portfolio currently comprises RMBS (34%: 6%
prime, 20% near-prime, 2% sub-prime and 6% closed end seconds),
monoline-wrapped securities (22%), CDOs (21%), CMBS (18%), other
ABS (4%) and cash equivalents (1%). The portfolio has a
geographic exposure of 98% to the U.S. and 2% to the U.K.
Currently, 96% of Axon Financial's portfolio is rated 'AAA'-
equivalent, 3.5% 'AA'-equivalent, 0.3% 'A'-equivalent and 0.2%
'BBB'-equivalent. Fitch notes the very high credit quality of
the portfolio assets but, of late, some of the assets have
experienced downgrades and the market values of the assets have
come under extreme pressure.


CABLE & WIRELESS: Excessive Executive Payout Angers Investors
-------------------------------------------------------------
Cable & Wireless plc is facing yet another dispute with
investors and unions over excessive executive rewards following
a management shake-up, the Times reports.

On Nov. 13, 2007, C&W implemented changes to the management of
its International business in preparation for driving the next
phase of its value creation.

Harris Jones is to step down as chief executive of International
and as a director, and leave the business towards the end of
2007 once handover is complete.

As disclosed, Mr. Jones will receive his contractual entitlement
on leaving, including GBP4.3 million for his pro-rated share in
the Long Term Incentive Plan having delivered value creation on
behalf of shareholders from International of over GBP1 billion
since he joined in November 2004, of which three quarters of a
billion has been created since the commencement of the LTIP on
April 1, 2006.  There will be no additional charge to
shareholders for the LTIP regarding this management change as
there is a finite pool of units in the plan.

However, according to investors, Mr. Jones' departure came amid
a weakening performance in the company's international division,
the Times relates.

John Pluthero is to become executive chairman of International
with immediate effect, while continuing his similar role for
Europe, Asia & US.  Mr. Pluthero will receive 50% of Mr. Jones'
LTIP units for the remaining life of the LTIP after deduction of
the LTIP payment above to Mr. Jones.

Peter Montagnon, the Association of British Insurers' director
of investment affairs, told the Times it would go over the
latest revisions of the C&W's remuneration scheme, which he
describes as "quite unusual".

At its Annual General Meeting on July 20, 2007, C&W recommended
the removal of the GBP20 million cap on the amount that can be
received by an individual within the LTIP, which angered
investors, Elizabeth Judge writes for the Times.

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CHASE CARTER: Joint Liquidators Take Over Operations
----------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint liquidators of Chase Carter Ltd. on Nov. 13 for the
creditors' voluntary winding-up proceeding.

Mr. Kerr can be reached at:

         PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD

Mr. Gould can be reached at:

         PKF (U.K.) LLP
         New Guild House
         45 Great Charles Street
         Birmingham
         B3 2LX
         England


CHESTERTON PLC: Arqaam Capital Sells Stake in Chesterton
--------------------------------------------------------
Dubai-based Arqaam Capital (fka CIC International) has sold an
unspecified stake in Chesterton International PLC for an
undisclosed amount, Will McSheehy writes for Bloomberg News.

In 2005, Arqaam led a group of investors in the purchase of
Chesterton International out of bankruptcy, Bloomberg relates.

Arqaam said in an e-mailed statement to Bloomberg that
Chesterton's sales have "increased more than 100 percent and the
business is now trading very profitably."

According to Mr. McSheehy, Chesterton was placed into
administrative receivership in March 2005 after its commercial
property division posted a more than GBK2 million loss ($4.1
million) over seven months.


ENRON CORP: Shareholders' Lead Counsel Seeks US$700MM Legal Fees
----------------------------------------------------------------
The lead plaintiffs counsel for the 2001 Enron Corp. securities
litigation indicated in a Nov. 20, 2007, filing in federal court
in Houston that it will seek almost US$700,000,000 in legal
fees, or just under one tenth of the US$7,200,000,000 in
settlements recovered from several bankers, accountants and
lawyers alleged to have participated in a scheme to defraud
Enron shareholders.

Trial attorney William S. Lerach, currently representing Lerach
Coughlin Stoia Geller Rudman & Robbins LLP, in San Diego,
California, is in line to recover as much as US$50,000,000 in
fees from the litigation, the Wall Street Journal reports,
citing people with knowledge of the projected fee distribution.

Mr. Lerach resigned from his firm, Milberg Weiss LLP, earlier
this year and pleaded guilty to a conspiracy charge in
connection with the firm's long-running prosecution.  Milberg
Weiss has denied wrongdoing.

The Houston court filing, which laid out a proposed plan to
distribute the US$7,200,000,000 Settlement, indicated that
plaintiffs will seek approval of the legal fees early next year.

The fee compensation, if approved, would be the largest ever in
a securities class action, the Journal says.

The Enron fee "in absolute terms is a large number but
everything about the Enron case involves large numbers," the
Journal quoted Trey Davis, a spokesman for the Regents of the
University of California, as saying.  "When you look at work the
legal team has conducted and the results, I think most people
would objectively consider this a very reasonable fee request."

The University of California is the lead plaintiff in the Enron
Securities Litigation.

"This is the largest recovery ever obtained for shareholders
victimized by corporate fraud," Coughlin spokesman Dan Newman
told the Journal, adding that, "the bottom line is that the
defrauded shareholders will recover more than 90 percent of the
settlement."

On April 5, 2007, Enron shareholders filed a petition with the
U.S. Supreme Court, asking the justices for a review of their
class action lawsuit against several banks whose active and
knowing participation in the Enron fraud led to more than
US$40,000,000,000 in investor losses.  The petition seeks to
overturn the March 19, 2-1 decision by a three-judge panel of
the U.S. Fifth Circuit Court of Appeals.

The Securities and Exchange Commission is currently revaluating
the long history of "supporting scheme liability," including in
the Enron case.

Although some of the bank defendants have settled with the SEC,
forfeiting nearly a half billion dollars in illegal profits, and
some banks have reached settlements with the plaintiffs, certain
banks have still not repaid any funds to the Enron shareholders.

To date, the University of California has obtained
US$2,400,000,000 from Canadian Imperial Bank of Commerce;
US$2,200,000,000 from JPMorganChase; US$2,000,000,000 from
Citigroup; US$222,500,000 from Lehman Brothers; US$69,000,000
from Bank of America; US$168,000,000 from Enron's outside
directors, and US$32,000,000 from Andersen Worldwide.

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

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

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


FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3
--------------------------------------------------------------
Foot Locker, Inc. has reported financial results for its third
quarter ended Nov. 3, 2007.

                    Third Quarter Results

The company reported a net loss of US$33 million, or US$0.22 per
share, for the third quarter this year compared with net income
of US$65 million, or US$0.42 per share, last year.  This year's
results included a non-cash impairment charge to write down
long-lived assets for the company's United States store
operations pursuant to SFAS No. 144 and expenses associated with
closing unproductive stores, totaling US$66 million, after tax,
or US$0.43 per share.  Third quarter net income, before the non-
cash impairment charge and the incremental expenses of closing
stores, was US$33 million, or US$0.21 per share.

Third quarter sales decreased 5.2 percent, to US$1,356 million
this year compared with sales of US$1,430 million for the
corresponding prior year period.  Third quarter comparable-store
sales decreased 5.0 percent.

"Our third quarter sales were disappointing, reflecting a
challenging external environment and the lack of exciting
fashion trends in athletic footwear and apparel," stated Foot
Locker's Chairperson and Chief Executive Officer, Matthew D.
Serra.  "While our sales results fell short of our expectations,
third quarter markdowns were approximately 12 percent lower than
last year. Additionally, we continued to focus diligently on
expense management."

                    Year-to-Date Results

For the first nine months of the year, the company reported a
net loss of US$34 million, or US$0.22 per share, compared with
net income of US$138 million, or US$0.88 per share, last year.
This year's results included a non-cash impairment charge
pursuant to SFAS No. 144 and expenses associated with closing
unproductive stores, totaling US$66 million, after tax, or
US$0.43 per share.  Last year's results included an impairment
charge pursuant to SFAS No. 144 of US$12 million, after tax, or
US$0.08 per share.  Year-to-date net income, before the non-cash
impairment charges in 2006 and 2007, and the expenses of closing
unproductive stores in 2007, was US$32 million, or US$0.21 per
share this year, versus US$150 million, or US$0.96 per share,
last year.

Year-to-date sales decreased 3.5 percent to US$3,955 million
compared with sales of US$4,098 million last year.  Comparable-
store sales decreased 5.8 percent.

                     Financial Position

At the end of the third quarter, the company's cash and short-
term investments totaled US$332 million.  The company's total
cash position, net of debt, at the end of the third quarter
increased by US$70 million versus last year.  Merchandise
inventory was slightly higher at the end of the third quarter
versus the comparable period of last year.  Stated in constant
currency dollars, the company's merchandise inventory decreased
by approximately three percent versus last year.

                      Store Base Update

Year-to-date, the company has opened 112 new stores, and
remodeled or relocated 179 stores.  During the month of
September, the company opened its first store in Istanbul,
Turkey.  The company also closed 158 stores during the first
nine months of this year, including 13 unproductive stores
during the third quarter prior to normal lease expiration.  At
Nov. 3, 2007, the company operated 3,896 stores in 21 countries
in North America, Europe and Australia.  In addition, 10
franchised stores are currently operating in the Middle East and
South Korea.

During the fourth quarter of 2007, the company currently expects
to open eight new stores and close up to 142 unproductive
stores.  Approximately 53 of the stores are expected to close
prior to normal lease expiration, depending on the company's
success in negotiating agreements with its landlords.  The cash
impact of the 2007 store closings is expected to be minimal, as
the related cash costs are expected to be offset by associated
inventory reductions.

                      About Foot Locker

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, United Kingdom,
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 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.


GENERAL MOTORS: UAW Members Wary on GM's Exposure to ResCap Woes
----------------------------------------------------------------
UAW President Ron Gettelfinger wants an audience with General
Motors Corp.'s chief financial officer Frederick A. Henderson to
seek transparency in the carmaker's vulnerability to the
financial woes of Residential Capital LLC, in which it holds a
49% stake, Reuters reports.  The UAW leader disclosed that union
members are wary of the huge drop in GM shares this week.

ResCap is the home mortgage unit of GMAC Financial Services,
which is in turn wholly owned by GMAC LLC.

As reported in yesterday's Troubled Company Reporter citing the
Associated Press, GMAC Financial Services and Cerberus
Management Capital LP, which owns 51% stake in ResCap, are
likely to place ResCap into bankruptcy due to ResCap's exposure
to homebuilders.  ResCap is currently under restructuring as
severe weakness in the housing market and mortgage industry
continues to prevail.  ResCap will streamline its operations and
revise its cost structure, which will enhance its flexibility,
allowing it to scale operations up or down more rapidly to meet
changing market conditions.

GMAC Financial Services and ResCap continue to investigate
strategic alternatives, including to improve ResCap's liquidity
and to adjust its business in light of current domestic and
international market conditions.  These strategic alternatives
include potential acquisitions as well as dispositions,
alliances, and joint ventures with a variety of third parties
with respect to some or all of ResCap's businesses.

Reuters adds that JPMorgan analyst, Himanshu Patel, said that a
ResCap bankruptcy could cost GM shareholders about $2.65 a
share.

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

                         *     *     *

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

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


HIGHBRIDGE SCAFFOLDING: Taps Liquidators from Tenon Recovery
------------------------------------------------------------
Nigel Ian Fox and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Highbridge Scaffolding Ltd. on
Nov. 9 for the creditors' voluntary winding-up proceeding.

Mr. Fox can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Mr. Woodside can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


LIMITED BRANDS: Earns US$12.1 Million in Period Ended November 3
----------------------------------------------------------------
Limited Brands reported US$12.1 million of net income on
US$1.9 billion net sales for the 13 weeks ended Nov. 3, 2007,
compared to US$23.5 million of net income on US$2.1 billion net
sales for 13 weeks ended Oct. 28, 2006.

Third quarter operating income was US$61.1 million compared to
US$66.5 million last year.

The company reported US$329.4 million of net income on US$6.8
billion net sales for the 39 weeks ended Nov. 3, 2007, compared
to last year's US$235.9 million net income on US$6.6 billion.

                        Share Repurchase

In the third quarter, the company repurchased 14.6 million
shares of stock for US$336 million, leaving US$96 million
remaining in its current US$250 million authorization.  The
company also disclosed that its Board of Directors has
authorized an additional
US$250 million share repurchase program.

                November and Fourth Quarter Outlook

The company stated that it now expects negative mid-single digit
comparable store sales for November, versus its previous
guidance for flat comparable store sales.  It also expects
fourth quarter earnings per share of US$0.90 to US$1.05 versus
US$1.08 last year.  The decline versus its previous guidance
reflects issues related to the opening of a new distribution
center for Victoria's Secret Direct and the challenging overall
retail environment.  Last year's earnings per share results
include approximately US$0.04 related to the 53rd week.

                       About Limited Brands

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

                          *     *     *

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


LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan
----------------------------------------------------------
At a Special Meeting of Shareholders held Nov. 20, 2007,
Lyondell Chemical Company's shareholders have approved the
Agreement and Plan of Merger, dated as of July 16, 2007, among
Basell AF, BIL Acquisition Holdings Limited and Lyondell
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.

In the final vote count by the independent inspectors of
election, 168,008,513 Lyondell common shares (approximately 66.2
percent of the outstanding common shares) were represented at
the Meeting, in person or by proxy, and the Agreement and Plan
of Merger was approved by 65.8 percent of the shares
outstanding.

The closing of the transaction is anticipated to occur on or
about Dec. 20, 2007.

                   About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

                        *     *     *

As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

Fitch Ratings has placed Lyondell, Equistar and Millennium on
Rating Watch Negative following the announcement that Lyondell
has agreed to be acquired by Basell for US$12.66 billion, or
US$48 per share.  The transaction is valued at US$19 billion
including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes
----------------------------------------------------------------
Lyondell Chemical Company and its subsidiaries Equistar
Chemicals, LP and Equistar Funding Corporation have commenced
cash tender offers for an aggregate of approximately US$4.01
billion of outstanding debt securities issued by Lyondell and
Equistar Issuers, as applicable.

In conjunction with each of the Offers, Lyondell or the Equistar
Issuers, as applicable, are soliciting consents from holders of
the applicable series of Notes to effect certain proposed
amendments to the indenture governing such series of Notes,
including elimination of substantially all of the restrictive
covenants.  The Offers and Consent Solicitations are conducted
in connection with the proposed merger of Lyondell with BIL
Acquisition Holdings Limited, a Delaware corporation and wholly
owned subsidiary of Basell AF S.C.A., a Luxembourg company.

The Offer for each series of Notes will expire at 12:01 a.m. EST
on Dec. 20, 2007, unless extended or earlier terminated by
Lyondell or the Equistar Issuers, as applicable, in their sole
discretion.  The Consent Solicitation for each series of Notes
will expire at or prior to 5 p.m. EST, on Dec. 5, 2007, unless
extended or earlier terminated by Lyondell or the Equistar
Issuers, as applicable, in their sole discretion.  Holders may
not tender their Notes without also delivering consents and may
not deliver consents without also tendering their Notes.
Holders that validly tender their Notes pursuant to the Offers
will be deemed to have validly delivered their consents related
to such Notes.  Tendered Notes may not be withdrawn, and
consents may not be revoked, after Dec. 5, 2007.

The total consideration per US$1,000 principal amount of the
Notes validly tendered and not validly withdrawn at or prior to
Dec. 5, 2007 (Total Consideration) will be an amount equal to
the sum of:

  -- the present value on Dec. 20, 2007, of the applicable Next
     Redemption Price on the applicable Next Redemption Date,
     and

  -- the present value on Dec. 20, 2007, of the amount of
     interest that would accrue from the last date on which
     interest has been paid until the applicable Next Redemption
     Date

minus:

  -- accrued and unpaid interest from the last date on which
     interest has been paid up to, but not including,
     Dec. 20, 2007.

The discount rate for calculating the present value is based on
a fixed spread of 50 basis points over the yield as of 2 p.m.
EST on Dec. 5, 2007, (Price Determination Date) of the
applicable United States Treasury Security.

The Total Consideration, payable on or about Dec. 20, 2007,
includes a consent payment of US$30 per US$1,000 principal
amount of the Notes to holders who validly tender the Notes, and
thereby validly deliver consents related to the Notes, at or
prior to Dec. 5, 2007.  Holders whose Notes are validly tendered
after Dec. 5, 2007, and accepted for purchase will receive the
Total Consideration minus the US$30 consent payment per US$1,000
principal amount of the Notes promptly after Dec. 20, 2007.  In
addition, accrued and unpaid interest from the last interest
payment date to, but not including, the applicable payment date
will be paid on all validly tendered and accepted Notes.

Each Offer and Consent Solicitation is made independently of the
other Offers and Consent Solicitations.  Lyondell and the
Equistar Issuers reserve the right to terminate, withdraw or
amend any Offer and Consent Solicitation, as applicable,
independently of the other Offers and Consent Solicitations at
any time and from time to time.

The completion of the Offers and Consent Solicitations is not a
condition to completion of the Merger, but the completion of the
Merger is a condition, among other things, to the obligations of
Lyondell or the Equistar Issuers, as applicable, to accept and
pay for the Notes pursuant to the Offers and Consent
Solicitations.  The complete terms and conditions of the Offers
and Consent Solicitations are set forth in the Offer to Purchase
and Consent Solicitation Statement dated Nov. 20, 2007, which is
being sent to holders of the Notes.  Holders are urged to
carefully read the Offer and Consent Statement and related
materials.

Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer
managers for the Offers and solicitation agents for the Consent
Solicitations.  Questions regarding the Offers and Consent
Solicitations may be directed to Goldman, Sachs & Co. at (877)
686-5059 (toll-free) [(212) 357-0775 (collect)] and Merrill
Lynch & Co. at (888) 654-8637 (toll-free) [(212) 449-4914
(collect)]. Copies of the Offer and Consent Statement and
related materials may be obtained from the Information Agent, D.
F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) and (212)
269-5550 (Banks and Brokers).

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

                        *     *     *

As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

Fitch Ratings has placed Lyondell, Equistar and Millennium on
Rating Watch Negative following the announcement that Lyondell
has agreed to be acquired by Basell for US$12.66 billion, or
US$48 per share.  The transaction is valued at US$19 billion
including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


NEWGATE FUNDING: Moody's Rates Class E Mortgage Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
the Notes to be issued by Newgate Funding PLC Series 2007-3:

   -- (P)Prime-1/(P)Aaa to the Class A1 Mortgage Backed
      Floating Rate Notes due [Nov 2050];

   -- (P)Aaa to the Class A2 Mortgage Backed Floating Rate Notes
      due [Nov 2050];

   -- (P)Aaa to the Class A3 Mortgage Backed Floating Rate Notes
      due [Nov 2050];

   -- (P)Aa2 to the Class B Mortgage Backed Floating Rate Notes
      due [Nov 2050];

   -- (P)A3 to the Class C Mortgage Backed Floating Rate Notes
      due [Nov 2050];

   -- (P)Baa3 to the Class D Mortgage Backed Floating Rate Notes
      due [Nov 2050];

   -- (P)Ba3 to the Class E Mortgage Backed Floating Rate Notes
      due [Nov 2050];

   -- (P)Aaa to the MERCs.

The Class A1 notes will be remarketable notes or term notes
depending on investor demand.  The provisional (P) Prime-1
short-term rating assigned to the Class A1 Notes addresses the
promise to investors of receiving the principal amount and all
the accrued interests at the next occurring transfer date
falling on [Nov. 15, 2008].  Such short-term rating is primarily
based on the credit rating of the conditional note purchaser The
Royal Bank of Scotland plc (Aaa/Prime-1).  The Royal Bank of
Scotland will have the obligation to purchase all the then
outstanding Notes if the Remarketing Agent is unable to remarket
them to third party purchasers at or below an agreed margin
prior to the next occurring transfer date.

Classes A1, A2, A3, B, C and D Notes may be issued in GBP, EUR
or US$ depending on market demand., while Class E Notes will be
issued in GBP.

The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust.  The Issuer is a multi-issuance vehicle and
this transaction represents the sixth series to be issued under
its MTN style Program.  The Issuer will fund the purchase price
of the series mortgage portfolio using the proceeds of the
Notes.

This transaction is the thirteenth securitization of non-
conforming and impaired credit mortgage loans originated by
entities belonging to the Mortgages Group trading under the name
of "Mortgages PLC".  As in the prior Mortgages plc securization,
the assets supporting the Notes are sub-prime and non-conforming
first residential mortgage loans originated by entities trading
under the name of Mortgages PLC and secured on residential
properties in England, Wales, Northern Ireland and Scotland.  A
part of the underlying loan portfolio (approximately 59%)
consists of loans to borrowers classified by the originator as
"near prime" or "near prime plus," with stricter criteria for
adverse credit compared to non-conforming mortgage loans.
Mortgages PLC will be responsible for the day-to-day servicing
of the loans, handling arrears cases and approving further
advances and product conversions.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  The credit enhancement
available in the deal is provided in the form of excess spread,
reserve fund fully funded at [2.80]% of the original note, and
subordination of the Notes.  Subject to certain conditions being
met, the reserve fund may amortise up to a floor of [1.40%] of
the original note balance.

The Mortgage Early Repayment Certificates are backed solely by
mortgage early redemption charges that may become payable by
borrowers in the pool on early redemption of their loans within
a certain period.  The (P)Aaa rating on the MERC's addresses the
likelihood of receipt by MERC holders of such amounts if they
are received by the Issuer.  It assumes, without any independent
investigation, (i) that payment of the mortgage early redemption
charges under the mortgage loans is legally valid, binding and
enforceable, and (ii) that such amounts are actually collected
from borrowers and received by the Issuer. The amount receivable
by MERC holders also depends on prepayment rates within the
pool.  The rating does not address such prepayment rates.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign a definitive rating to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

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


NORTHERN ROCK: ResCap Mulls Merger to Avert Bankruptcy: Sources
---------------------------------------------------------------
Residental Capital LLP, a GMAC Financial Services subsidiary, is
considering a merger with a large non-U.S. lending institution,
which sources say, is U.K. lender Norther Rock plc, as part of
its strategic initiatives to improve liquidity and to fend off
bankruptcy rumors, various sources report.

As reported in yesterday's Troubled Company Reporter citing the
Associated Press, GMAC Financial Services and 51% stakeholder
Cerberus Management Capital LP are likely to place ResCap into
bankruptcy due to ResCap's exposure to homebuilders.  ResCap is
currently under restructuring as severe weakness in the housing
market and mortgage industry continues to prevail.  ResCap will
streamline its operations and revise its cost structure, which
will enhance its flexibility, allowing it to scale operations up
or down more rapidly to meet changing market conditions.

On Oct. 15, 2007, a restructuring plan was approved that will
include ResCap reducing its current worldwide workforce of
12,000 associates by approximately 25%, or by approximately
3,000 associates, with the majority of reductions occurring in
the fourth quarter of 2007.

In addition, ResCap has offered to purchase up to $750 million
notes through a cash tender offer to boost shareholder value.

Several of ResCap's credit facilities contain a financial
covenant requiring ResCap to maintain a minimum consolidated
tangible net worth as of the end of each fiscal quarter.

As of Sept. 30, 2007, the most restrictive provision requires
ResCap to maintain a minimum consolidated tangible net worth of
$5.4 billion. ResCap's reported consolidated tangible net worth
as of Sept. 30, 2007, was $6.2 billion.

                    Northern Rock's Troubles

As previously reported in the TCR-Europe, the Board of Northern
Rock received indicative expressions of interest from bidders
including Cerberus.

The proposals received by Northern Rock are of two types:

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

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

However, the Board of Directors of Northern Rock expects more
proposals from interested parties in the next few days.  The
Board believes that the range of values for the existing equity
implied by the proposals is materially below the market price at
the close of business on Nov. 16, 2007.

In September 2007, Northern Rock plc and its regulators were
pushing to sell the mortgage lender after shares plunged due to
the exodus of clients who, as a whole, have taken back about
GBP2 billion in funds, The Financial Times reports.

As depositors scramble to withdraw their funds from the mortgage
lender, fearing a collapse, Northern Rock and its advisers are
trying to find a "commercial solution" that would allow it to be
sold as a going concern, FT states.

                    About GMAC Financial Services

GMAC Financial Services -- http://www.gmacfs.com/-- is a
global, diversified financial services company that operates in
approximately 40 countries in automotive finance, real estate
finance, insurance and commercial finance businesses.  GMAC was
established in 1919 and currently employs about 31,000 people
worldwide.  At Dec. 31, 2006, GMAC held more than $287 billion
in assets and earned net income for 2006 of $2.1 billion on net
revenue of $18.2 billion.

                     About Residential Capital

Residential Capital LLC -- http://www.rescapholdings.com/-- is
a real estate finance company, focused primarily on the
residential real estate market in the United States, Canada,
Europe, Latin America and Australia.  The company's diversified
businesses cover the spectrum of the U.S. residential finance
industry, from origination and servicing of mortgage loans
through their securitization in the secondary market.  It also
provides capital to other originators of mortgage loans,
residential real estate developers, and resort and timeshare
developers.

Residential Capital is the home mortgage unit of GMAC Financial
Services, which is in turn wholly owned by GMAC LLC.

                     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.


OER FRANCHISING: Brings In Liquidators from Chantrey Vellacott
--------------------------------------------------------------
D. J. Oprey and K. W. Touhey of Chantrey Vellacott DFK LLP were
appointed joint liquidators of OER Franchising Ltd. on Nov. 7
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         16-17 Boundary Road
         Hove
         East Sussex
         BN3 4AN
         England


PROFESSIONAL WINDOWS: Claims Filing Period Ends December 31
-----------------------------------------------------------
Creditors of Professional Windows (U.K.) Ltd. have until Dec. 31
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Keith R. Morgan
         Joint Liquidator
         PKF (U.K.) LLP
         Pannell House
         6-7 Litfield Place
         Clifton
         Bristol
         B28 3LX
         England

Keith R. Morgan and Brian J. Hamblin of PKF (U.K.) LLP were
appointed joint liquidators of the company on Nov. 7 by
resolutions of members and creditors.


R & J PRODUCE: Calls In Liquidators from Mazars
-----------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint liquidators of R & J Produce Ltd. (formerly John
Leason (2006) Ltd.) on Nov. 8 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


REMY WORLDWIDE: Court Approves AP Services as Crisis Manager
------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates sought
and obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to:

   (a) employ AP Services, LLC, as their crisis managers
       effective as of the Effective Date; and

   (b) designate David C. Johnston as assistant treasurer of
       Remy International Inc.

As reported in the Troubled Company Reporter on Oct. 17, 2007,
the Debtors asserted that APS' experience in providing crisis
management services to financially troubled organizations for
over 20 years qualifies the firm for the contemplated services
it
will perform on the Debtors' behalf.  Furthermore, Mr. Johnston
had held a variety of restructuring management and advisory
leadership roles during his 10-year tenure with APS' affiliate,
AlixPartners.

Pursuant to an Engagement Letter between the Debtors and APS
dated Sept. 25, 2007, Mr. Johnston will serve as Remy
International's assistant treasurer under the direct supervision
of Remy International's chief executive officer.

As Remy International's assistant treasurer, Mr. Johnston is
expected to:

   -- collaborate with the senior management team composed of
      Remy's Board of Directors and the Debtors' other
      professionals in assisting the Debtors in evaluating
      strategic and tactical options through the restructuring
      process;

   -- oversee elements of Remy's Treasury and Cash Management
      functions; and

   -- assist the CEO and the Chief Financial Officer in
      developing improved financial reporting and timelier
      decision-making information.

The Debtors will pay for APS' full time Temporary Staff at these
hourly rates:

            Professional               Hourly Rate
            ------------               -----------
            Managing Directors         US$600 - US$750
            Directors                  US$440 - US$575
            Vice-Presidents            US$325 - US$450
            Associates                 US$260 - US$315
            Analysts                   US$210 - US$230
            Paraprofessionals          US$100 - US$175

Based on APS' billing schedule, Mr. Johnston, designated as
full-time Assistant Treasurer, will be compensated with an
hourly rate
of US$525.

Aside from providing full-time Temporary Staff, APS will
occasionally use part-time temporary staff for certain Chapter
11-related activities, Kenneth J. Enos, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, told the Court.
The Debtors will be billed for services provided by the part-
time Temporary Staff for hours worked at hourly rates similar to
those of the full-time Temporary Staff.

Among other things, the part-time Temporary Staff may be tasked
to:

   (a) prepare short-term cash flow and liquidity forecasts for
       domestic and international operations;

   (b) assist in the preparation and monitoring of business
       plans and forecasts;

   (c) evaluate Remy's relationship with significant customers,
       development strategies to address customer issues, and
       negotiations for improvements in pricing, product
       specifications, payment terms and other elements
       affecting the company's cash flow;

   (d) develop information for Remy's prepackaged Chapter 11
       filing, through:

       -- compiling required information for the Chapter 11
          petition and other required forms;

       -- assisting the Accounting Department with related
          issues like cutoff and segregation of prepetition
          and postpetition activity; and

       -- assisting counsel with information and analysis
          to support "first day" motions; and

   (e) after the Chapter 11 filing, assist:

       -- the Debtors in managing their bankruptcy process,
          including working with and coordinating the efforts
          of other professionals representing the Debtors'
          various stakeholders;

       -- in preparing information required by the Bankruptcy
          Court, including schedules of assets and
          liabilities, statement of financial affairs and
          monthly operating reports;

       -- in managing supplier relationships to help ensure
          continuation of deliveries and receipt of credit
          terms; and

       -- in tasks like reconciling, managing, and negotiating
          claims, evaluating preferences and the like and in
          supporting the Debtors' positions with respect to
          various Court motions.

David Rawden, an independent contractor of APS, will perform
certain accounting and finance functions for the Debtors.  Mr.
Rawden was formerly a managing director of AlixPartners, with
over 25 years of accounting, finance and restructuring
experience.  Mr. Rawden was a former chief financial officer for
several manufacturing companies, including a US$1 billion
automotive supplier.

APS is billing the Debtors for Mr. Rawden's services at a fixed
monthly rate of US$100,000, which is equal to or less than the
comparable hourly rate that the firm charges for its own
employees who are managing directors, according to Mr. Enos.

The APS professionals contemplated to be employed by the Debtors
and their fees are:

                                          Hourly
  Name               Description           Rate     Commitment
  ----               -----------          -------   ----------
  David C. Johnston  Assistant Treasurer    US$525    Full-Time
  Alan Holtz         Engagement Leader      US$675    Part-Time
  Jason Muskovich    Int'l. Cash Mgmt.      US$520    Full-Time
  Henry Colvin       Case Management        US$495    Full-Time
  Kyle Braden        Vendor Management      US$475    Full-Time
  Brent Robison      Int'l. Cash Mgmt.      US$440    Full-Time
  Nishit Shah        Case Management        US$315    Full-Time
  Jarod Clarrey      Case Management        US$230    Full-Time

The Debtors will also reimburse APS of necessary out-of-pocket
expenses incurred in connection with their Chapter 11 cases,
including travel, lodging, postage and telephone charges.

APS intended to submit to the Court quarterly reports of
compensation earned.

In addition to the hourly fees, APS and the Debtors agreed that
in the event of a meaningful and appropriate milestone, APS will
receive a US$1,000,000 Success Fee.  The fee is intended to
reflect the alignment of both parties' interests.

Under the Engagement Letter, the Debtors agreed to indemnify,
hold harmless, and defend APS and its affiliates against all
claims, liabilities, losses, damages, and reasonable expenses as
they are incurred, including reasonable legal fees and
disbursements of counsel.

Without prejudice to these rights, APS waives indemnification of
itself as an entity.  Indemnification of APS personnel who are
not officers of the Debtors will be subject to the approval of
Remy International's Board of Directors.

The Debtors asserted that they will use reasonable efforts to
include and cover Temporary Staff serving as their officers from
time to time, as insureds under the Debtors' policy for
directors' and officers' insurance.  The Debtors will maintain
the D&O Insurance coverage for the period through which claims
can be made against those persons.

Alan D. Holtz, a managing director at APS, declared that none of
APS' principals, employees, agents, or affiliates have any
connection with the Debtors, their creditors, the U.S. Trustee,
or any other party, with an actual potential interest in the
Debtors' Chapter 11 cases.

Mr. Holtz related that APS has represented Angelo Gordon, AT&T
Corp., Bear Stearns, BellSouth, Blue Diamond, Bombardier Inc.,
Caterpillar, Citicorp Del-Lease, Credit Suisse First Boston,
DaimlerChrysler, Deloitte & Touche, Fiat, Ford, General Motors
Corp., Honda, Morgan Stanley, among others, in matters unrelated
to the Debtors.

                      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 components 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.

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. 4,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SCOTTISH RE: Names Samir Shah as Chief Risk Officer
---------------------------------------------------
Scottish Re Group Limited has appointed of Samir Shah as
Executive Vice President and Chief Risk Officer, effective
Dec. 26, 2007.  Mr. Samir will be based at the company's
Hamilton, Bermuda headquarters.

Mr. Samir, 44, has over twenty years of experience in risk and
capital management and has done extensive work developing and
implementing Enterprise Risk Management (ERM) concepts, methods
and tools.  Most recently, Mr. Samir was a Principal with Towers
Perrin where he was a leader in the firm's global Enterprise
Risk Management practice which helped insurance companies, banks
and non-financial institutions manage enterprise-wide risks.
Prior to his ten-year tenure at Tower Perrin, Mr. Samir held
various management consulting roles focused in areas such as
non-traditional actuarial risk management, operational
efficiency and financial performance improvement.

Mr. Samir is a Fellow of the Society of Actuaries (FSA), a
Financial Risk Manager (FRM) certified by the Global Association
of Risk Professionals and a Professional Risk Manager (PRM)
certified by the Professional Risk Managers International
Association. He holds a B.S. and an M.S. in Industrial
Engineering, specializing in Operations Research and Management
Science, from Northwestern University.

In the newly created role of Chief Risk Officer, Mr. Samir is
charged with developing and implementing a risk management
strategy and operating framework designed to significantly
improve risk management disciplines across the company.

Creating the Chief Risk Officer leadership position and
continuing to enhance a robust ERM process are key elements of
our plan to improve the operating and financial performance of
Scottish Re," George Zippel, President and Chief Executive
Officer of Scottish Re Group Limited, commented.  "I'm very
pleased that we were able to attract a strong and experienced
risk management professional to our company.  I look forward to
working closely with Samir as he builds out his team and drives
improved risk management performance across Scottish Re."

                        About Scottish Re

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

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

                         *     *     *

As reported in the TCR-Europe on Nov. 16, 2007, Moody's
Investors Service affirmed the ratings of Scottish Re
Group Limited (senior unsecured shelf of (P)Ba3) and changed the
outlook to negative from stable.

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

Scottish Re Group Limited:

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

Scottish Holdings Statutory Trust II:

   -- preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III:

   -- preferred stock shelf of (P)B1

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

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


SCOTTISH RE: New York Court Partially Dismisses Securities Suit
---------------------------------------------------------------
The U.S. District Court for the Southern District of New York
partially granted and partially denied a motion to dismiss a
consolidated securities fraud class action filed against
Scottish Re Group Ltd.

On Aug. 2, 2006, putative class actions were filed against:

     -- the company;
     -- Glenn Schafer, the chairman of its board of directors;
     -- Dean E. Miller, chief financial officer;
     -- Scott E. Willkomm, former chief executive officer; and
     -- Seth Vance, former chief executive officer - North
        America.

Between Aug. 7, 2006, and Oct. 2, 2006, seven additional related
class actions were filed against the company, certain of its
current and former officers and directors, and certain third
parties.

Each of the complaints allege that the defendants made
materially false and misleading statements and/or omissions
concerning the company's business and operations, thereby
causing investors to purchase the company's securities
at artificially inflated prices, in violation of Sections 10(b)
and 20(a) of the U.S. Securities Exchange Act of 1934, as
amended, and Rule 10b-5 promulgated under the 1934 Act.

Two of the complaints also allege violations of Sections 11 and
15 of the Securities Act of 1933, related to a 2005 preferred
stock offering.  Each of the class actions filed seek an
unspecified amount of damages, as well as other forms of relief.

On Oct. 12, 2006, all of the class actions were consolidated.  A
consolidated complaint was filed on December 4, 2006.

On March 7, 2007, the company filed a motion to dismiss the
putative class action.

On Nov. 2, Judge Shira A. Scheindlin of the U.S. District Court
for the Southern District of New York issued a split verdict,
agreeing to toss claims relating to Scottish Re accounting firm
Ernst & Young, but denying the defendants' bid to dismiss the
entire securities fraud suit.  Judge Scheindlin dismissed two of
the claims filed against E&Y on the grounds that the plaintiffs
had not adequately established scienter.

The is suit is "Zuckerman v. Scottish Re Group Ltd. et al., Case
No. 1:06-cv-05853-SAS," filed in the U.S. District Court for the
Southern District of New York under Judge Shira A. Scheindlin.

Representing the plaintiff are:

         Arthur N. Abbey, Esq.
         Abbey Spanier Rodd Abrams & Paradis
         LLP, 212 East 39th Street
         New York, NY 10016
         Phone: (212) 889-3700
         Fax: (212) 684-5191
         E-mail: aabbey@abbeygardy.com

              - and -

         Max W. Berger, Esq.
         Bernstein, Litowitz, Berger & Grossmann, L.L.P.
         1285 Avenue of the Americas
         New York, NY 10019
         Phone: (212) 554-1400
         Fax: (212) 554-1444

Representing the company is:

         George E. Anhang, Esq.
         LeBoeuf, Lamb, Greene & MacRae, L.L.P.
         1875 Connecticut Ave., N.W., Suite 1200
         Washington, DC 20009
         Phone: (202) 986-8052

                       About Scottish Re

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

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

                         *     *     *

As reported in the TCR-Europe on Nov. 16, 2007, Moody's
Investors Service affirmed the ratings of Scottish Re
Group Limited (senior unsecured shelf of (P)Ba3) and changed the
outlook to negative from stable.

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

Scottish Re Group Limited:

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

Scottish Holdings Statutory Trust II:

   -- preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III:

   -- preferred stock shelf of (P)B1

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

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


YELL GROUP: Earns GBP83.9 Million for 6-Months Ended Sept. 2007
---------------------------------------------------------------
Yell Group Plc released its unaudited financial results for the
six months ended Sept. 30, 2007.

Yell reported GBP83.9 million net profit on GBP965.4 million
revenue for the six months ended Sept. 30, 2007, compared with
GBP57.5 million net profit on GBP846.8 million revenue for the
same period in 2006.

At Sept. 30, 2007, the group's unaudited balance sheet showed
total assets of GBP6.38 billion, total liabilities of GBP4.92
billion and shareholders' equity of GBP1.46 billion.

"We have made good progress in the first half of this
challenging year and have strengthened the foundations of future
growth across the group.  We have once again demonstrated the
power of our channel-neutral strategy with rapid growth in our
online products," John Condron, Yell CEO said.

"Yellow Book's performance is as expected but the U.S. market
remains very competitive.  Yell U.K. has taken the first steps
to realize the opportunity that more even-handed regulation will
give us.  We continue to invest in the Back to Basics approach
at Yell Publicidad which will allow us to take full advantage of
the opportunities in its markets," Mr. Condron concluded.

"These results are in line with the expectations with strong
margins and cash conversion showing the strength of our
business. For the full year, we anticipate that group
performance will be in line with expectations," John Davis,
Yell's chief financial officer disclosed.

"Our proposed dividend growth of 10.5% reflects our confidence
looking forward," Mr. Davis added.

A full-text copy of the company's financial report for the six
months ended Sept. 30, 2007, is available for free a
http://ResearchArchives.com/t/s?25a7

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.

                          *     *     *

As of Nov. 22, 2007, Yell Group plc carries Ba3 Corporate Family
rating and B1 Probability-of-Default rating from Moody's
Investor Service.

The company also carries BB- long-term foreign issuer credit
and long-term local issuer credit ratings with a stable outlook
from Standard & Poor's.



* BOOK REVIEW: Building American Cities: The Urban Real Estate
               Game
--------------------------------------------------------------

Author:     Joe R. Feagin and Robert E. Parker
Publisher:  Beard Books
Paperback:  332 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981483/internetbankru
pt


This book is a volatile story of social conflict that rends the
very fabric of our society, but in the end gives shape to our
urban centers.

This second edition is the startling story of how American
cities emerge, grow, change, contract, decay, and become
resuscitated.

With keen insight, the authors analyze urban social processes,
such as population migration to suburbia and the effect of
foreign capital investment on U.S. real estate ventures.

Examining patterns in the location, development, financing, and
construction decisions of small and large corporations, the book
looks at the interplay of industrial and development
corporations with various levels of government.

In addition to political aspects, it reflects on the social
costs of unbridled urban growth and decline, pollution, wasted
energy, congestion, and the negative impact on minorities.

                            *********

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

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

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

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

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

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

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

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

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

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


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