TCREUR_Public/071126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 26, 2007, Vol. 8, No. 234

                            Headlines




A U S T R I A

ELITE ROMANOVIC: Claims Registration Period Ends Dec. 4
FULL HOUSE: Claims Registration Period Ends Dec. 4
G.K. HAUSTECHNIK: Claims Registration Period Ends Dec. 4
PRECISE COMPUTER: Claims Registration Period Ends Dec. 25


B E L G I U M

POPE & TALBOT: Delays Filing of September 30 Form 10-Q
POPE & TALBOT: CCAA Proceedings Transferred to British Columbia


F I N L A N D

EXIDE TECHNOLOGIES: Improved Financials Cue S&P to Lift Rating


F R A N C E

BOSTON SCIENTIFIC: Amends Pact to Settle Product Claims
PATHEON INC: Wesley Wheeler Appointed as Chief Executive Officer


G E R M A N Y

A. J. KUNZWEILER: Claims Registration Period Ends Dec. 21
DREVIS GMBH: Claims Registration Period Ends Dec. 11
DRIVE SERVICE: Claims Registration Ends December 28
ELEKTRO-BLANZ GMBH: Claims Registration Period Ends Dec. 14
ELEKTROTECHNIK GRUEN: Claims Registration Ends December 18

IN STYLE: Claims Registration Ends December 27
KUNZWEILER GROUP: Claims Registration Period Ends Dec. 21
M & S BAUTRAGER: Claims Registration Period Ends Dec. 21
MARKGRAFLER ERDAUFBEREITUNG: Claims Registration Ends Nov. 30
MES PERSONALLEASING: Claims Registration Period Ends Dec. 21

METALL DESIGN: Claims Registration Period Ends Dec. 20
P & W PROJEKT: Claims Registration Period Ends Dec. 12
PIZZERIA SALERNO: Claims Registration Ends December 24
RVG BERLIN: Claims Registration Period Ends Dec. 27
S + S ELECTRONIC: Claims Registration Period Ends Dec. 14

SAATH UND SOHN: Claims Registration Ends December 17
SAUTER AUTOMATION: Claims Registration Ends December 14
SCHOPF INT.: Claims Registration Ends December 27
TAS MASCHINENBAU: Claims Registration Period Ends Dec. 12
WICOMAT GMBH: Claims Registration Ends December 14


I T A L Y

ALPI EAGLES: Creditors File Insolvency Petition Against Carrier


K A Z A K H S T A N

ADEMO LLP: Proof of Claim Deadline Slated for Dec. 21
BARNURSTROYSNAB LLP: Creditors Must File Claims Dec. 21
BATON SERVICE: Claims Filing Period Ends Dec. 21
GIFTWARE LLP: Creditors' Claims Due on Dec. 21
HOUSE CONSTRUCTION: Moody's Puts E+ Bank Fin'l. Strength Rating

KARRUDA LLP: Claims Registration Ends Dec. 21
KAZ SERVICE: Proof of Claim Deadline Slated for Dec. 21
MASTER LLP: Creditors Must File Claims Dec. 21
URPEK LLP: Claims Filing Period Ends Dec. 21
VNDER GROVND: Creditors' Claims Due on Dec. 21

YUTONG-AUTO LLP: Claims Registration Ends Dec. 21


K Y R G Y Z S T A N

BECAS TOUR: Creditors Must File Claims by December 16


P O L A N D

AFFILIATED COMPUTER: Replacement Directors Join Board
TVN SA: Posts PLN78.33 Million Net Loss for Third Quarter 2006
TVN SA: Strong Operations Cue Moody's to Lift Rating to Ba2
TVN SA: S&P Raised Ratings to BB on Improve Liquidity


R U S S I A

AK BARS: Fitch Affirms IDR at BB- on Likely Government Support
AL'KORENERGOSTROY LLC: Court Hearing Slated for April 10, 2008
ASS. KURSKATOMENERGOSTROY: Court Starts Competitive Proceedings
GAZPROM NEFT: Shareholders Elects New Board of Directors
MITSUBISHI MOTORS: Plans to Build Outlanders in Russia

PF BASKUNCHAK: Creditors Must File Claims by Jan. 10, 2008
YUGRANEFT OAO: London Court Appoints Provisional Liquidator


S P A I N

WOOD STREET III: S&P Rates Class E Notes at BB-


S W I T Z E R L A N D

BAUDESIGN ARMIN: Uri Court Closes Bankruptcy Proceedings
M. + R. RICHNER: Creditors Must File Claims by January 31, 2008
POL-TRAINING URSULA: Creditors Must File Claims by December 24
PRIME FORESTRY: Creditors' Liquidation Claims Due by December 31
SCHARER IMMOBILIEN: Creditors Must File Claims by December 3

TTR JSC: Aargau Court Starts Bankruptcy Proceedings


U K R A I N E

AGRAF LLC: Creditors Must File Claims by November 28
BUILDING-TRADE-SERVICE: Creditors Must File Claims by Nov. 28
CRYSTAL SIDAVO: Creditors Must File Claims by November 28
DRUZHKOVKA VID: Creditors Must File Claims by November 28
MAKRO-TRADE LLC: Creditors Must File Claims by November 28

SPECIAL ENERGY: Creditors Must File Claims by November 29
VERKHNIANSKAYA TRANSPORT: Creditors Must File Claims by Nov. 29


U N I T E D   K I N G D O M

ACOM BUSINESS: Bank of Scotland Taps Menzies as Receivers
ARADAN LTD: Brings In Liquidators from Chantrey Vellacot DFK
BRITISH ENERGY: Discovers Wire Thinning at Heysham 1 Reactor 2
COSTAIN GROUP: Appoints David Allvey as Chairman
GRAYS TYRE: Names Richard Howard Toone Liquidator

INTEGRIAN EUROPE: Brings In Begbies Traynor as Administrators
J F TURKINGTON: Calls In Liquidators from BDO Stoy Hayward
LORIMIST LTD: Appoints Begbies Traynor as Administrators
LUDGATE FUNDING 2006-01: Fitch Rates Class S Notes at BB-
PARAGON GROUP: Inks Standby Underwriting Agreement with UBS

PHYTO-RESEARCH LTD: Appoints Administrators from Gerald Edelman
QUEBECOR WORLD: Market Status Cues Refinancing Plan Withdrawal
ROADCHEF FINANCE: Weak Performance Cues S&P's Outlook Revisions
SMURFIT KAPPA: Fitch Keeps BB IDR Despite Weakening Market
WHOLE FOODS: Board Increases January 22 Dividend by 11%

WHOLE FOODS: Earns US$34 Million in Quarter Ended September 30
WILLEC UK: Taps Liquidators from Cooper Parry
YUGRANEFT OAO: London Court Appoints Provisional Liquidator

* Ruth Kelly Publishes Heathrow Airport Consultation Results

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


                            *********

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


ELITE ROMANOVIC: Claims Registration Period Ends Dec. 4
-------------------------------------------------------
Creditors owed money by KEG LLC Elite Romanovic (FN 283722p)
have until Dec. 4 to file written proofs of claim to court-
appointed estate administrator Georg Unger at:

         Dr. Georg Unger
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: office@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 18 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 121/07h).


FULL HOUSE: Claims Registration Period Ends Dec. 4
--------------------------------------------------
Creditors owed money by LLC Full House Verlag (FN 282363s) have
until Dec. 4 to file written proofs of claim to court-appointed
estate administrator Brigitte Stampfer at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra_stampfer@utanet.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 22 (Bankr. Case No. 4 S 121/07g).


G.K. HAUSTECHNIK: Claims Registration Period Ends Dec. 4
--------------------------------------------------------
Creditors owed money by LLC G.K. Haustechnik & Co KG (FN
283822k) have until Dec. 4 to file written proofs of claim to
court-appointed estate administrator Rene Lindner at:

         Mag. Rene Lindner
         Fadingerstr. 9
         4020 Linz
         Austria
         Tel: 0732/78 40 80-34
         Fax: 0732/78 40 80-5
         E-mail: konkurs@hengstschlaeger-lindner.at

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

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Oct. 22 (Bankr. Case No. 38 S 54/07f).


PRECISE COMPUTER: Claims Registration Period Ends Dec. 25
---------------------------------------------------------
Creditors owed money by LLC Precise Computer Handel (FN 66527i)
have until Dec. 25 to file written proofs of claim to court-
appointed estate administrator Andrea Prochaska at:

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

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 19 (Bankr. Case No. 6 S 134/07h).


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


POPE & TALBOT: Delays Filing of September 30 Form 10-Q
------------------------------------------------------
Pope & Talbot Inc. disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission that the filing of its
quarterly financial report on Form 10-Q for the period ended
Sept. 30, 2007, will be delayed.

The company has also been unable to complete an evaluation of
its long-lived assets for impairment in relation to its current
financial situation and the commencement of its CCAA
proceedings, Mr. R. Neil Stuart, vice president and chief
financial officer of Pope & Talbot Inc., noted.

In the third quarter of 2006, Pope & Talbot reported an
operating loss of US$1,700,000, a net loss of US$12,900,000, and
a net loss per share of US$0.79.  "Without giving effect to any
impairment charge the company may be required to recognize for
its long-lived assets once an impairment analysis is completed,
the company expects to report an operating loss moderately
greater than that reported in the third quarter of 2006 and a
net loss significantly greater than that reported in the
corresponding prior year period," according to Mr. Stuart.

Mr. Stuart revealed that the preliminary results for the third
quarter of 2007 include amortization of debt issuance costs of
US$19,600,000, substantially all of which related to an
acceleration of costs relating to Pope & Talbot's senior secured
credit agreement.  Another significant item in the third quarter
of 2007 that affected operating results was the deferral of the
annual maintenance shutdown of the Mackenzie pulp mill to
October 2007 resulting in no shutdown maintenance costs in the
third quarter of 2007 as compared to US$7,400,000 in the third
quarter of 2006 and US$12,000,000 in the second quarter of 2007,
Mr. Stuart added.

Pope and Talbot and its subsidiaries continue to operate their
businesses as debtor companies in accordance with the applicable
provisions of the Companies' Creditors Arrangement Act of Canada
under the jurisdiction of the Superior Court of Justice
(Commercial List) for the Province of Ontario.  "The Company has
not developed a plan of reorganization for its emergence from
the protections of the CCAA, and continues to seek buyers for
its assets as a source of funds to repay creditors," Mr. Stuart
relates.

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC: PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
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 Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 4; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: CCAA Proceedings Transferred to British Columbia
---------------------------------------------------------------
The Honorable Justice Geoffrey B. Morawetz at the Superior Court
of Justice (Commercial List) for the Province of Ontario, in
Canada, approved the request of Pope & Talbot Inc. and its
debtor affiliates to transfer the venue of the Applicants' CCAA
proceedings to the British Columbia Supreme Court.

Accordingly, the Ontario Court asked the British Columbia
Supreme
Court to:

   -- accept the transfer and continuation of the Applicants'
      proceedings;

   -- recognize Mr. Justice Morawetz's Initial Order dated
      Oct. 29, 2007, approving a stay of proceedings to
      November 23;

   -- recognize all subsequent Ontario Court orders for all
      purposes; and

   -- assume primary jurisdiction of the Applicants' CCAA
      proceedings.

The Ontario Court will maintain jurisdiction over the
Applicants' CCAA proceedings until the British Columbia Supreme
Court assumes primary jurisdiction, Mr. Justice Morawetz
clarified.

The Applicants' request, dated Nov. 19, 2007, came at the
heels of similar filings made by the province of British
Columbia, Wells Fargo Financial Corporation Canada, as agent for
the Revolving Credit Facility Lenders, and Ableco Finance LLC,
as Agent for the Term Loan B Lenders.

Her Majesty the Queen in Right of the Province of British
Columbia asked Justice Morawetz to:

   (a) declare that the British Columbia Supreme Court is the
       "forum conveniens" for the Companies' Creditors
       Arrangement Act proceedings of Pope & Talbot Ltd. and its
       subsidiaries;

   (b) request the British Columbia Supreme Court to accept the
       continuation of the CCAA proceedings; recognize Justice
       Morawetz's Initial Order dated Oct. 29, 2007, and all
       subsequent orders for all purposes; and assume primary
       jurisdiction; and

   (c) stay the CCAA Proceedings in Ontario pending continuation
       of the proceedings in the British Columbia Supreme Court.

In the alternative, British Columbia asked Mr. Justice Morawetz
to declare that the Ontario Superior Court does not have
jurisdiction to receive the Applicants' CCAA Application.

Douglas Knowles, Esq., at Fraser Milner Casgrain LLP, in
Vancouver, British Columbia, noted that approximately one month
before the CCAA bankruptcy filing, the Applicants changed their
registered office to the offices of Stikeman Elliott LLP in
Toronto, Ontario.  Prior to that, the Applicants' registered
office was located in Vancouver, British Columbia at the office
of its counsel Stikeman Elliot.  The corporate filings of the
Applicants in British Columbia indicate that its registered head
offices, as of Oct. 29, 2007, was the office of its counsel
Stikeman Elliot in British Columbia, Mr. Knowles disclosed.

The Applicants have more than 1,700 employees and significant
assets in British Columbia, Mr. Knowles pointed out.  The
Applicants' chief and only place of business in Canada is
British Columbia, he adds.

The Applicants, Mr. Knowles stated, conduct their business in a
"complex resource industry" which is subject to numerous
statutes and regulations of the Province of British Columbia,
with respect to matters including the environment, water,
forests, pensions, workers compensation, employment standards
and labor relations.  Disputes arising from the statutes and
regulations which govern the Company's business operations, Mr.
Knowles asserted, are subject to determination or adjudication
by ministerial officials, tribunals located in British Columbia,
and by the British Columbia Supreme Court.

Mr. Knowles added that some of the property and rights owned and
enjoyed by the Applicants in British Columbia are in areas which
may be subject to native land claims, which are also subject to
adjudication in British Columbia.

There is no evidence, Mr. Knowles argued, that:

   (a) the Applicants have any employees or assets or any place
       of business in Ontario, other than one bank account; and

   (b) any of the Applicants' creditors are located in Ontario.

Rather, majority of the Applicants' creditors are located in
British Columbia.  Moreover, the vast majority of the
stakeholders which will be affected by the CCAA proceedings are
in British Columbia, Mr. Knowles maintained.

Mr. Knowles furnished the Court with various sworn affidavits to
support the Jurisdiction Transfer Request, including the
affidavits of:

   1. Fran Thibodeau, legal secretary of Fraser Milner Casgrain
      LLP, solicitors for her Majesty the Queen in Right of the
      Province of British Columbia;

   2. Gary Townsend, assistant deputy minister of the Integrated
      land Management Bureau of the Ministry of Agriculture and
      Lands;

   3. Michael Peters, executive director at the office of the
      Superintendent of Pensions;

   4. Glen Davidson, director of the management and Standards,
      Water Stewardship Branch of the Ministry of Environment;

   5. Richard Butler, a lawyer who represents the Attorney
      General of British Columbia on almost all major commercial
      insolvencies;

   6. Pat Plunkett, director of the Forest Revenue Branch of the
      British Columbia Ministry of Small Business and Revenue;

   7. Brad Harris, senior timber tenure forester of the Resource
      Tenures and Engineering Branch of the Ministry of Forests
      and Range for the Province of British Columbia;

   8. Julian Paine, assistant deputy minister of the Strategic
      Initiatives Division of the British Columbia for the
      Ministry of Aboriginal Relations and Reconciliation;

   9. Melanie Dovey, legal secretary of the Legal Services
      Branch of the British Columbia Ministry of Attorney
      General;

  10. Julia Brooke, senior environmental protection officer with
      the Environmental Protection Division of the Environmental
      Management Branch for the Ministry of Environment for the
      Province of British Columbia;

  11. Elan Symes, assistant deputy minister of the Revenue
      Programs Division of the Ministry of Small Business and
      Revenue;

  12. David Morel; and

  13. Steve Willick, president of Newland Enterprises Ltd.

Representing the Attorney General of British Columbia, Mr.
Butler identified certain jurisdictional or constitutional
issues that could arise in the course of  the Applicants' CCAA
proceedings, including conflicts from initial orders, conflicts
in vesting orders, and conflicts in arrangement and final
orders.  The Attorney General, Mr. Butler averred, has taken the
position that orders in insolvency proceedings can only override
the operation of provincial laws on constitutional grounds.

On the Attorney General's behalf, Mr. Butler asserts that it is
contrary to the interest of the British Columbia public in the
appropriate ongoing operation of laws governing the activities
of Pope & Talbot in British Columbia to have the CCAA
proceedings continue in the courts of Ontario.

The Attorney General further believes that it would be
cumbersome and costly and would involve additional delay to
force statutory decision-makers, third parties whose rights or
interests are protected by statute, or would-be applicants for
judicial review in British Columbia to apply to and appear in
the Ontario court seeking:

   -- a determination of whether the stay under the initial
      order applies to a particular regulatory process; or

   -- if it does, to have the stay lifted.

It would be particularly difficult, if not impossible, to do so
in a timely way in response to emergency situations which may
arise, the Attorney General added.

On the other hand, Mr. Thibodeau attested that a detailed search
of various Web sites indicate that the Applicants have no place
of business in Ontario.

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC: PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
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 Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 4; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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F I N L A N D
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EXIDE TECHNOLOGIES: Improved Financials Cue S&P to Lift Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Exide Technologies to 'B-' from 'CCC+' because of the
company's improved financial results, which Exide has achieved
despite sharply higher lead prices.  The outlook is stable.

Alpharetta, Georgio-based Exide, a manufacturer of automotive
and industrial batteries, has total debt of about US$1.1
billion, including Standard & Poor's adjustments for underfunded
retiree benefit liabilities, operating leases, and trade
receivables sold.

"The rating action reflects Standard & Poor's view that a
default by Exide is unlikely over the next 12-18 months," said
Standard & Poor's credit analyst Gregg Lemos Stein.

Exide's financial profile remains highly leveraged, but credit
measures have improved meaningfully over the past several
quarters as a result of steadily increasing EBITDA.  Prices for
lead have more than tripled since mid-2006, leading to sharply
higher working capital and negative free cash flow.  However,
Exide has been able to blunt most of the impact on profitability
by passing along higher costs to its customers.

The outlook is stable.  S&P could revise the outlook to negative
or lower the ratings if free operating cash flow fails to turn
positive, if recent improvements in Exide's pricing environment
prove unsustainable, or if lead costs continue to increase
dramatically and liquidity diminishes.  S&P could revise the
rating to positive if leverage continues to moderate
substantially and the company demonstrates consistent and
sustainable positive free cash flow generation, allowing for
permanent debt reduction.


Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Australia, India, Finland, Poland, New Zealand, among others.


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F R A N C E
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BOSTON SCIENTIFIC: Amends Pact to Settle Product Claims
-------------------------------------------------------
Boston Scientific Corporation has reached an amended agreement
to settle claims associated with a series of product
communications issued by Guidant Corporation in 2005 and 2006.
Boston Scientific acquired Guidant last year.

This agreement amends a prior agreement Boston Scientific
reached in July 2007 to cover additional unanticipated claims.
The amended agreement was reached during mediation sessions
conducted before U.S. Magistrate Judge Arthur J. Boylan in
Minneapolis.

Under the terms of the amended agreement, subject to certain
conditions, Boston Scientific will pay a total of up to
US$240 million.  The agreement covers 8,550 patient claims,
including all of those that have been consolidated in the U.S.
District Court for the District of Minnesota in a Multi-District
Litigation, well as other filed and unfiled claims throughout
United States.  As a result of the amendment, proceedings in
Minnesota state court have -- like the trials in the bellwether
cases in the MDL -- been stayed.

Under the terms of the prior agreement, Boston Scientific had
agreed to pay US$195 million to settle over 4,000 claims in the
MDL, well as an undetermined number of additional similar
claims.  The company stated that the claims covered by the
amended agreement constitute substantially all currently
asserted claims in the United States arising from the 2005 and
2006 product communications.

"We are pleased with this amendment, which is in the best
interest of all involved," Jim Tobin, president and chief
executive officer of Boston Scientific, said.

                   About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Boston Scientific Corp. (including the 'BB+' corporate credit
rating) and removed them from CreditWatch, where they were
placed with negative implications Aug. 3, 2007.  The rating
outlook is negative.


PATHEON INC: Wesley Wheeler Appointed as Chief Executive Officer
----------------------------------------------------------------
The board of directors of Patheon Inc. appointed pharmaceutical
industry executive Wesley P. Wheeler as chief executive officer
effective Dec. 10, 2007.  Mr. Wheeler will succeed Riccardo
Trecroce, who plans to leave Patheon in the new year, after a
transition period.

"With Patheon's restructuring initiatives well underway, we are
focused on taking the company forward to the next phase of
growth and profitability," Ramsey Frank, managing director of
JLL Partners, the company's largest shareholder, and chairman of
Patheon Inc.'s corporate governance committee, said.

"Wes Wheeler is a highly experienced pharmaceutical executive
with a proven record of leading successful, international
businesses. His in-depth knowledge of the industry and breadth
of pharmaceutical experience will serve Patheon well as we move
forward to grow and deliver improved value to our stakeholders,"
Mr. Frank added.

"We would like to thank Riccardo Trecroce for his commitment and
contributions to Patheon over his seven years with the company,"
Peter Green, chairman of Patheon's board of directors, said.
"Riccardo led Patheon through a particularly challenging time in
its evolution, successfully recapitalizing the company earlier
this year and launching restructuring and operational
initiatives to improve the company's profitability. We thank him
for his dedication and wish him every success in his future
endeavours."

Mr. Wheeler's 29-year career includes multinational experience
in pharmaceutical manufacturing, sales and marketing, R&D and
engineering with three global pharmaceutical companies.  He
joins Patheon from Valeant Pharmaceuticals International, a
California-based specialty pharmaceutical company, where he
served as president, North America, R&D and Global
Manufacturing.

Prior to joining Valeant in 2003, Mr. Wheeler served as
president and chief executive officer of DSM Pharmaceuticals
Inc., a contract pharmaceutical manufacturer, where he led the
organization through a business turnaround, significantly
increasing new business, compliance and profitability in
approximately 13 months.

Prior to DSM, Mr. Wheeler was senior vice-president of logistics
and strategy for GlaxoSmithKline plc.  In this role, Mr. Wheeler
was responsible for managing the manufacturing rationalization
of Glaxo Wellcome and SmithKline Beecham, which included a
supply network of over 100 plants in 41 countries.

Previous to his manufacturing role, Mr. Wheeler was vice
president of marketing for Glaxo Wellcome, responsible for
antibiotic, antiviral, gastrointestinal and metabolic products.
In addition to brand marketing, he was instrumental in
developing the marketing services infrastructure for Glaxo
Wellcome.  Mr. Wheeler joined Glaxo in 1989 after a 12-year
career at Exxon Research & Engineering Co.

Mr. Wheeler holds a bachelor of science degree in mechanical
engineering from Worcester Polytechnic Institute and a master of
business administration degree from California Lutheran
University.

"Patheon is a well-positioned, global service provider to the
pharmaceutical industry," Mr. Wheeler said.  "The company has
developed a solid foundation for growth and I intend to work
closely with its many clients, its board of directors and its
employees to deliver continued results for our industry."  "I
look forward to building on Patheon's track record of success
and ultimately increasing value for its shareholders."

                      About Patheon Inc.

Headquartered in Mississauga, Ontario, Patheon Inc. (TSX: PTI) -
- http://www.patheon.com/-- provides drug development and
manufacturing services to the international pharmaceutical
companies located primarily in North America, France, Italy, the
United Kingdom and Japan.  It produces both prescription and
over-the-counter drugs for its clients.  Patheon provides
manufacturing services for a range of products in many dosage
forms and packaging, such as compressed tablets, hard-shell
capsules, liquids and powders filled in ampoules, vials, bottles
or pre-filled syringes. The pharmaceutical development services
provided by Patheon include dosage form development services,
scale-up and technology transfer services, and manufacturing of
pilot batches of drugs.

                        *     *     *

Moody's Investor Services placed Patheon Inc.'s long term
corporate family and probability of default ratings at 'B2' in
April 2007.  The ratings still hold to date with a stable
outlook.


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


A. J. KUNZWEILER: Claims Registration Period Ends Dec. 21
---------------------------------------------------------
Creditors of A. J. Kunzweiler GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Ingo Michelsen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 11, 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 Loerrach
         Hall 5
         Bahnhofstr. 4a
         79539 Loerrach
         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:

         Ingo Michelsen
         Luisenstr. 5
         79539 Loerrach
         Germany
         Tel: 07621/4225 880

The District Court of Loerrach opened bankruptcy proceedings
against A. J. Kunzweiler GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         A. J. Kunzweiler GmbH
         Grenzstr. 20
         79576 Weil am Rhein
         Germany


DREVIS GMBH: Claims Registration Period Ends Dec. 11
----------------------------------------------------
Creditors of Drevis GmbH have until Dec. 11 to register their
claims with court-appointed insolvency manager Bernd Krumbholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Bernd Krumbholz
         Fr.-Engels-Str. 1a
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
Drevis GmbH on Dec. 6.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Drevis GmbH
         Albin-May-Str. 7
         07937 Zeulenroda-Triebes
         Germany


DRIVE SERVICE: Claims Registration Ends December 28
---------------------------------------------------
Creditors of Drive Service Weber GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Kathrin Sachse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 18, 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 Loerrach
         Hall 2.21
         Second Floor
         Bahnhofstr. 4 a
         79539 Loerrach
         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:

          Kathrin Sachse
          Weinbrennerstr. 4
          79539 Loerrach
          Germany
          Tel: 07621/940370

The District Court of Loerrach opened bankruptcy proceedings
against Drive Service Weber GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Drive Service Weber GmbH
         Attn: Thomas Weber, Manager
         Hauptstr. 196
         79576 Weil am Rhein
         Germany


ELEKTRO-BLANZ GMBH: Claims Registration Period Ends Dec. 14
-----------------------------------------------------------
Creditors of Elektro-Blanz GmbH have until Dec. 14 to register
their claims with court-appointed insolvency manager Stefan
Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:55 a.m. on Jan. 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Elektro-Blanz GmbH on Nov. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Elektro-Blanz GmbH
         Attn: Mohammad Abdalla, Manager
         Hohenesch 10-12
         22765 Hamburg
         Germany


ELEKTROTECHNIK GRUEN: Claims Registration Ends December 18
----------------------------------------------------------
Creditors of ELEKTROTECHNIK Gruen GmbH have until Dec. 18 to
register their claims with court-appointed insolvency manager
Thomas Georg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Thomas Georg
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

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

The Debtor can be reached at:

         ELEKTROTECHNIK Gruen GmbH
         Grabenstrasse 3
         52249 Eschweiler
         Germany

         Attn: Walter Seeger, Manager
         Martin-Luther-Str. 18
         52249 Eschweiler
         Germany


IN STYLE: Claims Registration Ends December 27
----------------------------------------------
Creditors of In Style Gesellschaft fuer Hochwertiges Bauen und
Wohnen mbH  & Co. KG have until Dec. 27 to register their claims
with court-appointed insolvency manager Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on March 6, 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 Koenigstein/Ts.
         Hall 106 A
         Burgweg 9
         61462 Koenigstein/Ts.
         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:

         Ottmar Hermann
         Bleichstrasse 2-4
         60313 Frankfurt am Main
         Germany
         Tel: 069-913092-0
         Fax: 069-913092-30

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against In Style Gesellschaft fuer Hochwertiges
Bauen und Wohnen mbH  & Co. KG on Nov. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         In Style Gesellschaft fuer Hochwertiges Bauen
         und Wohnen mbH  & Co. KG
         Koenigsteiner Strasse 83
         65812 Bad Soden
         Germany


KUNZWEILER GROUP: Claims Registration Period Ends Dec. 21
---------------------------------------------------------
Creditors of Kunzweiler Group GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Ingo Michelsen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 11, 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 Loerrach
         Hall 5
         Bahnhofstr. 4a
         79539 Loerrach
         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:

         Ingo Michelsen
         Luisenstr. 5
         79539 Loerrach
         Germany
         Tel: 07621/4225 880

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

The Debtor can be reached at:

         Kunzweiler Group GmbH
         Riedlistr. 41
         79576 Weil am Rhein
         Germany


M & S BAUTRAGER: Claims Registration Period Ends Dec. 21
--------------------------------------------------------
Creditors of M & S Bautrager GmbH have until Dec. 21 to register
their claims with court-appointed insolvency manager Paul
Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         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:

          Paul Wieschemann
          Flickerstal 2
          67657 Kaiserslautern
          Germany
          Tel: 0631/341950
          Fax: 0631/470269

The District Court of Kaiserslautern opened bankruptcy
proceedings against M & S Bautrager GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          M & S Bautrager GmbH
          Kirchstrasse 16
          67722 Winnweiler
          Germany


MARKGRAFLER ERDAUFBEREITUNG: Claims Registration Ends Nov. 30
-------------------------------------------------------------
Creditors of Markgrafler Erdaufbereitung GmbH have until Nov. 30
to register their claims with court-appointed insolvency manager
Thilo Braun.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 10, 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 Freiburg
         Room 207
         Second Floor
         Aussenstelle Bismarckallee 2
         79098 Freiburg
         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:

         Thilo Braun
         Schillerstr 2
         79102 Freiburg i. Br.
         Germany
         Tel: 0761-703900
         Fax: 0761/7039052

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

The Debtor can be reached at:

         Markgrafler Erdaufbereitung GmbH
         Attn: Alexander Brengartner, Manager
         Breisgau Ring Shelter 282
         79427 Eschbach
         Germany


MES PERSONALLEASING: Claims Registration Period Ends Dec. 21
------------------------------------------------------------
Creditors of MES Personalleasing GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
MES Personalleasing GmbH on Nov. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          MES Personalleasing GmbH
          Heinrich-Hertz-Str. 10
          07629 Hermsdorf
          Germany


METALL DESIGN: Claims Registration Period Ends Dec. 20
------------------------------------------------------
Creditors of Metall design Barche Metall- und Maschinenbau GmbH
have until Dec. 20 to register their claims with court-appointed
insolvency manager Hans-Wilhelm Bauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Jan. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hans-Wilhelm Bauer
         Emmeramsplatz 6
         93047 Regensburg
         Germany
         Tel: 0941/29680-46
         Fax: 0941/2968045

The District Court of Regensburg opened bankruptcy proceedings
against Metall design Barche Metall- und Maschinenbau GmbH on
Nov. 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Metall design Barche Metall- und Maschinenbau GmbH
         Ambergerstr. 131
         93057 Regensburg
         Germany


P & W PROJEKT: Claims Registration Period Ends Dec. 12
------------------------------------------------------
Creditors of P & W Projekt- und Wohnungsbaugesellschaft mbH have
until Dec. 12 to register their claims with court-appointed
insolvency manager Boris Reski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 3
         First Floor
         Station Route 17
         25421 Pinneberg
         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:

         Boris Reski
         Moltkestrasse 3-5
         25421 Pinneberg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against P & W Projekt- und Wohnungsbaugesellschaft mbH on Nov.
1.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         P & W Projekt- und
         Wohnungsbaugesellschaft mbH
         Attn: Juergen Telschow-Schroeder, Manager
         Heidweg 55
         25436 Gross Nordende
         Germany


PIZZERIA SALERNO: Claims Registration Ends December 24
------------------------------------------------------
Creditors of Pizzeria Salerno GmbH have until Dec. 24 to
register their claims with court-appointed insolvency manager
Jochen Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Feb. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Jochen Wagner
         Goldknopfgasse 2
         85049 Ingolstadt
         Germany
         Tel: 0841/14 28 99-0
         Fax: 0841/14 28 99-10

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

The Debtor can be reached at:

         Pizzeria Salerno GmbH
         Dorfstrasse 6
         85051 Ingolstadt
         Germany

         Attn: Erwin Spangler
         Dorfstrasse 6
         85051 Ingolstadt
         Germany


RVG BERLIN: Claims Registration Period Ends Dec. 27
---------------------------------------------------
Creditors of RVG Berlin-Brandenburg Gesellschaft fuer
Verfahrensentwicklung und Recyclingtechnologien mbH have until
Dec. 27 to register their claims with court-appointed insolvency
manager Steffi Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on Jan. 25, 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Steffi Radack-Mueller
         Franzoesische Strasse 9-12
         10117 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against RVG Berlin-Brandenburg Gesellschaft fuer
Verfahrensentwicklung und Recyclingtechnologien mbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         RVG Berlin-Brandenburg Gesellschaft fuer
         Verfahrensentwicklung und Recyclingtechnologien mbH
         Attn: Kay Hinnerk Rahn, Manager
         Kanalstr. 17
         16727 Velten
         Germany


S + S ELECTRONIC: Claims Registration Period Ends Dec. 14
---------------------------------------------------------
Creditors of S + S electronic GmbH & Co. KG have until Dec. 14
to register their claims with court-appointed insolvency manager
Dr. Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 10, 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 Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         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. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against S + S electronic GmbH & Co. KG on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         S + S electronic GmbH & Co. KG
         Attn: Dr. Ing. Erwin A. Sauter, Manager
         Pforzheimer Str. 95
         75417 Muehlacker
         Germany


SAATH UND SOHN: Claims Registration Ends December 17
----------------------------------------------------
Creditors of Saath und Sohn GmbH have until Dec. 17 to register
their claims with court-appointed insolvency manager Rembert
Kuebel-Heising.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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:

         Rembert Kuebel-Heising
         Winsener Strasse 14
         21376 Salzhausen
         Germany
         Tel.: 04172 / 90 90 0
         Fax : 04172 / 90 90 11

The District Court of Lueneburg opened bankruptcy proceedings
against Saath und Sohn GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Saath und Sohn GmbH
         Attn: Bernhard Saath and Thomas Saath, Managers
         Hornwiesenring 81
         21394 Kirchgellersen
         Germany


SAUTER AUTOMATION: Claims Registration Ends December 14
-------------------------------------------------------
Creditors of Sauter Automation GmbH have until Dec. 14 to
register their claims with court-appointed insolvency manager
Dr. Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         Germany
         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. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart
         Germany

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

The Debtor can be reached at:

         Sauter Automation GmbH
         Attn: Dr. Erwin A. Sauter, Manager
         Pforzheimer Str. 95
         75417 Muehlacker
         Germany


SCHOPF INT.: Claims Registration Ends December 27
-------------------------------------------------
Creditors of Schopf Int. Transporte GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 3, 2008, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2001
         Schorndorfer Str. 28
         71638 Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Steffen Beck
         Breitscheidstrasse 10
         70174 Stuttgart
         Germany
         Tel: 0711/2525660

The District Court of Ludwigsburg opened bankruptcy proceedings
against Schopf Int. Transporte GmbH on Nov. 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Schopf Int. Transporte GmbH
         Attn: Franz Schopf, Manager
         Goethestrasse 44
         71577 Grosserlach
         Germany


TAS MASCHINENBAU: Claims Registration Period Ends Dec. 12
---------------------------------------------------------
Creditors of TAS Maschinenbau GmbH have until Dec. 12 to
register their claims with court-appointed insolvency manager
Marcus Winkler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Marcus Winkler
         Leitzstrasse 45
         70469 Stuttgart
         Germany
         Tel: 0711/2807590
         Fax: 0711/28075911

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

The Debtor can be reached at:

         TAS Maschinenbau GmbH
         Oeschstr. 21
         73072 Donzdorf
         Germany


WICOMAT GMBH: Claims Registration Ends December 14
---------------------------------------------------
Creditors of WICOMAT GmbH & Co. have until Dec. 14 to register
their claims with court-appointed insolvency manager Dr.
Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.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 Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         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. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against WICOMAT GmbH & Co. on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WICOMAT GmbH & Co.
         Attn: Dr. Ing. Erwin A. Sauter, Manager
         Pforzheimer Str. 95
         75417 Muehlacker
         Germany


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


ALPI EAGLES: Creditors File Insolvency Petition Against Carrier
---------------------------------------------------------------
Creditors of Alpi Eagles S.p.A. has asked the Court of Padova to
declare the regional carrier insolvent, The Financial Times says
citing an IL Sole 24 Ore report.

The petition was filed by airport operators SAVE of Venice and
GESAC of Naples, Avionews relates.  Alpi Eagles owes SAVE around
EUR3.8 million.

According to the report, Federazione Italiana Trasporti,
Federazione Italiana Lavoratori Trasporti and Unione Italiana
Lavoratori Trasporti have asked for an audience with Italian
transport minister Alessandro Bianchi.

"Alpi Eagles is not in a state of insolvency, because it is
super-capitalized," Paolo Sinigaglia, Alpi Eagles's president,
told Avionews.  "I want stigmatize SAVE action, made by its
President Enrico Marchi, who long time plots to close our
airline."

Headquartered in Venice, Italy, Alpi Eagles S.p.A. --
http://www.alpieagles.com/-- operates scheduled passenger
services linking 15 domestic destinations, as well as
international services to Albania, Czech Republic, France,
Romania, Russia, Spain and Ukraine.

Alpi Eagle is currently operating under a provisional license
valid until Dec. 31, 2007, following an investigation by Ente
Nazionale per l'Aviazione Civile, the italian Civil Aviation
Authority, due to insufficient financial resources.

The company's management has submitted an emergency financial
recovery action plan to creditors.


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


ADEMO LLP: Proof of Claim Deadline Slated for Dec. 21
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Ademo insolvent.

Creditors have until Dec. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


BARNURSTROYSNAB LLP: Creditors Must File Claims Dec. 21
-------------------------------------------------------
LLP Barnurstroysnab has declared insolvency.  Creditors have
until Dec. 21 to submit written proofs of claims to:

         LLP Barnurstroysnab
         Krasnogorskaya Str. 11
         Aktobe
         Aktube
         Kazakhstan


BATON SERVICE: Claims Filing Period Ends Dec. 21
------------------------------------------------
LLP Baton Service has declared insolvency.  Creditors have until
Dec. 21 to submit written proofs of claims to:

         LLP Baton Service
         Moldagulova Str. 11v-117
         Aktobe
         Aktube
         Kazakhstan


GIFTWARE LLP: Creditors' Claims Due on Dec. 21
----------------------------------------------
LLP Firm Giftware has declared insolvency.  Creditors have until
Dec. 21 to submit written proofs of claims to:

         LLP Firm Giftware
         Abai Str. 97
         Drujba
         Almaty
         Kazakhstan


HOUSE CONSTRUCTION: Moody's Puts E+ Bank Fin'l. Strength Rating
---------------------------------------------------------------
Moody's Investors Service assigned Baa2 long-term and Prime-2
short-term local currency deposit ratings and an E+ bank
financial strength rating to House Construction Saving Bank of
Kazakhstan.  The outlook for all ratings is stable.

According to Moody's, HCSBK's E+ BFSR, which translates into a
Baseline Credit Assessment of B2, is based on the bank's
fundamental credit strength, which, in Moody's view, is
underpinned by HCSBK's government ownership, its well-developed
branch network and strong capital adequacy.  However, HCSBK's
financial strength is constrained by its small size, limited
period of operation and significant market risk exposure in its
securities portfolio.

The bank's Baa2 local currency deposit rating factors in an
extremely high probability of systemic support in the event of a
stress situation given the bank's 100% ownership by the
government of Kazakhstan, as well as the bank's policy mandate
to implement the Kazakhstani government's programme on home
ownership.  As a result, this rating receives a six-notch uplift
from the bank's B2 BCA.

HCSBK was established at the initiative of the Kazakhstani
government for the purpose of supporting home ownership in the
country.  The bank has a unique business model in Kazakhstan,
which involves taking long-term deposits from individuals and
making home loans to the same individuals after a certain period
of accumulating their savings at the bank.  As the bank only
began its core business a few years ago, its loan book is still
relatively small and accounted for only 25.5% of its total
assets at H1 2007.  The rest of the bank's assets are currently
invested in the Kazakhstani government and corporate securities.

Currently, the bank's main funding source is its equity (57.4%),
while its share of retail deposits accounts for a further 38% of
funding.  Apart from its home city of Almaty, the bank has
branches in 15 Kazakhstani regions and is actively increasing
the volume of sales both at these branches and through different
sales agents.

In Moody's view, HCSBK's ratings could be upgraded if it
succeeds in materially growing its loan book while ensuring good
quality, as well as maintaining reasonable capitalisation and
reducing its market risk exposure.

Conversely, downward rating pressure could arise from a failure
to reduce market risk exposure or in the event of a material
deterioration in asset quality and profitability.

Based in Almaty, Kazakhstan, HCSBK reported total audited IFRS-
consolidated assets and net income of US$122 million and US$0.4
million, respectively, at year end 2006 (US$61 million and US$-
1.6 million, respectively, at year end 2005


KARRUDA LLP: Claims Registration Ends Dec. 21
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Mining Company Karruda (RNN 302000067681) has
declared insolvent.

Creditors have until Dec. 21 to submit written proofs of claims
to:

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


KAZ SERVICE: Proof of Claim Deadline Slated for Dec. 21
-------------------------------------------------------
LLP Kaz Service Aviation has declared insolvency.  Creditors
have until Dec. 21 to submit written proofs of claims to:

         LLP Kaz Service Aviation
         Jubanovyh Str. 287
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 51-20-45


MASTER LLP: Creditors Must File Claims Dec. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Master insolvent.

Creditors have until Dec. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


URPEK LLP: Claims Filing Period Ends Dec. 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Urpek insolvent.

Creditors have until Dec. 21 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


VNDER GROVND: Creditors' Claims Due on Dec. 21
----------------------------------------------
LLP Vnder Grovnd has declared insolvency.  Creditors have until
Dec. 21 to submit written proofs of claims to:

         LLP Vnder Grovnd
         Industrialnaya Str. 1
         Taldykorgan
         Almaty
         Kazakhstan


YUTONG-AUTO LLP: Claims Registration Ends Dec. 21
-------------------------------------------------
LLP Yutong-Auto has declared insolvency.  Creditors have until
Dec. 21 to submit written proofs of claims to:

         LLP Yutong-Auto
         Aitiyev Str. 44-33
         Almaty
         Kazakhstan


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


BECAS TOUR: Creditors Must File Claims by December 16
-----------------------------------------------------
LLC Becas Tour has declared insolvency.  Creditors have until
Dec. 16 to submit written proofs of claim to:

         LLC Becas Tour
         Micro District 5, 55a-61
         Bishkek
         Kyrgyzstan
         Tel: (0-502) 53-91-13


===========
P O L A N D
===========


AFFILIATED COMPUTER: Replacement Directors Join Board
-----------------------------------------------------
The independent directors of Affiliated Computer Services Inc.'s
board of directors have completed their review of the
replacement directors proposed by Darwin Deason, chairman of the
board.  No shareholders suggested any alternative nominees to
those nominated by Mr. Deason.

"We have determined that we have no reason to conclude that the
nominees are not independent of Mr. Deason and the company's
management," Dennis McCuistion said.

Effective Nov. 21, 2007, Messrs. Robert B. Holland, III, J.
Livingston Kosberg, Dennis McCuistion, Joseph P. O'Neill and
Frank A. Rossi resigned from the company's board.  The remaining
directors have appointed Frank Varasano, Ted B. Miller, Jr.,
Richard W. Spears, and Kurt R. Krauss to fill the resulting
vacancies.

Mr. John H. Rexford also resigned from the company's board
effective Nov. 21, 2007, leaving the board to consist of four
independent directors and two management directors.  Neither Mr.
Deason nor any member of the company's management or board  has
any prior relationship with any of the newly elected independent
directors.

                         Frank Varasano

Mr. Varasano, 61, served as executive vice president of Oracle
Corporation from 1999 to 2001, where he was responsible for
marketing, sales and consulting to Oracle's 400 largest product
producing clients and was a member of the executive committee.

Prior to that, Mr. Varasano held several senior management
positions during his 26-year tenure at Booz Allen Hamilton.  As
a senior vice president, he led Booz Allen Hamilton's
engineering and manufacturing practice, New York office and
United States regional profit center.

He also served on the firm's board of directors and executive
committee.  From 2005 to 2006, Mr. Varasano served as a director
of Loudeye Corporation, serving on the compensation committee
and the special committee that led the analysis and review of
the sale of Loudeye to Nokia Corp.

Mr. Varasano holds a Masters in Business Administration from
Harvard Business School and a Bachelor of Science Degree from
the United States Naval Academy. He also served as an officer
aboard the USS Patrick Henry, a nuclear submarine.

                       Ted B. Miller, Jr.

From 1996 to 2001, Mr. Miller, 56, was the chief executive
officer of Crown Castle International Corp., a wireless
communications company he founded in 1995 which grew from start
up to an US$11.1 billion market capitalization.  He was chairman
of the Crown Castle board of directors from 1999 to 2002.

Prior to founding Crown Castle, Mr. Miller was involved in the
commercial real estate development, management and brokerage
business and various investments including the media business as
an original licensee of Blockbuster Video.  Mr. Miller is
currently managing director of Imperium International LLC and
president of 4M Investments LLC, both international private
investment companies.

He is currently the chairman and majority shareholder of
M7 Aerospace LP, an internationally diversified aerospace
service, manufacturing and technology company. He is also vice
chairman and majority shareholder of Intercomp Technologies LLC,
a payroll outsourcing company with operations in Europe. Mr.
Miller received a Juris Doctor from Louisiana State University
and a Bachelor of Business Administration from the University of
Texas.

                       Richard W. Spears

From 1980 to 1992, Mr. Spears, 71, was senior vice president,
law and human resources, of Ashland Oil Inc., then a Fortune 100
company.  From 1992 to 2003, he was a co-owner and director of
Kentucky Bank and Trust Co.  From 1992 to 1994, Mr. Spears
served as of counsel to Greenebaum, Doll & McDonald PLLC, a
corporate law firm with offices in Kentucky, Ohio, Tennessee and
the District of Columbia.

Currently, Mr. Spears is President and a director of Ashmark,
Inc., a private retail venture which he co-founded.  Mr. Spears
received a Bachelor of Laws from the University of Kentucky
College of Law and a Bachelor of Arts in Economics from
Georgetown College.

                        Kurt R. Krauss

From 1978 to 1992, Mr. Krauss, 58, was a partner with Booz Allen
Hamilton.  He also served on the firm's board of directors and
executive committee.  From 1992 to 1997, Mr. Krauss was managing
partner of the Mead Group, a management consulting firm which he
founded with offices in Greenwich, Connecticut, and London,
England.

From 1997 to 2000, he served as chief financial officer of
Burson-Marsteller, a public relations and public affairs firm.
Currently, Mr. Krauss is the managing member of Sachem
Investments LLC, an investment company he founded in 2001.

Mr. Krauss currently serves on the board of directors of
Prescient Medical Inc., for which he is the audit committee
chairman, and has served on the boards of directors of Zila,
Inc., Loudeye Corporation and several other not-for-profit
organizations.

Mr. Krauss received a Master of Science in Industrial
Administration from Carnegie-Mellon University and a Bachelor of
Arts in Mathematics from Heidelberg College.

                 About Affiliated Computer

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 on Nov 6, 2007,
Standard & Poor's Ratings Services kept its 'BB' corporate
credit and senior secured ratings on Dallas-based Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on March 20, 2007.


TVN SA: Posts PLN78.33 Million Net Loss for Third Quarter 2006
--------------------------------------------------------------
TVN S.A. released its consolidated financial results for the
third-quarter ended Sept. 30, 2007.

The company posted a net loss of PLN78.33 million on PLN296.55
million in revenue for the third quarter ended Sept. 30, 2007,
compared with a net loss of PLN3.33 million on PLN215.41 million
in revenue for the same period in 2006.

For nine months ended Sept. 30, 2007, consolidated income
statement of the group showed PLN107.46 million in net profit on
PLN1.033 billion in revenue, compared with PLN171.79 million in
net profit on PLN759.95 million in revenue for the nine months
ended Sept. 30, 2006.

At Sept. 30, 2007, TVN Group's consolidated balance sheet showed
PLN2.62 billion in total assets, PLN1.34 billion in total
liabilities and PLN1.28 billion in shareholders' equity.

"We had an excellent third quarter and on a year to date basis
we have seen remarkable growth for out thematic channels, with
EBITDA for those channels increasing by 216% and on average
achieving EBITDA margin for 25%.  Our October and November
audience share results for out TVN channel are on an upwards
trend which bodes well for the fourth quarter and 2008," Piotr
Walter, CEO of TVN S.A., disclosed.

A full-text copy of the company's financial report for the nine-
month period ended Sept. 30, 2007, is available for free a
http://ResearchArchives.com/t/s?25b9

Headquartered in Warsaw, Poland, TVN S.A. -- http://www.tvn.pl/
-- is a leading television broadcaster in Poland and a part of
ITI Group. TVN and its subsidiaries own and operate ten
television channels (including TVN, TVN 7 and TV 24).  or the
year ended Dec. 31, 2005, the company reported revenues of
approximately PLN860 million.


TVN SA: Strong Operations Cue Moody's to Lift Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of TVN S.A. to Ba2 from Ba3.

Concurrently, Moody's upgraded the rating on TVN Finance
Corporation plc's EUR235 million senior unsecured notes due 2013
to Ba3 from B1.  The outlook on the ratings is stable.

The rating upgrade reflects TVN's continued strong operational
which has resulted in an enhancement in the company's credit
metrics, e.g. Total Debt to EBITDA has improved to 2.2x as of
LTM September 2007 from 2.6x as of December 2006.

The Ba2 rating positively reflects TVN's leading position in the
Polish TV broadcasting market, which enjoys a significant growth
potential, as well as the company's solid and sustainable
audience share levels, supported by its multi-channel and multi-
distribution strategy which allows it to exploit content across
different platforms.

TVN Group is a leading media group in Poland.  TVN Group owns
and operates fourteen television channels: TVN, TVN Siedem, TVN
24, TVN CNBC Biznes, TVN Meteo, TVN Turbo, ITVN, TVN Style TVN
Gra, TVN Lingua, TVN Med, Discovery Historia and Mango
Teleshoping.  TVN Group also owns NTL Radomsko and Onet.pl,
Poland leading internet portal.

TVN, our principal free-to-air channel, is recognized in the
Polish market as a leading television broadcaster of high
quality entertainment and comprehensive independent news and
current affairs programs.  TVN Siedem is an entertainment
channel that complements TVN's programs by broadcasting feature
films, television series and game shows.  TVN 24 channel is the
only 24-hour news and current affairs television channel in
Poland.  TVN CNBC Biznes is our business news channel launched
in cooperation with CNBC Europe.  TVN Meteo and TVN Turbo are
Poland's first dedicated weather and automotive channels,
respectively.  TVN Style is a thematic channel focused on life
styles, health and beauty.  ITVN is a television channel that
targets viewers of Polish origin living abroad.  TVN Gra is an
interactive game show channel.


TVN SA: S&P Raised Ratings to BB on Improve Liquidity
-----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Polish TV broadcasting company TVN
S.A. to 'BB' from 'BB-', and its senior unsecured debt rating on
related entity TVN Finance PLC to 'BB-' from 'B+'.  The outlook
is stable.

"The upgrade reflects a likely significant improvement in the
liquidity profile of TVN's major shareholder, following its
imminent refinancing," said Standard & Poor's credit analyst
Melvyn Cooke.  "It also reflects a continued solid operating
performance and capital structure at TVN over the past few
years."

International Trading and Investments Holding S.A. Luxembourg
(not rated) is the majority shareholder, with about 62% of TVN's
share capital.

S&P expects TVN to maintain its solid position in the Polish TV
market and its established and improved track record of high
audience share among urban viewers.  Consequently, the company
is likely to continue to generate solid cash flows.  In order to
maintain the ratings, TVN's lease-adjusted total debt to EBITDA
should be no higher than 3.5x through the cycle, with steady
positive free cash flow generation.

The ratings assume that TVN will not significantly alter its
financial policy.  In particular, S&P does not expect the
company's dividend policy to stress the financial risk profile,
provided current cash flow generation is maintained.

There is limited upside to the ratings at this point, given the
steady operating performance already incorporated and ITI's
continuing aggressive growth strategy and weaker business and
financial risk profiles.

The ratings would come under pressure in any downturn in the
Polish TV advertising market that hampers visibility on TVN's
cash flow generation, or if ITI makes excessive calls on TVN for
financial support or for investment in new ventures.


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


AK BARS: Fitch Affirms IDR at BB- on Likely Government Support
--------------------------------------------------------------
Fitch Ratings has affirmed AK BARS Bank's ratings at Long-term
Issuer Default 'BB-', Short-term IDR 'B', National Long-term
'A+(rus)', Support '3' and Individual 'D'.  The Outlooks for the
Long-term IDR and National Long-term rating remain Stable.

The Long-term IDR and National and Support ratings are driven by
the likelihood of support from the government of the Republic of
Tatarstan (Long-term IDR 'BB+' with Stable Outlook), which
indirectly controls a 96% stake in the bank, according to the
bank's audited financial statements.  Fitch's view of potential
support also takes into account the long-standing close
relationship between RT and Ak Bars, the servicing by Ak Bars of
RT accounts, the bank's extensive retail franchise in the
republic (1.4 million individual depositors) and AK Bars'
importance to RT's banking system (38% of assets at end of first
half of 2007).

"In addition, representations made by top RT government
officials have confirmed to Fitch the republic's readiness to
provide support to AK Bars, in case of need," says Vladimir
Markelov, Associate Director at Fitch's Financial Institutions
group in Moscow.  "However, the non-transparent nature of RT's
control of the bank's shares complicates a full assessment of
the relationship between the RT government and AK Bars."

Some uncertainty also remains as to RT's ability to make
sufficient support available in a timely manner, in particular
in light of certain budget constraints.

The Individual rating reflects Ak Bars' large franchise in RT,
improving revenue quality, adequate asset quality to date and
good capitalization.  However, the rating also takes into
account still sizable funding from related entities and risks
stemming from rapid retail loan growth.  Refinancing risk is
moderate, with the bank needing to refinance by end-2008 foreign
wholesale borrowings equal to 11% of its liabilities.

Movements in AK Bars' Long-term IDR and National Long-term
rating are likely to be driven by any upgrade or downgrade of
RT's Long-term IDR.  Greater transparency of RT's ownership and
control of AK Bars could also be positive for the bank's Long-
term IDR, although this is not anticipated at present.  Upward
pressure for the Individual rating could result from further
successful franchise and funding diversification, provided asset
quality and profitability remain adequate.  Downward pressure is
unlikely in the near-term, but could most likely arise from
significant credit losses in light of the bank's rapid loan
growth.

Ak Bars was founded by the RT government in 1993.  It is the
largest bank in the republic by assets and is among the 20
largest banks in Russia.  Ak Bars is diversifying its franchise
into the retail market and rapidly expanding its loan portfolio
outside the republic.


AL'KORENERGOSTROY LLC: Court Hearing Slated for April 10, 2008
--------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:30 a.m. on
April 10, 2008, to hear the bankruptcy supervision procedure
against Al'korenergostroY LLC.  The case is docketed under Case
No. A40-49382/07-86-142B.

The interim manager is:

         A. K. Kulikov
         3rd Floor
         Novinskij Boul. 11
         121099 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         Room 773
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         Al'korenergostroY LLC
         Block 3
         Petrovka Str. 17
         107031 Moscow
         Russia


ASS. KURSKATOMENERGOSTROY: Court Starts Competitive Proceedings
---------------------------------------------------------------
The Arbitration Court of Kursk commenced competitive proceedings
against Association Kurskatomenergostroy LLC on July 11.  The
case is docketed under Case No. A35-149/06.

The competitive proceedings manager is:

         V. N. Rybachenko
         Marata Str. 21?
         305000 Kursk
         Russia

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         Association Kurskatomenergostroy LLC
         Ol'shanskogo Str. 5
         305000 Kursk
         Russia


GAZPROM NEFT: Shareholders Elects New Board of Directors
--------------------------------------------------------
Shareholders of OAO Gazprom Neft have elected a new board of
directors, Bloomberg News reports.

The new board includes:

   -- Alexander Dyukov, Gazprom Neft CEO;
   -- Alexei Miller, Gazprom CEO; and
   -- six other Gazprom executives.

The new board includes two representatives from Eni S.p.A.:

   -- Marco Alvera, Eni's project manager for Russia and
      senior vice president for portfolio development; and

   -- Stefano Cao, Eni's head of oil exploration and
      production.

Eni holds a 20% stake in Gazrpm Neft after acquiring OAO Yukos
Oil Co.'s shares in a liquidation auction in April 2007.

                     About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in theOmsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.  Gazprom Neft
is one of Russia's largest oil companies handling downstream and
upstream operations.  It was known as Sibneft before April 2007.

                         *     *     *

As of Aug. 24, 2007, Gazprom Neft carries a Ba1 Corporate Family
and Ba2 Senior Unsecured Debt ratings from Moody's.  Moody's
said the outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit
and Local Issuer Credit ratings from Standard & Poor's.  S&P
said the outlook is positive.


MITSUBISHI MOTORS: Plans to Build Outlanders in Russia
------------------------------------------------------
Mitsubishi Motors Corp. will soon unveil an estimated US$180
million facility near St. Petersburg in Russia, Reuters relates.

The new facility will produce Outlanders and are due to become
operational in 2010, Reuters says.

According to the report, Mitsubishi Motors and the Russian
Government sealed a memorandum in December 2006 stating the
automaker's intention to establish car assembly facilities in
Russia.  Reuters further relates that Mitsubishi has to arrive
at a definite decision before the year ends if it counts on
getting financial preference in the country.

The assembly facilities are estimated to reach an annual
capacity of 30,000 vehicles a year at the first stage, Reuters
reports.  Production of popular Lancer sedans could be launched
later on.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 30, 2007, Mitsubishi eyes a 40% increase in vehicle sales
in 2008.  It also aims to sell 140,000 Mitsubishi-brand vehicles
next year.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


PF BASKUNCHAK: Creditors Must File Claims by Jan. 10, 2008
----------------------------------------------------------
Creditors of CJSC PF Baskunchak have until Jan. 10, 2008, to
submit proofs of claim to:

         V. V. Kozlov
         Competitive proceedings manager
         Apartment 3
         Block 1
         Rumynskaya Str. 9
         Astrakhan'
         Russia

The Arbitration Court of Astrakhan' commenced competitive
proceedings against the company after finding it insolvent on
Oct. 23.  The case is docketed under Case No. A06-2761/2007-11.


YUGRANEFT OAO: London Court Appoints Provisional Liquidator
-----------------------------------------------------------
The High Court in London appointed a Provisional Liquidator in
England and Wales in respect of the Russian company OJSC ANK
Yugraneft, which is presently in liquidation in Russia.

The application was made by Sibir Energy plc and by OAO Moscow
Oil & Gas Company, and was supported by the Russian liquidator,
Mr. M. Kotov.

The court granted powers to the English Provisional Liquidator,
Stephen Cork of Smith & Williamson, to issue proceedings in the
Commercial Court in London on behalf of Yugraneft against:

   -- Roman Abramovich,
   -- Millhouse Capital U.K. Limited, and
   -- Boris Berezovsky.

Those proceedings were issued on the same day and have been
served on the defendants.

The proceedings arise out of the dilution of Yugraneft's
interest in a joint venture company Sibneft Yugra, and involve
substantial claims to recover the proceeds of the diluted
interest.

Henry Cameron, Chief Executive of Sibir, said, "This is now a
matter for the Provisional Liquidator and the English Commercial
Court in London."

Headquartered in Moscow, Russia, Yugraneft extracts and refines
oil from the Malochernogorskoe oil field.

The Arbitration Court of Moscow commenced bankruptcy
supervision procedure on Yugraneft in February 2005 (Case No.
A40-66543/04-95-67B) and appointed Mr. Kotov as insolvency
manager.


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


WOOD STREET III: S&P Rates Class E Notes at BB-
-----------------------------------------------
Standard & Poor's Ratings Services, at issuer request of the,
has withdrawn its credit rating on the class X combination note
issued by Wood Street CLO III B.V.  At the same time, the
ratings on the class A-1, A2A, A2B, B, C, D, and E notes were
affirmed.

Wood Street CLO III is an arbitrage cash flow CLO managed by
Alcentra Ltd.  The transaction closed in June 2006.  The
portfolio comprises senior secured and mezzanine loans from
issuers incorporated in Western Europe and the U.S.  The
transaction is still in its reinvestment period, which ends in
August 2012.

Ratings List

Wood Street CLO III B.V.
   EUR550 Million Senior Secured And Deferrable Floating-Rate
   Notes

            Class                 Rating
                            To              From

Rating Withdrawn

            X               NR              BBB-

Ratings Affirmed

            A-1             AAA
            A-2             AAA
            A-2B            AAA
            B               AA
            C               A-
            D               BBB-
            E               BB-


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


BAUDESIGN ARMIN: Uri Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Uri entered Oct. 12 an order closing the
bankruptcy proceedings of LLC Baudesign Armin Jauch.

The Bankruptcy Service of Uri can be reached at:

         Bankruptcy Service of Uri
         6460 Altdorf UR
         Switzerland

The Debtor can be reached at:

         LLC Baudesign Armin Jauch
         Rynachtstrasse 13
         6460 Altdorf UR
         Switzerland


M. + R. RICHNER: Creditors Must File Claims by January 31, 2008
---------------------------------------------------------------
Creditors of LLC M. + R. Richner have until Jan. 31. 2008, to
submit their claims to:

         Trend-Treuhand
         Neugutstrasse 88
         8600 Dubendorf
         Uster ZH
         Switzerland

The Debtor can be reached at:

         LLC M. + R. Richner
         Fischbach-Goslikon
         Bremgarten AG
         Switzerland


POL-TRAINING URSULA: Creditors Must File Claims by December 24
--------------------------------------------------------------
Creditors of LLC POL-Training Ursula Kuhn have until Dec. 24 to
submit their claims to:

         Albert Kuhn
         Oberdorfstrasse 19
         3303 Jegenstorf
         Fraubrunnen BE
         Switzerland

The Debtor can be reached at:

         LLC POL-Training Ursula Kuhn
         Jegenstorf
         Fraubrunnen BE
         Switzerland


PRIME FORESTRY: Creditors' Liquidation Claims Due by December 31
----------------------------------------------------------------
Creditors of JSC Prime Forestry Management have until Dec. 31 to
submit their claims to:

         Wenger Plattner/ Yves Meili
         Goldbach-Center
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Prime Forestry Management
         Zurich
         Switzerland


SCHARER IMMOBILIEN: Creditors Must File Claims by December 3
------------------------------------------------------------
Creditors of JSC Scharer Immobilien have until Dec. 3 to submit
their claims to:

         Notary's Office Barbier + Luthi
         Spitalgasse 29
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC Scharer Immobilien
         Koniz BE
         Switzerland


TTR JSC: Aargau Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC TTR on Oct. 8.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         5402 Baden/WS AG
         Switzerland

The Debtor can be reached at:

         JSC TTR
         Mellingerstrasse 11
         5413 Birmenstorf AG
         Switzerland


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


AGRAF LLC: Creditors Must File Claims by November 28
----------------------------------------------------
Creditors of LLC Industrial Group Agraf (code EDRPOU 25272509)
have until Nov. 28 to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/452.
The Debtor can be reached at:

         LLC Industrial Group Agraf
         Saksagansky Str. 13-A
         Kiev
         Ukraine


BUILDING-TRADE-SERVICE: Creditors Must File Claims by Nov. 28
-------------------------------------------------------------
Creditors of LLC Building-Trade-Service (code EDRPOU 34965926)
have until Nov. 28 to submit written proofs of claim to:
Liquidator 02094 Kiev Ukraine Krasnotkatskaya Str. 22-B, ap. 1
Tel. 236-11-17

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/412-b.

The Debtor can be reached at:

         LLC Building-Trade-Service
         Artem Str. 37-41
         04053 Kiev
         Ukraine


CRYSTAL SIDAVO: Creditors Must File Claims by November 28
---------------------------------------------------------
Creditors of LLC Crystal Sidavo (code EDRPOU 32061881) have
until Nov. 28 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/139-07.

The Debtor can be reached at:

         LLC Crystal Sidavo
         Sidavo
         Zhmerinka District
         Vinnica
         Ukraine


DRUZHKOVKA VID: Creditors Must File Claims by November 28
---------------------------------------------------------
Creditors of CJSC Druzhkovka Vid (code EDRPOU 01241303) have
until Nov. 28 to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/37B.

The Debtor can be reached at:

         CJSC Druzhkovka Vid
         Moscow Str. 179
         Druzhkovka
         Donetsk
         Ukraine


MAKRO-TRADE LLC: Creditors Must File Claims by November 28
----------------------------------------------------------
Creditors of LLC Makro-Trade (code EDRPOU 32009554) have until
Nov. 28 to submit written proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/79.

The Debtor can be reached at:

         LLC Makro-Trade
         Shevchenko Str. 52
         Shostka
         41100 Sumy
         Ukraine


SPECIAL ENERGY: Creditors Must File Claims by November 29
---------------------------------------------------------
Creditors of State Enterprise Special Energy Repair (code EDRPOU
19074455) have until Nov. 29 to submit written 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. 9/176b.

The Debtor can be reached at:

         State Enterprise Special Energy Repair
         Linos Street
         Lisichansk
         93100 Lugansk
         Ukraine


VERKHNIANSKAYA TRANSPORT: Creditors Must File Claims by Nov. 29
---------------------------------------------------------------
The Economic Court of Lugansk commenced bankruptcy proceedings
against CJSC Verkhnianskaya Transport Depot (code EDRPOU
01236213) after finding it insolvent.  The case is docketed
under Case No. 20/60b.

Creditors have until Nov. 29 to submit written proofs of claim
to:

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

The Debtor can be reached at:

         CJSC Verkhnianskaya Transport Depot
         Serov Str. 37
         Lisichansk
         93100 Lugansk
         Ukraine


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


ACOM BUSINESS: Bank of Scotland Taps Menzies as Receivers
---------------------------------------------------------
Bank of Scotland appointed Jason Godefroy and Andrew Stoneman of
Menzies Corporate Restructuring joint administrative receivers
of Acom Business Services Ltd. (Company Number 02820398) on
Nov. 13.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

         Acom Business Services Ltd.
         Nettlefold Road
         Cardiff
         CF24 5JQ
         Wales
         Tel: 029 2044 0010
         Fax: 029 2044 0019
         Web site: http://www.acomltd.co.uk/


ARADAN LTD: Brings In Liquidators from Chantrey Vellacot DFK
------------------------------------------------------------
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint liquidators of Aradan
Ltd. (formerly Hickroy Services Ltd.) on Nov. 5 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK
         Russell Square House
         10-12 Russell Square
         London
         WC1B 5LF
         England


BRITISH ENERGY: Discovers Wire Thinning at Heysham 1 Reactor 2
--------------------------------------------------------------
British Energy Group plc provided an update on its boiler
closure units at Hartlepool and Heysham 1.

Inspections of Heysham 1 Reactor 2 have so far not shown any
evidence of broken wires in the BCU.  However, there is evidence
from the radiographic inspections that are in progress that one
wire is showing signs of thinning.  This will likely place the
Reactor in the same category as Hartlepool Reactor 1 and Heysham
1 Reactor 1 for a return to service safety case and/or remedial
repairs.

As disclosed on Oct. 22, 2007, following the identification of
an issue relating to a wire winding during planned inspection of
boiler closure units at Hartlepool Reactor 1, the two units at
Hartlepool and the two units at Heysham 1 remain out of service.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

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

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

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

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


COSTAIN GROUP: Appoints David Allvey as Chairman
------------------------------------------------
David Allvey is to become chairman of Costain Group plc
effective Jan. 1, 2008, when David Jefferies will retire from
the board.

Mr. Jefferies, 73, who joined the board as chairman on June 6,
June 2001, has decided to retire having overseen a significant
period in the group's development culminating in the appointment
of a new management team to take the business forward, a recent
successful fund raising and the announcement of the intention
to return to the dividend list.

Mr. Allvey, 62, recently appointed a deputy chairman of the
Group, joined the board on Nov. 1, 2001 and is currently
chairman of the audit committee.  He is also chairman of Arena
Coventry Ltd. as well as a non-executive director of Intertek
plc, Resolution plc, Thomas Cook Group plc and William Hill plc.

The Board also expects to announce in due course the appointment
of a new non-executive director who will succeed Mr. Allvey as
chairman of the Audit Committee.

"The time is right to hand over the reins.  Costain has a new
management team in place, a focused strategy delivering results
and a much strengthened balance sheet available to facilitate
future growth opportunities.  I am proud to have played a part
in Costain's development and I wish everyone at the company well
for the future, Mr. Jefferies commented.

"David has played a key part in establishing a platform for the
next phase of the Group's growth.  On behalf of everyone at
Costain, I would like to pay tribute to David and to thank him
for all his hard work and unstinting effort in ensuring a bright
outlook for Costain.  We wish David, and his wife, Jean, all
the very best for the future.  I look forward to leading the
group into the next phase of its development," Mr. Allvey
commented.

Headquartered in Maidenhead, United Kingdom, Costain Group plc
-- http://www.costain.com/-- is an international engineering
and construction group.  The company provides building, civil
engineering and specialist processing services in the United
Kingdom, Europe and the Middle East, Asia, the Pacific Rim and
Africa.  The group's customers include businesses in the
construction, marine, transport, retail hotel and utilities
sectors.

                          *     *     *

For the half-year ended June 30, 2007, Costain Group plc
reported a net profit of GBP6.2 million on GBP352.3 million of
revenue, compared with a net loss of GBP18.1 million on GBP372.3
million of revenue for the same period in 2006.

At Dec. 31, 2006, the group's balance sheet showed GBP259.1
million in total assets, GBP286.3 million in total liabilities
and GBP27.2 million in stockholders' deficit.

The group's Dec. 31, 2006 balance sheet also showed strained
liquidity with GBP190.6 million in total current assets
available to pay GBP241.3 million in total liabilities coming
due within the next 12 months.

                         Covenant Breach

For the year ended Dec. 31, 2006, Costain revealed that contract
write downs and provisions in respect of their building and
international divisions had caused a breach in their banking and
surety covenants.  Further contract write-downs in the second
half of the year resulted in the group renegotiating all of its
facilities and covenant levels to June 2008.

The group's current facility agreements, which were due to
expire in June 2008, have been extended to December 2008.  The
group has also negotiated a further extension and enhancement of
those facilities which will be conditional on admission.


GRAYS TYRE: Names Richard Howard Toone Liquidator
-------------------------------------------------
Richard Howard Toone of Chantrey Vellacott DFK LLP was appointed
liquidator of Grays Tyre & Exhaust Centres Ltd. on Nov. 9 for
the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Chantrey Vellacott DFK
         Russell Square House
         10-12 Russell Square
         London
         WC1B 5LF
         England


INTEGRIAN EUROPE: Brings In Begbies Traynor as Administrators
-------------------------------------------------------------
Vivian Murray Bairstow and Simon Robert Thomas of Begbies
Traynor (South) LLP were appointed joint administrators of
Integrian Europe Ltd. (Company Number 04696493) on Nov. 8.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

The company can be reached at:

         Integrian Europe Ltd.
         Lynchborough Road
         Passfield
         Liphook
         GU30 7SB
         England
         Tel: 01483 457 666
         Fax: 01483 457 667


J F TURKINGTON: Calls In Liquidators from BDO Stoy Hayward
----------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint liquidators of J F Turkington (Engineers)
Ltd. on Nov. 9 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

          BDO Stoy Hayward LLP
          Commercial Buildings
          11-15 Cross Street
          Manchester
          M2 1BD
          England


LORIMIST LTD: Appoints Begbies Traynor as Administrators
--------------------------------------------------------
David Paul Hudson and Mark Robert Fry of Begbies Traynor were
appointed joint administrators of Lorimist Ltd. (Company Number
01208784) on Nov. 1.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

The company can be reached at:

         Lorimist Ltd.
         4 London Wall Buildings
         City of London
         London
         EC2M 5NT
         England
         Fax: 020 7793 0524


LUDGATE FUNDING 2006-01: Fitch Rates Class S Notes at BB-
---------------------------------------------------------
Fitch Ratings has affirmed all tranches of Ludgate Funding plc
Series 2006-01 FF1 backed by loans originated by Freedom Funding
and purchased by Merrill Lynch International Bank Limited.  The
ratings are:

Ludgate Funding plc Series 2006-01 FF1:

   -- Class A1a (ISIN XS0274260693): affirmed at 'AAA'; Outlook
      Stable

   -- Class A1b (ISIN XS0274262475): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0274267862): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2b (ISIN XS0274271203): affirmed at 'AAA'; Outlook
      Stable

   -- Class Ba (ISIN XS0274268241): affirmed at 'AA'; Outlook
      Stable

   -- Class Bb (ISIN XS0274271898): affirmed at 'AA'; Outlook
      Stable

   -- Class C (ISIN XS0274272359): affirmed at 'A'; Outlook
      Stable

   -- Class D (ISIN XS0274272862): affirmed at 'BBB'; Outlook
      Stable

   -- Class E (ISIN XS0274269645): affirmed at 'BB'; Outlook
      Stable

   -- Class S (ISIN XS0274270221): affirmed at 'BB-'; Outlook

   -- revised to Negative from Stable

   -- MERCs: affirmed at 'AAA'; Outlook Stable

The performance of the mortgage pool to date has been is in line
with expectations, with arrears greater than three months
currently 1.83% of the outstanding portfolio and no reported
losses to date.  Structurally, however, the transaction does not
contain any arrangements to hedge the basis risk between the
interest rate basis of the mortgages and that of the notes.  At
closing, 94.21% of the pool attracted a variable rate with a
margin over Bank of England base rate, while another 5.79%
attracted a fixed rate.  In contrast, the notes earn a variable
rate of interest with margins over three month LIBOR/EURIBOR.
This exposes the transaction to additional risks which, although
accounted for in Fitch's initial analysis, are currently having
a larger impact given the recent widening in the spread between
BBR and three month LIBOR.

While the level of credit enhancement for the senior notes has
grown as the transaction has paid down, the class S notes are
paid down using available excess spread.  As such, given the
lack of hedging, they are extremely sensitive to variations in
the interest generated by the underlying pool and that required
to be paid on the notes.  Due to the current dislocation between
BBR and three month LIBOR the amount of excess spread available
has reduced in the latest quarter.  Fitch anticipates that
following the note rate resetting at 6.74% in September 2007,
the transaction is likely to draw on its reserve fund in
December 2007 due to the lack of either a basis rate or a fixed-
floating rate swap.

Although LIBOR reduced following its September peak, in the last
week it has been increasing again, climbing from 6.26% on Nov. 9
to 6.53% on Nov. 25.  If this situation endures, this threatens
to lead to a high December reset level for LIBOR and a still
elevated differential between BBR and LIBOR.  This makes further
reserve fund draws likely and further saps funds available to
the class S notes. Going forward, the class S notes will remain
highly susceptible to any continued dislocation between BBR and
LIBOR that, if it persists at current levels for more than six
months, would likely lead to a downgrade of the class S notes.
Given the current uncertainty relating to movements in LIBOR,
the rating Outlook for the class S notes has been revised to
Negative.


PARAGON GROUP: Inks Standby Underwriting Agreement with UBS
-----------------------------------------------------------
The Paragon Group of Companies PLC released its preliminary
financial results for the year ended Sept. 30, 2007.

The year to Sept. 30, 2007 was highly successful for the Group
from a trading perspective, with pre-tax profits, fully taxed
earnings, business volumes and loan assets all growing strongly
and the Group continuing to increase its market share within the
buy-to-let sector while maintaining asset quality.  However the
deep turmoil in the credit markets is affecting the normal
financing activities of the business.  While the Group expects
the credit markets to recover from the current distressed
position during 2008, the timing and extent of the recovery will
have an impact on its outlook.

                            Funding

Current funding and environment

The Group's lending is funded largely by the securitization of
loan assets, accounting for GBP9.9 billion of the Group's
liabilities at Sept. 30, 2007.  New lending is financed by a
GBP2.3 billion warehouse facility provided by a banking
syndicate of which GBP932 million was drawn as at Sept. 30, 2007
(2006: GBP1.1 billion).  In addition, a corporate facility of
GBP280 million, also provided by a banking syndicate, is used to
fund the Group's working capital requirements together with a
long-term bond issue of GBP120 million due in 2017.  The Group
is not a deposit taker and has no retail depositor base.

The use of securitization substantially reduces the Group's
liquidity risk by matching the Group's funding maturity profile
to the profile of the related assets.  Since the floating rate
liabilities are matched with floating rate assets which are
predominantly LIBOR-linked or fixed rate assets hedged by the
use of interest rate swap or cap agreements, the Group's margins
are largely protected against movements in market interest
rates, underpinning the value of the Group's investments in the
portfolios and the ongoing margin derived from the loan assets.

The warehouse facility is an asset backed revolving credit line
at a margin for mortgages of 22.5 basis points over LIBOR.  The
revolving period expires on Feb. 29, 2008, after which date no
new drawings may be made to fund new loan completions, although
warehouse assets would be funded to maturity at a margin over
LIBOR of 67.5 basis points for mortgages with the
characteristics of a public securitization SPV.  The cost of
this facility is not unattractive in current market conditions
and the Group would expect the assets within it to generate
positive margins over their residual lives.  The GBP280 million
corporate facility falls due for repayment on Feb. 27, 2008 .
It is currently priced at 90 basis points above LIBOR.

                   Standby Underwriting Agreement

Discussions have taken place with the Group's lending banks for
renewal of its GBP280 million corporate facility, but the terms
available are not attractive.  To ensure that the facility is
repaid when it falls due in February 2008, thereby protecting
the embedded value of the assets for shareholders, the Group has
entered into a standby underwriting agreement with UBS,
supported by a group of institutional shareholders.  This
agreement provides the Group with the ability to launch an
underwritten rights issue for up to GBP280 million until
Feb. 27, 2008 unless satisfactory alternative funding
arrangements have been put in place prior to that time.

                      Going Concern Doubt

The obligation of UBS is subject to normal conditions, including
all relevant approvals for the rights issue, including
shareholder approval, being obtained; the absence of any
material adverse change affecting the Group; and the absence
of any force majeure event.  Such conditionality gives rise to a
material uncertainty related to events or conditions which may
cast significant doubt on the Group's ability to continue as a
going concern and, therefore it may, if it is unable to satisfy
these conditions and in the absence of other funding
alternatives, be unable to realize its assets and discharge its
liabilities in the normal course of business.

On this basis the Group expects the report of the auditors on
the 2007 financial statements to contain a modified opinion
including an emphasis of matter paragraph in relation to going
concern.

During the year, profit on ordinary activities before taxation
increased by 9.9% to GBP91 million from GBP82.8 million in the
previous year.  However, owing to the reduction in the rate of
corporation tax to 28% from next year, the Group's deferred tax
assets have been written down, resulting in a one-off increase
in the charge rate to 31% from a particularly low rate of 16.9%
last year.  Earnings per share therefore decreased to 56.8p
(2006: 61.2p), while on a fully taxed basis earnings per share
increased by 11.8% to 57.7p (2006: 51.6p).

Total advances by the Group increased by 30% to GBP4.4 billion
(2006: GBP3.4 billion), of which GBP4.1 billion were buy-to-let
advances (2006: GBP3 billion), an increase of 34.3% over the
year.  Total loan assets at Sept. 30, 2007 increased by 31% to
GBP11 billion from GBP8.4 billion at Sept. 30, 2006.

In view of the possibility of a rights issue in the near future,
the Board considers that it would be inappropriate to return any
capital to shareholders until a refinancing has been completed;
hence the Group will not pay a final dividend.  The Board will
reconsider the Company's distribution policy once the funding
position for the future is clarified.

"The Group has achieved record profits in 2007, the majority of
which have arisen from the Group's buy-to-let businesses, a
sector with strong credit defensive qualities and long-term
growth prospects, reflecting increasing structural demand for
rented property in the U.K.," Nigel Terrington, chief executive
of Paragon, said.  "The current environment, while immensely
disruptive, is driven by market-wide funding concerns and the
actions taken by the Group will ensure that the embedded value
in the business is protected while providing a base for future
profitable lending when credit markets recover."

Paragon Group Of Companies PLC -- http://www.paragon-group.co.uk
-- is a U.K. specialist buy-to-let and consumer finance lender.


PHYTO-RESEARCH LTD: Appoints Administrators from Gerald Edelman
---------------------------------------------------------------
Bernard Hoffman and Ian Yerrill of Gerald Edelman Business
Recovery were appointed joint administrators of Phyto-Research
Ltd. (Company Number 04661112) on Nov. 1.

Gerald Edelman -- http://www.geraldedelman.com/-- offers
services that include auditing, business development, business
recovery, company registration, corporate finance, independent
financial planning, litigation support services, IT solutions,
taxation, and trusts.

The company can be reached at:

         Phyto-Research Ltd.
         30 Crafton Street
         Leicester
         LE1 2DE
         England
         Tel: 0116 251 7935
         Fax: 0116 262 5158


QUEBECOR WORLD: Market Status Cues Refinancing Plan Withdrawal
--------------------------------------------------------------
Quebecor World Inc. has withdrawn its refinancing plan involving
an offer of approximately US$250 million of its equity shares,
an offer on a private placement basis of an aggregate of US$500
million of new debt securities and amendments to the company's
secured credit facilities.

The company has decided to withdraw the refinancing plan due to
adverse current financial market conditions.  The company will
continue to evaluate financing alternatives, including the
issuance of equity and debt securities when conditions are more
favourable, asset sales and sale leaseback transactions and
explore other alternatives.

To that effect, the board will hire independent financial
advisors.

In this connection, Quebecor Inc. has taken note of and agreed
with the decision by Quebecor World to withdraw its refinancing
plan.  As the controlling shareholder, Quebecor Inc. related
that it will cooperate in the exploration of other alternatives.

                  About Quebecor World Inc.

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

                          *     *     *

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

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


ROADCHEF FINANCE: Weak Performance Cues S&P's Outlook Revisions
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on all
the classes of debt issued by Roadchef Finance Ltd. to negative
from stable following a weak performance in the last quarter of
the financial year ending September 2007.

The negative outlook reflects the challenges faced by the
management to control costs and improve cash generation in the
business.  Despite healthy revenue growth in the fourth quarter,
site operating costs grew by 21% compared with the same period
in 2006 (adjusted for the 13-week period).  Rolling 12-month
EBITDA in the 53 weeks to Sept. 30, 2007 fell to
GBP26.2 million, compared with GBP28.4 million in the 52 weeks
to July 2007.

While the company tackles its cost issues it remains vulnerable
to adverse changes in trading conditions, as any further
deterioration of profitability would hit already weak debt-
coverage measures.

Reducing the current cost base is expected to be challenging, as
underlying drivers of major cost items such as wages and utility
costs are unlikely to reduce over the short term.  The
management is expected to focus on cutting discretionary spend,
managing working capital, and lowering capital expenditure.  The
new management has already taken actions to address these
concerns. For example, it is implementing a program to increase
and improve controls on cash and stock, along with cutting
training expenses.

Financial performance is weak. The current EBITDA DSCR is 1.28x.
This is a marked deterioration from both September 2006 at
1.39x, and June 2007 (excluding the impact of the Maidstone
settlement) at 1.38x.  The DSCR is also below our expected DSCR
range of 1.35x to 1.40x, communicated in the last transaction
update.  If EBIDTA remains at the present levels we do not
expect the resultant free cash flow to be able to cover debt
service.

Roadchef's weak cash generation was highlighted as a concern at
the time of our last transaction update.  Further adding to our
concern, we note that the company has historically drawn on its
GBP4.5 million ancillary facility to fund its capital
expenditure and working capital movements.  For this to be
permissible, the EBITDA DSCR must be at least 1.35x, meaning
that investment in the business may be impeded until the company
can improve its performance.

It is highly unlikely that the ratings on the class A1 notes
will change, as they will be repaid in full by October 2008.
Similarly, the decline in operating conditions required to cause
a rating impact on the class A2 notes is also unlikely, leaving
the class B notes the most vulnerable to rating action.

The ratings on the class B notes could be lowered if the company
cannot show a FCF DSCR of at least 1x through 2008, as this
would indicate that the company is not self-funding with its
current leverage.

Conversely, the outlook could be revised back to stable if the
company can improve sustainable FCF generation over the next 24
months through managing its operating costs and working capital
movements.  We will monitor the management's delivery on the
cost-cutting measures.

                          Ratings List

Roadchef Finance Ltd.
   GBP210 Million Secured Notes

         Class             To                   From
         -----             --                   ---
         A1                BBB+/Negative        BBB+/Stable
         A2                BBB/Negative         BBB/Stable
         B                 BB/Negative          BB/Stable


SMURFIT KAPPA: Fitch Keeps BB IDR Despite Weakening Market
----------------------------------------------------------
Fitch Ratings has said that despite a recent weakening of market
conditions, ratings and outlooks for the European Paper & Forest
Products sector remain unchanged.  Fitch stresses that although
the difficult market conditions continue to weigh on the credit
profiles of EPFP issuers, these ratings have already had an
expectation of market deterioration built into them and as such
ratings still retain a degree of comfort within their respective
categories.

Despite the moderate ratings headroom that exists, Fitch
continues to have concerns regarding the structural weaknesses
that have developed within the EPFP market.  These include
continued input cost inflation (notably energy costs and a
recent wood price shock), growing emerging market competition, a
weakened US dollar (which limits exports from Europe to North
America) and weakened pricing power due to excess European
production capacity in certain paper grades.  These factors,
alongside a possible drop in demand due to worsening
macroeconomic conditions in Europe, will likely depress the
earnings of EPFP producers in the remainder of fiscal year 2007
and fiscal year 2008.

Fitch notes that issuers such as Stora Enso, UPM Kymmene and
Smurfit Kappa Group have taken steps to protect their credit
profiles by moderately reducing debt levels and enhancing free
cash flow through asset disposals, cost-cutting programs and
decreased capex.  As such, leverage (adjusted net debt-to-
EBITDAR) and interest coverage (FFO-to-net interest) ratios
still remain adequate for current rating levels, even after
factoring in an expectation of moderate deterioration.

As of third quarter of 2007, Stora's last-12-months leverage was
2.9x (although it is expected to fall to about 2.4x after
completion of its North American disposal in first quarter of
2008) and interest coverage equaled 12.3x, while UPM's
respective ratios were 2.8x and 7.1x. SKG's respective ratios as
of first half of 2007 were 3.6x and 3.0x.  The agency expects to
see moderate deterioration in Stora and UPM's ratios in 2008,
although not to the extent that they become inconsistent with
current rating levels (assuming the business risk profile of
each issuer remains unchanged).  By contrast, Fitch expects
SKG's ratios to improve moderately over the same period.

Company-specific factors also continue to provide a degree of
support against the difficult market conditions.  In the case of
Stora, the expected US$1.5 billion (EUR1 billion) cash proceeds
from the disposal of its North American paper operations (to be
finalized in first quarter of 2008) will moderately reduce
leverage and therefore place the issuer in a more comfortable
position within its current rating category.

For UPM, the company's good vertical integration (especially in
pulp and energy) and above-industry-average margins provide some
buffer against rising cost pressures.

As for SKG, continued improvements in EBITDA generation as a
result of synergy extraction and the expectation of further
moderate deleveraging resulted in its Long-term Issuer Default
Rating (being placed on Positive Outlook on Oct. 3, 2007.
Furthermore, SKG's main end market (corrugated packaging)
continues to enjoy a better supply-demand balance than most
other paper and packaging grades.

While it appears unlikely that structural problems, such as
heightened input costs and a weak US dollar, will be resolved
over the near-term, there is increasing recognition in the
industry that remedial steps need to be taken.  As such, Fitch
believes that the EPFP market will see a new round of
consolidation and rationalization over the next 12 months.  This
could result in either positive or negative developments from a
credit perspective, depending on the financial impact of any
specific event, especially the extent to which any acquisitions
are debt-funded.  Nevertheless, Fitch takes some comfort from
the fact that management at the major EPFP producers now appear
to be taking a more proactive stance towards tackling the
industry's structural issues.

Fitch expects to see these restructuring efforts continue,
alongside a continued focus on debt reduction and free cash flow
preservation.  A failure to successfully do so would likely
increase downward pressure on the ratings.  Furthermore, it is
possible that structural problems in the EPFP market could
intensify beyond Fitch's current expectations, which in turn may
lead to negative ratings action.  Fitch will therefore continue
to closely monitor developments.

The IDRs for the EPFP companies are:

Stora Enso Oyj:

   -- Long-term IDR: 'BBB-', Outlook Stable
   -- Short-term IDR 'F3'

UPM Kymmene Oyj:

   -- Long-term IDR 'BBB-', Outlook Stable
   -- Short-term 'F3'

Smurfit Kappa Acquisitions:

   -- Long-term IDR: 'BB-', Outlook Positive


WHOLE FOODS: Board Increases January 22 Dividend by 11%
-------------------------------------------------------
Whole Foods Market Inc.'s board of directors declared an 11%
increase in the company's dividend to US$0.20 per share, payable
on Jan. 22, 2008, to shareholders of record as of Jan. 11, 2008.

This is the company's fifth dividend increase since the first
cash dividend of US$0.075 per share (split-adjusted) was
declared in November 2003.

Founded in 1980 in Austin, Texas, Whole Foods Market, Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- was a
natural and organic foods supermarket.  In fiscal year 2006,
the company had sales of US$5.6 billion and had more than 190
stores in the United States, Canada, and the United Kingdom.

                          *     *     *

In September 2007, Moody's Investors Service downgraded Whole
Foods Market Inc.'s corporate family rating to Ba1 from Baa3
reflecting the deterioration in the company's debt protection
measures following the debt-financed acquisition of Wild Oats
Markets Inc.  The rating outlook is stable.

In August 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on Whole Foods Market Inc. to 'BB+' from
'BBB-'.  At the same time, S&P removed the ratings from
CreditWatch, where they were placed with negative implications
on Feb. 22, 2007.  The action followed the company's acquisition
of Wild Oats Markets Inc.  The outlook is negative.


WHOLE FOODS: Earns US$34 Million in Quarter Ended September 30
--------------------------------------------------------------
Whole Foods Market Inc. reported sales and earnings for the
13-week fourth quarter and 53-week fiscal year ended Sept. 30,
2007.

During the quarter, net income was approximately US$34 million.
The company produced approximately US$97 million in cash flow
from operations and received approximately US$7 million in
proceeds from the exercise of stock options.

Capital expenditures in the quarter were approximately
US$147 million of which US$116 million was for new stores.  In
addition, the company paid approximately US$25 million in cash
dividends to shareholders in the quarter.

Pre-opening and relocation costs were approximately
US$70 million compared to US$37 million in the prior year.
Approximately US$34 million relating to share-based
compensation, pre-opening rent and accelerated depreciation was
expensed for accounting purposes but was non-cash, compared to
US$26 million, or US$0.11 per diluted share, in the prior year.

For the fiscal year, net income was approximately US$183
million.  The company produced approximately US$399 million in
cash flow from operations and received approximately US$54
million in proceeds from the exercise of stock options.  Capital
expenditures for the year totaled approximately US$530 million
of which US$389 million was for new stores.

The company also paid out approximately US$596 million for Wild
Oats Markets Inc., including US$34 million in direct transaction
costs.  In addition, the company paid approximately US$97
million in cash dividends to shareholders and repurchased
approximately 2.5 million shares, or approximately US$100
million, of common stock on the open market.

At the end of the year, the company had US$2 million in
restricted cash and total debt of approximately US$761 million.
This included a US$700 million term loan used to finance the
Wild Oats acquisition, approximately US$22 million in Wild Oats
and US$3 million in Whole Foods Market convertible debentures,
approximately US$19 million in capital lease obligations, and
US$17 million in borrowings on the company's credit line.

Subsequent to the close of the year, the company received
approximately US$165 million in proceeds from the sale of the
Henry's and Sun Harvest stores and paid off the US$22 million in
remaining Wild Oats convertible debentures and the US$17 million
credit line balance.

Currently, the company has approximately US$162 million
available on its US$250 million credit line, net of outstanding
letters of credit.

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$3.2 billion, total liabilities of US$1.8 billion
and total shareholders' equity of US$1.4 billion.

                    About Whole Foods Market

Founded in 1980 in Austin, Texas, Whole Foods Market, Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- was a
natural and organic foods supermarket.  In fiscal year 2006,
the company had sales of US$5.6 billion and had more than 190
stores in the United States, Canada, and the United Kingdom.

                          *     *     *

In September 2007, Moody's Investors Service downgraded Whole
Foods Market Inc.'s corporate family rating to Ba1 from Baa3
reflecting the deterioration in the company's debt protection
measures following the debt-financed acquisition of Wild Oats
Markets Inc.  The rating outlook is stable.

In August 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on Whole Foods Market Inc. to 'BB+' from
'BBB-'.  At the same time, S&P removed the ratings from
CreditWatch, where they were placed with negative implications
on Feb. 22, 2007.  The action followed the company's acquisition
of Wild Oats Markets Inc.  The outlook is negative.


WILLEC UK: Taps Liquidators from Cooper Parry
---------------------------------------------
Tyrone Shaun Courtman and Rashpal Singh Sandhu of Cooper Parry
LLP were appointed joint liquidators of Willec U.K. Ltd. on
Nov.  12 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Cooper Parry LLP
         14 Park Row
         Nottingham
         NG1 6GR
         England


YUGRANEFT OAO: London Court Appoints Provisional Liquidator
-----------------------------------------------------------
The High Court in London appointed a Provisional Liquidator in
England and Wales in respect of the Russian company OJSC ANK
Yugraneft, which is presently in liquidation in Russia.

The application was made by Sibir Energy plc and by OAO Moscow
Oil & Gas Company, and was supported by the Russian liquidator,
Mr. M. Kotov.

The court granted powers to the English Provisional Liquidator,
Stephen Cork of Smith & Williamson, to issue proceedings in the
Commercial Court in London on behalf of Yugraneft against:

   -- Roman Abramovich,
   -- Millhouse Capital U.K. Limited, and
   -- Boris Berezovsky.

Those proceedings were issued on the same day and have been
served on the defendants.

The proceedings arise out of the dilution of Yugraneft's
interest in a joint venture company Sibneft Yugra, and involve
substantial claims to recover the proceeds of the diluted
interest.

Henry Cameron, Chief Executive of Sibir, said, "This is now a
matter for the Provisional Liquidator and the English Commercial
Court in London."

Headquartered in Moscow, Russia, Yugraneft extracts and refines
oil from the Malochernogorskoe oil field.

The Arbitration Court of Moscow commenced bankruptcy
supervision procedure on Yugraneft in February 2005 (Case No.
A40-66543/04-95-67B) and appointed Mr. Kotov as insolvency
manager.


* Ruth Kelly Publishes Heathrow Airport Consultation Results
------------------------------------------------------------
On Nov. 22, 2007, U.K. Transport Secretary Ruth Kelly has
published the consultation on increasing capacity at Heathrow
Airport and urged local people and interested bodies to respond
with their views.

The consultation, Adding Capacity at Heathrow Airport, considers
whether a third runway could be built at the airport, served by
a sixth terminal with access to the road and rail network.  This
would enable the airport to handle around 700,000 flights a
year.

In 2003, the Government identified the need for more runway
capacity in the South East and supported further development at
Heathrow.  However this was conditional on strict local noise
and air quality limits and on an improvement in public transport
access to the airport.

The document presents the conclusions from three years of
detailed analysis on how the local environmental conditions
could be met.  It invites views on whether people agree or
disagree with this analysis and also on possible changes to the
airport's operation.  These include options to introduce "mixed-
mode" as an interim measure on the existing runways, allowing
them to handle both take-offs and landings.

"Heathrow supports 170,000 jobs, billions of pounds of British
exports and is our main gateway to the global economy.  But for
too long it has operated at nearly full capacity, with
relatively minor problems causing severe delays to passengers,"
Ms. Kelly said.  "If nothing changes, Heathrow's status as a
world-class airport will be gradually eroded -- jobs will be
lost and the economy will suffer.  London and the U.K.'s nations
and regions alike are reliant on the good international
connections that the Heathrow hub provides.

"Equally, I am clear that any decision on expansion has to be
compatible with meeting tough local environmental tests on noise
and air quality.

"I fully understand this is an issue which raises strong
feelings on all sides which is why we are making every effort to
encourage people to make their views known."

The consultation document also asks for responses to options on
changing the westerly preference and the Cranford agreement at
the airport which govern the direction from which aircraft leave
and arrive at the airport.

Also published is the report U.K. Air Passenger Demand and CO2
Forecasts.  This explains the Department's passenger demand and
CO2 forecasting methodologies and provides the latest CO2
forecasts.

The closing date for responses to the consultation is Feb. 27,
2008.  To help maximize public involvement the Department for
Transport is staging a series of public exhibitions in
communities around Heathrow during the consultation period.
Final policy decisions will be taken in 2008.

Meanwhile, businesses and unions called for rapid progress on
development of Heathrow following official rulings that plans
for expanding runway capacity had passed environmental tests.

Future Heathrow, representing employers, staff and aviation
organizations, hailed the Government's confirmation that
proposals for a short, third runway and fuller use of the two
existing runways would meet stringent requirements for reducing
noise and improving local air quality.

The group urged that firm decisions should be taken quickly to
implement the first increases in runway capacity at the U.K.'s
national hub since 1946.  Expansion would benefit wealth and job
creation across the country by nearly GBP10 billion a year.

The airport's growth would remove the threat to London's status
as a global business capital and establish world-class air links
for the U.K. regions to boost inward investment.

"Good air links are vital to U.K. businesses operating in a
global economy, and Heathrow, as our national hub, has been
constrained for too long.  The government needs to move forward
swiftly so that extra capacity at Heathrow can become a
reality,Richard Lambert, director general of the CBI, said.
"[Thurs]day's verdict that the local environmental tests can be
met is an important step forward.  We must also ensure that, as
the threat from climate change grows, aviation plays its part in
the move to a low carbon economy -- even as demand for air
travel increases."

"Aviation supports around 500,000 jobs in the U.K., and many
others in support services, so the future of Heathrow is crucial
to our economy.  We want to see Heathrow's development to
deliver secure, high quality jobs in a well-unionized
environment," Brendan Barber, general secretary of the TUC,
said.  "We welcome the Government's commitment to balancing the
economic benefits of airport expansion with environmental
aspects, not only local noise and air pollution, but also
national climate change priorities.  The TUC looks forward to
working with government to ensure the sustainable development of
Heathrow."

"This consultation spells good news for passengers.  Heathrow is
full and its dependence on two runways, while European
competitors have four or five, causes delays, stacks and
crawling taxiway queues.  The cost of this congestion can be
measured economically and environmentally," Stephen Nelson,
chief executive of BAA, said.  "More efficient, or mixed-mode,
use of the existing runways would allow us to cut delays at a
stroke, while a third runway will mean we can add new
destinations to the U.K.'s global reach.  There will be no more
noise overall from the airport, better air quality, and improved
public transport links."

"We are committed to ensuring that growth is sustainable.  By
the time a third runway becomes operational, aviation emissions
will have been capped by the EU for several years," Willie
Walsh, chief executive of British Airways, said.  "If airlines
want to fly more, they will have to pay for emissions reductions
in other industries -- so overall CO2 in the atmosphere will not
rise because of a third runway."

Mr. Walsh earlier told the BBC that the expansion of Heathrow
would create national economic benefits worth more than GBP9
billion a year.

"In these circumstances, if we as a country turn our backs on
expanding Heathrow, then we are throwing in the economic towel -
- and must prepare ourselves for the consequences of a low-
growth or perhaps no-growth economy in the future," Mr. Walsh
was quoted by the BBC as saying.

"Limiting growth at Heathrow wouldn't prevent climate change
because that growth would only go elsewhere, Steve Ridgway,
chief executive of Virgin Atlantic, said.  "It would only serve
to damage the U.K.'s competitiveness, as well as limit the
choice available to the huge number of people living in London
who want to travel to visit friends and family.  We rely on air
travel to connect people and places on a wider scale."


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

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      63.79
                          0.250    10/14/26     CDN      39.15
Republic of Austria       4.000    06/22/22     EUR      72.82
                          0.396    08/04/25     EUR      65.17
                          5.243    10/10/25     EUR      61.88

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.18
                          0.500    04/26/13     AUD      70.56
                          1.000    11/21/16     NZD      57.46
                          1.000    10/30/17     AUD      57.55
                          0.500    09/24/20     CDN      57.87
                          0.250    06/28/40     CDN      20.23

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      55.94
Alcatel S.A.              4.750    01/01/11     EUR      15.82
Altran Technologies S.A.  3.750    01/01/09     EUR      12.65
BNP Paribas               0.250    12/20/14     US$      71.64
Calyon                    6.000    06/18/47     EUR      51.18
CAP Gemini S.A.           2.500    01/01/10     EUR      53.54
                          1.000    01/01/12     EUR      46.81
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.26
                          4.375    11/01/10     EUR      50.04
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      74.76
Groupe Vial S.A.          2.500    01/01/14     EUR      43.52
Havas S.A.                4.000    01/01/09     EUR      10.88
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      20.29
Maurel & Prom             3.500    01/01/10     EUR      21.82
Publicis Group            0.750    07/17/08     EUR      28.82
                          1.000    01/18/18     EUR      41.97
Rallye                    3.750    01/01/08     EUR      51.45
Rhodia S.A.               0.500    01/01/14     EUR      43.17
Scor S.A.                 4.125    01/01/10     EUR       2.22
Soc Air France            2.750    04/01/20     EUR      28.88
Soitec                    4.625    12/20/09     EUR       8.08
Theolia S.A.              2.000    01/01/14     EUR      22.24
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.75
Valeo                     2.375    01/01/11     EUR      48.04
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.46
Wavecom S.A.              1.750    01/01/14     EUR      24.04
Wendel Invest S.A.        2.000    06/19/09     EUR      44.88

GERMANY
-------
Callhan NRH              14.000    07/15/10     US$       0.27
Deutche Bank AG London    5.030    11/15/20     EUR      71.55
KfW Bankengruppe          0.500    10/30/13     AUD      67.73
                          0.500    12/19/17     EUR      67.74
                          5.000    05/23/20     EUR      75.46
                          1.250    07/07/20     EUR      74.26
                          1.250    07/29/20     EUR      73.94
                          6.000    07/21/25     EUR      68.64
                          5.000    09/01/25     EUR      72.85
                          8.000    08/10/30     EUR      66.29
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.91
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.61
Treofan Group            11.000    08/01/13     EUR      65.04

GREECE
------
Hellenic Republic         6.000    07/06/25     EUR      66.36
                          6.000    07/06/25     EUR      66.54
                          6.000    07/06/25     EUR      72.79

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      62.17

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      46.87
                          0.250    07/08/33     CDN      27.57
Irish Perm Plc            6.130    02/15/35     EUR      62.08
Magnolia Finance IV Plc   1.050    12/20/45     US$      28.93

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

LUXEMBOURG
----------
Sonata Securities S.A.    1.000    03/10/08     EUR      73.77
Teksid Aluminum S.A.     12.375    07/15/11     EUR      32.42

NETHERLANDS
-----------
ALB Finance B.V.          8.750    04/20/11     EUR      75.03
                          7.880    02/01/12     EUR      69.59
                          9.250    09/25/13     EUR      71.61
BK Ned Gemeenten          0.500    06/27/18     CDN      63.57
                          0.500    02/24/25     CDN      46.91
CenterCredit Int'l B.V.   8.630    01/30/14     US$      75.88
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.65
Energy Group O/S          7.425    10/15/17     US$      32.50
Gerling Global            6.630    08/16/21     EUR      64.33
Hypo Real ES Finance      5.500    08/20/08     EUR      74.78
Kazkommerts Int'l B.V.    6.880    02/13/17     EUR      72.02
                          7.500    11/19/17     US$      73.36
KBC Ifima N.V.            3.500    02/07/25     EUR      75.42
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      66.53
                          8.250    03/16/35     EUR      56.35
                          7.000    05/17/35     EUR      61.88
                          7.250    10/05/35     EUR      57.12
Ned Waterschapbk          6.000    06/01/35     EUR      69.40
                          6.500    08/15/35     EUR      62.54
                          6.000    06/30/45     EUR      66.58
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.54
                          6.000    02/22/35     EUR      66.82
                          7.000    02/28/35     EUR      68.89
                          7.000    03/23/35     EUR      64.16
                          6.000    05/09/35     EUR      72.53

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.01

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.89

SWITZERLAND
-----------
UBS AG                    1.000     02/27/12    NZD      74.72
                          1.000     03/28/12    NZD      74.14
                          1.000     06/28/12    NZD      73.08
                          1.000     07/30/12    NZD      72.90

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      54.98
Bank of Scotland          6.000     02/07/35    EUR      68.18
National Grid Gas Plc     1.754     10/17/36    GBP      45.05
                          1.771     03/30/37    GBP      45.00
Royal BK Scotland Plc     7.000     06/09/25    EUR      59.31
                          6.500     02/23/45    EUR      52.03
Scottish Power Plc        5.810     03/15/25    US$      70.00
TXU Eastern Funding Plc   6.750     05/15/09    US$       3.25
Wessex Water Finance Plc  1.369     07/31/57    GBP      29.55


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *