TCREUR_Public/071127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 27, 2007, Vol. 8, No. 235

                            Headlines




A U S T R I A

A.A.Z. AUTOAUFBEREITUNGSZENTRUM: Claims Registration Ends Dec. 4
B.N. HANDEL: Claims Registration Period Ends Dec. 27
LEOPOLD ZEHETNER: Administrator Declares Insufficient Assets
TANKSTELLEN-U.KFZ: Vienna Court Orders Business Shutdown


G E R M A N Y

AUTOPARTNER HAGEDORN: Claims Registration Ends December 21
BAUPROJEKT FRIEDENSSTRASSE: Claims Registration Ends Dec. 14
BUSCHDORF BAUTRAEGER: Claims Registration Period Ends Dec. 14
DIKO-BAU GMBH: Claims Registration Period Ends Dec. 14
EPPLER PRODUKTIONS: Claims Registration Period Ends Dec. 20

FUCHS HEIZUNG: Creditors' Meeting Slated for December 19
GEMITEAM GMBH: Claims Registration Ends December 17
GERHARDS HANDELSGESELLSCHAFT: Claims Registration Ends Dec. 18
HALTENBERGER KAROSSERIE: Claims Registration Ends December 21
HE ELEKTROTECHNIK: Claims Registration Ends December 20

HEIDT KUECHEN: Claims Registration Ends December 21
HUEKO - Haus: Claims Registration Ends December 24
INGENIUM TECHNOLOGIES: Claims Registration Ends December 17
JOHANNSENS KURHOTEL: Claims Registration Ends December 14
MODERNER HOCHBAU: Claims Registration Ends December 21

MTR GMBH: Claims Registration Ends December 21
NAIL VERKAUFS: Claims Registration Ends December 20
NEUMANN & BILLIG: Claims Registration Period Ends Dec. 15
PB WOHNBAU: Claims Registration Period Ends Dec. 12
R & S PLANBAU: Claims Registration Period Ends Dec. 17

R.E.M. GESELLSCHAFT: Claims Registration Period Ends Dec. 18
RENNER GMBH: Claims Registration Period Ends Dec. 13
ROUGE EVENT: Claims Registration Period Ends Dec. 12
SALCO SOUND: Claims Registration Period Ends Dec. 10

S+W VERWALTUNGS: Claims Registration Period Ends Dec. 18
WALO GMBH: Claims Registration Period Ends Dec. 20
WCM AG: Sirius Eyes Compensation Claim Against Creditor Banks


G R E E C E

OLYMPIC AIRLINES: Ryanair Hits EC Inaction on Greek State Aid


I R E L A N D

MAGNOLIA FINANCE V: WARF Breach Cues Fitch to Junk US$28MM Notes


I T A L Y

ALITALIA SPA: Stretches Bidding Deadline to Dec. 5
ALITALIA SPA: Deustche Lufthansa Weighs Possible Bid
FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina
FIAT SPA: Repurchases 1.35 Million Ordinary Shares


K A Z A K H S T A N

AGROFIRM BV: Proof of Claim Deadline Slated for Dec. 21
ATYRAU TRANS: Creditors Must File Claims Dec. 25
AZAMAT TRADE: Claims Filing Period Ends Dec. 21
EURASIA INSURANCE: S&P Affirms & Withdraws B Ratings
FAST PLAST: Creditors' Claims Due on Dec. 25

HODORY LLP: Claims Registration Ends Dec. 21
JETYSAISKY PIVZAVOD: Proof of Claim Deadline Slated for Dec. 25
KAZKOMMERTSBANK: Upcoming Support Cues Fitch to Affirm BB+ IDR
LAZER ZONE: Creditors Must File Claims Dec. 21
MD-INVEST LLP: Claims Filing Period Ends Dec. 21

TEMIRALY LLP: Creditors' Claims Due on Dec. 21
UNIVERSAL-SODEKSO EUROASIA: Claims Registration Ends Dec. 21


K Y R G Y Z S T A N

GROOM ENTERPRISES: Creditors Must File Claims by December 26
MERT FOOD: Proof of Claim Deadline Slated for December 26


L U X E M B O U R G

EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility


P O L A N D

SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357


R U S S I A

AGROSNABSERVICE: Creditors Must File Claims by Jan. 10, 2008
EL'NYALEN OJSC: Creditors Must File Claims by Dec. 10
EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility
KRAMZ OJSC: Asset Sale Slated for Dec. 11
KRASNOYARSKOYE LLC: Creditors Must File Claims by Dec. 10

MTS EVLASHEVSKAYA: Asset Sale Slated for Dec. 12
MY BANK: Moody's Assigns B3/NP Ratings on RUR1 Billion Bond
NOVOSIBIRSK METALWORKING: Creditors Must File Claims by Dec. 10
SERDOBSKIYE CLOCKS: Creditors Must File Claims by Jan. 10, 2008
SMOLENSKAYA FEDERAL: Creditors Must File Claims by Dec. 10

ULYANOVSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 21, 2008
YUKOS OIL: State Register Entry Formally Ends Firm's Existence


S P A I N

GAT FTGENCAT: Moody's Junks EUR18.8 Million Series E Notes


S W I T Z E R L A N D

AKTIV LERN: Creditors' Liquidation Claims Due by November 30
AWR KUNSTSTOFFTECHNIK: Creditors Must File Claims by November 29
DHW - DIE HANDWERKER: Claims Registration Period Ends Nov. 27
GRUN INDUSTRIEOFENBAU: Creditors Must File Claims by November 28
IMC BETEILIGUNGSMANAGEMENT: Creditors' Claims due by Nov. 29

INSTITUT FUR AKTIVES: Creditors' Claims Due by November 30
MINIGOLF BUELISACKER: Creditors Must File Claims by November 29
SOSIRTAS DELINQUERE: Creditors Must Claims by November 29
VERMAG JSC: Creditors' Liquidation Claims Due by November 30
WOLI BAU: Creditors' Liquidation Claims due by November 29

* Swiss Corporate Bankruptcies Up 5.2% to 366 in October 2007


T U R K E Y

DOGUS HOLDING: Fitch Affirms IDR at BB- with Positive Outlook


U K R A I N E

AMETIST LLC: Creditors Must File Claims by November 29
BERDICHEV COMBINE: Proofs of Claim Filing Ends November 29
BLACK SEAS: Proofs of Claim Filing Ends November 28
GAZOVIK OJSC: Proofs of Claim Filing Ends November 29
KRYM ENERGY: Proofs of Claim Filing Ends November 28

KOROSTEN-SHEVCHENKOVO QUARRY: Creditors' Claims Due Nov. 28
MECHANIZED MOVABLE 195: Proofs of Claim Filing Ends Nov. 29
TCHYSTE DZHERELO: Proofs of Claim Filing Ends November 29
VINNER FORD: Creditors Must File Claims by November 28
VOYNILOV AGRICULTURAL: Proofs of Claim Filing Ends November 29


U N I T E D   K I N G D O M

ALS ADVANCED: Names Administrators from Tenon Recovery
APPCON LTD: Claims Filing Period Ends December 28
AUDUS NOBLE: Calls In Liquidators from Grant Thornton
BAA LTD: Union to Vote on Strike Action Over Pension Cuts
BAA LTD: S&P Cuts Ratings to BB- on Delayed Refinancing

CHAMBERPOINT LTD: Brings In PwC as Joint Administrators
CREATIVE OUTSOURCING: Appoints KPMG as Joint Administrators
FEDERAL-MOGUL: To Issue US$305,236,000 in Senior Notes
FEDERAL-MOGUL: Thornwood to Own 25% of Voting Securities
FEDERAL-MOGUL: Posts US$7.6 Mln Net Loss in Month Ended Oct. 31

FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival
GOODWOOD GOLD: Moody's Puts Low-B Ratings on Three Note Classes
GREAT NORTH: New Owner to Take Over Nationalized Firm Next Month
HEISSNER UK: Taps Joint Administrators from PwC
KASSWELD LTD: Brings In Administrators from BDO Stoy

INTEGRITY FSP: Claims Filing Period Ends December 28
JULY PACKAGING: Duncan R. Beat Leads Liquidation Procedure
MALTHOUSE PUBS: Brings In Liquidators from Mazars
METRONET RAIL: Partnership Contract Cues S&P's Junk Debt Ratings
NORTHERN ROCK: In Accelerated Talks with Virgin Consortium

NORTHERN ROCK: Welcomes Laurie Adams as Non-Executive Director
NORVEX CLEANING: Appoints J. M. Titley as Liquidator
PRESTIGE REFURBISHMENTS: Taps Begbies Traynor As Administrators
QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review
SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec.

* Large Companies with Insolvent Balance Sheet




                            *********


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


A.A.Z. AUTOAUFBEREITUNGSZENTRUM: Claims Registration Ends Dec. 4
----------------------------------------------------------------
Creditors owed money by LLC A.A.Z. Autoaufbereitungszentrum (FN
270274m) have until Dec. 4 to file written proofs of claim to
court-appointed estate administrator Erhard Hackl at:

         Dr. Erhard Hackl
         Hofgasse 7
         4020 Linz
         Austria
         Tel: 0732/776234
         Fax: 0732/77623422
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Leonding, Austria, the Debtor declared
bankruptcy on Oct. 23 (Bankr. Case No. 38 S 56/07z).


B.N. HANDEL: Claims Registration Period Ends Dec. 27
----------------------------------------------------
Creditors owed money by LLC B.N. Handel (FN 279725k) have until
Dec. 27 to file written proofs of claim to court-appointed
estate administrator Klemens Dallinger at:

         Dr. Klemens Dallinger
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 23 (Bankr. Case No. 2 S 144/07z).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.


LEOPOLD ZEHETNER: Administrator Declares Insufficient Assets
------------------------------------------------------------
Dr. Annemarie Kosesnik-Wehrle, the court-appointed estate
administrator for LLC Leopold Zehetner (FN 98594t), declared
Oct. 22 that the Debtor's property is insufficient to cover
creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 18 (Bankr. Case No. 5 S 125/07b).  Stefan Langer
represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at


TANKSTELLEN-U.KFZ: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered Oct. 19 an order shutting down
the business of LLC Tankstellen-u.KFZ-Servicebetrieb J.Schneider
(FN 96157h).

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

The estate administrator can be reached at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 512 21 02
         Fax: 512 21 02-20
         E-mail: office@buresch-korenjak.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16 (Bankr. Case No 38 S 56/07y).


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


AUTOPARTNER HAGEDORN: Claims Registration Ends December 21
----------------------------------------------------------
Creditors of Autopartner Hagedorn GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Joachim Exner
         Stahlstrasse 17
         90411 Nuernberg
         Germany
         Tel: 0911/95 12 850
         Fax: 0911/95 12 8510

The District Court of Ingolstadt opened bankruptcy proceedings
against Autopartner Hagedorn GmbH on Nov. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autopartner Hagedorn GmbH
         Noerdliche Gruenauer Strasse 53
         86633 Neuburg
         Germany

         Attn: Guenter Sager, Manager
         Am Schaeferacker 13
         86666 Burgheim
         Germany


BAUPROJEKT FRIEDENSSTRASSE: Claims Registration Ends Dec. 14
------------------------------------------------------------
Creditors of Bauprojekt Friedensstrasse Verwaltungs-GmbH have
until Dec. 14 to register their claims with court-appointed
insolvency manager Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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/Main
         Germany
         Tel: 069/913092-0
         Fax: 069/913092 30

The District Court of Hanau opened bankruptcy proceedings
against Bauprojekt Friedensstrasse Verwaltungs-GmbH on Nov. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauprojekt Friedensstrasse Verwaltungs-GmbH
         Roemerstr. 31
         63486 Bruchkoebel
         Germany


BUSCHDORF BAUTRAEGER: Claims Registration Period Ends Dec. 14
-------------------------------------------------------------
Creditors of Buschdorf Bautraeger Verwaltungs GmbH have until
Dec. 14 to register their claims with court-appointed insolvency
manager Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on Jan. 5, 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 Leipzig
         Hall 145
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael Hawelka
         Nonnenstrasse 37
         04229 Leipzig
         Germany
         Tel: 0341/4866414
         Fax: 0341/4866428
         E-mail: HHH.Leipzig@t-online.de

The District Court of Leipzig opened bankruptcy proceedings
against Buschdorf Bautraeger Verwaltungs GmbH on Nov. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Buschdorf Bautraeger Verwaltungs GmbH
         Attn: Rainer Krause, Manager
         Torgauer Strasse 29
         04779 Wermsdorf
         Germany


DIKO-BAU GMBH: Claims Registration Period Ends Dec. 14
------------------------------------------------------
Creditors of Diko-Bau GmbH have until Dec. 14 to register their
claims with court-appointed insolvency manager Gerhard
Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Diko-Bau GmbH on Nov. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Diko-Bau GmbH
         Attn: Wilfried Konrad
         Ernst-Thalmannstrasse 23
         18069 Rostock
         Germany


EPPLER PRODUKTIONS: Claims Registration Period Ends Dec. 20
-----------------------------------------------------------
Creditors of Eppler Produktions-und Vertriebs GmbH have until
Dec. 20 to register their claims with court-appointed insolvency
manager Rechtsanwalt Maier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         First Floor
         Ritterstr. 5
         Eingang Strohstrasse
         Esslingen
         Germany

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

The insolvency manager can be reached at:

         Rechtsanwalt Maier
         Gasnheidestr. 1
         70184 Stuttgart
         Germany
         Tel: 0711164330
         Fax: 1643350

The District Court of Esslingen opened bankruptcy proceedings
against Eppler Produktions-und Vertriebs GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Eppler Produktions-und Vertriebs GmbH
         Attn: Heinz Deutschle, Manager
         Goldammerweg 7
         70794 Filderstadt
         Germany


FUCHS HEIZUNG: Creditors' Meeting Slated for December 19
--------------------------------------------------------
The court-appointed insolvency manager for Fuchs - Heizung u.
Haustechnik GmbH, Michael Ploessner will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 2:00 p.m. on Dec. 19.

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

         The District Court of Bonn
         Meeting Hall S 2.22
         Second Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on Jan. 25, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Michael Ploessner
         Hausdorffstrasse 11
         53129 Bonn
         Germany
         Tel: 0228/9115111
         Fax: 0228/9115199

The District Court of Bonn opened bankruptcy proceedings against
Fuchs - Heizung u. Haustechnik GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Fuchs - Heizung u. Haustechnik GmbH
         Attn: Bruno Fuchs and Hans-Georg Fuchs, Managers
         Siebengebirgsallee 91
         53840 Troisdorf
         Germany


GEMITEAM GMBH: Claims Registration Ends December 17
---------------------------------------------------
Creditors of GemiTeam GmbH-Software Systeme have until Dec. 17
to register their claims with court-appointed insolvency manager
Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Weilheim i.OB
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim i.OB
         Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Munich
         Germany
         Tel: 089/2603966
         Fax: 2609204

The District Court of Weilheim i.OB opened bankruptcy
proceedings against GemiTeam GmbH-Software Systeme on Nov. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GemiTeam GmbH-Software Systeme
         Eichenweg 7
         82234 Wessling
         Germany


GERHARDS HANDELSGESELLSCHAFT: Claims Registration Ends Dec. 18
--------------------------------------------------------------
Creditors of Gerhards Handelsgesellschaft mbH have until Dec. 18
to register their claims with court-appointed insolvency manager
Dr. Ruth Rigol.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall S 2.22
         Second Floor
         Wilhelmstr. 23
         53111 Bonn
         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. Ruth Rigol
         Magnusstrasse 13
         50672 Cologne
         Germany
         Tel: 0221/650660
         Fax: 0221/650661

The District Court of  Bonn opened bankruptcy proceedings
against Gerhards Handelsgesellschaft mbH on Nov. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gerhards Handelsgesellschaft mbH
         Attn: Jens Gerhards, Manager
         Hammer Str. 26
         51570 Windeck
         Germany


HALTENBERGER KAROSSERIE: Claims Registration Ends December 21
-------------------------------------------------------------
Creditors of Haltenberger Karosserie und Fahrzeugtechnik GmbH
have until Dec. 21 to register their claims with court-appointed
insolvency manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 12:20 a.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Haltenberger Karosserie und Fahrzeugtechnik GmbH on Nov.
8.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Haltenberger Karosserie und Fahrzeugtechnik GmbH
         Attn: Horst Guetlich and Tanja Riebe, Liquidators
         Steilshooper Strasse 98 - 100
         22305 Hamburg
         Germany


HE ELEKTROTECHNIK: Claims Registration Ends December 20
-------------------------------------------------------
Creditors of HE elektrotechnik GmbH have until Dec. 20 to
register their claims with court-appointed insolvency manager
Stefano Buck.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Villingen-Schwenningen
         Hall 2/2.OG
         Niedere Str. 94
         78050 Villingen-Schwenningen
         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:

         Stefano Buck
         Eisenbahnstr. 40
         78628 Rottweil
         Germany
         Tel: 0741/ 17464-30

The District Court of Villingen-Schwenningen opened bankruptcy
proceedings against HE elektrotechnik GmbH on Nov. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HE elektrotechnik GmbH
         Attn: Peggy Fischer, Manager
         Steinbeisstr. 41
         78056 Villingen-Schwenningen
         Germany


HEIDT KUECHEN: Claims Registration Ends December 21
---------------------------------------------------
Creditors of Heidt Kuechen-Markt GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Thomas Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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 Bueckmann
         Kohlenkamp 39
         45468 Muelheim an der Ruhr
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Heidt Kuechen-Markt GmbH on Nov. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Heidt Kuechen-Markt GmbH
         Attn: Daniela von der Heidt, Manager
         Bismarckstr. 52
         45470 Muelheim an der Ruhr
         Germany


HUEKO - Haus: Claims Registration Ends December 24
--------------------------------------------------
Creditors of HUEKO - Haus GmbH have until Dec. 24 to register
their claims with court-appointed insolvency manager Sebastian
Laboga.

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

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         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:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against HUEKO - Haus GmbH on Nov. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HUEKO - Haus GmbH
         Kirchhainer Strasse 07
         03249 Sonnewalde
         Germany


INGENIUM TECHNOLOGIES: Claims Registration Ends December 17
-----------------------------------------------------------
Creditors of Ingenium Technologies GmbH have until Dec. 17 to
register their claims with court-appointed insolvency manager
Dr. Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 16, 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 Duisburg
         Meeting Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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. Andreas Roepke
          Muelheimer Strasse 100
          47057 Duisburg
          Germany

The District Court of Duisburg opened bankruptcy proceedings
against Ingenium Technologies GmbH on Nov. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Ingenium Technologies GmbH
          Cecilienstr. 7
          47051 Duisburg
          Germany

          Attn: Bop Sandrino Arndt, Manager
          Cecilienstr. 7
          47051 Duisburg
          Germany


JOHANNSENS KURHOTEL: Claims Registration Ends December 14
---------------------------------------------------------
Creditors of Johannsens Kurhotel GmbH & Co. KG have until
Dec. 14 to register their claims with court-appointed insolvency
manager Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Hall 210
         Rosenheim
         Germany

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

The insolvency manager can be reached at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich
         Germany
         Tel: 089/189377-0
         Fax: 089/189377-50

The District Court of Rosenheim opened bankruptcy proceedings
against Johannsens Kurhotel GmbH & Co. KG on Nov. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Johannsens Kurhotel GmbH & Co. KG
         Ludwigsplatz 5
         83022 Rosenheim
         Germany


MODERNER HOCHBAU: Claims Registration Ends December 21
------------------------------------------------------
Creditors of MHB Moderner Hochbau GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Dr. Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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. Mark Zeuner
         Beethovenstr. 13
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against MHB Moderner Hochbau GmbH on Nov. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MHB Moderner Hochbau GmbH
         Attn: Siegmar Koepcke, Manager
         Gewerbegebiet 1
         19372 Spornitz
         Germany


MTR GMBH: Claims Registration Ends December 21
----------------------------------------------
Creditors of MTR GmbH & Co. KG have until Dec. 21 to register
their claims with court-appointed insolvency manager Yvo Dengs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Jan. 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Yvo Dengs
         Am Sandtorkai 62
         20457 Hamburg
         Germany

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

The Debtor can be reached at:

         MTR GmbH & Co. KG
         Fehmarnstrasse 14
         24782 Buedelsdorf
         Germany


NAIL VERKAUFS: Claims Registration Ends December 20
---------------------------------------------------
Creditors of Nail Verkaufs GmbH have until Dec. 20 to register
their claims with court-appointed insolvency manager Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on Feb. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Peter Jost
         Pfingstweidstrasse 3
         D 60316 Frankfurt a. M.
         Germany
         Tel: 069-2097390
         Fax: 069-20973929

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against Nail Verkaufs GmbH on Nov. 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Nail Verkaufs GmbH
         Attn: Heidi Astrid Schlitt, Liquidator
         Benzstrasse 14
         65779 Kelkheim
         Germany


NEUMANN & BILLIG: Claims Registration Period Ends Dec. 15
---------------------------------------------------------
Creditors of Neumann & Billig Lufttechnische Anlagen GmbH have
until Dec. 15 to register their claims with court-appointed
insolvency manager Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Jan. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Hall 157/I
         Residenzplatz 4-6
         87435 Kempten
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Kempten opened bankruptcy proceedings
against Neumann & Billig Lufttechnische Anlagen GmbH on Nov. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Neumann & Billig Lufttechnische
         Anlagen GmbH
         Perlengasse 15
         87600 Kaufbeuren
         Germany


PB WOHNBAU: Claims Registration Period Ends Dec. 12
---------------------------------------------------
Creditors of PB Wohnbau GmbH have until Dec. 12 to register
their claims with court-appointed insolvency manager Dietrich
Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Heilbronn opened bankruptcy proceedings
against PB Wohnbau GmbH on Nov. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          PB Wohnbau GmbH
          Heinrich-Bachler-Strasse 25
          74081 Heilbronn
          Germany


R & S PLANBAU: Claims Registration Period Ends Dec. 17
------------------------------------------------------
Creditors of R & S Planbau GmbH have until Dec. 17 to register
their claims with court-appointed insolvency manager Dr. Helmut
Hemmerling.

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

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Dr. Helmut Hemmerling
         Heilbronner Str. 86
         70191 Stuttgart
         Germany
         Tel: 0711/2597290
         Fax: 0711/259729999

The District Court of Stuttgart opened bankruptcy proceedings
against R & S Planbau GmbH on Nov. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         R & S Planbau GmbH
         Attn: Heike Rzepka, Manager
         Beethovenstr. 55
         71336 Waiblingen
         Germany


R.E.M. GESELLSCHAFT: Claims Registration Period Ends Dec. 18
------------------------------------------------------------
Creditors of R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik
und Maschinenbau GmbH have until Dec. 18 to register their
claims with court-appointed insolvency manager Friedrich-Wilhelm
Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Friedrich-Wilhelm Klein
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/49 37 099

The District Court of Wuppertal opened bankruptcy proceedings
against R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik und
Maschinenbau GmbH on Nov. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         R.E.M. Gesellschaft fuer Rolltorbau, Elektrotechnik und
         Maschinenbau GmbH
         Attn: Petra Heiss, Manager
         Waage 5
         42781 Haan
         Germany


RENNER GMBH: Claims Registration Period Ends Dec. 13
----------------------------------------------------
Creditors of Renner GmbH have until Dec. 13 to register their
claims with court-appointed insolvency manager Susanne
Oelbermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 24, 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 Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

         Susanne Oelbermann
         Ostertorsteinweg 74/75
         D 28203 Bremen
         Germany
         Tel: 0421/792570
         Fax: 0421/7925757

The District Court of Syke opened bankruptcy proceedings against
Renner GmbH on Nov. 7.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Renner GmbH
         Osterfeuerbergstrasse 79
         28219 Bremen
         Germany

         Attn: Torsten Beuermann, Manager
         Gutenbergstrasse 9
         28844 Weyhe-Dreye
         Germany


ROUGE EVENT: Claims Registration Period Ends Dec. 12
----------------------------------------------------
Creditors of Rouge Event GmbH have until Dec. 12 to register
their claims with court-appointed insolvency manager Angela
Gerigk.

Creditors and other interested parties are encouraged to attend
the meeting 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

          Angela Gerigk
          Katharinenstr. 7
          46282 Dorsten
          Germany

The District Court of Essen opened bankruptcy proceedings
against Rouge Event GmbH on Nov. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Rouge Event GmbH
          Westerholter Str. 136
          45892 Gelsenkirchen
          Germany


SALCO SOUND: Claims Registration Period Ends Dec. 10
----------------------------------------------------
Creditors of Salco Sound and Light Company GmbH have until
Dec. 10 to register their claims with court-appointed insolvency
manager Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 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:

          Dr. Gideon Boehm
          Bachstrasse 85a
          22083 Hamburg
          Germany

The District Court of Pinnebergopened bankruptcy proceedings
against Salco Sound and Light Company GmbH on Nov. 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Salco Sound and Light Company GmbH
          Schusterring 41
          25355 Barmstedt
          Germany


S+W VERWALTUNGS: Claims Registration Period Ends Dec. 18
--------------------------------------------------------
Creditors of S+W Verwaltungs-GmbH have until Dec. 18 to register
their claims with court-appointed insolvency manager Hermann
Keitel.

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

The meeting of creditors will be held at:

         The District Court Heilbronn
         Room 110
         First Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Hermann Keitel
         Suelmerstrasse 7
         74072 Heilbronn
         Germany
         Tel: 07131/99173-50
         Fax: 07131/99173-53

The District Court of Heilbronn opened bankruptcy proceedings
against S+W Verwaltungs-GmbH on Nov. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         S+W Verwaltungs-GmbH
         Attn: Nicole Springmann, Manager
         Brucknerstrasse 10
         74629 Pfedelbach
         Germany


WALO GMBH: Claims Registration Period Ends Dec. 20
--------------------------------------------------
Creditors of Walo GmbH & Co. KG have until Dec. 20 to register
their claims with court-appointed insolvency manager Steffen
Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (040) 8 99 56 - 0
         Fax: (040) 8 99 56 - 41

The District Court of Walsrode opened bankruptcy proceedings
against Walo GmbH & Co. KG on Nov. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Walo GmbH & Co. KG
         Eickeloher Strasse 1
         29693 Hodenhagen
         Germany


WCM AG: Sirius Eyes Compensation Claim Against Creditor Banks
-------------------------------------------------------------
Sirius Beteiligungsgesellschaft mbH, a subsidiary of WCM
Beteiligungs- und Grundbesitz-AG, is contemplating a
compensation claim against its former creditor banks, DZ Bank AG
and HSH Nordbank AG, over the sale of the property company IVG
Immobilien AG, according to published reports.

In 2003, Sirius, which holds a 50.1% majority stake in IVG,
filed for insolvency.  Subsequently, DZ Bank and HSH Nordbank
acquired the company's IVG stake for EUR550 million in 2004.

The creditor banks told Financial Times Deutschland that there
is no reason for Sirius to demand compensation, insisting the
banks in the Sirius consortium acted correctly before, during
and after the takeover of the stake in IVG.

However, Sirius argued that the creditor banks had already taken
over operative management before the sale of the stake, making
the banks investors rather than creditors, Frank Seidlitz writes
for Die Welt.

Die Welt says the sale would have been illegal as debt would
have become equity.

Sirius is set to decide on whether to pursue the compensation
claim at a creditors' meeting at the end of this month, FT
relates.

                          About WCM AG

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests
in other real estate investment, management, and development
companies, as well as in the nursing homes and a packaging
maker.  The group owns 80% of Klockner-Werke AG, which also
operates in Austria, Czech Republic, Denmark, France, United
Kingdom, Italy, Netherlands, Spain, Switzerland, Australia,
Brazil, India, Japan, Mexico, Russian Federation, Singapore, and
the U.S.A.

WCM has been posting consecutive annual net losses of EUR849
million in 2002; EUR315 million in 2003; EUR163 million in 2004;
and EUR44 million in 2005.

WCM applied for insolvency on Nov. 8, 2006, as a result of the
extraordinary termination of the loan agreement by HSH Nordbank.
The District Court of Frankfurt (Main) opened bankruptcy
proceedings against the company on Nov. 21, 2006.


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


OLYMPIC AIRLINES: Ryanair Hits EC Inaction on Greek State Aid
-------------------------------------------------------------
Ryanair Plc has filed a case against the European Commission in
the European Court of Justice for the latter's inaction on
complaints against approximately EUR500 million in illegal state
aid continually given to Olympic Airlines S.A., Breaking News
reports.

"The Greek government's most recent tranche of state aid to
Olympic involves approximately EUR500 million, mostly for
'unpaid services' allegedly provided by Olympic to the
government," Ryanair's CEO Michael O'Leary told Breaking News.

"However, the Commission has refused to do anything about this
since 2006, which left us with no alternative but to challenge
the Commission's inaction in the European courts," Mr. O'Leary
added.

As previously reported in the TCR-Europe, a local court ordered
the Greek government to pay debt-laden Olympic Airlines around
EUR563.9 million for unpaid services, which includes:

   -- legally subsidized routes to remote Greek islands;
   -- travel for senior government officials and conscripts; and
   -- relocation to a new airport outside Athens in 2001.

Olympic Airlines said it would use the received payments to
repay part of the EUR161 million state aid declared illegal by
the Commission in December 2005.

The European Court, however, cut the amount to EUR130 million in
Sept. 12, 2007, after finding that the EC failed to prove that
some of the funds violated European Union's state aid rules, The
Associated Press reported.

Ryanair claims the Commission had failed to investigate Olympic
Airlines' violation of EU competition rules in 2006, Breaking
News adds.

"It appears that the Commission applies two approaches to
enforcing the State aid rules: one of ignoring or signing off on
continuing unlawful state aid for the inefficient high fare flag
carrier airlines, and the other of pursuing baseless complaints
by flag carriers against low fares airlines operating out of
regional and secondary airports," Mr. O'Leary told Breaking
News.

"This twin track approach must end and we are therefore calling
on the Commission to start promoting competition, end unlawful
State aid, and stop protecting flag carrier airlines," Mr.
O'Leary added.

                     About Olympic Airlines

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the
Olympic Airways group of companies, flies passengers and cargo
to five continents, while offering ground handling, technical
maintenance and information technology services to third
parties.

Between 1994 and 2000, the European Commission allowed Greek
state aids for the restructuring of Olympic Airways.  In
December 2002, the Commission found that further aid had been
granted to the airline, and demanded that EUR160 million be
repaid.

Greece created Olympic Airlines in December 2003 from the
remaining assets of bankrupt and defunct national carrier
Olympic Airways S.A.  Olympic Airlines started operations in
2004 and posted EUR87 million in net losses.  The carrier posted
EUR123.7 million in net losses in 2005.


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


MAGNOLIA FINANCE V: WARF Breach Cues Fitch to Junk US$28MM Notes
----------------------------------------------------------------
Fitch Ratings has downgraded Magnolia Finance US$28 million
Series 2006-3 leveraged super senior credit-linked notes due
2045 to 'C' from 'AA+' and removed the notes from rating watch
negative.

The downgrade is a result of a breach of the current Weighted
Average Rating Factor (WARF) trigger.  As of the Nov. 22, 2007,
investor report, the WARF trigger is 12.39 and the current WARF
is 12.94 (both equivalent to 'BB+'/'BB').  The WARF at last
review in August 2007 was 2.85 ('A-'/'BBB+').

Since the notes were placed on RWN on Oct. 31, 2007, Fitch has
downgraded 29.86% of the portfolio between two and eleven
notches.  As a result, the number of speculative grade names in
the reference portfolio is currently 14, representing 28.92% of
the portfolio, compared with none at last review.

Magnolia Finance V Plc is a special purpose vehicle incorporated
under the laws of Ireland.  It has entered into a leveraged
super senior transaction with Credit Suisse International and
invested the note issuance proceeds in highly rated securities.
Should the weighted average credit rating of the reference
obligations breach pre-specified trigger levels within a
specified period, investors have the option to unwind the trade
or de-lever their position by posting further note principal.

The ratings address the payment of interest and principal
according to the documentation terms, by the scheduled maturity
date, including the risk of mark-to-market losses due to an
early termination following an unwind trigger event.  Under the
documentation, the interest payment (including the LIBOR
component) may be reduced under certain circumstances, such as a
downgrade to 'AA' or below of the charged asset.


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


ALITALIA SPA: Stretches Bidding Deadline to Dec. 5
--------------------------------------------------
Alitalia S.p.A. has extended to Dec. 5, 2007, the deadline for
submission of non-binding offers for the Italian government's
49.9% stake, Thomson Financial says citing an Il Sole 24 Ore
report.

Italian transport minister Alessandro Bianchi was quoted by La
Repubblica that three offers are coming for Alitalia.

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

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

OAO Aeroflot, however, has decided not to take part in the
privatization of the Italian carrier. TPG Capital, meanwhile,
has informed it was unable to finalize an Italian-led
consortium, but will continue to follow the developments of the
sale.  Alitalia has concluded that Cordata Baldassarre's bid is
"no longer compatible" to its planned stake sale.

Remaining bidders are Air France-KLM, AP Holding and Deutsche
Lufthansa.

As reported in the TCR-Europe on Nov. 23, 2007, Alitalia's Board
of Directors said exclusive negotiations with the chosen bidder
could be held within the first half of December 2007.

                        About Alitalia

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

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

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


ALITALIA SPA: Deustche Lufthansa Weighs Possible Bid
----------------------------------------------------
Deutsche Lufthansa AG will decide by year-end whether to bid for
the Italian government's 49.9% stake in Alitalia S.p.A.,
published reports say, citing Lufthansa CEO Wolfgang Mayrhuber's
interview with Frankfurter Allgemeine Sonntagszeitung.

"We are examining whether we can find a remedy and [whether] we
will submit an offer," The Associated Press quotes Mr. Mayrhuber
in the interview.

"We would therefore welcome it if negotiations could take place
as early as December," Reuters relates Mr. Mayrhuber in the
interview.

Lufthansa is one of the three remaining possible bidders for
Alitalia, along with Air France-KLM and AP Holding S.p.A.

OAO Aeroflot will not participate in the process while Cordata
Baldassarre's bid was deemed "no longer compatible" to the sale.
TPG Capital, meanwhile, was unable to finalize an Italian-led
consortium, but will continue to follow the developments of the
sale.

As reported in the TCR-Europe on Nov. 23, 2007, Alitalia's Board
of Directors said exclusive negotiations with the chosen bidder
could be held within the first half of December 2007.

                        About Alitalia

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

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

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


FIAT SPA: Plans to Invest BRL6.4 Billion in Brazil & Argentina
--------------------------------------------------------------
Fiat S.p.A. CEO Sergio Marchionne outlined plans to invest
BRL6.4 billion (EUR2.4 billion) in Brazil and Argentina between
2008 and 2010, The Associate Press reports.

Of the total amount, AP relates, BRL5 billion (EUR1.88 billion)
will be made in Minas Gerais, where most of the company's
Brazilian operations are based, while another BRL1 billion
(EUR375 million) has been earmarked for Fiat's farm equipment
plant in the state of Sao Paulo.

Mr. Marchionne told reporters that these investments are aimed
to increase the carmaker's current Brazilian production from
720,000 vehicles a year to about 1 million in 2010, Andre
Soliani and Telma Marotto write for Bloomberg News.

A total of BRL400 million (EUR150 million) will be invested in
Fiat's auto plant in Cordoba, Argentina, where Fiat wants to
produce 50,000 vehicles as of 2008, AP relates.

"I travel the world and I haven't seen an economic environment
which is stable and as favorable," Mr. Marchionne was quoted by
Bloomberg as saying.  "You are going through an incredible
period of growth."

                        About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Repurchases 1.35 Million Ordinary Shares
--------------------------------------------------
Fiat S.p.A. purchased 45,000 Fiat ordinary shares at the average
price of EUR17.4935 including fees on Nov. 21, 2007, within the
frame of the buy back program announced on April 5, 2007.

On Nov. 19, 2007, the company bought 1.31 million Fiat ordinary
shares at the average price of EUR18.4559 including fees.

From the start of the buy back program on April 24, 2007, the
total number of shares purchased by Fiat amounts to 20.482
million for a total invested amount of EUR426 million.

                  Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported on Aug. 8, 2007, Standard & Poor's Ratings Services
raised its long-term corporate credit rating on Italian
industrial group Fiat S.p.A. to 'BB' from 'BB-'.  At the same
time, Standard & Poor's affirmed its 'B' short-term rating on
Fiat.  S&P said the outlook is stable.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


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


AGROFIRM BV: Proof of Claim Deadline Slated for Dec. 21
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Agrofirm B.V. 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


ATYRAU TRANS: Creditors Must File Claims Dec. 25
------------------------------------------------
LLP Atyrau Trans Service has declared insolvency.  Creditors
have until Dec. 25 to submit written proofs of claims to:

         LLP Atyrau Trans Service
         Dosmuhamedov Str. 84
         Atyrau
         Kazakhstan


AZAMAT TRADE: Claims Filing Period Ends Dec. 21
-----------------------------------------------
LLP Azamat Trade Ltd has declared insolvency.  Creditors have
until Dec. 21 to submit written proofs of claims to:

         LLP Azamat Trade Ltd
         Bogenbai batyr Str. 135-1
         Almaty
         Kazakhstan


EURASIA INSURANCE: S&P Affirms & Withdraws B Ratings
----------------------------------------------------
Standard & Poor's Ratings Services affirmed the financial
strength and counterparty credit ratings of Kazakhstan-based
Eurasia Insurance Co. at 'B' with a stable outlook, and then, at
the company's request, withdrew the ratings.  At the same time,
S&P affirmed and then withdrew Eurasia's Kazakhstan local scale
rating of 'kzBBB-'.

Standard & Poor's undertook a review of the company before it
undertook these rating actions.  The affirmation took into
account the general economic and industry risks of insurance and
reinsurance operations in the Republic of Kazakhstan (foreign
currency BBB-/Stable/A-3, local currency BBB/Stable/A-3), as
well as the perceived weak financial flexibility of the company.

"In particular, we considered Eurasia's ability to raise new
cash or capital commensurate with its expected growth in needs.
It is steadily expanding its operations both domestically and
within its region," said Standard & Poor's credit analyst David
Anthony.

Mr. Anthony continued:  "We recognized that Eurasia's good
operating performance partially offset these concerns as a
particular strength relative to the ratings, and also derived
comfort relative to the rating from Eurasia's leading position
in Kazakhstan's domestic insurance and reinsurance markets, as
well as from its capitalization, investments, and liquidity."


FAST PLAST: Creditors' Claims Due on Dec. 25
--------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Fast Plast insolvent.

Creditors have until Dec. 25 to submit written proofs of claims
to:

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


HODORY LLP: Claims Registration Ends Dec. 21
--------------------------------------------
LLP Hodory has declared insolvency.  Creditors have until
Dec. 21 to submit written proofs of claims to:

         LLP Hodory
         Markov Str. 53
         Bostandyksky District
         480090, Almaty
         Kazakhstan
         Tel: 8 (7272) 60-83-81


JETYSAISKY PIVZAVOD: Proof of Claim Deadline Slated for Dec. 25
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared Brewery LLP Jetysaisky Pivzavod
insolvent.

Creditors have until Dec. 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Kojanov Str. 3
         Jetysai
         Mahtaaralsky District
         South Kazakhstan
         Kazakhstan


KAZKOMMERTSBANK: Upcoming Support Cues Fitch to Affirm BB+ IDR
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Kazakhstan-based bank
Kazkommertsbank.  KKB has been rated Long-term foreign currency
Issuer Default 'BB+', Short-term foreign currency IDR 'B', Long-
term local currency IDR 'BBB-', Short-term local currency IDR
'F3', Individual 'C/D', Support '3' and Support Rating Floor
'BB+'.  The Outlook for the Long-term IDR remain Stable.

KKB's IDR and Support ratings reflect the moderate probability
of support being forthcoming, in case of need, from the
Kazakhstan authorities.   This view takes into account the
Kazakhstan sovereign's ability to provide support, as reflected
in its Long-term foreign currency IDR of 'BBB' and Long-term
local currency IDR of 'BBB+'.  The ratings also reflect Fitch's
view of the authorities' likely strong propensity to support
KKB, if required, in light of their importance to the domestic
banking market.  Any future movement in the bank's IDR and
Support ratings would likely be linked to changes in the
sovereign ratings.

The Individual ratings of KKB take into account the heightened
credit risks, high dependence on foreign funding and the
currently very challenging funding environment.  However, the
Individual ratings also reflect the two bank's low reported loan
impairment levels to date, adequate liquidity, moderate
refinancing risk and sound performance.  Capitalization is
currently adequate at KKB.  The major source of downside risk
for Individual ratings is the potential increase in loan
impairment levels as portfolios season in a difficult credit
environment.

KKB currently face heightened credit risks due to a potential
slowdown in economic growth and contraction of liquidity in the
corporate sector resulting from a sharp slowdown in bank loan
growth; significant exposure to the housing and commercial
construction/real estate sectors (equal to 2x core capital at
KKB, at end of first half of 2007) at a time of downward
pressure on real estate prices; and a high proportion of foreign
currency lending (65% at end of third quarter of 2007), partly
to unhedged borrowers.  Borrower concentrations are also
considerable, with the top twenty obligors accounting for around
2.9x core capital at end of third quarter of 2007.

Fitch notes that some of the larger construction/real estate at
KKB, relate to Russian projects, which should be isolated from
risks currently impacting the credit profile of the Kazakhstan
construction/real estate sector.   KKB's stand-alone statutory
overdue loans ratios (which include the full amount of all one-
day overdues) were a low 3% at end of third quarter of 2007,
although it should be noted that it will take time for loan
books to season and potential problems to feed through into non-
performing loans.

KKB have been highly reliant on foreign debt/bank funding, which
accounted for 62% of liabilities at end of third quarter of
2007.  Funding has therefore come under pressure as a result of
far more limited access to foreign capital markets from third
quarter of 2007.  However, KKB raised US$600 million through a
syndicated loan in August.

Retail and corporate deposits (consolidated) at KKB fell by 4%
and 17%, respectively in third quarter 2007, the fall in
corporate balances mainly driven by customers withdrawing funds
to support business growth.  In October, retail deposits were
marginally up. Liquidity is satisfactory, with KKB having built
up a US$1.6 billion cash cushion to meet potential outflows and
repayment needs.  In addition, cash flows from loan repayments
and amortization provide significant liquidity support.

Performance has remained sound at 2% in first half 2007 and 2.1%
in third quarter 2007.  Higher provision charges (as management
decided to create additional reserves to absorb possible future
losses) put some downward pressure on performance in third
quarter 2007.  However, margins increased on the back of higher
loan rates, an effect that should come through fully in fourth
quarter 2007 and beyond.  Fitch, therefore, expects performance,
absent significant credit losses, to be robust in the near-term.

KKB's ratios are moderate with a reported tier 1 ratio of 9.4%
at end of third quarter of 2007, although this would have been a
higher 10.8% if current year earnings had been included in tier
1 capital.

Absent significant credit losses, Fitch expects internal capital
generation at both banks to be at least in line with (moderate)
risk-weight asset growth in the near-term.

KKB is one of the largest commercial banks in Kazakhstan. KKB
acquired a 52% stake in Russia's Moskommertsbank in third
quarter of 2007, which had previously been consolidated on a
control basis.  A combined 45% stake in KKB is controlled by the
Chairman of the Board, Nurzhan Subkhanberdin; the CEO, Nina
Zhusupova; and their close associates. A further 8% is owned by
the EBRD and the remainder is broadly held.


LAZER ZONE: Creditors Must File Claims Dec. 21
----------------------------------------------
LLP Lazer Zone has declared insolvency.  Creditors have until
Dec. 21 to submit written proofs of claims to:

         LLP Lazer Zone
         Office 411
         Kurmangazy Str. 48a
         Almaty
         Kazakhstan


MD-INVEST LLP: Claims Filing Period Ends Dec. 21
------------------------------------------------
LLP MD-Invest has declared insolvency.  Creditors have until
Dec. 21 to submit written proofs of claims to:


         LLP MD-Invest
         Abai Str. 103
         Tuzdybastau
         Talgarsky District
         041600 Almaty
         Kazakhstan


TEMIRALY LLP: Creditors' Claims Due on Dec. 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Temiraly insolvent on Oct. 12.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Burlinsky District
         West Kazakhstan
         Kazakhstan


UNIVERSAL-SODEKSO EUROASIA: Claims Registration Ends Dec. 21
------------------------------------------------------------
Almaty Branch of the Company Universal-Sodekso Euroasia has
declared insolvency.  Creditors have until Dec. 25 to submit
written proofs of claims to:

         Universal-Sodekso Euroasia
         Almaty Branch
         Tulebayev Str. 32-61
         Almaty
         Kazakhstan
         Tel: 8 (7272) 71-42-59


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


GROOM ENTERPRISES: Creditors Must File Claims by December 26
------------------------------------------------------------
LLC Groom Enterprises Pvt Ltd. has declared insolvency.
Creditors have until Dec. 26 to submit written proofs of claim.

Inquiries can be addressed to (0-555) 51-90-07.


MERT FOOD: Proof of Claim Deadline Slated for December 26
---------------------------------------------------------
LLC Mert Food has declared insolvency.  Creditors have until
Dec. 26 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 24-37-82.


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


EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility
----------------------------------------------------------
Evraz Group S.A. has signed a US$3.214 billion structured multi-
tranche credit facility.

The loan facility has the interest rate of LIBOR+1.8% and
consists of a US$2.714 billion five-year tranche secured on
assignment of trade receivables and a US$500 million three-year
unsecured tranche.  The facility is guaranteed by Mastercroft
Ltd.

The Company applied US$1.8 billion of the deal proceeds to repay
the bridge loan it raised earlier this year to finance the
Oregon Steel Mills, Inc. acquisition with the remainder to be
used for general corporate purposes.

The deal was arranged and fully underwritten by a group of 10
banks co-ordinated by ABN Amro Bank N.V., London Branch and
included:

   -- Bank of Tokyo-Mitsubishi UFJ Ltd.,
   -- Barclays Capital,
   -- BNP Paribas (Suisse) S.A.,
   -- Calyon,
   -- Commerzbank Aktiengesellschaft,
   -- Deutsche Bank AG Amsterdam Branch,
   -- ING Bank N.V.,
   -- Sumitomo Mitsui Banking Corporation, and
   -- UBS Limited as the joint mandated lead arrangers.

Deutsche Bank AG Amsterdam Branch was appointed facility agent
and security trustee for the syndicate.

Clifford Chance acted as legal counsel for the banks, and the
Company retained Cleary Gottlieb Steen and Hamilton as its legal
advisors.
                          About Evraz

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

                         *     *     *

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

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

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


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


SCO GROUP: Sept. 30 Balance Sheet Upside-Down by US$417,357
-----------------------------------------------------------
The SCO Group Inc. reported zero revenues and zero expenses for
the period beginning Sept. 15 through 30, 2007.  However, the
company generated other income from China Investment of US$1,608
for the period ending Sept. 30, 2007.  The company's net profit
for the month of September 2007 was US$1,608.

As of Sept. 30, 2007, the company's balance sheet showed total
US$1,327,901, total liabilities of US$1,745,258, and total
stockholders' deficit of US$417,357.

A full-text copy of the company's Sept. 15-30, 2007, report:

              http://ResearchArchives.com/t/s?256e

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

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

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


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


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

         V. P. Doluda
         Competitive proceedings manager
         Office 32
         Gorkogo Str. 45
         302040 Orel
         Russia

The Arbitration Court of Orel commenced competitive proceedings
against the company.  The case is docketed under Case No.
A48-1225/07-17B.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         OJSC AgroSnabService
         Mashinostroitel'naya Str. 19
         Druzhny Township
         Saburovskaya
         Orlovskij Raion
         302008 Orel
         Russia


EL'NYALEN OJSC: Creditors Must File Claims by Dec. 10
-----------------------------------------------------
Creditors of OJSC El'nyalen have until Dec. 10 to submit their
proofs of claim to:

         E. K. Kondratsikovskij
         Interim manager
         Soviet Str. 33, 19
         430000 Saransk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure against the company on Oct. 2.  The case
is docketed under Case No. A62-3547/2007(1384-H).

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         OJSC El'nyalen
         Rabochiy Per. 15
         El'nya
         216330 Smolensk
         Russia


EVRAZ GROUP: Refinancing Loan with US$3.2 Billion Facility
----------------------------------------------------------
Evraz Group S.A. has signed a US$3.214 billion structured multi-
tranche credit facility.

The loan facility has the interest rate of LIBOR+1.8% and
consists of a US$2.714 billion five-year tranche secured on
assignment of trade receivables and a US$500 million three-year
unsecured tranche.  The facility is guaranteed by Mastercroft
Ltd.

The Company applied US$1.8 billion of the deal proceeds to repay
the bridge loan it raised earlier this year to finance the
Oregon Steel Mills, Inc. acquisition with the remainder to be
used for general corporate purposes.

The deal was arranged and fully underwritten by a group of 10
banks co-ordinated by ABN Amro Bank N.V., London Branch and
included:

   -- Bank of Tokyo-Mitsubishi UFJ Ltd.,
   -- Barclays Capital,
   -- BNP Paribas (Suisse) S.A.,
   -- Calyon,
   -- Commerzbank Aktiengesellschaft,
   -- Deutsche Bank AG Amsterdam Branch,
   -- ING Bank N.V.,
   -- Sumitomo Mitsui Banking Corporation, and
   -- UBS Limited as the joint mandated lead arrangers.

Deutsche Bank AG Amsterdam Branch was appointed facility agent
and security trustee for the syndicate.

Clifford Chance acted as legal counsel for the banks, and the
Company retained Cleary Gottlieb Steen and Hamilton as its legal
advisors.
                          About Evraz

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

                         *     *     *

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

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

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


KRAMZ OJSC: Asset Sale Slated for Dec. 11
-----------------------------------------
The competitive proceedings manager of OJSC KraMZ will open a
third public auction for the company's properties at 10:00 a.m.
on Dec. 11 at:

         The competitive proceedings manager
         Room 32
         Block 3
         1st Institute Proezd 3
         Moscow
         Russia

The company has set a RUR424,160,476 starting price for the
auctioned assets.

Interested participants have until Dec. 6 to deposit an amount
equivalent to 20% of the starting price to the settlement
account of OJSC KraMZ.

Bidding documents must be submitted to:

         Room 10
         Office 2
         Sirenevy Boulevard 15
         Moscow
         Russia

The Debtor can be reached at:

         OJSC KraMZ
         Pogranichnikov Str. 42
         660111 Krasnoyarsk
         Russia

Information related to the auction can be obtained by calling,
Tel: (495) 164-99-33.


KRASNOYARSKOYE LLC: Creditors Must File Claims by Dec. 10
---------------------------------------------------------
Creditors of Drilling Enterprise Krasnoyarskoye LLC have until
Dec. 10 to submit their proofs of claim to:

         R. Ja. Safaryanov
         Interim manager
         P.O. Box 5082
         432980 Ulyanovsk
         Russia

The Arbitration Court of Krasnoyarsk krai will convene at 9:00
a.m. on Jan. 24, 2008, to hear the bankruptcy supervision
procedure against Drilling Enterprise Krasnoyarskoye LLC.  The
case is docketed under Case No. A33-12859/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk krai
         Office 307B
         Mira Pr. 36
         660049 Krasnoyarsk
         Russia

The Debtor can be reached at:

         Drilling Enterprise Krasnoyarskoye LLC
         Urochische White Stones
         Emelyanovskij Raion
         Krasnoyarsk krai
         Russia


MTS EVLASHEVSKAYA: Asset Sale Slated for Dec. 12
------------------------------------------------
The external manager of CJSC MTS Evlashevskaya, will open a
public auction for the company's properties at noon on Dec. 12
at:

         CJSC MTS Evlashevskaya
         Kuznetskaya Str.
         Evlashevo Township
         Kuznetskij Raion
         Penza
         Russia

The starting prices for the auctioned assets are:

   -- Lot1: RUR2.1 million;
   -- Lot2: RUR4.5 million;
   -- Lot3: RUR1.9 million; and
   -- Lot4: RUR1 million.

Interested participants have until noon on Dec. 7 to deposit an
amount equivalent to 10% of the starting price and to submit
their bidding documents to:

         CJSC MTS Evlashevskaya
         Kuznetskaya Str.
         Evlashevo Township
         Kuznetskij Raion
         Penza
         Russia

Information related to the auction can be obtained by calling,
Tel: 8 841 2 56 27 56; 8 902 353 8311.


MY BANK: Moody's Assigns B3/NP Ratings on RUR1 Billion Bond
-----------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
the local currency-denominated bond amounting to RUR1 billion
(approximately US$40 million) to be issued by My Bank: B3 long-
term and Not Prime short-term senior unsecured debt ratings.

At the same time, Moody's Interfax Rating Agency assigned a
Baa3.ru long-term National Scale Rating to the bond.  Moscow-
based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.  The bond will have a final maturity of
three years and will represent a senior unsecured claim on the
bank.  The outlook for the global scale rating is stable, while
the NSR carries no specific outlook.

According to Moody's and Moody's Interfax, the B3/Not Prime
global scale local currency ratings reflect the bank's global
default and loss expectation and are not constrained by any
foreign currency transfer risk, while the Baa3.ru NUSR reflects
the standing of the bank's credit quality relative to its
domestic peers.

Moody's B3/Not Prime ratings for the bond are based on My Bank's
fundamental credit quality and factors in the bank's ability to
fulfil its long-term and short-term obligations.  The latter
includes obligations associated with the put option that the
bondholders will, according to the terms of the issue, be able
to exercise in order to sell the bond back to the bank after a
year from the time of the issue.  Moody's notes that, if the
bank's credit quality were to deteriorate at these times,
exercise of the put options might exert additional pressure on
its financial condition.

My Bank's obligations to make payments under the bond will rank
at all times at least pari-passu with the claims of all other
unsecured and unsubordinated creditors of the bank, save for
those claims that are preferred by any relevant law. At the same
time, we note that Russia is in general a country with
individual depositor preference, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

My Bank Group is headquartered in Moscow, Russian Federation,
and comprises three banks.  The group reported total
consolidated assets of US$265 million (2005: US$146 million) and
total equity of US$31 million (2005: US$13 million) under IFRS
as at Dec. 31, 2006.


NOVOSIBIRSK METALWORKING: Creditors Must File Claims by Dec. 10
---------------------------------------------------------------
Creditors of Novosibirsk Metalworking Plant LLC have until
Dec. 10 to submit proofs of claim to:

         S. P. Zhidov
         Interim manager
         Soviet Str. 4
         440026 Penza
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure against the company on Oct. 5 for the
period until March 17, 2008.  The case is docketed under Case
No. 45-11725/07-54/54.

The Court is located at:

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

The Debtor can be reached at:

         Novosibirsk Metalworking Plant LL
         Stantsionnaya Str. 30?
         Novosibirsk
         Russia


SERDOBSKIYE CLOCKS: Creditors Must File Claims by Jan. 10, 2008
---------------------------------------------------------------
Creditors of Plant Serdobskiye Clocks LLC have until Jan. 10,
2008, to submit proofs of claim to:

         I. E. Sklyar
         Competitive Proceedings Manager
         P.O. Box 1605
         440061 Penza
         Russia

The Arbitration Court of Penza commenced one-year competitive
proceedings against the company after finding it insolvent on
Oct. 22.  The case is docketed under Case No. A49-1930/
2007-30B/10.

The Court is located at:

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

The Debtor can be reached at:

         Plant Serdobskiye Clocks LLC
         Stavskogo Str. 4
         Penza
         Russia


SMOLENSKAYA FEDERAL: Creditors Must File Claims by Dec. 10
----------------------------------------------------------
Creditors of State Stud Farm Smolenskaya Federal State Unitary
Enterprise have until Dec. 10 to submit proofs of claim to:

         V. V. Litvinov
         Interim Manager
         Central Str. 8
         Rogachevo
         Smolenskij Raion
         214580 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure against the company on Sept. 26.  The case
is docketed under Case NO. A62-3972/2007 (1397-H).

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         State Stud Farm Smolenskaya Federal State Unitary
         Enterprise
         Central Str. 8
         Rogachevo
         Smolenskij Raion
         214580 Smolensk
         Russia


ULYANOVSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 21, 2008
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk will convene at 10:40 a.m. on
Feb. 21, 2008, to hear the bankruptcy supervision procedure
against OJSC Cold Storage Facilities Ulyanovskij.  The case is
docketed under Case No. A72-6200/07-26/22-B.

The interim manager is:

         A. V. Antonov
         Interim manager
         P.O. Box 5082
         432980 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Cold Storage Facilities Ulyanovskij
         Gaya Prospekt 77
         432035 Ulyanovsk
         Russia


YUKOS OIL: State Register Entry Formally Ends Firm's Existence
--------------------------------------------------------------
OAO Yukos Oil Co. has formally ceased to exist after bankruptcy
receiver Eduard Rebgun completed the company's liquidation
process, published reports say.

Mr. Rebgun confirmed to Russia Info-Center that Russia's Federal
Tax Service has entered Yukos' liquidation on the Uniform State
Register of Legal Entities.

The Russian Trading System and Moscow Interbank Currency
Exchange stopped trading Yukos shares on Nov. 23, Interfax News
relates.

As reported in the TCR-Europe on Nov. 14, 2007, the Moscow
Arbitration Court has entered an order closing the liquidation
proceedings of OAO Yukos Oil Co., 15 months after it was
declared bankrupt on Aug. 1, 2006.

A series of bankruptcy auctions for Yukos' assets, which began
in March 2007, has raised RUR877.06 billion (US$35.6 billion)
this year, about US$3 billion less than the company's total
liabilities, including taxes, debts and fines, the TCR-Europe
related last week citing a report by Bloomberg News.

According to RIA Novosti, the company has paid off more than
RUR710 billion (US$28.4 billion) to its creditors using proceeds
from the sale, and defaulted on claims worth RUR76 billion (US$3
billion).

Nikolai Lashkevich, spokesman for Yukos' court-appointed manager
Eduard Rebgun, earlier said that shareholders will not get
anything from the amount as "there is no money from the asset
sales" available to pay them.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for
$9.35 billion, as payment for US$27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


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


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

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

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

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

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

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

   (2) a 3.008% reserve fund to cover potential shortfalls in
       interest or principal;

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

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

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

However, the transaction poses several challenging features,
namely:

   (1) geographical concentration in the region of Catalonia;

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

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

   (4) the negative impact of the interest deferral trigger on
       the subordinated series. These increased risks were
       reflected in the credit enhancement calculation.

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

Moody's based the provisional ratings primarily on:

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

  (ii) historical performance information;

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

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

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

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

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


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


AKTIV LERN: Creditors' Liquidation Claims Due by November 30
------------------------------------------------------------
Creditors of LLC Aktiv Lern Center have until Nov. 30 to submit
their claims to:

         JSC Auxilia Treuhand
         Birchstrasse 2
         8472 Seuzach
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Aktiv Lern Center
         Baar ZG
         Switzerland


AWR KUNSTSTOFFTECHNIK: Creditors Must File Claims by November 29
----------------------------------------------------------------
Creditors of LLC AWR Kunststofftechnik have until Nov. 29 to
submit their claims to:

         Robert Wipf
         Liquidator
         Steiacherstrasse 4
         6289 Muswangen
         Hochdorf LU
         Switzerland

The Debtor can be reached at:

         LLC AWR Kunststofftechnik
         Risch ZG
         Switzerland


DHW - DIE HANDWERKER: Claims Registration Period Ends Nov. 27
-------------------------------------------------------------
The Bankruptcy Court of Luzern-Stadt commenced bankruptcy
proceedings against LLC DHW - Die Handwerker on Oct. 3.

Creditors have until Nov. 27 to file their written proofs of
claim.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         LLC DHW - Die Handwerker
         Gibraltarstrasse 23a
         6003 Lucerne
         Switzerland

GRUN INDUSTRIEOFENBAU: Creditors Must File Claims by November 28
----------------------------------------------------------------
Creditors of LLC Grun Industrieofenbau have until Nov. 28 to
submit their claims to:

         Dr. Peter E. Wirth
         Mailbox 2100
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Grun Industrieofenbau
         Zurich
         Switzerland


IMC BETEILIGUNGSMANAGEMENT: Creditors' Claims due by Nov. 29
------------------------------------------------------------
Creditors of LLC IMC Beteiligungsmanagement have until Nov. 29
to submit their claims to:

         Hansjorg Wyler
         Liquidator
         Poststrasse 32
         8312 Winterberg ZH
         Switzerland

The Debtor can be reached at:

         LLC IMC Beteiligungsmanagement
         Dietlikon
         Bulach ZH
         Switzerland


INSTITUT FUR AKTIVES: Creditors' Claims Due by November 30
----------------------------------------------------------
Creditors of LLC Institut fur aktives Lernen have until Nov. 30
to submit their claims to:

         JSC Auxilia Treuhand
         Birchstrasse 2
         8472 Seuzach ZH
         Switzerland

The Debtor can be reached at:

         LLC Institut fur aktives Lernen
         Baar ZG
         Switzerland


MINIGOLF BUELISACKER: Creditors Must File Claims by November 29
---------------------------------------------------------------
Creditors of LLC Minigolf Buelisacker have until Nov. 29 to
submit their claims to:

         LLC Minigolf Buelisacker
         Dorfstr. 6
         5622 Waltenschwil
         Muri AG
         Switzerland


SOSIRTAS DELINQUERE: Creditors Must Claims by November 29
---------------------------------------------------------
Creditors of LLC Sosirtas delinquere non potest IT have until
Nov. 29 to submit their claims to:

         Ibelweg 18 a
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Sosirtas delinquere non potest IT
         Baar ZG
         Switzerland


VERMAG JSC: Creditors' Liquidation Claims Due by November 30
------------------------------------------------------------
Creditors of JSC Vermag have until Nov. 30 to submit their
claims to:

         Schwingel Markus
         Liquidator
         J.L. Custerstrasse 1
         9436 Balgach
         Rheintal SG
         Switzerland

The Debtor can be reached at:

         JSC Vermag
         Balgach
         Rheintal SG
         Switzerland


WOLI BAU: Creditors' Liquidation Claims due by November 29
----------------------------------------------------------
Creditors of LLC WOLI BAU have until Nov. 29 to submit their
claims to:

         Lutzelaustrasse 54
         6353 Weggis LU
         Switzerland

The Debtor can be reached at:

         LLC WOLI BAU
         Weggis LU
         Switzerland


* Swiss Corporate Bankruptcies Up 5.2% to 366 in October 2007
-------------------------------------------------------------
The number of corporate bankruptcies in Switzerland rose 5.2% to
366 in October 2007 amid economic growth, Bloomberg News
reports, citing Creditreform, a Swiss association of creditors.

According to Creditreform, the Swiss economic growth spurred
greater-risk taking and new business creation, Anthony Aarons
writes for Bloomberg.


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


DOGUS HOLDING: Fitch Affirms IDR at BB- with Positive Outlook
-------------------------------------------------------------
Fitch Ratings has affirmed Dogus Holding's Long-term local and
foreign currency Issuer Default ratings at 'BB-' with Positive
Outlooks.

The ratings and outlooks are based on Fitch's assessment of
Dogus Holding's plans to invest its liquidity in projects
yielding potentially higher returns and cash flows than the
current levels of interest income on the liquidity held by the
holding company.

Fitch notes the diversified and sustained sound business and
financial profiles of the operating subsidiaries of Dogus during
fiscal year 2006 and so far in fiscal year 2007, especially in
Turkiye Garanti Bankasi A.S. (Garanti Bank, Long-term foreign
currency IDR 'BB' with Stable Outlook,Long-term local currency
IDR 'BB+' with Stable Outlook), with respect to their potential
dividend contributions to Dogus cash flows in the future.

While Garanti Bank has materially improved its intrinsic
financial strength over the last two years, Dogus's stake in the
bank has been reduced to 25.9% (57.17% at 30.09.2005), limiting
its share of the potential dividend flows from the bank, as well
as the net asset value contribution to the holding company's
consolidated TRY18.6bn asset base at fiscal year ending 2006.
Furthermore, the diversified nature of Dogus's businesses serve
to stabilize the holding's earnings, especially when a given
subsidiary in a sector might be going through a cyclical slow
down while another could be benefiting from a positive trend in
its respective sector.

On a consolidated level, excluding financial services
subsidiaries, corporate Dogus had just under US$550 million net
cash at end of fiscal year 2006.  Fitch expects Dogus to have a
net cash position at end of fiscal year 2007, again excluding
financial services from the consolidated holding results.  Dogus
Holding, on a stand-alone basis, had US$111 million gross debt
at end of fiscaly year 2006; it is expected to reach around
US$300 million by end of fiscal year 2007.

Fitch acknowledges that the forecast fiscal year 2007 net cash
position provides financial flexibility to Dogus, the future
strategy of which focuses on expanding Garanti Bank jointly with
General Electric Consumer Finance, as well as possible new
investments in Turkey and in the region, including automotive,
construction, tourism, media, real estate and energy sectors.
Such investments are likely to be financed from existing
resources and are not expected to result in substantial re-
leveraging.

The holding company's future cash flows remain dependent on the
returns realised on the cash position, rental income from its
real estate portfolio, as well as the operating profitability of
its subsidiaries and returns from potential future investments.
Fitch will continue to scrutinize the operating profitability at
Dogus's subsidiaries and net leverage level of Dogus.


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


AMETIST LLC: Creditors Must File Claims by November 29
------------------------------------------------------
Creditors of LLC Ametist (code EDRPOU 22798369) have until
Nov. 29 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/5351.

The Debtor can be reached at:

         LLC Ametist
         Lenin Str. 72a
         Uman
         Cherkassy
         Ukraine


BERDICHEV COMBINE: Proofs of Claim Filing Ends November 29
----------------------------------------------------------
Creditors of OJSC Berdichev Combine of Bread Products (code
EDRPOU 00951540) have until Nov. 29 to submit written proofs of
claim to:

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

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
4/113-b.

The Debtor can be reached at:

         OJSC Berdichev Combine of Bread Products
         Grishkovtsy
         Krasny Luch Str. 4
         13337 Zhytomir
         Ukraine


BLACK SEAS: Proofs of Claim Filing Ends November 28
---------------------------------------------------
Creditors of LLC Black Seas Energy Repair Service (code EDRPOU
33682510) have until Nov. 28 to submit written proofs of claim
to:

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

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
14/422/07.

The Debtor can be reached at:

         LLC Black Seas Energy Repair Service

         Industrialnaya Str. 1
         54040 Nikolaev
         Ukraine


GAZOVIK OJSC: Proofs of Claim Filing Ends November 29
-----------------------------------------------------
Creditors of OJSC Gazovik (code EDRPOU 24420416) have until
Nov. 29 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/1971.

The Debtor can be reached at:

         OJSC Gazovik
         Lenin Str. 65
         Uman
         20300 Cherkassy
         Ukraine


KRYM ENERGY: Proofs of Claim Filing Ends November 28
----------------------------------------------------
Creditors of OJSC Specialized Building Assembly Management Krym
Energy Special Building (code EDRPOU 04713955) have until
Nov. 28 to submit written proofs of claim to:

         Irene Derevianko
         Temporary Insolvency Manager
         Pobeda Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 16/197/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Specialized Building Assembly Management
         Krym Energy Special Building
         Karpenko-Kary Str. 60
         69084 Zaporozhje
         Uktaine


KOROSTEN-SHEVCHENKOVO QUARRY: Creditors' Claims Due Nov. 28
-----------------------------------------------------------
Creditors of Regional State Unitary Enterprise Korosten-
Shevchenkovo Quarry Management have until Nov. 28 to submit
written proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 3/230-b.

The Debtor can be reached at:

         Regional State Unitary Enterprise
         Korosten-Shevchenkovo Quarry Management
         Schorsovka
         Korosten District
         Zhytomir
         Ukraine


MECHANIZED MOVABLE 195: Proofs of Claim Filing Ends Nov. 29
-----------------------------------------------------------
Creditors of OJSC Mechanized Movable Column 195 (code EDRPOU
01331495) have until Nov. 29 to submit written proofs of claim
to:

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

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/55-b.

The Debtor can be reached at:

         OJSC Mechanized Movable Column 195
         Cooperative Str. 10
         Zhytomir
         Ukraine


TCHYSTE DZHERELO: Proofs of Claim Filing Ends November 29
---------------------------------------------------------
Creditors of OJSC Tchyste Dzherelo (code EDRPOU 03378207) have
until Nov. 29 to submit written proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-7/160.

The Debtor can be reached at:

         OJSC Tchyste Dzherelo
         Dvorskaya Str. 9
         Bolshevtsy
         Galitsky District
         77100 Ivano-Frankovsk
         Ukraine


VINNER FORD: Creditors Must File Claims by November 28
------------------------------------------------------
Creditors of LLC Vinner Ford Donetsk have until Nov. 28 to
submit written proofs of claim to:

         Alexander Gladchenko
         Liquidator
         I. Tkachenko Str. 147
         83062 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/191B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vinner Ford Donetsk
         Tsiolkovsky Str. 9
         83027 Donetsk
         Ukraine


VOYNILOV AGRICULTURAL: Proofs of Claim Filing Ends November 29
--------------------------------------------------------------
Creditors of OJSC Voynilov Agricultural Firm (code EDRPOU
05489075) have until Nov. 29 to submit written proofs of claim
to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-7/157.

The Debtor can be reached at:

         OJSC Voynilov Agricultural Firm
         Shevchenko Str. 29
         Voynilov
         Kalush District
         77304 Ivano-Frankovsk
         Ukraine


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


ALS ADVANCED: Names Administrators from Tenon Recovery
------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed ALS Advanced Logistic Systems (U.K.) Ltd. (Company
Number 05292830) on Nov. 9.

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

The company can be reached at:

         ALS Advanced Logistic Systems (U.K.) Ltd.
         Napier House Abbas Business Centre
         Main Road
         Itchen Abbas
         Winchester
         SO21 1BQ
         England
         Tel: 01962 779 866


APPCON LTD: Claims Filing Period Ends December 28
-------------------------------------------------
Creditors of Appcon Ltd. have until Dec. 28 to send in their
full names, their addresses and descriptions, full particulars
of their debts and claims, and names and addresses of their
solicitors (if any) to:

         Ian William Kings and Steven Philip Ross
         Joint Liquidators
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of the company on Nov. 14 by
resolutions of members and creditors.


AUDUS NOBLE: Calls In Liquidators from Grant Thornton
-----------------------------------------------------
Keith Hinds and Joseph Peter Francis McLean of Grant Thornton
U.K. LLP were appointed joint liquidators of Audus Noble Group
Ltd. (formerly Sandco 703 Ltd.) on Nov. 19 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         Earl Grey House
         75-85 Grey Street
         Newcastle UponTyne
         NE1 6EF
         England


BAA LTD: Union to Vote on Strike Action Over Pension Cuts
---------------------------------------------------------
Key workers at BAA Ltd.'s seven airports -- including Heathrow,
Gatwick and Glasgow -- are to vote on strike action in protest
at cuts in the final salary pension scheme at the profitable
Spanish-owned company.

Over 5,000 airport firefighters, security, maintenance,
administrative and clerical staff belonging to Unite, Britain's
largest union, will be taking part in the ballot.

"BAA has just posted profits of over GBP500 million and the
Spanish owners Ferrovial have seen their profits rise by nearly
sixty per cent.  It is clear that the pension scheme is
financially sound, and should be left alone," Unite national
secretary for civil air transport Brendan Gold said.

Mr. Gold said BAA and Ferrovial should understand that the
workforce has lost trust in them.  Not allowing new employees to
join the company's final salary pension scheme after Dec. 1 was
viewed as being the first step in the axing of the whole scheme
for everyone.

"It is no wonder BAA has a strike ballot on its hands coming up
to one of its busiest seasons," he continued.  "The timing of
this dispute is entirely down to BAA and its Madrid paymasters."

The strike ballot will start on Nov. 29, 2007, close on Dec. 20,
2007, and be run independently of the union.  It will cover
Unite members at BAA's seven airports at Heathrow, Gatwick,
Stansted, Southampton, Glasgow, Edinburgh and Aberdeen.

In the event of a "yes" vote the union will have a period of 28
days to take any action, and is required to give 7 days notice.

If industrial action does take place, it is inevitable that
airports affected will be closed.

BAA called on Unite to participate in talks aimed at averting
strike action following the announcement by the union that it is
to hold an industrial action ballot.

"BAA regrets the union's threat of industrial action,
particularly in the Christmas period.  It is unnecessary and it
fails to put the interests of passengers first," a spokesman for
BAA said.  "BAA has given clear and unequivocal assurances that
existing employees will not be affected by the end of the final
salary pension scheme and that its replacement for new employees
will be of the highest quality."

The BAA spokesman said the airport operator is renewing its
offer to resume face-to-face discussions with the union
immediately.

"Using the threat of industrial action, particularly at
Christmas, can only create uncertainty for our passengers and
their families, and will do nothing to change the underlying
reasons that have led BAA to follow the example of most other
leading companies in addressing the pension problem in the way
we have," the spokesman said.  "BAA believes that now is the
time to talk."

                           About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.


BAA LTD: S&P Cuts Ratings to BB- on Delayed Refinancing
-------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on U.K.-based airports operator BAA Ltd.
to 'BB-' from 'BBB+', reflecting delays in refinancing, as well
as operating issues.

At the same time, Standard & Poor's 'BBB+' ratings on BAA's
guaranteed bonds remain unchanged after the U.K. Civil Aviation
Authority released price control proposals for Heathrow and
Gatwick that reduced regulatory uncertainty.

All ratings remain on CreditWatch with negative implications
where they were originally placed on March 17, 2006, following a
takeover proposal from Airport Development and Investment Ltd.,
which was subsequently successful.

"The CreditWatch status reflects uncertainties about BAA's
ultimate financing structure, the fact that the expected
refinancing is taking more time than originally anticipated in
2006, and the change of market conditions," said Standard &
Poor's credit analyst Alexandre de Lestrange.

The ratings will remain on CreditWatch pending final execution,
expected in first-half 2008, of ADIL's proposed permanent
finance strategy. S&P expects a refinancing to be achievable,
although challenging to execute at a suitable price, in first-
half 2008.

The lowering of the corporate credit rating reflects the
weakening of BAA/ADIL's consolidated credit quality in view of
ongoing delays to the execution of a sustainable long-term
financing solution at a time when consolidated liquidity and
undrawn facilities are starting to tighten.  The downgrade is in
line with our previous statements regarding BAA's ratings
potentially falling to the 'BB' category.  BAA/ADIL has a very
aggressive financial profile, characterized by high leverage and
low interest coverage ratios.

The corporate credit rating also reflects criticisms about BAA's
poor quality of services -- particularly at London's Heathrow
airport -- operational issues, and senior management turnover.
However, we still consider the business profile of BAA to be
excellent: BAA continues to benefit from the ownership and
operation of a portfolio of key U.K. airports catering for a
diverse mix of passengers, and from supportive regulation and
government policies.

The 'BBB+' long-term issue rating on BAA's guaranteed unsecured
bonds continues to reflect our expectation that ADIL's intention
remains to offer BAA's existing bondholders migration into an
investment-grade ring-fenced entity, backed by guarantees and
security from BAA's three designated airports (Heathrow,
Gatwick, and Stansted).  The stated intention of the company is
that these bonds will be rated at least 'BBB+'.  BAA currently
anticipates that the unguaranteed convertible bonds (rated
'BBB'), which are 100% owned by ADIL, will be used to cancel
inter-company indebtedness at the time of refinancing.

S&P will closely scrutinize progress on the refinancing.  If
there is any risk of further delay to its execution at a cost
consistent with the financial framework previously set out by
the company, it is likely that the bond ratings will be lowered
by several notches.


CHAMBERPOINT LTD: Brings In PwC as Joint Administrators
-------------------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of Chamberpoint Ltd. (Company Number 04442617), Thornbury
Nursing Services Ltd. (Company Number 04442573) and United
Medical Recruitment Group Ltd. (Company Number 05086745) on
Nov. 7.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Bristol, England, Chamberpoint Ltd., Thornbury
Nursing Services Ltd. and United Medical Recruitment Group Ltd.
supply temporary nursing staff.


CREATIVE OUTSOURCING: Appoints KPMG as Joint Administrators
-----------------------------------------------------------
Allan Watson Graham and Jonathan Scott Pope and Jonathan Scott
Pope of KPMG LLP were appointed joint administrators of Creative
Outsourcing Solutions International Ltd. (Company Number
3910381) on Nov. 9.

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

The company can be reached at:

         Creative Outsourcing Solutions International Ltd.
         Watersmead Business Park
         Littlehampton
         BN17 6LS
         England
         Tel: 01903 734 734
         Fax: 01903 844 552


FEDERAL-MOGUL: To Issue US$305,236,000 in Senior Notes
------------------------------------------------------
Pursuant to the requirements of the Trust Indenture Act of 1939,
Federal-Mogul Corp. discloses in a regulatory filing with the
U.S. Securities and Exchange Commission that it intends to issue
certain Senior Subordinated Third Priority Secured Notes due
2018 on the Effective Date of the Fourth Amended Joint Plan of
Reorganization.  Federal-Mogul anticipates exiting from
bankruptcy in December 2007.

Reorganized Federal-Mogul plans to initially issue
US$305,236,000 in Notes under the Fourth Amended Plan, Federal-
Mogul Corp.  Senior Vice President and General Counsel Robert L.
Katz relates.  The Notes will be issued under an indenture among
Reorganized Federal-Mogul, certain guarantors, and U.S. Bank
National Association, as trustee, Mr. Katz says.

A full-text copy of the form of Indenture is available for free
at the Securities and Exchange Commission at:

               http://ResearchArchives.com/t/s?25ba

Among the Indenture Guarantors are these Debtors:

   * Carter Automotive Company, Inc.
   * F-M U.K. Holding Limited
   * Federal-Mogul Dutch Holdings Inc.
   * Federal-Mogul FAP Inc.
   * Federal-Mogul FX, Inc.
   * Federal-Mogul Global B.V.
   * Federal-Mogul Global Inc.
   * Federal-Mogul Global Properties, Inc.
   * Federal-Mogul Growth B.V.
   * Federal-Mogul Ignition Company
   * Federal-Mogul Mystic, Inc.
   * Federal-Mogul Piston Rings, Inc.
   * Federal-Mogul Powertrain, Inc.
   * Federal-Mogul Products, Inc.
   * Federal-Mogul Technical Center, LLC
   * Federal-Mogul U.K. Holdings Inc.
   * Federal-Mogul Venture Corporation
   * Federal-Mogul World Wide, Inc.
   * Felt Products Mfg. Co.
   * Ferodo America, Inc.
   * Ferodo Holdings Inc.
   * Gasket Holdings Inc.
   * McCord Sealing, Inc.
   * T&N Industries Inc.

Pursuant to the Plan, holders of Allowed Bank Claims and Allowed
Surety Claims will receive the Notes in partial satisfaction of
their claims.

The Notes will be executed on behalf of Federal-Mogul by two
officers or an officer and an assistant secretary.  A Note will
be valid only if the Trustee manually signs the certificate of
authentication on the Note, Mr. Katz clarifies.  If an Officer
whose signature is on a Note no longer holds that office at the
time the Trustee authenticates the Note or at any time
thereafter, the Note will be valid nevertheless, Mr. Katz says.

Federal-Mogul, Mr. Katz adds, will not receive any proceeds from
the issuance of the Notes because the Notes will be issued as
part of an exchange, as provided in the Plan.

The Debtors aver that the issuance of the Notes is exempt from
the registration requirements of the Securities Act of 1933, as
amended, pursuant to Section 1145(a)(1) of the Bankruptcy Code.

                  Outstanding Capital Securities

As of Oct. 31, 2007, Federal-Mogul's authorized and
outstanding capital stock and debt securities are at these
amounts:

   Title of Class          Amount Authorized  Amount Outstanding
   --------------          -----------------  ------------------
   Common Stock           260,000,000 shares   89,496,493 shares

   Series C ESOP
   Convertible
   Preferred Stock          1,000,000 shares     439,937 shares

   Notes due 2004
   (7.5% issued in 1998)        US$250,000,000   US$239,800,000

   Notes due 2006
   (7.75% issued in 1998)       US$400,000,000   US$391,900,000

   Notes due 2006
   (7.375% issued in 1999)      US$400,000,000   US$394,000,000

   Notes due 2009
   (7.5% issued in 1999)        US$600,000,000   US$562,200,000

   Notes due 2010
   (7.875% issued in 1998)      US$350,000,000   US$340,400,000

   Medium-Term Notes due
   between 2002 & 2005
   (average rate of 8.8%
   issued in 1994 & 1995)        US$84,000,000   US$84,000,000

   Senior Notes due 2007
   (8.8% issued in 1997         US$125,000,000   US$103,300,000

   7.0% Convertible Junior
   Subordinated Debentures      US$575,000,000   US$74,300,000

According to Mr. Katz, Reorganized Federal-Mogul will have
capital stock and debt securities authorized and outstanding at
these amounts as of the Effective Date:

   Title of Class          Amount Authorized  Amount Outstanding
   --------------          -----------------  ------------------
   Class A Common Stock
   par value US$0.01      400,000,000 shares   49,900,000 shares

   Class B Common Stock
   par value US$0.01       50,100,000 shares   50,100,000 shares

   Preferred Stock
   par value US$0.01       90,000,000 shares                   -

   Senior Subordinated
   Third Priority
   Secured Notes due 2018   US$305,236,000        US$305,236,000

                      About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland, and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's
confirmation of the Fourth Amended Plan was affirmed by the
District Court.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FEDERAL-MOGUL: Thornwood to Own 25% of Voting Securities
--------------------------------------------------------
On the Effective Date of Federal-Mogul Corp. and its debtor-
affiliates' Fourth Amended Joint Plan of Reorganization,
existing voting securities of will be canceled.

As set forth in the Plan, Reorganized Federal-Mogul will issue,
on the Effective Date, new Class A Common Stock, new Class B
Common Stock and US$305,236,000 in Senior Subordinated Third
Priority Secured Notes due 2018 pursuant to an indenture.
Voting securities in Reorganized Federal-Mogul will consist of
the New Common Stock.

The Fourth Amended Plan provides that a trust for the benefit of
the holders of Asbestos Personal Injury Claims will receive
50.1% of the shares of Common Stock to be issued by Reorganized
Federal-Mogul.  The remaining shares will be distributed pro
rata to holders of Allowed Noteholder Claims, Allowed
Convertible Subordinated Debenture Claims, and Allowed Class H
Unsecured Claims against the U.S. Debtors.

There are no persons owning 10% or more of Federal-Mogul's
voting securities as of November 20, 2007, Federal-Mogul Corp.
Senior Vice President and General Counsel Robert L. Katz
discloses in a regulatory filing with the Securities and
Exchange Commission.

However, the Debtors anticipate that on the Effective Date,
Thornwood Associates Limited Partnership and the Asbestos
Personal Injury Trust will own more than 10% of Reorganized
Federal-Mogul's voting securities:

                                              Percentage of
                                               Total Voting
   Entity              Class Ownership       Securities Owned
   ------              ---------------       ----------------
   Asbestos PI Trust   US$50,100,000 in
                       Class B Common Stock        50.1%

   Thornwood           US$25,898,100 in
                       Class A Common Stock        25.9%

Dependent upon the occurrence of certain conditions, the Plan
grants Thornwood two options to acquire additional shares of
Class B Common Stock.  If exercised by Thornwood, the Options
will reduce the Trust's ownership of voting securities to zero,
Mr. Katz notes.

Thornwood is a Delaware limited partnership, the general partner
of which is Barberry Corp., the sole shareholder of which is
Carl Icahn, an individual.  Thornwood is headquartered at 445
Hamilton Avenue, Suite 1210, in White Plains, New York.

                      About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland, and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Ame
nded Disclosure Statement for their Third Amended Plan.  On July
28, 2004, the District Court approved the Disclosure Statement.
The estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's
confirmation of the Fourth Amended Plan was affirmed by the
District Court.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FEDERAL-MOGUL: Posts US$7.6 Mln Net Loss in Month Ended Oct. 31
---------------------------------------------------------------
                Federal-Mogul Global, Inc., et al.
                     Unaudited Balance Sheet
                      As of October 31, 2007
                          (In millions)

                              Assets

Cash and equivalents                                    US$67.9
Accounts receivable                                       616.2
Inventories                                               405.3
Deferred taxes                                            194.6
Prepaid expenses and other current assets                 114.9
                                                       --------
Total current assets                                    1,398.8

Summary of Unpaid Postpetition Debits                      10.3
Intercompany Loans Receivable (Payable)                 1,743.5
                                                       --------
Intercompany Balances                                   1,753.8

Property, plant and equipment                             751.1
Goodwill                                                  930.9
Other intangible assets                                   340.2
Insurance recoverable                                     896.1
Other non-current assets                                1,273.4
                                                       --------
Total Assets                                         US$7,344.3

               Liabilities and Shareholders' Equity

Short-term debt                                        US$790.7
Accounts payable                                          238.0
Accrued compensation                                       74.3
Restructuring and rationalization reserves                 10.2
Current portion of asbestos liability                         -
Interest payable                                            3.8
Other accrued liabilities                                 961.4
                                                       --------
Total current liabilities                               2,078.5

Long-term debt                                                -
Post-employment benefits                                  687.8
Other accrued liabilities                                 593.4
Liabilities subject to compromise                       5,459.4

Shareholders' equity:
   Preferred stock                                      1,050.6
   Common stock                                           662.1
   Additional paid-in capital                           8,000.3
   Accumulated deficit                                (11,447.8)
   Accumulated other comprehensive income                 260.1
   Other                                                      -
                                                       --------
Total Shareholders' Equity                             (1,474.7)
                                                       --------
Total Liabilities and Shareholders' Equity           US$7,344.3


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
               For the Month Ended October 31, 2007
                          (In millions)

Net sales                                              US$271.0
Cost of products sold                                     223.7
                                                       --------
Gross margin                                               47.3

Selling, general & administrative expenses                (40.9)
Amortization                                               (1.2)
Reorganization items                                       (4.8)
Interest income (expense), net                            (16.1)
Other income (expense), net                                 8.8
                                                       --------
Earnings before Income Taxes                               (6.9)

Income Tax (Expense) Benefit                               (0.8)
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                 (7.6)
                                                       --------
Net Earnings (loss)                                     (US$7.6)


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
               For the Month Ended October 31, 2007
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                   (US$7.6)
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           14.6
   Adjustment of assets held for sale and
      other long-lived assets to fair value                   -
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. principle            -
   Change in post-employment benefits                       7.3
   Decrease (increase) in accounts receivable               1.3
   Decrease (increase) in inventories                      (1.5)
   Increase (decrease) in accounts payable                 (8.2)
   Change in other assets & other liabilities             (28.4)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities               (22.6)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment            (6.3)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities      (6.3)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                              8.8
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                    1.4
                                                       --------
Net Cash Provided From Financing Activities                10.2

Increase (Decrease) in Cash and Equivalents               (18.7)

Cash and equivalents at beginning of period                86.6
                                                       --------
Cash and equivalents at end of period                   US$67.9

                       About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland, and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.
On July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.

(Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FORD MOTOR: Retirees Face Higher Health-Fund Risk than Rival
------------------------------------------------------------
Ford Motor Company retirees face a higher risk of paying their
own medical expenses compared to their General Motors Corp.
counterparts under a newly ratified union provision, which
analysts claim works better for Ford than for its workers, Jeff
Green and Bill Koenig write for Bloomberg News.

The TCR-Europe reported on Nov. 19, 2007, that the UAW
membership employed at Ford Motor had ratified a memorandum of
understanding that covers post-retirement medical care and a new
national collective bargaining agreement governing the wages,
hours and terms and conditions of employment for UAW-represented
employees.

A new retiree health care plan will be established and
maintained by either an independent committee or a joint labor-
management committee and will be funded by a newly established
Voluntary Employee Beneficiary Association trust, which will be
responsible for payment of all the Retiree Medical Benefits.

Almost half of the US$13.6 billion that Ford Motor had agreed to
contribute into the VEBA trust, is pledged against either Ford
shares or assets, compared with about 14 percent of GM's US$32
billion, Bloomberg states.

Ford will use a US$3.3 billion bond convertible to Ford shares
that matures in 2013 and a US$3 billion, 10-year, second lien
against the company's assets to pay part of the US$13.6 billion,
Bloomberg reveals.

"Ford's health care scheme fails to achieve one of the primary
goals of the UAW -- a separation between the financing for
retiree health care and the fate of Ford," Fitch Ratings credit
analyst Mark Oline said in an interview, Bloomberg notes.

When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end
their obligation to pay an estimated US$70.7 billion in retiree
health care costs, Bloomberg relates.  To sweeten the deal, Ford
agreed to keep open until 2011 five plants that it had intended
to close.  The carmaker also committed to manufacture new models
in many factories.

"The GM structure is better for the workers," said Pete
Hastings, an analyst at Morgan Keegan & Co. in Memphis,
Tennessee.  "Ford's structure is better for Ford, the way it's
structured, than for the workers."

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


GOODWOOD GOLD: Moody's Puts Low-B Ratings on Three Note Classes
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
four credit default swaps to be entered into by Lloyd's TSB and
the protection sellers and to ten Credit-linked Notes
(denominated in GBP or Euro) issued by Goodwood Gold Limited:

   -- (P)Aaa to the GBP76,000,000 CLASS A 1 SME Portfolio
      Credit Linked Notes Due Jan. 5 2025;

   -- (P)Aaa to the EUR28,000,000 CLASS A 2 SME Portfolio Credit
      Linked Notes Due Jan. 5, 2025;

   -- (P)Aa2 to the GBP25,000,000 Class B Credit Default Swap;

   -- (P)Aa2 to the GBP55,000,000 CLASS B 1 SME Portfolio Credit
      Linked Notes Due Jan. 5, 2025;

   -- (P)Aa2 to the EUR16,100,000 CLASS B 2 SME Portfolio Credit
      Linked Notes Due Jan. 5, 2025;

   -- (P)A2 to the GBP25,000,000 Class C Credit Default Swap;

   -- (P)A2 to the GBP33,000,000 CLASS C 1 SME Portfolio Credit
      Linked Notes Due Jan. 5, 2025;

   -- (P)A2 to the EUR42,700,000 CLASS C 2 SME Portfolio Credit
      Linked Notes Due Jan. 5, 2025;

   -- (P)Baa2 to the GBP11,000,000 Class D Credit Default Swap;

   -- (P)Baa2 to the GBP14,000,000 CLASS D 1 SME Portfolio
      Credit Linked Notes Due Jan. 5, 2025;

   -- (P)Baa2 to the EUR19,600,000 CLASS D 2 SME Portfolio
      Credit Linked Notes Due Jan. 5, 2025;

   -- (P)Ba1 to the GBP15,500,000 Class E Credit Default Swap;

   -- (P)Ba1 to the GBP19,500,000 CLASS E 1 SME Portfolio
      Credit Linked Notes Due Jan. 5, 2025;

   -- (P)Ba1 to the EUR26,600,000 CLASS E 2 SME Portfolio Credit
      Linked Notes Due Jan. 5, 2025;5.

Moody's has not assigned a rating to the senior exposure and the
threshold amount.

In this synthetic transaction, LTSB buys credit protection on a
reference portfolio consisting of loans granted to small and
medium sized businesses across the United Kingdom.  The
reference portfolio with a maximum size of GBP3,000 million is
very granular with more than 20,000 reference obligations
diversified across regions and different industry categories.

The transaction structure includes four mezzanine credit default
swaps that are directly contracted between LTSB and a third
party as well as ten CDSs that are contracted with Goodwood Gold
Limited and are related to five Credit-linked Notes denominated
in GBP and five Credit-linked Notes denominated in Euro issued
by that entity.

The reference portfolio can be replenished for three years,
subject to certain portfolio criteria and certain stop
replenishment triggers not being breached.  After the
replenishment period, the notional amount reduction on the
credit default swaps and the Credit-linked Notes is done on a
pro rata basis for each Class A to E (e.g. Class B comprises of
Class B Credit Default Swap, Class B1 Credit-linked Note, Class
B2 Credit-linked Note) as long as the stop pro rata trigger is
not breached -- thereafter the notional amount reduction of the
credit default swaps and the Credit-linked Notes is done in full
sequential order. Credit default swaps and notes within one
class are always pro rata and pari passu.

Loss allocation is done in reverse sequential order starting
with the threshold amount, which is replenished on the annual
excess spread payment dates by synthetic excess spread after the
loss allocation has taken place.

According to Moody's the ratings take account of, among other
factors:

   -- The Class A to Class E swaps and the related Credit-linked
      Notes benefit from the subordination of the respective
      lower tranches and the initial threshold amount of
      Class E;

   -- the synthetic excess spread, equal to the initial
      threshold amount of class E (1.5%), that provides
      additional credit enhancement.

The synthetic excess spread will be available after each yearly
loss allocation to replenish the first loss piece.  The analysis
is based on 3.5 years of historical default data representing
the current portfolio composition.  The uncertainty related to
the longer maturity of the transaction is covered by a
conservative extrapolation of the historical default data.

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

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


GREAT NORTH: New Owner to Take Over Nationalized Firm Next Month
----------------------------------------------------------------
Great North Eastern Railway Ltd. was effectively nationalized on
Nov. 20, 2007, and will operate as a state corporation until
National Express takes over as the new east coast line franchise
holder on Dec. 9, 2007, Scotsman says.

GNER will subsequently be reclassified to the public sector,
Scotsman relates citing the Office of National Statistics.

As reported in the TCR-Europe on Aug. 16, 2007, the Department
of Transport awarded the contract to operate the services on the
InterCity East Coast rail franchise to NXEC Trains Ltd, a
subsidiary of National Express Group, on Aug. 14, 2007.

The franchise will start on Dec. 9, 2007, and will run through
March 31, 2015, with the last 17 months conditional on set
performance levels being reached.  NXEC Trains will be paid
GBP1.4 billion over the life of the franchise in premium as a
contribution to DfT's rail budget.

In December 2006, GNER voluntarily entered into a Management
Agreement with the Government to continue delivering train
services after the early ending of the ten year franchise which
had begun in May 2005.  This was the result of a number of
unexpected external events, beyond GNER's direct control, which
undermined the sustainability of the InterCity East Coast
franchise over its 10-year lifetime.

These events included the loss of revenue due to the London
bombings in July 2005, higher energy and fuel costs, and
regulatory permission being granted for a new open access
entrant on the route.  While GNER was never in breach of the
franchise agreement, it was apparent that the company was not
going to be able to meet the significant increase in franchise
premium obligations due from May 2007.

As reported in the TCR-Europe on Dec. 11, 2006, the government
decided to end GNER's GBP1.3-billion franchise agreement to
operate the East Coast main line railway after the company was
unable to meet a 10% revenue growth requirement in 2005,
stipulated under the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                          About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high-
speed express train services on the East Coast Main Line. Most
of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and
NYSEArca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


HEISSNER UK: Taps Joint Administrators from PwC
-----------------------------------------------
Mark Hopkins and David Matthew Hammond of PricewaterhouseCoopers
LLP were appointed joint administrators of Heissner U.K. Ltd.
(Company Number 03499442) on Nov. 2.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Coventry, England, Heissner U.K. Ltd. --
http://www.heissner.co.uk/-- wholesales gardening equipments.


KASSWELD LTD: Brings In Administrators from BDO Stoy
----------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint administrators of  Kassweld Ltd. (Company
Number 1416158) on Nov. 12.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Kassweld Ltd.
         Sefton Lane
         Liverpool
         L31 8B
         England
         Tel: 0151 531 6688
         Fax: 0151 520 4320


INTEGRITY FSP: Claims Filing Period Ends December 28
----------------------------------------------------
Creditors of Integrity FSP Ltd. have until Dec. 28 to send their
names and addresses with particulars of their debts or claims
to:

         Stephen John Adshead and Gregory Andrew Palfrey
         Joint Liquidators
         Smith and Williamson Ltd.
         Imperial House
         18-21 Kings Park Road
         Southampton
         Hampshire
         SO15 2AT
         England

Stephen John Adshead and Gregory Andrew Palfrey of Smith and
Williamson Ltd. were appointed joint liquidators of the company
on Nov. 16 for the creditors' voluntary winding-up proceeding.


JULY PACKAGING: Duncan R. Beat Leads Liquidation Procedure
----------------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
July Packaging Ltd. on Nov. 14 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


MALTHOUSE PUBS: Brings In Liquidators from Mazars
-------------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint liquidators of Malthouse Pubs (Ironbridge) Ltd.
on Oct. 26 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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

The company can be reached at:

         Malthouse Pubs (Ironbridge) Ltd.
         c/o Mazars LLP
         The Broadway
         Dudley
         West Midlands
         DY1 4PY
         England


METRONET RAIL: Partnership Contract Cues S&P's Junk Debt Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term and
underlying debt ratings on the GBP2.6 billion combined senior
secured bank loans and debt issued by U.K.-based underground
rail infrastructure financing companies Metronet Rail BCV
Finance PLC and Metronet Rail SSL Finance PLC (Metronet BCV and
Metronet SSL; the Metronet companies) to 'CC' from 'BB+'.

"The downgrade is due to the lack of visibility over both the
current operating performance and the likely outcome of the
negotiations on the future of the public-private partnership
contracts," said Standard & Poor's credit analyst Jonathan
Manley.  "As a result, we have assessed the most likely
option to be the scenario of a termination payment being made to
senior funders, which may result in less than the full value of
outstanding obligations being paid."

Furthermore, the ratings remain on CreditWatch with negative
implications, where they were placed on May 22, 2007.  A PPP
administration order was granted over Metronet Rail BCV Ltd. and
Metronet Rail SSL Ltd. (the Infracos) on July 18, 2007.

At the same time, however, Standard & Poor's affirmed its 'AAA'
insured rating on the GBP165 million index-linked bonds and
GBP350 million fixed-rate bonds outstanding at Metronet BCV,
reflecting the unconditional and irrevocable guarantee of
payment of interest and principal by Financial Security
Assurance (U.K.) Ltd. (AAA/Stable/--) and Ambac Assurance U.K.
Ltd. (AAA/Stable/--) (together, the 'monolines'), respectively.

In addition, Standard & Poor's affirmed its 'AAA' insured rating
on the GBP165 million index-linked bonds and GBP350 million
fixed-rate bonds outstanding at Metronet SSL, reflecting the
unconditional and irrevocable guarantee of payment of interest
and principal by Ambac and FSA, respectively.

Furthermore, the senior secured debt was assigned a Recovery
Rating of '1', indicating Standard & Poor's expectation of a
very high recovery of principal (90%-100%) in the event of a
payment default in the absence of a financial guarantee provided
by the monolines.

As at Sept. 10, 2007, Metronet BCV had GBP515 million bonds and
a combined GBP433 million bank debt outstanding.  On the same
date, Metronet SSL had GBP515 million bonds and GBP194 million
bank debt outstanding.

Standard & Poor's has requested information in relation to both
the performance of the Infracos against their obligations under
the PPP service contracts and also in relation to the ongoing
negotiations between Transport for London (AA/Stable/-), London
Underground Ltd., the PPP administrators, and the senior funders
in relation to TfL's acquisition of the PPP service contracts.
However, no information has been provided to assess operating
performance and the negotiations between the parties are, as
yet, inconclusive.

In Standard & Poor's opinion they consider that the mostly
likely resolution of these negotiations is that a termination
payment (termed the 'underpinned amount' under the PPP service
contract) will be made to the funders.  Such an arrangement
opens up the potential for a default to occur under our criteria
as the funders are not likely to receive full and timely payment
of the debt obligations.

On Jan. 18, 2008, the existing standstill arrangements between
TfL and the funders to the Metronet companies (representing both
the bond and bank debtholders) expire.  Under the standstill
arrangements, Tfl funded the combined GBP46.4 million debt
service payment due on Sept. 15, 2007, and associated financing
costs including swap payments.

On expiration of the standstill arrangements, the funders have
the capability to execute the 'put option' under the PPP service
contract.  This requires LUL (guaranteed by TfL) to pay a
defined underpinned amount to the lenders in settlement of the
debt and various other costs outstanding within seven days.
There is, however, no track record of the implementation of the
terms and conditions of the service contract and there are areas
of uncertainty; for example, the process of resolving a dispute
in relation to the calculation of the underpinned amount, which
make the ultimate outcome and timing unclear.

Under the PPP service contract, the underpinned amount is
defined as the lower of the '95% Amount' (being 95% of approved
debt obligations) or the 'DCF Amount' (being the NPV of various
future flows including future ISC, but limited to 100% of
approved debt).  The definition of the underpinned amount is
likely to result in a very high recovery of outstanding debt
principal, thus resulting in a recovery rating of '1'.

If the senior funders choose not to exercise the put option,
then--in the absence of a new standstill arrangement
facilitating TfL to fund the forthcoming debt service payment on
March 15, 2008, or alternative resolution--then the debt service
payment is highly vulnerable to nonpayment.

Standard & Poor's will resolve the CreditWatch as the PPP
administration process and the contract restructuring proposal
unfolds and the ultimate outcome becomes clear.  If a proposal
is implemented--as we expect--that results in a loss of value,
the long-term and underlying debt ratings would likely be
lowered to 'D'.

There is potential for the raising of the long-term and
underlying debt ratings if: firstly, the underpinned amount is
determined and agreed between the parties to fully meet the
value of outstanding debt obligations; secondly, if the
outstanding debt obligations are novated into a new PPP Infrasco
with full and timely payment of debt service continuing; and,
thirdly, if the various debt obligations are assumed by TfL.


NORTHERN ROCK: In Accelerated Talks with Virgin Consortium
----------------------------------------------------------
Northern Rock plc and its advisors have engaged in discussions
with a limited number of selected interested parties after it
received indicative expressions of interest covering a range of
options for the bank.

As a result, and following discussions with the Tripartite
Authorities (the Bank of England, HM Treasury and the Financial
Services Authority), the Board has concluded that it wishes to
take forward discussions on an accelerated basis with a
consortium comprising Virgin Group, WL Ross & Co, Toscafund
Asset Management LLP and First Eastern Investment Group.

"This is very good news for Northern Rock," Bryan Sanderson,
Chairman of Northern Rock, said.  "Over the last few weeks and
months we have looked at the issues from the perspective of all
stakeholders.  I am grateful for the support that we have had
from customers and employees who have stayed loyal to us during
these difficult times - and pleased that a solution that firmly
restores the Company's prospects has been identified.
Furthermore our retail depositors can be fully reassured that
the Government has said it will ensure savers' money is safe
whatever the outcome."

                   The Virgin Consortium Proposal

The Virgin Consortium is continuing its discussions with the
Company and the Tripartite Authorities and is working on
finalizing its proposal as soon as possible.  This is subject to
all necessary regulatory approvals being obtained.

Under the Virgin Consortium's indicative proposal, GBP11 billion
will be repaid to the Bank of England at completion of the
transaction - and the Bank of England will have a clear path
towards repayment in full.  The Virgin Consortium also proposes
that all interest accruing to the Company's financing sources,
including under the Bank of England facilities, will be paid in
cash rather than rolled-up for payment in due course.

In addition, additional substantial funding facilities are also
to be put in place to ensure appropriate financial flexibility
for the Company going forward.

The Virgin Consortium's indicative proposal includes:

   -- GBP1.3 billion of new cash and the Virgin Money business
      will be injected into Northern Rock for an issue of new
      ordinary shares in each case.  The implied value of Virgin
      Money is GBP250 million.

   -- Of the cash amount:

      * half will be provided by the Virgin Consortium and

      * half will be raised through an offer to existing holders
        on the relevant record date of new ordinary shares in
        Northern Rock on a pro rata basis at a price of 25 pence
        per new ordinary share.  The Virgin Consortium will
        arrange for the Offering to be fully underwritten.

   -- The injection of Virgin Money will take place on the same
      pricing basis as the Offering and, if the Offering is
      fully taken up by existing shareholders, the Virgin
      Consortium will hold no more than 55% of the Company once
      the transaction has been concluded.

The Virgin Consortium intends that Northern Rock will be re-
branded Virgin, its stock market listing will be retained
(subject to the eligibility criteria contained in the Listing
Rules) and the Company will continue as a going concern without
any break-up of the business.

The Virgin Consortium has informed the Board that it has no
current intention of making any material reduction in employment
in Northern Rock and intends to continue to operate the business
from Newcastle upon Tyne and in the North-East of England.  The
Virgin Consortium expects that the Company will quickly re-build
a deposit base to drive a more sustainable funding structure and
is targeting a credit rating of no less than 'A'.

The Virgin Consortium intends that the Northern Rock Foundation
will continue to participate in the profits of the Company.  In
addition, in recognition of the contribution of HM Treasury and
the Bank of England to the restructuring of Northern Rock, the
Virgin Consortium will make an additional profit participation
payment to the Northern Rock Foundation of GBP10 million in each
of the financial years up to 2015 that the Company's pre-tax
profits exceed GBP638 million (being the aggregate of the pre-
tax profits of the Company and Virgin Money for the financial
year 2006), for a maximum of five financial years.

The Virgin Consortium intends to capitalize on the strength of
the Virgin brand, the introduction of additional management and
experience from the current Virgin Money business, and the
funding and liquidity solutions to be delivered by the Virgin
Consortium partners to rebuild the Company's franchise on
stronger foundations.  The Virgin Consortium believes that
together with the Company it can bring the business a renewed
confident future for the benefit of all of the Company's current
stakeholders.

                        New Management Team

Under the Virgin Consortium proposal a new management team will
be put in place to take the Company forward, led by Sir Brian
Pitman (formerly Chairman and CEO of Lloyds TSB Group plc) as
Chairman and Jayne-Anne Gadhia as CEO, and supported by Sir
George Mathewson (formerly Chairman of The Royal Bank of
Scotland plc) as senior adviser.

                         About Virgin Money

Virgin Money Holdings UK Limited and its subsidiaries have
rights to use the Virgin brand in retail financial services in
the United Kingdom.  Virgin Money, based in Norwich - East
Anglia was established in 1995 (as Virgin Direct, as it was then
known) and has grown to become an established retail financial
services enterprise, with over GBP2.5 billion of funds under
management, circa 1.9 million credit card customers via its
affinity arrangement with Bank of America, the provision of
general insurance products in conjunction with UK Insurance (a
division of The Royal Bank of Scotland plc) and the provision of
life and cancer cover in partnership with Scottish Widows.

Virgin Money's consolidated gross assets as at Dec. 31, 2006,
per its statutory accounts were GBP34.9 million.  Virgin Money's
consolidated profit before tax for the year ended Dec. 31, 2006
per its statutory accounts was GBP10.2 million.  Virgin Money
has continued to grow very strongly during 2007.

It is proposed that Jayne-Anne Gadhia, the current Chief
Executive Officer of Virgin Money, be appointed an executive
director of the Company.  The service contract for Ms. Gadhia in
the proposed role will be finalized in due course.

                       Treasury Guarantee

HM Treasury has confirmed that the guarantee arrangements for
depositors in Northern Rock cover all retail deposits, including
future interest payments, movements of funds between accounts
and term deposits for the duration of the term.  If the
Company's strategic review does not lead to a corporate
transaction, HM Treasury will maintain these guarantee
arrangements until it is satisfied that the current financial
market instability is over and the position of depositors is
protected.  In the event of a corporate transaction, the
Tripartite Authorities would satisfy themselves that the
business was financially secure and depositors were protected.
In any event, the guarantee arrangements will not be brought to
an end without reasonable notice.

                Approach of the Tripartite Authorities

On Nov. 19, 2007, the Tripartite Authorities issued a statement
of principles which set out how they expect to approach
proposals for the future of Northern Rock and its business, in
particular considering the objectives against which the
Tripartite Authorities expect to assess proposals received by
Northern Rock.
The Tripartite Authorities have confirmed to the Company that
those principles, and the objectives which they have previously
announced, continue to apply.

In reaching agreement with Northern Rock that discussions about
its proposal should go forward on an accelerated basis, the
Virgin Consortium has at the same time confirmed to HM Treasury
and the Bank of England that any transaction will be predicated
on the following principles:

   -- its equity and debt financing proposals will, at the point
      of announcement of a definitive transaction, be fully
      underwritten;

   -- as included in the Virgin Consortium's proposal, the
      private sector debt financing must be comparable in scale
      to any public sector debt financing required following
      closing;

   -- the public sector debt financing required must be on
      comparable terms, including as to ranking in time of
      repayment and point of priority, as the private sector
      debt financing envisaged by the proposal;

   -- there must be binding incentives for the delivery of the
      Virgin Consortium's plan for achieving appropriate credit
      ratings, bringing to an end any public sector guarantee
      arrangements, repaying the public sector financing and
      terminating any other public sector commitments; and

   -- returns on equity investments made by members of the
      Virgin Consortium and other holders of ordinary shares
      must be restricted until the public sector loans have been
      paid back with interest and all other public sector
      commitments are at an end.

It should be noted that in addition to these requirements, the
regulatory requirements of the Financial Services Authority
(including as to business plan and control of Northern Rock)
must be met and EC state aid requirements complied with.

                           Other Options

The Board is also continuing to explore other options as part of
its strategic review.  Northern Rock reminds all stakeholders
that there can be no certainty that the discussions with the
Virgin Consortium will lead to a transaction in relation to the
Company or all or any part of its business.

The Company has agreed to cover certain out-of-pocket expenses,
not exceeding GBP5 million (plus applicable VAT), in connection
with the indicative proposal, including meeting the professional
advisory costs of the financing banks on the basis that the
Company expects to be able to make use of such finance whether
or not the transaction proceeds.

                    Extraordinary General Meeting

On Friday, Nov. 23, 2007, the Board received a notice from
certain shareholders in the Company claiming to hold not less
than one-tenth of the fully paid up voting share capital of the
Company requiring the Directors of the Company pursuant to
section 303 of the Companies Act 2006 to convene an
extraordinary general meeting to consider and if thought fit to
pass a special resolution requiring shareholder approval for a
disposal in any 12 month period of more than 5 percent of the
aggregate book value of the Company's assets.

While it does not consider such action to be warranted or
appropriate, particularly at a time when the Company is actively
engaged in its strategic review, the Board is in the process of
establishing that the requisition notice has been properly
served and, if this is the case, will make the necessary
arrangements to convene such a meeting within the required
timetable to consider the proposed resolution.  The Board will
give its view on the merits of the proposal at the time the
notice of meeting is sent to shareholders.

                     About Northern Rock plc

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

                          *     *     *

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


NORTHERN ROCK: Welcomes Laurie Adams as Non-Executive Director
--------------------------------------------------------------
Northern Rock plc disclosed that Laurie Adams has joined the
board as a non-executive director, effective upon him obtaining
approval from the Federal Services Authority under its approved
persons regime.

Mr. Adams is a Director and major shareholder of Siblu Holdings
Limited (fka Haven Europe Limited), the leading holiday parc
operator.  He was formerly a Managing Director and Global Head
of Legal & Compliance for the Investment Banking Wholesale
Division of ABN AMRO Bank and previously a Managing Director and
European Head of Legal and Compliance for the wholesale
investment banking
division of Citigroup.  Mr. Adams trained as a solicitor with
Allen & Overy.

"I am delighted to welcome Laurie Adams to the Board," Chairman
Bryan Sanderson said.  "I believe Laurie has the right
experience to help Northern Rock through its ongoing strategic
review."

                     About Northern Rock plc

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

                          *     *     *

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


NORVEX CLEANING: Appoints J. M. Titley as Liquidator
----------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Norvex Cleaning Equipment Ltd. on Nov. 9 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury
         Lancs
         BL9 8AT
         England


PRESTIGE REFURBISHMENTS: Taps Begbies Traynor As Administrators
---------------------------------------------------------------
W.John Kelly and James P.N. Martin of Begbies Traynor were
appointed joint administrators of Prestige Refurbishments Ltd.
(Company Number 03092740) on Nov. 9.

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:

         Prestige Refurbishments Ltd.
         Oldbury Road Industrial Park
         Smethwick
         B66 1JE
         England
         Tel: 0121 553 5673
         Fax: 0121 555 8659


QUEBECOR WORLD: Moody's Puts B3 Corp. Family Rating Under Review
----------------------------------------------------------------
Moody's Investors Service placed Quebecor World Inc.'s long term
debt ratings on review for possible downgrade and downgraded the
company's speculative grade liquidity rating to SGL-4
(indicating poor liquidity).

The rating action responds to the company's Nov. 20 announcement
that "adverse current financial market conditions" had caused it
to withdraw "its refinancing plan involving an offer of
approximately CDNUS$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".

In combination with the benefits of a pending partial
divestiture of its European operations, these steps would have
significantly improved the company's liquidity position.  With
the refinancing transaction having been cancelled, the company's
financing arrangements require prompt attention in order to
assure ongoing orderly operations, and Moody's considers near
term default risk and, therefore, QWI's long term debt ratings,
to be inextricably linked to the company's ability to normalize
its financing arrangements.

Moody's intends to review the company's financing/liquidity
plans in short order, with any resulting rating action being
based on likely effectiveness and prospects for timely
execution.  With QWI appearing to be on the verge of generating
modest positive cash flow as the cash drain related to its
extensive retooling exercise nears completion, presuming that
the company's financing/liquidity plans are viable, Moody's
would affirm the existing B3 corporate family rating and Caa1
instrument ratings.  Should this not be the case, downwards
ratings actions are likely.

Downgrades:

Issuer: Quebecor World, Inc.

  -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
     from SGL-3

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

Issuer: Quebecor World Capital Corporation

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, (unchanged at
     Caa1) Downgraded to LGD4, 66 from LGD4, 60

On Review for Possible Downgrade:

Issuer: Quebecor World, Inc.

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B3

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

  -- Probability of Default Rating, Placed on Review for
     Possible Downgrade, currently B3

Issuer: Quebecor World Capital Corporation

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Quebecor World, Inc.

  -- Outlook, Changed to Rating Under Review from Stable

Issuer: Quebecor World Capital Corporation

  -- Outlook, Changed to Rating Under Review from Stable

Issuer: Quebecor World Capital ULC

  -- Outlook, Changed to Rating Under Review from Stable

Withdrawals:

Issuer: Quebecor World, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
     previously rated Caa1 (LGD4, 60)

In addition, QWI noted it "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."  QWI's major shareholder, Quebecor Inc., (holds 85%
of the voting rights and 35.6% of QWI's economic equity) has
indicated that it "will cooperate in the exploration of other
alternatives that will be examined by the Quebecor World board."
This has raised conjecture of QWI being sold.  Moody's is not
aware that any such activities are being pursued.  Irrespective,
while a sale may have an impact on QWI's future ratings, until a
transaction becomes certain, it will have no immediate ratings'
impact.

In the interim, developments will be monitored and assessed as
they occur.  In addition to the above matters, Moody's withdrew
the instrument ratings related to the cancelled debt issue and
implemented minor revisions to loss given default ratings.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
is one of the world's largest commercial printers.  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.


SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec.
----------------------------------------------------------------
Great North Eastern Railway Ltd. was effectively nationalized on
Nov. 20, 2007, and will operate as a state corporation until
National Express takes over as the new east coast line franchise
holder on Dec. 9, 2007, Scotsman says.

GNER will subsequently be reclassified to the public sector,
Scotsman relates citing the Office of National Statistics.

As reported in the TCR-Europe on Aug. 16, 2007, the Department
of Transport awarded the contract to operate the services on the
InterCity East Coast rail franchise to NXEC Trains Ltd, a
subsidiary of National Express Group, on Aug. 14, 2007.

The franchise will start on Dec. 9, 2007, and will run through
March 31, 2015, with the last 17 months conditional on set
performance levels being reached.  NXEC Trains will be paid
GBP1.4 billion over the life of the franchise in premium as a
contribution to DfT's rail budget.

In December 2006, GNER voluntarily entered into a Management
Agreement with the Government to continue delivering train
services after the early ending of the ten year franchise which
had begun in May 2005.  This was the result of a number of
unexpected external events, beyond GNER's direct control, which
undermined the sustainability of the InterCity East Coast
franchise over its 10-year lifetime.

These events included the loss of revenue due to the London
bombings in July 2005, higher energy and fuel costs, and
regulatory permission being granted for a new open access
entrant on the route.  While GNER was never in breach of the
franchise agreement, it was apparent that the company was not
going to be able to meet the significant increase in franchise
premium obligations due from May 2007.

As reported in the TCR-Europe on Dec. 11, 2006, the government
decided to end GNER's GBP1.3-billion franchise agreement to
operate the East Coast main line railway after the company was
unable to meet a 10% revenue growth requirement in 2005,
stipulated under the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                          About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high-
speed express train services on the East Coast Main Line. Most
of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and
NYSEArca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE
------
Arbel                     PA.ARB    (116)         194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (2,718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)        2280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

ICELAND
-------
Decode Genetics Inc.      DCGN       (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)        2963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Vauxhall Motors                     (699)       2,584     (463)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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