TCREUR_Public/071129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, November 29, 2007, Vol. 8, No. 237

                            Headlines




A U S T R I A

HANS HASLINGER: Linz Court Orders Business Shutdown
ISHTAR BAU: Claims Registration Period Ends Dec. 27
NANOSHELL MATERIALS: Creditors' Meeting Slated for Dec. 4
NOWAK DACHSANIERUNG: Vienna Court Orders Business Shutdown
SAMER TRANSPORT: Creditors' Meeting Slated for Dec. 6


B E L G I U M

ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs


F I N L A N D

HILTON HOTELS: To Issue US$500 Mln Unsecured Floating Rate Notes


F R A N C E

AEROCAST: French Court Rules for Compulsory Liquidation
RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million
RHODIA SA: Implements Global Price Increases for All Products


G E R M A N Y

AUTOHAUS PETERS: Claims Registration Period Ends Dec. 28
BAUSANIERUNGUSEDOM GMBH: Claims Registration Period Ends Dec. 14
BERLIN ASSETS: Claims Registration Period Ends Dec. 24
BURG BUSCHDORF: Claims Registration Ends December 21
CAT-CALL-GMBH: Claims Registration Period Ends Dec. 27

DIMEDIA CTC: Creditors' Meeting Slated for December 13
ECKERT'S FLIESENLEGER: Claims Registration Ends December 21
FMV VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Dec. 19
GAT KATALYSATOREN: May File Insolvency Over Faulty Filters
GMK BAUBETREUUNGS: Claims Registration Ends December 4

HEBUS KOMMUNIKATIONSTECHNIK: Claims Period Ends Dec. 13
HLI INDUSTRIE-ELEKTRONIK: Claims Registration Ends Dec. 21
IKB DEUTSCHE: Expects Higher Losses; Seeks More Funding
KONDITOREI - CAFE: Claims Registration Period Ends Dec. 12
MERRIKH GASTRO: Claims Registration Period Ends Jan. 9, 2008

MERTON REAL: Creditors' Meeting Slated for Dec. 10
MICHAEL FUNKE: Claims Registration Ends December 10
MMORE INTERNATIONAL: Claims Registration Ends December 19
NRG ENERGY: Discloses New Consent Alternative Solicitations
P & S BAUGESELLSCHAFT: Claims Registration Ends December 10

SCHIFFER BAUGESELLSCHAFT: Claims Registration Ends Dec. 21
TERWEDOW BAUGESELLSCHAFT: Claims Period Ends Dec. 14
TIMEVISION GMBH: Claims Registration Period Ends Dec. 14
W.C.S. GMBH: Claims Registration Period Ends Dec. 28
WLG LOGISTIK: Creditors' Meeting Slated for Dec. 18

ZEITARBEIT GROSSMANN: Claims Registration Period Ends Dec. 21


I T A L Y

ALITALIA SPA: PM Sees New Owner for 49.9% Stake by Dec. 25
DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved
DANA CORP: Secures US$2 Billion Exit Financing
PARMALAT SPA: Allocated Shares to Creditors Hike Stock Capital
TISCALI SPA: Unveils Strategic Plan for 2008-2012


K A Z A K H S T A N

AGROSERVICE ILI: Creditors Must File Claims by Dec. 28
ARAL LLP: Creditors Must File Claims by Dec. 28
ATLANTA KAZINVEST: Claims Filing Period Ends Dec. 28
ECO OIL: Creditors' Claims Due on Jan. 1
FOTO LIFE: Claims Registration Ends Dec. 28

KAZAKHSTANSKY AKTAURNY: Creditors Must File Claims by Dec. 28
ZLAK INVEST: Claims Filing Period Ends Dec. 28


K Y R G Y Z S T A N

GIANT KING: Proof of Claim Deadline Slated for December 26


N E T H E R L A N D S

HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices
NEPTUNO CLO III: Moody's Rates Class E Sr. Sec. Notes at (P)Ba3


P O L A N D

AFFILIATED COMPUTER: Board Authorizes US$1 Bln Share Repurchase
AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits


R U S S I A

AGROPRODUCT CJSC: Creditors Must File Claims by Dec. 17
ALATYRSKAYA AGRIPROMCHEMISTRY: Claims Filing Period Ends Dec. 17
BRYUHOVETSKOYE OJSC: Court Hearing Slated for March 24, 2008
LUCH OJSC: Creditors Must File Claims by Jan. 17, 2008
MONTAZHTECHSTROY: Creditors Must File Claims by Jan. 17, 2008

POBEDA: Schedules Asset Auction for Dec. 18
ROSNEFT OIL: Wants to Cover 30% of Own Power by 2020
TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform
VERHNESALDINSKIJ GORODSKOJ: Claims Filing Ends Jan. 17, 2008


S P A I N

FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes

* Moody's Says Amended Mortgage Law Will Benefit Spanish Holders


S W I T Z E R L A N D

BORER INFORMATIK: Basel-Country Court Starts Bankruptcy Process
COSITRON JSC: Claims Registration Period Ends December 4
FILOSI VOUILLAMOZ: Creditors Must File Claims by December 5
GREUTER JSC: Zurich Court Closes Bankruptcy Proceedings
GRAVAS COMMERCIAL: Creditors' Liquidation Claims Due by Dec. 5

KALENDER-VERLAG: Solothurn Court Starts Bankruptcy Proceedings
L-CON LLC: Zurich Court Closes Bankruptcy Proceedings
LEISURE WEAR: Creditors' Liquidation Claims Due by December 5
LUECHTER & SCHWARTZ: Creditors Must File Claims by December 5
OSTERTAG HAUSAMANN: Creditors Must File Claims by December 5

PC-TREND LLC: Claims Registration Period Ends December 3
PROCONTAS LLLC: Creditors' Liquidation Claims Due by December 3
SANWAY JSC: Claims Registration Period Ends December 2
TRADEX SWISS AG: Chapter 15 Petition Summary
TRANIC LTD: Creditors' Liquidation Claims Due by December 3

VESPASIAN BERATUNGEN: Creditors Must File Claims by December 5


T U R K E Y

SINAI KALKINMA: Fitch Affirms Low-B Ratings with Stable outlook


U K R A I N E

ASTRA-STYLE LLC: Creditors Must File Claims by November 30
DOVIRA LLC: Creditors Must File Claims by November 30
EDELWEISS LLC: Creditors Must File Claims by November 30
KOLOMIYA AGRICULTURAL: Creditors Must File Claims by November 30
OBERIG: Proofs of Claim Filing Ends November 30

PORT LAND: Creditors Must File Claims by November 30
PRIMEKS PROFI: Creditors Must File Claims by November 30
STAROBILSK PROVISIONS: Proofs of Claim Filing Ends November 30
TSENTURION LLC: Creditors Must File Claims by November 30
V. M. G. LLC: Creditors Must File Claims by November 30

ZOLOTOY KOLOS: Proofs of Claim Filing Ends November 30


U N I T E D   K I N G D O M

BEE FLY: Appoints Joint Administrators from BDO Stoy
BUSINESS MORTGAGE: Moody's Rates EUR12.37 Mln Notes at Ba1
BRITISH AIRWAYS: Consortium Withdraws Iberia Bidding Interest
CABLE & WIRELESS: Former Chair Criticizes Executive Payoff
CABLE & WIRELESS: Launching Disabling Service for Stolen Phones

CHLOE TRADING: Calls In Liquidators from Wilkins Kennedy
COLUMBIA FINISHING: Brings In Liquidators from Mazars
DIRECT LEISURE: Names Neil Francis Hickling Liquidator
DIVERSITY FUNDING 1: S&P Assigns B Prelim Ratings to F Notes
DUKE FUNDING II: S&P Junks Class D Notes on Lack of Proposals

EMI GROUP: Moody's Withdraws B1 Corporate Family Rating
ENTERPRISE VENDING: Brings In Administrators from Deloitte
FIRST VENDING: Taps Deloitte & Touche to Administer Assets
FORD MOTOR: Kentucky State Approves US$60M Investment Incentives
IMEX LOGISTICS: Taps Liquidator from Kingston Smith & Partners

INNOVATIVE GROUP: Calls In Liquidators from Menzies Corporate
LUCKY ESTATES: Claims Filing Period Ends January 15, 2008
MAINSAIL II: S&P Junks Capital Notes on Payment Failure
MORTGAGE FINANCE 7: Fitch Rates GBP7.9 Mln Class C Notes at BB
NORMANBY WEFCO: Creditors' Meeting Slated for December 7

PARAGON GROUP: Selling Off Loan Assets to Avert Rights Issue
RMC COMPONENTS: Appoints Administrators from Begbies Traynor
SACHSEN FUNDING I: S&P Junks Capital Notes on Lack of Proposals
SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say
SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business

SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report
SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report
TOP SECURITY: Appoints Liquidator from Mazars
VISUAL GRAPHIC: Joint Liquidators Take Over Operations

WHITELEY HENSHAW: Claims Filing Period Ends January 31, 2008
XELA INVESTMENTS: Hires Liquidator from Tenon Recovery

* Upcoming Meetings, Conferences and Seminars




                            *********


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


HANS HASLINGER: Linz Court Orders Business Shutdown
---------------------------------------------------
The Land Court of Linz entered Oct. 23 an order shutting down
the business of LLC Hans Haslinger - Internationale Transporte
(FN 121781s).

Court-appointed estate administrator Guenther Grassner
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. Guenther Grassner
         Suedtirolerstr. 4-6
         4020 Linz
         Austria
         Tel: 070770815
         Fax: 070770816
         E-mail: lawfirm@gltp.at

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on Oct. 18 (Bankr. Case No 38 S 53/07h).


ISHTAR BAU: Claims Registration Period Ends Dec. 27
---------------------------------------------------
Creditors owed money by LLC ISHTAR Bau (FN 289528b) have until
Dec. 27 to file written proofs of claim to court-appointed
estate administrator Eva Wexberg at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Jan. 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 23 (Bankr. Case No. 2 S 145/07x).  Walter Kainz
represents Dr. Wexberg in the bankruptcy proceedings.


NANOSHELL MATERIALS: Creditors' Meeting Slated for Dec. 4
---------------------------------------------------------
Creditors owed money by LLC Nanoshell Materials Research &
Development (FN 260859t) are encouraged to attend the creditors'
meeting at 9:00 a.m. on Dec. 4.

The creditors' meeting will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Oct. 25 (40 S 52/07y).  Bernhard Fink serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Bernhard Fink
         Bahnhofstrasse 5
         9020 Klagenfurt
         Austria
         Tel: 0463/541 46
         Fax: 0463/541 46-15
         E-mail: office@fink-bernhart.at


NOWAK DACHSANIERUNG: Vienna Court Orders Business Shutdown
----------------------------------------------------------
The Trade Court of Vienna entered Oct. 23 an order shutting down
the business of KEG NOWAK Dachsanierung (FN 222185v).

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

The estate administrator can be reached at:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16 (Bankr. Case No 38 S 55/07a).


SAMER TRANSPORT: Creditors' Meeting Slated for Dec. 6
-----------------------------------------------------
Creditors owed money by KEG Samer Transport (FN 262325y) are
encouraged to attend the creditors' meeting at 2:50 a.m. on
Dec. 6.

The creditors' meeting will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Graz
         Austria

Headquartered in Graz-Wetzelsdorf, Austria, the Debtor declared
bankruptcy on Oct. 25 (25 S 114/07p).  Roland Gsellmann serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Roland Gsellmann
         Farberplatz 1
         8010 Graz
         Austria
         Tel: 0316/835692
         Fax: 0316/835692-15
         E-mail: office@herdeygsellmann.at


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


ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs
---------------------------------------------------------
Aramark Corporation has entered into a national partnership with
Amerex Energy Services to provide clients with an array of
energy services, including the purchase of renewable energy
credits.

"Businesses and institutions nationwide are aggressively working
to improve their environmental footprint - for themselves, for
their customers, and for their communities," said Ron Mesaros,
associate vice president of technical services for ARAMARK.
"Together, Aramark and Amerex can offer these institutions more
innovative ways to reduce their energy costs and complement
their strategies for sustainability."

Aramark's energy management programs are a vital component of an
institution's overall strategy toward environmental stewardship.
Through its services, Aramark helps institutions calculate their
carbon footprint, reduce reliance on fossil fuels, procure
alternative energy, achieve LEED certification, and
reduce greenhouse gas emissions.

Amerex Energy Services, a division of Amerex Brokers LLC, a
wholly owned subsidiary of GFI Group Inc. is a national energy
consultant that works with retail electric providers and
wholesale power suppliers to procure energy for its clients.
The company provides a wide array of energy and energy-related
financial tools to help its clients lower their energy costs.
The company serves a global client network of more than 1,000
firms, including thousands of traders and risk management
professionals.

Together, ARAMARK and Amerex will offer a broad portfolio of
options to help businesses reduce energy use and cost-
effectively procure energy resources.  Services offered include
conducting energy audits, developing energy reduction
strategies, negotiating contracts with electricity and natural
gas providers, training facility staff on energy efficiency, and
providing ongoing insight into the energy market.

The companies will also assist institutions with the purchase of
RECs.  RECs represent units of energy expended by a business
which, when purchased, are invested into renewable energy
solutions such as wind power, water power and solar energy.  A
growing number of institutions are purchasing RECs as a way to
minimize their impact on the environment and affect climate
change.

Aramark and Amerex recently partnered with Integrys Energy
Services Inc. and Credit Suisse Group to help Baylor University
negotiate a ground breaking 10-year power deal that will save
more than US$2 million of the US$13.5 million the university
spends annually on electricity for the 735-acre campus.  The
agreement includes the finance and support of wind-generated
electricity, support for the development of wind farms in Texas,
and the development of alternative energy sources in higher
education.  For its efforts, Baylor received a "2007 Award for
Innovation" for the National Association of College and
University Business Officers.

"The new energy contract at Baylor is a breakthrough agreement
for universities looking for creative ways to remain good
stewards to their communities," added Mr. Mesaros.  "This
national partnership will allow Aramark and Amerex to bring
critical energy management knowledge and insights to other
institutions throughout the United States."

                       About Aramark

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world.  Aramark has approximately
240,000 employees serving clients in 20 countries, including
Belgium, Czech Republic, Germany, Ireland, UK, Mexico, Brazil,
Chile, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.


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


HILTON HOTELS: To Issue US$500 Mln Unsecured Floating Rate Notes
---------------------------------------------------------------
Hilton Hotels Corporation has agreed to issue an aggregate
principal amount of US$500 million of unsecured Floating Rate
Notes due 2013.  The Notes will bear interest equal to three
month LIBOR plus 4.50% per year, adjusted quarterly.  The
proceeds of the sale of the Notes will be used to repay an equal
amount of Hilton's secured mezzanine loans incurred in
connection with the funding of the acquisition of Hilton by
investment funds affiliated with The Blackstone Group and
related transactions.  Completion of the transaction is subject
to customary closing conditions.

The Notes have been offered and sold in a private placement to
qualified institutional buyers pursuant to Section 4(2) of the
Securities Act of 1933, as amended.  The Notes have not been
registered under the Securities Act or securities laws of any
state and may not be offered or sold in the United States absent
an applicable exemption from registration requirements under the
Securities Act or the laws of any state.

In connection with the offering of the Notes, Hilton has made
certain information available to prospective financing sources.
Hilton is posting under the Investor Relations tab on its
website.  Certain of this information, including information
relating to Hilton's financial performance for the three months
ended Sept. 30, 2007 and information relating to the financing
of the merger of Hilton, which was completed on Oct. 24, 2007.

                    About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


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


AEROCAST: French Court Rules for Compulsory Liquidation
-------------------------------------------------------
A commercial court in Chateauroux has put French foundry
Aerocast into compulsory liquidation after four years under a
court-supervised administration proceeding, The Financial Times
reports.

The company pointed to its difficulties in the production of
complex aluminum parts and the problems at Airbus SAS.  Several
companies are reportedly interested in acquiring the company
after the court allowed Aerocast to continue operating for three
months to attract potential buyers, FT relates.

Aerocast specializes in aluminum parts for the aviation
industry.  It employs 112 staff and achieved a balanced result
on turnover of EUR8.8 million in 2006, FT notes.


RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million
---------------------------------------------------------------
Rhodia S.A. released financial results for the third quarter
ended Sept. 30, 2007.

                   Third Quarter 2007 Results
             Confirm Solid Free Cash Flow Generation


Another quarter of profitable growth drives solid EBITDA and
Free Cash Flow generation

    * Net Sales up 7% to EUR1.3 billion

    * recurring EBITDA* up 20% to EUR192 million versus EUR160
      million in the third quarter 2006, despite the EUR(22)
      million negative impact of foreign exchange.

    * recurring EBITDA margin up to 15.2% versus 13.6 % in the
      third quarter 2006

    * a positive Free Cash Flow of EUR53 million versus EUR(10)
      million in the third quarter 2006

    * free Cash Flow for the first 9 months of 2007 of EUR41
      million, compared to a cash outflow of EUR(124) million
      for the same period in 2006

Key highlights

    * 9% volume growth with strong demand levels

    * solid pricing +3%

    * unfavorable foreign exchange, raw material and energy cost
      environment

    * organics' restructuring continues

Accelerated delivery on financial commitments

    * Free Cash Flow generation of more than EUR100 million
      expected in 2007

    * financial leverage of Net Debt on Recurring EBITDA ratio
      below 2 times expected at the end of 2007

"Our strong leadership positions in growing markets give us full
confidence that we will continue to generate sustainable and
profitable growth," Jean-Pierre Clamadieu, chief executive
officer of Rhodia, said.  "We expect to generate more than
EUR100 million of Free Cash Flow in 2007 and to be one year
ahead in the delivery of our financial leverage commitment."

* Before restructuring and other operating income and expenses

Net Sales rose by 7% to EUR1.3 billion in the third quarter of
2007, from EUR1.2 billion a year earlier.  This increase was
driven by a significant 9% volume growth (4.4% excluding CERs)
and a 3% positive impact from price increases.  Foreign exchange
had a 4.4% negative impact, due to the continued weakness of the
US dollar.

Recurring EBITDA grew by 20% to EUR192 million, benefiting from
the good volume trends, in spite of the negative impact of
foreign exchange (EUR22 million).  Solid pricing in local
currency continued to offset the impact of increases in raw
material and energy costs.  CER sales generated EUR39 million of
recurring EBITDA in the third quarter of 2007.

The recurring EBITDA margin rose to 15.2% in the third quarter
2007 from 13.6% in the third quarter 2006.

Operating Profit rose by 2.7% to EUR115 million, versus EUR112
million for the third quarter 2006 which was favorably impacted
by a EUR27million exceptional gain.

The Financial Result improved to EUR(43) million compared to
EUR(62) million in the third quarter 2006, as the Group now
fully benefits from the lower interest costs resulting from the
refinancing initiatives realized over the past year.

The Net Profit Group Share for the third quarter 2007 totaled
EUR45 million, compared to a profit of EUR70 million in the
third quarter 2006, which was favorably impacted by a EUR34
million recognition of US deferred tax assets.

At Sept. 30, 2007, the Group's consolidated balance sheets
showed EUR4.5 billion in total assets, EUR4.7 billion in total
liabilities and EUR226 in stockholders' deficit.

Operating Cash Flow totaled EUR115 million in the third quarter
2007.

The ratio of Working Capital Requirements on total sales stood
at 12.9%.  Capital Expenditure totaled EUR83 million.

Free Cash Flow* was EUR53 million, versus EUR(10) million in the
third quarter 2006 and now stands at EUR41 million for the first
nine months compared to a negative of EUR(124) million for the
same period in 2006.

Consolidated Net Debt totaled EUR1.6 billion on Sept. 30, 2007,
a EUR25 million decrease from June 30, 2007.

Thanks to the strength of Rhodia's business portfolio, Net Sales
grew 7%, with 9% volume growth and a 3% positive impact from
price increases.

Polyamide, Silcea and Novecare are high margin leadership
businesses well positioned in growing markets.  Investments are
under way to support the growth of these businesses.

Acetow is finalizing its action plan to improve margins to
compensate for the unfavorable foreign exchange environment.

Organics focuses on the development of its leadership position
in Diphenols and continues its restructuring in fine organics.
Recently it announced plans to end Paracetamol manufacturing at
its Roussillon site in France and to end all operations at its
Avonmouth site in the U.K.

Eco Services continues to generate very high margins and Energy
Services benefits from the ongoing sales of CERs.

* Defined as "net cash provided by operating activities" plus
"non recurring refinancing cash costs" minus Capital
Expenditure"

                             Outlook

The level of demand is expected to remain favorable in most
regions, with strong volumes and a solid pricing power, in an
environment still influenced by high raw material and energy
costs.  The foreign exchange environment should remain
unfavorable.

Rhodia confirms its 2007 outlook of a strong growth in recurring
EBITDA and expects to generate more than EUR100 million positive
Free Cash Flow for the full year 2007.

One year ahead of its commitment, Rhodia expects to achieve a
Net Debt on Recurring EBITDA ratio below 2 at the end of 2007.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                        *     *     *

As reported in the TCR-Europe on Nov. 28, 2007, Moody's
Investors Service affirmed Rhodia S.A. Corporate Family
Rating at Ba3.  Moody's said the outlook has been changed to
Positive from Stable.

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia
S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable.  Fitch has assigned Rhodia SA's proposed
issue of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
rating.

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


RHODIA SA: Implements Global Price Increases for All Products
-------------------------------------------------------------
Rhodia S.A. has disclosed worldwide price increases in the range
of 7% to 15% depending on product line on Nov. 22, 2007.

Although Rhodia has put into place a number of action plans over
the past few years to improve productivity and reduce costs, the
price increases are required to help respond to the dramatic and
simultaneous rising costs of energy, raw materials and
transport, and to defend Rhodia's margins at a time when the
demand for specialty chemicals is strengthening worldwide.

                         About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                        *     *     *

As reported in the TCR-Europe on Nov. 28, 2007, Moody's
Investors Service affirmed Rhodia S.A. Corporate Family
Rating at Ba3.  Moody's said the outlook has been changed to
Positive from Stable.

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia
S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable.  Fitch has assigned Rhodia SA's proposed
issue of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
rating.

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


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


AUTOHAUS PETERS: Claims Registration Period Ends Dec. 28
--------------------------------------------------------
Creditors of Autohaus Peters GmbH have until Dec. 28 to register
their claims with court-appointed insolvency manager Jens-Soeren
Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B0.31
         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:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Autohaus Peters GmbH on Nov. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Peters GmbH
         Friedrichstadter Strasse 9-11
         24768 Rendsburg
         Germany

         Attn: Hans-Dieter Peters, Manager
         Wuehrenredder 1
         24794 Buensdorf
         Germany


BAUSANIERUNGUSEDOM GMBH: Claims Registration Period Ends Dec. 14
----------------------------------------------------------------
Creditors of BauSanierungUsedom GmbH have until Dec. 14 to
register their claims with court-appointed insolvency manager
Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 30, 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 Stralsund
         Hall A 421
         House A
         Frankendamm 17
         Stralsund
         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:

         Joerg Sievers
         Robert-Blum-Str.1
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against BauSanierungUsedom GmbH on Nov. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BauSanierungUsedom GmbH
         Attn: H. Kahle, Manager
         Lindenstrasse 4
         17424 Seebad Heringsdorf
         Germany


BERLIN ASSETS: Claims Registration Period Ends Dec. 24
------------------------------------------------------
Creditors of Berlin Assets GmbH & CO. Erste Projekt KG have
until Dec. 24 to register their claims with court-appointed
insolvency manager Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Torben Ottmar Herbold
         Haeckelstrasse 10
         39104 Magdeburg
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Berlin Assets GmbH & CO. Erste Projekt KG on Nov. 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Berlin Assets GmbH & CO. Erste Projekt KG
         Lindenallee 10
         14806 Fredersdorf
         Germany


BURG BUSCHDORF: Claims Registration Ends December 21
----------------------------------------------------
Creditors of "Burg" Buschdorf-Bautrager GmbH & Co. KG have until
Dec. 21 to register their claims with court-appointed insolvency
manager Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 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 "Burg" Buschdorf-Bautrager GmbH & Co. KG on Nov. 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         "Burg" Buschdorf-Bautrager GmbH & Co. KG
         Attn: Rainer Krause, Manager
         Torgauer Strasse 29
         04779 Wermsdorf
         Germany


CAT-CALL-GMBH: Claims Registration Period Ends Dec. 27
------------------------------------------------------
Creditors of Cat-Call-GmbH have until Dec. 27 to register their
claims with court-appointed insolvency manager Hagen Hirth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Hagen Hirth
          Glacisstrasse 9a
          01099 Dresden
          Germany

The District Court of Dresden opened bankruptcy proceedings
against Cat-Call-GmbH on Nov. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Cat-Call-GmbH
          Bautzner Strasse 19b
          01099 Dresden
          Germany


DIMEDIA CTC: Creditors' Meeting Slated for December 13
------------------------------------------------------
The court-appointed insolvency manager for Dimedia CTC
Fotostudios GmbH, Peter Sulzmann will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:00 a.m. on Dec. 13.

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

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on Jan. 22, 2008, at the same
venue.

Creditors have until Dec. 20 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Peter Sulzmann
         Bahnhofstr. 31
         63500 Seligenstadt
         Germany
         Tel: 06182/92050
         Fax: 06182/920515

The District Court of Aschaffenburg opened bankruptcy
proceedings against Dimedia CTC Fotostudios GmbH on Nov. 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dimedia CTC Fotostudios GmbH
         Nordring 12
         63762 Grossostheim
         Germany

         Attn: Peter Heckel, Manager
         Sandgasse 53
         63739 Aschaffenburg
         Germany


ECKERT'S FLIESENLEGER: Claims Registration Ends December 21
-----------------------------------------------------------
Creditors of Eckert's Fliesenleger GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Justus Schneidewind.

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

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Justus Schneidewind
         Behlertstrasse 28 a
         14469 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Eckert's Fliesenleger GmbH on Nov. 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Eckert's Fliesenleger GmbH
         Attn: Herrn Michael Eckert, Manager
         Mozartsteg 2
         14532 Stahnsdorf
         Germany


FMV VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Dec. 19
-------------------------------------------------------------
Creditors of FMV Verwaltungsgesellschaft mbH have until Dec. 19
to register their claims with court-appointed insolvency manager
Markus M. Merbecks.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel:(0371) 444610
         Fax:(0371) 4446111
         E-mail: merbecks@merbecks.de

The District Court of Chemnitz opened bankruptcy proceedings
against FMV Verwaltungsgesellschaft mbH on Nov. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FMV Verwaltungsgesellschaft mbH
         Attn: Peter Meiss, Manager
         Parkstr. 32
         09120 Chemnitz
         Germany



GAT KATALYSATOREN: May File Insolvency Over Faulty Filters
----------------------------------------------------------
A representative for GAT Katalysatoren GmbH, which is under
probe for allegedly supplying around 28,000 faulty particle
filters for diesel engines, told Frankfurter Allgemeine Zeitung
that the company may file for insolvency if the German ministry
of transport requires it to replace the systems at an estimated
cost of EUR1,000 each, the Financial Times reports.

According to KBA, the German federal motor vehicle office, GAT
and rivals Bosal International of Belgium and Tenneco of the
United States allegedly produced faulty filters affecting around
40,000 drivers.

Headquartered in Gladbeck, Germany, GAT Katalysatoren GmbH
http://www.gat-kat.com/-- develops innovative emission
technology products for the automotive industry.


GMK BAUBETREUUNGS: Claims Registration Ends December 4
------------------------------------------------------
Creditors of GMK Baubetreuungs GmbH have until Dec. 4 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. 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Ottmar Hermann
         Bleichstr. 2-4
         60313 Frankfurt
         Germany
         Tel: 069/9130920

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

The Debtor can be reached at:

         GMK Baubetreuungs GmbH
         Attn: Edgar Knam, Manager
         Zum Wiesengrund 56
         76307 Karlsbad
         Germany


HEBUS KOMMUNIKATIONSTECHNIK: Claims Period Ends Dec. 13
-------------------------------------------------------
Creditors of HEBUS Kommunikationstechnik GmbH have until Dec. 13
to register their claims with court-appointed insolvency manager
Juergen Pietzker.

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

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 8/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Juergen Pietzker
         Isargestade 732
         84028 Landshut
         Germany
         Tel: 0871/89629
         Fax: 0871/274638

The District Court of Landshut opened bankruptcy proceedings
against HEBUS Kommunikationstechnik GmbH on Nov. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HEBUS Kommunikationstechnik GmbH
         Seligenthaler Str. 16
         84034 Landshut
         Germany


HLI INDUSTRIE-ELEKTRONIK: Claims Registration Ends Dec. 21
----------------------------------------------------------
Creditors of HLI Industrie-Elektronik GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

          Dr. Frank Kebekus
          Carl-Theodor-Str. 1
          40213 Duesseldorf
          Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against HLI Industrie-Elektronik GmbH on Nov. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          HLI Industrie-Elektronik GmbH
          Oststrasse 74a
          40724 Hilden
          Germany


IKB DEUTSCHE: Expects Higher Losses; Seeks More Funding
-------------------------------------------------------
IKB Deutsche Industriebank AG will likely post over EUR6 billion
in losses from an initial estimate of EUR3.5 billion as a result
of its unsuccessful speculation on the US subprime mortgage
market, the Financial Times relates citing a Frankfurter
Allgemeine Zeitung report.

According to the report, Germany's state-owned KfW Bankengruppe,
which holds a 38 percent stake in IKB, is now expected to
provide further financing to fund a rescue.  KfW has recently
increased its risk shield for IKB by EUR2.3 billion to EUR4.8
billion based on new risk valuation information, AP Worldstream
says.

Karin Matussek of Bloomberg News relates, citing people familiar
with the matter, that IKB may need to increase its rescue
package by EUR400 million in the event that the US subprime
crisis endure on the global financial markets.

Private and savings banks have committed EUR500 million to IKB
as risk protection, Borsen-Zeitung says, and they are reportedly
not ready to provide IKB with more funding.

IKB has notified Germany's financial watchdog, Bundesbank and
German Financial Supervisory Authority (BaFin), that it could
face more liquidity problems if it fails to secure necessary
financing, Thomson Financial relates.

KfW has scheduled an extraordinary meeting with the
administrative board to discuss IKB's situation this week,
Bloomberg relates.

According to Borsen-Zeitung, IKB is currently in talks with
Deutsche Postbank, the banking subsidiary of German national
postal services provider Deutsche Post, regarding a sale of its
corporate customer credits in a move to improve IKB's equity
capital situation.  The German banks, however, are said to
oppose this plan.

                   About KfW Bankengruppe

Headquartered in Frankfurt, Germany, KfW Bankengruppe --
http://www.kfw.de/EN_Home/-- deals with the promotion of the
development and transformation countries, export and project
financing, promotion of middle class, existence founders and
start ups, promotion living economy, environmental and climatic
protection, education and infrastructure.

With 3,900 employees, KFW Bankengruppe has its locations in
Berlin, Bonn and Frankfurt am Main.  Owned by the federal
government and the Laender, it is one of the leading banks in
Germany.

                      About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Oct. 4, 2007, Fitch Ratings
has downgraded IKB Deutsche Industriebank AG's hybrid debt
securities to Long-term 'BB-' from 'A'.  They remain on Rating
Watch Negative.  IKB is rated Long-term Issuer Default 'A+' with
Stable Outlook, Short-term IDR 'F1', Support '1' and Individual
'F'.  Its subordinated debt issues are rated 'A'.

IKB's hybrid capital instruments rated Long-term 'BB-' and on
RWN are:

   -- EUR75 million IKB Funding Trust I's perpetual notes

   -- EUR400 million Funding Trust II's perpetual notes

   -- EUR100 million IKB International SA's capital contribution
      certificates maturing in 2009

   -- EUR200 million Hybrid Raising GmbH's perpetual capital
      notes linked to a silent participation in IKB

   -- EUR200 million Capital Raising GmbH's perpetual notes
      linked to a silent participation in IKB

   -- EUR70 million IKB International SA's capital contribution
      certificates maturing in 2010

   -- EUR150 million Propart Funding Ltd's profit participation
      certificates maturing in 2015.


KONDITOREI - CAFE: Claims Registration Period Ends Dec. 12
----------------------------------------------------------
Creditors of Konditorei - Cafe Meyer GmbH have until Dec. 12 to
register their claims with court-appointed insolvency manager
Markus Dahmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 24, 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 Ludwigshafen am Rhein
         Meeting Hall VII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Markus Dahmann
         Wimphelingstr. 13
         67346 Speyer
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Konditorei - Cafe Meyer GmbH on Nov. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Konditorei - Cafe Meyer GmbH
         Bahnhofstrasse 6
         67227 Frankenthal
         Germany

         Attn: Timo Meyer, Manager
         Reiboldstrasse 4
         67251 Freinsheim
         Germany


MERRIKH GASTRO: Claims Registration Period Ends Jan. 9, 2008
------------------------------------------------------------
Creditors of Merrikh Gastro GmbH have until Jan. 9, 2008, to
register their claims with court-appointed insolvency manager
Andreas Fischer.

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

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany

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

The insolvency manager can be reached at:

         Andreas Fischer
         Erbprinzenstr. 27
         76133 Karlsruhe
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Merrikh Gastro GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Merrikh Gastro GmbH
         Siamac Merrikh, Manager
         Aumattstr. 36 a
         76530 Baden-Baden
         Germany


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

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

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

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

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

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

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

The Debtor can be reached at:

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


MICHAEL FUNKE: Claims Registration Ends December 10
---------------------------------------------------
Creditors of MFT Michael Funke Transport GmbH & Co. KG have
until Dec. 10 to register their claims with court-appointed
insolvency manager Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Jan. 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against MFT Michael Funke Transport GmbH & Co. KG on Nov. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MFT Michael Funke Transport GmbH & Co. KG
         Attn: Michael Funke, Manager
         Lucas-Bols-Strasse 12
         41462 Neuss
         Germany


MMORE INTERNATIONAL: Claims Registration Ends December 19
---------------------------------------------------------
Creditors of MMORE INTERNATIONAL GmbH have until Dec. 19 to
register their claims with court-appointed insolvency manager
Erwin Richmann.

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

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 408
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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:

         Erwin Richmann
         Ernst Ludwsig Strasse 11
         35463 Fernwald
         Germany

The District Court of Giessen opened bankruptcy proceedings
against MMORE INTERNATIONAL GmbH on Nov. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          MMORE INTERNATIONAL GmbH
          Steinstrasse 18
          35463 Fernwald-Steinbach
          Germany



NRG ENERGY: Discloses New Consent Alternative Solicitations
-----------------------------------------------------------
NRG Energy Inc. is providing each investor with a new consent
alternative with respect to its Notes in addition to the
previously announced tender offers and consent solicitations,
which remain in effect, in connection with its pending
conditional tender offers and concurrent consent solicitations
relating to its US$4.7 billion of outstanding 7.25% senior notes
due 2014, 7.375% senior notes due 2016 and 7.375% senior notes
due 2017.

As previously announced, each investor may elect to tender its
Notes in the conditional, contractually required offers at 101%
of the principal amount, plus accrued interest, or may elect to
receive a consent payment of US$1.25 to US$2.50 in cash per
US$1,000 principal amount of Notes.  For the Original Consent
Payment, consents are limited to an agreement (the Original
Amendment) not to require the change of control offers in
connection with NRG's formation of a holding company structure
via the contemplated intercompany merger transaction.  The
Original Consent Payment will be a minimum of US$1.25 per
US$1,000 principal amount of Notes, or, in the event that such
consents are received from a majority in principal amount of a
series of Notes, will be US$1.25 divided by the percentage of
that series which consented.

As supplemented, each investor will have the same two
alternatives as before as well as a new consent alternative.

Under the new alternative, each investor may elect to receive a
consent payment of US$7.50 to US$15.00 in cash per US$1,000
principal amount of Notes.  For the Alternative Consent Payment,
consents will provide a new exception to the limitation on
restricted payments in the indentures for the Notes which will
permit restricted payments, including dividends and/or stock
repurchases, of up to US$300 million per year, with any of this
additional restricted payment capacity not used during a year
being carried over to the next year on a cumulative basis and
without reducing the amounts otherwise available to make
restricted payments.  In the event that consents to the new
consent alternative are received from a majority in principal
amount of each of the three series of Notes, the Alternative
Consent Payment will be US$7.50, divided by the overall
percentage of the aggregate principal amount of the Notes that
delivered consents under the new alternative and, in that event,
NRG will not consummate the Holdco Merger and NRG will not be
obligated (but reserves the right) to consummate the tender
offers.  In all other events, Holders of Notes who deliver
consents under the new consent alternative will also be
consenting to the Original Amendment and will receive US$7.50
per US$1,000 principal amount of such Notes subject to and
promptly upon consummation of the Holdco Merger.

NRG's obligation to make the minimum consent payments of US$1.25
per US$1,000 principal amount of Notes or US$7.50 per US$1,000
principal amount of Notes, as applicable, is not conditioned on
the receipt of consents from holders of Notes representing a
majority in principal amount of any one or more series.
The only condition to NRG's obligation to make these minimum
consent payments is the consummation of the Holdco Merger, and
NRG will make these consent payments promptly thereafter.  The
only condition to NRG's obligation to make the Maximum
Alternative Consent Payment is the receipt and effectiveness of
consents to the new consent alternative from holders of a
majority in principal amount of each of the three series of
Notes, and NRG will make such payments promptly thereafter.

If that consents are received with respect to Notes representing
a majority in principal amount of a particular series of Notes
(whether under the original consent alternative, the new consent
alternative or both on a combined basis), NRG will have the
option to terminate the tender offer for that series of Notes in
its discretion without purchasing any tendered Notes of such
series.  Tendered Notes will not be eligible to receive any
consent payment even if NRG exercises its option to terminate
the tender offer for a series after receiving majority consents
from that series.

The tender offers are not being modified and will continue in
effect on the same terms and conditions as previously announced.
The tender offers are expressly conditioned on the consummation
of the Holdco Merger (although NRG reserves the right to accept
tenders and purchase tendered Notes even if the Holdco Merger is
not consummated).

Only one election (tender, original consent or alternative
consent) may be made with respect to a specific principal amount
of Notes.  However, one election may be made for a portion of
such Notes and another election or elections may be made for the
remainder of such Notes (in each case in a minimum principal
amount of US$1,000).  Holders who deliver consents with respect
to any Notes will be eligible to receive either the Original
Consent Payment or the Alternative Consent Payment for such
Notes, as appropriate according to their election for such
Notes, but not both consent payments.  Notes that are neither
tendered nor consented will not be eligible to receive a consent
payment under any circumstances.

The tender offers and the consent solicitations will expire at
9:00 a.m., New York City time, on Dec. 4, 2007, unless extended.
NRG reserves the right, but is not obligated, to extend the
tender offers and the consent solicitations. Tenders may be
withdrawn and consents may be revoked at any time prior to 9:00
a.m., New York City time, on Dec. 4, 2007.

The complete terms of the tender offers and consent
solicitations are contained in the Notice of Conditional Offers
to Purchase and Concurrent Alternative Consent Solicitations
Statement dated Nov. 2, 2007, as supplemented by the Supplement
dated Nov. 26, 2007.  Copies of the Supplement are being sent to
holders of Notes.  Each tender offer or consent solicitation
with respect to a series of Notes is independent of the others.

Banc of America Securities LLC is the exclusive dealer manager
for the tender offers and solicitation agent for the consent
solicitations.  Questions regarding the tender offers and the
consent solicitations can be addressed to Banc of America
Securities LLC at (888) 292-0070 or (212) 847-5188.  Requests
for documents may be directed to MacKenzie Partners, Inc., the
information agent, at (800) 322-2885 or (212) 929-5500.

                     About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                       *     *     *

Standard & Poor's Ratings Services rates NRG Energy Inc.'s
USUS$4.7 billion unsecured bonds at 'B'.  In addition, Standard
& Poor's rates NRG Energy Inc.'s corporate credit rating at
'B+'.  S&P said the outlook is stable.


P & S BAUGESELLSCHAFT: Claims Registration Ends December 10
-----------------------------------------------------------
Creditors of P & S Baugesellschaft mbH & Co.KG have until
Dec. 10 to register their claims with court-appointed insolvency
manager Claus-Peter Langer.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Claus-Peter Langer
         Herzog-Wilhelm-Str.17
         80331 Munich
         Germany
         Tel: 236858-0
         Fax: 2603440

The District Court of Munich opened bankruptcy proceedings
against P & S Baugesellschaft mbH & Co.KG on Nov. 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         P & S Baugesellschaft mbH & Co.KG
         Inselkammerstr. 5
         82008 Unterhaching
         Germany


SCHIFFER BAUGESELLSCHAFT: Claims Registration Ends Dec. 21
----------------------------------------------------------
Creditors of Schiffer Baugesellschaft mbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Klaus Siemon.

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

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Klaus Siemon
         Homberger Strasse 12
         40474 Duesseldorf
         Germany
         Tel: 0211/479970
         Fax: +492114799750

The District Court of Moenchengladbach opened bankruptcy
proceedings against Schiffer Baugesellschaft mbH on Nov. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Schiffer Baugesellschaft mbH
          Schillerstrasse 1
          41569 Rommerskirchen
          Germany


TERWEDOW BAUGESELLSCHAFT: Claims Period Ends Dec. 14
----------------------------------------------------
Creditors of Terwedow Baugesellschaft mbH have until Dec. 14 to
register their claims with court-appointed insolvency manager
Holger Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 4, 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 Room A234
         Second Floor
         Isle 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:

         Holger Rhode
         Friedrich-Ebert-Strasse 17
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

The District Court of Wuppertal opened bankruptcy proceedings
against Terwedow Baugesellschaft mbH on Nov. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Terwedow Baugesellschaft mbH
         Alte Ziegelei 1 c
         42653 Solingen
         Germany

         Attn: Hans-Juergen Terwedow, Manager
         Heinestrasse 17
         42651 Solingen
         Germany


TIMEVISION GMBH: Claims Registration Period Ends Dec. 14
--------------------------------------------------------
Creditors of Timevision GmbH have until Dec. 14 to register
their claims with court-appointed insolvency manager Robert
Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 4, 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 Room A234
         Second Floor
         Isle 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:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen
         Germany
         Tel: 0212/2494200
         Fax: 0212/2494201

The District Court of Wuppertal opened bankruptcy proceedings
against Timevision GmbH on Nov. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Timevision GmbH
         Ketzberger Strasse 19a
         42653 Solingen
         Germany

         Attn: Hansjoerg Falk, Manager
         Ketzberger Strasse 19a
         42653 Solingen
         Germany


W.C.S. GMBH: Claims Registration Period Ends Dec. 28
----------------------------------------------------
Creditors of W.C.S. GmbH Werbemarketing-Consulting-Service have
until Dec. 28 to register their claims with court-appointed
insolvency manager Soenke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 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 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:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against W.C.S. GmbH Werbemarketing-Consulting-Service on Nov. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W.C.S. GmbH Werbemarketing-Consulting-Service
         Attn: Guenther Klauer, Manager
         Barlachstrasse 9
         21073 Hamburg
         Germany


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

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

         The District Court of Pirmasens
         Hall 235
         Second Floor
         Pirmasens
         Germany

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

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

The insolvency manager can be reached at:

         Heiko Dauenhauer
         Bahnhofstrasse 2
         66953 Pirmasens
         Germany
         Tel: 0 63 31-55 22 0
         Fax: 0 63 31-55 22 55

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

The Debtor can be reached at:

         WLG Logistik und Grundstucksverwaltungsgesellschaft mbH
         Gueterbahnhof
         66953 Pirmasens
         Germany


ZEITARBEIT GROSSMANN: Claims Registration Period Ends Dec. 21
-------------------------------------------------------------
Creditors of Zeitarbeit Grossmann GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Norbert Oberdiek.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report 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:

          Norbert Oberdiek
          Mathias-Iven-Strasse 10
          66117 Saarbruecken
          Germany
          Tel: 0681/954 120
          Fax: 0681/954 1222

The District Court of Saarbruecken opened bankruptcy proceedings
against Zeitarbeit Grossmann GmbH on Nov. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Zeitarbeit Grossmann GmbH
          Bruehlstr. 14
          66606 St Wendel
          Germany


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


ALITALIA SPA: PM Sees New Owner for 49.9% Stake by Dec. 25
----------------------------------------------------------
Italian Prime Minister Romano Prodi believes a buyer will be
chosen for the government's 49.9% stake in Alitalia S.p.A. by
Dec. 25, 2007, Flavia Krause-Jackson writes for Bloomberg News.

Transport Minister Alessandro Bianchi said on Nov. 26, 2007,
that Italy has no plans to postpone the stake sale to 2008,
Bloomberg News relates.

Three parties remain in contention for Italy's controlling stake
in Alitalia:

   -- Air France-KLM,
   -- Deutsche Lufthansa AG, 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.

Alitalia has extended to Dec. 5, 2007, the deadline for
submission of non-binding offers and may commence exclusive
negotiations with the chosen bidder 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.


DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved
----------------------------------------------------------
Dana Corporation and 40 of its domestic direct and indirect
debtor-subsidiaries ask the U.S. Bankruptcy Court for the
Southern District of New York to approve a settlement that
resolves their disputes with Appaloosa Management, L.P., which
had lost a bid to provide equity exit financing to the company.

Under the settlement, Dana agreed to reimburse up to
US$2,000,000 for out-of-pocket expenses Appaloosa Management
incurred in the Chapter 11 cases, in exchange for its support to
Dana's Joint Plan of Reorganization.

In October 2007, Dana's Board of Directors rejected Appaloosa's
offer to purchase preferred Dana shares that remain unsold in a
rights offering.  Dana's Reorganization Plan, as amended,
incorporates a Global Settlement which provides, among others,
(i) an equity financing of up US$790,000,000 by Centerbridge
Capital Partners, L.P., and members of an Ad Hoc Steering
Committee, and (ii) a settlement between Dana and its unions.
As part of of the Settlement, Appaloosa has agreed to withdraw
its appeal on a prior order by Judge Lifland approving the
Debtors' investment agreement with Centerbridge.

The Settlement Agreement will also permit Appaloosa to invest in
reorganized Dana.  Appaloosa will be permitted to acquire
unsecured claims prior to the November 28, 2007 record date
established by the Plan and the Investment Agreement for
determining parties entitled to purchase new Series B preferred
stock.

Dana said that its settlement agreement with Appaloosa, which
holds 14.98% of existing common stock of Dana, will resolve one
of the major potential obstacles remaining to confirmation of
the Plan, at minimal cost.

The Settlement has been negotiated with the Official Committee
of Unsecured Creditors.  Centerbridge has also consented to the
terms of the Settlement.

The primary terms of the Settlement Agreement are:

   -- Withdrawal of Appeal: Appaloosa will withdraw the
      Appellate Case with prejudice within two business days of
      the Settlement becoming effective.

   -- Waiver of Standstill: The Debtors will waive certain
      provisions of a Confidentiality Agreement between Dana and
      Appaloosa to lift contractual restrictions on Appaloosa
      from acquiring a beneficial ownership of claims or debt
      securities of Dana its subsidiaries.

   -- Expenses: The Creditors Committee will support, and the
      Debtors will take no position with respect to, a motion by
      Appaloosa under Section 503(b) of the Bankruptcy Code
      seeking reimbursement of US$2,000,000 of reasonable fees
      and expenses incurred in connection with the Debtors'
      Chapter 11 cases.

   -- Voting: The order approving the Settlement will provide
      that all of Appaloosa's claims against the Debtors now
      held or acquired prior to the deadline for voting on the
      Plan will be deemed to vote to accept the Plan and consent
      to the releases provided for therein.  Appaloosa will only
      transfer its claims to an entity that agrees to accept all
      of Appaloosa's obligations under the Settlement.

   -- Plan Support Agreement: Appaloosa will reaffirm its
      obligations under the Plan Support Agreement dated
      July 26, 2007, among Dana, the Unions, Centerbridge and
      certain of its affiliates and various holders of unsecured
      claims that agreed to support the Plan.  The Debtors and
      the Creditors Committee waive certain claims for breach of
      contract they may have versus Appaloosa under the Plan
      Support Agreement.

   -- Investment Agreement: Appaloosa will support the
      Investment Agreement between Dana and Centerbridge and
      will refrain from taking a number of enumerated actions
      that would serve to interfere with the Investment
      Agreement or the confirmation of the Plan.

Corinne Ball, Esq., at Jones Day, in New York, tells the Court,
the Settlement Agreement (a) surpasses "the lowest point in the
range of reasonableness," (b) represents a proper exercise of
the Debtors' business judgment and (c) should be approved
pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of
the Federal Rules of Bankruptcy Procedure.

                     About Dana Corporation

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2007, the Debtors listed   US$7,018,000,000 in total
assets and 7,554,000,000 in total debts resulting in a total
shareholders' deficit of US$536,000,000.

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Secures US$2 Billion Exit Financing
----------------------------------------------
Dana Corporation has obtained fully underwritten commitments for
a US$2,000,000,000 exit financing facility, marking a
significant step toward the company's timely emergence from
Chapter 11 reorganization.  These commitments ensure that Dana
will be positioned to emerge from bankruptcy by the end of
January 2008, or earlier.

The exit facility will be underwritten by Citigroup Global
Markets Inc., Lehman Brothers Inc., and Barclays Capital, and
will consist of a US$650,000,000 asset-based revolving credit
facility and a US$1,350,000,000 term loan facility.  The
facilities are secured by substantially all of the assets of
Dana and most of its domestic subsidiaries.

Dana Chairman and Chief Executive Officer Mike Burns said, "This
is a significant step toward our emergence as a strong,
financially stable company that is equipped to make significant
investments in our programs and to continue providing innovative
products of the highest quality to our customers worldwide.  The
fact that our exit facility is fully underwritten during
difficult credit market conditions is a strong endorsement of
our proposed capital structure and success in implementing our
turnaround initiatives.  In addition, it further ensures our
timely emergence from Chapter 11 after confirmation of our plan
of reorganization by the bankruptcy court."

Proceeds from the facility will be used by Dana to repay its
debtor-in-possession credit facility, make other payments
required upon exit from bankruptcy, and provide liquidity to
fund working capital and other general corporate purposes.

The commitment letter remains subject to bankruptcy court
approval and the funding of the commitments set forth in the
commitment letter is subject to customary closing conditions.

Dana was advised by Miller Buckfire & Co., AlixPartners, and
Jones Day in connection with its exit financing process.

                          About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


PARMALAT SPA: Allocated Shares to Creditors Hike Stock Capital
--------------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR77,640 to EUR1,652,118,077 from EUR1,652,040,437.

The share capital increase is due to the exercise of 77,042
warrants and to the assignation of 598 shares.

The latest status of the share allotment is that 34,186,761
shares representing approximately 2.1% of the share capital are
still in a deposit account c/o Parmalat S.p.A., of which:

    * 13,481,713 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,481,247 shares as at Oct. 26, 2007); and

    * 20,705,048 or 1.3% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged); and

      -- 20,585,048 or 1.2% of the share capital that pertain to
         currently undisclosed creditors (compared with
         21,361,710 shares as at Oct. 26, 2007).

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


TISCALI SPA: Unveils Strategic Plan for 2008-2012
-------------------------------------------------
The Board of Directors of Tiscali S.p.A. has approved its
strategic plan for 2008-2012.

              Industrial Plan 2008-2012: Guidelines

The guidelines at the basis of the industrial plan 2008-2012
foresee to strengthen the competitive positioning in Italy and
in the U.K. targeting, primarily in 2008, the acceleration of
the integration process of Pipex in the U.K. and a commercial
boost in Italy.

The product positioning will be maintained on the double play
offers (voice and data) with high capacity and at competitive
prices, with an offer also covering IPTV services, already
available in the UK and which are being launched in Italy and
mobile telephony services as well (through MVNO agreements).

The plan also envisages, particularly in the U.K. by leveraging
on the client base acquired with Pipex, to further develop a
positioning in the SMEs market, by offering a complete portfolio
of integrated IP services with a competitive market positioning.

From an infrastructure standpoint, the plan contemplates a
further expansion of the network to reach 1,800 unbundling (LLU)
sites in 2008 and 2,100 by 2009, covering approximately 30
million lines.

In particular, it is expected to reach 1,000 LLU sites in the
U.K. in 2008 (740 of which IPTV enabled) and 1,100 sites in 2009
(covering 17 million lines).  In Italy, thanks to a virtual
unbundling agreement reached with Telecom Italia, the IPTV offer
will be launched on 1,000 LLU sites already in 2008 (13 million
lines), rolling out the network in 2H2008 to reach directly 800
LLU sites by 2008 and 1,000 in 2009, where economically viable.

The capital expenditure necessary to acquire the forecast
customer base and to develop the network and the new services
(IPTV and MVNO etc), amounts, over the business plan horizon, to
ca EUR1 billion, of which EUR220 million in 2008.

In order to further simplify the Group structure and to achieve
a better operating efficiency, the Board of Directors has also
approved the merger of Tiscali Italia S.p.A. with Tiscali
Services - the company currently providing IT services to the
Group - and a new consolidation perimeter including all Italian
activities of the Group (Tiscali Italian SpA, Tiscali Services,
Tiscali Network, MVNO).

                             Targets

On the basis of the business plan approved the targets at
consolidated level and in Italy and United Kingdom are:

   -- 2008 revenues at EUR1.3 billion (+39% vs 2007) growing 17%
      per annum to reach over EUR2 billion in 2012.

      In particular:

       * Italy: EUR417 million revenues in 2008 and
         EUR850 million in 2012 (+21% per annum), 70% from
         direct access; and

       * United Kingdom: approximately EUR900 million of
         revenues in 2008 and approximately EUR1.2 billion
         revenues in 2012, +14% per annum with about 70% from
         direct access.

   -- Gross Operating Result at EUR290 million in 2008 (22% of
      revenues) and over EUR600 million in 2012 (30% of
      revenues), with a 30% growth per annum.

      In particular:

       * Italy: Gross Operating Result at EUR90 million in 2008
         (21% of revenues) and EUR250 million in 2012 (29% of
         revenues);

       * United Kingdom: Gross Operating Result at approximately
         EUR220 million in 2008 (24% of revenues) and
         EUR370 million in 2012 (30% of revenues)

   -- 3.3 million customers in 2008, of which 1.6 million direct
      customers and 1.1 million 'multiplay,' reaching over
      4 million customers in 2012 of which approximately 3
      million direct customers (2.1 million as 'multiplay'
      customers, of which 650,000 IPTV).

      In particular:

       * In Italy 1.2 million customers in 2008 of which 600,000
         direct customers and 400,000 multiplay customers,
         reaching 1.7 million customers in 2012, of which
         700,000 multiplay; and

       * In the U.K. 2.1 million customers in 2008, of which 1
         million direct and 700,000 'multiplay', reaching 2.6
         million broadband customers in 2012, of which 1.8
         million direct and 1.4 million 'multiplay'.

   -- Net profit and cash flow from 2008.  Within the plan time
      horizon, cumulated cash flow exceeding EUR850 million;

   -- Net debt at approximately EUR500 million in 2008 (assuming
      the execution of EUR150 million capital increase and its
      use for debt repayment), 1.7 times 2008 gross operating
      result; neutral financial position in 2012.

                        Background

Tiscali has fully achieved the goals of the industrial plan
announced to the market in October 2006.  The Group has in fact
completed its transition from an ISP to an integrated
telecommunication provider with an extensive network
infrastructure based on IP technology and is therefore in a
position to offer its customers the whole range of
telecommunication services.

In particular, from an operating standpoint the Group:

   -- has completed the refocusing of its activities in Italy
      and in the United Kingdom and the disposal of the Dutch
      and German operations;

   -- has completed the integration of Video Networks in the
      U.K., successfully launching the IPTV offer also to its
      customers, and has acquired in September 2007 the voice
      and broadband division of Pipex Communications plc;

   -- has developed a proprietary network of 1.300 full IP
      unbundling sites, covering over 21 million lines; and

   -- has launched both in Italy and in the U.K. multiplay
      product offers which have allowed to reach, in one year,
      over 500,000 customers with a growth of ARPU of over 60%
      and of voice revenues of over 80%.

It is expected that in 2007 the Group will report significant
results as compared to the previous financial year: 35% revenue
growth and 60% gross operating result growth.

From the financial viewpoint the Tiscali Group:

   -- has been granted a long-term credit line amounting to
      EUR650 million by Intesa San Paolo and JP Morgan,
      EUR600 million of which have been utilized for the
      acquisition of Pipex in the United Kingdom and to replace
      the bank debt of the Group;

   -- signed on Nov. 17, 2007, an agreement with
      Management&Capitali for the subscription of a bond
      convertible into Tiscali shares for the amount of
      EUR60 million which is expected to be issued within the
      current financial year;

   -- has approved a rights issue of up to EUR150 million which
      it is expected to be executed by the first months of 2008,
      to partially refinance the existing debt; and

   -- is expecting to further refinance the debt facility with a
      EUR400 million bond issuance in 2008, subject to market
      conditions.

The Group has structurally rebalanced its financial structure,
by increasing the maturity of its debt and has obtained the
necessary resources to fund the business plan.

                         About Tiscali

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

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


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


AGROSERVICE ILI: Creditors Must File Claims by Dec. 28
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Agroservice Ili insolvent on Sept. 6.

Creditors have until Dec. 28 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Kolbai
         Alakolsky District
         Almaty
         Kazakhstan
         Tel: 8 (72823) 74-11-28
              8 701 482 68-18


ARAL LLP: Creditors Must File Claims by Dec. 28
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aral insolvent on Aug. 1.

Creditors have until Dec. 28 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Kolbai
         Alakolsky District
         Almaty
         Kazakhstan
         Tel: 8 (72823) 74-11-28
              8 701 482 68-18


ATLANTA KAZINVEST: Claims Filing Period Ends Dec. 28
----------------------------------------------------
LLP Atlanta Kazinvest has declared insolvency.  Creditors have
until Dec. 28 to submit written proofs of claims to:

         LLP Atlanta Kazinvest
         Office 42
         Yanushkevich Str. 1
         Almaty District
         Astana
         Kazakhstan


ECO OIL: Creditors' Claims Due on Jan. 1
----------------------------------------
LLP Eco Oil Product has declared insolvency.  Creditors have
until Jan. 1 to submit written proofs of claims to:

         LLP Eco Oil Product
         Micro District 5, 71-30
         Janaozen
         Mangistau
         Kazakhstan


FOTO LIFE: Claims Registration Ends Dec. 28
-------------------------------------------
LLP Foto Life has declared insolvency.  Creditors have until
Dec. 28 to submit written proofs of claims to:

         LLP Foto Life
         Auezov Str. 138-16
         Almaty
         Kazakhstan


KAZAKHSTANSKY AKTAURNY: Creditors Must File Claims by Dec. 28
-------------------------------------------------------------
JSC Kazakhstansky Aktaurny Centre has declared insolvency.
Creditors have until Dec. 28 to submit written proofs of claims
to:

         JSC Kazakhstansky Aktaurny Centre
         Micro District Koktem-3, 21
         Almaty
         Kazakhstan


ZLAK INVEST: Claims Filing Period Ends Dec. 28
----------------------------------------------
LLP Zlak Invest Prom has declared insolvency.  Creditors have
until Dec. 28 to submit written proofs of claims to:

         LLP Zlak Invest Prom
         Room 405
         Urojainaya Str. 16
         Kostanai
         Kazakhstan


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


GIANT KING: Proof of Claim Deadline Slated for December 26
----------------------------------------------------------
LLC Giant King Group has declared insolvency.  Creditors have
until Dec. 26 to submit written proofs of claim to:

         LLC Giant King Group
         Shkolny Side Street 33
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-58-14


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


HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices
-------------------------------------------------------------
Hexion Specialty Chemicals, Inc. is increasing the prices of its
CARDURA(TM) glycidyl ester, ACE(TM) hydroxyl acrylate monomer,
VEOVA(TM) monomers and VERSATIC(TM) acids globally effective
Jan. 1, 2008, or as contract terms allow.

Prices of all VeoVa, Cardura, Versatic Acid and ACE grades will
increase by 150 Euro/mt or 200 USD/mt (equaling 9 cents per
pound).

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.

                       *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.


NEPTUNO CLO III: Moody's Rates Class E Sr. Sec. Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the Notes to be issued by Neptuno CLO III B.V., a special
purpose company established under the laws of the Netherlands.
The ratings are:

   -- (P)Aaa to the Class A-1 Senior Secured Floating Rate Notes
      due [2022]

   -- (P)Aaa to the Class A-2 Senior Secured Floating Rate Notes
      due [2022]

   -- (P)Aa2 to the Class B Senior Secured Floating Rate Notes
      due [2022]

   -- (P)A2 to the Class C Senior Secured Floating Rate Notes
      due [2022]

   -- (P)Baa3 to the Class D Senior Secured Floating Rate Notes
      due [2022]

   -- (P)Ba3 to the Class E Senior Secured Floating Rate Notes
      due [2022]

The ratings address the expected loss posed to investors by the
legal final maturity in [2022].

This transaction is a high yield collateralized loan obligation
related to portfolio comprised of Senior Secured Loans, Second
Lien Loans, Mezzanine Obligations, High Yield Bonds and
Structured Finance Securities.

The portfolio of debt obligations will be actively managed and
the investment managers will be able to buy or sell debt
obligations on behalf of the Issuer.  Any addition or removal of
debt obligations will be subject to a number of portfolio
criteria.  Caja de Ahorros de Piedad de Madrid will act as lead
investment manager for the transaction.  The lead investment
manager has been involved in the European leveraged loan market
since 2002.  EuroDekania Management Limited, will act as the
junior investment manager.


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


AFFILIATED COMPUTER: Board Authorizes US$1 Bln Share Repurchase
---------------------------------------------------------------
Affiliated Computer Services Inc.'s board of directors has
endorsed a proposed US$1 billion share repurchase program and
has authorized the company to purchase up to US$200 million of
the company's Class A Common Stock, effective immediately, under
the program.

ACS management and the board will continually evaluate the
timing of these share repurchases and will consider factors such
as the company's cash and debt levels, the condition of the debt
markets, alternative investment opportunities, and other
business trends.

Subject to its ongoing evaluation of these factors, the board
anticipates authorizing additional share repurchases under the
US$1 billion share program.  The company may purchase shares of
Class A common stock from time to time in the open market or in
privately negotiated transactions.

In 2006 the company repurchased 27.2 million shares of Class A
common stock at a cost of approximately US$1.46 billion.

Darwin Deason, chairman of the board of directors of the
company, filed a notification under the Hart-Scott-Rodino
Antitrust Improvements Act for the acquisition of up to an
additional one million shares of the company's Class A common
stock after expiration or termination of the waiting period
under the Act.

The company was notified that the waiting period under the Act
has been terminated and that it is permissible for Mr. Deason to
begin acquiring company shares.  Any purchases of company shares
by Mr. Deason, however, would be aggregated with shares
repurchased by the company for purposes of calculating daily
purchase volume limits applicable to the company and Mr. Deason.

Therefore, in order to ensure that the company is able to
execute the share repurchase program described above in the most
effective manner for the benefit of shareholders,
Mr. Deason has elected not to begin acquiring company shares at
this time.

               About Affiliated Computer Services

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

                        *     *     *

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


AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits
--------------------------------------------------------
Affiliated Computer Services, Inc. has announced that
Messrs. Robert B. Holland, III, J. Livingston Kosberg, Dennis
McCuistion, Joseph P. O'Neill, and Frank A. Rossi resigned from
the company's Board of Directors.

These former directors have agreed to dismiss their lawsuit,
without prejudice, seeking a declaratory judgment that they had
not breached their fiduciary duties in responding to the offer
by Chairperson of the Affiliated Computer Services Board of
Directors and Cerberus Capital Management, L.P., Darwin Deason,
to acquire the company.

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

                       *     *     *

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


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


AGROPRODUCT CJSC: Creditors Must File Claims by Dec. 17
-------------------------------------------------------
Creditors of CJSC Agroproduct have until Dec. 17 to submit
proofs of claim to:

         V. V. Bashirov
         Competitive Proceedings Manager
         Mira Str. 458B
         355000 Stavropol'
         Russia

The Arbitration Court of Stavropol' Krai commenced competitive
proceedings on the company on Sept. 13.  The case is docketed
under Case No. A63-18972/2006-C5.

The Debtor can be reached at:

         CJSC Agroproduct
         Trunovskij Raion
         Donskoye
         Stavropol' Krai
         Russia


ALATYRSKAYA AGRIPROMCHEMISTRY: Claims Filing Period Ends Dec. 17
----------------------------------------------------------------
Creditors of OJSC Alatyrskaya Agripromchemistry have until
Dec. 17 to submit proofs of claim to:

         I. N. Stepanov
         Office 218
         Moskovskaya Str. 127
         Alatyr'
         429820 Chuvashia
         Russia

The Arbitration Court of Chuvash commenced competitive
proceedings against the company after finding it insolvent on
Sept. 20.  The case is docketed under Case No. A79-6788/2007.

The Debtor can be reached at:

         OJSC Alatyrskaya Agripromchemistry
         40 Let Pobedy Str. 83
         Alatyr'
         249826 Chuvash
         Russia


BRYUHOVETSKOYE OJSC: Court Hearing Slated for March 24, 2008
------------------------------------------------------------
The Arbitration Court of Krasnodar krai will convene at
9:00 a.m. on March 24, 2008, to hear the bankruptcy supervision
procedure on OJSC Reclamation Enterprise Bryuhovetskoye.  The
case is docketed under Case No. A-32-16868/2007-38/444 B.

The interim manager is:

         A. N. Semenyak
         Zaporozhskaya Str. N97
         Staroderevyankovskaya St.
         353720 Kanevskoj Raion
         Russia

The Debtor can be reached at:

         OJSC Reclamation Enterprise Bryuhovetskoye
         Privikzal'naya Str. 2
         Bryuhovetskaya St.
         Bryuhovetskij Raion
         352750 Krasnodar krai
         Russia


LUCH OJSC: Creditors Must File Claims by Jan. 17, 2008
------------------------------------------------------
Creditors of OJSC Poultry Factory Luch have until Jan. 17, 2008,
to submit proofs of claim to:

         Zh. A. Salina
         Competitive proceedings manager
         Office 3
         Vol'skaya Str. 56
         410012 Saratov
         Russia

The Arbitration Court of Ulyanovsk declared the company
insolvent on Oct. 18.  The case is docketed under Case No.
A72-4793/06-21/46-B.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Poultry Factory Luch
         Bezymyannaya Str. 2
         Veshkaima Settlement
         433200 Ulyanovsk
         Russia


MONTAZHTECHSTROY: Creditors Must File Claims by Jan. 17, 2008
-------------------------------------------------------------
Creditors of CJSC MontazhTechStroy have until Jan. 17, 2008, to
submit proofs of claim to:

         V. Yu. Galiev
         Competitive proceedings manager
         Office 1
         Pr. October Str. 132/1
         Ufa
         450098 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced one-year
competitive proceedings on the company on Oct. 31.  The case is
docketed under Case No. A07-7649/07-3-CB8.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         CJSC MontazhTechStroy
         Gagarina Str. 15/1
         Ufa
         Bashkortostan
         Russia


POBEDA: Schedules Asset Auction for Dec. 18
-------------------------------------------
L. Ya. Akhtyamova, the competitive proceedings manager of
Agricultural & Production Cooperative POBEDA, will open a public
auction for the company's properties at noon on Dec. 18 at:

         L. Ya. Akhtyamova
         Shossejnaya Str. 13
         Baitally
         Kushnarenkovskij Raion
         Bashkortostan
         Russia

The company has set a RUR7,903,000 starting price for the
auctioned assets. Deposit required is 20% of the starting price.

Interested participants have until 5:00 p.m. on Dec. 12 to
submit their bidding documents to the competitive proceedings
manager.

Information related to the auction can be obtained by calling,
Tel: (34780) 56-1-74.


ROSNEFT OIL: Wants to Cover 30% of Own Power by 2020
----------------------------------------------------
OAO Rosneft Oil Co. plans to supply 30% of its own power by
2020, Interfax News reports citing company president Sergei
Bogdanchikov.

"We are currently preparing a concept for the development of
energy at our company," Mr. Bogdanchikov said.  "This is
dictated by the fact that we already have certain energy
facilities."

The company plans to build a 315 MW gas turbine power plant at
the Priobskoye field in Khanty Mansiisk Autonomous District,
which would improve the reliability of electricity supplies,
Mr. Bogdanchikov told Interfax News.

The power plant would also enable Rosneft to hike
Yuganskneftegaz's production capacity and improve the efficiency
of associated gas use, utilizing about 533.4 million cubic
meters per year, Mr. Bogdanchikov added.

The company president added that Rosneft is determining the
possible role that newly acquired units Tomskenerog (26.26%) and
Kubanenergo (25.88%) would play in its strategic plan.

                          About Rosneft

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

                          *     *     *

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


TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform
------------------------------------------------------------
Tata Motors Ltd has rolled out the one millionth passenger car
off the Indica platform at its Car Plant in Pune, in its ninth
year since the commencement of production in January 1999, the
company said in a press release.  While it achieved the
100,000th car in March 2001, and the 500,000th car in February,
2005, the progression from the 900,000th car to the millionth
car was achieved in just seven months.

Starting with the Indica, the company launched the Indigo in
2002, the Indigo Marina in 2004, and the Indigo XL in 2007. The
plant started with a capacity of 150,000 p.a., which was
subsequently expanded to 225,000 p.a. in 2006.

Speaking at the ceremony, Mr. Tata said, "I am very pleased that
the company has rolled out the one millionth car off the Indica
platform -- something that was considered inconceivable by the
project's critics during the investment and the initial
gestation period.  The team of people involved with the journey
to this milestone should feel satisfied today of having created
a robust car business for the company."

The Indica, the Indigo and the Indigo Marina, apart from being
successful brands in the domestic market, have made a mark in
several overseas markets in Asia, Europe, Africa, Middle East
and South America.

As part of the celebration of the one-millionth milestone, Tata
Motors has planned several activities involving key stakeholders
in recognition of their contribution towards the achievement of
the milestone.  Free service check-ups, free service camps,
discounts on accessories and value added services for existing
customers and a contest for free upgrades for lucky customers
are coupled with special retail offers for new customers.  In
addition, special retail offers and finance schemes for
employees of vendors, financiers, dealerships and Tata Motors
are also planned.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


VERHNESALDINSKIJ GORODSKOJ: Claims Filing Ends Jan. 17, 2008
------------------------------------------------------------
Creditors of Verhnesaldinskij Gorodskoj Milk Plant State Unitary
Enterprise have until Jan. 17, 2008, to submit their proofs of
claim to:

         M. K. Snarskij
         Competitive proceedings manager
         Komsomol'skaya Str. 161/3-9
         Ufa
         450096 Bashkortostan
         Russia

The Arbitration Court of Sverdlovsk commenced competitive
proceedings on the company on Oct. 9.  The case is docketed
under Case No. A60-4938/2007-C11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         Verhnesaldinskij Gorodskoj Milk Plant State Unitary
         Enterprise
         Metallurgov Str. 65
         Verhnyaya Sal'da
         624760 Sverdlovsk
         Russia


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


FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes
-------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to five
series of Bonos de Titulizacion de Activos issued by Foncaixa
FTGENCAT 5 Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Gesticaixa,
S.G.F.T, S.A.

   -- Aaa to the EUR513.1 million Series A(S) notes;
   -- Aaa to the EUR449.4 million Series A(G) notes;
   -- Aa3 to the EUR21.0 million Series B notes;
   -- Baa3 to the EUR16.5 million Series C notes; and
   -- C to the EUR26.5 million Series D notes.

Foncaixa FTGENCAT 5, FTA is a securitization fund created with
the aim of purchasing a pool of loans granted by La Caixa to
Catalan small and medium-sized enterprises, in compliance with
the conditions required by the FTGENCAT program in order to
qualify for the guarantee provided by the regional government
(Generalitat) of Catalonia.

The ratings of the notes are based upon the analysis of the
characteristics of the SME pool backing the notes, the
protection the notes receive from credit enhancement against
defaults and arrears in the SME pool, the legal and structural
integrity of the issue and the credit quality of the parties
involved in the transaction.

The definite ratings address the expected loss posed to
investors by the legal final maturity (April 1, 2053).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par on or before
the rated final legal maturity date on Series A/B/C, and for
ultimate payment of interest and principal at par on or before
the rated final legal maturity date on Series D.  The ratings do
not address full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

As of October 2007, the initial provisional portfolio comprised
27,757 loans and 23,945 debtors.  The loans have been originated
by La Caixa in its normal course of business. The loans have
been originated between 1989 and 2007, with a weighted average
seasoning of 1.77 years and a weighted average remaining term of
15.45 years.  The longest loan matures in April 2047. Around
70.69% of the pool is secured by a mortgage guarantee over
different types of properties. The remaining 29.31% is secured
by a personal guarantee. Geographically the pool is concentrated
in Catalonia (100%).  Around 22% of the portfolio is
concentrated in the "buildings and real estate" sector according
to Moody's industry classification.

Strong features within this deal include:

   (1) a strong swap agreement guaranteeing an excess spread of
       0.50%;

   (2) a 2.65% reserve fund to cover potential shortfalls in
       interest or principal;

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

   (4) the guarantee of the Generalitat of Catalonia (Aa2) as
       concerns the Series A(G) notes; and

   (5) the fact that 70.69% of the pool is backed by first-lien
       mortgage guarantees.

Weaker features include:

   (1) the 2.5-year revolving period, which is mitigated by
       strict eligibility criteria that any additional loan must
       comply with, and early amortization triggers;

   (2) the pro-rata amortization of the notes subject to certain
       triggers;

   (3) the 100% geographical concentration in the region of
       Catalonia; and

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

These increased risks were reflected in the credit enhancement
calculation.


* Moody's Says Amended Mortgage Law Will Benefit Spanish Holders
----------------------------------------------------------------
Moody's Investors Service said approved amendments to Spain's
Mortgage Market Law, which are due to come into force shortly,
will strengthen and clarify the credit position of holders of
Spanish Mortgage Covered Bonds (known as 'Cedulas Hipotecarias',
or CHs) as well as the timely payment of these instruments
following an Issuer insolvency.

On Nov. 22, 2007, the Spanish Parliament passed amendments to
the current Spanish Mortgage Market Law (Law 2/1981, of
March 25).  "The revised mortgage law, which aligns the Spanish
covered bond legal framework with other European jurisdictions
that have such laws in place, will, when it comes into effect in
the near future support the rating stability of the CHs,"
explains Jose de Leon, a Moody's Vice-President/Senior Credit
Officer.

More specifically, the amended law supports the creditworthiness
of the CHs in a number of areas.  Firstly, it will improve the
over-collateralization of the CHs by limiting CH issuance to 80%
(vs. 90% currently) of the bank's eligible mortgages.

"Significantly, the law does not change one of the key strengths
of the framework, i.e. that the whole pool of (non-securitized)
mortgages supports the CHs in the event of Issuer insolvency.
This is in contrast to other European jurisdictions where
covered bonds are backed by an earmarked portfolio," Mr. de Leon
notes.

Secondly, the amended law will improve the asset eligibility
criteria in a number of respects, including lowering the loan-
to-value ratio for eligible non-residential mortgages to 60%
from 70%, extending the geographical scope to European Union
properties, permitting substitute assets up to 5% of the
outstanding CHs and allowing financial derivatives to form part
of the Cover Pool.

It will also enhance the timely payment of the CHs following
Issuer default and will oblige the Issuer to maintain an
internal Cover Register identifying eligible and non-eligible
assets, thus improving transparency, Moody's explains in the
report, entitled "Spanish Mortgage Market Law Amendments to
Strengthen Position of Covered Bond Holders".

"The amended law will also remove an administrative requirement
that has to date impeded the issuance of another type of Spanish
covered bond: the 'Bonos Hipotecarios'," Mr de Leon adds.

Moody's currently rates 15 mortgage Covered Bonds in Spain,
corresponding to 11 to single issuers and four Spanish funds
that pool CHs of multiple issuers.

It should be noted that Moody's covered bond ratings address the
expected loss posed to investors.  They address only the credit
risks associated with the transaction.  Other non-credit risks
are not addressed, but may have a significant effect on yield to
investors.


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


BORER INFORMATIK: Basel-Country Court Starts Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Laufen in Basel-Country commenced
bankruptcy proceedings against JSC Borer Informatik on Oct. 9.

The Bankruptcy Service of Laufen can be reached at:

         Bankruptcy Service of Laufen
         4242 Laufen BL
         Switzerland

The Debtor can be reached at:

         JSC Borer Informatik
         Baselstrasse 71
         4203 Grellingen
         Laufen BL
         Switzerland


COSITRON JSC: Claims Registration Period Ends December 4
--------------------------------------------------------
The Bankruptcy Service of Lucerne commenced bankruptcy
proceedings against JSC Cositron on Aug. 2.

Creditors have until Dec. 4 to file their written proofs of
claim to:

         The Bankruptcy Service of Lucerne
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         JSC COSITRON
         Obergrundstrasse 72
         6003 Lucerne
         Switzerland


FILOSI VOUILLAMOZ: Creditors Must File Claims by December 5
-----------------------------------------------------------
Creditors of LLC Filosi Vouillamoz Architekten have until Dec. 5
to submit their claims to:

         Markus Haller
         BDO Visura
         Entfelderstrasse 1
         5001 Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Filosi Vouillamoz Architekten
         Aarau AG
         Switzerland


GREUTER JSC: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Uster in Zurich entered Oct. 17 an
order closing the bankruptcy proceedings of JSC Greuter.

The Bankruptcy Service of Uster can be reached at:

         Bankruptcy Service of Uster
         8610 Uster 1 ZH
         Switzerland

The Debtor can be reached at:

         JSC Greuter
         8132 Egg ZH
         Switzerland


GRAVAS COMMERCIAL: Creditors' Liquidation Claims Due by Dec. 5
--------------------------------------------------------------
Creditors of JSC Gravas Commercial have until Dec. 5 to submit
their claims to:

         Adolf Bucher
         Liquidator
         Seestrasse 91
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Gravas Commercial
         Hergiswil NW
         Switzerland


KALENDER-VERLAG: Solothurn Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Oesingen in Solothurn commenced
bankruptcy proceedings against LLC Kalender-Verlag Hurlimann on
Sept. 12.

The Bankruptcy Service of Oesingen can be reached at:

         Cantonal Bankruptcy Service
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC Kalender-Verlag Hurlimann
         Danzmatt 6
         4612 Wangen bei Olten
         Olten SO
         Switzerland


L-CON LLC: Zurich Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Wetzikon in Zurich entered Oct. 18 an
order closing the bankruptcy proceedings of LLC L-CON.

The Bankruptcy Service of Wetzikon can be reached at:

         Bankruptcy Service of Wetzikon
         8622 Wetzikon ZH
         Switzerland

The Debtor can be reached at:

         LLC L-CON
         8340 Hinwil ZH
         Switzerland


LEISURE WEAR: Creditors' Liquidation Claims Due by December 5
-------------------------------------------------------------
Creditors of JSC Leisure Wear & Accessories have until Dec. 5 to
submit their claims to:

         Leonhard Toenz
         Liquidator
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Leisure Wear & Accessories
         Kusnacht ZH
         Switzerland


LUECHTER & SCHWARTZ: Creditors Must File Claims by December 5
-------------------------------------------------------------
Creditors of JSC Luechter & Schwartz Lex have until Dec. 5 to
submit their claims to:

         Adolf Bucher
         Liquidator
         Seestrasse 91
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Luechter & Schwartz Lex
         Hergiswil NW
         Switzerland


OSTERTAG HAUSAMANN: Creditors Must File Claims by December 5
------------------------------------------------------------
Creditors of JSC Ostertag Hausamann Faes have until Dec. 5 to
submit their claims to:

         Christian Hausamann
         Liquidator
         Seestrasse 218
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Ostertag Hausamann Faes
         Zurich
         Switzerland


PC-TREND LLC: Claims Registration Period Ends December 3
--------------------------------------------------------
The Bankruptcy Service of Wulflingen-Winterthur in Zurich
commenced bankruptcy proceedings against LLC PC-Trend on
Oct. 15.

Creditors have until Dec. 3 to file their written proofs of
claim to:

         Bankruptcy Service of Wulflingen-Winterthur
         8400 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC PC-Trend
         Zurcherstrasse 108
         8406 Winterthur ZH
         Switzerland


PROCONTAS LLLC: Creditors' Liquidation Claims Due by December 3
---------------------------------------------------------------
Creditors of LLC PROCONTAS have until Dec. 3 to submit their
claims to:

         Imsand Christoph
         Liquidator
         JSC Treuhand Marugg + Imsand
         Gliserallee 1
         3902 Brig-Glis
         Switzerland

The Debtor can be reached at:

         LLC PROCONTAS
         Sierre
         Switzerland


SANWAY JSC: Claims Registration Period Ends December 2
------------------------------------------------------
The Bankruptcy Service of Solothurn commenced bankruptcy
proceedings against JSC SanWay on May 11.

Creditors have until Dec. 2 to file their written proofs of
claim to:

         Cantonal Bankruptcy Service
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         JSC SanWay
         Thalrichstrasse 4
         4622 Egerkingen
         Gau SO
         Switzerland


TRADEX SWISS AG: Chapter 15 Petition Summary
--------------------------------------------
Petitioner: Peter Lutz
            Romeo Da Rugna
            Norma Ceriani
            c/o Evan Fray-Witzer, Esq.
            20 Park Plaza, Suite 804
            Boston, Ma 02116
            Tel: (617) 723-5630

Debtor:     Tradex Swiss A.G.
            c/o Wuersch & Gering, L.L.P.
            100 Wall Street, 21st Floor
            New York, NY 02116
            Tel: (212) 509-5050
            aka Tradex Handel & Beratungs A.G.
            aka Tradex Group, L.L.C.
            aka F.X. Play
            aka F.X. Nation

Case No.:   07-17518

Type of Business: The Debtor is a Boston, Massachusetts-based
                  foreign exchange trading shop whose registered
                  office is in Firststrasse 15, 8835 Feusisberg,
                  Zurich, Switzerland.
                  See http://www.tradexfx.com/

                  On Nov. 1, 2007, the Swiss Federal Banking
                  Commission decreed that the unauthorized
                  acceptance of investment funds from the public
                  on a professional basis, the advertising of
                  such acceptance to the public and the
                  unofficial and unauthorized use of the term
                  "bank" by the Debtor and also by Swiss Garant
                  A.G. was all established to be in violation of
                  the Federal Law on Banks and Savings Banks.
                  The Commission also decreed that bankruptcy
                  proceedings be instituted against the Debtor
                  and Swiss Garant on Nov. 2, 2007.

Chapter 15 Petition Date: November 26, 2007

Court: District of Massachusetts (Boston)

Petitioner's Counsel: Evan Fray-Witzer, Esq.
                      20 Park Plaza, Suite 804
                      Boston, Ma 02116
                      Tel: (617) 723-5630

Estimated Assets: US$1 Million to US$100 Million

Estimated Debts:  US$1 Million to US$100 Million


TRANIC LTD: Creditors' Liquidation Claims Due by December 3
-----------------------------------------------------------
Creditors of Tranic Ltd have until Dec. 3 to submit their claims
to:

         Obmoos 4
         6301 Zug
         Switzerland

The Debtor can be reached at:

         Tranic Ltd
         Zug
         Switzerland


VESPASIAN BERATUNGEN: Creditors Must File Claims by December 5
--------------------------------------------------------------
Creditors of JSC Vespasian Beratungen have until Dec. 5 to
submit their claims to:

         Max Auer
         Liquidator
         Bahnhofstr. 32a
         8360 Eschlikon
         Munchwilen TG
         Switzerland

The Debtor can be reached at:

         JSC Vespasian Beratungen
         Winterthur ZH
         Switzerland


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


SINAI KALKINMA: Fitch Affirms Low-B Ratings with Stable outlook
---------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Sinai Bankasi's ratings:

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

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

TSKB's Long-term local currency IDR reflects support it could
expect to receive from its majority shareholder, Turkiye Is
Bankasi AS (Isbank; Long-term foreign currency IDR 'BB'/Outlook
Stable; Long-term local currency IDR 'BB+'/Outlook Stable) in
case of need.

TSKB's Individual rating reflects its improved asset quality,
good profitability, strong capitalization and niche position as
the largest development and investment bank in Turkey.  These
factors are balanced by improving but limited diversification in
earnings and the vulnerability of the earnings to the market
volatilities and operating environment.

Despite weak net interest income in 2006, mainly due to lower
interest income from securities, profitability remained good in
2006 and third quarter of 2007, with a greater contribution of
net fees and commissions and better efficiency.  The interest
income from securities is still a dominant income source for
TSKB, making up 52% of total interest revenue.

Operating ROAE was still a healthy 20.5% in third quarter of
2007, indicating strong core profitability.  TSKB's asset
quality is very good and the improvement continued in third
quarter of 2007, with NPLs decreasing to 1.19% of loans, mainly
through collections (2006: 1.34%), and comfortably covered at
147% with specific and general reserves.

TSKB's funding structure rested on its medium- and long-term
borrowing from a diversified range of international and domestic
sources, most of which are guaranteed by the Turkish Treasury.
Despite the operational risk charges in first half of 2007,
capital adequacy still stands at a healthy 23.2% at third
quarter of 2007.

TSKB is the largest privately owned non-deposit taking
development and investment bank in Turkey.  Its core business
lines are development, corporate and investment banking.


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


ASTRA-STYLE LLC: Creditors Must File Claims by November 30
----------------------------------------------------------
Creditors of LLC Astra-Style (code EDRPOU 20352385) have until
Nov. 30 to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/203B.

The Debtor can be reached at:

         LLC Astra-Style
         Shevchenko Str. 26
         83017 Donetsk
         Ukraine


DOVIRA LLC: Creditors Must File Claims by November 30
-----------------------------------------------------
Creditors of Agricultural LLC Dovira (code EDRPOU 03745953) have
until Nov. 30 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. 4/27-b.

The Debtor can be reached at:

         Agricultural LLC Dovira
         Lenin Str. 89
         Miropol
         Romanovsky District
         13033 Zhytomir Ukraine


EDELWEISS LLC: Creditors Must File Claims by November 30
--------------------------------------------------------
Creditors of LLC Agricultural Industrial Firm Edelweiss have
until Nov. 30 to submit written proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 21/81b.

The Debtor can be reached at:

         LLC Agricultural Industrial Firm Edelweiss
         Bielovodsky District
         Litvinovka
         Ukraine
         Lugansk
         Ukraine


KOLOMIYA AGRICULTURAL: Creditors Must File Claims by November 30
----------------------------------------------------------------
Creditors of OJSC Kolomiya Agricultural Machinery (code EDRPOU
20568731) have until Nov. 30 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
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/185.

The Debtor can be reached at:

         OJSC Kolomiya Agricultural Machinery
         Kolomiya
         Secheviye Streltsy Str. 121
         78200 Ivano-Frankovsk
         Ukraine


OBERIG: Proofs of Claim Filing Ends November 30
-----------------------------------------------
Creditors of State Agricultural Enterprise Oberig (code EDRPOU
00487551) have until Nov. 30 to submit written proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B-24/158-07.

The Debtor can be reached at:

         State Agricultural Enterprise Oberig
         Shevchenko Square 1
         Merefa
         62472 Kharkov
         Ukraine


PORT LAND: Creditors Must File Claims by November 30
----------------------------------------------------
Creditors of LLC Port Land (code EDRPOU 31840074) have until
Nov. 30 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/463-b.

The Debtor can be reached at:

         LLC Port Land
         Grushevsky Str. 28/2-A
         01024 Kiev
         Ukraine


PRIMEKS PROFI: Creditors Must File Claims by November 30
--------------------------------------------------------
Creditors of LLC Primeks Profi (code EDRPOU 32488942) have until
Nov. 30 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/464-b.

The Debtor can be reached at:

         LLC Primeks Profi
         Trud Boulevard 2/27
         02094 Kiev
         Ukraine


STAROBILSK PROVISIONS: Proofs of Claim Filing Ends November 30
--------------------------------------------------------------
Creditors of LLC Starobilsk Provisions Plant (code EDRPOU
00377360) have until Nov. 30 to submit written proofs of claim
to:

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

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
22/636b.

The Debtor can be reached at:

         LLC Starobilsk Provisions Plant
         Lugovaya Str. 1
         Starobilsk
         Lugansk
         Ukraine


TSENTURION LLC: Creditors Must File Claims by November 30
---------------------------------------------------------
Creditors of LLC Trading Union Tsenturion (code EDRPOU 34731102)
have until Nov. 30 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B11/333-07.

The Debtor can be reached at:

         LLC Trading Union Tsenturion
         Yanvarskogo proryva Str. 45
         Belaya Tserkov
         Kiev
         Ukraine


V. M. G. LLC: Creditors Must File Claims by November 30
-------------------------------------------------------
Creditors of LLC V. M. G. have until Nov. 30 to submit written
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B11/334-07.

The Debtor can be reached at:

         LLC V. M. G.
         Shevchenko Str. 9
         Belaya Tserkov
         Kiev
         Ukraine


ZOLOTOY KOLOS: Proofs of Claim Filing Ends November 30
------------------------------------------------------
Creditors of OJSC Zolotoy Kolos (code EDRPOU 00374640) have
until Nov. 30 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/292-07-7708.

The Debtor can be reached at:

         OJSC Zolotoy Kolos
         Dalnitskaya Str. 50
         Odessa
         Ukraine


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


BEE FLY: Appoints Joint Administrators from BDO Stoy
----------------------------------------------------
Kim Rayment and Beverley Jayne Marsh of BDO Stoy Hayward LLP
were appointed joint administrators of Bee Fly Ltd. (Company
Number 04122834) on Nov. 16.

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:

         Bee Fly Ltd.
         The Barn
         Seagrave Road
         Thrussington
         Leicester
         LE7 4TR
         England
         Tel: 01664 424 200
         Fax: 01664 424 777


BUSINESS MORTGAGE: Moody's Rates EUR12.37 Mln Notes at Ba1
----------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the CMBS issuance of Business Mortgage Finance 7 Plc:

   -- Aaa to the GBP187,500,000 Class A1 Mortgage Backed
      Floating Rate Notes due 2041;

   -- Aaa to the Detachable Class A1 Coupons due 2041;

   -- A2 to the GBP38,650,000 Class M1 Mortgage Backed Floating
      Rate Notes due 2041;

   -- A2 to the EUR5,000,000 Class M2 Mortgage Backed Floating
      Rate Notes due 2041;

   -- Ba1 to the EUR12,375,000 Class B1 Mortgage Backed Floating
      Rate Notes due 2041; and

   -- Aaa to the Mortgage Early Redemption Certificates due
      2041.

Moody's assigned provisional ratings to this transaction on
Oct. 29, 2007.  Moody's has not assigned a rating to the Class C
Notes (3.15 per cent of issuance).

The total debt raised by Business Mortgage Finance 7 Plc,
approximately GBP250 million, will be used to purchase a
portfolio of non-conforming UK commercial mortgage loans from
Commercial First Mortgages Ltd, and will be split as:

   -- 75.0 percent Class A1 Notes;
   -- 16.9 percent Class M1 and Class M2 Notes;
   -- 4.95 percent Class B2 Notes; and
   -- 3.15 percent Class C Notes.

Moody's has withdrawn its provisional (P)Aaa ratings for the
Class A2 Notes, the Class A3 Notes, the Detachable Class A2 and
A3 Coupons, the provisional (P)A2 rating for the Class M3 Notes,
and the provisional (P)Ba1 rating for the Class B2 and Class B3
Notes.

The total amount of Notes issued and loans purchased by the
Issuer is smaller than initially anticipated by Moody's when
assigning provisional ratings to the Notes.  Moody's has
reassessed the risk for each class of Notes before assigning
definitive ratings, also taking into account the changed
Detachable Class A1 Coupon size and the actual Note coupons.

The ratings on the Notes are based upon:

   (i) Moody's assessment of the real estate quality and
       characteristics of the underlying property portfolio, its
       loan-to-value and current debt service coverage;

  (ii) a loan-by-loan analysis of the mortgage pool backing the
       Notes;

(iii) the availability of a committed liquidity facility
       provided by Deutsche Bank AG, London Branch (Aa1, P-1),
       initially sized at 10 per cent of the outstanding notes
       to cover shortfalls in payments of interest on the Notes
       and certain senior expenses;

  (iv) the sequential pay structure, switching to pro-rata
       subject to strict trigger conditions ;

   (v) Issuer-level currency, basis and interest rate hedging
       contracts to be provided by Barclays Bank PLC (Aa1, P-1);

  (vi) an opening reserve amount of GBP9.875 million and,
       subject to sufficient excess spread, rising to a target
       balance of approximately GBP11.625 million after closing;
       and

(vii) the legal and structural characteristics of the issue.

The pool as at the Cut-Off Date of Oct. 30, 2007 contains 1,170
commercial mortgages secured by first and second ranking legal
mortgages on 1,225 mixed use properties.  The properties are all
located in England, Scotland, Wales and Northern Ireland with
the largest proportion of 25.47 per cent being in the South
East.  Although Moody's has reflected in its analysis the
portfolio's small size and lack of granularity compared to
residential mortgage pools, the portfolio is somewhat
diversified geographically and by property type.

The ratings of the Class A, Class M and Class B Notes address
the expected loss posed to investors by the legal final
maturity.  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal at par on
or before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction,
other non-credit risks have not been addressed, but may have
significant effect on yield to investors.

The Detachable Class A1 Coupons do not receive any payments of
principal, and earn interest at a certain rate (1.25 per cent)
calculated on the outstanding balance of the Class A Notes.  The
ratings of the DACs address the Issuer's ability to make the
promised payment of interest.  However, they do not address the
size of balance used to calculate the amount due.

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


BRITISH AIRWAYS: Consortium Withdraws Iberia Bidding Interest
-------------------------------------------------------------
The British Airways plc and TPG consortium have confirmed they
have formally withdrawn their interest in bidding for Iberia
Lineas Aereas de Espana SA.

The consortium said, in a letter to the Iberia board:  "As a
consequence of the recent decision taken by Iberia's core
shareholders, the consortium formed by British Airways,
Ibersuizas, Quercus, TPG and Vista Capital, has come to the
conclusion that it is not possible to pursue a potential
takeover bid since the consensus and friendly terms that we
considered essential for this Project are no longer in place.
We have thus decided unanimously to withdraw our indication of
interest for the Company."

                       Pre-emption Rights

On Nov. 26, 2007, BA has confirmed that it will not exercise its
pre-emption rights to acquire any of the Iberia Lineas Aereas de
Espana SA shares being sold by BBVA and Logista.

"British Airways' position as Iberia's key industrial partner
remains important and is not dependent on an increase in
shareholding.  We will enter into discussions with Caja Madrid
in order to maximize the value of our relationship with Iberia,"
Keith Williams, chief financial officer of BA, said.

The announcement came after two of the core shareholders -- BBVA
and Logista -- said they wanted to sell their shares to Caja
Madrid.  Under a pre-emption agreement signed in 1999, if any of
the core shareholders in Iberia wants to sell their shares, the
remaining core shareholders have the right to purchase.

There are five core shareholders in Iberia.  BA has 9.95%, Caja
Madrid 9.9%, BBVA 7.3%, Logista 6.7% and El Corte Ingles 2.9%.

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

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

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

                        *     *     *

British Airways' senior unsecured debt carries Moody's Investors'
Service's Ba1 rating since Aug. 14, 2007, with a stable outlook.  The
rating still applies to date.


CABLE & WIRELESS: Former Chair Criticizes Executive Payoff
----------------------------------------------------------
Lord Young of Graffham, former chairman of Cable & Wireless plc,
has criticized the board of the telecoms group after hearing
that ousted international head Harris Jones was getting more
than GBP5 million in compensation, the Daily Telegraph reports.

As disclosed by C&W, Mr. Jones is to step down as chief
executive of International and as a director, and leave the
business towards the end of 2007 once handover is complete.

Mr. Jones will receive his contractual entitlement on leaving,
including GBP4.3 million for his pro-rated share in the Long
Term Incentive Plan having delivered value creation on behalf of
shareholders from International of over GBP1 billion since he
joined in November 2004, of which three quarters of a billion
has been created since the commencement of the LTIP on April 1,
2006.

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

"I just can't understand that incredible amount of
remuneration," Lord Young was quoted by the Daily Telegraph as
saying.  "What is bizarre to me is those in the scheme itself,
and the chairman Richard Lapthorne, are somehow saying they have
to be remunerated as if they are running a private equity
operation, but they are not risking a penny.  It's 'head we win,
tails we don't lose'."

Lord Young, who left the company in 1995 after a boardroom bust-
up, told the Daily Telegraph he took issue with the entire C&W
pay scheme, not just Mr. Jones's entitlement.

As previously reported in the TCR-Europe on Nov. 23, 2007, C&W
is facing yet another dispute with shareholders and unions over
excessive executive rewards after a management shake-up.

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

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

The telecoms group, however, maintained that its long term
incentive plan was "working very well," the Press Association
relates.


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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CABLE & WIRELESS: Launching Disabling Service for Stolen Phones
---------------------------------------------------------------
Cable & Wireless' Jamaican unit will launch by Dec. 7, 2007, a
new service that will blacklist and shut down stolen cellular
phones, The Jamaica Observer reports.

The Jamaica Information Service relates that the Jamaican
government had asked Cable & Wireless, Digicel, and Miphone to
make efforts to protect subscribers.

Jamaican energy, mining and telecommunications minister Clive
Mullings told The Observer that due to concerns raised about the
"alarming rate of cellular phones being stolen and the threat of
violence to the owners," he launched discussions with mobile
companies Cable & Wireless, Digicel, and Miphone about launching
a system of closing down and blacklisting stolen phones to make
those phones useless in the hands of thieves or their
beneficiaries.

According to The Observer, Jamaican education minister Andrew
Holness suggested the service two years ago.

Minister Mullings told The Observer that Cable & Wireless,
Digicel, and Miphone responded positively to proposals.  Cable &
Wireless sent a letter to him on Nov. 9, advising him that the
firm would be ready to implement blacklisting and shutting down
of their stolen mobile phones by Dec. 1.

Digicel and MiPhone also expressed their willingness to launch
the same service but they hadn't given a start-up date, The
Jamaica Gleaner notes, citing Minister Mullings.

Minister Mullings commented to The Observer, "We are a people
who like to be 'on top of things', and we will continue to
acquire the latest in phone and telecommunication technology to
keep us in touch.  The government, therefore, had to find a way
to allow individuals to continue to avail themselves of the use
of mobile phones, while reducing the danger posed by dishonest
and anti-social persons."

Minister Mullings told the Jamaica Information Service, "If the
government did not move quickly to address the problem, we would
continue to see an increase in the number of incidents in which
our citizens, including school children, are attacked for their
phones."

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CHLOE TRADING: Calls In Liquidators from Wilkins Kennedy
--------------------------------------------------------
Keith Aleric Stevens and John Arthur Kirkpatrick of Wilkins
Kennedy were appointed joint liquidators of Chloe Trading Co.
Ltd. on Nov. 14 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Wilkins Kennedy
         Gladstone House
         77-79 High Street
         Egham
         TW20 9HY
         England


COLUMBIA FINISHING: Brings In Liquidators from Mazars
-----------------------------------------------------
Lee Michael De'ath and Roderick John Weston of Mazars LLP were
appointed joint liquidators of Columbia Finishing Ltd. on Nov.
16 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         24 Bevis Marks
         London
         EC3A 7NR
         England


DIRECT LEISURE: Names Neil Francis Hickling Liquidator
------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of Direct Leisure Marketing (U.K.) Ltd. on Nov. 15
for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


DIVERSITY FUNDING 1: S&P Assigns B Prelim Ratings to F Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the variable reference rate notes to be issued
by Diversity Funding No. 1 Ltd., a limited company registered in
Jersey.

The GBP1.145 billion issuance amount will be used to purchase a
portfolio of GBP1.133 billion of commercial mortgage loans, fund
a committed reserve account of GBP1.46 million, and to cover
GBP10 million of further advances that may be made before the
closing date.

This transaction will be structured as a true sale.  On the
closing date, the issuer will use the proceeds received from the
note issuance to make an initial contribution to the mortgage
trustee in an amount equal to the purchase price of the mortgage
portfolio.  The mortgage trustee will then use this contribution
to purchase the portfolio of 863 mortgage loans from the seller.

The preliminary rating on each class of notes reflects the
credit support provided by the subordinate classes of notes, the
liquidity facility, the issuer reserve, the underlying loans,
the servicing of these loans, and the geographic and property
type diversity securing the loans.

                          Ratings List

Diversity Funding No. 1 Ltd.
   GBP1.145 Billion Variable Reference Rate Notes

                       Prelim.        Prelim.  Amount
        Class          Rating           (Mln. GBP)
        -----          ------            --------
         A              AAA               910.0
         B              AA                 63.0
         C              A                  57.2
         D(1)           BBB                57.2
         E(1)           BB                 34.3
         F(1)           B                  11.4
         G(1)           NR                 11.5

      1) Subject to an available funds cap. Class D, E, F, and G
         may receive a variable interest coupon in event of
         certain loan prepayment scenarios.

   NR -- Not rated.


DUKE FUNDING II: S&P Junks Class D Notes on Lack of Proposals
-------------------------------------------------------------
Standard & Poor's Ratings Services is lowering and placing on
CreditWatch negative its ratings on all classes of notes issued
by Duke Funding High Grade II-S/EGAM I, Ltd.

The ratings actions on Duke Funding High Grade is based on the
current portfolio values and a lack of confirmed restructuring
proposals.  These vehicles are not in an enforcement mode of
operation.  However, were they to liquidate all their assets at
the current market valuations reported to us by the manager, it
is unlikely that all tranches would be repaid in full.  In
addition, previous restructuring discussions have
not led to any firm proposals.

The vehicles remain at risk from further market valuation
declines and are therefore placed on CreditWatch negative.  All
other ratings assigned to these vehicles are unchanged.

                         Ratings List

  Class                               Rating
                               To                  From

Duke Funding High Grade II-S/EGAM 1, Ltd.

  A-2                         BBB/Watch Neg       AAA
  B-1                         BBB-/Watch Neg      AA+
  B-2                         B-/Watch Neg        AA-
  C                           CCC-/Watch Neg      A
  D                           CCC-/Watch Neg      BBB


EMI GROUP: Moody's Withdraws B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service withdrew EMI Group Ltd.'s B1 Corporate
Family Rating (under review for possible downgrade) for business
reasons.

The withdrawal follows the redemption of substantially all of
EMI's existing public debt instruments.

EMI Group Ltd., one of the world's leading music recording and
publishing companies, is headquartered in London, England.


ENTERPRISE VENDING: Brings In Administrators from Deloitte
----------------------------------------------------------
Angus Matthew Martin and Julia Elizabeth Branson of Deloitte &
Touche LLP were appointed joint administrators of Enterprise
Vending Ltd. (Company Number 05471055) on Nov. 16.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The company can be reached at:

         Enterprise Vending Ltd.
         14 Mercian Park
         Felspar Road
         Mercian Park
         Tamworth
         B77 4DP
         England


FIRST VENDING: Taps Deloitte & Touche to Administer Assets
----------------------------------------------------------
Angus Matthew Martin and Julia Elizabeth Branson of Deloitte &
Touche LLP were appointed joint administrators of First Vending
Services Ltd. (Company Number 05281323) on Nov. 16.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The company can be reached at:

         First Vending Services Ltd.
         14 Mercian Park
         Felspar Road
         Mercian Park
         Tamworth
         B77 4DP
         England
         Tel: 01827 310 711


FORD MOTOR: Kentucky State Approves US$60M Investment Incentives
----------------------------------------------------------------
Ford Motor Company received final approval from the Kentucky
Economic Development Finance Authority to a US$60 million tax
incentive package, smoothing the path for Ford to invest
US$200 million in the Kentucky Truck Plant on Chamberlain Lane,
various papers report.

The state has offered the package as part of a larger US$200
million package, enticing Ford to cancel plans of shuttering the
Kentucky Truck Plant and the Louisville Assembly Plant, Jere
Downs of The Courier-Journal reports.

The approval, sources say, came with the condition directing
Ford to return some of the tax incentives if employment at the
Kentucky Truck Plant falls below a 3,511-worker minimum by 2012.
However, should Ford invest US$100 million more in either plant,
those penalties will be abolished.

The Courier-Journal discloses, citing KEDFA staff member Steve
Jones, that the state was hoping the move might instigate Ford
to invest more on the Louisville Assembly Plant.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details ofthe newly ratified four-year labor agreement with
the UAW.


IMEX LOGISTICS: Taps Liquidator from Kingston Smith & Partners
--------------------------------------------------------------
Timothy James Bramston of Kingston Smith & Partners LLP was
appointed liquidator of Imex Logistics Ltd. on Nov. 8 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Kingston Smith & Partners LLP
         105 St. Peters Street
         St. Albans
         AL1 3EJ
         England


INNOVATIVE GROUP: Calls In Liquidators from Menzies Corporate
-------------------------------------------------------------
Andrew John Duncan and Paul David Williams of Menzies Corporate
Restructuring were appointed joint liquidators of Innovative
Group Services Ltd. on Nov. 21 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


LUCKY ESTATES: Claims Filing Period Ends January 15, 2008
---------------------------------------------------------
Creditors of Lucky Estates Ltd. have until Jan. 15, 2008 to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

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

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Nov. 14 for the creditors' voluntary winding-up
procedure.


MAINSAIL II: S&P Junks Capital Notes on Payment Failure
-------------------------------------------------------
Standard & Poor's Ratings Services is lowering and retaining on
CreditWatch with negative implications its ratings on the Mezz
Tier 1, Mezz Tier 2, and capital notes issued by Sachsen Funding
I Ltd.

It is also lowering and placing on CreditWatch negative its
ratings on all classes of notes issued by Duke Funding High
Grade II-S/EGAM I, Ltd.

Standard & Poor's Ratings Services is lowering to 'D' its
ratings on the notes issued Mainsail II Ltd.

The rating actions taken on Mainsail II reflect its modes of
operation and the fact that since going into enforcement,
investors have not been paid amounts due on liabilities.

The vehicles remain at risk from further market valuation
declines and are therefore placed on CreditWatch negative.  All
other ratings assigned to these vehicles are unchanged.

                           Ratings List

  Class                               Rating
                               To                  From

Mainsail II Ltd.

  European CP                 D                   B/Watch Neg
  Tier 1 mezzanine notes      D                   CC/Watch Neg
  Tier 2 mezzanine notes      D                   CC/Watch Neg
  Capital notes               D                   CC/Watch Neg


MORTGAGE FINANCE 7: Fitch Rates GBP7.9 Mln Class C Notes at BB
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Business Mortgage
Finance 7 plc's floating-rate notes due 2041, at the date of
closing on Nov. 23, 2007:

   -- GBP187.50 million Class A1 Mortgage Backed Floating Rate
      Notes Due 2041: 'AAA'

   -- Class A1 Detachable Coupons: 'AAA'

   -- Mortgage Early Redemption Certificates: 'AAA'

   -- GBP38.65 million Class M1 Mortgage Backed Floating Rate
      Notes Due 2041: 'A'

   -- EUR5 million Class M2 Mortgage Backed Floating Rate Notes
      Due 2041: 'A'

   -- GBP12.375 million Class B1 Mortgage Backed Floating Rate
      Notes Due 2041: 'BBB'

   -- GBP7.9 million Class C Mortgage Backed Floating Rate
      Notes Due 2041: 'BB'

This transaction is a securitization of a pool of commercial
mortgages originated in the UK by Commercial First Mortgages
Ltd.

The ratings reflect the credit enhancement provided to each
class by subordination of the classes junior to it, the positive
and negative features of the underlying real estate collateral
and the integrity of the transaction's legal and financial
structures.

The MERCs rating only addresses the likelihood that the MERC-
holders will receive early redemption amounts actually received
by the issuer, if enforceable.  The detachable A coupons are
extremely sensitive to the prepayment rate, an issue that the
rating does not address.  If borrowers prepay on the loans
faster or slower than expected, investors in the interest-only
Class or MERCs, respectively, may fail to recover their initial
investment.

Fitch's analysis is based on a provisional pool consisting of
1,173 loans with an aggregate outstanding balance of
GBP254.5 million, secured by 1,206 secondary and tertiary
quality commercial, mixed-use and residential properties in the
UK.  The closing pool comprised 1,170 loans with an aggregate
outstanding balance of GBP250 million secured by 1,225
properties.  A pre-funded portfolio will not be included at the
first interest payment date.

This transaction is the seventh securitization of mortgages
originated by CFML; the previous six transactions have thus far
performed in line with Fitch's expectations.

Approximately 43% of the pool balance is secured by purely
commercial properties and a large proportion of the remaining
balance is secured by commercial properties that have a
residential component.  Nevertheless, the pool has many
characteristics that are normally found in RMBS transactions.
These include full borrower recourse, minimal exposure to
individual borrower and asset concentrations, a large proportion
of owner occupation and some exposure to borrowers with self-
certified income and/or impaired credit histories.


NORMANBY WEFCO: Creditors' Meeting Slated for December 7
--------------------------------------------------------
Creditors of Normanby Wefco Ltd. will meet at 10:30 a.m. on
Dec. 7 at:

         PricewaterhouseCoopers LLP
         101 Barbirolli Square
         Lower Mosley Street
         Manchester
         M2 3PW
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 6 at:

         R.S. Cash and I.D. Green
         Joint Administrative Receivers
         PricewaterhouseCoopers LLP
         101 Barbirolli Square
         Lower Mosley Street
         Manchester
         M2 3PW
         England

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.


PARAGON GROUP: Selling Off Loan Assets to Avert Rights Issue
------------------------------------------------------------
Paragon Group of Companies plc is considering the sale of a
GBP140 million portfolio of car loans in an attempt to ward off
an emergency rights issue, the Daily Telegraph says.

According to the report, the disposals, which could include a
GBP60 million portfolio of unsecured loans and a GBP60 million
book of hire purchase lending agreements, may not provide enough
cash.

However, it is thought that they could help Paragon to
renegotiate terms with its lending banks, Iain Dey writes for
the Daily Telegraph.

                      Emergency Rights Issue

As previously disclosed, Paragon has entered into a standby
underwriting agreement with UBS AG, supported by a group of
institutional shareholders.  This agreement provides Paragon the
ability to launch an underwritten rights issue for up to GB280
million until Feb. 27, 2008, unless satisfactory alternative
funding arrangements have been put in place prior to that time.

                         Going Concern Doubt

The obligation of UBS is subject to normal conditions,
including:

   -- all relevant approvals for the rights issue, including
      shareholder approval, being obtained;

   -- the absence of any material adverse change affecting the
      Group; and

   -- the absence of any force majeure event.

Such conditionality gives rise to a material uncertainty related
to events or conditions which may cast significant doubt on the
Group's ability to continue as a going concern and, therefore it
may, if it is unable to satisfy these conditions and in the
absence of other funding alternatives, be unable to realize its
assets and discharge its liabilities in the normal course of
business.

Paragon, on the other hand, told the Daily Telegraph it will not
need to use the facility as it hopes to reach a suitable
agreement with its lending banks.

                 Current Funding and Environment

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

The group has conducted extensive discussions with its lending
banks for the renewal of the corporate facility and extension of
the revolving period of the warehouse facility.  While terms for
renewal have been offered in principle, they are not attractive
for a variety of reasons, including the high cost of such
facilities in the current market environment and the short-term
nature of the terms available.

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


RMC COMPONENTS: Appoints Administrators from Begbies Traynor
------------------------------------------------------------
Paul Stanley and Gary N. Lee of Begbies Traynor were appointed
joint administrators of RMC Components Ltd. (Company Number
04375214) on Nov. 14.

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:

         RMC Components Ltd.
         Murley Moss Business Park
         Oxenholme Road
         Kendal
         LA9 7RL
         England
         Tel: 01524 846 660


SACHSEN FUNDING I: S&P Junks Capital Notes on Lack of Proposals
---------------------------------------------------------------
Standard & Poor's Ratings Services is lowering and retaining on
CreditWatch with negative implications its ratings on the Mezz
Tier 1, Mezz Tier 2, and capital notes issued by Sachsen Funding
I Ltd.

The ratings actions on Sachsen Funding is based on the current
portfolio values and a lack of confirmed restructuring
proposals.  These vehicles are not in an enforcement mode of
operation.  However, were they to liquidate all their assets at
the current market valuations reported to S&P by the manager, it
is unlikely that all tranches would be repaid in full.  In
addition, previous restructuring discussions have
not led to any firm proposals.

The vehicles remain at risk from further market valuation
declines and are therefore placed on CreditWatch negative.  All
other ratings assigned to these vehicles are unchanged.

                         Ratings List

  Class                               Rating
                               To                  From

Sachsen Funding I Ltd.

  Tier 1 mezzanine notes      BBB-/Watch Neg      AAA/Watch Neg
  Tier 2 mezzanine notes      B-/Watch Neg        AA/Watch Neg
  Capital notes               CCC-/Watch Neg      BBB-/Watch Neg


SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say
---------------------------------------------------------
Sanyo Electric Co. may have paid dividends to shareholders in
fiscal 2003 and earlier years despite a lack of funds, Japan
Times says, citing sources close to the matter.

The sources told Japan Times that the Securities and Exchange
Surveillance Commission might recommend that the Financial
Services Agency fine Sanyo over accounting irregularities in
accordance with a stricter regulation on surcharges introduced
in December 2005.

The report explains that the SESC has been probing Sanyo
Electric on suspicion of fabricating financial statements.

Sanyo, the sources said, is suspected of paying out a per-share
dividend of JPY6, for a total of JPY11.1 billion, both in fiscal
2002 and fiscal 2003.  The total amount exceeded the reserves
usable for dividend payments, Japan Times says.

The report points out that it is illegal for a company to pay a
dividend when it does not have surplus funds.  However, the
sources told Japan Times, Sanyo inflated profits by understating
appraisal losses on its shareholdings in struggling
subsidiaries.

The SESC might view the move as misleading investors, the
sources added.  Sanyo is said to have underestimated the losses
thinking the units' earnings would recover.

According to the SESC, Sanyo's net profit for FY2002 and FY2003
would have been significantly lower and left it devoid of enough
resources to pay a dividend had the losses been processed
appropriately, the sources further said.

Sanyo Electric is expected to submit corrected reports for the
six years through March 2006 to the Kanto Local Finance Bureau
in December, Japan Times relates.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                       *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business
--------------------------------------------------------
Sanyo Electric Co., Ltd., will invest JPY20 billion in its
semiconductor unit, mainly to upgrade equipment, Nathan Layne,
citing the Nikkei business daily, writes for Reuters.

The Nikkei report, according to Mr. Layne, stated that Sanyo
would make the investment in the belief that it can generate
steady earnings.

However, Sanyo's spokesman, Akihiko Oiwa, claims that nothing
has been decided on such a plan, relates Reuters.

Reuters adds that Sanyo canceled its sale of the chip business
last month after private equity firm Advantage Partners LLP
failed to gather enough funds to support its US$1.1-billion bid.

                   About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                       *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
-------------------------------------------------------------

                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of September 30, 2007

                            Assets

Current Assets
   Cash and cash equivalents                  US$42,482,514
   Trade receivables, less allowances
     for doubtful accounts                          394,923
   Due from related parties                         711,255
   Prepaid expenses and other current as            540,013
                                               ------------
      Total current assets                       44,128,705

Fixed assets, net                                         -


Long-term equipment sales receivable, net                 -
Investments in group companies                  143,546,856
Intercompany receivables                                  -
Investment in equity ownership interests        220,170,010
Other assets                                      3,941,292
                                               ------------
Total assets                                 US$411,786,863
                                               ============

               Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                               5,424,386
   Accrued expenses                              55,840,265
   Current portion of long-term debt            172,107,141
   Current portion of senior notes              385,351,436
                                               ------------
     Total current liabilities                  618,723,228

Total shareholders' equity                     (206,936,365)
                                               ------------
Total liabilities and shareholders' equity   US$411,786,863
                                               ============


                       Sea Containers, Ltd.
                Unaudited Statement of Operations
             For the Month Ended September 30, 2007

Revenue                                            (947,966)

Costs and expenses:
   Operating income                                 167,601
   Selling, general and
    administrative expenses                      (3,488,212)
   Professional fees                             (3,752,843)
   Charges to provide against
     intercompany accounts                       (1,233,807)
   Impairment of investment in subsidy Co.                -
   Forgiveness of intercompany debt                       -
   Depreciation and amortization                          -
                                               ------------
     Total costs and expenses                    (8,307,261)
                                               ------------

Gain or (Loss) on sale of assets                   (127,181)
                                               ------------
Operating income (loss)                          (9,382,408)

Other income (expense)
   Interest income                                  171,764
   Foreign exchange gains or (losses)                 5,810
   Interest expense, net                         (4,696,684)
                                               ------------
Income (Loss) before taxes                      (13,901,518)
Income tax expense                               (6,014,000)
                                               ------------
Net (Loss)                                    (US$19,915,518)
                                               ============

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 NYSE
Arca 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).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).


SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report
-------------------------------------------------------

                    Sea Containers Services
                    Unaudited Balance Sheet
                   As of September 30, 2007

                            Assets

Current Assets
  Cash and cash equivalents                          US$649
  Trade receivables                                   2,403
  Due from related parties                        2,103,050
  Prepaid expenses and other current assets       3,667,318
                                               ------------
      Total current assets                        5,773,420

Fixed assets, net                                 2,251,364

Investments                                       2,744,640
Intercompany receivables                         51,630,282
Other assets                                              0
                                               ------------
Total assets                                  US$62,399,708
                                               ============

              Liabilities and Shareholders' Equity

Current Liabilities
  Accounts payable                             US$2,853,709
  Accrued expenses                                2,506,022
  Current portion of long-term debt               1,681,656
                                               ------------
      Total current liabilities
7,041,386

Total shareholders' equity                       55,358,321
                                               ------------
Total liabilities and shareholders' equity    US$62,399,708
                                               ============


                     Sea Containers Services
                 Unaudited Statement of Operations
             For the Month Ended September 30, 2007

Revenue                                          US$796,787

Costs and expenses:
  Operating costs                                         -
  Selling, general and
   administrative expenses                         (457,217)
  Professional Fees                                (191,833)
  Other charges                                           0
  Depreciation and amortization                     (97,186)
                                               ------------
   Total costs and expenses                        (746,236)
                                               ------------

Gains on sale of assets                                   0
                                               ------------
Operating income (loss)                              50,551

Other income (expense)
  Interest income                                        92
  Foreign exchange gains (losses)                      (745)
  Interest expense, net                             (12,040)
                                               ------------
Income (Loss) before taxes                           37,858
Income tax credit                                         0
                                               ------------
Net Income                                        US$37,858
                                               ============

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 NYSE
Arca 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).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).


SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report
--------------------------------------------------------
Sea Containers Carribean Inc. reported zero assets and accounts
payable of US$3,530,094, as its sole liabilities in its
September 2007 balance sheet.

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 NYSE
Arca 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).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21,2007.  (Sea Containers Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).


TOP SECURITY: Appoints Liquidator from Mazars
---------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of Top Security South West Ltd. on Nov. 14 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton
         Bristol
         BS8 4AN
         England


VISUAL GRAPHIC: Joint Liquidators Take Over Operations
------------------------------------------------------
P. Atkinson and D. Wilson of Vantis Redhead French Ltd. were
appointed joint liquidators of Visual Graphic Supplies Ltd. on
Nov. 20 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


WHITELEY HENSHAW: Claims Filing Period Ends January 31, 2008
------------------------------------------------------------
Creditors of Whiteley Henshaw Hindle (Holdings) Ltd. have until
Jan. 31, 2008, to send in their names and addresses, together
with particulars of their debts or claims, and names and
addresses of their solicitors, if any, to:

         Philip John Gorman
         Liquidator
         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         GL4 3RT
         England

Philip John Gorman of Hazlewoods LLP was appointed liquidator of
the company on Nov. 16 for the creditors' voluntary winding-up
procedure.


XELA INVESTMENTS: Hires Liquidator from Tenon Recovery
------------------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator
of the company on Nov. 22 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Nov. 29, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Holiday Gala
            Yale Club, New York, New York
               Contact: http://www.iwirc.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *