TCREUR_Public/071130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, November 30, 2007, Vol. 8, No. 238

                            Headlines




B E L G I U M

QUEBECOR WORLD: Dividend Suspension Cues S&P to Cut Rating


G E R M A N Y

ALBERTS KORROSIONSSCHUTZ: Claims Registration Ends December 28
ALRATHERM GMBH: Claims Registration Ends December 28
BOUTIQUE MK: Claims Registration Ends January 7, 2008
FONDSVERWALTUNGSGESELLSCHAFT 40: Claims Filing Ends Dec. 31
DEUTSCHE BANK: Fitch Rates Two CAST 2000-2 Note Classes at BB-

E. & A. EXPRESS: Claims Registration Ends December 28
GENESYS LABORATORIES: Claims Registration Ends January 15, 2008
GIG FACTORY: Claims Registration Period Ends Dec. 27
GLUNZ IMPORT: Claims Registration Ends December 28
IN BREVI: Claims Registration Period Ends Dec. 27

IN PROMOTION: Claims Registration Period Ends Dec. 20
KP-ENERGIE GMBH: Claims Registration Period Ends Dec. 20
KUNDENORIENTIERTE: Claims Registration Ends January 7, 2008
MATZKE AUTOHAUS: Claims Registration Ends December 28
MOCH TRADING: Claims Registration Ends January 4, 2008

MOTIV MEDIEN: Claims Registration Period Ends Dec. 17
NADRENSEER ALTERNATIV: Claims Registration Ends December 28
PARADISE STAR: Claims Registration Period Ends Dec. 28
REINERMANN IMMOBILIEN: Claims Registration Ends December 27
RIEDINGER DACHBAU: Claims Registration Period Ends Dec. 28

SMEDIEN RESTAURATIONS: Claims Registration Ends January 2, 2008
TOP-PAINTING: Claims Registration Period Ends Dec. 28
TOP-PAINTING VERWALTUNGS: Claims Registration Ends Dec. 28


H U N G A R Y

AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban


I T A L Y

TISCALI SPA: Renato Soru to Take Part in EUR150 Mln Capital Hike


K A Z A K H S T A N

JAIREMSKY GOK: Proof of Claim Deadline Slated for Jan. 1, 2008
KAZAZOTDEVELOPMENT LLP: Creditors Must File Claims Jan. 1, 2008
KAZAZOTTRANS LLP: Claims Filing Period Ends Jan. 1, 2008
KAZTRANSAUTO-2005: Creditors' Claims Due on Dec. 28
KLAIPED STIVIDOR: Claims Registration Ends Jan. 2, 2008

POLI-SERVICE LLP: Creditors Must File Claims Dec. 28
REMSTROY-XXXL LLP: Claims Filing Period Ends Dec. 28
ROMA-NUR LLP: Creditors' Claims Due on Dec. 28
TULPAR LLP: Claims Registration Ends Dec. 28


K Y R G Y Z S T A N

SKAD INVEST: Proof of Claim Deadline Slated for December 31


L U X E M B O U R G

BASELL AF: Lyondell Shareholders Approve Merger Deal
BASELL AF: Lyondell Acquisition Cues Moody's to Cut Rating to B1
BASELL AF: S&P Cuts Ratings to B+ on Acquisition Approval
EVRAZ GROUP: Moody's Lifts Corporate Family Rating to Ba2


N E T H E R L A N D S

EUROSTAR I: Fitch Junks EUR14 Million Class C Notes
EUROSTAR II: Fitch Junks EUR51 Million Subordinated Notes
HEXION SPECIALTY: Posts US$2-Mln Net Loss in 2007 Third Quarter


N O R W A Y

TERRA SECURITIES: License Revocation Triggers Bankruptcy Filing


R U S S I A

AGROSNAB OJSC:: Creditors Must File Claims by Jan. 17, 2007
ATIS CJSC: Creditors Must File Claims by Jan. 17, 2008
EVRAZ GROUP: Moody's Lifts Corporate Family Rating to Ba2
HYNIX SEMICON: Back in Non-Memory Business w/ SiliconFile Deal
KIRENSKAYA OJSC: Creditors Must File Claims by Jan. 17, 2008

KRASNYANSKOYE CJSC: Asset Sale Slated for Dec. 18
LIPETSKCOMBANK: S&P Affirms & Withdraws B- Ratings Upon Request
LOTOSHINSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 6, 2008
NERTIS OJSC: Creditors Must File Claims by Dec. 17
NIKOL'SKOYE OJSC: Court Starts Competitive Proceedings

SEVEROENERGOMONTAZH CJSC: Creditors Must File Claims by Dec. 17
URALSKY FINANCIAL: Moody's Assigns B3/NP/E+ Global Scale Ratings
WALL MATERIALS: Asset Sale Slated for Dec. 20


S W E D E N

AVNET INC: Operating Unit Inks Franchise Deal with Tyco


S W I T Z E R L A N D

APEX MEDIENHAUS: St. Gallen Court Starts Bankruptcy Proceedings
APPLIED SOLUTIONS: Creditors' Liquidation Claims Due by Dec. 5
B. COM INTERNATIONAL: Zurich Court Closes Bankruptcy Proceedings
BAHK SERVICE: Creditors' Liquidation Claims Due by December5
BEE-BAU JSC: Creditors' Liquidation Claims Due by December 6

DELTA UNTERNEHMEN: Claims Registration Period Ends December 3
FIVEST ASSET: Creditors' Liquidation Claims Due by December 6
KONRAD BOSCH: Zurich Court Closes Bankruptcy Proceedings
ONTRUST JSC: Grisons Court Closes Bankruptcy Proceedings
PK SERVICE: Claims Registration Period Ends December 5

PRINTMEDIEN SCHWEIZ: Zug Court Starts Bankruptcy Proceedings
SIWA HOLDING: Creditors' Liquidation Claims Due by December 7


T U R K E Y

KALKINMA BANKASI: Fitch Affirms Low-B Ratings on Support


U K R A I N E

ALEXANDRIYA COAL: Creditors Must File Claims by December 1
ARADON LLC: Proofs of Claim Filing Deadline Set December 1
EIHVALD-COM LLC: Creditors Must File Claims by December 1
ENERGY DELIVERY: Creditors Must File Claims by December 1
ETALON-2006-V LLC: Creditors Must File Claims by December 1

KASANDRA LLC: Creditors Must File Claims by December 1
KORDELOVKA SUGAR: Creditors Must File Claims by December 1
OCEAN OF UKRAINE: Creditors Must File Claims by December 1
POLIVECTOR LLC: Creditors Must File Claims by December 1
SPHERE-SM LLC: Creditors Must File Claims by December 1

TECHNICAL SERVICE: Creditors Must File Claims by December 1
TD AND CO: Creditors Must File Claims by December 1
TRANS CAPITAL: Creditors Must File Claims by December 1
UKRAINE-KAZAKHSTAN CJSC: Creditors Must File Claims by Dec. 1
VOYAGER-EDITION LLC: Creditors Must File Claims by December 1


U N I T E D   K I N G D O M

ARTSITES BIRMINGHAM: Calls In Liquidators from Mazars
BRITISH ENERGY: Prepares Potential Replacement for Nuclear Sites
CONSTELLATION BRANDS: Moody's Rates US$500 Mln Sr. Notes at Ba3
DURA AUTOMOTIVE: U.S. Court Postpones Confirmation Hearing
EMI GROUP: S&P Withdraws B+ Ratings at Company's Request

GOODWOOD GOLD: Moody's Rates Three Credit Facilities at Low-B
JETFORGE LTD: Taps Liquidators form Grant Thornton
METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend
METHANEX CORP: Finances US$40 Mln of GeoPark's Gas Exploration
MTI TECHNOLOGY: US Trustee Appoints Nine-Member Creditors Panel

MTI TECHNOLOGY: Committee Taps Winthrop as Insolvency Counsel
PLAY CENTRES: Joint Liquidators Take Over Operations
PROTON HOLDINGS: GM Still Interested in Future Partnership
REFCO INC: RJM Wants Settlement Pact with FXCM Parties Approved
REFCO INC: U.S. Court Approves Settlement Agreement with SPhinX

REFCO INC: RCM Distributes US$279.5 Million from SPhinX Proceeds
RETAIL GROUP: Brings In Liquidators from Vantis
RUNSTREAM LTD: Taps Liquidators from Vantis
SAFE & SURE: Appoints Liquidators from Tenon Recovery
SEA CONTAINERS: U.S. Court Approves Payment of Diligence Fees

SKYEPHARMA PLC: David Ebsworth Steps Down as Non-Exec. Director
TITAN EUROPE 2004-1: Prepayment Cues S&P to Lift Rating to BB
VALEANT PHARMA: Teams Up with ASCEND to Promote Migranal(R)
WHYTELEIGH CONSTRUCTION: Claims Filing Period Ends Jan. 15, 2008

* BOOK REVIEW: Ancient Law (Law Classic)




                            *********


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


QUEBECOR WORLD: Dividend Suspension Cues S&P to Cut Rating
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its preferred stock
rating on Montreal-based printing company Quebecor World Inc.
two notches to 'C' from 'CCC-'.  The company's other ratings,
including the 'B-' long-term corporate credit rating, remain
unchanged.  All ratings are on CreditWatch with negative
implications, where they were initially placed Aug. 9, 2007.

"The downgrade follows Quebecor World's announcement that it
will be suspending dividend payments on its series 3 and series
5 preferred shares," said Standard & Poor's credit analyst Lori
Harris.  The company may be prevented from making the dividend
payments because it might not satisfy the capital adequacy test
within the Canada Business Corporations Act.  Quebecor World
will request shareholder approval at its next shareholder
meeting in May 2008 to reduce the stated capital as permitted
under the CBCA, which would involve reclassifying equity to
allow dividend payments to resume, including accrued unpaid
dividends.

The next dividend payment is due Dec. 1, 2007.  Should the
company not make the declared dividend payment on that date as
Quebecor World has stated, S&P will lower the preferred stock
rating to 'D'.


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


ALBERTS KORROSIONSSCHUTZ: Claims Registration Ends December 28
--------------------------------------------------------------
Creditors of Alberts Korrosionsschutz GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Tel: 02114914412
         Fax: 02114914434

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

The Debtor can be reached at:

         Alberts Korrosionsschutz GmbH
         Attn: Jo Alberts, Manager
         Millener Weg 24
         52538 Gangelt
         Germany


ALRATHERM GMBH: Claims Registration Ends December 28
----------------------------------------------------
Creditors of Alratherm GmbH have until Dec. 28 to register their
claims with court-appointed insolvency manager Matthias
Dieckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Landshut
         Meeting Hall 9/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:

         Matthias Dieckmann
         Gute Aenger 11
         85356 Freising
         Germany
         Tel: 08161/988110
         Fax: 08161/82472

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

The Debtor can be reached at:

         Alratherm GmbH
         Attn: Axel Thomas Rasthofer, Manager
         Dietersheimer Strasse 9
         85375 Neufahrn
         Germany


BOUTIQUE MK: Claims Registration Ends January 7, 2008
-----------------------------------------------------
Creditors of Boutique MK 7 GmbH have until Jan. 7, 2008, to
register their claims with court-appointed insolvency manager
Katrin Bringezu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 5, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         First 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:

         Katrin Bringezu
         Prager Strasse 34
         04317 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de

The District Court of Leipzig opened bankruptcy proceedings
against Boutique MK 7 GmbH on Nov. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Boutique MK 7 GmbH
         Attn: Michaela Sajenev, Manager
         Grimmaische Str. 2-4
         04109 Leipzig
         Germany


FONDSVERWALTUNGSGESELLSCHAFT 40: Claims Filing Ends Dec. 31
-----------------------------------------------------------
Creditors of Fondsverwaltungsgesellschaft 40 mbH have until
Dec. 31 to register their claims with court-appointed insolvency
manager Josef Nachmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 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:

         Josef Nachmann
         Theatinerstr. 32
         80333 Munich
         Germany
         Tel: 089/24217737
         Fax: 089/24217738

The District Court of Munich opened bankruptcy proceedings
against Fondsverwaltungsgesellschaft 40 mbH on Nov. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fondsverwaltungsgesellschaft 40 mbH
         Tuerkenstr. 16
         80333 Munich
         Germany


DEUTSCHE BANK: Fitch Rates Two CAST 2000-2 Note Classes at BB-
-------------------------------------------------------------
Fitch has affirmed Deutsche Bank AG CAST 2000-2 credit-linked
notes:

   -- EUR20 million Class A-1 floating-rate notes (ISIN
      DE0005936728): affirmed at 'A'

   -- EUR9 million Class A-1A fixed-rate notes (ISIN
      DE0005936496): affirmed at 'A'

   -- EUR10 million Class A-2 fixed-rate notes (ISIN N/A):
      affirmed at 'A'

   -- EUR11 million Class A-3 fixed-rate notes (ISIN N/A):
      affirmed at 'A'

   -- EUR10 million Class B-1 floating-rate notes (ISIN
      DE0005943252): affirmed at 'BBB'

   -- EUR20 million Class B-2 fixed-rate notes (ISIN N/A):
      affirmed at 'BBB'

   -- EUR21.2 million Class B-3 fixed-rate notes (ISIN N/A):
      affirmed at 'BBB'

   -- EUR28.8 million Class C-1 fixed-rate notes (ISIN
      DE0005943260): affirmed at 'BB-'

   -- EUR10 million Class C-2 fixed-rate notes (ISIN N/A):
      affirmed at 'BB-'

The transaction continues to exhibit stable performance and is
scheduled to mature in January 2008 with a legal final maturity
in January 2010.  Since the last review in November 2006,
outstanding defaults have reduced to 1.74% of the maximum
portfolio balance from 2.07%. Losses have slightly increased to
0.4% from 0.19%, and the average recovery rate has decreased to
76% from 82.6%.  Historically, the average recovery rates have
been greater than 70%. The weighted average credit quality has
remained stable in the 'BBB-' category compared to the last
review.

The notes assume the economic risk of a maximum reference
portfolio of EUR2.5 billion, above a first loss threshold of
EUR73.7 million, provided by the unrated Class D notes.  The
portfolio contains loans to small- and medium-sized companies
based in Germany.  The Class A, B and C notes are issued
directly by Deutsche Bank AG (rated 'AA-'/'F1+'/Outlook
Positive) without collateral; hence, the ratings are linked to
DBAG's ratings.


E. & A. EXPRESS: Claims Registration Ends December 28
-----------------------------------------------------
Creditors of E. & A. Express-Paket GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Klaus W. Gerling.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Klaus W. Gerling
         Im Mediapark 6 B
         50670 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against E. & A. Express-Paket GmbH on Nov. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         E. & A. Express-Paket GmbH
         Zum Scheider Feld 13
         51467 Bergisch Gladbach
         Germany

         Attn: Uwe Engels, Manager
         Weidenbuscher Weg 1
         51467 Bergisch Gladbach
         Germany


GENESYS LABORATORIES: Claims Registration Ends January 15, 2008
---------------------------------------------------------------
Creditors of GeneSys Laboratories GmbH have until Jan. 15, 2008,
to register their claims with court-appointed insolvency manager
Stephan Michels.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 5, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Stephan Michels
         Ludgeristr. 54
         48143 Muenster
         Germany
         Tel: 0251/162830
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against GeneSys Laboratories GmbH on Nov. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GeneSys Laboratories GmbH
         Mendelstrasse 11
         48149 Muenster
         Germany

         Attn: Dr. Michaele Hetzel, Manager
         Eschstr. 4
         48167 Muenster
         Germany


GIG FACTORY: Claims Registration Period Ends Dec. 27
----------------------------------------------------
Creditors of GiG Factory GmbH have until Dec. 27 to register
their claims with court-appointed insolvency manager Hans-W.
Goetsch.

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

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Hans-W. Goetsch
         c/o Blersch/Goetsch/ Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611/18089-100
         Fax: 0611/180 89-189
         E-mail: mail@bgp-insol.de

The District Court of Wiesbaden opened bankruptcy proceedings
against GiG Factory GmbH on Nov. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GiG Factory GmbH
         Attn: Christiane Bettner, Manager
         Bleichstr. 5
         65343 Eltville
         Germany


GLUNZ IMPORT: Claims Registration Ends December 28
--------------------------------------------------
Creditors of Glunz Import GmbH have until Dec. 28 to register
their claims with court-appointed insolvency manager Ulrich
Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Glunz Import GmbH on Nov. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Glunz Import GmbH
         Attn: Ralf Hartenstein and Kai Lohfeldt, Managers
         Brookdeich 20
         21029 Hamburg
         Germany


IN BREVI: Claims Registration Period Ends Dec. 27
-------------------------------------------------
Creditors of in brevi digitaltechnik gmbh have until Dec. 27 to
register their claims with court-appointed insolvency manager
Dr. Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Jan. 23, 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
         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:

         Dr. Juergen Wallner
         Karl-Heine-Strasse 25b
         04229 Leipzig
         Germany
         Tel: 0341-2534760
         Fax: 0341-2534761

The District Court of Leipzig opened bankruptcy proceedings
against in brevi digitaltechnik gmbh on Nov. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         in brevi digitaltechnik gmbh
         Friedrich-List-Platz 1
         04103 Leipzig
         Germany


IN PROMOTION: Claims Registration Period Ends Dec. 20
-----------------------------------------------------
Creditors of in PROmotion GmbH have until Dec. 20 to register
their claims with court-appointed insolvency manager Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Duesseldorf
         Meeting Hall A 388
         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 in PROmotion GmbH on Nov. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         in PROmotion GmbH
         Stromstrasse 41
         40221 Duesseldorf
         Germany

         Attn: Wolfgang Demmler, Manager
         Bismarckstrasse 38
         45470 Muelheim an der Ruhr
         Germany


KP-ENERGIE GMBH: Claims Registration Period Ends Dec. 20
--------------------------------------------------------
Creditors of KP-Energie GmbH have until Dec. 20 to register
their claims with court-appointed insolvency manager Mechthild
Bruche.

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

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

         Mechthild Bruche
         Stahlstr. 17
         90411 Nuernberg
         Tel: 0911/951285-0
         Fax: 0911/951285-10

The District Court of Nuernberg opened bankruptcy proceedings
against KP-Energie GmbH on Nov. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KP-Energie GmbH
         Attn: Hans-Juergen Kloth and Martin Porsch, Managers
         91189 Rohr-Gustenfelden
         Dorfstr. 14
         Germany


KUNDENORIENTIERTE: Claims Registration Ends January 7, 2008
-----------------------------------------------------------
Creditors of Kundenorientierte Beratungskonzepte GmbH have until
Jan. 7, 2008, to register their claims with court-appointed
insolvency manager Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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. Dirk Rueffert
         Donnerschweer Str. 398
         26123 Oldenburg
         Germany
         Tel: 0441 340770
         Fax: 0441 34077340
         E-mail: info@rueffert-rechtsanwaelte.de

The District Court of Oldenburg opened bankruptcy proceedings
against Kundenorientierte Beratungskonzepte GmbH on Nov. 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kundenorientierte Beratungskonzepte GmbH
         Bahnhofstr. 2
         26180 Rastede
         Germany

         Attn: Uwe Westermann-Million, Manager
         Martin-Luther-Str. 11
         26180 Rastede
         Germany


MATZKE AUTOHAUS: Claims Registration Ends December 28
-----------------------------------------------------
Creditors of Matzke Autohaus Butzbach GmbH & Co. KG have until
Dec. 28 to register their claims with court-appointed insolvency
manager Dirk Pfeil.

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

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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:

         Dirk Pfeil
         Eschersheimer Landstrasse 60-62
         60322 Frankfurt am Main
         Germany
         Tel: 069/1530960
         Fax: 069/15309666

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against Matzke Autohaus Butzbach GmbH & Co. KG on
Nov. 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Matzke Autohaus Butzbach GmbH & Co. KG
         Attn: Peter Schmidt, Manager
         35510 Butzbach
         Germany


MOCH TRADING: Claims Registration Ends January 4, 2008
------------------------------------------------------
Creditors of MOCH Trading GmbH have until Jan. 4, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Kalker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall W 1.26
         First Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Kalker
         Koelnstr. 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241906090

The District Court of Bonn opened bankruptcy proceedings against
MOCH Trading GmbH on Nov. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MOCH Trading GmbH
         Attn: Hueseyin Oender, Manager
         Agnesstr. 75
         53842 Troisdorf
         Germany


MOTIV MEDIEN: Claims Registration Period Ends Dec. 17
-----------------------------------------------------
Creditors of Motiv Medien GmbH have until Dec. 17 to register
their claims with court-appointed insolvency manager Dr.
Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:25 p.m. on Jan. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Walle 5
         31535 Neustadt
         Germany
         Tel: 05032 9831030
         Fax: 05032 9831032

The District Court of Hannover opened bankruptcy proceedings
against Motiv Medien GmbH on Nov. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Motiv Medien GmbH
         Blenze 27
         31515 Wunstorf
         Germany

         Attn: Frank Sievers, Manager
         Vogelbeerweg 49
         31515 Wunstorf
         Germany


NADRENSEER ALTERNATIV: Claims Registration Ends December 28
-----------------------------------------------------------
Creditors of Nadrenseer Alternativ Energie Verwaltungs GmbH have
until Dec. 28 to register their claims with court-appointed
insolvency manager Andreas Rohe.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Andreas Rohe
         Kamigstr. 2
         17373 Ueckermuende
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Nadrenseer Alternativ Energie Verwaltungs
GmbH on Nov. 6.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Nadrenseer Alternativ Energie Verwaltungs GmbH
         Dorfstrasse 9
         17329 Nadrensee
         Germany


PARADISE STAR: Claims Registration Period Ends Dec. 28
------------------------------------------------------
Creditors of Paradise Star Touristik GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Dr. Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Jan. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Thilo Streck
          Neuer Wall 86
          20354 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Paradise Star Touristik GmbH on Nov. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Paradise Star Touristik GmbH
          Mundsburger Damm 38
          22087 Hamburg
          Germany


REINERMANN IMMOBILIEN: Claims Registration Ends December 27
-----------------------------------------------------------
Creditors of Reinermann Immobilien GmbH & Co. KG have until
Dec. 27 to register their claims with court-appointed insolvency
manager Dr. Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Reinermann Immobilien GmbH & Co. KG on Nov. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Reinermann Immobilien GmbH & Co. KG
         Huegelstr. 8
         33613 Bielefeld
         Germany

         Attn: Klaus Reinermann, Manager
         Stadtblick 10 B
         33739 Bielefeld
         Germany


RIEDINGER DACHBAU: Claims Registration Period Ends Dec. 28
----------------------------------------------------------
Creditors of Riedinger Dachbau Gmb have until Dec. 28 to
register their claims with court-appointed insolvency manager
Andreas Rohe.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Andreas Rohe
          Kamigstr. 2
          17373 Ueckermuende
          Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Riedinger Dachbau Gmb on Nov. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Riedinger Dachbau GmbH
         Brauereistr. 4
         17159 Dargun
         Germany


SMEDIEN RESTAURATIONS: Claims Registration Ends January 2, 2008
---------------------------------------------------------------
Creditors of SMEDIEN Restaurations- und Gaststattenbetriebe GmbH
have until Jan. 2, 2008, to register their claims with court-
appointed insolvency manager Kaufmann Joachim Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         Germany

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

The insolvency manager can be reached at:

         Dipl. Kaufmann Joachim Schmitz
         Immengarten 2, D
         38104 Braunschweig
         Germany
         Tel: (0531) 236460
         Fax: (0531)2364699

The District Court of Braunschweig opened bankruptcy proceedings
against SMEDIEN Restaurations- und Gaststattenbetriebe GmbH on
Nov. 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SMEDIEN Restaurations- und Gaststattenbetriebe GmbH
         Attn: Gisela Latta, Manager
         Neuer Weg 66
         38302 Wolfenbuettel
         Germany


TOP-PAINTING: Claims Registration Period Ends Dec. 28
-----------------------------------------------------
Creditors of Top-Painting GmbH & Co. KG have until Dec. 28 to
register their claims with court-appointed insolvency manager
Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Sebastian Henneke
          Hansastrasse 61
          44137 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against Top-Painting GmbH & Co. KG on Nov. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Top-Painting GmbH & Co. KG
          Gutenbergstr. 10
          59174 Kamen
          Germany


TOP-PAINTING VERWALTUNGS: Claims Registration Ends Dec. 28
----------------------------------------------------------
Creditors of Top-Painting Verwaltungs GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
          Hansastrasse 61
          44137 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against Top-Painting Verwaltungs GmbH on Nov. 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

        Top-Painting Verwaltungs GmbH
        Gutenberg Str. 10
        59174 Kamen
        Germany


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


AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban
--------------------------------------------------------------
Laura Barnhardt at The Baltimore Sun reports that the Honorable
Paul F. Harris Jr. of the Anne Arundel County Circuit Court in
the Baltimore County in Maryland will be hearing a plea from The
AES Corp. to overturn a law that bans energy projects.

According to The Baltimore Sun, AES is seeking to construct a
liquefied natural gas facility on Sparrows Point.

The Baltimore County repeatedly tried to interfere with the
federal approval process for energy projects, The Baltimore Sun
says, citing AES.

Baltimore County officials told The Baltimore Sun that they can
prohibit projects like liquefied natural gas terminals "along
the waterfront as part of the state and federally sanctioned
Coastal Zone Management Act."

The Baltimore Sun relates that AES has also appealed a federal
judge's decision to uphold the prohibition on liquefied natural
gas facilities in coastal areas.  AES is asking the Department
of Commerce "to overrule a finding by Maryland that the proposed
Sparrows Point facility isn't consistent with the coastal zone
management program."

The report says that the liquefied natural gas project was
opposed by:

         * Eastern Baltimore County neighborhood activists, and
         * elected officials that include:

           -- Maryland's Congress members,
           -- Governor Martin O'Malley, and
           -- Baltimore County Executive James T. Smith Jr.

Those against the project told The Baltimore Sun that they were
worried about accidents and terrorist attacks at the facility,
"which is too close to homes."  The dredging of the Patapsco
River to accommodate the liquefied natural gas tankers would
also stir up toxic muck that could harm marine life.

The Baltimore Sun notes that in October 2007 the State Highway
Administration said AES wouldn't likely be able to build a
pipeline from its proposed liquefied natural gas plant to
Pennsylvania along sections of the Baltimore Beltway.  The
project has been delayed as the firm was forced to redraw a
route for the pipeline and conduct more tests.

The Federal Energy Regulatory Commission decides where the
liquefied natural gas plants can be built, according to The
Baltimore Sun.  The commission consults with the Coast Guard and
other state and federal agencies.

The Baltimore Sun says that firms who want to construct
facilities must secure these permits:

         -- Clean Water Act,
         -- Clean Air Act, and
         -- Coastal Zone Management Act.

AES Corporation, -- http://www.aes.com/-- a global power
company, operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Generating 44,000 megawatts of electricity
through 124 power facilities, the company delivers electricity
through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 12, 2007,
Moody's Investors Service affirmed The AES Corporation's
Corporate Family Rating at B1 and the senior unsecured rating
assigned to its new senior unsecured notes offering at B1
following its upsizing to US$2 billion from US$500 million.

Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's
US$2 billion issuance of senior unsecured notes maturing 2015
and 2017.  AES' long-term Issuer Default Rating is rated 'B+' by
Fitch.  Fitch said the rating outlook is stable.


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


TISCALI SPA: Renato Soru to Take Part in EUR150 Mln Capital Hike
----------------------------------------------------------------
Tiscali S.p.A. disclosed that shareholder Renato Soru expressed
intention to subscribe proportionally to his stake the rights
issue of up to EUR150 million which it is expected to be
executed by the first months of 2008.

                         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
===================


JAIREMSKY GOK: Proof of Claim Deadline Slated for Jan. 1, 2008
--------------------------------------------------------------
Branch of JSC Jairemsky Gok has declared insolvency.  Creditors
have until Jan. 1, 2008, to submit written proofs of claims to:

         Branch of JSC Jairemsky Gok
         Muratbayev Str. 20
         Jairem
         Karaganda
         Kazakhstan


KAZAZOTDEVELOPMENT LLP: Creditors Must File Claims Jan. 1, 2008
---------------------------------------------------------------
LLP Kazazotdevelopment has declared insolvency.  Creditors have
until Jan. 1, 2008, to submit written proofs of claims to:

         LLP Kazazotdevelopment
         Promzona
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 57-90-83


KAZAZOTTRANS LLP: Claims Filing Period Ends Jan. 1, 2008
--------------------------------------------------------
LLP Kazazottrans has declared insolvency.  Creditors have until
Jan. 1, 2008, to submit written proofs of claims to:

         LLP Kazazottrans
         Promzona
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 57-90-83


KAZTRANSAUTO-2005: Creditors' Claims Due on Dec. 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Kaztransauto-2005 (RNN 302000249312) insolvent.

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

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


KLAIPED STIVIDOR: Claims Registration Ends Jan. 2, 2008
-------------------------------------------------------
Representation of Klaiped Stividor Company (Klasko) has declared
insolvency.  Creditors have until Jan. 2, 2008, to submit
written proofs of claims to:

         Representation of Klaiped
         Stividor Company (Klasko)
         Office 606
         Abylai han ave. 58a
         Jetysuski District
         Almaty
         Kazakhstan
         Tel: 8 (3272) 66-21-66


POLI-SERVICE LLP: Creditors Must File Claims Dec. 28
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Poli-Service insolvent on Oct. 11.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


REMSTROY-XXXL LLP: Claims Filing Period Ends Dec. 28
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Construction Company Remstroy-XXXL (RNN
301900219486) insolvent.

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

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


ROMA-NUR LLP: Creditors' Claims Due on Dec. 28
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Roma-Nur insolvent.

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


TULPAR LLP: Claims Registration Ends Dec. 28
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Tulpar insolvent on Oct. 12.

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


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


SKAD INVEST: Proof of Claim Deadline Slated for December 31
-----------------------------------------------------------
LLC Skad Invest has declared insolvency.  Creditors have until
Dec. 31 to submit written proofs of claim to:

         LLC Skad Invest
         Orozbekov Str. 112-24
         Bishkek
         Kyrgyzstan


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


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

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

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

                         About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE:LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufactures chemicals and plastics, a refiner of
heavy, high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

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

                        About Basell

Basell -- http://www.basell.com/-- produces polypropylene and
advanced polyolefin products, supplies polyethylene and
catalysts, and provides technical services for its proprietary
technologies.  Basell, together with its joint ventures, has
manufacturing facilities in 19 countries and sells products in
more than 120 countries.  Basell is privately owned by Access
Industries.

                         *     *     *

As reported in the TCR-Europe on Nov. 14, 2007, Standard &
Poor's Ratings Services placed its 'BB-' long-term corporate
credit rating on Basell AF S.C.A. remains on CreditWatch with
negative implications, where it was placed on June 26, 2007,
following the company's announcement that it will acquire
Lyondell Chemical Co. (BB-/Watch Neg/B-1) and its related
entities Equistar Chemicals L.P. (BB-/Watch Neg/B-1) and
Millennium Chemicals Inc. (B+/Watch Neg/--).

In July 2007, Moody's Investors Service maintains all ratings of
Basell group under review for downgrade following the
announcement by the company on July 17, 2007 that it has signed
a definitive agreement to acquire Lyondell (Ba3/stable outlook)
in a transaction valued at approximately US$19 billion,
including the assumption of debt.

At the same time, Fitch Ratings affirmed Netherlands-based
Basell AF SC's Long-term Issuer Default Rating at 'BB-', senior
secured rating at 'BB+' and senior notes at 'B+' and removed
them from Rating Watch Negative.  The Short-term IDR is affirmed
at 'B'.  This follows Huntsman Corporation's July 12, 2007
termination of its merger agreement with Basell dated June 26,
2007.  A Stable Outlook is assigned to the Long-term IDR.


BASELL AF: Lyondell Acquisition Cues Moody's to Cut Rating to B1
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Basell AF SCA to B1 to reflect its on-going acquisition of
the Lyondell Chemical Company.

Moody's downgraded legacy US$300 million 2027 notes issued at
Basell Finance Company from B2/LGD5 (84) to B3/LGD6 (90) and
legacy US$615 million and EUR500 million 2015 notes issued at
Basell AF SCA from B2/LGD5 (84) to B3/LGD6 (90).

Moody's downgraded legacy 2026 7.55% notes issued at Lyondell
Chemical Company from B1/LGD4 (64) to B3 /LGD5 (84), legacy 2026
7.625% notes issued at Millennium America Inc. from B1/LGD4 (66)
to B3/LGD6 (96).  The legacy 2010 10.25% notes issued at
Lyondell Chemical Worldwide, Inc. were downgraded from B1/LGD5
(73) to B3/LGD6 (96) and legacy 2020 9.8% notes issued at
Lyondell Chemical Worldwide, Inc. were downgraded from B1/LGD5
(73) to B3/LGD6 (96).

Moody's also assigned (P)Ba2/LGD2 (27) rating to the new
US$12.450 billion in senior secured first lien facilities
(including US$1 billion revolver) , (P)B2/LGD5 (74) to US$5.5
billion senior secured second lien facilities and (P)B3/LGD
6(90) to the proposed US$2.5 billion senior unsecured notes
supporting the proposed US$20 billion acquisition of Lyondell
Chemical Company.  The outlook is stable.

Moody's issues provisional ratings on the new facilities in
advance of the final sale of securities, and these ratings only
represent Moody's preliminary opinion.  Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavor to assign definitive ratings to the securities.  A
definitive rating may differ from a provisional rating.

Moody's notes that following the approval of the proposed
acquisition by the shareholders of Lyondell on 20 November 2007,
Lyondell has launched a cash tender offer for its remaining
publicly traded obligations. Following the refinancing, Moody's
will withdraw the ratings on the repaid instruments.

This rating action concludes the review of Basell ratings
initiated on June 26, 2007, following the announcement by the
company that it has signed a definitive agreement to acquire
Huntsman Corporation, and following further its announcement on
July 17, 2007, that it has signed a definitive agreement to
acquire Lyondell Chemical Company, as Huntsman has accepted a
competing offer by Hexion Specialty Chemicals Inc. and has
terminated the agreement with Basell.

Basell will pay US$48 per share of Lyondell and assume all debt
of the US company which will become its subsidiary.  The
acquisition is expected to be financed with debt.  At the end of
2007, the combined group is expected to have US$23.7 billion of
debt.  This will include approximately US$11.5 billion
outstanding under the committed senior secured 1st lien
facilities, approximately US$2 billion raised under its existing
and new securitization and accounts receivables asset backed
facilities, and US$5.5 billion in senior secured second lien
notes and US$2.5 billion senior unsecured notes, as well as some
of the legacy liabilities of Basell and Lyondell.  The Company
expects to close the transaction by the end of 2007.

Following the acquisition of Lyondell, Basell will become one of
the largest independent chemical groups with estimated pro-forma
2007 Revenues in excess of US$40 billion and EBITDA of US$4.8
billion reflecting strong performance of Lyondell and Basell
businesses at this phase of the mature cycle.  The group will
focus on commodities and refining and is expected to derive 29%
of its 2007 pro-forma EBITDA from refining, 46% from its olefins
and polyolefins and 15% from propylene oxide.  Basell's
technology and advance polyolefins businesses are estimated to
contribute 10% of its 2007 PF EBITDA.

Moody's notes that following its LBO in 2005, Basell capitalized
on the extended cyclical upturn in the polyolefins market and
utilised its strong cash flow generation to reduce its LBO debt
and strengthen the balance sheet.

The downgrade of Basell's corporate family rating reflects
Moody's concern with regard to the substantial absolute amount
of debt assumed by the combined group at this stage of the
extended petrochemical cycle.  Moody's estimates that following
the closing, Basell's leverage will approach 5 times PF EBITDA
on a non-adjusted basis, supported by strong performance of
Basell and a sustained strength in the Lyondell business in
2007.  Furthermore, Moody's expects Basell to make a follow up
US$700 million acquisition in first half 2008, as well as some
small bolt on acquisitions.

The rating, however, is underpinned by the expectation of a
resolute deleveraging in the first 18 months and US$420 million
in synergies that the group plans to realize in 2008-2010 that
should allow Basell to maintain credit metrics consistent with
the assigned rating.  Although dividend restrictions and a cash
flow sweep envisaged by the structure provide for a strict usage
of the cash flow, Moody's cautions that a sharp early
deterioration in market conditions would be likely to place
pressure on the highly leveraged capital structure.

The stable outlook on the ratings reflects the expectation that
market and economic conditions will remain broadly supportive in
the medium term and will allow Basell to substantially reduce
the absolute amount of debt in the first 18 months.  The
combined group will have US$1 billion revolver facility and
US$3 billion of securitization and assets back facilities to
support its working capital and liquidity needs.

Moody's notes the substantial size of the interest payments in
relation to the Company's current FFO and a substantial interest
rate exposure (while the facilities require Basell to hedge
interest rate exposure on at least 50% of the outstanding debt).
The ratings may be reviewed downwards should FFO-Interest /
Interest decline below x2.0 times and FCF/Total Debt weaken
sustainably to low single digits.  Sustained strong
profitability and debt reduction below x4.0 EBITDA through the
cycle would put a positive pressure on the ratings.

                    Structural Considerations

The assigned (P)Ba2/LGD2 (27) ratings on the US$12.45 billion
Senior Secured 1st Lien 2013 Facilities reflect the priority
ranking of the instruments supported by the senior upstream
guarantees provided by the majority of the operating companies
of the combined entity.  Furthermore, the expected recoveries
under the facilities are supported by the 1st lien pledge over a
material portion of European and American assets and cash flow
generation capacity for the US$12.45 billion facilities.

The assigned (P)B2/LGD5 (74) ratings to the US$5.5 billion
Senior Secured 2nd Lien Facility to be issued at BIL Holdings is
supported by the claim on the same collateral pool and the
upstream guarantees provided by the same majority group of
operating companies on a subordinated basis to the claims under
the 1st lien facilities.

The provisional (P)B3/LGD6 (90) ratings on the US$2.5 billion
senior unsecured notes to be issued at BIL Holdings reflects the
substantial share of the priority secured debt ranking ahead of
the notes.  The instrument will also be guaranteed by the
operating subsidiaries on a subordinated basis.

The downgrade to B3 of the US$300 million 2027 legacy senior
unsecured guaranteed notes at Basell Finance Company and the
2015 senior secured guaranteed notes at Basell AF SCA reflects
the subordinated position of the legacy liabilities of Basell in
the new capital structure, dominated by the new senior secured
1st and 2d lien facilities.

The expected recovery under the 2015 notes is supported by the
existing subordinated upstream guarantees provided by the
majority of the operating companies.  The 2027 notes, by
comparison, benefit only from the downstream parent guarantee of
Basell Holding BV, an intermediate holding company whose assets
are stakes in the European operating companies.  Moody's notes
that the position of the unsecured claim under the guarantee may
be indirectly supported by some unencumbered subsidiaries that
are restricted to provide guarantees and security under the
legacy 2027 notes, while the lenders under the 2027 notes do not
have a direct claim on these subsidiaries in an insolvency
situation.

The downgrade of the legacy senior notes issued via Lyondell
Chemical Company, Lyondell Chemical Worldwide Inc and Millennium
America Inc to B3 reflects the weakened position of the
instruments in the new capital structure.

Moody's notes that the US$250 million 2013 Senior Unsecured
Notes at Millennium America Inc. are guaranteed by Millennium
Chemicals Inc which has limited operating asset base following a
number of disposals made by Lyondell in 2007; while the 2010 and
2020 senior notes at Lyondell Chemical Worldwide Inc will
benefit from the 1st lien pledge of assets directly owned by
Lyondell Chemical Company that secures the Senior Secured Credit
Facilities.  The 2026 notes will benefit from the first-lien
pledge of Equistar assets that also form part of the security
package for the secured facilities.  The relative asset coverage
of the legacy liabilities is reflected in the LGD rates assigned
at LGD6 (96) for the Millennium America Inc notes and notes
issued at Lyondell Chemical Worldwide compared to LGD5 (84)
assigned to the legacy Lyondell notes, benefiting from the
provision of the additional security at Equistar.

These ratings are affected:

   -- B1 Corporate family rating at Basell AF SCA;

   -- (P)Ba2/LGD2 (27%) rating on the Senior Secured 1st lien
      facilities;

   -- (P)B2/LGD5 (74%) rating on Senior Secured 2d lien notes at
      BIL Holdings;

   -- (P)B3/LGD6 (90%) rating on Senior Unsecured notes at BIL
      Holdings;

   -- B3/LGD6 (90%) rating on 2015 8.375% notes at Basell AF
      SCA;

   -- B3/LGD6 (90%) rating on 2027 8.1% notes at Basell Finance
      Company;

   -- B3/LGD5 (84%) rating on 2026 7.55% notes at Lyondell
      Chemical Company (Assumed by Equistar LP);

   -- B3/LGD6 (96%) rating on 2026 7.625% notes at Millennium
      America Inc.;

   -- B3/LGD6 (96%) rating on 2010 10.25% notes at Lyondell
      Chemical Worldwide, Inc.;

   -- B3/LGD6 (96%) rating on 2020 9.8% notes at Lyondell
      Chemical Worldwide, Inc.

Basell is the world's largest producer of polypropylene and
advanced polyolefins products, a leading supplier of
polyethylene, and a global leader in the development and
licensing of polypropylene and polyethylene processes and
related catalyst sales.  In 2006, the Company reported revenues
of EUR10.5 billion and EBITDA of EUR1.1 billion.


BASELL AF: S&P Cuts Ratings to B+ on Acquisition Approval
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Basell AF S.C.A. to 'B+' from 'BB-'
and removed it from CreditWatch, where it was placed with
negative implications on June 26, 2007.  This follows approval
for Basell's acquisition of Lyondell Chemical Co. from Lyondell
shareholders and regulatory approvals.  Furthermore, financing
for the acquisition is underwritten by five major investment
banks.  The acquisition is expected to be completed on Dec. 20,
2007.

At the same time, Standard & Poor's lowered the long-term
corporate credit ratings on Lyondell and its related entity
Equistar Chemicals L.P. to 'B+' from 'BB-', and removed them
from CreditWatch, where it was placed with negative implications
on July 17, 2007.  The 'B-1' short-term rating on Lyondell was
withdrawn.  The long-term corporate credit rating on Lyondell's
subsidiary Millennium Chemicals Inc. was affirmed at 'B+' and
removed from CreditWatch negative.  The outlook on all entities
is stable.

"The downgrade reflects the substantial increase in Basell's
financial debt following the acquisition, which will be 100%
debt financed and will result in a highly leveraged structure at
a mature stage in the petrochemical cycle," said Standard &
Poor's credit analyst Tobias Mock.

S&P considers that the company's business risk following the
acquisition will benefit from a better product and geographic
mix.  It will have a strong backward integration and cost
structure for a Europe- and North America-based petrochemical
producer, strengthened market positions in polyolefins, and is
likely to benefit from sizable synergies.

Nonetheless, the company remains highly sensitive to cyclical
businesses, and the petrochemical cycle will remain a dominant
factor in guiding the company's cash flow generation.

"The stable outlook reflects our expectation that the group's
petrochemical assets will continue to perform strongly in 2008
and our assumption that the merger between Basell and Lyondell
will be closed successfully in 2007," said Mr. Mock.

S&P expects the petrochemical cycle to weaken from 2009 and that
refining margins will weaken in the coming years.  Therefore,
although S&P expects Basell's credit protection ratios to
improve in 2008, they are likely to deteriorate again to current
levels or below as the petrochemical cycle weakens.


EVRAZ GROUP: Moody's Lifts Corporate Family Rating to Ba2
---------------------------------------------------------
Moody's Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.

Moody's also has upgraded the ratings for the Senior Unsecured
global bonds at Evraz Group S.A. totaling US$750 million due in
2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz
Securities S.A. totaling US$300 million due in 2009 from Ba3 to
Ba2.  The outlook on all ratings is stable.

The rating upgrade for Evraz Group to Ba2 reflects:

   (i) the continuing improvement of Evraz's operating
       performance and financial results of the Group in 2006
       and first half 2007 supported by growing demand for steel
       products in Russia and international markets; and

  (ii) the strengthened liquidity profile as a result of
       successful re-financing of short term indebtedness.

In this context Moody's noted that the recently signed
US$3.2 billion syndicated credit facility has enabled Evraz to
repay in full the US$1.8 billion bridge facility that was put in
place for the acquisition of Oregon Steel and which was maturing
in May 2008, with the remaining US$1.4 billion to be used for
general corporate purposes and to support the company's
liquidity position.

In its assessment of the company's capital structure for the
purpose of assessing the loss given default, Moody's considers
secured debt to rank ahead of the unsecured global bonds and
guaranteed Eurobonds.  Two issues of the bonds totaling US$1050
million and due in 2009 and 2015 -- are structurally and
contractually subordinated to the existing secured indebtedness
of Evraz Group.

The Senior Unsecured global bonds at Evraz Group S.A. (secured
by Mastercroft guarantee) due in 2015 (upgraded to Ba3) are
structurally subordinated to the Senior guaranteed Eurobonds at
Evraz Securities S.A. due in 2009 (upgraded to Ba2).  The
upgrades are due to the recent changes in the funding structure
and application of Moody's LGD methodology.  The secured
indebtedness is secured by property, equipment, fixed assets and
revenue proceeds and represents 22% of the total loan portfolio
at June 30, 2007.

The ratings on the unsecured notes reflects both the overall
probability of default of the group, to which Moody's assigned a
probability-of-default rating of Ba2, and a loss-given default
assessment.

Upgrades:

   * Issuer: Evraz Group

   -- Probability of Default Rating, Upgraded to Ba2 from Ba3

   -- Corporate Family Rating, Upgraded to Ba2 from Ba3

   -- Senior Unsecured global bonds at Evraz Group S.A. due in
      2015, Upgraded to a range of 85% -- LGD5 to Ba3

   -- Senior guaranteed Eurobonds at Evraz Securities S.A. due
      2009, Upgraded to a range of 55% - LGD4 to Ba2

Evraz Group is one of the Russian's largest vertical integrated
steel companies in Russia with assets also in Europe, North
America and South Africa that produced 16 million tons of steel
products, reported revenue of US$8,292 million and EBITDA of
US$2.65 million in 2006.  In first half 2007 the company posted
revenue of US$6.02 billion and EBITDA of US$2.05 million.

Evraz's principal assets are five steel plants (three steel
plants in Russia, two in Europe, three plants in North America
and one in South Africa) and three iron ore and processing
facilities, as well as two coal mines and logistics and trading
assets.


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


EUROSTAR I: Fitch Junks EUR14 Million Class C Notes
---------------------------------------------------
Fitch Ratings upgraded EuroStar I CDO's Class A-3 notes and
affirmed its Class B and C notes:

   -- EUR39 million Class A-3 notes (XS0111598859): upgraded to
       'B'/'DR1' from 'B-'/'DR1'

   -- EUR32 million Class B notes (XS0111599154): affirmed at
      'CC'/'DR5'

   -- EUR14 million Class C notes (XS0111599238): affirmed at
      'C'/'DR6'

The upgrade of the Class A-3 notes is due to the increase in
credit enhancement stemming from the de-leveraging of the notes
following the amortization of the underlying portfolio.

As a result, the Class A over-collateralization test has
improved to 135% as of the November trustee report from 117% at
the July 2006 rating action, against a test level of 124.5%.
The Class B and C over-collateralization tests have continued to
deteriorate due to the increasing balance of deferred interest.

There have been no additional defaults in the portfolio since
the previous rating action.  There are no assets rated 'CCC+'
and below, compared with 7.2% at last review.  As a result, the
Fitch rating factor has improved to 29 (equivalent to 'BB+'/
'BBB-' (BBB minus)), from 39 (equivalent to 'BB'/'BB+') in
July 2006.

In June 2000, EuroStar I CDO, a limited liability company
organized under Dutch law, issued EUR319.5 million of various
classes of fixed- and floating-rate notes and invested the
proceeds in a portfolio of corporate investment grade and sub-
investment grade debt securities.


EUROSTAR II: Fitch Junks EUR51 Million Subordinated Notes
---------------------------------------------------------
Fitch Ratings has upgraded EuroStar II CDO's Class A-3 notes and
affirmed its other notes:

   -- EUR59 million Class A-1 notes (DE0006104706): affirmed at
      'AAA'

   -- EUR16 million Class A-2 notes (DE0006104714): affirmed at
      'AAA'

   -- EUR51 million Class A-3 notes (DE0006104722): upgraded to
      'AA-' from 'A-'

   -- EUR48 million Class B notes (DE0006104730): affirmed at
       'CCC+', 'DR2'

   -- EUR9 million Class C notes (DE0006104748): affirmed at
      'C'/'DR6'

   -- EUR51 million subordinated notes (DE0006104755): affirmed
      at 'C'/'DR6'

The upgrade of the Class A-3 notes reflects the increase in the
over-collateralization since the last rating action in July
2006, due to deleveraging and the expected repayment of the
senior notes.  As of the November trustee report, the OC ratio
is 148.5% compared with 124% in July 2006 and a test value of
119%.  Although Class B is passing the OC test of 105% with a
current value of 107.5%, the interest coverage ratio is far
below the required 100% and currently stands at 34%.  Class C is
failing both the OC and IC test; the OC ratio is currently
102.2% compared with a test value of 103.5% and the IC ratio is
26.8% compared with a test value of 100%.  Deferred interest to
the Class B and C notes is currently EUR9 million and
EUR4 million respectively, compared with EUR2 million for the
Class B notes and EUR1 million for the Class C notes at last
review.

Since the last review in July 2006, the 'CCC+' and below bucket
has increased to 10.6% of the portfolio, compared with 4.7% at
last review.  The Fitch rating factor has shown some
improvement, now at 29.38, while the July 2006 Fitch rating
factor was 31.13 (both equivalent to 'BB+'/'BBB-').


HEXION SPECIALTY: Posts US$2-Mln Net Loss in 2007 Third Quarter
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. reported its results for the
third quarter ended Sept. 30, 2007.  Highlights for the third
quarter of 2007 include:

   -- Revenues of US$1.43 billion in 2007 compared to US$1.34
      billion during the prior year period, an increase of 7%.

   -- Operating income of US$88 million for the third quarter of
      2007 compared to US$57 million during the prior year
      period, an increase of 54%.  Operating income for the
      third quarter of 2007 benefited from improved operating
      performance, as well as decreased integration costs,
      compared to the similar year-ago period.

   -- Net loss of US$2 million for the 2007 quarter versus a net
      loss of US$14 million in the third quarter of 2006.

   -- Segment EBITDA (earnings before interest, taxes,
      depreciation and amortization) increased 20 percent to
      US$162 million in third quarter 2007 compared to US$135
      million during the prior year period.

"We were pleased to achieve double-digit gains in Segment EBITDA
for the fifth consecutive quarter, while our operating income
increased by 54 percent in the third quarter of 2007 compared to
the prior year period, on the strength of several specialty
products within our Epoxy and Phenolic Resins segment, our
oilfield technology products, and our European and Latin
American forest products businesses," said Craig O. Morrison,
Chairman, President and Chief Executive Officer.  "We continue
to offset the challenging North American market conditions in
2007 through our strategy of international diversification,
synergy achievement, productivity initiatives and leveraging
bolt-on acquisitions to better serve our global customers."

"In the near-term, we continue to take the necessary actions to
offset price spikes in certain key raw materials. We have
recently announced several price increases for select products
focused on offsetting the volatility of input costs."

Hexion achieved US$10 million in synergies in the third quarter
of 2007 as the company continued to realize its targeted cost
saving as planned.  As of Sept. 30, 2007, Hexion has achieved
US$105 million in synergies from its full program targeting
US$175 million in savings.

As previously announced on July 12, 2007, Hexion entered into a
definitive merger agreement with Huntsman Corporation in an all-
cash transaction valued at approximately US$10.6 billion,
including assumed debt.  As previously disclosed, Huntsman's
stockholders approved the merger agreement with Hexion on
Oct. 16, 2007.  The transaction is subject to various
conditions, including expiration or termination of applicable
waiting periods under the Hart-Scott-Rodino Act, review by
several foreign jurisdictions and other customary closing
conditions.

"We are pleased that Huntsman's stockholders approved the
merger, and we continue to work diligently to satisfy all
closing conditions and complete the transaction as quickly as
possible," Mr. Morrison said.

Hexion also announced on Nov. 1, 2007, that it had completed the
purchase of ARKEMA GmbH, which had 2006 revenues of
approximately EUR101 million. Terms of the agreement were not
disclosed.  Based in the Leuna industrial park in east central
Germany, the ARKEMA German resins and formaldehyde business
manufactures formaldehyde and formaldehyde-based resins
including urea-formaldehyde, phenol-formaldehyde and melamine-
based resins systems.  These resins are used to manufacture
engineered wood panels including oriented strand board,
particleboard and medium density fiberboard.  The business also
produces impregnation resins used to laminate decorative paper
surfaces to wood products.

"We remain focused on serving an expanding list of leading
global customers in the high-growth regions of Eastern Europe,
Latin America and Asia Pacific through our broad portfolio of
thermoset resins," Mr. Morrison said.

                      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 USUS$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.


===========
N O R W A Y
===========


TERRA SECURITIES: License Revocation Triggers Bankruptcy Filing
---------------------------------------------------------------
Terra Securities ASA filed for bankruptcy protection on Nov. 28,
2007, after the Financial Supervisory Authority of Norway
revoked its brokerage license, published reports say.

The financial regulator revoked all of Terra's licenses to
manage investments in Norway over allegations that the firm
misled its municipal clients into investing in high-risk U.S.
bonds, Aftenposten says.

The towns of Rana, Hemnes, Hattfjelldal and Narvik claimed that
Terra failed to inform them of the high risk of their NOK451
million (US$82 million) investment placed through Citibank, the
Associated Press relates.

Terra told reporters Wednesday that the four municipalities
probably lost around NOK350 million (US$64 million) on
investments in collateralized debt obligations, which are backed
with money from hydropower, Robin Wigglesworth and Niklas
Magnusson write for Bloomberg News.

Norway Finance Minister Kristin Halvorsen said the government is
unlikely to bail out the four townships.

The firm said it is shutting down immediately since it cannot
continue to operate without the licenses, the Associated Press
relates.  The filing has seen the suspension of Terra's shares
from trading on the Oslo stock exchange.

The financial scandal has led to the resignation of Ola Sundt
Ravnestad as chief executive officer of Terra Group.  He will be
replaced by Stein Ole Larsen.

Headquartered in Oslo, Norway, Terra Securities ASA --
http://www.terra.no/english-- operated as a full-service
investment bank, which include securities trading, investment
banking and asset management.


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


AGROSNAB OJSC:: Creditors Must File Claims by Jan. 17, 2007
-----------------------------------------------------------
Creditors of OJSC AgroSnab have until Jan. 17, 2008, to submit
proofs of claim to:

         S. N. Papenko
         Competitive Proceedings Manager
         P.O. Box 7
         390029 Ryazan'
         Russia

The Arbitration Court of Tula declared the company insolvent on
Oct. 3.  The case is docketed under Case No. A68-8268/06-634/
B-06.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         OJSC AgroSnab
         Komsomol'skoye Shosse
         Mine 22
         Novomoskovsk
         Tula
         Russia


ATIS CJSC: Creditors Must File Claims by Jan. 17, 2008
------------------------------------------------------
Creditors of CJSC Non-Bank Credit Organization Atis have until
Jan. 17, 2008, to submit proofs of claim to:

         L. N. Salandaeva
         Liquidator
         P.O. Box 4
         107045 Moscow
         Russia

The Arbitration Court of Moscow declared the company to be
subject to liquidation on Nov. 1.  The case is docketed under
Case No. A40-49322/07-38-134.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Non-Bank Credit Organization Atis
         Block 1
         Kozhevnicheskaya Str. 3
         113114 Moscow
         Russia


EVRAZ GROUP: Moody's Lifts Corporate Family Rating to Ba2
---------------------------------------------------------
Moody's Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.

Moody's also has upgraded the ratings for the Senior Unsecured
global bonds at Evraz Group S.A. totaling US$750 million due in
2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz
Securities S.A. totaling US$300 million due in 2009 from Ba3 to
Ba2.  The outlook on all ratings is stable.

The rating upgrade for Evraz Group to Ba2 reflects:

   (i) the continuing improvement of Evraz's operating
       performance and financial results of the Group in 2006
       and first half 2007 supported by growing demand for steel
       products in Russia and international markets; and

  (ii) the strengthened liquidity profile as a result of
       successful re-financing of short term indebtedness.

In this context Moody's noted that the recently signed
US$3.2 billion syndicated credit facility has enabled Evraz to
repay in full the US$1.8 billion bridge facility that was put in
place for the acquisition of Oregon Steel and which was maturing
in May 2008, with the remaining US$1.4 billion to be used for
general corporate purposes and to support the company's
liquidity position.

In its assessment of the company's capital structure for the
purpose of assessing the loss given default, Moody's considers
secured debt to rank ahead of the unsecured global bonds and
guaranteed Eurobonds.  Two issues of the bonds totaling US$1050
million and due in 2009 and 2015 -- are structurally and
contractually subordinated to the existing secured indebtedness
of Evraz Group.

The Senior Unsecured global bonds at Evraz Group S.A. (secured
by Mastercroft guarantee) due in 2015 (upgraded to Ba3) are
structurally subordinated to the Senior guaranteed Eurobonds at
Evraz Securities S.A. due in 2009 (upgraded to Ba2).  The
upgrades are due to the recent changes in the funding structure
and application of Moody's LGD methodology.  The secured
indebtedness is secured by property, equipment, fixed assets and
revenue proceeds and represents 22% of the total loan portfolio
at June 30, 2007.

The ratings on the unsecured notes reflects both the overall
probability of default of the group, to which Moody's assigned a
probability-of-default rating of Ba2, and a loss-given default
assessment.

Upgrades:

   * Issuer: Evraz Group

   -- Probability of Default Rating, Upgraded to Ba2 from Ba3

   -- Corporate Family Rating, Upgraded to Ba2 from Ba3

   -- Senior Unsecured global bonds at Evraz Group S.A. due in
      2015, Upgraded to a range of 85% -- LGD5 to Ba3

   -- Senior guaranteed Eurobonds at Evraz Securities S.A. due
      2009, Upgraded to a range of 55% - LGD4 to Ba2

Evraz Group is one of the Russian's largest vertical integrated
steel companies in Russia with assets also in Europe, North
America and South Africa that produced 16 million tons of steel
products, reported revenue of US$8,292 million and EBITDA of
US$2.65 million in 2006.  In first half 2007 the company posted
revenue of US$6.02 billion and EBITDA of US$2.05 million.

Evraz's principal assets are five steel plants (three steel
plants in Russia, two in Europe, three plants in North America
and one in South Africa) and three iron ore and processing
facilities, as well as two coal mines and logistics and trading
assets.


HYNIX SEMICON: Back in Non-Memory Business w/ SiliconFile Deal
--------------------------------------------------------------
Hynix Semiconductor Inc. returned to the non-memory business,
after four years, through a partnership with CMOS image sensor
designer SiliconFile Technologies, various reports say.

Reportedly, under the business agreement, Hynix will manufacture
and sell CMOS image sensor products using SiliconFile's design,
and provide foundry services for SiliconFile.  Solid State
Online Article relates, citing a Hynix spokesman, that the
company is also is taking an undisclosed ownership stake in
SiliconFile.

The mass production for the sensor products is planned for the
fourth quarter next year, Solid States Online notes.

EE Times recounts that last July, Hynix said it plans to
diversify its business portfolio.  It is also an effort to
offset the wild swings in the company's existing and core DRAM
and NAND businesses, the report adds.

Earlier this year Hynix indicated it would reinvest in its
Line M7, a 200mm DRAM line in Icheon, for a foray into nonmemory
semiconductors, once restrictions tied to the Magnachip spinoff
expire, Solid State Online adds.

              About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


KIRENSKAYA OJSC: Creditors Must File Claims by Jan. 17, 2008
------------------------------------------------------------
Creditors of OJSC Navy Repair&Maintenance Station Kirenskaya
have until Jan. 17, 2008, to submit proofs of claim to:

         V. M. Pulyaevskij
         Competitive Proceedings Manager
         P.O. Box 5604
         664081 Irkutsk-81
         Russia
         Tel/fax: (3952)541-189

The Arbitration Court of Irkutsk commenced one-year competitive
proceedings against the company after finding it insolvent on
Oct. 29.  The case is docketed under Case No. A19-14692/
06-38-29.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         OJSC Navy Repair&Maintenance Station Kirenskaya
         Partizanskaya Str. 30
         Kirensk
         666702 Irkutsk
         Russia


KRASNYANSKOYE CJSC: Asset Sale Slated for Dec. 18
-------------------------------------------------
T. V. Vodolazskaya, the competitive proceedings manager of CJSC
Krasnyanskoye, will open a public auction for the company's
properties at 1:00 p.m. on Dec. 18 at:

         CJSC Krasnyanskoye
         Administration building
         Zavodskaya Str. 5
         Krasnoye Selo
         Novohoperskij Raion
         397411 Voronezh
         Russia

The company has set a RUR100,906,380 starting price for the
auctioned assets.  Deposit required is RUR300,000.

Interested participants have until Dec. 12 to submit their
bidding documents.

The Debtor can be reached at:

         CJSC Krasnyanskoye
         Zavodskaya Str. 5
         Krasnoye Selo
         Novohoperskij Raion
         397411 Voronezh
         Russia

Information related to the auction can be obtained by calling,
Tel: (74353) 39-132.


LIPETSKCOMBANK: S&P Affirms & Withdraws B- Ratings Upon Request
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long- and short-
term counterparty credit ratings on Russian LipetskComBank at
B-/Stable/C.  At the same time, the 'ruBBB' Russia national
scale rating was also affirmed.  All the ratings were
subsequently withdrawn at the bank's request.

"As a result of the withdrawal, LipetskComBank will no longer be
subject to Standard & Poor's review.  At the time of the
withdrawal, the bank had no senior unsecured debt outstanding,"
said Standard & Poor's credit analyst Elena Romanova.


LOTOSHINSKIJ OJSC: Bankruptcy Hearing Slated for Feb. 6, 2008
-------------------------------------------------------------
The Arbitration Court of Moscow will convene on Feb. 6, 2008, to
hear the bankruptcy supervision procedure on OJSC Milk Plant
Lotoshinskij.  The case is docketed under Case No. A41-K2-14510/
07.

The interim manager is:

         S. S. Kleymenov
         Office 34
         Rozhdestvenskij Boulevard 5-7
         Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Milk Plant Lotoshinskij
         Rogova Str. 8
         Lotoshino Settlement
         Moscow
         Russia


NERTIS OJSC: Creditors Must File Claims by Dec. 17
--------------------------------------------------
Creditors of OJSC Trade&Industrial Company Nertis have until
Dec. 17 to submit proofs of claim to:

         O. N. Lavrentyev
         Competitive Proceedings Manager
         Apartment 8
         Moskovskij Pr. 119
         150030 Yaroslavl'
         Russia

The Arbitration Court of Yaroslav declared the company insolvent
on Oct. 8.  The case is docketed under Case No. A82-B/307-2002.

The Debtor can be reached at:

         OJSC Trade&Industrial Company Nertis
         Apartment 29
         Sverdlova Str. 18
         Yaroslavl'
         Russia


NIKOL'SKOYE OJSC: Court Starts Competitive Proceedings
------------------------------------------------------
The Arbitration Court of Orenburg commenced competitive
proceedings on OJSC Nikol'skoye on Oct. 23.  The case is
docketed under Case No. A47-7298/2007-14/23K.

The Competitive Proceedings Manager is:

         T. N. Bolotina
         Office 51B
         Chelyuskintsev Str. 17A
         460014 Orenburg
         Russia
         Tel/fax: (3532) 72-13-14

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         OJSC Nikol'skoye
         Nikol'skoye Township
         Krasnogvardejskij Raion
         Orenburg
         Russia


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

         O. N. Komel'kova
         Interim manager
         P.O. Box 214
         689000 Anadyr'
         Russia

The Arbitration Court of Chukotskij will convene on Feb. 21,
2008, to hear the bankruptcy supervision procedure against the
company on Oct. 31.  The case is docketed under Case No. A80-56/
2007-B.

The Debtor can be reached at:

         CJSC Severoenergomontazh
         Kurkutskogo Str. 38
         Anadyr'
         689000 Chukotskij
         Russia


URALSKY FINANCIAL: Moody's Assigns B3/NP/E+ Global Scale Ratings
----------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Bank Uralsky Financial House:

   -- a bank financial strength rating of E+ and

   -- long-term and short-term local and foreign currency
      deposit ratings of B3/Not Prime.

Concurrently, Moody's Interfax Rating Agency assigned a long-
term national scale rating of Baa2.ru to Ural FD.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.  The outlook on the global scale ratings is
stable, while the national scale rating carries no specific
outlook.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect Ural FD's global default and loss
expectation, while the Baa2.ru national scale rating reflects
the standing of the bank's credit quality relative to that of
its domestic peers.

Moody's notes that Ural FD is unlikely to receive support from
the Russian government in case of distress.  The scope and
timeliness of the support from the bank's shareholders also
remains uncertain.  Therefore, Ural FD's deposit ratings are
based solely on its Baseline Credit Assessment of B3/Not Prime.
Hence, the B3 long-term foreign currency deposit rating assigned
to the bank does not incorporate any probability of external
support.

According to Moody's, Ural FD's ratings reflect the bank's
entrenched position in the retail market segment in its home
region of Perm, healthy capital levels and relatively good asset
quality.  At the same time, Ural FD's BFSR is constrained by the
bank's still very small market franchise with geographical
concentration of its activity within the limits of Perm region,
the unseasoned nature of Ural FD's retail loan portfolio, high
credit risk concentrations (both single-name and industry) and
low diversification of the bank's funding base.

Moody's notes that an upgrade of Ural FD's deposit ratings might
be possible in the event of significant growth in the bank's
franchise, along with further diversification of its funding
base, sustainable reduction of industry and single-party
concentrations in its loan portfolio, as well as substantial
improvement of the bank's core profitability metrics.

A downgrade of Ural FD's current ratings is a remote likelihood.
However, any mismanagement of the bank's growth strategy, if it
were to result in a significant deterioration of asset quality
and financial fundamentals, or loss of market franchise could
potentially affect negatively Ural FD's ratings.

Domiciled in Perm, Ural FD offers conventional products in the
corporate and retail banking segments, including salary transfer
services for corporate clients as well as mortgages, car loans
and deposit products for individuals.  The bank conducts its
business through five branches and 16 outlets, including one
branch in Moscow.  The majority of the bank's operations
(70% of assets) are concentrated in the Oblast of Perm, where
the bank's regional market shares in total assets, loans and
individual deposits were 5.3%, 5.1% and 7.6%, respectively, as
at June 30, 2007.

As at the end of 2006, Ural FD reported total IFRS assets of
US$295 million, total capital of US$50.75 million, and net
income of US$9.07 million.


WALL MATERIALS: Asset Sale Slated for Dec. 20
---------------------------------------------
Tact Plus LLC, acting on behalf of the competitive proceedings
manager of OJSC Wall Materials Plant, will open a public auction
for the company's properties at 11:00 a.m. on Dec. 20 at:

         Tact Plus LLC
         Ural'skaya Str. 134
         Krasnodar
         Russia

The company has set a RUR17 million starting price for the
auctioned assets.

Interested participants have until Dec. 18 to deposit an amount
of RUR3.4 million to the settlement account of OJSC Wall
Materials Plant.

Bidding documents must be submitted to:

         Tact Plus LLC
         Ural'skaya Str. 134
         Krasnodar
         Russia


===========
S W E D E N
===========


AVNET INC: Operating Unit Inks Franchise Deal with Tyco
-------------------------------------------------------
Avnet Electronics Marketing, an operating group of Avnet Inc.,
has disclosed that Tyco Electronics has extended its franchise
agreement with Avnet to include all of Europe, Asia Pacific,
Japan and India.

The extension of the global franchise agreement is focused on
Tyco Electronics' electronic components segment, which includes
connectors and interconnect systems, relays, switches, circuit
protection devices, sensors, wires and cable.  These products
are used primarily in the automotive, computer, consumer
electronics, communication equipment, appliance, aerospace and
defense, industrial machinery and instrumentation markets.

"For 60 years, Tyco Electronics has a held a leadership position
in the electronics industry.  Through our newly expanded
agreement with them, we are able to offer many advantages for
our mutual customers across the globe - including shorter lead
times, reduced time to market, and a broad product line," said
Tom McCartney, senior vice president of IP&E business
development worldwide for Avnet Electronics Marketing.  "We look
forward to working with Tyco Electronics to offer market-leading
products and Avnet's support and supply chain capabilities
locally on a global basis."

"Avnet has a long-standing track record of providing exceptional
service to our customers in the Americas," said Jack Voelmle,
vice president for Tyco Electronics' global industrial and
commercial business.  "We are very pleased to offer our
customers around the world the same opportunity to benefit from
Avnet's superior logistical capabilities and innovative
services."

                    About Avnet Electronics

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers and electronic
manufacturing services providers in more than 70 countries,
distributing electronic components from leading manufacturers
and providing associated design-chain and supply-chain services.

                       About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                        *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


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


APEX MEDIENHAUS: St. Gallen Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against JSC APEX Medienhaus on Oct. 25.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Max Banziger
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC APEX Medienhaus
         Breitfeldstrasse 10
         9015 St. Gallen
         Switzerland


APPLIED SOLUTIONS: Creditors' Liquidation Claims Due by Dec. 5
--------------------------------------------------------------
Creditors of LLC Applied Solutions have until Dec. 5 to submit
their claims to:

         Olivier Chuard
         Mottastrasse 3
         3005 Bern
         Switzerland

The Debtor can be reached at:

         LLC Applied Solutions
         Bern
         Switzerland


B. COM INTERNATIONAL: Zurich Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Altstetten-Zurich entered Oct. 24 an
order closing the bankruptcy proceedings of JSC B.Com
International.

The Bankruptcy Service of Altstetten-Zurich can be reached at:

         Bankruptcy Service of Altstetten-Zurich
         8048 Zurich
         Switzerland

The Debtor can be reached at:

         JSC B.Com International
         Baslerstrasse 30
         8048 Zurich
         Switzerland


BAHK SERVICE: Creditors' Liquidation Claims Due by December5
--------------------------------------------------------------
Creditors of LLC BAHK Service have until Dec. 5 to submit their
claims to:

         Gunther Kircheis
         Paradiesstrasse 32
         9000 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC BAHK Service
         Teufen AR
         Switzerland

BEE-BAU JSC: Creditors' Liquidation Claims Due by December 6
-------------------------------------------------------------
Creditors of JSC Bee-Bau have until Dec. 6 to submit their
claims to:

         Sergio Bee
         Liquidator
         Schlossstrasse 26
         3672 Oberdiessbach
         Konolfingen BE
         Switzerland

The Debtor can be reached at:

         JSC Bee-Bau
         Konolfingen BE
         Switzerland


DELTA UNTERNEHMEN: Claims Registration Period Ends December 3
-------------------------------------------------------------
The Bankruptcy Service of Oerlikon-Zurich commenced bankruptcy
proceedings against LLC Delta Unternehmen on Sept. 25.

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

The Bankruptcy Service of Oerlikon-Zurich can be reached at:

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Delta Unternehmen
         Schaffhauserstrasse 373
         8050 Zurich
         Switzerland


FIVEST ASSET: Creditors' Liquidation Claims Due by December 6
-------------------------------------------------------------
Creditors of JSC Fivest Asset Management have until Dec. 6 to
submit their claims to:

         Hans Burger
         Kirchrain 17
         8816 Hirzel
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC Fivest Asset Management
         Zug
         Switzerland


KONRAD BOSCH: Zurich Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Oerlikon-Zurich entered Oct. 19 an
order closing the bankruptcy proceedings of JSC Konrad Bosch.

The Bankruptcy Service of Oerlikon-Zurich can be reached at:

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Konrad Bosch
         Muhlackerstrasse 199
         8046 Zurich
         Switzerland


ONTRUST JSC: Grisons Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy of Plessur in Grisons entered Oct. 24 an order
closing the bankruptcy proceedings of JSC OnTrust.

The Bankruptcy Service of Plessur can be reached at:

         Bankruptcy Service of District Plessur
         7000 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC OnTrust
         Gauggelistrasse 1
         7002 Chur
         Plessur GR
         Switzerland


PK SERVICE: Claims Registration Period Ends December 5
------------------------------------------------------
The Bankruptcy Service of Thurgau commenced bankruptcy
proceedings against JSC PK Service und Beratung on Sept. 24.

Creditors have until Dec. 5 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC PK Service und Beratung
         Hohenzornstrasse 8
         8500 Frauenfeld TG
         Switzerland


PRINTMEDIEN SCHWEIZ: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Printmedien Schweiz on Oct. 25.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Printmedien Schweiz
         6300 Zug
         Switzerland


SIWA HOLDING: Creditors' Liquidation Claims Due by December 7
-------------------------------------------------------------
Creditors of JSC SIWA Holding have until Dec. 7 to submit their
claims to:

         Muller & Senn Treuhand
         Cordulaplatz 3
         Mailbox 2136
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC SIWA Holding
         Cham ZG
         Switzerland


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


KALKINMA BANKASI: Fitch Affirms Low-B Ratings on Support
--------------------------------------------------------
Fitch Ratings has affirmed Turkiye Kalkinma Bankasi's ratings:

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

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

TKB's Long- and Short-term IDRs and Support rating reflect the
potential support it can expect to receive from its 99%
shareholder, the Turkish Treasury.  TKB's Individual rating
takes into account its low core profitability, sensitivity to
operating environment and improving but still poor asset
quality.  These negative factors are counterbalanced by the
bank's strong capitalization, matched funding, high liquidity
and competitive advantage from being funded or guaranteed by the
Turkish treasury.

The bank's core profitability is low, loan volumes are
increasing, but only slowly, due to the time it takes to process
applications and allocate funding, although this is being
addressed in the framework of the bank's reorganization.

"TKB's cost base is high and any further improvement in
efficiency will depend on whether planned loan growth is
achieved," notes Levent Topcu, Associate Director at Fitch
Ratings' financial institutions department.

Although TKB's asset quality has improved due to a reduction in
NPLs, it is still poor, with total NPLs equalling 15.5% of total
gross loans at end-2006, covered 100% by specific and general
reserves.  TKB has a comfortable liquidity position due to its
matched funding of medium- and long-term loans and good coverage
of short-term liabilities.  Its main source of funding is the
Turkish Treasury, with 85.2% of total non-equity funding either
provided or guaranteed. Other funding sources are international
and local financial institutions, and development agencies. TKB
operates with high levels of equity.  Capitalization is solid,
with the total capital adequacy ratio at 92.2%. Free capital was
a high 42.5% of assets at end of first half of 2007.

TKB is a non-deposit-taking development and investment bank,
established to promote Turkey's economic development.  The bank
focuses on geographical areas that have been identified by the
government as high priority.


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


ALEXANDRIYA COAL: Creditors Must File Claims by December 1
----------------------------------------------------------
Creditors of OJSC of Commerce-Everyday Enterprise Alexandriya
Coal (code EDRPOU 05511886) have until Dec. 1 to submit written
proofs of claim to:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/217.

The Debtor can be reached at:

         OJSC of Commerce-Everyday Enterprise Alexandriya Coal
         Sverdlov Str. 22
         Alexandriya
         28000 Kirovograd
         Ukraine

ARADON LLC: Proofs of Claim Filing Deadline Set December 1
----------------------------------------------------------
Creditors of LLC Aradon (code EDRPOU 32208837) have until Dec. 1
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 the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
24/796-b-43/519.

The Debtor can be reached at:

         LLC Aradon
         Livarskaya Str. 1
         04073 Kiev
         Ukraine


EIHVALD-COM LLC: Creditors Must File Claims by December 1
---------------------------------------------------------
Creditors of LLC Eihvald-Com (code EDRPOU 34992640) have until
Dec. 1 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/673/07.

The Debtor can be reached at:

         LLC Eihvald-Com
         Office 504
         Geroev Stalingrada Avenue 91
         Nikolaev
         Ukraine


ENERGY DELIVERY: Creditors Must File Claims by December 1
---------------------------------------------------------
Creditors of LLC Energy Delivery Sale (code EDRPOU 31351490)
have until Dec. 1 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. 23/47-b.

The Debtor can be reached at:

         LLC Energy Delivery Sale
         Apartment 222
         Krasnoarmeyskaya Str. 23B
         01004 Kiev
         Ukraine


ETALON-2006-V LLC: Creditors Must File Claims by December 1
-----------------------------------------------------------
Creditors of LLC Etalon-2006-V (code EDRPOU 34510665) have until
Dec. 1 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/675/07.

The Debtor can be reached at:

         LLC Etalon-2006-V
         Buznik Str. 5
         Nikolaev
         Ukraine


KASANDRA LLC: Creditors Must File Claims by December 1
------------------------------------------------------
Creditors of LLC Kasandra (code EDRPOU 30045475) have until
Dec. 1 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. 15/646-b.

The Debtor can be reached at:

         LLC Kasandra
         Kurenevsky Lane 19/5
         04201 Kiev
         Ukraine


KORDELOVKA SUGAR: Creditors Must File Claims by December 1
----------------------------------------------------------
Creditors of Agricultural LLC Kordelovka Sugar Plant (code
EDRPOU 32598046) have until Dec. 1 to submit written proofs of
claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/238-07.

The Debtor can be reached at:

         Agricultural LLC Kordelovka Sugar Plant
         Kiev Str. 1
         Kordelovka
         Kalinovsky District
         22445 Vinnica
         Ukraine


OCEAN OF UKRAINE: Creditors Must File Claims by December 1
----------------------------------------------------------
Creditors of LLC Ocean of Ukraine (code EDRPOU 33543925) have
until Dec. 1 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. 15/643-b.

The Debtor can be reached at:

         LLC Ocean of Ukraine
         Lugovaya Str. 9, b.B
         04074 Kiev
         Ukraine


POLIVECTOR LLC: Creditors Must File Claims by December 1
--------------------------------------------------------
Creditors of LLC Polivector (code EDRPOU 32850497) have until
Dec. 1 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. 15/899-b.

The Debtor can be reached at:

         LLC Polivector
         Schors Str. 9
         Kiev
         Ukraine


SPHERE-SM LLC: Creditors Must File Claims by December 1
-------------------------------------------------------
Creditors of LLC Sphere-SM (code EDRPOU 33260259) have until
Dec. 1 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. 23/415-b.

The Debtor can be reached at:

         LLC SPHERE-SM
         Vasilenko Str. 7A
         03124 Kiev
         Ukraine


TECHNICAL SERVICE: Creditors Must File Claims by December 1
-----------------------------------------------------------
Creditors of LLC Technical Service (code EDRPOU 32372698) have
until Dec. 1 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/233/06.

The Debtor can be reached at:

         LLC Technical Service
         Antennaya Str. 18/3
         69057 Zaporozhje
         Ukraine


TD AND CO: Creditors Must File Claims by December 1
---------------------------------------------------
Creditors of LLC LLC TD and Co Fort (code EDRPOU 33102530) have
until Dec. 1 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. 15/220-b.

The Debtor can be reached at:

         LLC TD and Co Fort
         Kropivnitsky Str. 1
         Kiev
         Ukraine


TRANS CAPITAL: Creditors Must File Claims by December 1
-------------------------------------------------------
Creditors of LLC TRANS CAPITAL (code EDRPOU 32709164) have until
Dec. 1 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. 15/919-b.

The Debtor can be reached at:

         LLC Trans Capital
         Apartment 43
         Grushevsky Str. 28/2
         Kiev
         Ukraine


UKRAINE-KAZAKHSTAN CJSC: Creditors Must File Claims by Dec. 1
-------------------------------------------------------------
Creditors of CJSC Trade House Ukraine-Kazakhstan (code EDRPOU
30867743) have until Dec. 1 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. 15/647-b.

The Debtor can be reached at:

         CJSC  Trade House Ukraine-Kazakhstan
         Polupanov Str. 21
         04114 Kiev
         Ukraine


VOYAGER-EDITION LLC: Creditors Must File Claims by December 1
-------------------------------------------------------------
Creditors of LLC Voyager-Edition (code EDRPOU 35066510) have
until Dec. 1 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/674/07.

The Debtor can be reached at:

         LLC Voyager-Edition
         Artileriyskaya Str. 10
         Nikolaev
         Ukraine


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


ARTSITES BIRMINGHAM: Calls In Liquidators from Mazars
-----------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Artsites Birmingham on Nov. 16
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


BRITISH ENERGY: Prepares Potential Replacement for Nuclear Sites
----------------------------------------------------------------
British Energy Group plc has commissioned a range of geological,
environmental impact, marine, transmission system and other
studies for its sites.  In line with previous announcements, the
Group will continue to invest prudently to maintain its sites as
strong candidates for replacement build.  This work will also
ensure that development can proceed as quickly and efficiently
as possible if the Government makes a positive decision.

Government is expected to decide on the future of nuclear power
early in 2008.  If the decision is positive, a strategic
assessment of siting is expected in 2008.

"Our existing sites all have potential for replacement nuclear
and indeed we have suitable land at all locations," Bill Coley,
CEO of British Energy, said.  "But it's about much more than
land.  We are building the foundations for replacement nuclear
by continuing and strengthening our excellent relationships and
dialogue with local communities.  Our skilled and experienced
staff also live locally and provide a healthy flow of skills and
talent into the business.  Our good relationships with our
regulators and experience in U.K. regulation are also key
factors, and we continue to work closely with the full range of
nuclear industry regulators to meet some of the most stringent
standards in the global nuclear industry."

The company has a range of activities underway to prepare its
sites as candidates for replacement nuclear generation.

            Protection of Sites From Climate Change

On Nov. 27, 2007, the company published a review of the
engineering needs to protect British Energy's eight sites across
the U.K. from the possible longer term impact of climate change.
The review, conducted by Halcrow Group, is based upon scenarios
anticipated by the Met Office in a far-reaching study carried
out for British Energy, published in January.

The key conclusion is that flood defense and coast protection
measures can be deployed to make replacement build a feasible
option at all sites.  Relying solely on current engineering
methods and knowledge the sites can be made robust against
climate change impacts for the expected lifetimes of the
replacement stations.

                 Environmental Impact Studies

British Energy is commissioning expert studies that will be
needed to underpin comprehensive and robust Environmental Impact
Assessments for any replacement build.  The detailed scope of
these studies will vary depending on the site situation but they
will include examinations of flora and fauna; fisheries and
other marine ecology; landscape and visual amenity;
hydrodynamics and coastal geomorphology; geology, hydrogeology,
hydrology and soils; cultural, architectural and archaeological
heritage; traffic and transport; human beings; and noise and air
quality.  The company has appointed Royal Haskoning to act as
its lead adviser in developing these Environmental Assessments.

British Energy is also exploring the possibility of achieving
the Biodiversity Benchmark in a phased program of nuclear power
station sites.  The Biodiversity Benchmark enables any
organization to assess its impact on the natural world and
improve its contribution to the environment, while demonstrating
commitment to biodiversity.  It is the first recognized scheme
to award an organization for its continual biodiversity
improvement.

                       Grid Connections

At this stage grid access is likely to be an important
constraining factor in siting.  The ability to connect
replacement nuclear stations to the grid will be a relevant
factor for nuclear and indeed any generation type.  The Company
has entered into transmission connection agreements with
National Grid for each of the key sites it owns in the South of
England -- at Sizewell, Hinkley, Dungeness and Bradwell -- for
grid access in the period from 2016 onwards.

Through these agreements British Energy has contracted the
capacity needed for potential future nuclear development at
these sites, subject to National Grid obtaining any necessary
planning and other consents.  The Group remains flexible at this
stage about exactly how and when the sites might be developed
and on issues like the choice of reactor design.

                    Stakeholder Engagement

Each power station currently has an active local community group
with which it meets regularly and briefs on all topics of
interest including possible replacement nuclear.  The Company
has also sought to involve all its local stakeholders in the
national debate on the future of nuclear power being taken
forward by Government.  In future, the company will be in
extensive dialogue with local stakeholders and statutory
consultees as it develops its proposals and identifies the scope
of future studies.

"These  activities are part of our on-going preparations to
ensure that our sites are well placed for consideration as
candidates for replacement nuclear power stations, if Government
allow private sector generators that option," Paul Spence,
British Energy's head of strategy and business development,
said.  "Assessing and protecting against the potential effects
of climate change on our sites, which are all on the coast, is
important for today's fleet and for any possible replacement
nuclear build program.

"The connection agreements give us the flexibility we need to
accommodate a variety of plans for the future.  They also give
National Grid as much time as possible to plan and implement any
infrastructure works that may be needed to allow for future
stations," Mr. Spence added.

                      About British Energy

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

                        *     *     *

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

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

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

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


CONSTELLATION BRANDS: Moody's Rates US$500 Mln Sr. Notes at Ba3
---------------------------------------------------------------
Moody's Investor Service assigned a Ba3 rating to Constellation
Brand's US$500 million senior unsecured note issuance which will
be used to fund its previously announced acquisition of Fortune
Brands' U.S. Wine business.  All other ratings of the company
are affirmed and the rating outlook remains stable.

This rating was assigned:

   * Constellation Brands, Inc.

   -- US$500 million senior unsecured notes due 2014: Ba3; LGD4;
      50%

Moody's said that Constellation's debt-funded purchase of
Fortune Brands' U.S. wine business for US$885 million will not
impact the company's current Ba3 CFR rating and stable outlook.
While the size of the deal is substantial, we do not expect the
increased leverage to push Debt to EBITDA higher than the six
times trigger that Moody's previously stated could lead to a
downgrade.

The multiple for the wine business (13-14x previous 12 months
EBITDA) is not unreasonable for a business that adds attractive
premium wine brands and fits with the Constellations overall
expansion strategy.  While Constellation had sufficient cushion
in the current rating level to absorb this acquisition without
placing immediate pressure on the rating, Moody's will expect to
see progress on reducing leverage and on integrating this latest
acquisition before additional large transactions are
contemplated.

Constellation's Ba3 rating reflects its aggressive financial
policy and acquisition strategy, which gives rise to
considerable risk of high financial leverage and event risk.
Most of the company's credit metrics map to B or lower on
Moody's Alcoholic Beverage Rating Methodology grid, with
financial policy mapping to B (down from Ba in previous years).
Offsetting these risks are Constellation's scale and market
diversification, its broad portfolio of brands covering the
wine, spirits and imported beer categories at all price points,
franchise strength and growth potential, and solid profitability
and efficiency, each of which maps to Baa or better on the
methodology grid.

Moody's last took rating action on Constellation Brands on
March 1, 2007 when the company announced its plans to do a debt-
funded share buyback on the heels of a string of acquisitions
including the acquisition of SVEDKA Vodka, announced in February
of this year.  Moody's at that time downgraded the corporate
family rating to Ba3 from Ba2 and said that the string of
acquisitions followed by the shift to a more aggressive
financial policy as demonstrated by the share buyback led to the
downgrade.

The SGL-2 Speculative Grade Liquidity rating for Constellation
Brands, Inc., reflects overall good liquidity, given the
company's ongoing strong financial performance, ample
availability under the revolver, modest covenant cushion and its
unencumbered asset base.  In Moody's view, the company may rely
on its revolving credit facility over the next twelve months,
largely due to notable seasonality in working capital funding
needs and a sizeable debt maturity of US$200 million due in
February 2008.

The rating outlook is stable reflecting the company's solid
business franchise, good product and geographic diversity,
strong margins and the expectation that cash flow generation
will continue to be solid as well as the view that the company's
current leverage can be tolerated at this rating level.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Australia and New
Zealand.  The company has more than 250 brands in its portfolio,
sales in approximately 150 countries and operates approximately
60 wineries, distilleries and distribution facilities.


DURA AUTOMOTIVE: U.S. Court Postpones Confirmation Hearing
----------------------------------------------------------
The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware has postponed the hearing to consider
confirmation of the Joint Plan of Reorganization of DURA
Automotive Systems, Inc., and its debtor-affiliates.

According to The Associated Press, the Bankruptcy Court canceled
the confirmation hearing scheduled for December 6, 2007, saying
there was no point moving forward with the Plan until DURA
obtains the necessary exit financing.

DURA's Chapter 11 plan contemplates a US$425,000,000 financing
to emerge from Chapter 11.  Goldman Sachs Credit Partners, L.P.,
and Barclays Capital, the investment banking division of
Barclays Bank, PLC, as arrangers, have offered to arrange and
syndicate:

   (a) a senior secured revolving credit facility in an amount
       up to US$125,000,000;

   (b) a senior secured first-lien tranche B term loan facility
       in amount up to US$225,000,000; and

   (c) a senior secured second-lien term loan facility in an
       amount up to US$75,000,000.

DURA, however, has not obtained full commitments for the loan.
AP says that DURA has encountered difficulty obtaining the
financing amid the recent crunch in credit markets.

The Reorganization Plan also contemplates a US$140,000,000 to
US$160,000,000 equity rights offering to be fully backstopped by
Pacificor, LLC.  Holders of senior notes in excess of US$75,000,
which also includes Pacificor, were entitled to buy shares of
new common stock of DURA at the rights offering, which concluded
on November 15, 2007.  The participants in the rights offering
elected to subscribe approximately US$1,300,000.  Pursuant to
the Court-approved backstop agreement, Pacificor will purchase
the unsubscribed portion of the shares.

DURA aims to exit Chapter 11 protection by the end of 2007.

                  About Dura Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an
independent designer and manufacturer of driver control systems,
seating control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had USUSUS$1,993,178,000 in total
assets and USUSUS$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 38 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


EMI GROUP: S&P Withdraws B+ Ratings at Company's Request
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+' long-
term and 'B' short-term corporate credit ratings on U.K.-based
music group EMI Group PLC, at the company's request.  The
ratings were on CreditWatch with negative implications at the
time of the withdrawal.

All of EMI's public debt has been repaid.  Debt ratings on EMI
Group PLC and related entities were withdrawn following EMI's
acquisition by Maltby Ltd.


GOODWOOD GOLD: Moody's Rates Three Credit Facilities at Low-B
-------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
four credit default swaps to be entered into by Lloyd's TSB and
the protection sellers and to ten Credit-linked Notes issued by
Goodwood Gold Limited:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


JETFORGE LTD: Taps Liquidators form Grant Thornton
--------------------------------------------------
Alastair Wardell and Nigel Morrison of Grant Thornton U.K. LLP
were appointed joint liquidators of Jetforge Ltd. on Nov. 16 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         11-13 Penhill Road
         Cardiff
         CF11 9UP
         Wales

The company can be reached at:

         Jetforge Ltd.
         Llywdarth Road
         Maesteg
         Bridgend
         CF34 9EY
         Wales


METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend
------------------------------------------------------------
Methanex Corp.'s Board of Directors has declared a quarterly
dividend of US$0.14 per share that will be payable on
Dec. 31, 2007 to holders of common shares of record on
Dec. 17, 2007.

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex".  The company has locations in Belgium, Chile,
China, Japan, Trinidad and the United Kingdom, among others.

                        *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


METHANEX CORP: Finances US$40 Mln of GeoPark's Gas Exploration
--------------------------------------------------------------
Methanex Corporation has signed a natural gas prepayment
agreement with GeoPark Holdings Limited.  Methanex will provide
US$40 million in financing to support and accelerate GeoPark's
natural gas exploration and development activities in the Fell
Block in Southern Chile.

Under the arrangement, GeoPark will also provide Methanex with
natural gas supply sourced from the Fell Block under a ten-year
supply agreement.  GeoPark has been increasing its gas supply to
Methanex since 2006 and its goal is to provide up to 10% of
Methanex's total natural gas needs in Chile by the end of 2008.

"This prepayment agreement represents an important step to
restore secure, long term gas supply to our plants in Chile,"
Paul Schiodtz, Methanex's Latin America senior vice president,
commented.  "We are delighted to be working closely with GeoPark
who have been very successful both discovering new gas and
investing in infrastructure to increase natural gas deliveries
to our plants."

"We are also very pleased with the results in the bidding
process for oil and gas exploration in the south of Chile,"
Mr. Schiodtz continued.  "The Chilean Government disclosed the
participation of five other international oil and gas companies
in gas exploration and development in areas which are all very
close to our plants."

"This strategic alignment of Methanex and GeoPark strengthens
both companies - by increasing the supply of natural gas in
Chile for Methanex and by underpinning the long term development
of GeoPark's natural gas reserves," James Park, CEO of GeoPark
added.  "The agreement secures an economic long term market for
all of GeoPark's Chilean gas production while also providing a
source of financing to accelerate capital investment."

               About GeoPark Holdings Limited

GeoPark Holdings Limited (LON:GPK) -- http://www.geo-park.com/
-- is a Latin American oil and gas producer and explorer with
properties in Argentina and Chile.

                 About Methanex Corporation

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex".

                        *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


MTI TECHNOLOGY: US Trustee Appoints Nine-Member Creditors Panel
---------------------------------------------------------------
The U.S. Trustee for Region 16 appointed nine creditors to serve
on an Official Committee of Unsecured Creditors of MTI
Technology Corp.'s Chapter 11 case.

The Creditors Committee members are:

   a) EMC Corp.
      Steven D. Saas, Esq.
      c/o RMS
      307 International Circle, Suite 270
      Hunt Valley, MD 21030
      Tel: (410) 773-4040
      Fax: (410) 773-4057

   b) Pencom Systems
      Michael Green, Esq.
      40 Fulton Street, 18th Floor
      New Yor, NY 10038
      Tel: (212) 513-7777
      Fax: (212) 513-1975

   c) Wade Saadi
      Michael Green, Esq.
      40 Fulton Street, 18th Floor
      New Yor, NY 10038
      Tel: (212) 513-7777
      Fax: (212) 513-1975

   d) CCS Computer Configuration Services
      Al Grasso
      2531 White Road
      Irvine, CA 92614
      Tel: (949) 476-0874
      Fax: (949) 261-9164

   e) Compnology Inc.
      John S. Cronin
      6300 Station Mill Drive
      Norcross, GA 30092
      Tel: (678) 480-6266
      Fax: (678) 935-0619

   f) Lifeboat Distribution Inc.
      Kevin Scull
      1157 Shrewsbury Avenue
      Shrewsbury, NJ 07702
      Tel: (732) 389-8950
      Fax: (732) 389-1207

   g) Mid Atlantic Corporate Services Inc.
      Michael Buxton
      812 Oregan Ave., Suite H
      Limphicum, MD 21090
      Tel: (410) 636-7966
      Fax: (410) 636-7466

   h) FedEx Custom Critical
      c/o RMS
      307 International Circle, Suite 270
      Hunt Valley, MD 21030
      Tel: (410) 773-4085
      Fax: (410) 773-4057

   i) Neoscale Systems Inc.
      c/o Andrew Moley or Janet Cahill
      1655 McCarth Blvd.
      Milpitas, CA 95035
      Tel: (408) 473-1334
      Fax: (408) 473-1307

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

                      About MTI Technology

Headquartered in Tustin, California, M.T.I. Technology Corp. --
http://www.mti.com/-- provides professional services and data
storage for mid- to large-sized organizations.  In addition, the
company owns all of the issued and outstanding share capital of
three European subsidiaries: MTI Technology GmbH in Germany, MTI
Technology Limited in Scotland and MTI France S.A.S. in France.

The company filed for Chapter 11 protection on Oct. 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  Omni Management Group LLC serve as the Debtor's claim,
noticing and balloting agent.  As of July 7, 2007, the Debtor
had total assets of US$64,002,000 and total debts of
US$58,840,000.


MTI TECHNOLOGY: Committee Taps Winthrop as Insolvency Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed for MTI
Technology Corporation's bankruptcy case asks the United States
Bankruptcy Court for the Central District of California for
permission to employ Winthrop Couchot Professional Corporation
as its general insolvency counsel.

As the Committee's general insolvency counsel, Winthrop Couchot
will:

   a) provide the Committee legal advice with respect to its
      duties, responsibilities and powers in the Debtor's
      bankruptcy case;

   b) assist the Committee in investigating the acts, conduct,
      assets, liabilities and financial condition of the Debtor
      and its insiders and affiliates;

   c) provide the Committee legal advice and representation with
      respect to the negotiation, confirmation and
      implementation of a Chapter 11 plan;

   d) provide the Committee legal advice with respect to the
      administration of the Debtor's case, the distribution of
      the Debtor's assets, the prosecution of claims against
      third parties, and any other matters relevant to the
      Debtor's case;

   e) provide the Committee legal advice and representation, if
      appropriate, with respect to the appointment of a trustee
      or examiner; and

   f) provide the Committee legal advice and representation in
      any legal proceeding, whether adversary or otherwise,
      involving the interest represented by the Committee, and
      the performance of other legal services as may be required
      by the Committee in furtherance of the interests of
      general unsecured creditors in the Debtor's case.

The firm's professionals and their compensation rates are:

      Attorney                      Hourly Rate
      --------                      -----------
      Marc J. Winthrop, Esq.           US$565
      Robert E. Opera, Esq.            US$550
      Sean A. Okeefe, Esq.             US$550
      Paul J. Couchot, Esq.            US$525
      Richard H. Golubow, Esq.         US$395
      Peter W. Lianides, Esq.          US$395
      Garrick A. Hollander, Esq.       US$375

      Legal Assistants             Hourly Rate
      ----------------             -----------
      P.J. Marksbury                   US$190
      Legal Assistant Associates     US$80-US$150

Robert E. Opera, Esq., a shareholder of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtor's estate and is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.

Mr. Opera can be reached at:

     Robert E. Opera, Esq.
     Winthrop Couchot Professional Corporation
     660 Newport Center Drive, 4th Floor
     Newprot Beach, CA 92660
     Tel: (949) 720-4100
     Fax: (949) 720-4111

                      About MTI Technology

Headquartered in Tustin, California, M.T.I. Technology Corp. --
http://www.mti.com/-- provides professional services and data
storage for mid- to large-sized organizations.  In addition, the
company owns all of the issued and outstanding share capital of
three European subsidiaries: MTI Technology GmbH in Germany, MTI
Technology Limited in Scotland and MTI France S.A.S. in France.

The company filed for Chapter 11 protection on Oct. 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  Omni Management Group LLC serve as the Debtor's claim,
noticing and balloting agent.  As of July 7, 2007, the Debtor
had total assets of US$64,002,000 and total debts of
US$58,840,000.


PLAY CENTRES: Joint Liquidators Take Over Operations
----------------------------------------------------
Jonathan Newell and Kerry Bailey of PKF (U.K.) LLP were
appointed joint liquidators of Play Centres (North West) Ltd. on
Nov. 21 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         5 Temple Square
         Temple Street
         Liverpool
         L2 5RH
         England


PROTON HOLDINGS: GM Still Interested in Future Partnership
----------------------------------------------------------
General Motors Corp. has not ruled out interest in a possible
tie-up with Proton Holdings Berhad despite the Malaysian firm's
intention to do it alone, Reuters reports, citing a senior
GM official.

The report recounts that GM and Volkswagen AG had both expressed
interest in an equity partnership with Proton.  Previous press
reports had stated that Proton and Volkswagen may reach a deal
before the end of the year.

However, as reported in the Troubled Company Reporter-Asia
Pacific on Nov. 21, 2007, Malaysia's state investment arm,
Khazanah Nasional Berhad, which controls Proton, shocked
investors when it announced that Proton discontinued
negotiations with Volkswagen.

The TCR-AP report noted that an improvement in Proton's domestic
sales and exports had led to its decision to halt negotiations
with Volkswagen.  Khazanah Nasional and the Malaysian
government have reportedly taken note of the recent positive
developments and they believe that Proton's management should be
allowed to continue with its plans to further strengthen the
company and turn it around.

Earlier media reports speculated that talks with GM had also
been shelved.

"Never say never.  But in the meantime, things have moved on,"
Reuters quotes Steve Carlisle, head of GM's Southeast Asian
operations, as telling reporters at the launch of a new
Chevrolet vehicle in Malaysia.  "Probably by the time we talk
again, things will have moved on some more," he added.

Mr. Carlisle further stated that GM "will need then to
understand what the. . . conditions are, what might be possible
and what the situation really is.  Then we will make a fresh
assessment at that point in time."

Reuters says that despite the government's decision, there is
speculation that it will look to a local partner to bolster
Proton.

Reuters notes that Proton's shares have lost a quarter of their
value, or about MYR703 million (US$209.6 million), since the
government announcement that the company would try to restore
its fortunes without outside help.  Proton's domestic market
share, the report adds, has been cut to more than 30% from
around two-thirds of the market in the 1990s.

                      About General Motors

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

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.


REFCO INC: RJM Wants Settlement Pact with FXCM Parties Approved
---------------------------------------------------------------
RJM, LLC, as plan administrator to Reorganized Refco Inc. and
its affiliates, and Marc S. Kirschner, as plan administrator to
Refco Capital Markets, Ltd., ask the U.S. Bankruptcy Court for
the Southern District of New York to approve their settlement
agreement with Forex Capital Markets, LLC, Forex Trading LLC,
FXCM Canada Ltd., FXCM LLC, David Sakhai, William Ahdout,
Kenneth Grossman, Michael Romersa, and Edward Yusupov.

Refco Group Ltd., a Reorganized Debtor, holds a 35% equity
interest in Forex Capital Markets, LLC.  Pursuant to the Plan,
RJM has authority to exercise all rights of the Debtors in
respect of RGL's 35% interest in FXCM, including all rights
related to its liquidation or disposition.

Certain entities have agreed to purchase RGL's 35% equity
interest in FXCM.  The names of the entities are withheld for
confidentiality purposes, according to Steven Wilamowsky, Esq.,
at Bingham McCutchen LLP, in New York.  The sale of RGL's
interest is subject to the requirement that certain claims
against the Debtors and RCM be resolved.

The parties' Settlement Agreement provides that:

    a. The Plan Administrators will seek Court approval allowing
       the claims filed by the FXCM Parties:

       1. Claim No. 9140, to be allowed as a Class 6 FXA
          Convenience Class Claim for US$3,290.87;

       2. Claim No. 9870, to be allowed as a Class 5(a) FXA
          General Unsecured Claim for US$8,281,529.63;

       3. Claim No. 9871, to be allowed as a Contributing Debtor
          Class 5(a) General Unsecured Claim for
          US$8,281,529.63.

    b. The Plan Administrators ask Court to expunge FXCM
       Parties' 31 other claims -- Claim Nos. 6629, 6630, 6631,
       6632, 6633, 6634, 6635, 6636, 6637, 7564, 7566, 7568,
       7569, 7570, 7571, 7572, 14268, 14269, 14270, 14271,
       14272, 14273, 14274, 14275, 14276, 14427, 14428, 14429,
       14430, 14431, 14432.

Jeffrey M. Olinsky, Esq., at Bingham McCutchen LLP, in New York,
New York, says the Plan Administrators have carefully reviewed
the claims filed by the FXCM Parties, as well as the books and
records of the Reorganized Debtors and RCM as they relate to the
claims.  The Plan Administrators believe that Claim Nos. 9140,
9870 and 9871 are properly allowable at the amounts set, and the
rest of the FXCM Parties' claims should be expunged.  Mr.
Olinsky says the FXCM Parties agree that the 31 other claims
should be expunged.  "Expunging these other claims will
eliminate 31 claims against the Reorganized Debtors' and RCM's
estates that seek damages based on alleged fraudulent conduct of
the Debtors."

Mr. Olinsky tells the Court the Agreement will result in
proceeds from the sale of RGL's 35% equity interest in FXCM
becoming available for distribution to creditors of the
Contributing Debtors.

A full-text copy of the FXCM Settlement Agreement is available
for free at http://bankrupt.com/misc/FXCMsettlementAgreement.pdf

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/
or 215/945-7000).


REFCO INC: U.S. Court Approves Settlement Agreement with SPhinX
---------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York approved a settlement and release
agreement entered into by:

   -- Refco Inc., and its debtor and non-debtor affiliates; Marc
      S. Kirschner, as the plan administrator for Refco Capital
      Markets, Ltd.; and RJM, LLC, as plan administrator
      for the Reorganized Debtors except RCM; and

   -- SPhinX Managed Futures Fund SPC, its affiliated Segregated
      Portfolios and various affiliated entities; Kenneth M.
      Krys and Christopher Stride, in their capacity as the
      Joint Official Liquidators of SPhinX; the SPhinX Trustee;
      and certain SPhinX investors.

Judge Drain directed the RCM Administrator to distribute the
Settlement Funds to RCM's creditors..

Judge Drain also withdrew the Restraining Order, and waived Rule
6004(h) of the Federal Rules of Bankruptcy Procedure to the
extent applicable.

                SphinX Settlement Agreement

Jessica L. Fink, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
in New York, related that in 2005, the Official Committee of
Unsecured Creditors of the Debtors, on behalf of RCM, sought to
recover US$312,046,266 in preferential transfers to SPhinX and
its affiliated Segregated Portfolios.

To settle the dispute with the Committee, SPhinX had agreed to
pay US$263,000,000 to RCM's estate, which the SPhinX Investors
opposed.  The Bankruptcy Court had approved the SPhinX
Settlement over the objection, ruling that it was in the best
interests of RCM, its estate, and its creditors, and that the
Investors lacked standing to object.  The Investors had appealed
to the District Court for the Southern District of New York, but
the District Court affirmed the Bankruptcy Court's ruling.

Ms. Fink notes that in June 2006, SPhinX went into voluntary
liquidation under the court of the Cayman Islands, and Mr. Krys
and Mr. Stride were appointed as its Joint Official Liquidators.

The Investors, as well as the SPhinX Liquidators, appealed the
District Court Order to the United States Court of Appeals for
the Second Circuit.  The Second Circuit recently affirmed the
District Court's decision, Ms. Fink related.  The Second Circuit
held that the Investors lacked standing to appeal, and that the
Liquidators were precluded from appealing because they were
deemed to be parties to SPhinX.

According to Ms. Fink, the Settlement Funds are currently being
held by the RCM Plan Administrator in a segregated account at
RCM, pending the entry a final order approving the SPhinX
Settlement.

Ms. Fink added that the Settlement and Release Agreement has
been discussed with and approved by customers holding
approximately 50% of the allowed RCM securities customer claims.

The parties have agreed that:

   (a) the RCM Plan Administrator and the SPhinX Liquidators
       will take all steps necessary to seek approval of the
       Agreement by the Cayman Court and the Bankruptcy Court,
       respectively;

   (b) upon approval of the Agreement, the RCM Plan
       Administrator is authorized to release and distribute the
       Settlement Funds;

   (c) the RCM Plan Administrator will pay to the Liquidators,
       on behalf of SPhinX, a US$2,500,000 appeal settlement
       payment;

   (d) the Liquidators, the SPhinX Investors, and the SPhinX
       Trustee will not file further appeals, or any motions for
       reconsideration, of the Settlement Approval Order;

   (e) the Liquidators will withdraw their motion for rehearing,
       currently pending before the Second Circuit;

   (f) Claim Nos. 11387 and 11378, filed by SPhinX against RCM
       will be allowed as general unsecured claims for
       US$4,312,945 and US$10,352,310, respectively, in RCM's
       Chapter 11 case;

   (g) all other claims filed by the parties are deemed
       disallowed and expunged; and

   (h) the parties exchange mutual releases from all claims or
       actions arising from the preferential transfers or the
       appeal of the SPhinX Settlement.

Ms. Fink stated that the Settlement Funds will be distributed to
RCM securities customers, pursuant to the Modified Joint Chapter
11 Plan of Refco Inc. and Certain of its Direct and Indirect
Subsidiaries.  The Appeal Settlement Payment will be deducted
solely from the Settlement Funds, and will not impact recoveries
to non-securities customers.

Ms. Fink maintained that the terms embodied in the Agreement
represents a reasonable settlement of the issues between the
parties, and should be approved.

A full-text copy of the Settlement and Release Agreement between
Refco and SPhinX is available at no charge at:

   http://bankrupt.com/misc/RefcoSphinxSettlementRelease.pdf

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/215/945-7000).


REFCO INC: RCM Distributes US$279.5 Million from SPhinX Proceeds
----------------------------------------------------------------
Pursuant to a settlement agreement by Refco Capital Markets,
Ltd., all holders of Allowed Class 4 RCM Securities Customer
Claims are entitled to receive their pro rata portion of the
proceeds from the settlement with the SPhinX entities, which has
become available for distribution.

In this connection, Marc S. Kirschner, Plan Administrator for
the Refco Capital Markets, Ltd. estate, notified the U.S.
Bankruptcy Court for the Southern District of New York that on
Nov. 16, 2007, he made the sixth interim distribution of
approximately US$279,500,000 of RCM's Assets in Place, resulting
from the Net Sphinx Proceeds.  Each claimant is entitled to its
pro rata share of the Proceeds.

The RCM Administrator notes that two creditors will be capped at
100% recovery from the Distribution.

To date, the RCM Administrator has made five interim
distributions from Assets in Place, aggregating to recoveries of
US$1,890,000,000, and another two interim distributions from
Additional Property, resulting in recoveries of US$344,700,000.

A list of the claims for the Sixth Interim Distribution is
available at no charge at:

     http://bankrupt.com/misc/Refco6thInterimDistClaims.pdf

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/215/945-7000).


RETAIL GROUP: Brings In Liquidators from Vantis
-----------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis were
appointed joint liquidators of Retail Group Holdings U.K. Ltd.
on Nov. 16 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


RUNSTREAM LTD: Taps Liquidators from Vantis
-------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis were
appointed joint liquidators of Runstream Ltd. on Nov. 19 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


SAFE & SURE: Appoints Liquidators from Tenon Recovery
-----------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint liquidators of Safe & Sure Plumbing &
Heating Ltd. on Nov. 16 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         The Exchange
         Station Parade
         Harrogate
         HG1 1TS
         England


SEA CONTAINERS: U.S. Court Approves Payment of Diligence Fees
-------------------------------------------------------------
The Hon. Kevin Carey of the U.S. Bankruptcy Court for the
District of Delaware authorized Sea Containers Ltd. and its
debtor-affiliates to pay the due diligence fees or expenses of
potential exit lenders up to a maximum amount of US$500,000 per
lender and US$1,500,000 in the aggregate.

The amount is for reasonable expenses incurred in connection
with financial and legal due diligence and development of exit
financing proposals that relate to taking out the existing DIP
loan upon the Debtors' emergence from Chapter 11.

The Order is entered without prejudice to the Debtors' right to
seek authority to pay additional expenses or fees related to
exit financing as the Debtors believe are reasonable and
necessary, Judge Carey said.

Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, related that the Debtors are in the
process of formulating a Chapter 11 plan and intend to commence
their exit from Chapter 11 by filing their plan, disclosure
statement, and related materials in the near term.

Under any plan scenario, Mr. Morton said, exit financing to
repay the DIP loan and provide going-forward capital is an
essential component of this process.  For these reasons, the
Debtors are currently pursuing exit financing from various
lenders and are aiming to secure a commitment to fund their exit
from Chapter 11.

To make a financing commitment, however, potential exit lenders
will have to conduct extensive due diligence of the Debtors'
assets and operations, thereby incurring significant out-of-
pocket costs and expenses, including fees and expenses of their
legal and other advisors.  To induce potential exit lenders to
undertake the expensive and time-consuming work required for an
exit financing commitment, the Debtors believe it is necessary
to pay the reasonable and actual out-of-pocket costs and
expenses they incur in connection with developing, negotiating,
and documenting the financing commitment.

Without this inducement -- which is a quite common request under
the circumstances -- potential exit lenders will not undertake
the work needed to complete a financing commitment, thus leaving
the Debtors without an exit facility required for their Chapter
11 plan, Mr. Monton explained.  He further noted that the
Debtors have already received interest from Dune Capital LP and
Caspian Capital Partners LP to provide exit financing, but they
are unwilling to proceed further unless they are reimbursed for
their out-of-pocket costs and expenses associated with their due
diligence review ofthe Debtors.  In addition to Dune and
Caspian, the Debtors hope to pursue exit financing negotiations
with other lenders.  Parallel negotiations with multiple
potential exit lenders will ensure that the Debtors obtain
financing with competitive terms, Mr. Monton said.

The Debtors believe that the requested expense reimbursement is
reasonable for the proposed collateral base, which will include
all of the Debtors' assets, including their interests in GE
SeaCo and the large network of foreign and U.S. non-debtor
subsidiaries, and the fact that the expenses routinely are
reimbursed both in and outside of bankruptcy.

                       About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and 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. 31;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SKYEPHARMA PLC: David Ebsworth Steps Down as Non-Exec. Director
---------------------------------------------------------------
Dr. David Ebsworth has resigned as a non-executive director of
Skyepharma PLC, with effect from the close of business on
Nov. 28, 2007, in order to concentrate on his other commitments.
He will be replaced as chairman of the remuneration committee by
Dr. Jerry Karabelas.

"The Board is very grateful to David for his hard work, advice
and commitment over the past five years.  We wish him all the
best for the future," Jeremy Scudamore, non-executive chairman
of Skyepharma, said.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.

The net result for the continuing operations after finance
charges and tax for the six months ended June 30, 2007, was a
loss of GBP14.2 million (H1 2006: GBP16 million).

The Group balance sheet as at June 30, 2007, shows GBP55.1
million in total shareholders' deficit, compared with a GBP48.4
million stockholders' deficit at Dec. 31, 2006.  The reduction
in net equity has arisen mainly due to the GBP19.6 million loss
from continuing and discontinued operations.


TITAN EUROPE 2004-1: Prepayment Cues S&P to Lift Rating to BB
-------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with positive implications and raised its ratings on the class
D, E, and F notes issued by Titan Europe 2004-1 PLC. At the same
time, it affirmed the ratings on the class C and X notes.  The
class A and B notes have redeemed entirely.

The class D, E, and F notes were placed on CreditWatch positive
on Aug. 30, 2007

The rating action follows a review of the transaction based on
data received from the servicer, Hatfield Philips International
Ltd., as of the October 2007 interest payment date.

The ratings on the class D and E notes have been raised to 'AAA'
from 'AA-/Watch Pos' and 'BB/Watch Pos', respectively.  The
rating on the class F notes has been raised to 'BB' from 'BB-
/Watch Pos'.  This rating has not been raised higher due to the
desire for a low rated tranche in the transaction, if unforeseen
losses occur.

The raising of the ratings was triggered by the prepayment of
the largest remaining loan in the transaction, the Kandahar
(Droitwitch) loan.  The proceeds of this loan were allocated
sequentially as more than 50% of the transaction has prepaid
since closing.  This has resulted in improved credit enhancement
and LTV ratios for the classes that have been upgraded.

There is now only one loan, the CSAM UK Property Unit Trust
loan.  This loan is secured on a portfolio of two offices, two
industrial properties, and three retail properties located
throughout the U.K.  The portfolio remains the same as at
closing.  The loan is low leveraged, with an LTV ratio of 49.85%
based on Standard & Poor's underwritten values, and has a
current ICR of 2.19x (2.83x at closing).  It is an interest-only
loan with a balance of GBP12 million.

Following the large prepayments and given the original modified
pro rata pay structure, there is no longer any excess spread
between the portfolio income and the transaction liabilities.
It is likely that interest shortfalls will continue to occur on
the class E and F notes, which are both subject to an available
funds cap.

Since April 2007, interest shortfalls have occurred for the
class F notes and since October 2007 also on the class E notes.
If under the AFC there is insufficient interest due to loan
prepayments, the interest accrues, rather than being paid.  If,
at maturity, there is insufficient surplus to pay the accrued
interest, the accrued amount will be written off.

At closing in December 2004, the transaction was backed by five
loans secured on commercial real estate properties in the U.K.
and originated by Credit Suisse (AA-/Positive/A-1+).  In March
2007, the ratings on the class C, D, and E notes were raised
following the prepayment of the largest loan in the transaction,
Audras Ltd. (One America Square).

The transaction has paid down by 93.9% since closing, and 57.1%
of the balance outstanding at the time of the previous upgrade
in March 2007 has paid down.  In March 2006, the ratings on the
class B and C notes were raised following the prepayment of the
second- and third-largest loans in the transaction.

                         Ratings List

Titan Europe 2004-1 PLC
   GBP198.1 Million Commercial Mortgage-Backed Floating-Rate
   Notes

         Class        To                 From

Ratings Removed From CreditWatch With Positive Implications And
Raised


          D           AAA                 AA-/Watch Pos
          E           AAA                 BB/Watch Pos
          F           BB                  BB-/Watch Pos

Ratings Affirmed

          X           AAA
          C           AAA


VALEANT PHARMA: Teams Up with ASCEND to Promote Migranal(R)
-----------------------------------------------------------
Valeant Pharmaceuticals International has granted ASCEND
Therapeutics exclusive rights to deploy ASCEND's 50-person
specialty sales force to promote Valeant's Migranal(R)
(dihydroergotamine mesylate, USP) Nasal Spray to more than 5,500
OB/GYNEs in the United States.  Valeant will continue to market
Migranal to physicians outside the OB/GYN specialty area and
retain all other responsibilities for the product.

"We are pleased to announce the promotion of Migranal to OB/GYNs
with our partner ASCEND Therapeutics.  Of the more than 65
million people worldwide who have experienced a migraine within
the last 12 months, three-quarters of these patients are women.
Migranal provides physicians with a valuable treatment option
for patients with migraine headaches," said Wesley P. Wheeler,
president, North America and Research and Development at
Valeant.

"We are pleased to have the opportunity to promote a therapeutic
option to treat a condition so common among women often in the
early morning hours or during times of falling estrogen levels.
Migranal provides significant value to women and to our women's
health care franchise and will be integral as we continue to
build and foster our specialty in the OB/GYN community," said
Jay Bua, president of Ascend Therapeutics.

                    About Migranal Nasal

Migranal Nasal Spray is indicated for the acute treatment of
migraine headaches with or without aura.  Migranal Nasal Spray
is not intended for the prophylactic therapy of migraine or for
the management of hemiplegic or basilar migraine.

Migranal is a registered trademark of Valeant Pharmaceuticals
International or its related companies.  All other trademarks
are the trademarks or registered trademarks of their respective
owners.

                          About ASCEND

ASCEND Therapeutics -- http://www.ascendtherapeutics.com/-- is
a biopharmaceutical company focused on the use of transdermal
drug delivery technology to overcome therapeutic barriers and
raise the standard of care for certain chronic conditions.

                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com/-- is a global
specialty pharmaceutical company with US$823 million of 2005
revenues.  It has offices in Argentina, Hungary, Poland,
Singapore, Taiwan, and the United Kingdom.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  Valeant's rating outlook is
stable, Moody's said.


WHYTELEIGH CONSTRUCTION: Claims Filing Period Ends Jan. 15, 2008
----------------------------------------------------------------
Creditors of Whyteleigh Construction 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. 16 for the creditors' voluntary winding-up
procedure.


* BOOK REVIEW: Ancient Law (Law Classic)
----------------------------------------
Author:     Henry James Sumner Maine
Publisher:  Beard Books
Paperback:  256 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587980681/internetbankru
pt


The book Ancient Law, written by Sir Henry Maine examines the
fascinating origins of human ideas and society as reflected in
the law.

This book is engrossing reading for all who may be interested in
the growth of human ideas and the origins of human society.

Its object is to reveal some of the earliest ideas of mankind,
reflected in Ancient Law, to point out the relation of those
ideas to later thought.

Early society, reflected in the law, begins with the group (the
family), not with the individual.

Covered are: ancient codes; legal fictions; law of nature and
equity; the modern history of the law of nature; primitive
society and ancient law; the early history of testamentary
succession; ancient and modern ideas respecting wills and
successions; the early history of property, contract, and delict
and crime.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *