TCREUR_Public/071203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 3, 2007, Vol. 8, No. 239

                            Headlines




A U S T R I A

COPER GEBAUDEMANAGEMENT: Court Orders Business Shutdown
GZG HAUSBAU: Administrator Declares Insufficient Assets
ROSSMANN LLC: Creditors' Meeting Slated for Dec. 6
SARIANA LLC: Graz Court Orders Business Shutdown


B E L G I U M

LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit
SOLUTIA INC: Court Confirms Consensual Reorganization Plan


F R A N C E

DELPHI CORP: Delays Hearing on Chapter 11 Disclosure Statement


G E R M A N Y

AKTIV & ENTSPANNT: Claims Registration Period Ends Dec. 14
BAUTEC INNENAUSBAU: Claims Registration Period Ends Dec. 19
BAUUNTERNEHMEN WILFRIED: Creditors' Meeting Slated for Dec. 14
CAMY MEDIZINISCHE: Claims Registration Period Ends Jan. 18, 2008
DICHTEC ABDICHTUNGS: Claims Registration Period Ends Dec. 21

F. U. G. SCHMIDT: Claims Registration Period Ends Dec. 27
GBG WORMS: Claims Registration Period Ends Jan. 17, 2008
GMR GEBAUDE: Creditors' Meeting Slated for December 20
GOTEX TEXTIL: Claims Registration Period Ends Jan. 14, 2008
GROENLANDER DAMM: Claims Registration Period Ends Dec. 14

GSE PROTECT: Creditors' Meeting Slated for Dec. 20
L.E.V.I. BAUAUSFUEHRUNGS: Creditors' Meeting Slated for Dec. 17
M.TEL GMBH: Claims Registration Period Ends Dec. 27
MULTI-DATA-ELEKTRONIK GMBH: Claims Period Ends Dec. 19
OEZCAN YAPRAK: Creditors' Meeting Slated for December 5

P.B.W. GESELLSCHAFT: Claims Registration Period Ends Dec. 15
SCHEDERNDORFER HOLZBAU: Claims Registration Period Ends Dec. 12
STRATEN HANDEL: Claims Registration Period Ends Jan. 18, 2008
ZED ZENTRALE: Claims Registration Period Ends Dec. 11


I R E L A N D

COMMSCOPE INC: Unit Works with iconnect to Hook Up Langtree
GAP INC: Board Declares US$0.08 Per Share Quarterly Dividend


I T A L Y

ALITALIA SPA: Bidders Have Until Dec. 6 to Submit Offers
DANA CORP: Indiana and Pine Tree Object to Plan Confirmation
DANA CORP: Creditors Supports Appaloosa Settlement Pact
DANA CORP: Noteholders Balk at Appaloosa Settlement Agreement
PARMALAT SPA: NY Court Gives No Decision on Class Action Appeal


K A Z A K H S T A N

ASIA INFORMATION: Proof of Claim Deadline Slated for Dec. 28
BOLASHAKTY MURAGER: Creditors Must File Claims Jan. 1
CEFIRA LLP: Claims Filing Period Ends Dec. 31
EUROSTYLE LTD: Creditors' Claims Due on Dec. 28
NIVA LLP: Claims Registration Ends Jan. 2

PARTNER CENTREMASH: Proof of Claim Deadline Slated for Dec. 28
TANATAR LLP: Creditors Must File Claims Dec. 31
TECHSTROYSNABPLUS LLP: Claims Filing Period Ends Jan. 1
VOSHOD-S LLP: Creditors' Claims Due on Jan. 2
WESTERN LOGISTICS: Claims Registration Ends Jan. 1


K Y R G Y Z S T A N

AKVICOM LLC: Creditors Must File Claims by December 26


N E T H E R L A N D S

NEPTUNO III: S&P Rates EUR27.3 Million Class E Notes at BB-
ROMPETROL GROUP: EU Okays KazaMunayGas 75% Stake Acquisition
ROMPETROL GROUP: Completed Deal Cues Fitch to Watch B- IDR
ROMPETROL GROUP: Building US$90 Million Crude Marine Terminal


P O L A N D

NETIA SA: Consolidates Two Subsidiaries to Simplify Structure


R U S S I A

ACHINSKAYA LLC: Creditors Must File Claims by Dec. 17
AGROPROMENERGO LLC: Creditors Must File Claims by Jan. 17, 2008
INTERFIN TRADE: S&P Affirms and Withdraws Junk Ratings
MAIN ROAD.RU: Creditors Must File Claims by Jan. 17, 2008
PERIMETR LLC: Court Starts Bankruptcy Supervision Procedure

PRIMORSKIJ OJSC: Asset Sale Slated for Dec. 21
SERPUKHOVSKIJ MILK: Creditors Must File Claims by Jan. 17, 2008
SIBERIAN CEMENT: Creditors Must File Claims by Jan. 17, 2008
SISTEMA-HALS: Buys 4.42% KAMELIA Shares for Undisclosed Amount
SSMO LENSPECSMU: S&P Rates Proposed Credit-Linked Notes at B

TROIKA DIALOG: Placing US$300-US$400 Mln CDO in Mid-December
URALOILGASELECTROMONTAZH: Creditors Must File Claims by Dec. 17
VIMPEL-COMMUNICATIONS: Earns US$458 Mln for Third Quarter 2007
ZHILKOMKHOZ OJSC: Creditors Must File Claims by Jan. 17, 2008


S P A I N

RURALPYME 2: Fitch Junks EUR24.05 Million Class D Notes
TDA TARRAGONA 1: Moody's Junks EUR14.7 Million Series D Notes


S W I T Z E R L A N D

ALPINE CHARTERING: Creditors' Liquidation Claims Due by Dec. 7
B.V.I. METALS: Creditors' Liquidation Claims Due by December 7
FREBEL JSC: Creditors' Liquidation Claims Due by December 6
IMFELD + ANGST JSC: Creditors' Liquidation Claims Due by Dec. 6
INPS - INTERNATIONAL NICHE: Creditors Must File Claims by Dec. 7

IROS LLC: Zurich Court Closes Bankruptcy Proceedings
LIRONO JSC: Creditors' Liquidation Claims Due by December 7
OVERMA JSC: Creditors' Liquidation Claims Due by December 7
PAGG COMPONENTS: Creditors' Liquidation Claims Due by December 7
REGLI WEINKELTEREI: Schaffhausen Court Closes Bankruptcy Process

SCHELLENBERG FAHRRAD: Zurich Court Closes Bankruptcy Proceedings
VTW ANLAGEN: Creditors' Liquidation Claims Due by December 6


U K R A I N E

BIOTOP LLC: Creditors Must File Claims by December 4
CAPITAL DONBASS: Creditors Must File Claims by December 4
CAPITAL HERSON: Creditors Must File Claims by December
CAPITAL POLTAVA: Creditors Must File Claims by December 4
CAPITAL PROMIN: Creditors Must File Claims by December 4

COLEKTIFF LLC: Creditors Must File Claims by December 4
HARVEST LLC: Creditors Must File Claims by December 4
INTER MEDICAL: Creditors Must File Claims by December 4
LOAD MOTORCAR: Creditors Must File Claims by December 4
MODIL LLC: Creditors Must File Claims by December 4

UKRAINIAN AGRICULTURAL: Creditors Must File Claims by Dec. 4
VYSOKOPOLSKY COMBINE: Creditors Must File Claims by December 4
ZHOVTEN LLC: Proofs of Claim Deadline Set December 4
ZLAGODA LLC: Proofs of Claim Deadline Set December 4


U N I T E D   K I N G D O M

A. RYALL: Taps Kroll as Joint Administrators
ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow
ATLAS REINSURANCE: S&P Assigns B Ratings to Variable Rate Notes
BRADLEY & PARTNER: Brings In Liquidators from Tenon Recovery
FEDERAL-MOGUL: Expected Chap. 11 Exit Cues Moody's (P)Ba3 Rating

GOODYIELD LTD: Calls In Liquidators from UHY Hacker Young
METRONET RAIL: European Commission Okays GBP897 Mln Rescue Aid
METRONET RAIL: WS Atkin's Pre-Tax Profit Up 46% Despite Collapse
METRONET RAIL: Moody's Cuts Senior Secured Debt Ratings to B2
MFS CORPORATE: Brings In Administrators from KPMG

MOLSON HOLDINGS: Brings In Joint Administrators from PwC
NOBOK LTD: Appoints Joint Administrators from PwC
NORTHERN ROCK: Darling Sees Bidding War as Parties Submit Offers
NORTHERN ROCK: Virgin Eyes GBP30 Bln Savings Boost Under Plan
PLASTIQUE PUBLISHING: Joint Liquidators Take Over Operations

POPE & TALBOT: Wants to Employ Shearman as Bankruptcy Counsel
POPE & TALBOT: Wants to Employ Pachulski Stang as Co-Counsel
POPE & TALBOT: Court Approves Kurtzman Carson as Claims Agent
PROMOVERE EVENT: Appoints Liquidators from Mazars
SHENNON LTD: Hires Liquidators from Smith & Williamson

REFCO INC: Ch. 7 Trustee Wants Nod on MF Global Settlement Pact
REFCO INC: Mayer Brown Wants US$245 Million Lawsuit Dismissed
SEA CONTAINERS: SCSL Panel Hires Attride-Stirling as Counsel
SEA CONTAINERS: Marathon Discloses 10.7% Equity Stake
SHAW GROUP: Environmental Unit Bags Deal from U.S. Army Corps

SOLUTIA INC: Moody's Rates New US$400 Mln Bank Facility at Ba1
SPORTASYLUM LTD: Brings In Administrators from PwC

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




                            *********


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


COPER GEBAUDEMANAGEMENT: Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Wiener Neustadt entered Oct. 29 an order
shutting down the business of LLC Coper Gebaudemanagement (FN
166614x).

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

The estate administrator can be reached at:

         Mag. Valentin Piskernik
         Hochstrasse 31
         2380 Perchtoldsdorf
         Austria
         Tel: 01/86 93 888
         Fax: 01/86 91 660-33
         E-mail: anwalt@aon.at

Headquartered in Wiener Neudorf, Austria, the Debtor declared
bankruptcy on Oct. 3 (Bankr. Case No 11 S 106/07k).


GZG HAUSBAU: Administrator Declares Insufficient Assets
-------------------------------------------------------
Dr. Eva Riess, the court-appointed estate administrator for
LLC GZG Hausbau (FN 292424k), declared Oct. 24 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 2 (Bankr. Case No. 4 S 112&07h).Leopold Riess represents
Dr. Eva Riess in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Eva Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3
         1080 Vienna
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at


ROSSMANN LLC: Creditors' Meeting Slated for Dec. 6
--------------------------------------------------
Creditors owed money by LLC Rossmann (FN 194880p) are encouraged
to attend the creditors' meeting at 3:05 p.m. on Dec. 6.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Poppendorf, Austria, the Debtor declared
bankruptcy on Oct. 29 (25 S 107/07h).   Mag. Hans Peter
Puchleitner serves as the court-appointed estate administrator
of the bankrupt's estate.

The estate administrator can be reached at:

         Mag. Hans Peter Puchleitner
         Taborstrasse 3
         8350 Fehring
         Austria
         Tel: 03155/5170
         Fax: 03155/5170-20
         E-mail: kanzlei-puchleitner@inode.at


SARIANA LLC: Graz Court Orders Business Shutdown
------------------------------------------------
The Land Court of Graz entered Oct. 29 an order shutting down
the business of LLC Sariana (FN 111409m).

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

The estate administrator can be reached at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/81 39 73
         Fax: 0316/84 77 97
         E-mail: office@cortolezis.com

Headquartered in Wien, Austria, the Debtor declared bankruptcy
on Oct. 12 (Bankr. Case No 25 S 110/07z).


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


LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit
------------------------------------------------------------
Levi & Strauss Co. and Jordan Brand, a division of Nike, Inc.,
has announced a collaborative partnership that will create a
limited number of toe-to-head fashion packages for collectors
and fans of both brands.  The resulting, jointly developed
Jordan Levi's(R) Collection will unite classic style with urban
design flair, delivering freshly-interpreted takes on iconic
flagship product from both leaders.  The men's only, specially
designed, co-branded product will be appropriately named the
23/501(R) collection and will arrive in stores starting in March
2008.

As part of the project, the two global icons created an
exclusive collection pairing the Air Jordan Retro 1 style
sneakers with a pair of exclusive, co-branded Levi's(R) Original
501(R) jeans and a signature tee shirt featuring graphic artwork
taken from both brands.  All three pieces will be sold together
as a set and will come enclosed in an innovative, co-branded
package, specially designed for this occasion.  The premium,
selvage denim will be lined with the signature Jordan Brand
elephant print and include a sneaker protector at the cuff,
reducing the transfer of indigo dye to the shoe.  The 501(R)
Jean will feature a gold metallic zipper fly and the Jordan
Brand signature Jumpman logo embroidered on the pockets along
with the Jordan Brand name on the rear leather-measurement
waistband patch.  The Air Jordan Retro 1's will be one-of-a-kind
and will be made from Levi's(R) Original 501(R) denim, printed
with the traditional Jordan Brand elephant graphic design.

"Jordan Brand has always prided itself on being the innovator of
urban, sport fashion and we are proud to partner with a true
fashion icon -- the original inventor of the blue jean-Levi
Strauss & Co.," said Jordan Brand Business Director of Apparel,
Fran Boller.  "We believe that this collaboration with Levi's(R)
is the perfect opportunity to offer this exclusive package to
consumers looking for something truly original and authentic."

Similarly, Levi's(R) Jeanswear Director of Brand Marketing, Doug
Sweeny added:  "Both brands share a kinship given the role each
play within their respective categories.  That is what brought
these brands together.  Like the Air Jordan 1, the Original
501(R) jean is really where it all began.  It has become one of
the most enduring and malleable pieces of apparel ever created."

The collaboration between Levi's(R) Jeanswear and Jordan Brand
represents an opportunity for both brands to further define the
sport-fashion market.  The limited-edition packages will be
available Mar. 1, 2008, at select specialty retailers, Levi(R)
Stores and Niketown locations.

                    About Jordan Brand

A division of Nike, Inc., Jordan Brand --
http://www.Jumpman23.com/-- is a premium brand of footwear,
apparel and accessories inspired by the dynamic legacy, vision
and direct involvement of Michael Jordan.  The Jordan Brand made
its debut in 1997 and has grown into a complete collection of
performance and lifestyle products for both men and women.  The
Jordan Brand remains active in the community by donating a
portion of its proceeds to Jordan Fundamentals, an education
grants program for teachers.

                 About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. -
- http://www.levistrauss.com/-- is a branded apparel company.
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.  Levi
Strauss & Co. distributes its Levi's and Dockers products
primarily through chain retailers and department stores in the
United States, and through department stores, specialty
retailers and franchised stores abroad.  The company distributes
its Levi Strauss Signature products through mass channel
retailers in the United States and abroad.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 16, 2007
Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co.'s
second amended and restated US$750 million 5-year Asset-Based
Revolving Credit Facility.  The rating outlook is stable.

Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank
Credit Facility rating; and BB- Senior Unsecured Notes rating.


SOLUTIA INC: Court Confirms Consensual Reorganization Plan
----------------------------------------------------------
The Hon. Prudence Carter Beatty of the U.S. Bankruptcy Court in
the Southern District of New York confirmed Solutia Inc.'s
consensual plan of reorganization at a hearing held Nov. 29,
2007, in Manhattan.

Solutia anticipates that the Plan will become effective in the
late December or January timeframe.

The Plan was co-proposed by the Official Committee of Unsecured
Creditors, the Official Committee of Equity Security Holders,
and the Official Committee of Retirees in Solutia's bankruptcy
case.

On Oct. 31, 2007, Solutia received a fully underwritten
commitment for US$2,000,000,000 of exit financing from Citigroup
Global Markets Inc., Goldman Sachs Credit Partners L.P. and
Deutsche Bank Securities Inc., who would act as joint lead
arrangers and joint bookrunners for the exit facility.  Solutia
would use the loan to pay certain creditors upon its emergence
from Chapter 11 and for the ongoing operations of the company
after emergence.

The exit financing package includes a US$400,000,000 senior
secured asset-based revolving credit facility, a
US$1,200,000,000 senior secured term loan facility, and a
US$400,000,000 senior unsecured bridge facility.

Solutia also has entered into an agreement with UBS Securities
LLC, Merrill Lynch & Co. Inc., a General Motors Corp. pension
fund, and hedge funds Highland Capital Management, Longacre Fund
Management and Southpaw Asset Management to backstop the
company's US$250,000,000 rights offering.  Solutia would use the
proceeds to fund its obligations for retiree benefits and
retained legacy liabilities.

Pursuant to the rights offering, eligible general unsecured
creditors, noteholders and equity holders, who exercise their
claim transfer rights, will have the opportunity to purchase
15,936,703 shares of new common stock of Reorganized Solutia, on
a pro rata basis, at an exercise price of around US$13.33, which
represents a 33.33% discount to the implied US$20 per share
value of the New Common Stock.  The investors would purchase all
unsubscribed shares.  The investors have the option to buy
2,812,359 shares of New Common Stock under a direct purchase
option.  Otherwise, the 2,812,359 shares would be added to the
Rights Offering pool.

"While this has been a long process, we have used our time in
Chapter 11 to truly transform and revitalize Solutia -- shaping
a strong portfolio of businesses, shedding US$1.3 billion in
liabilities, and growing the company by US$1 billion in sales
while more than doubling our earnings.  We will emerge from
Chapter 11 as a growing, vibrant company that is positioned for
success," said Jeffry N. Quinn, chairman, president and CEO of
Solutia.

"We are pleased to have gained confirmation of a plan of
reorganization that was supported by all of the major
constituents in our case and that provides for significant
creditor recoveries," Mr. Quinn added.

                      About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.   Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.


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


DELPHI CORP: Delays Hearing on Chapter 11 Disclosure Statement
--------------------------------------------------------------
As widely reported, Delphi Corp. and its debtor-affiliates asked
the U.S. Bankruptcy Court for the Southern District of New York
to reschedule to December 6, 2007, the hearing to consider
approval of the disclosure statement explaining the terms of
their Joint Plan of Reorganization.

The hearing on the Disclosure Statement, which has been moved
three times, was last scheduled for November 29, 2007.  Delphi
needs to obtain the Court's approval of the document before it
could begin soliciting votes from creditors entitled to vote on
the Plan.

According to Dow Jones Newswire, Delphi spokesman Lindsey
Williams said that the delay won't affect the company's plan to
emerge from Chapter 11 in the first quarter of 2008.  The auto-
parts supplier sought a postponement to resolve objections to
proposed amendments to the Plan.

Delphi on October 30 and November 14 disclosed the potential
amendments, which will (i) reduce the amount of financing it
will obtain to exit Chapter 11, (ii) amend terms of its
investment agreement with Appaloosa Management L.P.-led
investors, and (iii) provide for less cash available for use as
"currency" in the Plan.

The Official Committee of Equity Security Holders, which,
together with General Motors Corp. and certain of the Debtors'
unions, supported the original terms of the Plan, has expressed
opposition to the proposed amendments.  Bonnie Steingart, Esq.,
at Fried, Frank, Harris, Shriver & Jacobson LLP, in New York,
notes, among other things, that under the proposed amendments,
equity holders will receive less, while Appaloosa, et al., will:

  -- double their immediate return on their minimum investment
     of US$975,000,000, from 27.5% to 54.8% under the proposed
     amendment to the investment agreement; and

  -- nearly triple their immediate return on their maximum
     investment of US$2,550,000,000, from 20.8% to 58.5%.

The Equity Committee says that the Disclosure Statement is
devoid of any legitimate rationale for the grant of that
extraordinary windfall to the Plan Investors.

The Official Committee of Unsecured Creditors, which members
will receive shares of new common stock of reorganized Delphi,
also said it will no longer support the Plan.  It notes that
while proposed recovery to unsecured creditors has been reduced
(the original Plan contemplated on providing these claimants a
combination of cash and stock), consideration to the Plan
Investors has been increased.  The Creditors Committee says that
unsecured creditors will likely reject the Plan and the Debtors
will not be able to have the Plan confirmed absent support from
these creditors.

General Motors, which will recover US$2,700,000,000 in cash,
notes and stock, has expressed support to the potential
amendments to the Plan.

                    About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and USUS$23,851,000,000 in
total debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 98; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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


AKTIV & ENTSPANNT: Claims Registration Period Ends Dec. 14
----------------------------------------------------------
Creditors of aktiv & entspannt Gesundheitszentrum VITALIS GmbH
have until Dec. 14 to register their claims with court-appointed
insolvency manager Walter Eckelmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Walter Eckelmann
         Grosse Bahngasse 8-10
         74072 Heilbronn
         Germany
         Tel: 07131/6216-0
         Fax: 07131/6216-25

The District Court of Heilbronn opened bankruptcy proceedings
against aktiv & entspannt Gesundheitszentrum VITALIS GmbH on
Nov. 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         aktiv & entspannt Gesundheitszentrum VITALIS GmbH
         Stockheimer Strasse 6
         74363 Gueglingen
         Germany


BAUTEC INNENAUSBAU: Claims Registration Period Ends Dec. 19
-----------------------------------------------------------
Creditors of Bautec Innenausbau GmbH have until Dec. 19 to
register their claims with court-appointed insolvency manager
Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 28, 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 Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany
         Tel: 05741/337300
         Fax: 05741/337338

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

The Debtor can be reached at:

         Bautec Innenausbau GmbH
         Attn: Hermann Kreft, Manager
         Miquelstrasse 16
         49082 Osnabrueck
         Germany


BAUUNTERNEHMEN WILFRIED: Creditors' Meeting Slated for Dec. 14
--------------------------------------------------------------
The court-appointed insolvency manager for Bauunternehmen
Wilfried Koesters GmbH, Hermann Berding, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:05 a.m. on Dec. 14.

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

          The District Court of Cloppenburg
          Hall 6
          Burgstrasse 9
          49661 Cloppenburg
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on Feb. 8, 2008, at the same
venue.

Creditors have until Jan. 25, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471/9126-0
         Fax: 04471/82997

The District Court of Cloppenburg opened bankruptcy proceedings
against Bauunternehmen Wilfried Koesters GmbH on Oct. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauunternehmen Wilfried Koesters GmbH
         Attn: Wilfried Koesters, Manager
         Neuscharreler Strasse 40
         26683 Saterland
         Germany


CAMY MEDIZINISCHE: Claims Registration Period Ends Jan. 18, 2008
----------------------------------------------------------------
Creditors of CAMY medizinische und orthopadische Gerate GmbH
have until Jan. 18, 2008, to register their claims with court-
appointed insolvency manager Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Feb. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 158
         99086 Erfurt
         Germany
         Tel. 0361/730650

The District Court of Erfurt opened bankruptcy proceedings
against CAMY medizinische und orthopadische Gerate GmbH on
Nov. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         CAMY medizinische und orthopadische Gerate GmbH
         Attn:  Radu Minkiewicz, Manager
         Dorfstrasse 102
         99510 Obertrebra
         Germany


DICHTEC ABDICHTUNGS: Claims Registration Period Ends Dec. 21
------------------------------------------------------------
Creditors of Dichtec Abdichtungs- und Sanierungs GmbH have until
Dec. 21 to register their claims with court-appointed insolvency
manager Werner Lehmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Jan. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

         Werner Lehmeier
         Marktplatz 54
         92342 Freystadt
         Germany
         Tel: 09179/9425-0
         Fax: 09179/9425-5

The District Court of Nuernberg opened bankruptcy proceedings
against Dichtec Abdichtungs- und Sanierungs GmbH on Nov. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dichtec Abdichtungs- und Sanierungs GmbH
         Staufer Hauptstr. 8
         92318 Neumarkt
         Germany


F. U. G. SCHMIDT: Claims Registration Period Ends Dec. 27
---------------------------------------------------------
Creditors of F. u. G. Schmidt GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Hans-Peter Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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-Peter Valentiner
         Bahnhofstr. 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-Mail: Rae_valentiner_blaha_buchholz@gmx.de

The District Court of Celle Nebenstelle opened bankruptcy
proceedings against F. u. G. Schmidt GmbH on Nov. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         F. u. G. Schmidt GmbH
         Attn: Gernot Schmidt, Manager
         Braunschweiger Heerstr. 13
         29221 Celle
         Germany


GBG WORMS: Claims Registration Period Ends Jan. 17, 2008
--------------------------------------------------------
Creditors of GBG Worms Gesellschaft fuer Baumanagement und
Generalplanung mbH have until Jan. 17, 2008, to register their
claims with court-appointed insolvency manager Wolfgang Mathass.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Worms
         Hall 318
         Hauptgebaude
         Hardtgasse 6
         67547 Worms
         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 Mathass
         Kirschgartenweg 58
         67549 Worms
         Germany
         Tel: 06241/2061-0
         Fax: 06241/2061-20

The District Court of Worms opened bankruptcy proceedings
against GBG Worms Gesellschaft fuer Baumanagement und
Generalplanung mbH on Nov. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GBG Worms Gesellschaft fuer Baumanagement und
         Generalplanung mbH
         Am Guten Brunnen 10
         67547 Worms
         Germany


GMR GEBAUDE: Creditors' Meeting Slated for December 20
------------------------------------------------------
The court-appointed insolvency manager for GMR Gebaude- und
Maschinenreinigung GmbH, Dr. Joachim Heitsch will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:40 a.m. on Dec. 20.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on March 6, 2008, at the same
venue.

Creditors have until Jan. 20, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against GMR Gebaude- und Maschinenreinigung GmbH on
Oct. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GMR Gebaude- und Maschinenreinigung GmbH
         Roedernallee 71
         13437 Berlin
         Germany


GOTEX TEXTIL: Claims Registration Period Ends Jan. 14, 2008
-----------------------------------------------------------
Creditors of Gotex Textil + Bekleidungs GmbH & Co.
Kommanditgesellschaft have until Jan. 14, 2008, to register
their claims with court-appointed insolvency manager Dr. Axel
Kulas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 13, 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 Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         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. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany
         Tel: 0711/70707580
         Fax: 0717070758-8

The District Court of Tuebingen opened bankruptcy proceedings
against Gotex Textil + Bekleidungs GmbH & Co.
Kommanditgesellschaft on Nov. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gotex Textil + Bekleidungs GmbH & Co.
         Kommanditgesellschaft
         Bahnhofstr. 43
         72810 Gomaringen
         Germany


GROENLANDER DAMM: Claims Registration Period Ends Dec. 14
---------------------------------------------------------
Creditors of Groenlander Damm 20-34 Grundstuecksgesellschaft mbH
have until Dec. 14 to register their claims with court-appointed
insolvency manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Feb. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Groenlander Damm 20-34 Grundstuecksgesellschaft mbH on
Nov. 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Groenlander Damm 20-34 Grundstuecksgesellschaft mbH
         Hallerstrasse 89
         20149 Hamburg
         Germany


GSE PROTECT: Creditors' Meeting Slated for Dec. 20
--------------------------------------------------
The court-appointed insolvency manager for GSE Protect
Gesellschaft fuer Sicherheit und Eigentumsschutz mbH, Christian
Graf Brockdorff, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:55 a.m. on
Dec. 20.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on March 6, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Breite Strasse 9A
         14467 Potsdam
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against GSE Protect Gesellschaft fuer Sicherheit und
Eigentumsschutz mbH on Nov. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          GSE Protect Gesellschaft fuer Sicherheit und
          Eigentumsschutz mbH
          Luckenwalder Str. 6a
          10963 Berlin
          Germany


L.E.V.I. BAUAUSFUEHRUNGS: Creditors' Meeting Slated for Dec. 17
---------------------------------------------------------------
The court-appointed insolvency manager for L.E.V.I.
Bauausfuehrungs- und Projektmanagement GmbH, Sebastian Laboga
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 12:25 a.m. on Dec. 17.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on March 31, 2008, at the same
venue.

Creditors have until Jan. 30, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against L.E.V.I. Bauausfuehrungs- und
Projektmanagement GmbH on Nov. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         L.E.V.I. Bauausfuehrungs- und Projektmanagement GmbH
         Boelschestr. 50
         12587 Berlin
         Germany


M.TEL GMBH: Claims Registration Period Ends Dec. 27
---------------------------------------------------
Creditors of m.tel GmbH have until Dec. 27 to register their
claims with court-appointed insolvency manager Gerhard
Brinkmann.

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany
         Tel: 0381/49170
         Fax: 0381/491749

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

The Debtor can be reached at:

         m.tel GmbH
         Attn: Alexandra Waldmann-Memmler, Manager
         Rosa-Luxemburg-Strasse 14
         18055 Rostock
         Germany


MULTI-DATA-ELEKTRONIK GMBH: Claims Period Ends Dec. 19
------------------------------------------------------
Creditors of Multi-Data-Elektronik GmbH have until Dec. 19 to
register their claims with court-appointed insolvency manager
Dr. Thorsten Schleich.

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

The meeting of creditors will be held at:

         The District Court of Villingen-Schwenningen
         Hall 2
         Niedere Str. 94
         78050 Villingen-Schwenningen
         Germany

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

The insolvency manager can be reached at:

         Dr. Thorsten Schleich
         Max-Planck-Str. 11
         78052 Villingen-Schwenningen
         Germany
         Tel. 07721/206260

The District Court of Villingen-Schwenningen opened bankruptcy
proceedings against Multi-Data-Elektronik GmbH on Nov. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Multi-Data-Elektronik GmbH
         Attn: Martin Dalebout, Manager
         Tuningerstr. 36
         78073 Bad Duerrheim
         Germany


OEZCAN YAPRAK: Creditors' Meeting Slated for December 5
-------------------------------------------------------
The court-appointed insolvency manager for Oezcan Yaprak GmbH,
Dirk Wittkowski, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 12:10 a.m. on
Dec. 5.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on March 19, 2008, at the same
venue.

Creditors have until Jan. 21, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Oezcan Yaprak GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Oezcan Yaprak GmbH
          Sachsenhausener Strasse 28
          16515 Oranienburg
          Germany


P.B.W. GESELLSCHAFT: Claims Registration Period Ends Dec. 15
------------------------------------------------------------
Creditors of P.B.W. Gesellschaft fuer bezugsfertiges
Wohneigentum mbH have until Dec. 15 to register their claims
with court-appointed insolvency manager Ruediger Werres.

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

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Ground 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:

         Dr. Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against P.B.W. Gesellschaft fuer bezugsfertiges Wohneigentum mbH
on Oct. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         P.B.W. Gesellschaft fuer bezugsfertiges
         Wohneigentum mbH
         Bonner Str. 211
         50968 Cologne
         Germany

         Attn: Sadet Goeke, Manager
         Elbestr. 33
         44791 Bochum
         Germany


SCHEDERNDORFER HOLZBAU: Claims Registration Period Ends Dec. 12
---------------------------------------------------------------
Creditors of Schederndorfer Holzbau Corp. GmbH have until
Dec. 12 to register their claims with court-appointed insolvency
manager Thomas Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Hall 031
         Synagogenplatz 1
         96047 Bamberg
         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. Thomas Hofmann
         Wilhelm-Meussdoerffer-Str. 4
         95326 Kulmbach
         Germany
         Tel: 09221/9079-22
         Fax: 09221/9079-30

The District Court of Bamberg opened bankruptcy proceedings
against Schederndorfer Holzbau Corp. GmbH on Nov. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schederndorfer Holzbau Corp. GmbH
         Schederndorf 3
         96187 Stadelhofen
         Germany


STRATEN HANDEL: Claims Registration Period Ends Jan. 18, 2008
-------------------------------------------------------------
Creditors of Straten Handel und Transport GmbH have until
Jan. 18, 2008, to register their claims with court-appointed
insolvency manager Barbara Fahlke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         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:

          Barbara Fahlke
          Neubrueckenstrasse 35-37
          48143 Muenster
          Germany
          Tel: 0251/481669-0
          Fax: 0251/48166911
          E-mail: info@kanzlei-fahlke.eu
          Webmail: http://www.kanzlei-fahlke.eu/

The District Court of Nordhorn opened bankruptcy proceedings
against Straten Handel und Transport GmbH on Nov. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Straten Handel und Transport GmbH
          Industriestrasse 14-16
          49828 Neuenhaus
          Germany


ZED ZENTRALE: Claims Registration Period Ends Dec. 11
-----------------------------------------------------
Creditors of ZED Zentrale Dienstleistungs GmbH
Verwaltungsservice & Management have until Dec. 11 to register
their claims with court-appointed insolvency manager Harald
Heinze.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Harald Heinze
         Laasener Strasse 28
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
ZED Zentrale Dienstleistungs GmbH Verwaltungsservice &
Management on Nov. 13.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ZED Zentrale Dienstleistungs GmbH
         Verwaltungsservice & Management
         Attn: Wulf Schroeter, Manager
         Zwoetzener Str. 4
         07551 Gera
         Germany


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


COMMSCOPE INC: Unit Works with iconnect to Hook Up Langtree
-----------------------------------------------------------
CommScope Enterprise Solutions, a division of CommScope, Inc.,
has partnered with iconnect Technologies, a connected real
estate structured cabling solutions, to help make 'Langtree at
the Lake' in Mooresville, North Carolina, one of the first truly
connected communities of its kind.

iconnect partnered with CommScope to create a common network
infrastructure that will handle virtually every aspect of the
community's technical operations, both commercially and
residentially.  Nestled on the shores of Lake Norman, the 125-
acre mixed-use development will boast luxury condominiums,
health clubs and a restaurant; while the communications network
will enable residents to shop for groceries online, rent boats
via the Internet, listen to satellite music and access IP
telephones and television.

"Langtree at the Lake will be a premier rural community with
enhanced technology features that most development residents can
only dream about," said The Langtree Group. chief operating
officer, Brad Howard.  "We brought in CommScope and iconnect to
help make those dreams become reality.

"Our main goal when planning the development was to help create
a live-work-play experience for the residents that allowed them
to broaden their idea of what a community should be.  The joint
contribution from iconnect and CommScope will create a single
network infrastructure that I believe will complement the fine-
living experience -- exceeding all of our expectations." added
Mr. Howard.

CommScope was selected for its familiarity with the area,
knowledge of the industry and available resources.  Although the
companies are early in the project's design phase, CommScope
intends to utilize its Uniprise(R) mixed-use offerings to best
address the unique and diverse objectives of each business,
neighborhood residence or leisure club.  In addition, the
company's integrated copper and fiber solutions will be employed
in order to meet all network requirements, while balancing cost
and performance.

"If you look at the entire CommScope portfolio, you'll see that
the services and products we provide create a reliable network
infrastructure for a mixed-use community," said CommScope
Enterprise senior vice president for global marketing, Mark
Peterson.  "The major benefit that CommScope brings to the table
with Uniprise is a wide range of physical layer solutions with a
single point of contact.  From cabling conduit to any one of our
cabling solutions to connectors, we provide a complete solution
so that the developers won't need multiple vendors to create a
successful network."

With the completion of Langtree at the Lake set for 2014,
developers are accounting for the reliable network to pave the
way for lavish amenities not considered in the typical rural
community.

"We are excited to be involved in the revolution of connected
real estate technology with Langtree at the Lake," said iconnect
President Shohn Petty.  "By using our vast experience to
implement common physical layer infrastructure solutions, we are
helping the developer save money through elimination of
disparate physical layer network infrastructures," Mr. Petty
added.  "At Langtree at the Lake, residents and commercial
tenants will experience the power of integrated technologies as
well as the efficiencies and economies of scale that result from
an engineered Integrated Business Infrastructure Solution master
technology plan."

               About iconnect Technologies, LLC

iconnect is a leader in the design and implementation of
Intelligent Building Infrastructure Solutions.  Through its
diligent pursuit to forge integrated technology partnerships
within a growing technology eco-system, iconnect has positioned
itself as a leading physical layer design-build firm for
connected real estate projects in the southeastern United
States.  iconnect is poised to take that professional design
experience to a national, and even global, customer base of real
estate development firms.

           About CommScope Enterprise Solutions

CommScope Enterprise Solutions, a division of CommScope, Inc.,
offers a complete portfolio of network infrastructure solutions
that help customers, regardless of size, industry or IT budget
to make the most of their installed technology.

Both SYSTIMAX(R) and Uniprise(R) product lines offer voice,
data, video and converged solutions ranging from mission-
critical, high-bandwidth and emerging applications to
applications that demand unrelenting reliability and quality for
everyday needs.

Backed by CommScope Labs and a 20-year extended warranty, the
Enterprise solutions are delivered through CommScope's global
network of industry-leading BusinessPartners and distributors
that ensure consistent, high-level service and support
worldwide.

                       About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                       *      *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has affirmed
its ratings on CommScope Inc. and Andrew Corp. and removed them
from CreditWatch, where they were placed on June 27, 2007, with
negative implications.  S&P also affirmed the 'BB-' corporate
credit and 'B' subordinated debt ratings for both companies.
The ratings on Andrew will be withdrawn following its
acquisition and debt refinancing.  S&P said outlook is stable.


GAP INC: Board Declares US$0.08 Per Share Quarterly Dividend
------------------------------------------------------------
The board of directors of Gap Inc. voted a quarterly dividend of
US$0.08 per share payable on Jan. 30, 2008, to shareholders of
record at the close of business on Jan. 9, 2008.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                            *   *   *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


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


ALITALIA SPA: Bidders Have Until Dec. 6 to Submit Offers
--------------------------------------------------------
The Board of Directors of Alitalia S.p.A. informed that during a
meeting on Nov. 28, 2007, based on information provided by
advisor Citi, the Board took note of the outcome of interviews
and contacts with those taking part in the Company's project to
rapidly select industrial and financial subjects committed to
restructuring, developing and re-launching Alitalia and,
accordingly, to acquire a majority shareholding in the Company.

In particular, advisor Citi stated that contacts and discussions
with the subjects involved are still being pursued; consequently
it is foreseen that any possible proposals should be made by
Dec. 6, 2007.

The Company will immediately announce the number of proposals
received and the names of the subjects who have made them.

As reported in the TCR-Europe on Nov. 29, 2007, Italian Prime
Minister Romano Prodi believes a buyer will be chosen for the
government's 49.9% stake in Alitalia by Dec. 25, 2007.

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

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

   -- Air France-KLM,
   -- Deutsche Lufthansa AG, and
   -- AP Holding S.p.A.

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

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

                        About Alitalia

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

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

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


DANA CORP: Indiana and Pine Tree Object to Plan Confirmation
------------------------------------------------------------
As of November 27, 2007, two parties have filed objections to
confirmation of Dana Corp. and its debtor-affiliates' Third
Amended Joint Plan of Reorganization.  Objections are due
November 28.  The Debtors will submit the Plan for confirmation
on Dec. 10, 2007.

(a) Indiana Environment Department

The Indiana Department of Environmental Management objects to
all portions of the Plan as might be construed to limit or
prohibit its exercise of police or regulatory powers, if and as
necessary, to compel Dana Corp. to address ongoing environmental
violations existing at sites located in the State as a result of
the company's prior operations at those sites.

The Department has filed a US$14,000,000 claim against the
Debtors based on the Sites and, to the extent quantifiable, the
estimated cleanup costs at each site.

Elizabeth A. Whelan, Esq., the state's Deputy Attorney General,
relates that the Debtors and the Department have been exchanging
cleanup information in a good faith attempt to resolve
potentially disputed claims.

The goal of the settlement discussions is to reach an agreed-
upon dollar value of the Department's claims, thus allowing
payment pursuant to the terms of the Plan, Ms. Whelan says.

(b) Pine Tree ISD, et al.

Pine Tree Independent School District, Longview Independent
School District, Hallsville Independent School District, and the
county of Harrison, each have claims against the Debtors, which
are included in the class of claims described as Class 2A Claims
under the Third Amended Joint Plan of Reorganization.

Michael Reed, Esq., at McCreary, Veselka, Bragg & Allen, P.C.,
in Round Rock, Texas, relates that the secured claims arise from
property taxes for the tax years 2005-2007 due on the Debtors'
real and business personal property located in Texas.

According to the laws of the state of Texas, the tax liens
securing property taxes are superior claims over any other claim
or lien against the property.

Mr. Reed points out that the Plan provisions dealing with the
secured claims fail to provide fair and equitable treatment to
the Creditors' secured claims as required by Section 1129(b)(1)
and (2)(A) of the Bankruptcy Code, in that their secured claims
are entitled to express retention of all property tax liens,
including those for postpetition taxes, until all taxes,
penalties and interest protected by those liens have been paid.

Mr. Reed also points out that the Plan fails to provide for
interim interest as required by Section 506(b), at the statutory
rate provided in Section 511, being 1% per month as required by
the Texas Property Tax Code.  The interest must be paid in cash
in full as a component part of the Creditors' Tax Claims,
calculated through the Effective Date of the plan and to be
paid on the Effective Date, he contends.

To the extent the Tax Claims not be paid for any reason, on the
Effective Date, Mr. Reed asserts that post-Effective Date
interest at the same statutory rate of 1% per month must be
provided for the Claims.

To the extent that prepetition penalty has attached to any of
the Tax Claims, that prepetition penalty is entitled to be
considered a part of the Claims and must be paid in cash, in
full on the Effective Date, he further asserts.

Furthermore, to the extent any claims for administrative expense
are not timely paid as provided in the Plan, the Tax Claims will
be entitled to interest and penalty to be paid in full in cash
on the ultimate resolution and payment of these claims as
provided in Section 503.

Pine Tree, et al., also object to the bar date for objections to
claims being 150 days after the Effective Date.

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 63; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Creditors Supports Appaloosa Settlement Pact
-------------------------------------------------------
The Official Committee of Unsecured Creditors supports Dana
Corp. and its debtor-affiliates' settlement with Appaloosa
Management, L.P.

As reported in the Troubled Company Reporter on Nov. 28, 2007,
the Debtors asked the Court to approve a settlement that
resolves their disputes with Appaloosa, which had lost a bid to
provide equity exit financing to the company.  Under the
settlement, Dana agreed to reimburse up to US$2,000,000 for out-
of-pocket expenses Appaloosa Management incurred in the Chapter
11 cases, in exchange for its support to Dana's Joint Plan of
Reorganization.

The Creditors Committee was party to the Settlement and was
involved in the negotiation of its terms.  It believes that the
provisions of the Settlement are fair, reasonable, and
appropriate under the circumstances.

Among other things, the Settlement will resolve potential
obstacles to confirmation of the Debtors' plan of reorganization
and permit Appaloosa to acquire unsecured claims prior to the
Trade Claims Record Date, the Creditors Committee says.

Moreover, while the Creditors Committee has agreed to support
US$2,000,000 in reasonable fees and expenses incurred by
Appaloosa in the Debtors' bankruptcy cases, the panel says
Appaloosa must still file an application that will be subject to
Court review and approval pursuant to Section 503(b) of the
Bankruptcy Code.

                           About Dana

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

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

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

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

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

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


DANA CORP: Noteholders Balk at Appaloosa Settlement Agreement
-------------------------------------------------------------
The Ad Hoc Committee of Dana Noteholders tells the U.S.
Bankruptcy Court for the Southern District of New York that,
initially, Dana Corp. and its debtor-affiliates have brought the
Appaloosa settlement to the panel but it was summarily rejected
because the panel saw that the settlement was nothing more than
a gift in exchange for the removal of a hollow threat, which in
this case, is Appaloosa's appeal.

The Ad Hoc Committee, whose membership currently consists of
holders of approximately US$1,400,000,000 of Dana Corp.'s
unsecured bonds, believes that it is inappropriate at this point
for the Creditors Committee to support an application by
Appaloosa under Section 503(b) for reimbursement of its
expenses, particularly when the contents of those fee
applications are unknown.

The Ad Hoc Committee contends that those fee applications cannot
be supported on the bases of Appaloosa having made a
"substantial contribution" to the Debtors' bankruptcy cases.

Furthermore, the Ad Hoc Committee points out that the Debtors
and the Creditors Committee, who is not a party to the Plan
Support Agreement, cannot unilaterally waive Appaloosa's breach
of the Plan Support Agreement to permit it to participate in the
Series B preferred offering because the terms of the Plan
Support Agreement require the consent of all its parties.

As reported in the Troubled Company Reporter on Nov. 28, 2007,
the Debtors asked the Court to approve a settlement that
resolves their disputes with Appaloosa, which had lost a bid to
provide equity exit financing to the company.  Under the
settlement, Dana agreed to reimburse up to US$2,000,000 for out-
of-pocket expenses Appaloosa Management incurred in the Chapter
11 cases, in exchange for its support to Dana's Joint Plan of
Reorganization.

                           About Dana

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

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

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

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

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

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


PARMALAT SPA: NY Court Gives No Decision on Class Action Appeal
---------------------------------------------------------------
Parmalat S.p.A. communicates that a hearing on Nov. 29, 2007, in
the United States Second Circuit Court of Appeal of New York,
with regards to its appeal against the decision of the
United States District Court, which had denied Parmalat's
request for an injunction pursuant to section 304 of the U.S.
Bankruptcy Code.

Parmalat's request had sought to preclude a purported class of
investors from proceeding with a class action against Parmalat
in the United States.

The Court of Appeal has not decided today and has taken the case
under advisement.

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

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

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

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

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

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


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


ASIA INFORMATION: Proof of Claim Deadline Slated for Dec. 28
------------------------------------------------------------
LLP Asia Information TEchnologies has declared insolvency.
Creditors have until Dec. 28 to submit written proofs of claims
to:

         LLP Asia Information TEchnologies
         Timiryazev Str. 83a-39
         Almaty
         Kazakhstan


BOLASHAKTY MURAGER: Creditors Must File Claims Jan. 1
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Bolashakty Murager insolvent.

Creditors have until Jan. 1 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (31622) 25-79-32


CEFIRA LLP: Claims Filing Period Ends Dec. 31
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Cefira (RNN 301900217264) insolvent.

Creditors have until Dec. 31 to submit written proofs of claims
to:

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


EUROSTYLE LTD: Creditors' Claims Due on Dec. 28
-----------------------------------------------
LLP Eurostyle Ltd has declared insolvency.  Creditors have until
Dec. 28 to submit written proofs of claims to:

         LLP Eurostyle Ltd
         Jandosov Str. 47
         Almaty
         Kazakhstan


NIVA LLP: Claims Registration Ends Jan. 2
-----------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Niva insolvent on Oct. 15.

Creditors have until Jan. 2 to submit written proofs of claims
to:

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


PARTNER CENTREMASH: Proof of Claim Deadline Slated for Dec. 28
--------------------------------------------------------------
LLP Partner Centremash has declared insolvency.  Creditors have
until Dec. 28 to submit written proofs of claims to:

         LLP Partner Centremash
         Pushkin Str. 17/1
         Jolymbet
         Shortandinsky District
         Akmola
         Kazakhstan


TANATAR LLP: Creditors Must File Claims Dec. 31
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Tanatar (RNN 301900218741) insolvent.

Creditors have until Dec. 31 to submit written proofs of claims
to:

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


TECHSTROYSNABPLUS LLP: Claims Filing Period Ends Jan. 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Techstroysnabplus insolvent.

Creditors have until Jan. 1 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (31622) 25-79-32


VOSHOD-S LLP: Creditors' Claims Due on Jan. 2
---------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Voshod-S insolvent on Oct. 15.

Creditors have until Jan. 2 to submit written proofs of claims
to:

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


WESTERN LOGISTICS: Claims Registration Ends Jan. 1
--------------------------------------------------
Branch of LLP Western Logistics in Aktobe has declared
insolvency.  Creditors have until Jan. 1 to submit written
proofs of claims to:

         LLP Western Logistics
         Aktobe Branch
         Micro District 12, 62-29
         Aktube
         Kazakhstan


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


AKVICOM LLC: Creditors Must File Claims by December 26
------------------------------------------------------
LLC Akvicom has declared insolvency.  Creditors have until
Dec. 26 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 62-43-03.


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


NEPTUNO III: S&P Rates EUR27.3 Million Class E Notes at BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR588.25 million senior secured floating-
rate and deferrable notes to be issued by Neptuno CLO III B.V.
In addition, Neptuno CLO III will issue a class of unrated notes
totaling EUR61.75 million.

The ratings reflect:

   -- Commensurate credit enhancement in the form of
      overcollateralization and subordination;

   -- A diversified collateral pool of loans and derivative
      financial instruments;

   -- Currency risk protections;

   -- Strong collateral investment guidelines;

   -- The expected insolvency-remoteness of the issuer; and

   -- Various amortization triggers.

At closing, Neptuno CLO III will issue floating-rate notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a portfolio of predominantly senior secured
leveraged loans.  The transaction has a six-year reinvestment
period.  The lead investment manager will be Caja de Ahorros y
Monte de Piedad de Madrid.  The junior investment manager will
be EuroDekania Management Ltd.

Ratings List

Neptuno CLO III B.V.
   EUR650 Million Senior Secured Floating-Rate And Deferrable
   Notes

                       Prelim.        Prelim. Amount
        Class          Rating           (Mln. EUR)
        -----          ------            --------
         A-1            AAA               313.95
         A-2            AAA               130.00
         B              AA                 61.75
         C              A                  27.30
         D              BBB-               27.95
         E              BB-                27.30
         Subordinated
         securities     NR                 61.75

   NR -- Not rated.


ROMPETROL GROUP: EU Okays KazaMunayGas 75% Stake Acquisition
------------------------------------------------------------
Rompetrol Holding SA has confirmed that its have received formal
notification from the European Commission that the purchase by
JSC KazMunayGas of a 75% stake in The Rompetrol Group N.V.,
announced on Aug. 27, 2007, has received their regulatory
approval.

With the approval by the European Commission, the agreement
between Rompetrol Holding and KazMunayGas has received full
regulatory clearance covering all the markets where the two
companies are presently active.  Rompetrol Holding welcomes this
decision as the company can now finalize and proceed to close
the transaction with its KazMunayGas partners.

                        About KazMunayGas

JSC KazMunayGas is the national operator for the exploration,
mining, refining and transport of oil resources, represents the
interests of the State in the oil and gas sector of Kazakhstan.
100% of the shares of KazMunayGas are owned by the Kazakhstan
Holding for the Management of State Assets "Samruk" JSC.

                       About Rompetrol Group

Headquartered in Amsterdam, The Netherlands, The Rompetrol Group
N.V. -- http://www.rompetrol.com/-- is a multinational oil
company operating in 13 countries.  Majority of its assets and
operations are based in France, Romania, Spain, and South-East
Europe. The group is active primarily in refining, marketing and
trading, with additional operations in exploration and
production, and other oil industry services such as drilling,
EPCM, and transportation.

                           *    *    *

As reported in the TCR-Europe on Aug. 30, 2007, Standard &
Poor's Ratings Services placed its long-term 'B-' corporate
credit rating on oil refiner Rompetrol Group N.V. on CreditWatch
with positive implications.


ROMPETROL GROUP: Completed Deal Cues Fitch to Watch B- IDR
----------------------------------------------------------
Fitch Ratings is keeping Netherlands-based The Rompetrol Group
N.V.'s Long-term Issuer Default Rating of 'B-' on Rating Watch
Positive following the announcement that Kazakhstan-based
National Company KazMunaiGaz (rated 'BBB'/'F3'/Stable Outlook)
has closed the acquisition of a 75% stake in TRG from privately-
owned Rompetrol Holding SA.  This acquisition assessed TRG at an
enterprise value of US$3.6 billion.  TRG was placed on RWP on
Aug. 28, 2007, when this acquisition was announced.

The RWP status reflects the potential benefits for TRG from
operating as part of NC KMG, the vertically integrated oil and
gas group, which has a stronger business and financial profile
than TRG itself.  A potential rating upgrade will depend on the
post-acquisition financial strategy for TRG as well as legal,
operational and strategic ties between TRG and its new parent,
NC KMG.  The rating, which currently reflects TRG's high
financial leverage, weak interest coverage ratios and high
refinancing risk, may be upgraded if TRG improves its capital
structure, for example, through an equity injection from its new
parent and extends the maturity profile of its debt.  Other
rating drivers include funding of TRG's substantial capex
program for the next five years and its growth strategy.

Fitch plans to resolve TRG's RWP status once the post-
acquisition business and financial strategy for TRG is unveiled.

TRG is a privately-owned oil refining and marketing company,
with most of its assets and operations in Romania.  The
company's key asset is Rompetrol Rafinare, the second-largest
oil company in Romania in terms of refining capacity.  Its main
refinery, Petromidia, has an effective operating capacity of 4
million tons per annum and a 30% share of the refined products
market in Romania.  TRG also operates a network of more than 600
petrol stations through its subsidiaries in Romania, France,
Bulgaria, Albania, Georgia and Ukraine.


ROMPETROL GROUP: Building US$90 Million Crude Marine Terminal
-------------------------------------------------------------
The Rompetrol Group N.V. is building a floating marine terminal
for loading and unloading crude oil 8.7 km off shore from its
Petromidia refinery location on the Black Sea Cost near the city
of Navodari, known as MMT - Midia Marine Terminal.  Maximum
handling capacity will be 14 million tons of crude per year.
The project is financed from TRG resources at an estimated cost
of US$90 million.

The marine terminal will allow tankers to unload/load cargo
through a buoy connected by a submarine pipeline to an onshore
pipeline feeding into the storage facility of Petromidia.
This project will shorten the supply chain for crude oil by
pipeline from tankers to the refinery by about 33 km, leading to
a significant crude transportation cost reduction of at least
US$3 per ton.

"MMT will become a real hub for imports and exports of crude oil
and can swiftly and safely receive  and/or dispatch vessels up
to the Suezmax size ships or 165,000 DWT of cargo capacity,"
Ermanno Zukar, project manager of Vector Energy, TRG's trading
arm, said.  "This project will allow TRG to become a significant
component of an alternative crude supply chain starting in the
Caspian Sea, leading to TRG's facility at Petromidia, and
ensuring a flow of crude oil further into the European Union
when the whole network will be made operative."

The project started in June 2006 and is scheduled for
commissioning in September 2008.  The Petromidia refinery has a
nameplate capacity of 5 million tons per year and is scheduled
to reach maximum processing capacity by 2009 as a result of an
ongoing debottlenecking program.  Excess crude not processed at
Petromidia will be traded around the assets of TRG.

                     About Rompetrol Group

Headquartered in Amsterdam, The Netherlands, The Rompetrol Group
N.V. -- http://www.rompetrol.com/-- is a multinational oil
company operating in 13 countries.  Majority of its assets and
operations are based in France, Romania, Spain, and South-East
Europe. The group is active primarily in refining, marketing and
trading, with additional operations in exploration and
production, and other oil industry services such as drilling,
EPCM, and transportation.

                           *    *    *

As reported in the TCR-Europe on Aug. 30, 2007, Standard &
Poor's Ratings Services placed its long-term 'B-' corporate
credit rating on oil refiner Rompetrol Group N.V. on CreditWatch
with positive implications.


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


NETIA SA: Consolidates Two Subsidiaries to Simplify Structure
-------------------------------------------------------------
Netia SA disclosed that as part of the ongoing process of
internal consolidation of Netia subsidiaries, the decisions have
been made, in accordance with Article 492, section 1 subsection
1 of the Polish Commercial Companies Code, to merge the Company
with its wholly owned subsidiaries Netia Mobile Sp. z o.o. and
Swiat Internet SA with their registered seats in Warsaw.

The purpose of the internal consolidation is to simplify and
make the Netia Group's capital structure more transparent.  The
Management Board believes that this will positively impact the
Netia Group's operations through reduction of administrative
costs, including a decrease in the scale of intercompany
transactions in its daily operations.

Netia Mobile Sp. z o.o. does not conduct operating activities.
Swiat Internet SA conducts telecommunications operations.

Consequently, Netia's Management Board and the Acquired
Companies' Management Boards executed on Nov. 27, 2007 two
separate agreements implementing the Terms of Mergers as:

* Terms of Merger between Netia SA and Netia Mobile
   Sp. z o.o. dated Nov. 27, 2007:

   -- The merger applies to the publicly listed company Netia
      Spolka Akcyjna with its registered seat in Warsaw and its
      single shareholder company Netia Mobile Sp. z o.o. with
      its registered seat in Warsaw.

   -- The merger shall be carried out pursuant to Article 492,
      Section 1, subsection 1 of the Commercial Companies Code
      (hereinafter the in relation to Article 515, Section 1 of
      the CCC through the transfer of the Company's (the
      acquired company's) assets to Netia without any increase
      in Netia's share capital, without any share exchanges and
      without amending Netia's Statute.

   -- As the merger shall not involve an exchange of the
      Company's shares into Netia's shares, the information
      required under Article 499, Section 1, subsections 2-4
      of the CCC has been omitted as unnecessary.

   -- The merger shall not result in any of the rights referred
      to in Article 499 Section1 subsection 5 of the CCC being
      granted, nor any special benefits as referred to in
      Article 499 Section1 subsection 6 of the CCC.

* Pursuant to Article 499 Section2 of the CCC, these
   documents are attached as Schedules to these Terms of
   Merger:

   (a) a draft resolution of Netia's General Meeting of
       Shareholders on the merger (Schedule No. 1);

   (b) a draft resolution of the Company's Meeting of
       Shareholders on the merger (Schedule No. 2);

   (c) an appraisal of the Company's assets as of October 31,
       2007 (Schedule No. 3);

   (d) a representation containing information on Netia's
       accounting statement made as of October 31, 2007
      (Schedule No. 4);

   (e) a representation containing information on the Company's
       accounting statements made as of Oct. 31, 2007
       (Schedule No. 5).

* Terms of Merger between Netia SA and Swiat Internet SA
   dated Nov. 27, 2007:

   -- The merger applies to the publicly listed company Netia
      Spolka Akcyjna with its registered seat in Warsaw
      and its single shareholder company Swiat Internet SA with
      its registered seat in Warsaw.

   -- The merger shall be carried out pursuant to Article 492,
      Section1, subsection 1 of the Commercial Companies Code
      in relation to Article 515, Section1 of the CCC through
      the transfer of the Company's assets to Netia without any
      increase in Netia's share capital, without any share
      exchanges and without amending Netia's Statute.

   -- As the merger shall not involve an exchange of the
      Company's shares into Netia's shares, the information
      required under Article 499, Section1, subsections 2-4 of
      the CCC has been omitted as unnecessary.

   -- The merger shall not result in any of the rights referred
      to in Article 499 Section1 subsection 5 of the CCC being
      granted, nor any special benefits as referred to in
      Article 499 Section1 subsection 6 of the CCC.

                        About Netia

Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/
-- is an alternative fixed-line telecommunications operator in
Poland.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.

                        *     *    *

As of Aug. 15, 2007, Standard & Poor's Ratings Services had
assigned a B rating to Netia's Long-Term Foreign and Local
Issuer Credit.


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


ACHINSKAYA LLC: Creditors Must File Claims by Dec. 17
-----------------------------------------------------
Creditors of Confectionary Achinskaya LLC have until Dec. 17 to
submit proofs of claim to:

         S. G. Ivanov
         Interim Manager
         P.O. Box 26663
         660036 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk krai will convene at
11:00 a.m. on Feb. 21, 2008, to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
A33-7059/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk Krai
         Room 22
         Lenina Str. 143
         Krasnoyarsk
         Russia

The Debtor can be reached at:

         Confectionary Achinskaya LLC
         Lenina Str. 29
         Achinsk
         662150 Krasnoyarsk krai
         Russia


AGROPROMENERGO LLC: Creditors Must File Claims by Jan. 17, 2008
---------------------------------------------------------------
Creditors of Agropromenergo LLC have until Jan. 17, 2008, to
submit proofs of claim to:

         V. A. Veselov
         Competitive Proceedings Manager
         Strelka Str. 4?-106
         603086 Nizhnij Novgorod
         Russia

The Arbitration Court of Nizhnij Novgorod commenced competitive
proceedings against the company after finding it insolvent on
Oct. 29.  The case is docketed under Case No. A43-43208/2005,
24-574.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         Agropromenergo LLC
         Zadomenka Str. 5
         B. Murashkino Settlement
         Bol'shemurashkinskij Raion
         606360 Nizhnij Novgorod
         Russia


INTERFIN TRADE: S&P Affirms and Withdraws Junk Ratings
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long- and short-
term counterparty credit ratings on Russian Interfin Trade
Financial Company at CCC/Stable/C.  At the same time, the 'ruB-'
Russia national scale rating was affirmed.  All the
ratings were subsequently withdrawn at the company's request.

"As a result of the withdrawal, Interfin will no longer be
subject to Standard & Poor's review.  At the time of the
withdrawal, Interfin had no bonds outstanding," said Standard &
Poor's credit analyst Eugene Tarzimanov.


MAIN ROAD.RU: Creditors Must File Claims by Jan. 17, 2008
---------------------------------------------------------
Creditors of OJSC Main Road.ru have until Jan. 17, 2008, to
submit proofs of claim to:

         S. A. Neimuschev
         Competitive Proceedings Manager
         Office 2
         Nevzorovyh Str. 89
         603024 Nizhnij Novgorod
         Russia

The Arbitration Court of Nizhnij Novgorod declared the company
insolvent on Oct. 23.  The case is docketed under Case No.
A43-3230/2007 18-33.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Main Road.ru
         Schmidt Str. 4
         Nizhnij Novgorod
         Russia


PERIMETR LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Karelia commenced bankruptcy
supervision procedure on Engineering&Technical Center Perimetr
LLC.  The case is docketed under Case No. A26-4409/2007.

The Interim Manager is:

         A. K. Babochkin
         P.O. Box 8
         35th Postal-and-Telegraph Office
         185035 Petrozavodsk
         Russia

The Debtor can be reached at:

         Engineering&Technical Center Perimetr LLC
         Office 22
         Lyzhnaya Str. 30
         Petrozavodsk
         Russia


PRIMORSKIJ OJSC: Asset Sale Slated for Dec. 21
----------------------------------------------
V. V. Kosolapov, the competitive proceedings manager of OJSC
Experimental&Mechanical Plant Primorskij, will open a public
auction for the company's properties at 2:00 p.m. on Dec. 21 at:

         OJSC Experimental&Mechanical Plant Primorskij
         3rd Zagorodnaya Str. 19
         Spassk-Dal'nij
         Primorskij Krai
         Russia

The company has set a RUR12,786,000 starting price for the
auctioned assets.

Interested participants have until Dec. 16 to deposit an amount
of RUR100,000 and to submit their bidding documents at:

         OJSC Experimental&Mechanical Plant Primorskij
         3rd Zagorodnaya Str. 19
         Spassk-Dal'nij
         Primorskij Krai
         Russia


SERPUKHOVSKIJ MILK: Creditors Must File Claims by Jan. 17, 2008
---------------------------------------------------------------
Creditors of OJSC Serpukhovskij Milk Plant have until Jan. 17,
2008, to submit proofs of claim to:

         E. A. Ivanov
         Competitive Proceedings Manager
         P.O. Box 6
         127287 Moscow
         Russia
         Tel: 727-10-40

The Arbitration Court of Moscow commenced competitive
proceedings against the company after finding it insolvent on
Oct. 30.  The case is docketed under Case No. A41-K2-11100/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Serpukhovskij Milk Plant
         Festival'naya Str. 20
         Serpukhov
         142203 Moscow
         Russia


SIBERIAN CEMENT: Creditors Must File Claims by Jan. 17, 2008
------------------------------------------------------------
Creditors of OJSC Siberian Cement Industry Research&Development
Institute have until Jan. 17, 2008, to submit proofs of claim
to:

         V. V. Kustikov
         Competitive Proceedings Manager
         P.O. Box 13082
         660069 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk krai commenced competitive
proceedings against the company after finding it insolvent on
Nov. 6.  The case is docketed under Case No. A33-5187/2007.

The Court is located at:

         The Arbitration Court of Krasnoyarsk Krai
         Lenina Str. 143
         Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Siberian Cement Industry Research&Development
         Institute
         Semaphornaya Str. 329
         Krasnoyarsk
         Russia


SISTEMA-HALS: Buys 4.42% KAMELIA Shares for Undisclosed Amount
--------------------------------------------------------------
Sistema-Hals JSC acquired a further 4.42% of the shares of
KAMELIA Health Spa on Nov. 28, 2007, taking its total holding to
100%.

The entire stake has been transferred to Kamelia Investment, a
100% subsidiary of Sistema-Hals, in order to optimize the
project management structure.

Sistema-Hals plans to build a modern resort complex on KAMELIA's
6.3 hectares site, including a 5-star hotel, club-style
apartments and proprietary infrastructure sites.

Headquartered in Moscow, Russia, Sistema-Hals JSC --
http://www.sistema.com/-- is a 71.1% subsidiary of Sistema
JSFC.  It is one of the leading property developers in Moscow
and the Moscow region, with operations in the six regions in
Russia, as well as Yalta and Kyiv in the Ukraine.  In addition
to its real estate development business activities, the company
is involved in a number of large-scale governmental
infrastructural projects in the capacity of project manager.
During fiscal year of 2006, Sistema-Hals reported revenue of
US$282.9 million and EBITDA of US$94.9 million.

                           *    *    *

As reported in the TCR-Europe on July 5, 2007, Moody's Investors
Service assigned a B1 foreign currency corporate family rating
to Sistema-Hals, a real estate development company based in
Moscow.  Moody's said the outlook on the rating is stable.

Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer
Default Rating 'B+', Short- term IDR 'B' and National Long-term
rating 'A-(rus)'.  The Outlooks for the Long-term IDR and
National Long-term rating are Stable.


SSMO LENSPECSMU: S&P Rates Proposed Credit-Linked Notes at B
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' senior
unsecured debt rating to the proposed credit-linked notes of a
minimum US$100 million issued by Moscow River B.V., a
Netherlands-registered special-purpose vehicle belonging to
integrated Russian construction and development company CJSC
SSMO LenSpecSMU (B/Stable/B).  The issue is guaranteed by LSS.

The rating on the CLN issue mirrors the long-term corporate
credit rating on LSS.  "We expect LSS to use the proceeds from
this issue primarily to refinance nearing debt maturities," said
Standard & Poor's credit analyst Izabela Listowska.

At Nov. 30, 2007, the company had total debt of RUR6.5 billion
(US$263 million).

The ratings on LSS are constrained by the company's aggressive
growth appetite; the evolving and fairly complex regulatory
environment; a lack of administrative transparency and
predictability in Russia; and the company's limited market
diversification and size.  Further constraining factors are the
cyclical nature of Russia's construction and development
industry, which is exposed to fluctuating economic dynamics, and
uncertainty regarding Russia's evolving political, legal, and
business climate.


TROIKA DIALOG: Placing US$300-US$400 Mln CDO in Mid-December
------------------------------------------------------------
Troika Dialog Group Ltd. is eyeing to place three-year
collateralized debt obligations for US$300 million-US$400
million before the middle of December 2007, published reports
say.

According to Troika Dialog portfolio manager Vladimir Potapov,
the senior tranche, which accounts for 80% of the CDO issue, is
expected to yield 7% to 8% annually.

Mr. Potapov further revealed the yield of the mezzanine tranche,
which accounts for 10% of the issue, is estimated to be between
10.5%-12.5%, while an equity tranche, which also accounts for
10% of the issue, is forecast to yield 15.5%-18.5%, Reuters
relates.

"CDS (credit default swaps) on a diversified portfolio of
Russian corporate bonds will serve as the base asset," Mr.
Potapov was quoted by Interfax News as saying.

As previously reported in the TCR-Europe on Sept. 26, 2007,
Deutsche Bank has closed Vityaz CDO I, a full capital structure
ruble-denominated synthetic CDO of Russian Corporates.  The deal
was executed by Deutsche Bank in conjunction with Troika Dialog.

Vityaz CDO I is a three-year, RUB8.95 billion synthetic CDO on a
diversified portfolio of local currency Russian bank and
corporate credits.  The portfolio is selected and managed by
Troika Dialog.

                   About Troika Dialog Group

Headquartered in Moscow, Russia, Troika Dialog Group Ltd. --
http://www.troika.ru/eng/-- is a leading Russian independent
investment bank founded in 1991.  The company's core businesses
include capital markets, investment banking services, asset
management and private equity.  The Group has an extensive
network of offices in Russia's 14 major cities, and also in New
York, London, Kiev and Cyprus.  Troika Dialog's trade turnover
accounts for 42% of equity at Moscow's RTS stock exchange
(classic market).  The company more than doubled its trade
turnover in 2006 to over US$200 billion.  The total assets under
management exceed US$4 billion.

                          *     *     *

As reported in the TCR-Europe on March 20, 2007, Standard &
Poor's Ratings Services raised its long-term counterparty credit
rating on Troika Dialog Group Ltd. to 'BB-' from 'B+' and its
Russia national scale rating on the company to 'ruAA-' from
'ruA'.

Standard & Poor's also said that it removed the long-term and
national scale ratings on the company, which is the ultimate
holding company of Russia's Troika Dialog group, from
CreditWatch with positive implications, where they had been
placed on Dec. 19, 2006.  At the same time, the 'B' short-term
rating was affirmed.  S&P said the outlook is stable.


URALOILGASELECTROMONTAZH: Creditors Must File Claims by Dec. 17
---------------------------------------------------------------
Creditors of OJSC Uraloilgaselectromontazh have until Dec. 17 to
submit proofs of claim to:

         S. A. Pyankov
         Interim Manager
         Office 66?
         K. Marks Str. 246
         Izhevsk
         426000 Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy
supervision procedure against the company on Oct. 5 for the
period until March 1, 2008.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         OJSC Uraloilgaselectromontazh
         Gagarina Str. 40
         Izhevsk
         426028 Udmurtia
         Russia


VIMPEL-COMMUNICATIONS: Earns US$458 Mln for Third Quarter 2007
--------------------------------------------------------------
OJSC Vimpel-Communications released its unaudited consolidated
financial results for the third quarter and nine months ended
Sept. 30, 2007.

Vimpelcom published US$458.05 million in net income on
US$1.96 billion in net revenues for the third quarter 2007,
compared with US$268.37 million in net income on US$1.36 billion
in net revenues for the same period in 2006.

The company posted US$1.09 billion in net income on
US$5.16 billion in net revenues for the first nine months 2007,
compared with US$ million in net income on US$613.54 billion in
net revenues for the same period in 2006.

As of Sept. 30, 2007, Vimpelcom had US$9.79 billion in total
assets, US$4.87 billion in total liabilities and US$4.92 billion
in total shareholders' equity.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

As of Oct. 8, 2007, OJSC Vimpel-Communication carries Ba2
Corporate Family, Probability-of-Default and Senior Unsecured
Debt Ratings from Moody's Investors Service.

The company also carries BB+ long-term corporate credit rating
from Standard & Poor's Ratings Services.


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

         V. V. Kucherov
         Competitive Proceedings Manager
         Aviatsionnaya Str. 5
         302010 Orel
         Russia

The Arbitration Court of Moscow commenced competitive
proceedings on the company on Oct. 25.  The case is docketed
under Case No. A41-K2-2050/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zhilkomkhoz
         Shkol'ny pr-d Str. 3
         Zhukovskij
         Moscow
         Russia


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


RURALPYME 2: Fitch Junks EUR24.05 Million Class D Notes
-------------------------------------------------------
Fitch has affirmed Ruralpyme 2 FTPYME, FONDO DE TITULIZACION DE
ACTIVOS's notes following a satisfactory performance review:

   -- EUR370.149 million Class A1 notes (ISIN: ES0374352005):
      affirmed at 'AAA'

   -- EUR53.7 million Class A2(G) notes (ISIN: ES0374352013):
      affirmed at 'AAA'

   -- EUR29.1 million Class B notes (ISIN: ES0374352021):
      affirmed at 'A'

   -- EUR23.2 million Class C notes (ISIN: ES0374352039):
      affirmed at 'BBB-'

   -- EUR24.05 million Class D notes (ISIN: ES0374352047):
      affirmed at 'CC'

The rating actions reflect the transaction's stable performance,
low delinquency levels and increased levels of credit
enhancement.  As of the October 2007 report, the total amount of
outstanding delinquencies represented 7.87% of the outstanding
portfolio, of which only 0.78% are payments in arrears of more
than 90 days and 0.45% in arrears over 180 days.  Although the
7.78% figure seems relatively high, most of the delinquencies
are expected to be recovered within 90 days.  There have been no
defaults to date.  The credit enhancement of the classes has
increased due to the amortization of the senior notes in line
with the underlying collateral.  Currently, 76.01% of the Class
A1 note balance remains outstanding. All other notes are at
their initial level.

The transaction represents a cash-flow securitization of a
static portfolio of loans to small- and medium-sized Spanish
enterprises granted by 14 rural credit cooperatives.  The
Kingdom of Spain (rated 'AAA'/'F1+') guarantees the ultimate
payment of interest and principal on the Class A2(G) notes.

The portfolio is currently composed of 2,225 loans, 74.52% of
which are secured by residential or commercial mortgages.  The
highest obligor concentration, 29.74% of the outstanding
collateral balance, is in the Aragon region and 23.99% of the
collateral is linked to the manufacturing sector.  The current
credit enhancement for the senior notes is provided by the Class
B and C notes, as well as the reserve fund.

Ruralpyme 2 is a special purpose vehicle incorporated under the
laws of Spain with limited liability.  Its sole purpose is to
acquire the portfolio of loans as collateral for the issuance of
fixed-income securities.  The assets of Ruralpyme 2 were
acquired on its behalf by Europea de Titulizacion SGFT, S.A., a
special purpose management company with limited liability and
incorporated under the laws of Spain.


TDA TARRAGONA 1: Moody's Junks EUR14.7 Million Series D Notes
-------------------------------------------------------------
Moody's Investors Service provisional ratings to four series of
"Bonos de Titulizacion de Activos" to be issued by TDA Tarragona
1 Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Titulizacion de
Activos, S.G.F.T, S.A.:

   -- (P)Aaa to the EUR359.7 million Series A notes;
   -- (P)Aa2 to the EUR11.1 million Series B notes;
   -- (P)Baa1 to the EUR11.9 million Series C notes;
   -- (P)C to the EUR14.7 million Series D notes.

The transaction represents the securitization of Spanish first-
lien mortgage loans granted to individuals originated by Caixa
Tarragona (A2/Prime-1), which will continue to service them.

As of November 2007, the provisional portfolio comprised 3,286
loans for a total amount of EUR432,576,908.  The original
weighted average loan-to-value is 77.67%.  The current WALTV is
72.05%. The average loan size is EUR131,642.  The loans were
originated between 1998 and 2006, with a weighted average
seasoning of 2.88 years.  The pool is concentrated in the
Catalonia (94%) regions.  The interest rate risk between assets
and liabilities of the Fondo will be fully hedged via a swap
entered between the Fondo and the Caixa Tarragona.

The ratings are based upon the analysis if the characteristics
of the pool, the protections the bonds receive from credit
enhancement (excess spread trapping via a 12-month write off
mechanism, reserve fund and subordination) against defaults and
arrears in the mortgage pool, the legal and structural integrity
of the structure and the credit quality of the parties involved
in the transaction.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  Moody's believes The
rating agency believes that the structure of the TDA Tarragona 1
notes allows for timely payment of interest and ultimate payment
of principal at par, on or before the final legal maturity date
and not at any other expected maturity date on Series A, B and
C, and for ultimate payment of interest and principal at par on
or before the final legal maturity date on Series D. The ratings
do not address the full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on the
yield to investors.

According to Moody's, this deal benefits from strong features,
including:

   (1) no loans will be securitized if they are in arrears at
       closing date or unpaid more than two installments since
       their origination;

   (2) the swap agreement, which guarantees 55 bp of spread;

   (3) a reserve fund that is fully funded up-front to cover a
       potential shortfall in interest and principal;

   (4) a 12-month artificial write-off mechanism; and

   (5) the fact that 100% of the loans are secured by
       residential mortgages.

However, Moody's notes that the deal also has a number of
weaknesses, including:

   (1) Caixa Tarragona's total mortgage portfolio shows arrears
       levels above the market average;

   (2) the provisional pool has a very strong concentration in
       Catalonia;

   (3) 1.77% of the pool corresponds to loans with more than
       three debtors; and

   (4) pro-rata amortization of the Series B and C notes leads
       to reduce credit enhancement of the senior series in
       absolute terms.  These increased risks were reflected in
       Moody's credit enhancement calculation.

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


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


ALPINE CHARTERING: Creditors' Liquidation Claims Due by Dec. 7
--------------------------------------------------------------
Creditors of JSC Alpine Chartering have until Dec. 7 to submit
their claims to:

         Andre Pabst
         Liquidator
         Neuhofstrasse 89
         6342 Baar ZH
         Switzerland

The Debtor can be reached at:

         JSC Alpine Chartering
         Baar ZH
         Switzerland


B.V.I. METALS: Creditors' Liquidation Claims Due by December 7
--------------------------------------------------------------
Creditors of JSC B.V.I. Metals have until Dec. 7 to submit their
claims to:

         Peter Bachofer
         Liquidator
         Seestrasse 91
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC B.V.I. Metals
         Hergiswil NW
         Switzerland


FREBEL JSC: Creditors' Liquidation Claims Due by December 6
-----------------------------------------------------------
Creditors of JSC Frebel have until Dec. 6 to submit their claims
to:

         Hubert Frenzel
         Liquidator
         Rutlistrasse 43
         8308 Illnau
         Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Frebel
         Effretikon
         Pfaffikon ZH
         Switzerland


IMFELD + ANGST JSC: Creditors' Liquidation Claims Due by Dec. 6
---------------------------------------------------------------
Creditors of JSC Imfeld + Angst have until Dec. 6 to submit
their claims to:

         Imfeld Albert
         Liquidator
         Mail box 1969
         8401 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Imfeld + Angst
         Winterthur ZH
         Switzerland


INPS - INTERNATIONAL NICHE: Creditors Must File Claims by Dec. 7
----------------------------------------------------------------
Creditors of JSC INPS - International Niche Product Sourcing
have until Dec. 7 to submit their claims to:

         JSC Amifiduciaria
         Liquidator
         S. Franscini 1
         6900 Lugano TI
         Switzerland

The Debtor can be reached at:

         JSC INPS - International Niche Product Sourcing
         Flawil
         Wil SG
         Switzerland


IROS LLC: Zurich Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Schlieren in Zurich entered Oct. 23 an
order closing the bankruptcy proceedings of LLC IROS.

The Bankruptcy Service of Schlieren can be reached at:

         Bankruptcy Service of Schlieren
         8952 Schlieren ZH
         Switzerland

The Debtor can be reached at:

         LLC IROS
         Uitikonerstrasse 21
         8952 Schlieren ZH
         Switzerland


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

         Peter Bachofer
         Liquidator
         Seestrasse 91
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Lirono
         Hergiswil NW
         Switzerland


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

         Peter Bachofer
         Liquidator
         Seestrasse 91
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Overma
         Hergiswil NW
         Switzerland


PAGG COMPONENTS: Creditors' Liquidation Claims Due by December 7
----------------------------------------------------------------
Creditors of JSC PAGG Components & Systems have until Dec. 7 to
submit their claims to:

         JSC PKF Consulting
         Liquidator
         Lavaterstr. 40
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC PAGG Components & Systems
         Seedorf UR
         Switzerland


REGLI WEINKELTEREI: Schaffhausen Court Closes Bankruptcy Process
----------------------------------------------------------------
The Cantonal Court of Schaffhausen entered Sept. 28 an order
closing the bankruptcy proceedings of LLC Regli Weinkelterei.

The Debtor can be reached at:

         LLC Regli Weinkelterei
         Selmattenstrasse 30
         8215 Hallau SH
         Switzerland


SCHELLENBERG FAHRRAD: Zurich Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of Pfaffikon in Zurich entered Oct. 26 an
order closing the bankruptcy proceedings of LLC Schellenberg
Fahrrad Import.

The Bankruptcy Service of Pfaffikon can be reached at:

         Bankruptcy Service of Pfaffikon
         8330 Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Schellenberg Fahrrad Import
         Industriestrasse 21
         8335 Hittnau
         Pfaffikon ZH
         Switzerland


VTW ANLAGEN: Creditors' Liquidation Claims Due by December 6
------------------------------------------------------------
Creditors of JSC VTW Anlagen Schweiz have until Dec. 6 to submit
their claims to:

         Dr. Albrecht Langhart
         Liquidator
         Usteristrasse 14
         8021 Zurich
         Switzerland

The Debtor can be reached at:

         JSC VTW Anlagen Schweiz
         Winterthur ZH
         Switzerland


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


BIOTOP LLC: Creditors Must File Claims by December 4
----------------------------------------------------
Creditors of LLC Biotop (code EDRPOU 32611737) have until Dec. 4
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. B 14/435-07.

The Debtor can be reached at:

         LLC Biotop
         October Str. 35
         Vishnevoye
         08132 Kiev
         Ukraine


CAPITAL DONBASS: Creditors Must File Claims by December 4
---------------------------------------------------------
Creditors of LLC Capital Donbass (code EDRPOU 34095205) have
until Dec. 4 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. 10/229-07.

The Debtor can be reached at:

         LLC Capital Donbass
         Yunost Avenue 18
         Vinnica
         Ukraine


CAPITAL HERSON: Creditors Must File Claims by December
------------------------------------------------------
Creditors of LLC Capital Herson (code EDRPOU 34095226) have
until Dec. 4 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. 10/231-07.

The Debtor can be reached at:

         LLC Capital Herson
         Yunost Avenue 18
         Vinnica
         Ukraine


CAPITAL POLTAVA: Creditors Must File Claims by December 4
---------------------------------------------------------
Creditors of LLC Capital Poltava (code EDRPOU 34095231) have
until Dec. 4 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. 10/228-07.

The Debtor can be reached at:

         LLC Capital Poltava
         Yunost Avenue 18
         Vinnica
         Ukraine


CAPITAL PROMIN: Creditors Must File Claims by December 4
--------------------------------------------------------
Creditors of LLC Capital Promin (code EDRPOU 34095210) have
until Dec. 4 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. 10/230-07.

The Debtor can be reached at:

         LLC Capital Promin
         Yunost Avenue 18
         Vinnica
         Ukraine


COLEKTIFF LLC: Creditors Must File Claims by December 4
-------------------------------------------------------
Creditors of LLC Colektiff (code EDRPOU 34530173) have until
Dec. 4 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. 15/524-b.

The Debtor can be reached at:

         LLC Colektiff
         Kropivnitsky Str. 8
         01004 Kiev
         Ukraine



HARVEST LLC: Creditors Must File Claims by December 4
-----------------------------------------------------
Creditors of LLC Machine Technological Station Harvest (code
EDRPOU 30628618) have until Dec. 4 to submit written proofs of
claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/190.

The Debtor can be reached at:

         LLC Machine Technological Station Harvest
         Grunvald Str. 80
         Zhydachev
         81700 Lvov
         Ukraine


INTER MEDICAL: Creditors Must File Claims by December 4
-------------------------------------------------------
Creditors of LLC Inter Medical Device (code EDRPOU 34475081)
have until Dec. 4 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. 15/525-b.

The Debtor can be reached at:

         LLC Inter Medical Device
         Zdolbunovskaya Str. 7-A
         02081 Kiev
         Ukraine


LOAD MOTORCAR: Creditors Must File Claims by December 4
-------------------------------------------------------
Creditors of OJSC Load Motorcar Service (code EDRPOU 03117926)
have until Dec. 4 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. 2/350/07.

The Debtor can be reached at:

         OJSC Load Motorcar Service
         Avangardnaya Str. 6
         54042 Nikolaev
         Ukraine


MODIL LLC: Creditors Must File Claims by December 4
---------------------------------------------------
Creditors of LLC Modil (code EDRPOU 34017551) have until Dec. 4
to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-48/164-07.

The Debtor can be reached at:

         LLC Modil
         Mockow Avenue 257
         61044 Kharkov
         Ukraine


UKRAINIAN AGRICULTURAL: Creditors Must File Claims by Dec. 4
------------------------------------------------------------
Creditors of CJSC Ukrainian Agricultural Business (code EDRPOU
14276467) have until Dec. 4 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. 23/124-b.

The Debtor can be reached at:

         CJSC Ukrainian Agricultural Business
         Tbilissi Lane 4/10
         01135 Kiev
         Ukraine


VYSOKOPOLSKY COMBINE: Creditors Must File Claims by December 4
--------------------------------------------------------------
Creditors of OJSC Vysokopolsky Combine of Breadproducts (code
EDRPOU 00952350) have until Dec. 4 to submit written proofs of
claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/209-B-07.

The Debtor can be reached at:

         OJSC Vysokopolsky Combine of Breadproducts
         Zheleznodorozhnaya Str. 5
         Blakitnoye
         Vysokopolsky District
         Herson
         Ukraine


ZHOVTEN LLC: Proofs of Claim Deadline Set December 4
----------------------------------------------------
Creditors of LLC Agricultural Firm Zhovten have until Dec. 4 to
submit written proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Hmelnitskij renewed bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
17/188-B.

The Debtor can be reached at:

         LLC Agricultural Firm Zhovten
         Skarzhnitsy
         Yarmolintsy District
         Hmelnitskij
         Ukraine


ZLAGODA LLC: Proofs of Claim Deadline Set December 4
----------------------------------------------------
Creditors of LLC Zlagoda (code EDRPOU 32356987) have until
Dec. 4 to submit written proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/209-07.

The Debtor can be reached at:

         LLC Zlagoda
         Romny District
         Vovkovtsy
         42022 Sumy
         Ukraine


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


A. RYALL: Taps Kroll as Joint Administrators
--------------------------------------------
Stuart Charles Edward Mackellar and Charles Peter Holder of
Kroll Ltd. Were appointed joint administrators of A. Ryall and
Son (Contractors) Ltd. (Company Number 00407122) on Aug. 10.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         A. Ryall & Son (Contractors) Ltd.
         83 Victoria Road
         Mexborough
         S64 9BX
         England
         Tel: 01709 583 248
         Fax: 01709 582 775
         Web site: http://www.ryallbuild.pwp.blueyonder.co.uk/


ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow
--------------------------------------------------------
Advanced Micro Devices Inc. has appointed Phil Rogers to AMD
Corporate Fellow.  In this role, Mr. Rogers will continue
developing advanced architectures and extend AMD's software
capabilities.  Mr. Rogers' emphasis on enhancing graphics
processing unit and central processing unit interoperability
through software and hardware innovations plays a central role
in delivering performance optimization and power reduction
advances for graphics and computing.  Corporate Fellow is the
highest level of technical recognition at AMD, and is reserved
for those who impact AMD's business opportunities and technical
breadth by providing a high degree of expertise, knowledge,
creativity, and tactical and strategic direction.

Mr. Rogers will play a key role in software development for
AMD's "Fusion" technology initiative, where CPUs and GPUs are
combined and integrated to improve energy efficiency and
performance capability.  Rogers will focus on the software
requirements necessary to bring together the GPU and CPU in a
way that optimizes system power and performance, while
maintaining software and application flexibility.

"Software development is a critical tool that AMD uses to create
platform-level solutions to enhance our end-user experience,"
said Ben Bar-Haim, corporate vice president, Software, Graphics
Products Group at AMD.  "Phil's unique talents are instrumental
in accelerating application performance by optimizing the
interaction of hardware and software."

Worldwide, AMD employs more than 1,200 software professionals
who focus on improving the end-user experience and better
enabling customers' platform and application innovations.
Software teams focus on delivering hardware extensions, new
instructions, device drivers, development tools and more.

As the most senior graphics software architect at AMD, Rogers
previously oversaw hardware and software interaction activities,
ensuring that GPU products excel in performance and stability at
launch and beyond, with continuous software updates via AMD's
unified-driver design.  This promotion recognizes the importance
AMD puts on overall platform-level functionality, performance
and stability.

"It's a pleasure to be part of an AMD software team where
revolutionary contributions from engineers are encouraged and
expected," said Mr. Rogers.  "This environment inspires me, and
others, to build platforms that are more visually rich,
increasingly energy efficient and more accessible to the global
community."

Mr. Rogers was instrumental in the development of all of ATI
Radeon GPUs since the introduction of the Radeon series in 2000.
Recently, Rogers contributed to the development, qualification
and delivery of the ATI Radeon HD(TM) 2000 family of advanced
GPUs.

Mr. Rogers joined AMD with the ATI acquisition in 2006, and
became an AMD Senior Fellow shortly thereafter.  Since joining
ATI Technologies in 1994, he served in increasingly senior
architecture positions in the development of DirectX(R) and
OpenGL(R) driver software. Rogers began his career at Marconi
Radar Systems, where he designed digital signal processors for
advanced radar systems.  Mr. Rogers earned his Bachelor's of
Science degree in electronic and electrical engineering from the
University of Birmingham.

              About Advanced Micro Devices Inc.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and
manufactures microprocessors and other semiconductor products.
The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


ATLAS REINSURANCE: S&P Assigns B Ratings to Variable Rate Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' credit
ratings to the EUR160 million Principal At Risk Variable Rate
Notes due Jan. 10, 2011, issued by Atlas Reinsurance IV Ltd.

The transaction closed on Nov. 29, 2007, at which time ratings
were assigned to the variable-rate notes.

"Catastrophe bonds of this type are well-established risk
management tools for insurance and reinsurance companies to
transfer peak risks in certain parts of the world into the
capital markets," said Standard & Poor's credit analyst Cameron
Heath.

Atlas Re IV is a special-purpose company, incorporated under the
laws of Ireland, whose ordinary shares are held in charitable
trust.  It issued the notes and invested the proceeds in high-
quality assets within a collateral account.

The issuer swaps the total return of the asset portfolio with
Goldman Sachs International (guaranteed by The Goldman Sachs
Group Inc.; AA-/Stable/A-1+), in exchange for quarterly EURIBOR-
based payments.  Simultaneous to the issuance of the notes,
Atlas Re IV entered into a retrocessional contract with SCOR
Global P&C SE (insurer financial strength rating; A-/Stable).

This contract will provide for payments to SCOR if a windstorm
of a certain magnitude occurs within predefined countries of
Europe, or if an earthquake of a certain magnitude occurs within
Japan.  The payment received from SCOR under the retrocessional
contract and the proceeds from the total return swap with
Goldman Sachs International are used to make the scheduled
payments to the holders of the notes.  SCOR will pay the up-
front and ongoing expenses of Atlas Re IV in connection with
this securities issuance.

The ratings on the notes are based on the creditworthiness of
SCOR as ceding reinsurer, and on Goldman Sachs as guarantor of
the total return swap counterparty.  A significant part of the
rating analysis took account of an assessment of the occurrence
probabilities of European windstorms and Japanese earthquakes as
modeled by EQECAT, Inc.

The proceeds of the notes will serve to provide SCOR with a
source of parametric cover for windstorms in Europe and
earthquakes in Japan over a period of three years and one month.


BRADLEY & PARTNER: Brings In Liquidators from Tenon Recovery
------------------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Tenon Recovery were
appointed joint liquidators of Bradley & Partner Ltd. on Nov. 19
for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Tenon Recovery
         Dukesbridge House
         23 Duke Street
         Reading
         Berks
         RG1 4SA
         England


FEDERAL-MOGUL: Expected Chap. 11 Exit Cues Moody's (P)Ba3 Rating
----------------------------------------------------------------
Moody's Investors Service has assigned prospective ratings to
the reorganized Federal-Mogul Corporation -- Corporate Family,
(P)Ba3.  In a related action Moody's assigned a (P)Ba2 rating to
new senior secured credit facilities.  The outlook is stable.
The (P)Ba3 Corporate Family Rating is based on the company's
expected emergence from Chapter 11 with its asbestos liabilities
eliminated and moderately reduced debt levels that should be
readily serviced with the company's strong business in the auto
parts sector.

The ratings also reflect the continued performance of Federal-
Mogul's businesses throughout the bankruptcy process, largely
supported by new program launches and profit improvement
programs.  The company's diverse business segments, as well as
geographic and customer diversity, have also mitigated the
effect of Big-3 production declines experienced in North
America.  A key consideration in Federal-Mogul's filing for
Chapter 11 in the US and commencement of restructuring
proceedings in the United Kingdom was the company's exposure to
asbestos liabilities; these liabilities have been addressed
through the bankruptcy process and the company will emerge from
bankruptcy with a Federal court injunction that prevents the
assertion of current and future asbestos claims against the
company, and instead directs those claims to an asbestos trust.

The company has used the Chapter 11 and UK Administration
process primarily to eliminate its asbestos liability exposure,
and to lower pension obligations.  Unlike other auto parts
supplier bankruptcies, Federal Mogul has not used the process
primarily to renegotiate major customer or supplier contracts
nor exit major leases.  However, Federal-Mogul has implemented
ongoing restructurings, facility consolidations, and quality
improvement programs.  These efforts have allowed the company to
maintain its customer base, generate new business awards, move
production to low cost countries, and improve profitability.

The stable outlook reflects the benefits derived from the
restructuring process combined with Federal-Mogul's leading
product lines in diverse business segments which are expected to
further improve the company's credit metrics in 2008.  Federal-
Mogul has a diverse customer base with no customer amounting to
more than 7% of revenues. Federal-Mogul's operating profit
margins are about 7% and are expected to improve over the
intermediate term, which would be viewed favorably under Moody's
Auto Supplier Rating Methodology.  Based on its improving
margins, the company is also expected to be free cash flow
generative in 2008, which should provide opportunity for debt
reduction.  However, marginal revenue growth in 2008, largely
driven by the aftermarket business, combined with moderate
leverage, constrain the company's ratings.

The company's exit financings will be completed in two steps.
First, the rated senior secured term and revolving loans, a new
unrated senior secured tranche A loan, and a new unrated junior
secured PIK Note will be used to repay outstandings under the
existing US$1.1 billion senior secured DIP facility, bankruptcy
related fees and expenses, prepetition bank and surety debt and,
if necessary, make a US$140 million loan to the U.S. asbestos
personal injury trust.  In the second step of the financing,
which is expected to occur within 60 days, the remaining
US$2,082 million of the rated senior secured delayed drawn term
loans may be used to repay the unrated tranche A term loan, the
unrated junior secured PIK notes, and provide excess cash.  The
unrated facilities are provided for under the company's plan of
reorganization and include interest rate step ups and other
interest rate adjustments.  The company subsequently negotiated
a potential take-out of the unrated facilities.

Under the Plan of Reorganization for the company's emergence
from Chapter 11, all of the asbestos liabilities of the U.S. and
U.K. entities covered by the Plan will be assumed by an asbestos
trust, and the entities covered by the Plan will be discharged
from those liabilities as set forth in the Plan. The asbestos
trust will receive 50.1% of the equity in reorganized Federal-
Mogul, proceeds from Federal-Mogul's asbestos related insurance
policies, certain additional rights enumerated in the Plan of
Reorganization and, under certain circumstances, a
US$140 million loan from reorganized Federal-Mogul.

An entity affiliated with Carl Icahn will have the option to
purchase the shares of the reorganized Federal-Mogul held by the
asbestos trust within 60 days of Federal-Mogul's emergence for
approximately US$775 million.  Current and future U.S. asbestos
claims that are asserted against the asbestos trust will be
satisfied in accordance with the distribution procedures
established by the Trust.  In November 2006, a separate asbestos
trust was established under company voluntary arrangements
approved in the United Kingdom to resolve asbestos claims that
have or will be brought in the United Kingdom against certain of
Federal-Mogul's U.K affiliates.  Restricted cash balances were
moved in November 2006 to fund the U.K. asbestos trust and the
remainder of the company voluntary arrangements.

Federal Mogul is expected to have good liquidity over the next
twelve months.  The US$540 million asset-based revolver is
expected to be unfunded upon emergence with sufficient
collateral to support the committed amount of the facility. Pro
forma for the two-step exit financing, Federal-Mogul will have
approximately US$700 million of cash on hand.  Post-emergence,
the company is expected to generate positive free cash flow
which should support 1% annual amortization under the term
loans.  After repayment of the unrated senior secured tranche A
term loan, the senior secured exit credit facilities will not
have financial maintenance covenants.  The US$140 million loan,
if made, may be repaid in cash within 60 days of emergence under
certain conditions of the asbestos trust.

However, Moody's assumes the loan will be repaid with
reorganized Federal-Mogul stock, a condition provided under the
Plan of Reorganization.  Reorganized Federal-Mogul will have
limited alternate liquidity, as the senior secured credit
facilities are secured by essentially all of the company's
domestic subsidiaries' personal property (including 66% of the
stock of certain first-tier foreign subsidiaries) and certain
real property.  For the year ended 12/31/07, pro forma for the
post emergence capital structure, EBIT/interest would
approximate 1.9x and debt/EBITDA would approximate 4.2x (3.4x,
net of cash).

These ratings were assigned:

  -- (P)Ba3 Corporate Family rating;
  -- (P)Ba3 Probability of Default rating;
  -- (P)Ba2 (LGD3, 42%) rating for the US$540 million senior
      secured asset based revolver;
  -- (P)Ba2 (LGD3, 42%) rating for the US$1 billion senior
      secured delayed term loan facility;
  -- (P)Ba2 (LGD3, 42%) rating for the US$1.96 million senior
      secured term loan, which includes a US$50 million senior
      secured synthetic letter of credit facility and a US$1.91
      billion senior secured delayed draw term loan;

Speculative Grade Liquidity Rating, SGL-2

Future events that have potential to drive Federal-Mogul's
outlook or ratings higher would result from operating
performance leading to improvements in EBIT/Interest coverage to
over 3.0x, or in leverage approaching 3.0x.

Future events that have potential to drive Federal-Mogul's
outlook or ratings lower include decreasing aftermarket volumes
or profitability, production volume declines at the company's
OEM customers, material increases in raw materials costs that
cannot be passed on to customers or mitigated by restructuring
efforts, or deteriorating liquidity.  Consideration for a lower
outlook or rating could arise if any combination of these
factors were to increase leverage, or result in EBIT/Interest
coverage below 1.8x times.


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


GOODYIELD LTD: Calls In Liquidators from UHY Hacker Young
---------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of Goodyield Ltd. (t/a Thai Upon
Thames) on Nov. 20 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England


METRONET RAIL: European Commission Okays GBP897 Mln Rescue Aid
--------------------------------------------------------------
The European Commission has decided to authorize the rescue aid
granted by the U.K. authorities to the Metronet Companies
(Metronet Rail BCV Limited and Metronet Rail SSL Limited in
administration).  The aid amounts in total to GBP897 million
(EUR1.3 million).

The Metronet Companies have since April 2003 been responsible,
pursuant to long-term public-private partnership, for replacing
and upgrading most of the infrastructure on nine of twelve
London Underground lines.  On July 18, 2007, after they ran into
serious financial difficulties, both Metronet Companies went to
administration.  On the same day the public authority Transport
for London made an emergency funding available to the Metronet
Companies in order to ensure the safe running of the London
Underground.

The London Underground, with approximately three million
passenger journeys per day (and four million passenger journeys
a day in peak times), is a vital part of London's transport
system.  Following a detailed examination of the notification
submitted by the U.K. authorities, the Commission has found that
the aid designed to rescue the Metronet Companies is compatible
with the Community State aid rules.

As previously reported in the TCR-Europe on Nov. 8, 2007, Tim
O'Toole, managing director of London Underground, and Alan
Bloom, PPP Administrator of Metronet, confirmed that TfL is the
only formal bid to have been received for Metronet Rail BCV and
Metronet Rail SSL.

They also confirmed that, as a result of the TfL bid, the PPP
Administrator will not take any active steps to market the
Metronet companies.

Under TfL's plans, the people and the assets of the two Metronet
companies, BCV and SSL, will be transferred into two TfL nominee
companies, which will be managed on a stand alone basis while
the long-term structure is agreed with the Mayor and Government.

The final administration bill is expected to reach GBP338
million by the time the Metronet companies are transferred to
TfL's control in early 2008.

                         About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.

                         *     *     *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services lowered its long-term and underlying
debt ratings on the GBP2.6 billion combined senior secured bank
loans and debt issued by U.K.-based underground rail
infrastructure financing companies Metronet Rail BCV Finance PLC
and Metronet Rail SSL Finance PLC (Metronet BCV and Metronet
SSL; the Metronet companies) to 'CC' from 'BB+'.

In July 2007, Moody's Investors Service downgraded to B1 from
Ba2 the senior secured unguaranteed debt ratings of both
Metronet Rail BCV Finance plc and of Metronet Rail SSL Finance
Plc.


METRONET RAIL: WS Atkin's Pre-Tax Profit Up 46% Despite Collapse
----------------------------------------------------------------
WS Atkins plc, one of the five shareholders of the Metronet Rail
Group, released unaudited financial results for the six months
ended Sept. 30, 2007.

The Group has had a very good first half-year.  Revenue has
grown by 11% to GBP633.8 million and, as anticipated, operating
margins have increased significantly from 4.8% to 6.3%.  Taken
together, profit before tax from continuing operations increased
by 46% to GBP42.7 million.

This reflects good performances across all business segments.
The Middle East business was particularly strong with revenues
in that region up 35% compared with the same period last year.
The significant increase in the Group's operating margin was
driven by improved margins in all segments.  The Board
anticipates that further improvements in operating margins will
be made in the years ahead as it focus on targeted markets, in
resource-constrained environments, and on further cost
efficiencies.

The investments the Board has made in staff recruitment,
training and development in recent years continued to yield
benefits.  As planned, the Group's staff numbers in continuing
operations increased by over 1,000 in the first six months of
the year.  At just over 16,900 people, this is 1,900 more than
the same time last year.  Staff numbers have grown across the
Group, particularly in the Middle East where staff numbers are
up by more than 40% over last year.

On July 18, 2007 the Metronet infrastructure companies entered
PPP Administration and the Group's contracts with Trans4m and
Trans4m's contracts with Metronet were subsequently terminated
on Aug. 30, 2007.  Since then, the Group has continued to work
directly for Metronet under new contractual terms with around
400 staff currently engaged on Metronet projects.

The Group's results also benefited from the GBP20 million
profit on the sale of Lambert Smith Hampton and the GBP17
million accelerated release of deferred income in relation to
Metronet.  Both of these items are shown within discontinued
operations.

                         Share Buyback

The Board has reviewed the strength of the Group's balance sheet
following the disposal of Lambert Smith Hampton and the
resolution of the uncertainty surrounding the Group's investment
in Metronet.  The Board is mindful of the benefit of maintaining
an efficient balance sheet and on this basis, using the
authority given by shareholders at its AGM held in September
2007, a share buyback program will be commenced shortly with the
intention of returning up to GBP100 million to shareholders.  It
is intended to hold the shares in treasury.

                            Outlook

The Board anticipates that the Group will make good progress in
the rest of the year as its work in hand remains strong with 85%
of full year forecast revenue secured (2006: 88%).  The markets
in which it operates are good and as it continues to improve its
services, the Board is confident that the Group will grow in
targeted markets.  Notwithstanding the Group's share buyback,
the Board continues to review further opportunities to invest in
the Group's growth.

                            Dividend

Demonstrating the confidence in the Group's prospects, the Board
has agreed an interim dividend of 7.5p per share, up 25%
compared with the same period last year.  This interim dividend
will be paid on Jan. 25, 2008 to all shareholders on the
register on Dec. 14, 2007.

"These are very good results and we are well positioned to
improve and grow in our key business of engineering and design.
This is a great business in great shape which is scaleable and
enduring," Keith Clarke, chief executive of Atkins, said.

                         About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.

                            *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services lowered its long-term and underlying
debt ratings on the GBP2.6 billion combined senior secured bank
loans and debt issued by U.K.-based underground rail
infrastructure financing companies Metronet Rail BCV Finance PLC
and Metronet Rail SSL Finance PLC (Metronet BCV and Metronet
SSL; the Metronet companies) to 'CC' from 'BB+'.

In July 2007, Moody's Investors Service downgraded to B1 from
Ba2 the senior secured unguaranteed debt ratings of both
Metronet Rail BCV Finance plc and of Metronet Rail SSL Finance
Plc.


METRONET RAIL: Moody's Cuts Senior Secured Debt Ratings to B2
-------------------------------------------------------------
Moody's Investors Service downgraded to B2 from B1 the senior
secured un-guaranteed debt ratings of both Metronet Rail BCV
Finance plc and Metronet Rail SSL Finance plc.

At the same time, the Aaa ratings of the BCV Finance and SSL
Finance bonds guaranteed by Ambac Assurance UK Limited and
Financial Security Assurance (U.K.) Limited were affirmed.  The
rating outlooks remain negative.

Moody's notes that the debt raised by BCV Finance is on-lent to
Metronet Rail BCV Limited and the debt raised by SSL Finance is
on-lent to Metronet Rail SSL Limited.  The debt raised will be
used to finance the operation, maintenance and asset upgrade of
part of London Underground.

"The downgrade of the Metronet ratings reflects Moody's view
that the probability of the debt obligations of BCV Finance and
SSL Finance defaulting or being subject to some impairment in
the near term is higher than is currently embedded within the B1
ratings," said Andrew Blease, a Moody's Senior Vice-President.
"This view is supported by the lack of evidence that a
refinancing or restructuring of the BCV Finance and SSL Finance
debt obligations without impairment will be implemented, and
that the most likely alternative is an exercise of the Put
Options on London Underground Limited, guaranteed by Transport
for London (Aa1, stable outlook)," Mr Blease added.

Moody's view is that the most likely outcome from the exercise
of the Put Options would be a high recovery of outstandings,
which may be as high as 100%, although a modest loss, unlikely
to be more than 5% and probably materially less, may be
incurred.  Consequently, the B2 ratings reflect a default rate
commensurate with a Ca rating and a conservative estimate of
loss-given-default of around 4%.  Nevertheless, Moody's
highlights that it has not obtained specific information from
BCV Finance, SSL Finance or LUL on expected inputs to the Put
Option price calculation.  Therefore calculations used to
estimate loss-given-default may be subject to material revision
in the future, and warrant a conservative view of input
calculations.

The negative outlook reflects the uncertainty surrounding the
extent of loss in a Put Option scenario, which may arise from
the calculation of the inputs and/or differing interpretations
of inputs required to calculate the put option prices.

Moody's previous rating action on these issuers (July 18, 2007)
was to downgrade the ratings to B1 with a negative outlook,
reflecting the increased probability of default implied by a PPP
Administration of BCV and SSL, and the uncertainty surrounding
the prospects for full repayment of senior debt.

In accordance with the terms of a Put Option Agreement, the
financial creditors of BCV Finance or SSL Finance can require
BCV Finance and/or SSL Finance to "Put" the loans they have to
BCV/SSL to LUL.  The Put will be exercisable anytime after the
date that is six months after the date of the appointment of a
PPP Administrator to BCV and SSL, effectively Jan. 18, 2008, and
the Put Option price is payable seven days thereafter.  The Put
Option price is calculated in accordance with a formula, but is
subject to a minimum amount of 95% of what is defined as the
Approved Debt.  Approved Debt means the total of:

   (a) the amount of debt outstanding - interest accrued but not
       paid (except interest at a default rate), principal
       outstanding, and any other breakage costs;

   (b) the close-out costs of any hedging contracts that are a
       liability of BCV Finance/SSL Finance at the time of
       close-out; and

   (c) any other breakage costs, premiums or sums, including any
       early redemption amounts payable in respect of any bonds
       or other instruments.  This last element is important,
       and is taken to mean the early redemption premium
       calculated in accordance with the early redemption
       provisions set out in the Guaranteed Bonds (clause 6(b)
       of the bond terms and conditions).

BCV and SSL are subject to PPP Administration orders, the
purpose of which is to transfer the businesses to new owners.
Consequently, there is no available information as to current or
projected performance, how this compares to the pre PPP
Administration position, and what this means to the calculation
of the Put Option price in accordance with the relevant
formulae.  Moody's notes that only LUL has made a formal offer
to purchase BCV and SSL and that it does not appear likely that
other bidders will emerge.  Consequently, at the time of an
acquisition of BCV and SSL by LUL, and absent a consensual debt
restructuring, an exercise of the Put Option will crystallize
cash amounts in BCV Finance and SSL Finance, which will be the
sole source of repayment of the BCV Finance and SSL Finance
outstandings.

Moody's notes that if the Put Options are exercised, there is a
strong likelihood that the Guaranteed Bonds will be redeemed at
their Default Amount, i.e. the amount due to bond holders will
be the principal amount and accrued but unpaid interest,
irrespective of whether any amount received by BCV Finance or
SSL Finance was calculated on the basis that it included assumed
Guaranteed Bonds' early redemption premiums.

"The ratings will be downgraded if it becomes likely that a loss
greater than Moody's current expectation will arise from the
exercise of the Put Options. Given the financial circumstances
of BCV Finance and SSL Finance, a ratings upgrade in the near
term is not considered likely," Mr Blease explained.

Following this rating action, Metronet Rail BCV Finance plc has
these guaranteed debt ratings outstanding:

   -- GBP350 million Guaranteed Secured Fixed-Rate Bonds due
      2032: Aaa (guaranteed by Ambac Assurance UK Limited).

   -- GBP165 million Guaranteed Secured Index Linked Bonds due
      2032: Aaa (guaranteed by Financial Security Assurance
      (U.K.) Limited).

These ratings of Metronet Rail BCV Finance plc are outstanding
with a negative outlook:

   -- Underlying Ratings of the above two bonds: B2.
   -- GBP510 million of senior secured bank loan facilities: B2.

Further to this rating action, Metronet Rail SSL Finance plc has
these guaranteed debt ratings outstanding:

   -- GBP350 million Guaranteed Secured Fixed-Rate Bonds due
      2032: Aaa (guaranteed by Financial Security Assurance
     (U.K.) Limited)

   -- GBP165 million Guaranteed Secured Index Linked Bonds due
      2032: Aaa (guaranteed by Ambac Assurance UK Limited)

These ratings of Metronet Rail SSL Finance plc are outstanding
with a negative outlook:

   -- Underlying Ratings of the above two bonds: B2.
   -- GBP510 million of senior secured bank loan facilities: B2.

Metronet Rail BCV Finance plc is a financing conduit that raises
finance and on-lends the proceeds to Metronet Rail BCV Limited,
and Metronet Rail SSL Finance plc is a financing conduit that
raises finance and on-lends the proceeds to Metronet Rail SSL
Limited.  Metronet Rail BCV Limited and Metronet Rail SSL
Limited are companies that provide infrastructure upgrade,
operation and maintenance services to London Underground Limited
under the terms of the Service Contracts which form part of the
London Underground Public Private Partnership.


MFS CORPORATE: Brings In Administrators from KPMG
-------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of MFS Corporate Solutions Ltd. (Company
Number 4178972) on Nov. 14.

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

The company can be reached at:

         MFS Corporate Solutions Ltd.
         Unit 1 Abbots Quay
         Monks Ferry
         Birkenhead
         CH41 5LH
         England


MOLSON HOLDINGS: Brings In Joint Administrators from PwC
--------------------------------------------------------
Rob Lewis and Paul Harding of PricewaterhouseCoopers LLP were
appointed joint administrators of Molson Holdings Ltd. on
Nov. 27, 2007.

Following their appointment, the joint administrators are
assessing the options available for the business.  Throughout
this process, their aim is to minimize the impact on customers
in respect of machines previously supplied and those with
outstanding orders.

The administrators are also currently in discussion with New
Holland Construction in relation to how service and warranty
claims and other outstanding customer orders will be dealt with
and will be contacting individual customers shortly to discuss
the position.

"We appreciate that customers of Molson will be concerned to
understand the impact of the administration on their position
and we are working closely with New Holland Construction to
ensure that any impact on them is minimized.  We will be in
direct contact with customers shortly to discuss the position
with them," Rob Lewis disclosed.

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

Headquartered in Avonmouth, England, Molson Holdings Ltd. --
http://www.molsonholdings.com/-- is a New Holland Construction
equipment dealer.


NOBOK LTD: Appoints Joint Administrators from PwC
-------------------------------------------------
Mark Nicholas Cropper and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators
of Nobok Ltd. (Company Number 05207585) on Nov. 20.

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

The company can be reached at:

         Nobok Ltd.
         Kensington High Street
         Kensington and Chelsea
         London
         W8 4SG
         England
         Tel: 020 7938 8999


NORTHERN ROCK: Darling Sees Bidding War as Parties Submit Offers
----------------------------------------------------------------
Alistair Darling, Britain's Chancellor of the Exchequer, asks
Northern Rock plc to consider rival offers aside from its
preferred bidder, a consortium led by Virgin Group Ltd, George
Parker and Jane Craft write for the Financial Times.

Mr. Darling, FT says, expects a bidding war to ensue after it
emerged that Cerberus, the private equity group, and J.C.
Flowers & Co. have each submitted revised offers for the
troubled mortgage lender.

Under its revised offer, JC Flowers plans to repay GBP15 billion
of the taxpayer loan upfront, and the remainder to be paid in
the next three years at a commercial rate of interest, FT
relates.

On the other hand, Olivant, the boutique private equity firm led
by former Abbey National Plc CEO Luqman Arnold, hopes to submit
a detailed offer tomorrow, Dec. 3, which will see the immediate
repayment of GBP11 billion to the Bank of England, Tim Sharp of
The Herald reports.  The consortium, FT adds, is supported by
Northern Rock's biggest shareholders including hedge funds SRM
Global and RAB Capital.

"Clearly it makes sense to have more than one interested party,
from the taxpayer point of view and also from the standpoint of
Northern Rock shareholders," one official close to the deal told
FT.

The TCR-Europe reported last week that Northern Rock is
accelerating talks with the Virgin-led consortium, which
includes WL Ross & Co, Toscafund Asset Management LLP and First
Eastern Investment Group.

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

Although no timetable is set for the deal, sources say Mr.
Darling hopes the bank can name a bidder before Christmas, FT
relates.

                     About Northern Rock plc

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

                          *     *     *

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


NORTHERN ROCK: Virgin Eyes GBP30 Bln Savings Boost Under Plan
-------------------------------------------------------------
Virgin Group Ltd. has revealed its game plan to save Northern
Rock Plc if its bid is successful, detailing its goal to
increase Northern Rock's savings book to GBP30 billion within
the span of three years as part of its plan to repay taxpayers'
money, the Daily Telegraph reports.

Virgin will spend about GBP50 million a year on advertising and
marketing to achieve its goal; it needs to capture about a
quarter of new savings in the UK in order to boost its deposit
book at that rate, the Telegraph states, citing sources familiar
with the matter as saying.

Under Virgin's proposal, GBP11 billion of public money loaned to
Northern Rock since September 2007 would be repaid immediately.
The company would regain a further GBP11 billion over time,
funded in part by using customer deposits as collateral for
loans, the Telegraph relates.

The tripartite group of regulators, the Treasury, Bank of
England and the Financial Services Authority, are likely to
probe Virgin on what its fallback plan is if it fails to entice
the needed number of new savers in order to reach such a lofty
goal, sources close to the sale told the Telegraph.

Virgin needs to convince the trio that its proposal is sound and
there is no possibility of another repeat of the first Northern
Rock crisis where the lender had to beg for money from the Bank
of England, the Telegraph observes, quoting banking sources.

Northern Rock claims that the disclosure that Virgin had been
named as preferred bidder "has had a very positive, reassuring
impact on our customers," the Telegraph notes.

Banks led by Citigroup and Deutsche have said they could provide
GBP11 billion in "staple finance," a loan that would go to
whichever is the winning bidder, the Telegraph reveals.
However, the group, which also includes Royal Bank of Scotland,
is still in the early stages of considering the different
proposals.

Deutsche Bank has denied speculations that it is threatening to
walk away from the deal after the Sunday Telegraph reported that
Deutsche has some serious issues with the Virgin consortium's
takeover bid, Thomson Financial relates.

Virgin hopes to submit a formal offer for Northern Rock by
Christmas and could take over its running by March 2008, the
report says.

                     About Northern Rock plc

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

                          *     *     *

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


PLASTIQUE PUBLISHING: Joint Liquidators Take Over Operations
------------------------------------------------------------
Peter Alan Kubik and Andrew Andronikou of UHY Hacker Young were
appointed joint liquidators of Plastique Publishing Ltd. on
Nov. 13 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England


POPE & TALBOT: Wants to Employ Shearman as Bankruptcy Counsel
-------------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware for
authority to employ Shearman & Sterling LLP, as their bankruptcy
counsel effective as of Nov. 19, 2007.

Harold N. Stanton, president and chief executive officer of Pope
& Talbot Inc., relates that the Debtors selected Shearman &
Sterling because of the firm's extensive experience in
reorganization and bankruptcy proceedings, and familiarity with
the Debtors' business and legal affairs, and other issues
relevant to the reorganization.

As the Debtors' bankruptcy counsel, Shearman & Sterling will:

    -- provide legal advice with respect to the Debtors' powers
       and duties as debtors-in-possession in the continued
       operation of their business and management of their
       properties;

    -- prepare legal papers on behalf of the Debtors;

    -- pursue confirmation of a plan of reorganization and
       approval of the corresponding solicitation procedures and
       disclosure statement;

    -- attend meetings and negotiate with the creditors'
       representatives, equity holders and other parties-in-
       interest;

    -- provide general corporate, capital markets, mergers and
       acquisitions, employment, tax and litigation advice and
       other general non-bankruptcy legal services to the
       Debtors;

    -- appear before the Court, any appellate courts and the
       Office of the United States Trustee to protect the
       Debtors' interests; and

    -- provide other legal services necessary and proper in the
       Chapter 11 proceedings.

Shearman & Sterling intends to work closely with other
professionals retained by the Debtors to avoid unnecessary
duplication of services performed for or charged to the Debtors'
estates.

In exchange for the contemplated legal services, the Debtors
will pay Shearman & Sterling based on the firm's applicable
hourly rates:

         Professional             Hourly Rate
         ------------             -----------
         Partners                 US$695 to US$940
         Counsel/Specialists      US$500 to US$750
         Associates               US$325 to US$595
         Legal Assistants         US$100 to US$235

The Debtors will also reimburse the firm for expenses it may
incur, including travel costs and temporary employment of
additional staff, relating to any work undertaken.

Shearman & Sterling relates that it received an advance retainer
of US$800,000 from the Debtors.

Fredrick Sosnick, Esq., a Shearman & Sterling professional,
assures the Court that his firm is a "disinterested person," as
the term is defined in Section 101(14) of the Bankruptcy Code.

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Wants to Employ Pachulski Stang as Co-Counsel
------------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates seeks the United
States Bankruptcy Court for the District of Delaware's authority
to employ Pachulski Stang Ziehl & Jones LLP, as their bankruptcy
co-counsel, nunc pro tunc to Nov. 19, 2007.

Harold N. Stanton, president and chief executive officer of Pope
& Talbot Inc., says that the Debtors want to employ Pachulski
Stang because the firm has extensive experience and knowledge in
business reorganizations under Chapter 11.  He adds that in
preparing for its representation, Pachulski Stang has
familiarized with the Debtors' businesses and affairs, and many
of the potential legal issues, which may arise in the Chapter 11
cases.

As the Debtors' co-counsel, Pachulski Stang will:

   -- provide legal advice with respect to the Debtors' powers
      and duties as debtors-in-possession in the continued
      operation of their businesses and management of their
      property;

   -- prepare necessary applications, motions, answers, orders,
      reports, and other legal papers;

   -- appear in Court to protect the interests of the Debtors;

   -- prepare and pursue approval of a disclosure statement and
      confirmation of a plan of reorganization; and

   -- perform all other legal services for the Debtors.

In accordance with Section 330(a) of the Bankruptcy Code,
Pachulski Stang will be paid according to its customary hourly
rate and will be reimbursed of its actual and necessary
expenses.  Pachulski Stang's standard hourly rates are:

             Professional           Hourly Rate
             ------------           -----------
             Laura Davis Jones         US$750
             James E. O'Neill          US$475
             Timothy P. Cairns         US$350
             Karina Yee                US$180

Pachulski Stang relates that it has received payments,
aggregating US$135,000, from the Debtors during the year prior
to the bankruptcy filing in connection with its representation
of the Debtors.

Laura Davis Jones, Esq., a managing partner at Pachulski Stang,
assures the Court that her firm does not hold or represent any
interest adverse to the Debtors' bankruptcy estates.  She adds
that Pachulski Stang is a "disinterested person" as defined in
Section 101(14) of Bankruptcy Code.

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Court Approves Kurtzman Carson as Claims Agent
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has granted permission to Pope & Talbot Inc. and its debtor-
affiliates to employ Kurtzman Carson Consultants LLC, as their
official notice, claims and solicitation agent.

Delaware Local Bankruptcy Rule 2002-1(f) requires a debtor to
file an application to retain a notice or claims clerk within 10
days of the bankruptcy filing in all cases with more than 200
creditors.

The Debtors anticipate that the number of creditors in their
Chapter 11 cases would be more than 200.

Thus, the Debtors asserted that it is necessary for them to
engage KCC to act as Claims Agent in order to assume full
responsibility for, among other things, the distribution of
notices and proof of claim forms and the maintenance, secondary
processing and docketing of all proofs of claim filed.

The Debtors said the appointment of KCC would expedite the
distribution of notices and relieve the Office of the Clerk of
the Bankruptcy Court of the administrative burden of processing
the notices.

KCC will provide the Debtors consulting services regarding
noticing, claims management and reconciliation, plan
solicitation, balloting, disbursements, among others.
Specifically, KCC will:

   (1) notify potential creditors of the filing of the Chapter
       11 cases and of the setting of the first meeting of
       creditors;

   (2) file affidavits of service for all mailings, including a
       copy of each notice, a list of persons to whom the notice
       was mailed, and the date mailed;

   (3) maintain an official copy of the schedules of assets and
       liabilities, listing creditors and amounts owed;

   (4) furnish a notice of the last date for the filing of
       proofs of claim and a form for filing a proof of claim to
       creditors and parties-in-interest;

   (5) docket claims filed and maintain the official claims
       register on behalf of the Clerk and provide the Clerk an
       exact duplicate of it;

  (6) specify in the claims register for each claim docket the
      claim number assigned, the date received, the name and
      address of the claimant, the filed amount of the claim, if
      liquidated, and the allowed amount of the claim;

  (7) record claim transfers and provide notices of the transfer
      as required pursuant to Bankruptcy Rule 3001(e);

  (8) maintain the official mailing list for all entities who
      have filed proofs of claim;

  (9) mail the Debtors' disclosure statement, plan, ballots and
      any other related solicitation materials to holders of
      impaired claims and equity interests;

(10) receive and tally ballots, and respond to inquiries about
      voting procedures and the solicitation of votes on the
      plan; and

(11) provide any other distribution services.

KCC also agreed to provide computer software support, educate
and train the Debtors in using support software, provide KCC's
standard reports as well as consulting and programming support
for the Debtors requested reports, program modifications, among
others.  KCC may also provide a communications plan upon request
by the Debtors.

The Debtors are authorized to pay for KCC's fees and expenses
from the estate's assets, upon KCC's submission of reasonably
detailed invoices on a monthly basis.

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


PROMOVERE EVENT: Appoints Liquidators from Mazars
-------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Promovere Event & Promotional Marketing
Ltd. (formerly Directa Services Ltd.) on Nov. 20 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


SHENNON LTD: Hires Liquidators from Smith & Williamson
------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint liquidators of Shennon Ltd.
(formerly Propero Ltd.) on Nov. 16 for the creditors' voluntary
winding-up procedure proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


REFCO INC: Ch. 7 Trustee Wants Nod on MF Global Settlement Pact
---------------------------------------------------------------
Albert Togut, as Chapter 7 Trustee for Refco, LLC, asks the U.S.
Bankruptcy Court for the Southern District of New York to
approve a settlement and compromise he entered into on behalf of
the Chapter 7 for the estates of Refco LLC and Refco Trading
Services, LLC, with:

   (a) the Reorganized Debtors;

   (b) Reorganized Refco Capital Markets, Ltd.;

   (c) the plan administrators of the Reorganized Debtors and
       Reorganized RCM;

   (d) certain non-debtor Refco affiliates -- Refco (Singapore)
       Pte. Limited, Refco Overseas Ltd., Refco Investment
       Services Pte. Ltd., Refco Securities, LLC, Refco Trading
       Services, Ltd. and CI Investor Services, Ltd.;

   (e) the litigation trustee under the Refco litigation trust
       established by the Plan; and

   (f) MF Global, Inc., formerly known as Man Financial Inc.

Ronald DeKoven, Esq., at Jenner & Block LLP, in Chicago,
Illinois, reminds the Court that Refco LLC sold its futures
commission merchant business and its international business
lines -- Refco Singapore, Refco Investment Services Pte Ltd.,
Refco Overseas Limited, and the stock in Refco Canada Co. -- to
MFG. MFG paid US$282 million in cash on account of the Sales, as
well as an additional US$1 million in liquidated damages
resulting from MFG's decision not to purchase the assets of
Refco Hong Kong Ltd.

The Chapter 7 Trustee, MFG, and Citibank, N.A., as escrow agent,
executed a Purchase Price Escrow Agreement, wherein MFG
deposited funds equal to 25% of the adjusted purchase price into
an escrow account.

As of Sept. 30, 2007, the balance of the Escrow Account was
US$75,545,000,000 of which US$70.187 million (or 92.91%) was
attributable to proceeds from the Sales (exclusive of Refco
Singapore), and US$5.358 million (or 7.09%) was attributable to
the sale of Refco Singapore.  MFG has asserted significant
claims against the escrowed proceeds, and consequently, the
escrowed proceeds have not been released.  The Chapter 7 Trustee
also have material unresolved claims against MFG.

Following months of negotiations between the Chapter 7 Trustee
and MFG, the Parties have now come to a resolution of the
remaining outstanding claims relating to the Sales,
and are willing to settle all claims against each other.

Among others, the parties agree that:

   1. The balance, including all accrued interest, of the Escrow
      Account maintained at the Escrow Agent will be released by
      the Escrow Agent to the Chapter 7 Trustee;

   2. Approximately 92.91% of the proceeds from the Escrow
      Account will be allocated:

         (i) 87.1% to Refco, LLC;
        (ii) 3.7% the selling shareholders of Refco Canada Co.;
       (iii) 4.5% to Refco Group Ltd.; and
        (iv) 4.7% to Refco Global Holdings, LLC.

      The remaining 7.09% of the proceeds in the Escrow Account
      are allocable to the sale of Refco Singapore and will be
      distributed to Refco Singapore;

   3. MFG will pay to the Chapter 7 Trustee US$2,191,347 as
      settlement payment representing US$2,900,000, less certain
      tax obligations and the allowed amount of the Man
      Financial Ltd. claim;

   4. The Tax Obligations that will be deemed satisfied upon
      delivery of the MFG Settlement Payment are:

         (i) US$50,007 to satisfy certain of the Refco Entities'
             capital gains tax obligations relating to their
             India operations; and

        (ii) US$306,818 to satisfy certain of the Refco
             Entities' tax obligations relating to Polaris-Refco
             Futures Co., Ltd.;

   5. Man Financial's Claim No. 409 for US$351,827 against the
      Chapter 7 Debtor will be allowed and satisfied upon
      delivery of the MFG Settlement Payment.

   6. The Refco Entities and MFG each retain their obligations
      and rights under their Facilities Management Agreement;

   7. The superpriority liens and claims granted to MFG pursuant
      to the Chapter 7 Sale Order will be deemed released; and

   8. The parties will exchange mutual releases, except with
      respect to certain obligations.

A full-text copy of the Agreement is available for free at:

     http://bankrupt.com/misc/PartiesSettlementAgreement.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: Mayer Brown Wants US$245 Million Lawsuit Dismissed
-------------------------------------------------------------
The United States and United Kingdom partnerships of Mayer Brown
have both filed with the U.S. District Court for the Southern
District of New York motions to dismiss the US$245,000,000
lawsuit
filed in October 2007 by the Refco, Inc. investors, led by giant
bond fund Pacific Investment Management Co., Georgina Stanley at
Legalweek.com reports.

The complaint, which relates to the claim made by former Refco
creditor, Thomas H Lee Partners, accused Mayer Brown and its
partner, Joseph Collins, of knowingly participating in a fraud
that moved bad debt off the company's books at the end of
certain financial periods; allegedly costing innocent investors
hundreds of millions of dollars.

The District Court will rule on the Dismissal Motions early next
year, Ms. Stanley says.

Mayer Brown is also considering its stand on other Refco
disputes, including a US$2,000,000,000 claim filed in August by
Marc Kirschner, Plan Administrator for the Refco Capital
Markets, Ltd., against a number of the company's advisers.

Meanwhile, Ms. Stanley further notes, Mayer Brown has denied an
allegation that the firm and its insurers agreed to pay out
around US$250,000,000 to settle a 1999 claim relating to advice
it gave Commercial Financial Services, saying that it is "not
even in the same ball park."

"We are confident that the firm will not have trouble getting
insurance coverage," Ms. Stanley quoted Mayer brown counsel Mark
McLaughlin as saying.  "We will defend all the cases
vigorously."

                        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).


SEA CONTAINERS: SCSL Panel Hires Attride-Stirling as Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave the
Official Committee of Unsecured Creditors of Sea Containers
Services Ltd., authority to retain Attride-Stirling & Woloneicki
as its "Bermuda Counsel", nunc pro tunc to Aug. 13, 2007.

James C. Carignan, Esq., at Pepper Hamilton LLP, in Wilmington
Delaware, relates that the SCSL Committee has selected Attride-
Stirling to serve as Bermuda counsel because the firm's
attorneys have extensive experience and knowledge in the field
of Bermuda insolvencies, Bermuda liquidations, and Bermuda-
related banking, finance, litigation, and corporate advisory
work, among others.

Kehinde A. L. George, head of Insolvency at Attride-Stirling,
will coordinate the firm's representation in the Debtors'
Chapter 11 cases, Mr. Carignan says.

According to Mr. Carignan, Mr. George has over 15 years of
experience in insolvency, corporate restructuring, and related
matters.

As Bermuda Counsel, Attride-Stirling will:

   (a) provide legal advice with respect to the SCSL Committee's
       rights, powers , and duties in the Bermuda Proceedings;

   (b) represent the SCSL Committee at negotiations, hearings,
       and other Bermuda Proceedings, as required;

   (c) advise and assist the SCSL Committee in discussions with
       the provisional liquidators, Debtors and other parties in
       interest, as well as professionals retained by any of the
       parties, regarding the overall administration of the
       Bermuda Proceedings;

   (d) interface and coordinate with the provisional liquidators
       and any analogous parties that may be appointed under the
       laws of the various jurisdictions, as permitted or
       required;

   (e) appear before the Bermuda Supreme Court, the Bermuda
       Court of Appeal, Bermuda Magistrate Courts and Bermuda
       regulatory bodies, and protecting the interests
       represented by the SCSL Committee before the courts and
       regulators, as required;

   (f) assist the SCSL Committee's investigation of the assets,
       liabilities, and financial condition of the Debtors,
       and of the operations of the Debtors' businesses;

   (g) assist and advise the SCSL Committee with respect to its
       communications with other creditors as the
       communications relate to the Bermuda Proceedings;

   (h) review and analyze on behalf of the SCSL Committee all
       pleadings, orders, statements of operations, schedules,
       and other legal documents filed in the Bermuda
       Proceedings;

   (i) prepare on behalf of the SCSL Committee all pleadings,
       motions, orders, reports, and other papers in furtherance
       of the Committee's interests and objectives in the
       Bermuda Proceedings;

   (j) advise the SCSL Committee on matters of Bermuda corporate
       law and governance;

   (k) attend to the meetings of SCSL Committee, if requested;
       and

   (l) perform all other legal services for the SCSL Committee
       that may be necessary and proper.

Attride-Stirling's professional services will be paid based on
its standard hourly rates:

     Kehinde George -- Partner             US$550.00
     Jan Woloniecki -- Senior Counsel      US$632.50
     Larry Mussenden -- Associate          US$440.00

The firm will also be reimbursed for necessary out-of-pocket
expenses.

Mr. George assures the Court that the members and associates of
his firm do not represent or hold an interest adverse to the
Debtors, their creditors, or any other party-in-interest.
Accordingly, Attride-Stirling is a "disinterested person" as
that term is defined under the Bankruptcy Code.

                  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).


SEA CONTAINERS: Marathon Discloses 10.7% Equity Stake
-----------------------------------------------------
Marathon Asset Management LLC disclosed in a regulatory filing
with the Securities and Exchange Commission dated November 16,
2007, that it beneficially owns 2,790,000 shares of Class A
Common Stock of Sea Containers Ltd.

The 2,790,000 shares, par value US$0.01 per share, are held by
Marathon Special Opportunity Master Fund, Ltd.

Marathon Asset serves as the investment manager of the Fund
pursuant to an Investment Management Agreement.  In its capacity
as investment manager of the Fund, Marathon Asset has sole power
to vote and direct the disposition of all Class A Common Shares
held by the Fund.

Thus, for the purposes of Reg. Section 240.13d-3, Marathon Asset
is deemed to beneficially own 2,790,000 shares, or 10.7% of the
deemed issued and outstanding Sea Containers Class A Common
Shares as of November 16, 2007.  Marathon Asset's interest in
the securities is limited to the extent of its pecuniary
interest in the Fund, if any.

                  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).


SHAW GROUP: Environmental Unit Bags Deal from U.S. Army Corps
-------------------------------------------------------------
The Shaw Group Inc.'s Shaw Environmental & Infrastructure Group
has been awarded a task order contract by the United States Army
Corps of Engineers under its USACE Sacramento Environmental
Remediation Services contract.  The value of Shaw's task order
contract, already included in the company's previously announced
backlog, was not disclosed.

Shaw will provide environmental remediation services at the 14
Comprehensive Environmental Response, Compensation and Liability
Act sites at Vandenberg Air Force Base, located in California.
In the fulfillment of its contract, Shaw will be responsible for
implementing its proprietary SDC-9(TM) microbial culture for in
situ bioremediation of trichloroethylene and perchlorate in
groundwater, as well as soil excavation.

"Our presence for the last 10 years at Vandenberg Air Force Base
has proven Shaw's expertise and leadership on large-scale
projects requiring a broad base of diverse skills," said J.M.
Bernhard Jr., Shaw's chairman, president and chief executive
officer.  "We are pleased to continue our work with the Army
Corps of Engineers and to apply Shaw's proprietary technology on
challenging projects of this type."

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SOLUTIA INC: Moody's Rates New US$400 Mln Bank Facility at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to a proposed
US$400 million, five-year, senior secured asset-based credit
facilities of Solutia Inc.

Moody's also assigned a B1 rating to a proposed US$1,200
million, seven-year, secured term-loan, a B2 rating to a
proposed US$400 million 8-year senior unsecured note, and a
corporate family rating of B1. The ratings outlook is stable.
The ratings assigned are subject to a complete review by Moody's
of the final credit facility, term loan and senior note
documents and are also subject to the transactions being closed
in a manner and with terms that are substantially identical to
those that have been shared with Moody's.

Assignments:

   * Issuer: Solutia Inc.

   -- Corporate Family Rating, Assigned B1;

   -- Probability of Default Rating, Assigned B1;

   -- Speculative Grade Liquidity Rating, Assigned SGL-3;

   -- Senior Secured Bank Credit Facility, Assigned Ba1 (LGD2,
      16%);

   -- Senior Secured Bank Term Loan, Assigned B1 (LGD4, 54%);

   -- Senior Unsecured Note, Assigned B2 (LGD4, 69%).

The B1 corporate family rating reflects the company's initially
high leverage and weak credit metrics along with the material
uncertainty surrounding its environmental remediation activities
upon exiting bankruptcy.  An additional concern centers on the
high proportion of Solutia's revenue base that is concentrated
in low margin commodity businesses and a material percentage of
EBITDA that is derived from a single product with concentrated
customers.

Following the refinancing and exit from bankruptcy, Solutia will
be highly leveraged, particularly after adjusting debt for rent
and pensions, which adds some US$60 million and US$180 million,
respectively.  Moody's projected coverage for fiscal year 2008
(based on our adjusted debt model), as measured by
EBITDA/Interest, is only 2.1 times while projected leverage as
measured by adjusted Debt/EBITDA is 5.2 times. In Moody's model,
adjusted debt is slightly above US$1,900 million at the end of
December 2008. Pro forma adjusted debt to book capital would be
just above 62% at Dec. 31, 2007.  Moody's notes that even with
fresh start accounting, tangible net worth is likely to be
negative.

While Moody's recognizes that good progress has been made in the
elimination, classification and/or sharing of environmental,
legal and pension liabilities, there remains a noteworthy level
of uncertainty as to the ultimate scope of these liabilities,
particularly the environmental liabilities.  Moody's believes
that these environmental liabilities are subject to changing
governmental policy and regulations, discovery of unknown
conditions, judicial proceedings, method and extent of
remediation, existence of other potentially responsible parties
and future changes in both measurement and remediation
technologies.

Moody's also has some concerns over Solutia's business profile
as a high percentage of revenues, about 55%, are generated by
the relatively low margin (7%-8% EBITDA) integrated nylon
business, a sector that is going through a fair amount of
turmoil.  Moody's also note that a significant percentage of pro
forma 2007 EBITDA is derived from a single reasonably stable
product line, Crystexr, that also has a high degree of customer
concentration with the bulk of EBITDA being derived from tire
manufacturers. Positive factors supporting the ratings include:

   -- strong geographic, product and operational diversity

   -- sizeable market leadership in the markets Solutia serves

   -- sizeable revenue base - projected to exceed US$3.5 billion
      in 2007

   -- the reduction in pre-bankruptcy liability exposure in the
      range of US$1.3 billion

   -- improvement in pro forma revenues and EBITDA over the last
      four years excluding reorganization costs

   -- the ability to share on a 50/50 basis with Monsanto
      environmental liabilities at certain sites if the costs
      exceed US$325 million.

Moody's views management's track record and actions to
effectively cut costs and to improve Solutia's business profile
during the bankruptcy period as positive factors supporting the
ratings.  Moody's also believes that the acquisition of Flexsys
was a logical and strong strategic fit for the company.  Moody's
believes that a continued focus on efficiencies and maintaining
market share is critical to succeeding in the company's highly
competitive markets, which we expect may face some pricing
pressures in the face of a potentially weaker global market,
particularly in the construction and automotive markets.

The Ba1 rating recognizes that the asset-based credit facilities
are secured by a first lien on inventory and receivables and a
second lien on assets securing the term loan.  The B1 rating on
the term loan recognizes the high proportion of the term loan in
Solutia's capital structure and the limited security provided
the first lien on assets not securing the asset-based credit
facility and the second lien on inventories and receivables.  In
our opinion the collateral package for the term loan may not
adequately cover the loan in a default scenario.  The B2 rating
on the unsecured notes reflects their junior position in the
capital structure and the prospect of limited protection after
the first and second lien lenders have been provided for in a
distressed scenario.

The speculative grade liquidity SGL-3 rating reflects the
company's adequate liquidity and Moody's expectation of
reasonable retained cash flow, in excess of US$150 million, for
the fiscal year ending 2008.  The rating is supported by
Solutia's favorable debt maturity profile and flexibility under
the financial covenants for the company's asset backed credit
facility.  A factor limiting the SGL rating is that the only
external source of liquidity is a US$400 million revolving
credit facility and Moody's anticipates that this facility will
initially be drawn to a degree in 2008.  Revolver borrowings are
dictated by a borrowing base formula.

Solutia's stable outlook considers the strength of its franchise
in terms of its market positions and long-lived customer
relationships.  If operating performance is weaker than
anticipated or material increases in environmental liabilities
were to occur, the outlook or rating could turn negative.  To
the extent that Solutia reduces debt faster than expected, such
that debt/EBITDA metrics improve to less than 4.0 times on a
permanent basis or if environmental liabilities were deemed to
be much improved a positive change in outlook or rating could
occur.

Solutia, headquartered in St. Louis, Missouri, produces and
sells a diverse portfolio of performance materials and specialty
chemicals.  End markets for Solutia's products include
automotive, architectural, aerospace, process manufacturing,
construction, electronic/electrical, and industrial.  This is
the first time that Moody's has rated the debt of Solutia since
withdrawing its Ca issuer ratings in January of 2004 after the
company's filing of voluntary petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code.  Net sales for the last
twelve months ending Sept. 30, 2007 were US$3.3 billion.


SPORTASYLUM LTD: Brings In Administrators from PwC
--------------------------------------------------
Mark Nicholas Cropper and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators
of Sportasylum Ltd. (Company Number 05961589) on Nov. 20.

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

Headquartered in Cheltenham, England, Sportasylum Ltd. is
engaged in web and media design.


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

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      63.04
                          0.250    10/14/26     CDN      39.02
Republic of Austria       4.000    06/22/22     EUR      72.56
                          0.396    08/04/25     EUR      65.05
                          5.243    10/10/25     EUR      62.29

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.69
                          0.500    04/26/13     AUD      70.07
                          1.000    11/21/16     NZD      57.73
                          1.000    10/30/17     AUD      56.57
                          0.500    09/24/20     CDN      57.98
                          0.250    06/28/40     CDN      20.21

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      57.25
Alcatel S.A.              4.750    01/01/11     EUR      15.84
Altran Technologies S.A.  3.750    01/01/09     EUR      12.41
BNP Paribas               0.250    12/20/14     US$      71.50
Calyon                    6.000    06/18/47     EUR      49.19
CAP Gemini S.A.           2.500    01/01/10     EUR      54.52
                          1.000    01/01/12     EUR      49.19
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.18
                          4.375    11/01/10     EUR      51.20
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      73.74
Groupe Vial S.A.          2.500    01/01/14     EUR      43.28
Havas S.A.                4.000    01/01/09     EUR      10.88
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      20.24
Maurel & Prom             3.500    01/01/10     EUR      21.91
Publicis Group            0.750    07/17/08     EUR      29.18
                          1.000    01/18/18     EUR      43.37
Rallye                    3.750    01/01/08     EUR      50.95
Rhodia S.A.               0.500    01/01/14     EUR      43.17
Scor S.A.                 4.125    01/01/10     EUR       2.27
Soc Air France            2.750    04/01/20     EUR      28.67
Soitec                    4.625    12/20/09     EUR       9.05
Theolia S.A.              2.000    01/01/14     EUR      24.19
Thomson (EX-TMM)          1.000    01/01/08     EUR      38.78
Valeo                     2.375    01/01/11     EUR      48.25
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.15
Wavecom S.A.              1.750    01/01/14     EUR      24.33
Wendel Invest S.A.        2.000    06/19/09     EUR      46.70

GERMANY
-------
Callahan NRH             14.000    07/15/10     US$       0.27
Deutche Bank AG London    5.030    11/15/20     EUR      70.96
KfW Bankengruppe          0.500    10/30/13     AUD      67.37
                          0.500    12/19/17     EUR      66.75
                          5.000    05/23/20     EUR      75.17
                          1.250    07/07/20     EUR      73.62
                          1.250    07/29/20     EUR      73.90
                          6.000    07/21/25     EUR      68.84
                          5.000    09/01/25     EUR      70.58
                          8.000    08/10/30     EUR      66.46
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.19
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.85

GREECE
------
Hellenic Republic         6.000    07/13/20     EUR      65.93
                          6.000    07/04/24     EUR      70.47
                          6.000    07/06/25     EUR      72.47

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

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.04
                          0.250    07/08/33     CDN      27.53
Irish Perm Plc            6.130    02/15/35     EUR      62.08
Magnolia Finance IV Plc   1.050    12/20/45     US$      29.77


NETHERLANDS
-----------
ALB Finance B.V.          7.880    02/01/12     EUR      71.36
                          9.250    09/25/13     EUR      72.53
BK Ned Gemeenten          0.500    06/27/18     CDN      64.27
                          0.500    02/24/25     CDN      47.08
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.73
Energy Group O/S          7.425    10/15/17     US$      32.50
Gerling Global            6.630    08/16/21     EUR      64.16
Hypo Real ES Finance      5.500    08/20/08     EUR      74.78
Kazkommerts Int'l B.V.    6.880    02/13/17     EUR      75.94
                          7.500    11/19/17     US$      74.41
KBC Ifima N.V.            3.500    02/07/25     EUR      78.03
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      65.60
                          7.000    05/17/35     EUR      58.11
                          7.250    10/05/35     EUR      57.12
Ned Waterschapbk          6.000    06/01/35     EUR      71.11
                          6.500    08/15/35     EUR      62.93
                          6.000    06/30/45     EUR      68.60
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.33
                          6.000    02/22/35     EUR      66.60
                          7.000    03/23/35     EUR      63.85
                          6.000    05/09/35     EUR      70.34

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.05

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.38

SWITZERLAND
-----------
UBS AG                    1.000     02/27/12    NZD      75.18
                          1.000     03/28/12    NZD      74.79
                          1.000     06/28/12    NZD      73.03
                          1.000     07/30/12    NZD      72.97

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      54.07
Bank of Scotland          6.000     02/07/35    EUR      68.17
National Grid Gas Plc     1.754     10/17/36    GBP      45.17
                          1.771     03/30/37    GBP      45.09
Royal BK Scotland Plc     9.500     04/04/25    US$      75.11
                          7.000     06/09/25    EUR      62.22
                          6.500     02/23/45    EUR      55.37
Scottish Power Plc        5.810     03/15/25    US$      70.00
TXU Eastern Funding Plc   6.750     05/15/09    US$       3.25
Wessex Water Finance Plc  1.369     07/31/57    GBP      29.18


                            *********

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,
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Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla, Kristina Godinez, Patrick Abing and Marites Claro,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *