TCREUR_Public/071204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 4, 2007, Vol. 8, No. 240

                            Headlines


A U S T R I A

DENIC ANLAGENBAU: Creditors' Meeting Slated for Dec. 13
DRUCKEREI SCHUSTER: Creditors' Meeting Slated for Dec. 10
FEWIG - HANDEL: Creditors' Meeting Slated for Dec. 18
GEA NOVA: Creditors' Meeting Slated for Dec. 18
LIFE OPTICS: Creditors' Meeting Slated for Dec. 17

SCALET BAU: Creditors' Meeting Slated for Dec. 13
XACTDATA SOFTWARE: Creditors' Meeting Slated for Dec. 13


B E L G I U M

MAZDA MOTOR: Posts 7.6% Boost in Global Output for October 2007
SOLUTIA INC: Ruling on Sinorgchem's Exclusion Bid Still Pending


D E N M A R K

TDC A/S: S&P Affirms BB- Credit Ratings After Financial Review


F R A N C E

WARNER MUSIC: Sept. 30 Balance Sheet Upside-Down by US$36 Mln


G E R M A N Y

ATLAS FINANZ: Claims Registration Period Ends Dec. 12
AYDIN HOCHBAU: Claims Registration Period Ends Dec. 12
BAYERWALD TRANS: Claims Registration Ends Jan. 10, 2008
DEGENHARD BETEILIGUNGSGESELLSCHAFT: Claims Filing Ends Jan. 9

FHS HARTMANN: Claims Registration Period Ends Jan. 10, 2008
FRANKONIA IMMOBILIENKONTOR: Claims Filing Ends January 7, 2008
GASTRO-CONZEPT GMBH: Claims Registration Ends Jan. 3, 2008
GROSS & WERHEIT: Claims Registration Ends January 7, 2008
H UND K VERANSTALTUNGS: Claims Registration Period Ends Dec. 13

IKB DEUTSCHE: German Banks Step In for Second Risk Coverage
LA FORESTAL: Claims Registration Period Ends Jan. 3, 2008
LIPA BAUENTWICKLUNGS: Claims Registration Ends Jan. 4, 2008
M & M AUTOMOBILE: Claims Registration Period Ends Jan. 9, 2008
PARTNERGLUECK - PARTNERSCHAFTSDIENSTE: Claims Filing Ends Jan. 8

PIANO SPRENGER: Claims Registration Ends January 8, 2008
RADOJEVIC GASTSTATTEN: Claims Registration Ends Jan. 4, 2008
RUBIKON-BERGER GMBH: Claims Registration Period Ends Dec. 20
SPEDITION SCHULZ: Claims Registration Period Ends Jan. 3, 2008
SKAN-FORM 2003: Claims Registration Period Ends Dec. 11

SYSTEM TO WIN: Claims Registration Period Ends Jan. 10, 2008


I R E L A N D

SANYO ELECTRIC: Unveils 2008-2010 Midterm Business Plan
SANYO ELECTRIC: Ties Up with Aeon to Develop Home Electronics
SANYO ELECTRIC: To Make New Fuel Cell Company with Nippon Oil


I T A L Y

ALITALIA SPA: Ryanair Suing European Commission over Volare Aid
ITALFINANCE 2006-1: S&P Removes Class A's BB+ Ratings from Watch


K A Z A K H S T A N

ACORD-CONSULTING LLP: Proofs of Claim Deadline Set Jan. 1, 2008
ARDAGER LLP: Proofs of Claim Deadline Set Jan. 1, 2008
DANKO REAL: Claims Filing Period Ends Dec. 28
JANA TABYS: Creditors' Claims Due on Jan. 1, 2008
KEN KAZNA: Claims Registration Ends Jan. 2, 2008

MEGAPOLIS-2000 LLP: Proofs of Claim Deadline Set Jan. 1, 2008
NIKA-INVEST LLP: Creditors Must File Claims Dec. 28
SEMEY-GORTOP LLP: Claims Filing Period Ends Jan. 2, 2008
SPETSMETALLURGMONTAGE LLP: Creditors' Claims Due on Jan. 1, 2008
STROYINVEST-T LLP: Claims Registration Ends Jan. 1, 2008


K Y R G Y Z S T A N

ELECTRO-NIKS LLC: Creditors Must File Claims by December 31


R U S S I A

ALTAIELECTROSET'REPAIR: Court Starts Bankruptcy Supervision
EDEL CAPITAL: Moody's Affirms US$250 Million LPNs at Ba1
HYNIX SEMICOMDUCTOR: Deal w/ TSMC Stalled Due to Disagreements
HYNIX SEMICOMDUCTOR: Welcomes WTO Ruling Against Japanese Duties
KHABAROVSKAYA SUE: Court Starts Competitive Proceedings

METAP-SERVICE LLC: Creditors Must File Claims by Dec.  17
OSETROVSKIJ RIVER: Court Start External Bankruptcy Procedure
SAL'SKIJ WINERY: Creditors Must File Claims by Dec. 17
SALAIRSKIJ MINING&DEVELOPMENT: Claims Filing Ends Jan. 18, 2008
SVYAZINVESTNEFTEKHIM OAO: Moody's Puts Ba1 Corp. Family Rating

SMYCHKA LLC: Creditors Must File Claims by Dec. 17
SNEZHINSKIJ REINFORCED: Claims Filing Period Ends Jan. 17, 2008
SOVIET CREAMERY: Creditors Must File Claims by Dec. 17
SURAVI OJSC: Creditors Must File Claims by Dec.  17
TRANSSERVICE OJSC: Creditors Must File Claims by Jan. 17, 2008

URALMEDSERVICE CJSC: Creditors Must File Claims by Dec.  17
URALOILCHEM LLC: Creditors Must File Claims by Dec.  17
VNESHTORGBANK JSC: Shareholders Ask State to Buy Back Shares
YUKOS OIL: U.S. Court Says It Lacks Power to Award Compensation


S P A I N

FONCAIXA FTGENCAT 4: Fitch Junks EUR6 Million Class E Notes
GAT FTGENCAT: Moody's Junks EUR18.8 Million Series E Notes
INMEVA: Enters Temporary Receivership; Faces Imminent Insolvency
RURAL HIPOTECARIO GLOBAL I: Fitch Junks Class E Notes
RURAL HIPOTECARIO VIII: Fitch Junks Class E with Stable Outlook

TDA CAM 10: Moody's Junks EUR23.5 Million Series D Notes


S W I T Z E R L A N D

BANTIGER SPORT: Bern Court Closes Bankruptcy Proceedings
BUCHENWEG BAU: Creditors' Liquidation Claims Due by December 9
CREATIVE IMAGES: Creditors' Liquidation Claims Due by December 7
FLOOR SERVICE: Claims Registration Period Ends December 9
GEOTRONIC ENTERTAINMENT: Claims Registration Period Ends Dec. 9

HYTEC HYGIENETECHNIK: Aargau Starts Bankruptcy Proceedings
LEADER COACH: Creditors' Liquidation Claims Due by December 7
PORCHESTER TRADING: Creditors' Liquidation Claims Due by Dec. 7
SCHIBLI-DOPPLER JSC: Schwyz Court Closes Bankruptcy Proceedings
ST SCHREINEREI: Creditors' Liquidation Claims Due by December 9

SYNOLOGYC JSC: Creditors' Liquidation Claims Due by December 7
TEATRO CASINO: Creditors' Liquidation Claims Due by December 7


U K R A I N E

ADVERTISING AGENCY: Creditors Must File Claims by December 5
BPN LLC: Creditors Must File Claims by December 5
BREWERY KUBOK: Proofs of Claim Filing Deadline Set December 5
DZVINKOVE TRIBAL: Creditors Must File Claims by December 5
ELADABUSINESS LLC: Creditors Must File Claims by December 5

GRAIN INTERTRADING: Creditors Must File Claims by December 5
INDUSTRIAL ENGINEERING: Proofs of Claim Deadline Set December 5
INDUSTRIAL TRADE-GROUP: Creditors Must File Claims by December 5
KOLOS LLC: Creditors Must File Claims by December 5
MEZHRECHYE-SOUTH JSC: Creditors Must File Claims by December 5

PRESTIGE AND CO: Proofs of Claim Filing Deadline Set December 5
S. V-M.: Creditors Must File Claims by December 5
SHYROKOVSKY AGRICULTURAL: Proofs of Claim Deadline Set Dec. 5
TEMIKS CJSC: Creditors Must File Claims by December 5
UKRAINIAN WHOLESALE: Creditors Must File Claims by December 5


U N I T E D   K I N G D O M

BLUE EDEN: Names Jeremiah Anthony O' Sullivan Liquidator
BOMBARDIER INC: Planned Debt Repurchase Cues Fitch's Pos. Watch
BURGER KING: Moody's Affirms Ba2 Rating with Stable Outlook
CB MEZZCAP: Moody's May Cut Ba1 Rating After Review
CHRYSLER LLC: Likely to Lose US$1 Bln in 2007, Sales Exec Says

CONSTELLATION BRANDS: Fitch Rates US$500 Mln Senior Note at BB-
CRAIG BURLEY: Claims Filing Period Ends December 20
ECOMOLD LTD: Directors Call In KPMG to Administer Assets
G SQUARE FINANCE: S&P Rates Class E Notes at BB+
G SQUARED: Calls In Liquidators from Wilkins Kennedy

GENERAL MOTORS: Still Open to Future Tie-Up with Proton Holdings
POPE & TALBOT: Wants to File Schedules & Statements by Jan. 18
POPE & TALBOT: Wants to Employ Rothschild as Financial Advisor
POPE & TALBOT: B.C. Court Accepts Transfer of CCAA Proceedings
POPE & TALBOT: British Columbia Court Extends Stay to Jan. 16

QUIBEC PROPERTIES: Joint Liquidators Take Over Operations
SEA CONTAINERS: Wants Exclusive Period Extended to February 20
WORLDWIDE APPLIANCES: Taps Liquidators from Tenon Recovery

* Large Companies with Insolvent Balance Sheet




                            *********


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


DENIC ANLAGENBAU: Creditors' Meeting Slated for Dec. 13
-------------------------------------------------------
Creditors owed money by LLC Denic Anlagenbau (FN 234862k) are
encouraged to attend the creditors' meeting at 11:40 a.m. on
Dec. 13.

The creditors' meeting will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in Marchtrenk, Austria, the Debtor declared
bankruptcy on Oct. 29 (20 S 130/07d).  Hubert Koellensperger
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Hubert Koellensperger
         Schubertstrasse 20
         4600 Wels
         Austria
         Tel: 07242/44546-0
         Fax: 07242/42849
         E-mail: office@wels-law.at


DRUCKEREI SCHUSTER: Creditors' Meeting Slated for Dec. 10
---------------------------------------------------------
Creditors owed money by KEG Druckerei Schuster (FN 240059d) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Dec. 10.

The creditors' meeting will be held at:

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

Headquartered in Wolfsberg, Austria, the Debtor declared
bankruptcy on Oct. 29 (41 S 106/07x).  Siegfried Schuessler
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Siegfried Schuessler
         Kanalplatz 5
         9400 Wolfsberg
         Austria
         Tel: 04352/51 6 44
         Fax: 04352/52 2 20
         E-mail: ra.dr.schuessler@aon.at


FEWIG - HANDEL: Creditors' Meeting Slated for Dec. 18
-----------------------------------------------------
Creditors owed money by LLC FEWIG - Handel und Produktion (FN
96013x) are encouraged to attend the creditors' meeting at
10:50 a.m. on Dec. 18.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Neumarkt an der Ybbs, Austria, the Debtor
declared bankruptcy on Oct. 29 (14 S 180/07x).  Franz Hofbauer
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs/Donau
         Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: dr.hofbauer@wibs.a


GEA NOVA: Creditors' Meeting Slated for Dec. 18
-----------------------------------------------
Creditors owed money by LLC Gea Nova Handel (FN 251412z) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Dec. 18.

The creditors' meeting will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Hoersching, Austria, the Debtor declared
bankruptcy on Oct. 30 (38 S 57/07x).  Norbert Mooseder serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Norbert Mooseder
         Stelzhamerstr. 1
         4400 Steyr
         Austria
         Tel: 07252/42424
         Fax: 07252/42424-24
         E-mail: lawfirm@gltp.at


LIFE OPTICS: Creditors' Meeting Slated for Dec. 17
--------------------------------------------------
Creditors owed money by LLC Life Optics (FN 186094v) are
encouraged to attend the creditors' meeting at 10:15 a.m. on
Dec. 17.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 24 (3 S 136/07f).  Georg Freimueller serves as the
court-appointed estate administrator of the bankrupt's estate.
Erwin Senoner represents Dr. Freimueller in the bankruptcy
proceedings.

The estate administrator can be reached at:

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


SCALET BAU: Creditors' Meeting Slated for Dec. 13
-------------------------------------------------
Creditors owed money by LLC Scalet Bau (FN 70217k) are
encouraged to attend the creditors' meeting at 9:20 a.m. on
Dec. 13.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Feldkirch-Gisingen, Austria, the Debtor
declared bankruptcy on Oct. 30 (14 S 43/07x).  Ronald Sutter
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Ronald Sutter
         Marktgasse 24
         6800 Feldkirch
         Austria
         Tel: 05522/72755
         Fax: 05522/75125
         E-mail: kanzlei@ronaldsutter.at


XACTDATA SOFTWARE: Creditors' Meeting Slated for Dec. 13
--------------------------------------------------------
Creditors owed money by LLC Xactdata Software (FN 205437p) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Dec. 13.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Feldkirch, Austria, the Debtor declared
bankruptcy on Oct. 24 (14 S 41/07b).  Bernhard Ess serves as the
court-appointed estate administrator of the bankrupt's estate.
Daniela Weiss represents Dr. Ess in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Bernhard Ess
         c/o  Mag. Daniela Weiss
         Hirschgraben 14
         6800 Feldkirch
         Austria
         Tel: 05522/79090
         Fax: 05522/79090-7
         E-mail: rechtsanwalt-feldkirch@aon.at



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B E L G I U M
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MAZDA MOTOR: Posts 7.6% Boost in Global Output for October 2007
---------------------------------------------------------------
Mazda Motor Corporation has released its production and sales
results for October 2007.

Global production climbed 7.6% year-on-year to 118,769 units.
Domestic production increased 10.9% for a total of 93,302 units
mainly due to the additional production of the all-new Demio
bound for Europe and the CX-9 among other models.  Overseas
production went down to 25,467 units, or an equivalent of 3.1%
due to the end of the production of Familia and Premacy models
in China.

Due to the new model effect of the Mazda2 or known overseas as
the Demio, and Mazda5 or Premacy, domestic sales went up 5.5%
as compared to October 2006.

Mazda's registered vehicle market share climbed 5.3%, up 0.1
points over October 2006, with a 2.7% share of the micro-mini
segment (up 0.4 points) and a 4.5% total market share, which is
up 0.3 points over last year's results.

                       About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                       *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended
Dec. 31, 2006, owing to an improved sales mix and favorable
foreign exchange rates.  Although the EBITDA margin of about 6%
remains lower than most of its Japanese peers, profitability is
steadily improving.  Mazda is now focusing on certain segments
instead of attempting to compete as a full-line producer.  The
company also has excellent product engineering capabilities.


SOLUTIA INC: Ruling on Sinorgchem's Exclusion Bid Still Pending
---------------------------------------------------------------
The U.S. Court of Appeals for the Federal Circuit has yet to
rule on Sinorgenchem Co. Shangdong's appeal over the U.S.
International Trade Commission's limited exclusion order on
4-aminodiphenylamine and its derivatives.

Oral arguments were heard in September 2007.

In February 2005, Flexsys America LP requested the ITC to
investigate Sinorgchem, Korea Kumho Petrochemical Co., and the
third party distributors of Sinorgchem. Flexsys claims that the
process Sinorchem used to make 4-ADPA and 6PPD, its importation
to the U.S. and sale infringe Flexsys' patents. Flexsys
requested a limited exclusion order.

Flexsys is a 50/50 joint venture between Solutia Inc. and Akzo
Nobel BV. The joint venture supplies chemicals to the rubber
industry.

In February 2006, an Administrative Law Judge of the ITC
determined that Flexsys' patent were valid, that the process
used by Sinorgchem was covered by these patents, and that
Sinorgchem and its distributor (not Korea Kumho) violated
Section 1337 of the U.S. Tariff Act.

In July 2006, the ITC upheld the Administrative Law Judge's
decision and issued a limited exclusion order against Sinorgchem
and its distributor.

Headquartered 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.  A hearing to
consider confirmation of the Debtors' Reorganization Plan is
scheduled for Nov. 29, 2007.


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D E N M A R K
=============


TDC A/S: S&P Affirms BB- Credit Ratings After Financial Review
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed all its ratings on
Danish telecoms operator TDC A/S and its parent company Nordic
Telephone Co. Holding ApS, including the 'BB-/B' corporate
credit ratings on TDC.  The outlook is stable.

"The rating affirmation follows the group's material debt
repayments in 2007, financed by non-core asset disposal
proceeds, which resulted in an improved debt maturity profile
until 2010," said Standard & Poor's credit analyst Matthias
Raab.

"This, however, is offset by modest trading prospects
and margins for its operations as a result of high competitive
pressure and by an expected significant decline in free
operating cash flow generation over the next two years,
primarily from adverse changes in Danish tax law."  Mr. Raab
added.

At Sept. 30, 2007, TDC's net debt decreased by about
DKK12 billion year-on-year primarily through several non-core
asset disposals such as Baltic mobile operator Bite, German
mobile reseller Talkline, or the sale and lease back of some of
its real-estate properties.  Following these transactions, the
company has sufficient flexibility and instruments at hand to
manage its moderate debt-amortization schedule until 2010,
including moderate FOCF generation, available cash on hand,
significant undrawn credit lines, and further proceeds from the
disposal of remaining non-core assets.

Notwithstanding, the group's leverage is still high. Pro forma
the conducted buyback of senior facilities amounting to DKK3.7
billion (EUR500 million) in the fourth quarter, total adjusted
debt at Sept. 30, 2007, amounted to DKK80.9 billion, which also
includes preferred equity certificates DKK15.4 billion, which
Standard & Poor's views as a long-duration, deeply subordinated
debt instrument, and DKK14.5 billion bonds at TDC's parent
company NTCH.  Based on last-12-months adjusted EBITDA, this
translates into a still high adjusted total debt-to-EBITDA ratio
of 6.2x (5.0x excluding PECs).  The planned disposal of its
19.6% stake in mobile operator Polkomtel for up to
EUR860 million (DKK6.4 billion) could facilitate further debt
repayments in the near term.  However, this transaction is still
being challenged by Vodafone Group PLC (A-/Stable/A-2).

"The stable outlook on TDC and NTCH reflects our expectation
that TDC will be able to defend its satisfactory core Danish
fixed-line and mobile market positions against tough
competitive, regulatory, and technological pressures," said Mr.
Raab.

It is critical that the group maintains healthy liquidity levels
given the expected decline in free cash flow generation in order
to be able to comfortably service debt amortizations.  S&P also
expects TDC to run a conservative financial policy and to
continue reducing gross debt.


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F R A N C E
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WARNER MUSIC: Sept. 30 Balance Sheet Upside-Down by US$36 Mln
-------------------------------------------------------------
Warner Music Group Corp.'s consolidated balance sheet at
Sept. 30, 2007, showed US$4.57 billion in total assets and
US$4.61 billion in total liabilities, resulting in a
US$36 million total shareholders' deficit.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$1.20 billion in total current
assets available to pay US$1.88 billion in total current
liabilities.

The company disclosed Thursday last week its full-year and
fourth-quarter financial results for the period ended Sept. 30,
2007.

                      Fourth Quarter Results

Net income was US$5 million for the fourth quarter ended
Sept. 30, 2007.  Net income in the fourth quarter of 2006 was
US$12 million. As of Sept. 30, 2007, the company reported a cash
balance of US$333 million, total long-term debt of
US$2.27 billion and net debt  of US$1.94 billion.

Fourth-quarter results for fiscal year 2007 include US$9 million
in restructuring and implementation expenses related to the
company's realignment initiatives; and a US$12 million benefit
in Recorded Music from the final allocation of royalty payable
balances to artist accounts in connection with the settlement
with Bertelsmann AG regarding Napster.

In fiscal year 2006, the results for the fourth quarter included
a US$13 million benefit in Recorded Music related to the
settlement regarding Kazaa.

For the fourth quarter 2007, revenue grew 1.8% to US$869 million
from US$854 million in the prior-year quarter, and fell 1.5% on
a constant-currency basis.  This constant-currency decline was
driven by a challenging Recorded Music industry environment as
the shift in consumption patterns from physical sales to new
forms of digital music continues.  On a constant-currency basis,
revenue gains in the U.S. and flat European results were more
than offset by declines in the Latin America and Asia Pacific
regions. Domestic revenue increased 5.9% while international
revenue was down 2.5%, or 8.0% on a constant-currency basis.

Operating income for the quarter rose 7.6% to US$71 million from
US$66 million in the prior-year quarter and operating margin
improved 0.5 percentage points to 8.2%.  Operating income before
depreciation and amortization for the quarter increased 6.3% to
US$134 million from US$126 million in the prior-year quarter and
OIBDA margin expanded by 0.6 percentage points to 15.4%.  The
increase in OIBDA and OIBDA margins primarily reflects an
increase in higher-margin digital sales and a decrease in annual
bonus compensation.  These benefits were partially offset by the
decline in physical sales, resulting in fixed costs spread over
a smaller revenue base, increased product costs and the costs
associated with our realignment plan.

"As expected, this has been a challenging quarter, reflecting
the difficulties in any industry transformation of this scale.
But we remain confident for two primary reasons: continued
growth in the broader music market that our long-term strategy
targets, and the disciplined creative leadership shown by WMG to
expand our music business model," said Edgar Bronfman, Jr.,
Warner Music Group's chairman and chief executive officer.
"Despite the difficult global recorded music environment, we
outperformed the market again this quarter while continuing to
lay the foundation for future growth."

Michael Fleisher, Warner Music Group's executive vice president
and chief financial officer, added: "Even as we redefine our
role in the overall music industry, we maintain our focus on
financial discipline.  Our realignment initiatives announced in
May were completed on schedule and resulted in total
restructuring and implementation charges of US$63 million in
this fiscal year, better than the previously announced range of
US$65 million to
US$80 million."

                       Fiscal 2007 Results

For the full year 2007, revenue fell 3.7% to US$3.38 billion
from US$3.52 billion last year, or fell 6.8% on a constant-
currency basis.  Total revenue in 2007 was split 49% domestic
and 51% international.  Domestic revenue declined 1.8% over the
prior year while international revenue dropped 5.8%, or 11.3% on
a constant-currency basis.  Total digital revenue rose 30% year-
on-year to US$460 million, was split 68% domestic and 32%
international and represented 13.6% of total revenue for the
fiscal year.  Recorded Music sales were challenged by fewer
high-volume sellers and a weaker physical sales backdrop, with
digital gains failing to compensate for physical declines as the
Recorded Music industry continues to be in transition.

The company's operating income of US$215 million decreased from
US$283 million in the last fiscal year and operating margin
contracted 1.6 percentage points to 6.4%.

OIBDA for the fiscal year amounted to US$461 million compared to
US$518 million last year and OIBDA margin contracted by 1.1
percentage points to 13.6%.  The decline in OIBDA margin
primarily reflects negative operating leverage from lower sales
on a similar fixed cost base that was particularly evident early
in the fiscal year, higher product costs and costs associated
with the company's  realignment plan.  This was partially offset
by an increase in higher-margin digital sales, the benefit from
a legal settlement and a decrease in annual bonus compensation.

Net loss this fiscal year was US$21 million, compared to net
income of US$60 million for the 2006 fiscal year.

Results for the fiscal year 2007 includes US$63 million in
restructuring and implementation expenses related to the
company's realignment initiatives; a US$64 million benefit from
the settlement with Bertelsmann AG regarding Napster; and
US$9 million in expenses incurred in connection with the
previously disclosed proposed acquisition of EMI Group plc.

In fiscal year 2006, results included a US$13 million benefit
for Recorded Music related to the settlement regarding Kazaa.

                            Liquidity

For the fiscal year 2007, net cash provided by operating
activities was US$302 million.  Free cash flow amounted to
US$22 million compared to free cash flow of US$172 million in
fiscal year 2006.  Unlevered after-tax cash flow was
US$158 million, compared to US$313 million in fiscal year 2006.
Free cash flow and unlevered after-tax cash flow for fiscal 2007
include the previously disclosed investments of US$110 million
in Front Line Management and US$65 million in Roadrunner as well
as US$63 million in restructuring-related charges and
US$110 million in cash received from the settlement with
Bertelsmann AG regarding Napster.  Free Cash flow and unlevered
after-tax cash flow for fiscal 2006 included a previously
disclosed investment of US$63 million in Rykodisc.

Full-text copies of the company's consolidated financial
statements for the fiscal year ended Sept. 30, 2007, are
available for free at http://researcharchives.com/t/s?25e2

                    About Warner Music Group

Headquartered in New York, Warner Music Group Corp. (NYSE: WMG)
-- http://www.wmg.com/-- is a stand-alone music company which
is home to a collection of the best-known record labels in the
music industry including Asylum, Atlantic, Bad Boy, Cordless,
East West, Elektra, Lava, Nonesuch, Reprise, Rhino, Roadrunner,
Rykodisc, Sire, Warner Bros. and Word.  Warner Music
International, a leading company in national and international
repertoire, operates through numerous international affiliates
and licensees in more than 50 countries.  Warner Music maintains
international operations in Argentina, Australia, Brazil,
Canada, Croatia, Denmark, France, Germany, Greece, Hong Kong,
Hungary, India, Ireland, Malaysia, Mexico, Philippines,
Thailand, and the United Kingdom, among others.  Warner Music
Group also includes Warner/Chappell Music, one of the world's
leading music publishers, with a catalog of more than one
million copyrights worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Fitch Ratings affirmed Warner Music Group Corp.'s 'BB-' Issuer
Default Rating.  The Rating Outlook is Stable.


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


ATLAS FINANZ: Claims Registration Period Ends Dec. 12
-----------------------------------------------------
Creditors of ATLAS Finanz-, Verwaltungs- und
Beteiligungsgesellschaft mbH have until Dec. 12 to register
their claims with court-appointed insolvency manager Dieter
Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Jan. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         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:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle
         Germany
         Tel: 0345/5220024
         Fax: 0345/5220026

The District Court of COURT opened bankruptcy proceedings
against ATLAS Finanz-, Verwaltungs- und Beteiligungsgesellschaft
mbH on Nov. 16.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         ATLAS Finanz-, Verwaltungs- und
         Beteiligungsgesellschaft mbH
         Poststrasse 7
         06366 Koethen
         Attn: Hans-Joachim Kroeber, Manager
         Triftstr. 2 H
         39387 Oschersleben
         Germany


AYDIN HOCHBAU: Claims Registration Period Ends Dec. 12
------------------------------------------------------
Creditors of Aydin Hochbau Fugen GmbH have until Dec. 12 to
register their claims with court-appointed insolvency manager
Dr. Joern-H. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m on Jan. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Joern-H. Meyn
         Herrengraben 31
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Aydin Hochbau Fugen GmbH on Nov. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AYDIN HOCHBAU Fugen GmbH
         Hammer Steindamm 78
         20535 Hamburg
         Germany


BAYERWALD TRANS: Claims Registration Ends Jan. 10, 2008
-------------------------------------------------------
Creditors of Bayerwald Trans GmbH have until Jan. 10, 2008, to
register their claims with court-appointed insolvency manager
Dr. Helmut Holzapfel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Helmut Holzapfel
         Ringstr. 2-4
         94234 Viechtach
         Germany
         Tel: 09942/428
         Fax: 09942/948050 + 6053

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

The Debtor can be reached at:

         Bayerwald Trans GmbH
         Brennberger Holz 3
         93199 Zell
         Germany


DEGENHARD BETEILIGUNGSGESELLSCHAFT: Claims Filing Ends Jan. 9
-------------------------------------------------------------
Creditors of Degenhard Beteiligungsgesellschaft mbH have until
Jan. 9, 2008, to register their claims with court-appointed
insolvency manager Volker Roemermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         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. Volker Roemermann
         Schiffgraben 59
         30175 Hannover
         Germany
         Tel: 0511/342129
         Fax: 0511/348064

The District Court of Gifhorn opened bankruptcy proceedings
against Degenhard Beteiligungsgesellschaft mbH on Nov. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Degenhard Beteiligungsgesellschaft mbH
         Attn: Walter Degenhard, Manager
         Riethornweg 6
         31303 Burgdorf
         Germany


FHS HARTMANN: Claims Registration Period Ends Jan. 10, 2008
-----------------------------------------------------------
Creditors of FHS Hartmann GmbH have until Jan. 10, 2008, to
register their claims with court-appointed insolvency manager
Jutta Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Jan. 23, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m., on March 5, 2008, at the same
venue.

The insolvency manager can be reached at:

         Jutta Ruedlin
         Markt 4
         34212 Melsungen
         Germany
         Tel: 05661 926280
         Fax: 05661 9262820
         E-mail: melsungen@Henningsmeier.de

The District Court of Kassel opened bankruptcy proceedings
against FHS Hartmann GmbH on Nov. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FHS Hartmann GmbH
         Bettenhauser Strasse 13
         34266 Niestetal
         Germany


FRANKONIA IMMOBILIENKONTOR: Claims Filing Ends January 7, 2008
--------------------------------------------------------------
Creditors of FRANKONIA Immobilienkontor GmbH & Co. KG have until
Jan. 7, 2008, to register their claims with court-appointed
insolvency manager Dr. Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 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
         Tel: 0221/951446-20
         Fax: +4922195144690

The District Court of Cologne opened bankruptcy proceedings
against FRANKONIA Immobilienkontor GmbH & Co. KG on Nov. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FRANKONIA Immobilienkontor GmbH & Co. KG
         Attn: Frank Schmitz, Manager
         Klosterhof 4-6
         50226 Frechen
         Germany


GASTRO-CONZEPT GMBH: Claims Registration Ends Jan. 3, 2008
----------------------------------------------------------
Creditors of Gastro-Conzept GmbH have until Jan. 3, 2008, to
register their claims with court-appointed insolvency manager
Thomas Bagh.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Thomas Bagh
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Gastro-Conzept GmbH on Nov. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Gastro-Conzept GmbH
          Kurfuerstenstr. 4
          32052 Herford
          Germany


GROSS & WERHEIT: Claims Registration Ends January 7, 2008
---------------------------------------------------------
Creditors of Gross & Werheit Verwaltungs- und Dienstleistungs
GmbH have until Jan. 7, 2008, to register their claims with
court-appointed insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Feb. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 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. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany
         Tel: 992230-0
         Fax: +4922199223035

The District Court of Cologne opened bankruptcy proceedings
against Gross & Werheit Verwaltungs- und Dienstleistungs GmbH on
Nov. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gross & Werheit Verwaltungs- und Dienstleistungs GmbH
         Attn: Wolfgang Werheit, Manager
         Stefanstr. 2-6
         51145 Cologne
         Germany


H UND K VERANSTALTUNGS: Claims Registration Period Ends Dec. 13
---------------------------------------------------------------
Creditors of H und K Veranstaltungs- und Verwaltungsgesellschaft
mbH have until Dec. 13 to register their claims with court-
appointed insolvency manager Falk Eppert.

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

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 14
         Breiter Weg 203 - 206
         39104 Magdeburg
         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:

         Falk Eppert
         Goethestrasse 48
         39108 Magdeburg
         Germany
         Tel: 0391/7331548
         Fax: 0391/7392505

The District Court of Magdeburg opened bankruptcy proceedings
against H und K Veranstaltungs- und Verwaltungsgesellschaft mbH
on Nov. 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         H und K Veranstaltungs- und
         Verwaltungsgesellschaft mbH
         Attn: Steffen Schueler, Manager
         Bruno-Taut-Ring 167
         39130 Magdeburg
         Germany


IKB DEUTSCHE: German Banks Step In for Second Risk Coverage
----------------------------------------------------
A banking pool organized by Germany's state-owned KfW
Bankengruppe will bail out IKB Deutsche Industriebank AG for the
second time in under four months, agreeing to cover US$520
million in risks for the troubled lender, published reports say.

The banks, along with KfW, the financial supervisor BaFin and
Germany's financial watchdog, Bundesbank, reached an agreement
Wednesday, without disclosing the details of the additional
risks covered by the parties, the International Herald Tribune
relates.

The agreement, Bloomberg News reports, brings a total of up to
EUR6.1 billion in potential losses at IKB and its affiliate
Rhineland Funding Capital Corp., which KfW and German banking
associations will cover.

KfW, which holds a 38 percent stake in IKB, said Nov. 27 that it
is increasing its risk shield for IKB by EUR2.3 billion to
EUR4.8 billion based on new risk valuation information.  The
development bank has agreed in July to take over all of IKB's
obligations related to Rhineland Funding when the vehicle's
commercial paper couldn't be sold to investors following the
U.S. subprime crisis, Bloomberg relates.

IKB has earlier notified Bundesbank and BaFin that it could face
more liquidity problems if it fails to secure necessary
financing to continue operations.

                      About KfW Bankengruppe

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

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

                       About IKB Deutsche

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

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

                           *    *    *

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

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

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

   -- EUR400 million Funding Trust II's perpetual notes

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

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

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

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

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


LA FORESTAL: Claims Registration Period Ends Jan. 3, 2008
---------------------------------------------------------
Creditors of La Foresta Moebelagentur Verwaltungs-GmbH have
until Jan. 3, 2008, to register their claims with court-
appointed insolvency manager Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against La Foresta Moebelagentur Verwaltungs-GmbH on Nov. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         La Foresta Moebelagentur Verwaltungs-GmbH
         Hainbergstr. 1
         32816 Schieder-Schwalenberg
         Germany


LIPA BAUENTWICKLUNGS: Claims Registration Ends Jan. 4, 2008
-----------------------------------------------------------
Creditors of LIPA Bauentwicklungsgesellschaft mbH have until
Jan. 4, 2008, to register their claims with court-appointed
insolvency manager  Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Achim Thomas Thiele
          Bronnerstrasse 7
          44141 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against LIPA Bauentwicklungsgesellschaft mbH on Nov. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          LIPA Bauentwicklungsgesellschaft mbH
          Alfred-Fischer-Weg 4
          59073 Hamm
          Germany


M & M AUTOMOBILE: Claims Registration Period Ends Jan. 9, 2008
--------------------------------------------------------------
Creditors of M & M Automobile GmbH have until Jan. 9, 2008, to
register their claims with court-appointed insolvency manager
Michael Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Michael Krause
         Putlitzer Strasse 30
         16928 Pritzwalk
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against M & M Automobile GmbH on Nov. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         M & M Automobile GmbH
         Lindenberger Strasse 5
         19322 Wittenberge
         Germany


PARTNERGLUECK - PARTNERSCHAFTSDIENSTE: Claims Filing Ends Jan. 8
----------------------------------------------------------------
Creditors of Partnerglueck - Partnerschaftsdienste fuer serioese
und niveauvolle Kontakte GmbH have until Jan. 8, 2008, to
register their claims with court-appointed insolvency manager
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Partnerglueck - Partnerschaftsdienste fuer serioese und
niveauvolle Kontakte GmbH on Nov. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Partnerglueck - Partnerschaftsdienste fuer serioese
         und niveauvolle Kontakte GmbH
         Stefanstr. 2
         44137 Dortmund
         Germany


PIANO SPRENGER: Claims Registration Ends January 8, 2008
--------------------------------------------------------
Creditors of Piano Sprenger Musikhaus GmbH have until Jan. 8,
2008, to register their claims with court-appointed insolvency
manager Bernhard Schuering.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

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

The insolvency manager can be reached at:

         Bernhard Schuering
         Eichenstrasse 77 a
         26131 Oldenburg
         Germany
         Tel: 0441 3618450
         Fax: 0441 36184520

The District Court of Oldenburg opened bankruptcy proceedings
against Piano Sprenger Musikhaus GmbH on Nov. 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Piano Sprenger Musikhaus GmbH
         Achternstrasse 9-10
         26122 Oldenburg
         Germany

         Attn: Ralf Cording, Manager
         Koenigsberger Strasse 11
         26655 Westerstede
         Germany


RADOJEVIC GASTSTATTEN: Claims Registration Ends Jan. 4, 2008
------------------------------------------------------------
Creditors of Radojevic Gaststattengesellschaft mbH have until
Jan. 4, 2008, to register their claims with court-appointed
insolvency manager Cornelia Moenert.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

          Cornelia Moenert
          Lise-Meitner-Str. 13
          33605 Bielefeld
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Radojevic Gaststattengesellschaft mbH on Nov. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Radojevic Gaststattengesellschaft mbH
          Heinrich-Forke-Str. 5
          33609 Bielefeld
          Germany


RUBIKON-BERGER GMBH: Claims Registration Period Ends Dec. 20
------------------------------------------------------------
Creditors of Rubikon-Berger GmbH have until Dec. 20 to register
their claims with court-appointed insolvency manager Thomas
Besenbruch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Jan. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Zweibruecken
         Room 100
         66482 Zweibruecken
         Germany

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

The insolvency manager can be reached at:

         Thomas Besenbruch
         Schillerstr. 40
         66482 Zweibrcken
         Tel: 06332/928624
         Fax: 06332/928619

The District Court of Zweibruecken opened bankruptcy proceedings
against Rubikon-Berger GmbH on Nov. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rubikon-Berger GmbH
         Roentgenstr. 78
         66482 Zweibruecken

         Attn: Jutta Berger, Manager
         Wiener Str. 11
         66482 Zweibruecken
         Germany


SPEDITION SCHULZ: Claims Registration Period Ends Jan. 3, 2008
--------------------------------------------------------------
Creditors of Spedition Schulz GmbH have until Jan. 3, 2008, to
register their claims with court-appointed insolvency manager
Dr. Rainer Dahlmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany

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

The insolvency manager can be reached at:

         Dr. Rainer Dahlmeier
         Demmlerplatz 3
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Spedition Schulz GmbH on Nov. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Spedition Schulz GmbH
         Attn: Heike Schulz
         Lindenstr. 7a
         19230 Viez
         Germany


SKAN-FORM 2003: Claims Registration Period Ends Dec. 11
-------------------------------------------------------
Creditors of SKAN-FORM 2003 GmbH have until Dec. 11 to register
their claims with court-appointed insolvency manager Tobias
Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.311
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621-87708-0
         Fax: 0621-8770820

The District Court of Darmstadt opened bankruptcy proceedings
against SKAN-FORM 2003 GmbH on Jan. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SKAN-FORM 2003 GmbH
         Otto-Roehm-Strasse 51
         64293 Darmstadt

         Attn: Preben Hartmann Johansen,
         Eberstaedter Strasse 26
         64367 Muehltal
         Germany



SYSTEM TO WIN: Claims Registration Period Ends Jan. 10, 2008
------------------------------------------------------------
Creditors of SYSTEM TO WIN Gesellschaft zur Beratung
kundenorientierter Unternehmen mbH have until Jan. 10, 2008, to
register their claims with court-appointed insolvency manager
Peter M. Hoffmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Peter M. Hoffmann
         Donaustr. 64
         87700 Memmingen
         Germany
         Tel: (083 31) 92 45 97-0
         Fax: (083 31) 92 45 97-99

The District Court of Kempten opened bankruptcy proceedings
against SYSTEM TO WIN Gesellschaft zur Beratung
kundenorientierter Unternehmen mbH on Nov. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SYSTEM TO WIN Gesellschaft zur Beratung
         kundenorientierter Unternehmen mbH
         Taubenberg 3
         88131 Bodolz
         Germany


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


SANYO ELECTRIC: Unveils 2008-2010 Midterm Business Plan
-------------------------------------------------------
Sanyo Electric Co., Ltd., announces a new "Mid-term Business
Strategy," in preparation for a new three-year 'Mid-term
Management Plan' which will be outlined in more detail at a
future date for Fiscal Year 2008 to Fiscal Year 2010.

Sanyo, as outlined in its current 'Mid-term Management Plan'
implemented from FY2005 to FY2007, has been focusing on
structural transformation aimed at revitalizing and reforming
the company and, as a result, the fruits of these activities
are certainly beginning to show in earning power, financial
strength, etc.  Looking forward to the next three-year period,
Sanyo will be fully revitalized as it makes advances to
furthering its aim to become a truly global company, based on
the 'Master Plan'.

The 'Master Plan' is a summary of the future direction of the
Sanyo Group and includes:

   1) management goals set in the new 'Mid-term Management
      Plan';

   2) emphasized and concentrated investments based on
      Group-wide business strategy;

   3) improve earning power of the finished goods business and
      creating the necessary structure to strengthen business
      expansion overseas;

   4) maintain a sound financial structure through thorough
      cash flow management.

Based on the objectives outlined in the 'Master Plan', Sanyo
will create a new three-year 'Mid-term Management Plan'.  In
the new plan, each business will be converted into a profitable
business entity, enabling Sanyo to grow and progress as it
becomes a truly global company.

      Outline of the 'Master Plan' for FY2008-FY2010

Mid-term Management Policies

Establish the foundation for a highly profitable company
capable of regaining public trust and reputation while becoming
'a leading provider of Environment- and Energy-related
products'.

Goals of Mid-term Management

   1. Set a goal/challenge to achieve JPY100 billion or more
      in consolidated operating profit by the end of fiscal
      year 2010.  Consolidated sales of JPY2,250 billion,
      consolidated  operating profit of JPY90 billion (operating
      profit ratio of 4%);

   2. In 1,000 days (three years), convert each business into a
      profitable business entity.

Essential Business Strategies

   1. Business Grouping

      Sanyo will classify its group business fields into the
      following three categories according to the business
      direction and associated technology: 'Energy',
      'Electronics', and 'Ecology'.  These three business areas
      will become the engine for fulfilling the revitalization
      of Sanyo, and pave the way for the challenge of fiscal
      year 2010 to be the most profitable year in Sanyo's
      history.

   2. An image of Sanyo's overall business strategy is available
      at the company's Web site:

            http://ResearchArchives.com/t/s?25e5

   3. Individual Business Strategy

      Considering the company's customers, the marketplace, and
      various business models, etc. from an overall Group
      Management Strategy point of view, the company will divide
      its business fields into two groups: the 'Component
      Business Group' and the 'Finished Goods Business Group'.
      Business strategies applicable to either group will be
      implemented.

      Component Business Group
      ------------------------
      Over three years, a facilities investment of JPY350
      billion will be conducted; however, approximately 70% of
      these investments will be concentrated on rechargeable
      batteries, solar, and electronic devices.

      Rechargeable battery business

      Implement an investment of an approximately
      JPY100 billion over the next three years to expand
      lithium-ion battery production capacity and challenge the
      HEV market in earnest in the near future, aiming for
      further growth.

      Solar business

      Implement an investment total of approximately
      JPY80 billion over the next three years, and increase
      production capacity by 2010 to 650 MW.

      Electronic device business

      Emphasize investments in top share products such as
      condensers, optical pickups, vibration motors (for
      mobile handsets), etc.

      Semiconductor business

      Through the fruits of structural transformation, it has
      been converted into a unit able to produce a positive
      operating profit; however, in order to hereafter create
      a stable revenue base, Sanyo will make use of its
      proprietary know-how in analog technology and the like
      to further streamline and improve operations.

      Finished Goods Business Group
      -----------------------------
      Sanyo will pursue the optimization of domestic
      businesses and strengthening overseas expansion to
      stabilize and secure profit.  As for strengthening
      overseas expansion and development, along with setting
      sales goals of Sanyo-branded finished goods, an
      executive-class staff member will be placed in each
      region overseas, enabling the global sales structure to
      be made more robust.

      Digital business

      Strengthen business-to-business operations (OEM, etc.)
      and other special client arrangements.

      Commercial business

      Along with increasing profitability by pursuing thorough
      optimization in the domestic market, resources will be
      shifted to focus on opportunities overseas to expand and
      grow the business.

      White goods/Home electronics business

      Along with strengthening product appeal based on Sanyo's
      unique technology such as those related to the
      environment, sales and distribution costs will be
      reevaluated, and through optimizing sales companies and
      sales networks overseas, the sales division will be able
      to act more effectively, raising profitability.

   4. Financial Strategy

      With the efforts made over the past three years to achieve
      financial stability, interest-bearing debt is expected to
      be reduced to JPY530 billion by March 2008, JPY720 billion
      down from the first half of FY2005.  Sanyo will enhance
      its efforts toward cash flow-focused management over the
      next three years.

                     About Sanyo Electric

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

                          *     *     *

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


SANYO ELECTRIC: Ties Up with Aeon to Develop Home Electronics
-------------------------------------------------------------
Sanyo Electric Co., Ltd., said it will jointly develop home
electronics to sell under Aeon Co.'s private brand to revive
its struggling business, Yuko Inoue writes for Reuters.

The report states that Aeon, under its "Top Value" brand, will
start selling Sanyo's refrigerators, rice cookers and other
home electronics at its 500 stores throughout the nation in
May.

Sanyo, which is in the midst of a turnaround process with the
help of shareholder Goldman Sachs, earlier said that it will be
focusing on its cash cow operations like rechargeable batteries
and lithium-ion batteries but will not withdraw from from its
home appliances business, relates Reuters.

Reuters quotes Sanyo Electric's president Seiichiro Sano as
saying, "We will strengthen ecology-friendly consumer
electronics by hearing the voice of Aeon's customers.  The
partnership with Aeon is a good opportunity for us."

In line with this, Aeon, according to the report, will install
Sanyo's eco-friendly products like display cases and air
conditioners.

The Troubled Company Reporter Asia-Pacific reported on Nov. 29,
2007, that Sanyo reported a JPY16.0-billion net profit for the
6-month period ended September 30, 2007, of the current fiscal
year due to cost reductions and stronger sales in the digital
camera and components business.

In its three-year midterm business plan, Sanyo aims to achieve
a JPY100 billion operating profit by the year ending March 2010.

                     About Sanyo Electric

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

                          *     *     *

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


SANYO ELECTRIC: To Make New Fuel Cell Company with Nippon Oil
-------------------------------------------------------------
Sanyo Electric Co., Ltd. and Nippon Oil Corporation have agreed
to create a new company for stationary fuel cell systems
planned for establishment in April 2008.

Sanyo and Nippon Oil, who have been partners in fuel cell
development for years, aim to enhance efforts to shorten the
development period, improve performance and reliability of the
systems, and reduce costs through optimal production
efficiency.

Kyodo News, in its report, states that the envisioned fuel
cells will involve producing electricity by making the oxygen
they take in from the atmosphere react chemically with hydrogen
extracted from kerosene or liquefied petroleum gas.

Fuel cells, Kyodo adds, have drawn close attention in industry
circles because the sole byproduct from oxygen-hydrogen
reactions is water and they do not emit carbon dioxide,
believed to be one of the leading causes of climate change.

Sanyo, will first establish and spin off a new company
dedicated to stationary fuel cell business and then Nippon Oil
will acquire 81% of the shares issued.

Kyodo News reports that Sanyo will start the fuel-cell
operations as an independent company on April 1.

The joint venture will develop, plan, system design and product
manage the fuel cell systems.  However, the production and
assembly will be consigned to Sanyo Tokyo Manufacturing Co.,
Ltd., then Nippon Oil will purchase the systems from the new
company and sell them to customers.

The name of the company has yet to be determined.

Senior Vice President of Sanyo, Company President of Clean
Energy Company, Tadao Shimada is quoted as saying, "Hereafter,
by combining the strengths of both companies, and increasing
the pace of a low-cost, highly reliable stationary fuel cell
system, home-use fuel cell systems will become commercialized
more quickly."

                     About Sanyo Electric

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

                          *     *     *

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


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


ALITALIA SPA: Ryanair Suing European Commission over Volare Aid
---------------------------------------------------------------
Ryanair is suing the European Commission for failing to act on
its complaint against state aid given to Volare S.p.A., a unit
of Alitalia S.p.A., Jonathan Saul of Reuters reports.

"The Italian government's recurring attempts to protect Italian
aviation include the bailout of Volare and its subsequent
transfer to Alitalia," Ryanair CEO Michael O'Leary was quoted by
Reuters.

"The write-off of some EUR20 million of airport debts is a
blatant abuse of EU state aid rules, yet the Commission has
refused to do anything about this since 2005," Mr. O'Leary
added.

Ryanair added it has no choice but to challenge the Commission's
inaction by lodging a case with the European Court of First
Instance.

As reported in the TCR-Europe on Nov. 27, 2007, Ryanair has
filed a case against the European Commission in the European
Court for the latter's inaction on complaints against
approximately EUR500 million in illegal state aid continually
given to Olympic Airlines S.A.

Ryanair has also hit the Commission's inaction on state aids
given to Deutsche Lufthansa AG and Air France-KLM.

                        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.


ITALFINANCE 2006-1: S&P Removes Class A's BB+ Ratings from Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with negative implications and affirmed its credit rating on the
class A notes issued by Italfinance Securitisation Vehicle
S.r.l. series 2006-1.  At the same time, the class B notes were
affirmed.

Standard & Poor's placed the class A notes on CreditWatch
negative on Aug. 21, 2007.  The removal of the notes from
CreditWatch follows a reassessment of the originator's credit
quality.

The ratings on the Italfinance 2006-1 class A and B notes are
supported by Banca Italease SpA's credit quality.  This credit
linking affects the cash flow analysis, as Standard & Poor's
assumes that Banca Italease is active in sustaining the
transaction.

Italfinance 2006-1 was backed at closing by a portion of the
remuneration of the junior unrated asset-backed notes issued by
Italease Finance SpA series 2002-1, 2003-1, 2004-1, and 2005-1.
Following the redemption in July 2007 of Italease 2002-1, the
transaction is now backed only by the portion of the junior
remuneration related to series 2003-1, 2004-1, and 2005-1.

Standard & Poor's ratings on the notes relied on Banca Italease
providing support in several ways:

   -- Our rating assumptions included recoveries from the sale
      or re-leasing of the assets, giving higher recoveries from
      the portfolio.  Title to the leased assets remains with
      the originator and is not transferred to the issuer.
      Therefore, to give credit to historical recoveries from
      the sale or release of the assets in the market, Standard
      & Poor's relies on the creditworthiness of Banca Italease
      in this transaction.

   -- Servicing fees were modeled as detailed in the servicing
      agreement, as opposed to stressed servicing fees.

   -- Collections from the borrowers are deposited in accounts
      opened in Banca Italease's name, and transferred within
      one business day to the original issuer account.
      Commingling risk may arise if Banca Italease and/or any of
      its account banks default.  Banca Italease indemnifies the
      original issuer for any amount lost or frozen due to the
      default of any of its account banks where collections are
      credited.

   -- For Italease Finance series 2003-1 only, for the amount
      recovered through sale or re-lease of the assets for the
      defaulted receivables, Banca Italease indemnifies the
      original issuer for any amount lost or frozen due to the

      default of the Banca Italease network.

The cash flow assumptions for the class A and B notes continue
to factor in the originator's active role throughout the
transaction term.

The ratings on the class A and B notes will continue to reflect
the structure's reliance on the comprehensive support provided
by Banca Italease.  Any changes in Banca Italease's credit
quality are likely to affect the outstanding ratings on
Italfinance 2006-1.  The ratings assigned to Italfinance 2006-1
might exhibit further negative movements going forward given the
originator's credit quality.

                         Ratings List

Italfinance Securitisation Vehicle S.r.l.
   EUR191.765 Million Asset-Backed Floating-Rate Notes Series
   2006-1

         Class             Rating
                  To                   From

Rating Removed From CreditWatch With Negative Implications And
Affirmed

         A        BB+                  BB+/ Watch Neg

Rating Affirmed

         B        BB


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


ACORD-CONSULTING LLP: Proofs of Claim Deadline Set Jan. 1, 2008
---------------------------------------------------------------
LLP Acord-Consulting has declared insolvency.  Creditors have
until Jan. 1, 2008, to submit written proofs of claims to:

         LLP Acord-Consulting
         Abai Str. 190-9
         Taraz
         Jambyl
         Kazakhstan


ARDAGER LLP: Proofs of Claim Deadline Set Jan. 1, 2008
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Ardager insolvent.

Creditors have until Jan. 1, 2008, 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


DANKO REAL: Claims Filing Period Ends Dec. 28
---------------------------------------------
LLP Danko Real Estate has declared insolvency.  Creditors have
until Dec. 28 to submit written proofs of claims to:

         LLP Danko Real Estate
         Furmanov Str. 42/44
         Almaty
         Kazakhstan


JANA TABYS: Creditors' Claims Due on Jan. 1, 2008
-------------------------------------------------
LLP Jana Tabys Aktobe Company has declared insolvency.
Creditors have until Jan. 1, 2008, to submit written proofs of
claims to:

         LLP Jana Tabys Aktobe Company
         Turgenev Str. 94, 1-59
         Aktobe
         Aktube
         Kazakhstan


KEN KAZNA: Claims Registration Ends Jan. 2, 2008
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Ken Kazna Agro insolvent on Oct. 8.

Creditors have until Jan. 2, 2008, 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


MEGAPOLIS-2000 LLP: Proofs of Claim Deadline Set Jan. 1, 2008
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Megapolis-2000 insolvent.

Creditors have until Jan. 1, 2008, 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


NIKA-INVEST LLP: Creditors Must File Claims Dec. 28
---------------------------------------------------
LLP Nika-Invest has declared insolvency.  Creditors have until
Dec. 28 to submit written proofs of claims to:

         LLP Nika-Invest
         Lenin Str. 18
         Kaskelen
         Karasaisky District
         Almaty
         Kazakhstan


SEMEY-GORTOP LLP: Claims Filing Period Ends Jan. 2, 2008
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Semey-Gortop insolvent.

Creditors have until Jan. 2, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


SPETSMETALLURGMONTAGE LLP: Creditors' Claims Due on Jan. 1, 2008
----------------------------------------------------------------
LLP Firm Spetsmetallurgmontage has declared insolvency.
Creditors have until Jan. 1, 2008, to submit written proofs of
claims to:

         LLP Firm Spetsmetallurgmontage
         Manufacturing base Imstalcon-1
         Temirtau
         Karaganda
         Kazakhstan


STROYINVEST-T LLP: Claims Registration Ends Jan. 1, 2008
--------------------------------------------------------
LLP Construction Company Stroyinvest-T has declared insolvency.
Creditors have until Jan. 1 to submit written proofs of claims
to:

         LLP Construction Company Stroyinvest-T
         Jambyl Ave. 8a
         Taraz
         Jambyl
         Kazakhstan


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


ELECTRO-NIKS LLC: Creditors Must File Claims by December 31
-----------------------------------------------------------
LLC Electro-Niks (INN 00603200710077) has declared insolvency.
Creditors have until Dec. 31 to submit written proofs of claim
to:

         LLC Electro-Niks
         Kurmanjan Datka Str. 287
         Osh
         Kyrgyzstan


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


ALTAIELECTROSET'REPAIR: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Altai krai commenced bankruptcy
supervision procedure on OJSC Altaielectroset'repair on Oct. 18.
The case is docketed under Case No. A03-9145/07-B.

The Interim Manager is:

         E. V. Suatina
         10 District 13-16
         Prokopyevsk
         653052 Kemerov
         Russia

The Debtor can be reached at:

         OJSC Altaielectroset'Repair
         Brilliantovaya Str. 2
         656037 Barnau
         Russia


EDEL CAPITAL: Moody's Affirms US$250 Million LPNs at Ba1
--------------------------------------------------------
Moody's Investors Service assigned a Ba1 corporate family rating
to OAO Svyazinvestneftekhim, a holding company for the Republic
of Tatarstan's key assets.

At the same time, Moody's affirmed the existing Ba1 rating of
the US$250 million LPNs issued by Edel Capital S.A. for the sole
purpose of financing its loan to Sinek Capital S.A., a
subsidiary of SINEK.  The outlook on the ratings is stable.

Being 100% owned by the Republic of Tatarstan, SINEK is a
government-related issuer.  Its Ba1 corporate family rating
reflects the application of Moody's methodology for GRIs, with
the combination of the following inputs:

   -- Baseline credit assessment in the range of 14 to 16 (on a
      1-21 scale, where 1 represents lowest credit risk), which
      corresponds to the B category;

   -- Ba1 local currency rating of the Republic of Tatarstan;

   -- High dependence;

   -- High support.

SINEK's BCA is underpinned by:

   (i) its position as an investment vehicle for the Republic of
       Tatarstan to own and manage the relationship with key
       companies operating on the territory of the Republic,
       including SINEK's important role in attracting external
       funds for and facilitating investments in the Republic's
       social and economic programs;

  (ii) representation of strong businesses with sustainable
       revenue stream in SINEK's portfolio, including Tatneft
       (Russia's sixth largest oil company, not rated) and
       Nizhnekamskneftekhim (or NKNK, a large Russian
       petrochemical company rated B1/Stable); this is
       accompanied by SINEK's strong influence over the dividend
       payments of the companies in its portfolio, benefiting
       from a strong board representation as well as a golden
       share in addition to blocking stakes in its major
       holdings;

(iii) currently overall favorable market environment for
       SINEK's major portfolio companies in the oil and energy
       sectors;

  (iv) interest income from SINEK's long-term bank deposits more
       than offsetting the debt interest expense.

However, the company's BCA is constrained by these factors:

   (i) risks of significant regional, industry and single
       company concentrations, with SINEK's direct and indirect
       shareholding in Tatneft representing approximately 60% of
       its total portfolio and dividends from Tatneft accounting
       for 82% of SINEK's total dividends in 2006, thus making
       SINEK's revenues sensitive to oil prices;

  (ii) limited visibility whether SINEK's portfolio companies as
       well as the Republic will comply with the Republic's
       latest guideline for a 30% dividend payout for its
       companies in the face of large investment needs of the
       companies;

(iii) SINEK's debt, though relatively moderate compared to its
       portfolio value, remains significant vs. its cash revenue
       stream of dividends and interest received;

  (iv) risks associated with SINEK's plans to establish new
       shareholding in the real state sector, though under the
       Republic's guidance, including potential increase in
       leverage;

   (v) limited amount of marketable and liquid shareholdings in
       the company's portfolio and potentially a high volatility
       of the portfolio;

  (vi) still developing corporate standards, complex corporate
       structures, limited transparency of financial policy at
       the portfolio companies and in the holding;

(vii) yet limited track record of operations.

The high dependence reflects the role of SINEK as a quasi
government agency and the influence government has on the
management of the holding and its participations, the
significance of the portfolio companies to the economy of
Tatarstan and the fact that both entities are highly correlated
with oil prices with Tatneft being the largest single taxpayer
for the Republic's budget.  It also reflects the existence of a
cross default clause between SINEK, SINEK Capital and the
Republic of Tatarstan.

High support reflects the company's importance for the Republic
of Tatarstan as a financing vehicle, its legal status and its
ownership structure with a 100% state-ownership, and the high
representation of the Republic's top officials at the Board of
Directors (three out of eight members, including the Prime
Minister of the Republic chairing the Board).  The highest
extent of support is confirmed by a guarantee provided by the
Republic on SINEK's foreign debt represented by Edel Capital's
LPNs as well as the company's access to low-interest loans from
the Ministry of Finance of the Republic.

SINEK's liquidity is at acceptable level due to a low amount of
its short-term debt.  As of June 30, 2007, the company's cash of
RUB53.6 million covered 84% of its short-term debt.  However,
60% of this short-term debt was represented by a loan from the
Ministry of Finance of the Republic of Tatarstan.  Increasing
leverage might put pressure on liquidity, however Moody's
understands that SINEK will seek for long-term debt at interest
levels which could be offset by interest income earned.

Edel Capital's LPNs are fully guaranteed by the Republic of
Tatarstan.  The latter's unconditional guarantee of
RUR13 billion is at the moment equivalent to almost 2.0 of the
amount of the notes.

The stable outlook on the ratings reflects Moody's expectation
that the company will maintain its role of the Republic of
Tatarstan's asset manager and to attract funds to implement the
Republic's strategy.  No changes in the ownership are expected.

The rating and the outlook are dependent on those of the
Republic of Tatarstan and very sensitive to changes in support
from the Republic.  A decrease of support from the Republic will
have a negative impact on SINEK's ratings.  Any change in the
Republic's rating or outlook will result in the same change of
the ratings on SINEK and Edel Capital's LPNs.

SINEK was set up in 2003 as a 100% state owned investment
holding company of the Republic of Tatarstan to hold its stakes
industrial and financial businesses (22 businesses at the
moment), essentially in the sector of oil production,
petrochemicals, power generation and telecommunications.
SINEK's six largest investments (Tatneft, Tatenergo, North-West
Trunk Pipelines, Tattelecom, NKNK, and Kazanorgsintez) account
for about 97% of the portfolio valuation (US$ 5.9 billion as of
June 30, 2007).  Dividends from Tatneft, NKNK, Kazanorgsintez
and Tattelecom accounted for approximately 98% of SINEK first
half 2007 U.S. GAAP dividend income.


HYNIX SEMICOMDUCTOR: Deal w/ TSMC Stalled Due to Disagreements
--------------------------------------------------------------
Hynix Semiconductor Inc.'s second-hand equipment deal between
Taiwan Semiconductor Manufacturing Company might break down,
Digitimes News reports.

The report points out that both companies are unable to reach a
mutual consensus on pricing and related after-sales terms,
according to sources at equipment suppliers.

TSMC told the news agency that it is to be in talks with Hynix
about a potential second-hand equipment purchase.

As reported by the Troubled Company Reporter-Asia Pacific on
Jun 6, 2007, Hynix is in talks with Taiwan Semiconductor
to sell low-margin eight-inch and M9 DRAM production lines.  The
move, TCR-AP noted, is seen as an effort by Hynix to streamline
its production amid a continued slide in DRAM chip prices.

Earlier plans to also procure equipment from Hynix' fab in Wuxi,
China, reportedly fell through when the equipment was sold to
China Resources Holdings, the parent company of China-based
foundry CSMC Technologies.

Although TSMC has officially denied the potential equipment
purchase, Digitimes points out, sources contend that both
parties have indeed moved to the price negotiation stage.
However, a consensus on price has not been reached as TSMC is
only looking for equipment while Hynix hopes to sell
corresponding peripheral facilities, the sources added.

According to Diginews, Hynix is not only in talks with TSMC for
the equipment deal but is also negotiating with spun-off company
MagnaChip Semiconductor.  It is believed that Hynix will give
priority to MagnaChip in order to feed its expansion demand, the
report adds.

                   About Hynix Semiconductor Inc.

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

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

                          *     *     *

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

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

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

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


HYNIX SEMICOMDUCTOR: Welcomes WTO Ruling Against Japanese Duties
----------------------------------------------------------------
Hynix Semiconductor Inc. welcomed the World Trade Organisation's
ruling that Japan's punitive tariffs on imports of its
semiconductors are illegal under international trade rules,
Agence France-Presse reports.

The report recounts that Japan imposed 27.2% tariffs in January
2006 on dynamic random access memory (DRAM) chips produced by
Hynix.  Furthermore, Japan also accused Hynix of selling
subsidised products, the report says.

South Korea, AFP relates, insisted the duties breached world
trade rules.  The World Trade Organization's appellate body made
its ruling on November 28.

Hynix spokeswoman Kim Ah-Young told the news agency that they
will ask Japan to accept the WTO's ruling.  If our request is
rejected, Japanese firms may face retaliatory measures in South
Korea, he added.

The report recounts that Hynix was rescued in December 2002 by a
huge bailout by bank creditors.  The United States and European
Union also imposed duties on Hynix products in 2004 after
claiming that the bailout was arranged with the help of
government-controlled banks and so constituted a payment of
subsidies, AFP says.

However, the report points out, the South Korean government has
denied any role in arranging a bailout.

                  About Hynix Semiconductor Inc.

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

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

                          *     *     *

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

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

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

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


KHABAROVSKAYA SUE: Court Starts Competitive Proceedings
-------------------------------------------------------
The Arbitration Court of Khabarovsk krai commenced competitive
proceedings against Nonwoven Fabric Factory Khabarovskaya SUE
after finding it insolvent on Aug. 14.

The Court appointed V. I. Kozin as competitive proceedings
manager.  The case is docketed under Case No. A73-3844/2004-9.

The Debtor can be reached at:

         Nonwoven Fabric Factory Khabarovskaya SUE
         Khalturina Str. 4
         680015 Khabarovsk
         Russia


METAP-SERVICE LLC: Creditors Must File Claims by Dec.  17
---------------------------------------------------------
Creditors of Metap-Service LLC have until Dec. 17 to submit
proofs of claim to:

         A. Yu. Gurtovoy
         Competitive Proceedings Manager
         P.O. Box 8345
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Oct. 16.  The case is docketed under Case No.
A76-16381/2007-34-366.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         Metap-Service LLC
         Surkova Str. 23
         Chelyabinsk
         Russia


OSETROVSKIJ RIVER: Court Start External Bankruptcy Procedure
------------------------------------------------------------
The Arbitration Court of Irkutsk commenced external management
bankruptcy procedure for a period of 18 months against OJSC
Osetrovskij River Port on Oct. 29.  The case is docketed under
Case No. A19-24824/06-49-8.

The External Insolvency Manager is:

         S. V. Bashlykov
         Kirova Str. 136
         Ust'-Kut
         666781 Irkutsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Osetrovskij River Port
         Kirova Str. 136
         Ust'-Kut
         666781 Irkutsk
         Russia


SAL'SKIJ WINERY: Creditors Must File Claims by Dec. 17
------------------------------------------------------
Creditors of CJSC Sal'skij Winery have until Dec. 17 to submit
proofs of claim to:

         A. V. Khanbekov
         Interim Manager
         Yufimtseva Str. 14
         Rostov-on-Don
         Russia

The Arbitration Court of Rostov commenced bankruptcy
supervision procedure on the company on Oct. 8.  The case is
docketed under Case No. A53-10621/2007-C1-52.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Sal'skij Winery
         Stanislavskogo Str. 118
         Sal'sk
         Rostov
         Russia


SALAIRSKIJ MINING&DEVELOPMENT: Claims Filing Ends Jan. 18, 2008
---------------------------------------------------------------
Creditors of Salairskij Mining&Development Plant LLC have until
Jan. 18, 2008, to submit proofs of claim to:

         S. M. Kudashev
         Competitive Proceedings Manager
         P.O. Box 106
         620000 Ekaterinburg
         Russia

The Arbitration Court of Kemerovo commenced competitive
proceedings against the company after finding it insolvent on
Nov. 2.  The case is docketed under Case No. A27-4852/
2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         Salairskij Mining&Development Plant LLC
         Gagarina Str. 7
         Salair
         652771 Kemerovo
         Russia


SVYAZINVESTNEFTEKHIM OAO: Moody's Puts Ba1 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 corporate family rating
to OAO Svyazinvestneftekhim, a holding company for the Republic
of Tatarstan's key assets.

At the same time, Moody's affirmed the existing Ba1 rating of
the US$250 million LPNs issued by Edel Capital S.A. for the sole
purpose of financing its loan to Sinek Capital S.A., a
subsidiary of SINEK.  The outlook on the ratings is stable.

Being 100% owned by the Republic of Tatarstan, SINEK is a
government-related issuer.  Its Ba1 corporate family rating
reflects the application of Moody's methodology for GRIs, with
the combination of the following inputs:

   -- Baseline credit assessment in the range of 14 to 16 (on a
      1-21 scale, where 1 represents lowest credit risk), which
      corresponds to the B category;

   -- Ba1 local currency rating of the Republic of Tatarstan;

   -- High dependence;

   -- High support.

SINEK's BCA is underpinned by:

   (i) its position as an investment vehicle for the Republic of
       Tatarstan to own and manage the relationship with key
       companies operating on the territory of the Republic,
       including SINEK's important role in attracting external
       funds for and facilitating investments in the Republic's
       social and economic programs;

  (ii) representation of strong businesses with sustainable
       revenue stream in SINEK's portfolio, including Tatneft
       (Russia's sixth largest oil company, not rated) and
       Nizhnekamskneftekhim (or NKNK, a large Russian
       petrochemical company rated B1/Stable); this is
       accompanied by SINEK's strong influence over the dividend
       payments of the companies in its portfolio, benefiting
       from a strong board representation as well as a golden
       share in addition to blocking stakes in its major
       holdings;

(iii) currently overall favorable market environment for
       SINEK's major portfolio companies in the oil and energy
       sectors;

  (iv) interest income from SINEK's long-term bank deposits more
       than offsetting the debt interest expense.

However, the company's BCA is constrained by these factors:

   (i) risks of significant regional, industry and single
       company concentrations, with SINEK's direct and indirect
       shareholding in Tatneft representing approximately 60% of
       its total portfolio and dividends from Tatneft accounting
       for 82% of SINEK's total dividends in 2006, thus making
       SINEK's revenues sensitive to oil prices;

  (ii) limited visibility whether SINEK's portfolio companies as
       well as the Republic will comply with the Republic's
       latest guideline for a 30% dividend payout for its
       companies in the face of large investment needs of the
       companies;

(iii) SINEK's debt, though relatively moderate compared to its
       portfolio value, remains significant vs. its cash revenue
       stream of dividends and interest received;

  (iv) risks associated with SINEK's plans to establish new
       shareholding in the real state sector, though under the
       Republic's guidance, including potential increase in
       leverage;

   (v) limited amount of marketable and liquid shareholdings in
       the company's portfolio and potentially a high volatility
       of the portfolio;

  (vi) still developing corporate standards, complex corporate
       structures, limited transparency of financial policy at
       the portfolio companies and in the holding;

(vii) yet limited track record of operations.

The high dependence reflects the role of SINEK as a quasi
government agency and the influence government has on the
management of the holding and its participations, the
significance of the portfolio companies to the economy of
Tatarstan and the fact that both entities are highly correlated
with oil prices with Tatneft being the largest single taxpayer
for the Republic's budget.  It also reflects the existence of a
cross default clause between SINEK, SINEK Capital and the
Republic of Tatarstan.

High support reflects the company's importance for the Republic
of Tatarstan as a financing vehicle, its legal status and its
ownership structure with a 100% state-ownership, and the high
representation of the Republic's top officials at the Board of
Directors (three out of eight members, including the Prime
Minister of the Republic chairing the Board).  The highest
extent of support is confirmed by a guarantee provided by the
Republic on SINEK's foreign debt represented by Edel Capital's
LPNs as well as the company's access to low-interest loans from
the Ministry of Finance of the Republic.

SINEK's liquidity is at acceptable level due to a low amount of
its short-term debt.  As of June 30, 2007, the company's cash of
RUB53.6 million covered 84% of its short-term debt.  However,
60% of this short-term debt was represented by a loan from the
Ministry of Finance of the Republic of Tatarstan.  Increasing
leverage might put pressure on liquidity, however Moody's
understands that SINEK will seek for long-term debt at interest
levels which could be offset by interest income earned.

Edel Capital's LPNs are fully guaranteed by the Republic of
Tatarstan.  The latter's unconditional guarantee of
RUR13 billion is at the moment equivalent to almost 2.0 of the
amount of the notes.

The stable outlook on the ratings reflects Moody's expectation
that the company will maintain its role of the Republic of
Tatarstan's asset manager and to attract funds to implement the
Republic's strategy.  No changes in the ownership are expected.

The rating and the outlook are dependent on those of the
Republic of Tatarstan and very sensitive to changes in support
from the Republic.  A decrease of support from the Republic will
have a negative impact on SINEK's ratings.  Any change in the
Republic's rating or outlook will result in the same change of
the ratings on SINEK and Edel Capital's LPNs.

SINEK was set up in 2003 as a 100% state owned investment
holding company of the Republic of Tatarstan to hold its stakes
industrial and financial businesses (22 businesses at the
moment), essentially in the sector of oil production,
petrochemicals, power generation and telecommunications.
SINEK's six largest investments (Tatneft, Tatenergo, North-West
Trunk Pipelines, Tattelecom, NKNK, and Kazanorgsintez) account
for about 97% of the portfolio valuation (US$ 5.9 billion as of
June 30, 2007).  Dividends from Tatneft, NKNK, Kazanorgsintez
and Tattelecom accounted for approximately 98% of SINEK first
half 2007 U.S. GAAP dividend income.


SMYCHKA LLC: Creditors Must File Claims by Dec. 17
--------------------------------------------------
Creditors of Troitskaya Shoe Factory Smychka LLC have until
Dec. 17 to submit proofs of claim to:

         S. A. Galimova
         Competitive Proceedings Manager
         P.O. Box 5
         620033 Ekaterinburg
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Oct. 26.  The case is docketed under Case No.
A76-16248/07.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         Troitskaya Shoe Factory Smychka LLC
         Krasnoarmeyskaya Str. 2a
         Troitsk
         Russia


SNEZHINSKIJ REINFORCED: Claims Filing Period Ends Jan. 17, 2008
---------------------------------------------------------------
Creditors of Snezhinskij Reinforced Concrete Product Plant LLC
have until Jan. 17, 2008, to submit proofs of claim to:

         Yu. A. Suzdalev
         Competitive Proceedings Manager
         P.O. Box 23
         620048 Ekaterinburg
         Russia

The Arbitration Court of Chelyabinsk commenced one-year
competitive proceedings against the company after finding it
insolvent on Oct. 16.  The case is docketed under Case No.
A76-275/2007-48-8.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         Snezhinskij Reinforced Concrete Product Plant LLC
         Shirokaya Str. 76
         Snezhinsk
         456770 Chelyabinsk
         Russia


SOVIET CREAMERY: Creditors Must File Claims by Dec. 17
------------------------------------------------------
Creditors of Soviet Creamery LLC have until Dec. 17 to submit
proofs of claim to:

         A. M. Kasimov
         Interim Manager
         P.O. Box 1006
         236036 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad commenced bankruptcy
supervision procedure on the company on Nov. 1.  The case is
docketed under Case No. A21-5583/2007.

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

         The Debtor can be reached at:
         Soviet Creamery LLC
         Mayakovskogo Str. 3-A
         Sovetsk
         238758 Kaliningrad
         Russia


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

         A. Yu. Gurtovoy
         Competitive Proceedings Manager
         P.O.  Box  8345
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Oct. 16.  The case is docketed under Case No.
A76-16379/2007-34-369.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         OJSC Suravi
         Gagarina Str. 9
         Chelyabinsk
         Russia


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

         L. N. Yakovlev
         Competitive Proceedings Manager
         Engel'sa Str. 19
         432063 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 16.  The case is docketed under Case No. A72 -2563/
07-22/35-B.

The Debtor can be reached at:

         OJSC Transservice
         Dovatora Str. 1B
         Ulyanovsk
         Russia


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

         A. Yu. Gurtovoy
         Competitive Proceedings Manager
         P.O.  Box  8345
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Oct. 16.  The case is docketed under Case No.
A76-16382/2007-34-367.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC UralMedService
         Mashonostroiteley Str. 28A
         Chelyabinsk
         Russia


URALOILCHEM LLC: Creditors Must File Claims by Dec.  17
-------------------------------------------------------
Creditors of UralOilchem LLC have until Dec. 17 to submit proofs
of claim to:

         A. Yu. Gurtovoy
         Competitive Proceedings Manager
         P.O. Box 8345
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk declared the company
insolvent on Oct. 16.  The case is docketed under Case No.
A76-16378/2007-34-370.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         Uraloilchem LLC
         Gagarina Str. 55
         Chelyabinsk
         Russia


VNESHTORGBANK JSC: Shareholders Ask State to Buy Back Shares
------------------------------------------------------------
Shareholders of Vneshtorgbank JSC is calling on the Russian
government, VTB's majority shareholder, to repurchase their
shares, which have dropped 22% since May, at 13.6 kopeks each,
William Mauldin writes for Bloomberg News.

According to a letter sent by the VTB Minority Shareholders
Association to Prime Minister Viktor Zubkov, VTB's shares fell
0.3 percent to 10.69 kopeks on Russia's Micex Stock Exchange,
valuing the bank at RUR719 billion rubles (US$30 billion).

The association, which holds less than 1 percent of VTB's stake,
has brought to Mr. Zubkov's attention the necessity of
decreasing the bank's capital in order to restore ROE ratio.

VTB's share sale, which is this year's biggest initial public
offering, attracted unqualified investors such as workmen,
retirees, doctors and teachers, Bloomberg News relates, citing a
copy of the investor group's letter posted on its Web site.

Meanwhile it is still uncertain whether VTB would consider
buying back the shares, although "with Russians' individual
savings at stake, the government was expected to support the buy
backs in an election year," Julian Rimmer, head of sales trading
at UralSib Financial Corp., was quoted by Bloomberg as saying.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates a network of 151 branches, including 55
branches of VTB, 42 branches of VTB Retail Services and 54
branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                         *   *   *

JSC Vneshtorgbank carries a C/D Individual rating and 2 Support
ratings from Fitch.


YUKOS OIL: U.S. Court Says It Lacks Power to Award Compensation
---------------------------------------------------------------
The U.S. District Court for the District of Columbia said it
lacks jurisdiction to award compensation to former OAO Yukos Oil
Co. shareholders who claimed that the Russian government stole
money from them, published reports say.

The Court said the Russian government enjoyed sovereign immunity
and therefore could not be tried in an American court, The Times
reports.

Around 40 investors holding Yukos American Depositary Receipts
claimed that Russia stole their money when it issued unlawful
tax demands that caused the oil group's bankruptcy, The Times
relates.  The investors were seeking US$12 million in
compensation.

"This decision confirms the fears of these and other American
investors in Russia that they have little recourse when the
Russian government steals their property," Thomas Johnson, the
investors' lawyer," Thomas Johnson, the investors' lawyer, told
the Financial News.  "It appears that the United States provides
these investors with no remedy -- in its courts, under an
international treaty, or otherwise."

Yukos formally ceased to exist in November 2007 after bankruptcy
receiver Eduard Rebgun completed the company's liquidation
process.  Mr. Rebgun confirmed Russia's Federal Tax Service has
entered Yukos' liquidation on the Uniform State Register of
Legal Entities.

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

The Moscow Arbitration Court has entered an order closing the
liquidation proceedings of OAO Yukos Oil Co., 15 months after it
was declared bankrupt on Aug. 1, 2006.

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

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

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

                        About Yukos Oil

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

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

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

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

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

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


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


FONCAIXA FTGENCAT 4: Fitch Junks EUR6 Million Class E Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Foncaixa FTGENCAT 4, Fondo de
Titulizacion de ACTIVOS's notes following a satisfactory
performance review:

   -- EUR326 million Class A(G)notes (ISIN: ES0338013016):
      affirmed at 'AAA'

   -- EUR251.2m Class A(S) notes (ISIN: ES0338013008): affirmed
      at 'AA+'

   -- EUR9.6 millionClass B notes (ISIN: ES0338013024): affirmed
      at 'AA-'

   -- EUR7.2 million Class C notes (ISIN: ES0338013032):
      affirmed at 'BBB+'

   -- EUR6 million Class D notes (ISIN: ES0338013040): affirmed
      at 'BB+'

   -- EUR6 million Class E notes (ISIN: ES0338013057): affirmed
      at 'CCC-'

The rating actions follow the transaction's stable performance
and low delinquency levels.  As of the October 2007 report, the
total amount of outstanding delinquencies remains low at 0.64%
of the outstanding portfolio, of which 0.09% are payments in
arrears of more than 90 days and 0.04% in arrears over 180 days.
There have been no defaults to date.  Until the first payment
date (in January 2008), principal collections on the underlying
collateral will be accumulated in an amortization account,
receiving interest rate equal to three-month Euribor.

The transaction represents a cash flow securitisation of a
static portfolio of loans to small- and medium-sized Spanish
enterprises granted by Caja de Ahorros y Pensiones de Barcelona
(rated 'AA-(AA minus)'/'F1+').  Generalitat de Catalunya
('A+'/'F1') guarantees the ultimate payment of interest and
principal on the Class A(G) notes.

The portfolio is currently composed of 10,866 loans, 83.8% of
which are secured by residential or commercial mortgages.  The
highest obligor concentration, 17.83% of the outstanding
collateral balance, is linked to the retail sector.  All
obligors are located in Catalonia as required under the
Generalitat de Catalunya guarantee.  The credit enhancement for
the senior notes is provided by the Class B, C and D notes, as
well as the reserve fund.

Foncaixa FTGENCAT 4 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 Foncaixa
FTGENCAT 4 were acquired on its behalf by GestiCaixa S.G.F.T,
S.A., a special purpose management company with limited
liability and incorporated under the laws of Spain.


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

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

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

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

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

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

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

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

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

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

However, the transaction poses several challenging features,
namely:

   (1) geographical concentration in the region of Catalonia;

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

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

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

The provisional pool of underlying assets comprised, as of
October 2007, a portfolio of 8,521 loans granted to 7,776
borrowers, which are Spanish enterprises or self-employed
individuals based in Catalonia.  The loans have been originated
between 1989 and June 2007, with a weighted average seasoning of
1.5 years and a weighted average remaining life of 11.4 years.
The interest rate is floating for the highest portion of the
pool (91.36%) and the weighted average interest rate of the pool
is 5.38%.  Around 64% of the outstanding of the portfolio is
secured by a mortgage guarantee over different types of
properties, 70% of that figure being first-lien with a weighted
average loan-to-value of 55%.  The remaining 37% is secured by a
personal guarantee. Geographically the pool is fully
concentrated in Catalonia and around 36% of the portfolio is
concentrated in the "buildings and real estate" sector according
to Moody's industry classification.  In terms of debtor
concentration, the pool includes exposures up to 1.33% of the
issuance amount.  At closing, the management company will elect
the loans from the provisional portfolio that will result in the
least concentrated securitized pool.

Moody's based the ratings primarily on:

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

  (ii) historical performance information;

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

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

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

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


INMEVA: Enters Temporary Receivership; Faces Imminent Insolvency
----------------------------------------------------------------
Spanish car components supplier Inmeva has informed a commercial
court in Barcelona that it went into temporary receivership
after a French supplier demanded payment of a EUR1.2 million
claim, the Financial Times reports, citing Expansion as its
source.

According to the report, the company, which incurred debts of
EUR8.6 million, is facing imminent insolvency.

Headquartered in Barcelona, Spain, Inmeva supplies components to
Yamaha, Nissan, Volkswagen and Mercedes Benz.  In 2005, the
company recorded a profit of EUR58,937.  It employs 87 people,
FT relates.


RURAL HIPOTECARIO GLOBAL I: Fitch Junks Class E Notes
-----------------------------------------------------
Fitch Ratings has upgraded three and affirmed 15 tranches of
Rural Hipotecario series.

Rural Hipotecario VI, Rural Hipotecario VII, Rural Hipotecario
VII and Rural Hipotecario Global I are transactions backed by
loans originated by a number of rural Spanish banks.  These
"Cajas Rurales" are members of the Asociacion Espanola de Cajas
Rurales, which offers its associates a wide range of wholesale
and retail banking services through Banco Cooperativo Espanol
(rated 'A'/'F1').  Banco Cooperativo's main role is that of a
central treasurer and financial adviser. As only four of the
sellers in the whole series are rated by Fitch, the co-mingling
risk was taken into account in the analysis.  Amounts collected
by the Cajas from the portfolio are transferred daily to the
account opened in the name of the funds in Banco Cooperativo.

The ratings are:

Rural Hipotecario VI, Fondo de Titulizacion de Activos;

   -- Class A (ISIN ES0374306001): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0374306019): upgraded to 'A+' from 'A';

   -- Outlook revised to Stable from Positive

   -- Class C (ISIN ES0374306027): upgraded to 'BBB+' from
      'BBB'; Outlook Stable

Rural Hipotecario VII, Fondo de Titulizacion de Activos;

   -- Class A1 (ISIN ES0366366005): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0366366013 ): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0366366021): upgraded to 'AA-' from 'A+';
      Outlook Stable

   -- Class C (ISIN ES0366366039): affirmed at 'BBB-'; Outlook
      Stable

Rural Hipotecario Global I, Fondo de Titulizacion de Activos;

   -- Class A (ISIN ES0374273003): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0374273011): affirmed at 'A'; Outlook
      Positive

   -- Class C (ISIN ES0374273029): affirmed at 'BBB+'; Outlook
      Positive

   -- Class D (ISIN ES0374273037): affirmed at 'BB'; Outlook
      Positive

   -- Class E (ISIN ES0374273045): affirmed at 'CC'; Outlook
      Stable

The three-months-plus arrears of these transactions range from
0.2% of the outstanding collateral balance for Rural Hipotecario
VI to 0.56% for Rural Hipotecario VIII.  The average annualized
PPR for these transactions varies from 13% to 15%, although, in
general, it has slightly decreased in the last quarter.

All Rural Hipotecario transactions have a reserve fund that will
amortize according to certain conditions and also have an
absolute floor.  In Rural Hipotecario VIII and Global I, the
class E notes are uncollateralized and were issued to finance
the reserve fund at closing; as a result, they have the same
amortization guidelines as the reserve fund.

The notes in these series are amortizing sequentially; however,
they can switch to pro rata if certain conditions are met.  Each
transaction has a swap agreement in place to hedge the basis and
reset risks arising between the reference indices and
frequencies for the loans and the interest on the notes.

Fitch has employed its credit cover multiple methodology in
reviewing the deals in order to assess the level of credit
support available to each class of notes.  Rating Outlooks for
European Structured Finance tranches provide forward-looking
information to the market.  An Outlook indicates the likely
direction of any rating change over a one- to two-year period.


RURAL HIPOTECARIO VIII: Fitch Junks Class E with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed 15 tranches of
Rural Hipotecario series.

Rural Hipotecario VI, Rural Hipotecario VII, Rural Hipotecario
VIII and Rural Hipotecario Global I are transactions backed by
loans originated by a number of rural Spanish banks.  These
"Cajas Rurales" are members of the Asociacion Espanola de Cajas
Rurales, which offers its associates a wide range of wholesale
and retail banking services through Banco Cooperativo Espanol
(rated 'A'/'F1').  Banco Cooperativo's main role is that of a
central treasurer and financial adviser. As only four of the
sellers in the whole series are rated by Fitch, the co-mingling
risk was taken into account in the analysis.  Amounts collected
by the Cajas from the portfolio are transferred daily to the
account opened in the name of the funds in Banco Cooperativo.

The ratings are:

Rural Hipotecario VI, Fondo de Titulizacion de Activos;

   -- Class A (ISIN ES0374306001): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0374306019): upgraded to 'A+' from 'A';

   -- Outlook revised to Stable from Positive

   -- Class C (ISIN ES0374306027): upgraded to 'BBB+' from
      'BBB'; Outlook Stable

Rural Hipotecario VII, Fondo de Titulizacion de Activos;

   -- Class A1 (ISIN ES0366366005): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2 (ISIN ES0366366013 ): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0366366021): upgraded to 'AA-' from 'A+';
      Outlook Stable

   -- Class C (ISIN ES0366366039): affirmed at 'BBB-'; Outlook
      Stable

Rural Hipotecario VIII, Fondo de Titulizacion de Activos;

   -- Class A2a (ISIN ES0366367011): affirmed at 'AAA'; Outlook
      Stable

   -- Class A2b (ISIN ES0366367029): affirmed at 'AAA'; Outlook
      Stable

   -- Class B (ISIN ES0366367037): affirmed at 'A+'; Outlook
      Stable

   -- Class C (ISIN ES0366367045): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN ES0366367052): affirmed at 'BB+'; Outlook
      Stable

   -- Class E (ISIN ES0366367060): affirmed at 'CC'; Outlook
      Stable

   -- Class A1: Paid in Full in October 2007

The three-months-plus arrears of these transactions range from
0.2% of the outstanding collateral balance for Rural Hipotecario
VI to 0.56% for Rural Hipotecario VIII.  The average annualized
PPR for these transactions varies from 13% to 15%, although, in
general, it has slightly decreased in the last quarter.

All Rural Hipotecario transactions have a reserve fund that will
amortize according to certain conditions and also have an
absolute floor.  In Rural Hipotecario VIII and Global I, the
class E notes are uncollateralized and were issued to finance
the reserve fund at closing; as a result, they have the same
amortization guidelines as the reserve fund.

The notes in these series are amortizing sequentially; however,
they can switch to pro rata if certain conditions are met.  Each
transaction has a swap agreement in place to hedge the basis and
reset risks arising between the reference indices and
frequencies for the loans and the interest on the notes.

Fitch has employed its credit cover multiple methodology in
reviewing the deals in order to assess the level of credit
support available to each class of notes.  Rating Outlooks for
European Structured Finance tranches provide forward-looking
information to the market.  An Outlook indicates the likely
direction of any rating change over a one- to two-year period.


TDA CAM 10: Moody's Junks EUR23.5 Million Series D Notes
--------------------------------------------------------
Moody's Investors Service assigned provisional ratings to seven
series of Bonos de Titulizacion de Activos to be issued by TDA
CAM 10 Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Titulizacion de
Activos, S.G.F.T., S.A.  Moody's has assigned these ratings:

   -- (P)Aaa to the EUR186.6 million Series A1 notes;
   -- (P)Aaa to the EUR802.2 million Series A2 notes;
   -- (P)Aaa to the EUR147.8 million Series A3 notes;
   -- (P)Aaa to the EUR175 million Series A4 notes;
   -- (P)A3 to the EUR46.4 million Series B notes;
   -- (P)Baa3 to the EUR42 million Series C notes;
   -- (P)C to the EUR23.5 million Series D notes.

The transaction represents the securitization of Spanish
residential mortgage loans originated by Caja de Ahorros del
Mediterraneo (A1/Prime-1).  The assets supporting the Notes are
prime mortgage loans secured on first lien residential
properties located in Spain.  The portfolio will be serviced by
CAM.

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

The provisional ratings address the expected loss posed to
investors by the legal final maturity (Sept. 27, 2060).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal on Series A1, A2, A3,
A4, B and C at par, on or before the final legal maturity date
and for ultimate payment of interest an principal at par on or
before the final legal maturity date on Series D.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

As of November 2007, the portfolio comprised 12,969 loans,
representing a provisional portfolio of EUR1,936,771,790.  The
loans are first-lien mortgage loans granted to individuals by
CAM in its normal course of business to finance the purchase and
renovation of residential homes in Spain.  All the properties on
which the mortgage security has been granted are covered by
property fire insurance.  The loans have been originated between
1998 and 2007, with a weighted average seasoning of 1.17 years
and a weighted average remaining term of 32.22 years.  The
longest loan matures in June 2057.  The original weighted
average LTV (WALTV) is 80.53%, while the current WALTV is
78.56%. 5.56% of the pool is currently in principal grace
period.  At closing, all the loans will have paid at least two
installments and no loans more than 30 days in arrears will be
included in the definitive pool.

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


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


BANTIGER SPORT: Bern Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Bern-Mittelland entered Oct. 23 an
order closing the bankruptcy proceedings of JSC Bantiger Sport.

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Office Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC Bantiger Sport
         Worblentalstrasse 161
         3065 Bolligen BE
         Switzerland


BUCHENWEG BAU: Creditors' Liquidation Claims Due by December 9
--------------------------------------------------------------
Creditors of JSC Buchenweg Bau have until Dec. 9 to submit their
claims to:

         Ernst Maag
         Oberer Burghaldenweg 32
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Buchenweg Bau
         Liestal BL
         Switzerland


CREATIVE IMAGES: Creditors' Liquidation Claims Due by December 7
----------------------------------------------------------------
Creditors of LLC Creative Images have until Dec. 7 to submit
their claims to:

         Eberhard Kutschke
         Hinterbergstrasse 24
         6318 Walchwil ZG
         Switzerland

The Debtor can be reached at:

         LLC Creative Images
         Walchwil ZG
         Switzerland


FLOOR SERVICE: Claims Registration Period Ends December 9
---------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Floor Service on Sept. 26.

Creditors have until Dec. 9 to file their written proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Floor Service
         Oberneuhofstrasse 1
         6340 Baar ZG
         Switzerland


GEOTRONIC ENTERTAINMENT: Claims Registration Period Ends Dec. 9
---------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Geotronic Entertainment on Feb. 21.

Creditors have until Dec. 9 to file their written proofs of
claim.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Geotronic Entertainment
         Metallstrasse 9a
         6304 Zug
         Switzerland


HYTEC HYGIENETECHNIK: Aargau Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Hytec Hygienetechnik on Oct. 26.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Hytec Hygienetechnik
         Bunte 180
         5275 Etzgen
         Laufenburg AG
         Switzerland


LEADER COACH: Creditors' Liquidation Claims Due by December 7
-------------------------------------------------------------
Creditors of LLC Leader Coach Lehner have until Dec. 7 to submit
their claims to:

         LLC Leader Coach Lehner
         Parkweg 1, 4147 Aesch BL
         Switzerland


PORCHESTER TRADING: Creditors' Liquidation Claims Due by Dec. 7
---------------------------------------------------------------
Creditors of JSC Porchester Trading have until Dec. 7 to submit
their claims to:

         Pierre-Antoine Seitert
         Liquidator
         route de Beaumont 20
         1709 Fribourg
         Switzerland

The Debtor can be reached at:

         JSC Porchester Trading
         Fribourg
         Switzerland


SCHIBLI-DOPPLER JSC: Schwyz Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Arlesheim in Basel-Country entered
Oct. 24 an order closing the bankruptcy proceedings of JSC
Schibli-Doppler.

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Schibli-Doppler
         Rheinfelderstr. 12
         4127 Birsfelden
         Arlesheim BL
         Switzerland


ST SCHREINEREI: Creditors' Liquidation Claims Due by December 9
---------------------------------------------------------------
Creditors of LLC ST Schreinerei Scheiwiller have until Dec. 9 to
submit their claims to:

         M. Scheiwiller
         Gallerstrasse 31
         8400 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC ST Schreinerei Scheiwiller
         Winterthur ZH
         Switzerland


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

         JSC Rebex
         Baumackerstrasse 24
         Postfach
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC SYNOLOGYC
         Zurich
         Switzerland


TEATRO CASINO: Creditors' Liquidation Claims Due by December 7
--------------------------------------------------------------
Creditors of JSC Teatro Casino Admiral have until Dec. 7 to
submit their claims to:

         Andrea Targiroff
         Liquidator
         JSC ACE Casino Holding
         Aargauerstr. 180
         8048 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Teatro Casino Admiral
         Zurich
         Switzerland


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


ADVERTISING AGENCY: Creditors Must File Claims by December 5
------------------------------------------------------------
Creditors of LLC Advertising Agency (code EDRPOU 33228000) have
until Dec. 5 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. 23/410-b.

The Debtor can be reached at:

         LLC Advertising Agency
         Borispolskaya Str. 3-A
         02096 Kiev
         Ukraine

BPN LLC: Creditors Must File Claims by December 5
-------------------------------------------------
Creditors of LLC BPN (code EDRPOU 34949270) have until Dec. 5 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. 14/729/07.

The Debtor can be reached at:

         LLC BPN
         Spasskaya Str. 1
         Nikolaev
         Ukraine


BREWERY KUBOK: Proofs of Claim Filing Deadline Set December 5
-------------------------------------------------------------
Creditors of LLC Brewery Kubok (code EDRPOU 31031018) have until
Dec. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
23/373-b.

The Debtor can be reached at:

         LLC Brewery Kubok
         Dovzhenko Str. 14/1
         03057 Kiev
         Ukraine


DZVINKOVE TRIBAL: Creditors Must File Claims by December 5
----------------------------------------------------------
Creditors of OJSC Dzvinkove Tribal Plant (code EDRPOU 00857404)
have until Dec. 5 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. 40/2b-2006/14.

The Debtor can be reached at:

         OJSC Dzvinkove Tribal Plant
         Vasilkovskaya Str. 157
         Plesetskoye
         Vasilkov District
         08622 Kiev
         Ukraine


ELADABUSINESS LLC: Creditors Must File Claims by December 5
-----------------------------------------------------------
Creditors LLC Eladabusiness (code EDRPOU 33194815) of have until
Dec. 5 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. 15/135-b.

The Debtor can be reached at:

         LLC Eladabusiness
         Baggovutovskaya Str. 8/10
         04107 Kiev
         Ukraine


GRAIN INTERTRADING: Creditors Must File Claims by December 5
------------------------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/182/04.

Creditors of LLC Grain Intertrading (code EDRPOU 30286630) have
until Dec. 5 to submit written proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Grain Intertrading
         Apartment 13
         Stepnoy Front Str. 42/2
         Pavlograd
         51400 Dnipropetrovsk
         Ukraine


INDUSTRIAL ENGINEERING: Proofs of Claim Deadline Set December 5
---------------------------------------------------------------
Creditors of LLC Industrial Engineering (code EDRPOU 23557716)
have until Dec. 5 to submit written proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
18/8.

The Debtor can be reached at:

         LLC Industrial Engineering
         Krasnoflotskaya Str. 35
         Poltava
         Ukraine


INDUSTRIAL TRADE-GROUP: Creditors Must File Claims by December 5
----------------------------------------------------------------
Creditors of LLC Industrial Trade-Group (code EDRPOU 34992546)
have until Dec. 5 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. 14/643/07.

The Debtor can be reached at:

         LLC Industrial Trade-Group
         Nikopolskaya Str. 57
         Nikolaev
         Ukraine


KOLOS LLC: Creditors Must File Claims by December 5
---------------------------------------------------
Creditors of LLC Kolos (code EDRPOU 03769267) have until Dec. 5
to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/101-07-6816.

The Debtor can be reached at:

         LLC Kolos
         Lenin Str. 38
         Gudevichevoye
         Ivanovsky District
         Odessa
         Ukraine


MEZHRECHYE-SOUTH JSC: Creditors Must File Claims by December 5
--------------------------------------------------------------
Creditors of JSC Mezhrechye-South (code EDRPOU 31553659) have
until Dec. 5 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. 10/553/06.

The Debtor can be reached at:

         JSC Mezhrechye-South
         Nikopolskaya Str. 16-a
         54030 Nikolaev
         Ukraine


PRESTIGE AND CO: Proofs of Claim Filing Deadline Set December 5
--------------------------------------------------------------
Creditors of Prestige and Co (code EDRPOU 33342912) have until
Dec. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/659-b.

The Debtor can be reached at:

         LLC Prestige and Co
         Borschagovskay Str. 182-B
         03035 Kiev
         Ukraine


S. V-M.: Creditors Must File Claims by December 5
-------------------------------------------------
Creditors of LLC S. V-M. (code EDRPOU 34551717) have until
Dec. 5 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/122-07-8118.

The Debtor can be reached at:

         LLC S. V-M.
         Sredniaya Str. 25
         Odessa
         Ukraine


SHYROKOVSKY AGRICULTURAL: Proofs of Claim Deadline Set Dec. 5
-------------------------------------------------------------
Creditors of LLC Shyrokovsky Agricultural Plant (code EDRPOU
31382618) have until Dec. 5 to submit written proofs of claim
to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/253-07-7235.

The Debtor can be reached at:

         LLC Shyrokovsky Agricultural Plant
         Rozumovskaya Str. 29
         Odessa
         Ukraine


TEMIKS CJSC: Creditors Must File Claims by December 5
-----------------------------------------------------
Creditors of CJSC Temiks (code EDRPOU 13841758) have until
Dec. 5 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. 2/625/07.

The Debtor can be reached at:

         CJSC Temiks
         Tchkalov Str. 20
         54017 Nikolaev
         Ukraine


UKRAINIAN WHOLESALE: Creditors Must File Claims by December 5
-------------------------------------------------------------
Creditors of CJSC Ukrainian Wholesale Trade (code EDRPOU
21852434) have until Dec. 5 to submit written proofs of claim
to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/133-07.

The Debtor can be reached at:

         CJSC Ukrainian Wholesale Trade
         Rabochaya Str. 152
         49008 Dnipropetrovsk
         Ukraine


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


BLUE EDEN: Names Jeremiah Anthony O' Sullivan Liquidator
--------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
liquidator of Blue Eden Ltd. on Nov. 22 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Bishop Fleming
         Second Floor
         Stratus House
         Emperor Way
         Exeter Business Park
         Exeter
         Devon
         EX1 3QS
         England


BOMBARDIER INC: Planned Debt Repurchase Cues Fitch's Pos. Watch
---------------------------------------------------------------
Fitch Ratings has placed these ratings of Bombardier Inc. and
Bombardier Capital Inc. on Rating Watch Positive:

Bombardier Inc.
  -- Issuer Default Rating 'BB-';
  -- Senior unsecured debt 'BB-';
  -- Preferred stock 'B'.

Bombardier Capital Inc.
  -- IDR 'BB-';
  -- Senior unsecured debt 'BB-'.

The action reflects BBD's announcement that it intends to
repurchase approximately US$1.1 billion of debt by
Jan. 31, 2008.

The ratings cover outstanding debt and preferred stock totaling
approximately US$5.7 billion as of Oct. 31, 2007.  Due to the
existence of a support agreement and demonstrated support by the
parent, BC's ratings are linked to those of BBD.

The Positive Rating Watch primarily reflects the reduction in
leverage that would result from BBD's intended repurchase of
debt.  Fitch expects to resolve the Rating Watch within the next
two to three months.  Should the ratings be upgraded in that
time period, Fitch expects the IDR's and unsecured debt ratings
to remain in the 'BB' category.  The Positive Rating Watch and
longer-term rating trends are also supported by expectations for
continued margin improvement, sales growth, and solid cash
generation.  Strong orders in all of BBD's businesses and a
large backlog support projections for continued improvement.
These factors could potentially lead to further long term
improvement in BBD's credit profile.

As indicated by BBD in a press release, the debt targeted to be
repurchased includes approximately US$408 million of Euro-
denominated 5.75% notes due in February 2008, US$623 million of
BC's Sterling-denominated 6.75% notes due in May 2009, and
US$26 million of other long term debt.  This debt amounts to
approximately 20% of BBD's consolidated debt.  All of BC's
remaining debt would be retired.

Factors supporting the ratings include BBD's diversification,
leading market positions, the health of the business jet and
turboprop markets, cash balances, debt maturity schedule, BT's
successful restructuring, and large backlog.  Rating concerns
include the elevated but improving consolidated gross debt
levels compared to EBITDA; relatively low operating margins;
business jet market cyclicality; the pension plan deficit; the
impact of exchange rate volatility on margins, financial
results, and planning; and several RJ concerns, including
uncertainty regarding development of new aircraft models and
contingent obligations related to past aircraft sales, although
these contingent obligations are spread out over time and are
not a near-term concern.  BBD's eventual decision about its
potential entry into the mainline aircraft market could have an
impact on its financial and operating profile.  Fitch believes
the recent performance issues with one operator's Q400 aircraft
are not a significant credit concern at this time.

At Oct. 31, 2007, the company had US$3.6 billion of unrestricted
cash balances, not including US$1.3 billion of restricted cash
related to its letter of credit facility.  Restricted cash
balances are not available for liquidity purposes or for the
benefit of unsecured bond holders.  Bombardier's unrestricted
cash balances are the company's sole source of liquidity because
the LOC facility is not available on a revolving credit basis.
Free cash flow has been solid, supporting the increase of
roughly US$400 million in BBD's net cash balances during the
fiscal third quarter.  Upon completion of the expected debt
reduction, cash balances would be nearly US$2.6 billion on a pro
forma basis which Fitch considers to be sufficient to support
BBD's liquidity requirements.

Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, Australia and China.


BURGER KING: Moody's Affirms Ba2 Rating with Stable Outlook
-----------------------------------------------------------
Moody's Investors Service affirmed the Ba2 corporate family
rating of Burger King Corporation.  Moody's also affirmed the
company's Ba2 rating assigned to Burger Kings's US$250 million
senior secured term loan A, US$1.1 billion senior secured term
loan B, and US$150 million senior secured revolving credit
facility.  In addition, Moody's changed the outlook for Burger
King to stable from negative.

The Ba2 corporate family rating reflects Burger King's strong
brand recognition, the meaningful scale and geographic diversity
of system-wide restaurants, as well as improved operating
performance and good liquidity.  However, the rating also
incorporates Burger Kings relatively weak credit metrics for the
current rating category and somewhat aggressive growth plans
that are driven largely by franchisees.  The ratings also
incorporate the intense competitive environment within the U.S.
restaurant industry, increasing margin pressures related to
historically high commodity costs and wages, and a more
financially challenged consumer.

The stable outlook reflects Moody's expectation that a continued
improvement in operating performance, driven by positive traffic
and average check, should further strengthen debt protection
metrics and liquidity.  The outlook also expects that management
will exercise a prudent treasury policy with shareholder based
initiatives supported by excess free cash flow and not by non-
operating cash flows, asset sale proceeds, or additional debt.

Burger King Corporation, with headquarters in Miami, Florida,
operates 1,298 and franchises 10,001 Burger King hamburger quick
service restaurants in 69 countries and U.S. territories.  For
the 12 months ended Sept. 30, 2007, Burger King reported
revenues and operating income of about US$2.3 billion and
US$305 million respectively.


CB MEZZCAP: Moody's May Cut Ba1 Rating After Review
---------------------------------------------------
Moody's Investors Service places under review for possible
downgrade five classes of notes issued by CB MezzCAP Limited
Partnership:

   -- Class A EUR137,800,000 Floating Rate Notes due 2013,
      currently rated Aaa;

   -- Class B EUR20,000,000 Fixed Rate Notes due 2013,
      currently rated Aa2.

   -- Class C EUR10,500,000 Fixed Rate Notes due 2013,
      currently rated A2.

   -- Class D EUR14,500,000 Fixed Rate Notes due 2013,
      currently rated Baa2.

   -- Class E EUR7,700,000 Fixed Rate Notes due 2013, currently
      rated Ba1.

This deal has suffered its third default since inception,
totaling EUR31 million of losses, or 15.5% of the portfolio.
Moody's will actively monitor this deal in the coming weeks.


CHRYSLER LLC: Likely to Lose US$1 Bln in 2007, Sales Exec Says
--------------------------------------------------------------
Steve Landry, Chrysler LLC's executive vice president of North
American sales, revealed that the company expects to lose
US$1 billion this year in costs, according to Andrea MacDonald
of The Daily News.

Mr. Landry, the paper reports, told marketing and business
students of Saint Mary's University in Halifax, Nova Scotia,
that Chrysler's 2007 revenue is expected at US$64 billion and
costs at around US$65 billion.

The Daily News relates that Mr. Landry recounted Chrysler's
business aim to recover costs next year and to yield a huge
profit in 2009 and 2010, slashing about 8 models from its
lineup.  Mr. Landry adds that Chrysler has plans to launch a
Chrysler Aspen-Dodge Durango hybrid to entice environment-
concerned customers.

The top sales executive came to the Halifax university to donate
US$100,000 for two yearly scholarships from Chrysler Canada,
according to The Daily News.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  The
outlook is negative.


CONSTELLATION BRANDS: Fitch Rates US$500 Mln Senior Note at BB-
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to this note
registered by Constellation Brands, Inc. to fund the purchase
price of Beam Wine Estates, Inc, a subsidiary of Fortune Brands,
Inc:

  -- US$500 million 8.375% senior unsecured note due
     Dec. 15, 2014.

The Rating Outlook is Negative.

The rating reflects STZ's leading market share in most of the
major wine markets around the globe and a diversified alcoholic
beverage portfolio.  The rating also considers STZ's willingness
to operate at higher leverage levels and its appetite for
acquisitions.  The company's leverage has increased due to
successive debt-financed acquisitions and stock repurchases.
Required debt repayment over the next five years is expected to
be well beyond STZ's cash-generating capabilities.  It is noted
that the company currently maintains adequate liquidity and
access to the capital markets as shown by this financing.


CRAIG BURLEY: Claims Filing Period Ends December 20
---------------------------------------------------
Creditors of Craig Burley Properties Ltd. have until Dec. 20 to
send their names and addresses with particulars of their debts
or claims, and the names and addresses of their solicitors
(if any) to:

         Tyrone Shaun Courtman and Evelyn Gabrielle Exley
         Joint Liquidators
         Cooper Parry LLP
         14 Park Row
         Nottingham
         NG1 6GR
         England

Tyrone Shaun Courtman and Evelyn Gabrielle Exley of Cooper Parry
LLP were appointed joint liquidators of the company on Nov. 20
for the creditors' voluntary winding-up proceeding.


ECOMOLD LTD: Directors Call In KPMG to Administer Assets
--------------------------------------------------------
James Money and Mark Orton of KPMG Restructuring were appointed
as joint administrators of Ecomold Ltd. on Nov. 29, 2007,
following an application by its directors.

The competitive nature of the sector has led to significant
trading losses.  Despite the best efforts of management, cash
flow difficulties ultimately forced the directors to request the
appointment of administrators.

"With its highly skilled and experienced workforce Ecomold has a
fantastic reputation in the marketplace and we expect a lot of
interest in the business.  As a result, we are confident that we
can continue to trade the business with a view to securing a
quick sale.  We welcome any party who may have an interest in
acquiring the business to make early contact with us," James
Money, joint administrator of the company disclosed.

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.

Headquartered in Southend, England, Ecomold --
http://www.ecomold.net/-- is a long established plastic
injection moulding company which specializes in providing
components for the automotive industry.  Among a wide customer
base, its customers include many well known global automotive
brands.


G SQUARE FINANCE: S&P Rates Class E Notes at BB+
------------------------------------------------
Standard & Poor's Ratings Services has placed 17 tranches issued
by six European cash and hybrid CDO transactions on CreditWatch
with negative implications.

All other tranches issued by these transactions maintain their
current ratings.

Standard & Poor's has conducted a preliminary review of the
transactions and the rating actions can be attributed to
deterioration in the credit quality of the underlying
portfolios.

The cause of this is recent downgrades of and CreditWatch
negative placements on certain U.S. subprime RMBS and U.S.  CDOs
of ABS in the underlying portfolio.  This has led to an increase
in expected portfolio losses to a point that may not be
supported by current credit enhancement.

Standard & Poor's will closely monitor the European CDO
transactions' performance, and run further cash flow analyses
before resolving these CreditWatch placements.  S&P will pay
particular attention to the resolution of the outstanding
CreditWatch placements on the underlying U.S. RMBS and CDOs.

The affected tranches represent less than 1% of all Standard &
Poor's rated cash and hybrid CDO tranches in Europe.  To date,
these are the only European cash and hybrid CDOs to have a
rating action following the recent downgrades of U.S. RMBS and
CDOs.

Standard & Poor's continues to monitor all CDO transactions in
line with its standard review procedure for all European CDO
transactions.  S&P will notify the market of any future
developments regarding European CDO ratings in a timely fashion.

                        Ratings List

Ratings Placed On CreditWatch With Negative Implications

         Class         To                      From

Faxtor HG 2007-1
   US$1.25 Billion Senior- And Subordinated Deferrable Floating-
   Rate Notes

         B-2           AA/Watch Neg            AA

Fiorente Funding Ltd.
   US$722.5 Million Senior CDS And US$127.5 Million Credit-
   Linked Floating-Rate And Fixed-Rate Notes

         D-1           BBB/Watch Neg           BBB
         D-2           BBB/Watch Neg           BBB

G Square Finance 2006-2 Ltd.
         US$1.014 Billion Secured Floating-Rate Notes

         C             A/Watch Neg             A
         D             BBB/Watch Neg           BBB
         E             BB+/Watch Neg           BB+

Halyard CDO I PLC/Halyard I LLC
   US$217.5 Million Senior Secured Floating-Rate Notes

         A             AAA/Watch Neg           AAA

Visage CDO I PLC
   US$162 Million Secured And Deferrable Floating-Rate Notes

         A             AAA/Watch Neg           AAA
         B             AA/Watch Neg            AA
         C             A+/Watch Neg            A+

Visage CDO II Ltd.
   US$282 Million Floating-Rate Notes

         A-2           AAA/Watch Neg           AAA
         B             AAA/Watch Neg           AAA
         C             AA/Watch Neg            AA
         D             AA-/Watch Neg           AA-
         E             A-/Watch Neg            A-
         F             BBB/Watch Neg           BBB
         G             BBB-/Watch Neg          BBB-


G SQUARED: Calls In Liquidators from Wilkins Kennedy
----------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of G Squared Computer
Systems Ltd. on Nov. 20 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Wilkins Kennedy
         6c Church Street
         Reading
         Berkshire
         RG1 2SB
         England


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

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

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

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

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

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

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

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

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

                       About Proton Holdings

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

                            About GM

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

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for U.S. auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets (DTAs) in
the US, Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


POPE & TALBOT: Wants to File Schedules & Statements by Jan. 18
--------------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware for
authority to extend the deadline by which they must file their
Schedules and Statements through and including Jan. 18, 2008.

Pursuant to Rule 1007-1(c) of the Federal Rules of Bankruptcy
Procedure, a debtor who has more than 200 creditors are
required, within 30 days from the date of the bankruptcy filing,
to file with the Court (i) a schedule of assets and liabilities,
(ii) a schedule of current income and expenditures, (iii) a
schedule of executory contracts and unexpired leases, and (iv) a
statement of financial affairs.

Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
in Wilmington, Delaware, the Debtors' proposed bankruptcy
counsel, tells the Court that the Debtors, which have several
thousand creditors, are unable to complete and finalize their
Statements and Schedules within 30 days after the date of the
bankruptcy filing due to these reasons:

   (a) the number of the Debtors' creditors and parties-in
       -interest;

   (b) the size and complexity of the Debtors' operations; and

   (c) the fact that certain prepetition invoices have not yet
       been received or entered into the Debtors' financial
       accounting systems.

Moreover, the Debtors' resources have been strained by the
commencement of the CCAA Proceedings, and the attendant
obligations on their management and personnel, relating to the
satisfaction of the Canadian Monitor's duties under the CCAA,
Ms. Jones explains.

                       About Pope & Talbot

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 U.S.
and Canada.  Markets for the company's products include the
U.S., Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expires on
Jan. 16, 2008.

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, 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 Rothschild as Financial Advisor
--------------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware for
authority to employ Rothschild Inc. as their financial advisor
and investment banker effective as of Nov. 19, 2007.

The Debtors selected Rothschild because of its expertise in
investment banking services, including domestic and cross-border
restructuring, Pope & Talbot Inc. president and chief executive
officer Harold N. Stanton relates.  The firm also has extensive
experience working with companies from various industries in
complex financial restructuring, both out of court and in
Chapter 11 cases.  Moreover, he adds, the firm is well-
acquainted with the Debtors' business, capital structure,
financial affairs, and related matters.

As their financial advisors, the Debtors expect Rothschild to:

   (a) undertake, in consultation with members of management, a
       comprehensive study and analysis of the Debtors'
       business, operations, liquidity, financial condition and
       prospects;

   (b) analyze industry trends and the Debtors' strategic
       position with each of its operating segments;

   (c) assist management in the preparation and review of the
       Debtors' financial or business plans, and analyze their
       strategic alternatives;

   (d) analyze liquidity and debt capacity under various
       strategic scenarios;

   (e) analyze and provide a recommendation to management with
       respect to incremental liquidity requirements under
       various strategic scenarios including the sale of certain
       assets;

   (f) assist in the development and execution of a strategy to
       improve the Debtors' short-term liquidity;

   (g) review comparable company and transaction information
       with respect to valuation, capital structure, operating
       efficiency and competitive strategies;

   (h) assist in valuing the Debtors and, as appropriate,
       valuing the Debtors' assets or operations, provided that
       any real estate or fixed asset appraisals will be
       undertaken by outside appraisers, separately retained
       and compensated by the Debtors;

   (i) advise the Debtors as to the availability of new debt or
       equity financing, mergers or acquisitions, and the sale
       or disposition of the Debtors' assets or businesses;

   (j) attend and present material at Board of Directors'
       meetings as requested by the Debtors;

   (k) attend meetings and interact with creditors as requested;

   (l) assist the Debtors and their other professionals in
       preparing for any potential litigation or depositions
       that may arise in connection with the services and
       provide relevant deposition or expert testimony with
       respect to the matters;

   (m) if the Debtors determine to commence Chapter 11 cases in
       order to pursue a transaction, and if requested by the
       Debtors, participate in hearings before the Court in
       which the cases are commenced, and provide testimony on
       matters and issues arising in connection with any
       proposed Plan; and

   (n) render other financial advisory and investment banking
       services as may be agreed upon by the Debtors and
       Rothschild.

The Debtors will pay Rothschild US$150,000 in monthly cash
advisory fee in exchange for the contemplated services.

Subject to Court approval, the firm is entitled to receive a
US$3,250,000 completion fee, payable in cash upon the earlier of
the confirmation and effectiveness of a Plan of Reorganization
or Liquidation, or the closing of any other transaction.

Mr. Stanton states that the firm will also receive a new capital
fee if any financing or refinancing is consummated during the
term of its engagement equal to:

    -- 1.5% of the face amount of any senior secured debt
       raised;

    -- 3% of the face amount of any junior secured or unsecured
       debt raised; and

    -- 4% of any equity or hybrid capital raised.

Any financing fee is payable at the closing of the applicable
financing, according to Mr. Stanton.

"If the Debtors sell a material portion of the assets or
operations of the Lumber Division or the Pulp Division,
Rothschild is entitled to receive an initial sale fee of
US$1,625,000, in cash upon the closing of the sale," Mr. Stanton
further says.

The Rothschild Engagement Letter provides that the firm will
credit against the completion fee:

    --50% of the monthly fees paid to the firm in excess of
      US$450,000;

    --50% of any financing fee; and

    --100% of any initial sale fee, provided that the total
      amount credited will not exceed the completion fee.

The Debtors will also reimburse Rothschild for the expenses it
may incur, including charges of the firm's counsel, relating to
any work undertaken.

Stephen S. Ledoux, a professional at Rothschild, assures the
Court that it is a "disinterested person," as defined in Section
101(14) of the Bankruptcy Code.

                       About Pope & Talbot

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 U.S.
and Canada.  Markets for the company's products include the
U.S., Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expires on
Jan. 16, 2008.

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, 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).
http://bankrupt.com/newsstand/or 215/945-7000).


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

Accordingly, the British Columbia Supreme Court will assume
primary jurisdiction of the Applicants' CCAA proceedings.  The
British Columbia Supreme Court also recognizes previous orders
issued by Mr. Justice Morawetz.

The service list in the Ontario Superior Court CCAA proceedings
will continue to be the Service List in the transferred
proceedings, and any appearances filed with Ontario Superior
Court CCAA proceedings will be treated as if filed with the
British Columbia Supreme Court.

As reported in the Troubled Company Reporter on Nov. 23, 2007,
The Honorable Justice Geoffrey B. Morawetz at the Superior Court
of Justice (Commercial List) for the Province of Ontario, in
Canada, approved the request of Pope & Talbot Inc. and its
debtor-affiliates to transfer the venue of the Applicants' CCAA
proceedings to the British Columbia Supreme Court.

                       About Pope & Talbot

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 U.S.
and Canada.  Markets for the company's products include the
U.S., Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expires on
Jan. 16, 2008.

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, 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: British Columbia Court Extends Stay to Jan. 16
-------------------------------------------------------------
The British Columbia Supreme Court, which has assumed
jurisdiction of Pope & Talbot Inc. and its debtor-affiliates'
CCAA proceedings from the Superior Court of Justice (Commercial
List) for the Province of Ontario, has ruled that until and
including Jan. 16, 2008, no proceeding or enforcement process in
any court or tribunal will be commenced or continued against or
in respect of the Applicants, the Partnerships or
PricewaterhouseCoopers Inc., the Court-appointed Monitor, or
affecting the Applicants' business or property except with the
written consent of the Applicants, the Partnerships and the
Monitor, or with leave of the CCAA Court.  All proceedings
currently under way against or in respect of the Applicants or
the Partnerships are stayed and suspended pending further Court
order.

Moreover, no creditor of the Applicants will be under any
obligation to advance or re-advance any monies or otherwise
extend any credit to the Applicants.

No proceedings may be commenced or continued against the
Applicants' directors and officers.  The CCAA Court permitted
the Applicants to indemnify their directors and officers from
all claims, costs, charges and expenses relating to company
operations, except to the extent that an officer or director has
actively participated in the breach of any related fiduciary
duties or has been grossly negligent or guilty of willful
misconduct.

The Applicants' directors and officers are entitled to the
benefit of and are granted a charge of up to US$13,000,000 on
the Applicants' property, as security for the indemnity
provided.  The Directors Charge will have priority over certain
other charges and claims on the Applicants' estate.

Notwithstanding any language in any applicable insurance policy
to the contrary, (i) no insurer will be entitled to be
subrogated to or claim the benefit of the Directors' Charge, and
(ii) the Applicants' directors and officers will only be
entitled to the benefit of the Directors' Charge to the extent
that they do not have coverage under any directors' and
officers' insurance policy, or to the extent the coverage is
insufficient to pay amounts indemnified.

Except for these modifications on the Initial Stay Order, all
other provisions holds.  Nothing in the British Columbia Supreme
Court will derogate from the rights conferred and obligations
imposed by the CCAA.

As reported in the Troubled Company Reporter on Nov. 27, 2007,
PricewaterhouseCoopers Inc. asserted in its second report to Mr.
Justice Morawetz of the Ontario Superior Court of Justice dated
Nov. 20, 2007, that the Applicants require additional time to
determine and implement the appropriate next steps toward their
restructuring.

                    Unions Want Order Amended

The Pulp, Paper and Woodworkers of Canada, Local 8 and the
Communications, Energy and Paperworkers of Canada ask the
British
Columbia Supreme Court to amend its Order, to provide:

   * for the establishment of a trust fund separate from all of
     the Applicants' other assets, the only purpose of which
     will be to secure the payment of wages of employees working
     under all collective bargaining agreements entered into by
     the Applicants;

   * for the deposit to the trust fund of an amount necessary to
     ensure that the balance of the fund at all times is
     sufficient to secure accrued wage obligations within the
     next seven days;

   * that every union should immediately be notified that it is
     a party to a CBA, if the amount in the trust fund falls
     below the required amounts;

   * that "wages" is defined as the Applicants obligation to pay
     compensation wages, salaries, vacation pay, bonuses and
     expenses incurred in the ordinary course of business to
     employees working under the terms of their corresponding
     CBAs; and

   * that if the Applicants fail to establish and maintain an
     adequate balance in the trust fund, employees under their
     corresponding CBAs are entitled to withdraw from the
     performance of work and to refuse to continue to
     work for the Applicants without penalty of any kind.

The Unions also asked the Court to provide that until and
including Jan. 16, 2008, no proceeding or enforcement process
in any court or tribunal will be commenced or continued against
or in respect of the Applicants, the Partnerships or the
Monitor, or affecting the business or the property, except for
grievances filed under a CBA, pursuant to the Labour Relations
Code, R.S.B.C. 1996, c. 244.

Sebastien Andersen, Esq., at Victory Square Law Office, in
Vancouver, British Columbia, asserts that the British Columbia
Supreme Court's extension of the CCAA Stay should also provide
exceptions for grievances filed under a CBA, in respect to the
stay and suspension of all rights and remedies of any
individual, firm, corporation, governmental body or agency
against or in respect of the Applicants, the Partnerships or the
Monitor, or affecting the business or the property.

However, the Unions aver, should the Applicants determine that
the exception would constitute an "undue interference" with
their reorganization efforts, the Applicants are at liberty to
apply to extend the Stay Proceedings.

According to Mr. Andersen, the Order should be further amended
to provide that the Applicants will, subject to the terms of any
CBA, have the right to terminate the employment of their
employees, or temporarily layoff their employees, on the terms
provided for in the relevant CBA, or on alternative terms as nay
be agreed on by the Applicants and the relevant Union.

                       About Pope & Talbot

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 U.S.
and Canada.  Markets for the company's products include the
U.S., Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expires on
Jan. 16, 2008.

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, 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).


QUIBEC PROPERTIES: Joint Liquidators Take Over Operations
----------------------------------------------------------
Chris Latos and Brian Hamblin of PKF (U.K.) LLP were appointed
joint liquidators of Quibec Properties Ltd. on Oct. 17 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Farringdon Place
         20 Farringdon Road
         London
         EC1M 3AP
         England

The company can be reached at:

         BPL House
         The Runnings
         Kingsditch Trading Estate
         Cheltenham
         Gloucester
         GL51 9NJ
         England


SEA CONTAINERS: Wants Exclusive Period Extended to February 20
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend
their exclusive periods to file a Chapter 11 plan through and
including Feb. 20, 2008, and to solicit acceptances of that plan
through and including April 19.

Sean T. Greecher Esq., at Young Conaway Stargatt & Taylor, LLP,
relates that since their last request to extend the exclusive
periods, the Debtors have made substantial progress towards
developing a viable chapter 11 plan.

In particular, Mr. Greecher says, the Debtors have:

   (a) stabilized their business operations;

   (b) disposed of certain non-core assets, thereby bringing in
       cash proceeds to the estates;

   (c) addressed complex intercompany issues;

   (d) reached a settlement regarding the Company's corporate
       headquarter's lease;

   (e) obtained Court approval for additional funding for Sea
       Containers Treasury Limited, the Company's non-debtor
       vehicle, to fund non-debtor subsidiary operations;

   (f) obtained replacement financing for Sea Containers SPC
       Ltd.'s prepetition securitization facility in the form of
       DIP financing; and

   (g) obtained approval for exit financing to pay certain
       due diligence fees and expenses.

Nonetheless, Mr. Greecher continues, the resolution of two
critical issues remain to complete preparation of a Plan
Reorganization: (1) settlement of the Debtors' pension scheme
liabilities; and (2) factoring in the upcoming decision on the
change of control arbitration.

Both issues are at the verge of conclusion, Mr. Greecher assures
the Court.  The Debtors have also initiated discussions with the
creditors committees on potential chapter 11 plan alternatives,
Mr. Greecher adds.

To resolve issues with regard to the pension scheme liabilities,
the Debtors have facilitated and mediated discussions among the
creditors committees and the pension trustees, while supplying
all parties with extensive due diligence and other information
regarding the status of the Pension Trustee's claims.

Mr. Greecher reports that negotiation has now reached a critical
juncture.  In fact, recently, the parties have significantly
narrowed their differences on the status of the Pension
Trustee's claims, and intensive discussions are continuing, he
explains.

As for the progress in the change of control arbitration with GE
Capital, the Debtors undertook discovery and prepared for,
defended, and took depositions, related to the change of control
dispute in August and September 2007.  The Debtors' extensive
preparation of the change of control arbitration culminated in
hearings conducted in mid- and late October, ultimately
concluding on November 5.

The parties now have submitted post-hearing briefs and expect a
decision from the arbitrator no later than mid-December, Mr.
Greecher says.

According to Mr. Greecher, the arbitrator's decision will
influence which of the various plan alternatives the Debtors
will ultimately pursue.  The outcome of the change of control
arbitration will also facilitate the Debtors' efforts to obtain
exit financing by giving the Debtors' potential exit lenders a
better view of the Debtors' exit Plan.

The Debtors believe that continued exclusivity will allow space
to finally resolve the two ongoing issues.  Terminating
exclusivity, and introducing the prospect of a competing plan
will only distract all parties concerned, the Debtors add.

The Debtors further note that the requested extension of the
Exclusive Periods will allow them to reach a final resolution,
and propose a confirmable plan.  Conversely, failure to obtain
the requested extension may unravel the resolutions the Debtors
have worked to obtain and engender costly litigation that would
consume the estate, delay their emergence from chapter 11, and
deplete the funds available for distribution to creditors.

                      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).


WORLDWIDE APPLIANCES: Taps Liquidators from Tenon Recovery
----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Worldwide Appliances Ltd. on
Nov. 22 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

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


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


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


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

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


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

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

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

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


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


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


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


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


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592       15
Vauxhall Motors                     (699)       2,584     (463)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *