TCREUR_Public/071205.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

           Wednesday, December 5, 2007, Vol. 8, No. 241

                            Headlines




A U S T R I A

AKOS OBJEKTSANIERUNG: Vienna Court Orders Business Shutdown
ELEPHANT LLC: Ried im Innkreis Court Orders Business Shutdown
FALCONTROL SECURITY: Creditors' Meeting Slated for Dec. 12
GASTRO-TOURIST: Creditors' Meeting Slated for Dec. 6
INWESTED ASSET: Korneuburg Court Orders Business Shutdown

VISEMA INFORMATIK: Vienna Court Orders Business Shutdown
VTR VERANSTALTUNGSTECHNIK: Creditors' Meeting Slated for Dec. 12


B E L G I U M

CHIQUITA BRANDS: Gets EU Sanction Over Banana Cartel in Europe
NUANCE COMMUNICATIONS: Completes Viecore Acquisition


F I N L A N D

BRIGHTPOINT INC: Appoints Three Executive Officers


F R A N C E

DELPHI CORP: Wants Exclusive Filing Period Stretched to March 31
DRESSER-RAND GROUP: Implements Terms of New Union Contract
FRESH DEL MONTE: Names Elias Hebeka as Director on Board
QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction


G E R M A N Y

ADEXPERT GMBH: Claims Registration Period Ends Jan. 24, 2008
ARCON-KONSTRUKTION GMBH: Claims Registration Period Ends Dec. 27
AUTOHAUS MEISTER: Claims Registration Period Ends Jan. 2, 2008
BERGOINT ENGINEERING: Claims Registration Period Ends Jan. 3
BHS.NET GMBH: Creditors' Meeting Slated for December 4

BONK UND FUNKE: Claims Registration Ends December 28
C.P.BAUPROJEKT: Claims Registration Ends December 28
CASA HOCHBAU: Claims Registration Ends December 31
CEC IMMOBILIEN: Claims Registration Ends February 1, 2008
FONSCO GMBH: Claims Registration Ends December 28

FRANZ KUENG: Creditors' Meeting Slated for December 18
GB-WOHNANLAGEN SERVICE: Claims Registration Ends December 28
G F I GESELLSCHAFT: Claims Registration Period Ends Jan. 2, 2008
GIPSER- UND STUKKATEURBETRIEB: Claims Period Ends December 21
GOLDEN DRAGON: Claims Registration Period Ends January 2, 2008

HOLZAEPFEL WOHNBAU: Claims Registration Ends December 31
IKB DEUTSCHE: Mulls Capital Increase to Raise EUR2 Bln, FT Says
ITG-GMBH: Claims Registration Period Ends January 2, 2008
J & M PROJEKTSTEUERUNGSGESELLSCHAFT: Claims Period Ends Dec. 27
K & K SERVICE: Claims Registration Period Ends Jan. 28, 2008

K. J. FRIEDRICH: Claims Registration Ends December 30
KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for December 17
KUPFERBERG CONSULT: Creditors' Meeting Slated for Jan. 30, 2008
MEDIA VISION: Claims Registration Period Ends December 25
P+T GMBH: Creditors' Meeting Slated for December 21

PROSIEBENSAT.1 MEDIA: Posts EUR77.9 Mln Net Loss for Q3 2007
REGIONAL-BAU GMBH: Claims Registration Period Ends December 27
SI-COM GMBH: Creditors' Meeting Slated for December 18
SL WOHNBAU: Claims Registration Period Ends Jan. 21, 2008


G R E E C E

ASPIS BANK:  Fitch Affirms BB+ IDR with Stable Outlook
OLYMPIC AIRLINES: Aid Recoup Done, Greece Tells European Court


I R E L A N D

INTERNATIONAL SECURITIES: Court Places Firm Under Examinership
SCANDINOTES FIVE: Moody's Rates DKK255 Mln Class D Notes at Ba3


I T A L Y

ALITALIA SPA: Group Net Debt Stands at EUR1.18 Bln in October


K A Z A K H S T A N

ACT TRADE: Proof of Claim Deadline Slated for December 28
BUSINESS CENTRE: Creditors Must File Claims December 28
ECO AGROPROMPROJECT: Claims Filing Period Ends Jan. 1, 2008
KANDI TRADE: Creditors' Claims Due on December 28
KUNDYZ LLP: Claims Registration Ends January 1, 2008

SAMGAU LTD: Proof of Claim Deadline Slated for December 28
SERVER-2030 LLP: Creditors Must File Claims December 28
TAU-HOLDING LLP: Claims Filing Period Ends December 28
VEK LLP: Creditors' Claims Due on January 1, 2008
ZARAP LLP: Claims Registration Ends January 1, 2008


K Y R G Y Z S T A N

VENTURE C&C: Creditors Must File Claims by December 28


L U X E M B O U R G

CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28


N E T H E R L A N D S

KONINKLIJKE AHOLD: Completes Tops Market Sale to Morgan Stanley


N O R W A Y

DRESSER-RAND: Employees Back to Work at Painted Post Facility


R U S S I A

AGROIMPULS JSCB: Moody's Assigns B3/NP/E+ Global Scale Ratings
DAL'TRANSSTROY OJSC: Court Names E. S. Ugol'nikov as Liquidator
GAZPROM NEFT: Gains Access to US$2.2 Billion Loan Facility
GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ
GOLDEN TELECOM: In Talks to Sell All Shares to VimpelCom

GRES-2 OJSC: Creditors Must File Claims by December 22
IRIKLINSKOYE: Creditors Must File Claims by January 17, 2008
LIHOSLAVL'SKAYA GLOVE: Claims Filing Period Ends Jan. 17, 2008
MASHINOSTROITEL' TD: Creditors Must File Claims by December 17
MEZHDURECHENSKSTROY CJSC: Asset Sale Slated for December 17

SISTEMA JSFC: To Recommence Trading on Russian Stock Exchange
TERSKIJ APK: Creditors Must File Claims by January 17, 2008
TEXTILE VYSHNE-VOLOTSKAYA: Hearing Slated for January 29, 2008
VIMPEL-COMMUNICATIONS: In Talks to Acquire Golden Telecom


S P A I N

AVANZIT SA: Chapter 15 Petition Summary


S W I T Z E R L A N D

AKKRO BAU: Claims Registration Period Ends December 10
BRAND AGENCY: Claims Registration Period Ends December 10
BEPES LLC: Creditors' Liquidation Claims Due by December 10
BUCH-UND ZEITUNGSVERLAG: Creditors Must File Claims by Dec. 12
GARTNER + LEBER: Creditors' Liquidation Claims Due by Dec. 10

IDS-INSTITUT: Creditors' Liquidation Claims Due by December 10
MANUS SCHADENSMANAGEMENT: Creditors Must File Claims by Dec. 10
PLUS-PUNKT OLTEN: Creditors Must File Claims by December 10
SCICO PUBLISHING: Bern Court Closes Bankruptcy Proceedings
SEKI GASTRO: Bern Court Closes Bankruptcy Proceedings

VARIF JSC: Creditors' Liquidation Claims Due by December 14


T U R K E Y

CALIK HOLDING: Fitch Affirms IDR at B+ on Diversified Revenue
PROFILO TELRA: Fitch Junks IDR on Liquidity Concerns


U K R A I N E

ASTRA-SVIT LLC: Creditors Must File Claims by December 6
BUILDING METAL: Creditors Must File Claims by December 6
DOWNY GOODS: Creditors Must File Claims by December 6
FRUIT-JELLY FILM: Creditors Must File Claims by December 6
GRAND CHEMISTRY: Creditors Must File Claims by December 6

LUTUGINO BREADRECEIVING: Creditors Must File Claims by Dec. 6
MEDICAL TECHNICS: Proofs of Claim Deadline Set December 6
ONYX-M LLC: Creditors Must File Claims by December 6
PRAVDA LLC: Proofs of Claim Deadline Set December 6
STAN-KOINTECH CJSC: Proofs of Claim Deadline Set December 6

TRADE-ARCHITECTURE BUILDING: Creditors' Claims Due December 6
WORKSAL AGRICULTURAL: Creditors Must File Claims by December 6
ZAPOROZHYE BOILER-ASSEMBLY: Creditors Must File Claims by Dec. 6
ZOLOTOY KOLOS: Creditors Must File Claims by December 6


U N I T E D   K I N G D O M

BAA LTD: Climate Activists Disrupt Parliamentary Inquiry
CHRYSLER LLC: Overall November 2007 U.S. Sales Down 2 Percent
CHRYSLER LLC: Invests US$48 Mln to Support New Dodge Production
DAVIES & GIBBERSON: Brings In Liquidators from Moore Stephens
FORD MOTOR: Overall U.S. Sales Up 0.4 Percent in November 2007

GENERAL MOTORS: Overall U.S. Sales Down 11 Percent in November
GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ
GREENLAKE DEVELOPMENTS: Appoints PwC as Joint Administrators
HOBBY CERAMICS: J. M. Titley Leads Liquidation Procedure
INDUSTRIA ENGINEERING: Claims Filing Period Ends January 9, 2008

MARCON BUILDINGS: Taps Begbies Traynor as Administrators
NICOLSON PLANT: Brings In Administrators from BDO Stoy
POPE & TALBOT: Wants Court OK to Hire Rives as Outside Counsel
POPE & TALBOT: Selects FTI Consulting as Financial Advisor
POPE & TALBOT: U.S. Trustee Elects 5-Member Creditors Committee

POPE & TALBOT: Informs B.C. Supreme Court of APA with InterFor
SUMMIT PRECISION: Barclays Bank Taps Kroll as Receivers
TUDOR WINDOWS: Creditors' Meeting Slated for Dec. 11




                            *********


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


AKOS OBJEKTSANIERUNG: Vienna Court Orders Business Shutdown
-----------------------------------------------------------
The Trade Court of Vienna entered Oct. 29 an order shutting down
the business of LLC AKOS Objektsanierung (FN 251753a).

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

The estate administrator can be reached at:

         Dr. Robert Klein
         c/o  Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna
         Austria
         Tel: 513-99-39
         Fax: 513 99 39 30
         E-mail: klein@lawcenter.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 10 (Bankr. Case No 5 S 121/07i).  Thomas Deschka
represents Dr. Klein in the bankruptcy proceedings.


ELEPHANT LLC: Ried im Innkreis Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Ried im Innkreis entered Oct. 29 an order
shutting down the business of LLC Elephant (FN 143801y).

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

The estate administrator can be reached at:

         Dr. Peter Frisch
         Braunauerstrasse 22
         4950 Altheim
         Tel: 07723/41213
         Fax: 07723/41213-4
         E-mail: office@ra-frisch.at

Headquartered in Maria Schmolln, Austria, the Debtor declared
bankruptcy on Oct. 19 (Bankr. Case No 17 S 39/07b).


FALCONTROL SECURITY: Creditors' Meeting Slated for Dec. 12
----------------------------------------------------------
Creditors owed money by LLC Falcontrol Security (FN 281287h) are
encouraged to attend the creditors' meeting at 11:00 a.m. On
Dec. 12.

The creditors' meeting will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Vienna - Flughafen, Austria, the Debtor
declared bankruptcy on Oct. 25 (36 S 129/07y).  Stefan Langer
serves as the court-appointed estate administrator of the
bankrupt's estate.  Annemarie Kosesnik-Wehrle represents Dr.
Langer in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Stefan Langer
         c/o  Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 01/712 63 02
         Fax: 01/713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at


GASTRO-TOURIST: Creditors' Meeting Slated for Dec. 6
----------------------------------------------------
Creditors owed money by LLC Gastro-Tourist (FN 269953s) are
encouraged to attend the creditors' meeting at 11:15 a.m. on
Dec. 6.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Voitsberg, Austria, the Debtor declared
bankruptcy on Oct. 24 (26 S 89/07v).  Mag. Herbert Ortner serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Mag. Herbert Ortner
         Hauptplatz 57
         8570 Voitsberg
         Austria
         Tel: 03142/22303
         Fax: 03142/223036
         E-mail: office@recht-kompetent.at


INWESTED ASSET: Korneuburg Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Korneuburg entered Oct. 31 an order shutting
down the business of JSC inWESTed Asset Management & Beteiligung
(FN 254491b).

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

The estate administrator can be reached at:

         Dr. Stephan Riel
         c/o  Dr. Alexander Schoeller
         Landstrasser Hauptstrasse
         1030 Vienna
         Austria
         Tel: 01/713 44 33
         Fax: 01/713 10 33
         E-mail: kanzlei@jsr.at

Headquartered in Gerasdorf bei Vienna, Austria, the Debtor
declared bankruptcy on Oct. 22 (Bankr. Case No 36 S 126/07g).
Alexander Schoeller represents Dr. Riel in the bankruptcy
proceedings.


VISEMA INFORMATIK: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered Oct. 24 an order shutting down
the business of LLC Visema Informatik (FN 210443a).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 22 (Bankr. Case No 28 S 119/07i).


VTR VERANSTALTUNGSTECHNIK: Creditors' Meeting Slated for Dec. 12
----------------------------------------------------------------
Creditors owed money by LLC VTR Veranstaltungstechnik Rieder (FN
139500y) are encouraged to attend the creditors' meeting at
10:30 a.m. on Dec. 12.

The creditors' meeting will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Korneuburg, Austria, the Debtor declared
bankruptcy on Oct. 25 (36 S 128/07a).  Horst Winkelmayr serves
as the court-appointed estate administrator of the bankrupt's
estate.  Herbert Nigl represents Mag. Winkelmayr in the
bankruptcy proceedings.

The estate administrator can be reached at:

         Mag. Horst Winkelmayr
         c/o  Mag. Herbert Nigl
         Hauptplatz 15
         2100 Korneuburg
         Austria
         Tel: 02262/724 35
         Fax: 02262/724 35 50
         E-mail: rae@kniwi.at


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B E L G I U M
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CHIQUITA BRANDS: Gets EU Sanction Over Banana Cartel in Europe
--------------------------------------------------------------
The European Union told Plenglish.com that it will sanction
Chiquita Brands International, for making a banana cartel in
Europe.

According to Plenglish.com, the union also pointed out these
firms as responsible for banana cartel:

         -- Dole Food,
         -- Del Monte,
         -- Ecuador's Noboa, and
         -- Ireland's Fyffes.

Plenglish.com notes that the companies were allegedly exporting
large amounts of banana to Europe at "artificially high prices."

European Commissioner for Competition Neelie Kroes sent a letter
to the firms to inform them about the sanction, Plenglish.com
states.

                    About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


NUANCE COMMUNICATIONS: Completes Viecore Acquisition
----------------------------------------------------
Nuance Communications Inc. has closed the acquisition of
Viecore, Inc., a consulting and systems integration firm
specializing in the deployment of contact center solutions for
large enterprises.

Viecore expands Nuance's professional services capabilities and
complements its existing partnerships, allowing the Company to
deliver end-to-end speech solutions and system integration for
speech-enabled customer care in key vertical markets including
financial services, telecommunications, healthcare, utilities
and government.  Viecore's consulting services, systems
integration experience and significant intellectual property
related to services delivery allows Nuance to further accelerate
the deployment of customer care solutions.

In connection with the acquisition of Viecore and in accordance
with NASDAQ Marketplace Rule 4350, Nuance will grant 613,363
shares of its common stock, in the form of stand-alone
restricted stock units, as an inducement that is material to 334
individuals entering into employment arrangements with Nuance.
The restricted stock units will be granted upon the approval of
the Compensation Committee of Nuance's Board of Directors.
577,600 of the restricted stock units vest over a four year
period, 11,921 of the restricted stock units vest over a 90-day
period, 11,921 of the restricted stock units vest over a one
year period and 11,921 of the restricted stock units vest over a
two year period.

                       About Viecore

Viecore is a leading consulting and systems integration firm
delivering end-to-end automated customer interaction solutions.
Since 1989, Viecore has been a trusted advisor to enterprise-
level corporations, providing leadership and guidance in
defining contact center strategies.  Its integration services
bring together CTI (computer telephony integration), IVR
(interactive voice response), speech, and web technologies-to
deliver comprehensive customer interaction management solutions
for a wide range of industry segments.  Its customer interaction
solutions are deployed in thousands of enterprises worldwide,
helping millions of callers every day, access information and
perform self-service transactions.

               About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/--
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed USUS$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


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F I N L A N D
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BRIGHTPOINT INC: Appoints Three Executive Officers
--------------------------------------------------
Brightpoint Inc., in connection with its ongoing integration
following its transaction with Dangaard Telecom, the duties and
responsibilities of certain executives are modified effective
immediately:

  -- Jac Currie has been appointed as the company's Chief
     Information Officer and will lead the company's global IT
     team.

  -- R. Bruce Thomlinson will continue in his role of
     President, Asia Pacific but will have his scope expanded
     to include the Middle East, Africa and India.

  -- David O'Connell has been appointed as Chief Financial
     Officer for Brightpoint Europe.

Prior to his appointment as CIO, Mr. Currie had been President
of Emerging Markets since January 2006.  From August 2002 to
December 2005, Mr. Currie was the chairman and chief executive
officer of Persequor Limited, a holding company for investments
in wireless telecommunications that the Company subsequently
acquired and which is now one of the Company's wholly owned
subsidiaries.  From January 1998 to August 2002, Mr. Currie
served as the managing director of Brightpoint Middle East FZE,
then one of the Company's wholly owned subsidiaries.  Mr. Currie
also serves on the board of directors of several of the
Company's subsidiaries.  Mr. Currie is a wireless industry
veteran, having been involved in the industry since 1988.  Prior
to joining Brightpoint, he was employed by Deutsche Telecom in
the Philippines.  He also worked with Millicom International
Cellular from 1988 to 1995, in various senior marketing and
management roles throughout Europe, Asia and Latin America.

Mr. Thomlinson has served the Company in various capacities,
most recently as President, Asia-Pacific.  Prior to the
integration with Dangaard, Mr. Thomlinson served as President,
International Operations from August 2005.   Previously, he
served as President of the Company's Asia-Pacific division from
October 1998 and as Managing Director of Brightpoint Australia
since October 1996, when Brightpoint acquired Hatadicorp Pty
Ltd.  Prior to that time, Mr. Thomlinson held the position of
Managing Director for Hatadicorp.  He has been engaged in the
wireless communications industry since 1989.

Prior to his appointment as CFO for Brightpoint Europe, Mr.
O'Connell served as Vice President Integration and Communication
since November 2006.  Prior to that, Mr. O'Connell served as
Vice President of Taxation, Global Credit and Risk Management
for Brightpoint since April of 2003.  From August of 1997 to
April of 2003 he was the company's Director of Taxation.  Prior
to joining the Company, Mr. O'Connell was Tax Manager for
Allison Engine Company (now Rolls-Royce) in Indianapolis,
Indiana.  Prior thereto, he held various tax positions with
Ernst & Young.

                     About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                       *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


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F R A N C E
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DELPHI CORP: Wants Exclusive Filing Period Stretched to March 31
----------------------------------------------------------------
Delphi Corporation and its debtor affiliates and subsidiaries
ask the U.S. Bankruptcy Court for the Southern District of New
York to further extend their exclusive periods to:

   (a) file a plan of reorganization through and including
       March 31, 2008; and

   (b) solicit acceptance of that plan through and including
       May 31, 2008.

The Debtors' current Exclusive Plan Proposal Period will expire
on December 31, 2007.

"A further extension of the Exclusive Periods is justified by
the significant progress the Debtors have made toward
reorganization since they last sought an extension of the
Exclusive Periods," John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, asserts.

The Debtors' good-faith progress towards reorganization,
according to Mr. Butler, is most convincingly demonstrated by
the filing of the Joint Plan of Reorganization and Disclosure
Statement on Sept. 6, 2007.  The Plan and Disclosure Statement
were the products of a series of intense negotiations involving
the Debtors, the Plan Investors led by Appaloosa Management
L.P., the Statutory Committees, and General Motors Corp., Mr.
Butler avers.

As a result of the turbulence in the capital markets, however,
the Debtors were required to negotiate potential amendments to
the Plan and Disclosure Statement with certain stakeholders,
Mr. Butler relates.  Nonetheless, the Plan provides for full
payment at Plan value to creditors and a distribution for equity
holders, he notes.  "All of these negotiated amendments
represent the Debtors' continuing efforts to emerge from Chapter
11 protection as quickly as possible so that they can maximize
value for all their stakeholders," Mr. Butler assures the Court.

In addition to the significant progress toward confirming a
plan, Mr. Butler points out that that the Debtors have
substantially achieved the goals of their transformation plan
by, among other things, negotiating amended collective
bargaining agreements with their labor unions and comprehensive
settlement and restructuring agreements with GM; continuing to
divest non-core assets and businesses; and obtaining the second
of two pension funding waivers from the Internal Revenue
Service.

The unresolved contingencies relating to fully committed exit
financing, solicitation, and confirmation of the Plan, as well
as the size and complexity of the Debtors' cases also justify a
further extension of the Exclusive Periods, Mr. Butler adds.
"The size and complexity of the Debtors' chapter 11 cases alone
constitute sufficient cause to extend the Exclusive Periods," he
asserts.

Accordingly, the Debtors seek an extension of the Exclusive
Periods to give them sufficient time to complete the Plan
solicitation and confirmation processes in a timeframe that will
allow them to emerge from bankruptcy in the first quarter of
2008.

The Debtors are not using their Exclusive Periods to pressure
stakeholders to submit to their reorganization demands,
Mr. Butler clarifies.  The Debtors, he explains, are actively
utilizing the Periods to resolve remaining issues in good faith
with their diverse constituencies.  In addition, the Debtors'
request is without prejudice to any party's right to request a
termination of exclusivity for cause at any time under Section
1121(d) of the Bankruptcy Code.

The Debtors said the requested extension was precautionary.  The
Debtors continue to expect that they will emerge from Chapter 11
during the first quarter of 2008.

The Detroit News notes that Delphi, in November 2007, said if
its plan isn't in place by Dec. 31, it could owe the U.S.
Internal Revenue Service US$1,400,000,000, when the waiver on
funding of the auto-parts supplier's pension obligations expires
and would compel the company to pay taxes and penalties to the
IRS.  The IRS, according to the report, could extend the waiver.

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 99; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DRESSER-RAND GROUP: Implements Terms of New Union Contract
----------------------------------------------------------
Dresser-Rand Group Inc., after reaching impasse in its
negotiations with the IUE-CWA Local 313 union representatives
for the company's Painted Post facility in New York State, the
company has implemented the terms of its last offer and has
invited bargaining unit employees to immediately return to work.

At the time of the strike on Aug. 4, 2007, there were
approximately 400 bargaining unit employees.  However, since the
strike began, the company has hired over 90 permanent
replacement workers, subcontracted approximately 35% of its
work, and continued to augment production with approximately 130
temporary employees.  It is anticipated that temporary employees
will continue to be reduced by additional new hires, employees
returning to work, and increased subcontracting.

"This is a major event in the evolution of this facility because
the contract language governing our operating policies is now
consistent with contemporary standards, and the employee
benefits will be more in line with the vast majority of what
already exists among Dresser-Rand U.S.-based union and non-union
employees," said Dresser-Rand President and Chief Executive
Officer, Vincent R. Volpe, Jr.

"While it is unfortunate that we collectively had to endure a
sixteen week strike, it is equally clear that this was an
investment in the future of the Painted Post facility.
Throughout the course of the strike, our replacement workers and
our salaried employees, as well as the strikers who returned to
work, did an outstanding job because of their dedication and
their extended work hours in helping the business move forward,"
said Mr. Volpe.

On Nov. 13, 2007, the Union and the company agreed to meet for 3
more days of bargaining and then to meet every day beginning
Nov. 26, 2007, in continuous negotiating sessions on consecutive
days thereafter.  On Nov. 19, 2007, the union made an offer to
return to work under the expired contract.  This followed 32
sessions of negotiations between the company and the union and a
sixteen-week strike.  The company elected not to accept the
union's offer.  During the first two days of negotiations
following the Thanksgiving holiday, both parties expressed their
unwillingness to change their negotiating position.  The union
then informed the company that it was unavailable to meet for
the remainder of the week, and ended the negotiations at
approximately noon on Nov. 27, 2007.

According to Vice President and Chief Administrative Officer
Elizabeth Powers, "The Union has filed several unfair labor
practice charges against the company which will be decided over
the course of the next several months.  The company has fully
cooperated with the National Labor Relations Board's
investigation of these charges.  However, the company, together
with our external labor counsel, are confident that every
precaution has been taken to ensure that the company has
followed the law properly and fully respected the rights of the
Union, the employees, and the bargaining process."

Over the sixteen week strike, Painted Post shipped 42 complete
compressor units, the majority of which were delivered on time
or early to clients.  During the months of the strike, from
August through November 2007, the parts business in Painted Post
exceeded shipment levels compared to August through November
2006.

During the strike, Lloyds Registry recertified the Painted Post
facility for both ISO 9001 and ISO 14001, despite the fact that
the entire workforce of temporary and permanent replacement
workers was new.

According to Director of Operations for the Painted Post
facility, Doug Rich, "The past several weeks have resulted in a
culture change and a tremendous amount of teamwork within the
facility as all of our employees -- both management and
production employees -- have worked together to accomplish our
goal of providing uninterrupted service to our clients.  We are
proud of the effort and results of our employees during this
strike."

Mr. Volpe said, "We are now looking forward to welcoming back
many of our employees into a rejuvenated atmosphere of
collaboration and teamwork, where positive energy is expended on
satisfying our clients".

"This company, with the support of its board and shareholders,
never wavered in its resolve to obtain what we considered to be
the principal operational objectives that have now been
achieved" according to Mr. Volpe.  "As a result, clients of our
reciprocating compressor products, principally manufactured in
Painted Post New York, should be better served."

The company currently does not believe that this recent
development warrants any change in its earnings guidance for
2007 and 2008 disclosed at its Oct. 31, 2007 conference call
which followed the report of the company's third quarter 2007
results.

                      About the Company

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


FRESH DEL MONTE: Names Elias Hebeka as Director on Board
--------------------------------------------------------
Fresh Del Monte Produce Inc.'s Board of Directors has appointed
Dr. Elias K. Hebeka to serve as a director to the company until
the 2008 Annual General Meeting of Shareholders when he will be
considered for election to the board by the company's
shareholders.  Dr. Hebeka's appointment increases the board to
nine members, five of whom are independent directors.  Dr.
Hebeka is currently serving as a consultant to several
organizations and companies, including The World Bank and
Callaway Golf.

Dr. Hebeka has previously held various senior executive
management and academia positions.  At Revlon Inc. he served as
President Worldwide Operations and Technical Affairs, Executive
Vice President, Operations Worldwide, and Executive Vice
President, Operations.  Prior to joining Revlon, Dr. Hebeka was
President and Chief Executive Officer of Liberty Science Center
and he held various management positions with Warner Lambert
Company for over 25 years.  Prior to his business career, Dr.
Hebeka served as a Professor at the University of Cairo. He
currently serves as a Vice Chair of the board of trustees with
The American University in Cairo.  Dr. Hebeka also serves on the
boards of two non-profit organizations.

Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief
Executive Officer, said, "Dr. Hebeka brings to Fresh Del Monte a
wealth of academia and business experience.  He has a tremendous
amount of international business knowledge and his extensive
familiarity and insight into emerging markets will be of great
value to Fresh Del Monte in achieving its global growth
strategy."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Services has affirmed
its 'BB-' corporate credit rating on Fresh Del Monte Produce
Inc., and removed the rating from CreditWatch, where it was
placed with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.


QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction
-----------------------------------------------------------
In light of media reports and questions from some Members of
Parliament, Quebecor Media Inc. issues this statement:

"Quebecor Media Inc. and its subsidiary, Videotron Ltd., fully
respected the integrity of the public consultation process
concerning the establishment of rules to be applied to the
auction of spectrum for mobile wireless services.  All
representations made to various government authorities were
conducted by persons who were duly registered as lobbyists."

"In addition, Quebecor Media Inc. confirms that its President
and Chief Executive Officer, Mr. Pierre Karl Peladeau, met on
two occasions with the Hon. Maxime Bernier when he was Minister
of Industry to discuss different issues including the company's
perspective on the wireless file, specifically that it is in the
interest of Canadian consumers to have greater competition in
this area.  The meetings were organized by company
representatives who were duly recorded in the Lobby Registry, as
were Mr. Peladeau and individuals who accompanied him to these
meetings.  The two meetings took place in the winter and the
summer of 2006."

"Mr. Peladeau and other senior officials of the company and its
subsidiaries also met with other members of the Cabinet, of the
public service as well as MPs including members from opposition
parties.  All individuals involved in the organization of these
meetings and in the meetings themselves acted in accordance with
the applicable legislation."

"Quebecor Media Inc. is pleased with the decision announced
earlier this week by the Minister of Industry, the Hon. Jim
Prentice, that allows new competitors to enter the wireless
market since this decision is clearly in the interest of all
Canadian consumers."

Quebecor Media Inc., a subsidiary of Mortsel, Belgium-based,
Quebecor Inc. -- http://www.quebecor.com/-- owns operating
companies in numerous media-related businesses: Videotron Ltd.,
a cable operator in Quebec and a major Internet Service Provider
and provider of telephone and business telecommunications
services; Sun Media Corporation, Canada's chain of tabloids and
community newspapers; TVA Group Inc., operator of French-
language general-interest television network in Quebec, a number
of specialty channels, and the English-language general-interest
station Sun TV; Canoe Inc., operator of a network of English-
and French-language Internet properties in Canada; Nurun Inc., a
major interactive technologies and communications agency with
offices in Canada, the United States, Europe and Asia; companies
engaged in book publishing and magazine publishing; and
companies engaged in the production, distribution and retailing
of cultural products, namely Archambault Group Inc., chain of
music stores in eastern Canada, TVA Films, and Le SuperClub
Videotron ltee, a chain of video and video game rental and
retail stores.

Headquartered in Montreal, Canada, the company has global
facilities in India, France and Argentina.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service rated Quebecor Media
Inc.'s US$700 million add-on senior unsecured note issue B2.
Ratings on the underlying 7.75% senior unsecured notes due in
March of 2016 were affirmed at the same B2 level.  At the same
time, QMI's Ba3 corporate family rating and stable ratings
outlook were affirmed.


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


ADEXPERT GMBH: Claims Registration Period Ends Jan. 24, 2008
------------------------------------------------------------
Creditors of ADexpert GmbH have until Jan. 24, 2008, to register
their claims with court-appointed insolvency manager Dr. Juergen
Sander.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 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 Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

          Dr. Juergen Sander
          An der Beeke 22
          28844 Weyhe
          Germany
          Tel: 0421/806666
          Fax: 0421/8066611

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

The Debtor can be reached at:

          ADexpert GmbH
          Am Kuhzaun 28
          28844 Weyhe
          Germany


ARCON-KONSTRUKTION GMBH: Claims Registration Period Ends Dec. 27
---------------------------------------------------------------
Creditors of Arcon-Konstruktion GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Jan. 29, 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Karina Schwarz
         Adenauerallee 4
         30175 Hannover
         Germany
         Tel: 0511 2353150
         Fax: 0511 2353151

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

The Debtor can be reached at:

         Arcon-Konstruktion GmbH
         Attn: Hedwig Minna Maria Meine, Manager
         Staakenweg 71
         30179 Hannover
         Germany


AUTOHAUS MEISTER: Claims Registration Period Ends Jan. 2, 2008
--------------------------------------------------------------
Creditors of Autohaus Meister GmbH have until Jan. 2, 2008, to
register their claims with court-appointed insolvency manager
Stephan Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Stephan Ruedlin
         Bismarckstrasse 107
         74074 Heilbronn
         Germany
         Tel: 07131/91344-0
         Fax: 07131/91344-11

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

The Debtor can be reached at:

         Autohaus Meister GmbH
         Benzenmuehlstrasse 9
         71723 Grossbottwar
         Germany


BERGOINT ENGINEERING: Claims Registration Period Ends Jan. 3
------------------------------------------------------------
Creditors of Bergoint Engineering GmbH have until Jan. 3, 2008,
to register their claims with court-appointed insolvency manager
Stephan Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 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 Darmstadt
         Hall 4.326
         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:

         Dr. Stephan Schlegel
         Hauptstrasse 336
         65760 Eschborn
         Germany
         Tel: 06173/9394-0
         Fax: 06173/9394-20

The District Court of Darmstadt opened bankruptcy proceedings
against Bergoint Engineering GmbH on Nov. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bergoint Engineering GmbH
         Attn: Denis Bergoint, Manager
         Akazienweg 11
         64665 Alsbach-Hahnlein
         Germany


BHS.NET GMBH: Creditors' Meeting Slated for December 4
------------------------------------------------------
The court-appointed insolvency manager for BHS.NET GmbH, Michael
Hawelka will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Dec. 4.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on April 1, 2008 at the same
venue.

Creditors have until Feb. 5, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael Hawelka
         Friedrichstr. 204
         10117 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against BHS.NET GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BHS.NET GmbH
         Prinz-Eugen-Str. 21
         13347 Berlin
         Germany


BONK UND FUNKE: Claims Registration Ends December 28
----------------------------------------------------
Creditors of Bonk und Funke Vermoegensverwaltung GmbH & Co. KG
have until Dec. 28 to register their claims with court-appointed
insolvency manager Franz J. Abel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Franz J. Abel
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany
         Tel: (06894) 3876 311
         Fax: (06894) 382 185

The District Court of Saarbruecken opened bankruptcy proceedings
against Bonk und Funke Vermoegensverwaltung GmbH & Co. KG on
Nov. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bonk und Funke Vermoegensverwaltung GmbH & Co. KG
         Attn: Dominik Bonk and Michael Funke, Managers
         Am Langfeld 38
         66130 Saarbruecken
         Germany


C.P.BAUPROJEKT: Claims Registration Ends December 28
----------------------------------------------------
Creditors of C.P.Bauprojekt GmbH have until Dec. 28 to register
their claims with court-appointed insolvency manager Berthold
Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:35 p.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Berthold Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against C.P.Bauprojekt GmbH on Nov. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         C.P.Bauprojekt GmbH
         Am Markt 4
         17139 Malchin
         Germany


CASA HOCHBAU: Claims Registration Ends December 31
--------------------------------------------------
Creditors of Casa Hochbau GmbH have until Dec. 31 to register
their claims with court-appointed insolvency manager Rainer
Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Rainer Beck
         Rheinstrasse 75
         47623 Kevelaer
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Casa Hochbau GmbH on Nov. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Casa Hochbau GmbH
         Attn: Thomas Kurz, Manager
         Halderner Str.2
         46499 Hamminkeln
         Germany


CEC IMMOBILIEN: Claims Registration Ends February 1, 2008
---------------------------------------------------------
Creditors of CEC Immobilien GmbH have until Feb. 1, 2008, to
register their claims with court-appointed insolvency manager
Dr. Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Dec. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall W 1.25
         First Floor
         Wilhelmstr. 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn
         Germany
         Tel: 0228/985210
         Fax: 0228/9852122

The District Court of Bonn opened bankruptcy proceedings against
CEC Immobilien GmbH on Nov. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         CEC Immobilien GmbH
         Boeselagerhof 11
         53111 Bonn
         Germany

         Attn: Sylvia Neusser, Manager
         Esche 4
         53111 Bonn
         Germany


FONSCO GMBH: Claims Registration Ends December 28
-------------------------------------------------
Creditors of Fonsco GmbH have until Dec. 28 to register their
claims with court-appointed insolvency manager Dr. Reinhard Th.
Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Dr. Reinhard Th. Schmid
         Hasenbergsteige 5
         70178 Stuttgart
         Tel: 0711/66 90 70
         Fax: 0711/66 45 068

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

The Debtor can be reached at:

         Fonsco GmbH
         Attn: Dr. Regina-Elisabeth Mayer-Jaekel, Manager
         Otto-Lilienthalstr. 36
         71034 Boeblingen
         Germany


FRANZ KUENG: Creditors' Meeting Slated for December 18
------------------------------------------------------
The court-appointed insolvency manager for Franz Kueng GmbH,
Bjoern Gehde, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:30 a.m. on
Dec. 18.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:40 a.m. on March 25, 2008, at the same
venue.

Creditors have until Feb. 6, 2008, to register their claims
with:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Franz Kueng GmbH on Nov. 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Franz Kueng GmbH
         Schoenhauser Allee 188
         10119 Berlin
         Germany


GB-WOHNANLAGEN SERVICE: Claims Registration Ends December 28
------------------------------------------------------------
Creditors of GB-Wohnanlagen Service GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Hans W. Bauer.

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 Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         Germany

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

The insolvency manager can be reached at:

         Hans W. Bauer
         Emmeramsplatz 6
         93047 Regelsburg
         Germany
         Tel: 0941/2968020

The District Court of Mosbach opened bankruptcy proceedings
against GB-Wohnanlagen Service GmbH on Nov. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GB-Wohnanlagen Service GmbH
         Attn: Alois Abeltshauser, Manager
         Stadtamhof 8
         93059 Regensburg
         Germany


G F I GESELLSCHAFT: Claims Registration Period Ends Jan. 2, 2008
----------------------------------------------------------------
Creditors of G F I Gesellschaft fuer Isoliertechnik mbH have
until Jan. 2, 2008, to register their claims with court-
appointed insolvency manager Stefan Rieger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Feb. 13, 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Stefan Rieger
         Brueder-Grimm-Strasse 13
         60314 Frankfurt (Main)
         Germany
         Tel: 069/40586280
         Fax: 069/40586285

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against G F I Gesellschaft fuer Isoliertechnik mbH
on Nov. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         G F I Gesellschaft fuer Isoliertechnik mbH
         Floersheimer Str. 23
         60326 Frankfurt (Main)
         Germany


GIPSER- UND STUKKATEURBETRIEB: Claims Period Ends December 21
-------------------------------------------------------------
Creditors of SB- Gipser- und Stukkateurbetrieb GmbH have until
Dec. 21 to register their claims with court-appointed insolvency
manager Dr. Helmut Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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 Eisner
         Josef-Schmitt-Strasse 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/2065

The District Court of Mosbach opened bankruptcy proceedings
against SB- Gipser- und Stukkateurbetrieb GmbH on Nov. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SB- Gipser- und Stukkateurbetrieb GmbH
         Attn: Niko Batarilo, Manager
         Goetzstr. 14 a
         74855 Hassmersheim
         Germany


GOLDEN DRAGON: Claims Registration Period Ends January 2, 2008
--------------------------------------------------------------
Creditors of Golden Dragon GmbH have until Jan. 2, 2008, to
register their claims with court-appointed insolvency manager
Johannes Graute.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Johannes Graute
         III. Hagen 30
         45127 Essen
         Germany

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

The Debtor can be reached at:

         Golden Dragon GmbH
         Attn: Lo Ming Tang, Manager
         Porscheplatz 100
         45127 Essen
         Germany


HOLZAEPFEL WOHNBAU: Claims Registration Ends December 31
--------------------------------------------------------
Creditors of Holzaepfel Wohnbau GmbH have until Dec. 31 to
register their claims with court-appointed insolvency manager
Dr. Kurt Nonnenmacher.

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 Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         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. Kurt Nonnenmacher
         Kiehnlestr. 14
         75172 Pforzheim
         Germany

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

The Debtor can be reached at:

         Holzaepfel Wohnbau GmbH
         Attn: Rainer Holzaepfel, Manager
         Muehlweg 5
         71299 Wimsheim
         Germany


IKB DEUTSCHE: Mulls Capital Increase to Raise EUR2 Bln, FT Says
---------------------------------------------------------------
IKB Deutsche Industriebank AG is looking to raise EUR2 billion
(US$3 billion) from a capital increase, with a share sale pegged
at EUR1 each, the Financial Times Deutschland reports citing
financial sources.

The bank, which fell victim to the global credit squeeze
triggered by the U.S. subprime crisis, was recently rescued by a
bailout led by Germany's state-owned KfW Bankengruppe.

As reported in the Troubled Company Reporter-Europe on Dec. 4,
2007, the KfW-led banking pool agreed to cover US$520 million in
risks for IKB, the second time a rescue has been set up for the
troubled lender in under four months.  This brings the cost of
the rescue to EUR6.1 billion.

The FT report said the bank group agreed to the credit line on
the condition that it will be free of all further liabilities
and that there will be an accelerated sale for the MDAX-listed
bank, Thomson Financial relates.

The rescue package, Reuters says citing an unnamed source, will
include:

   -- EUR150 million from Bundesverband deutscher Banken,
      Germany's leading banking and finance association; and

   -- EUR50 million to be shared by German savings bank
      association DSGV and cooperative banks association BVR.

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

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 2007 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.

                           Insider Trading

Meanwhile, German authorities were probing claims of insider
trading at IKB, which led to the raid of current and former
executives' houses last week, reports say.

The Duesseldorf State Prosecutor's office searched the homes of
former IKB CEO Stefan Ortseifen, and Claus Momburg, IKB's
current head of personnel and risk management, and the
apartments linked with senior executives at Rhineland Funding,
Peter Stiff writes for Times Online.

According to the report, the probe is looking whether the
managers knowingly pursued a high-risk strategy that put the
IKB's survival in jeopardy.

Mr. Ortseifen, along with three other management board members
were relieved of their duties following an audit by
PricewaterhouseCoopers, which found that the bank's crisis was a
result of "flawed" risk management, Times Online relates.

AFP says IKB's stock market value has plunged from nearly EUR3
billion at the beginning of 2007 to around EUR700 million at
present.

                        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.


ITG-GMBH: Claims Registration Period Ends January 2, 2008
---------------------------------------------------------
Creditors of ITG-GmbH have until Jan. 2, 2008, to register their
claims with court-appointed insolvency manager Joerg A.
Wunderlich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier
         Germany

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

The insolvency manager can be reached at:

         Joerg A. Wunderlich
         Bahnhofsplatz 8
         54292 Trier
         Germany
         Tel: 0651/146930
         Fax: 0651/1469320

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

The Debtor can be reached at:

         ITG-GmbH
         Attn: Manfred Kreuz, Manager
         Loebstrasse 15
         54292 Trier
         Germany


J & M PROJEKTSTEUERUNGSGESELLSCHAFT: Claims Period Ends Dec. 27
---------------------------------------------------------------
Creditors of J & M Projektsteuerungsgesellschaft mbH have until
Dec. 27 to register their claims with court-appointed insolvency
manager Falk Eppert.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against J & M Projektsteuerungsgesellschaft mbH on
Nov. 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         J & M Projektsteuerungsgesellschaft mbH
         Rudelsburgstrasse 34
         13129 Berlin
         Germany


K & K SERVICE: Claims Registration Period Ends Jan. 28, 2008
------------------------------------------------------------
Creditors of K & K Service Gesellschaft mbH fuer Grosskuechen
und Kalteanlagen have until Jan. 28, 2008, to register their
claims with court-appointed insolvency manager Sebastian
Windelschmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Feb. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Sebastian Windelschmidt
          Adolf-Kaschny-Strasse 19
          51373 Leverkusen
          Germany

The District Court of Cologne opened bankruptcy proceedings
against K & K Service Gesellschaft mbH fuer Grosskuechen und
Kalteanlagen on Nov. 13.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          K & K Service Gesellschaft mbH fuer Grosskuechen und
          Kalteanlagen
          Moenchsgasse 7
          50737 Cologne
          Germany


K. J. FRIEDRICH: Claims Registration Ends December 30
-----------------------------------------------------
Creditors of K. J. Friedrich GmbH have until Dec. 30 to register
their claims with court-appointed insolvency manager Dr. Sabine
Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:22 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against K. J. Friedrich GmbH on Nov. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         K. J. Friedrich GmbH
         Attn: Karl Josef Friedrich, Manager
         Hammerschmidtstr. 124
         50999 Cologne
         Germany


KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for December 17
----------------------------------------------------------------
The court-appointed insolvency manager for Konzepta
Grundstuecksgesellschaft mbH & Co. Siebzehnte Immobilien KG,
Christoph Schulte-Kaubruegger, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:35 a.m. on Dec. 17.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 31, 2008, at the same
venue.

Creditors have until Feb. 1, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Konzepta Grundstuecksgesellschaft mbH & Co.
Siebzehnte Immobilien KG on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Konzepta Grundstuecksgesellschaft mbH & Co. Siebzehnte
          Immobilien KG
          Menzelstrasse 17
          14193 Berlin
          Germany


KUPFERBERG CONSULT: Creditors' Meeting Slated for Jan. 30, 2008
---------------------------------------------------------------
The court-appointed insolvency manager for Kupferberg Consult
GmbH, Christian Feketija will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:15
a.m. on Jan. 30, 2008.

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

         The District Court of Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report on the same date at the same venue.

Creditors have until Feb. 4, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Feketija
         Letzter Hasenpfad 61
         60598 Frankfurt (Main)
         Germany
         Tel: 069/60625786
         Fax: 069/60625788

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Kupferberg Consult GmbH on Oct. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kupferberg Consult GmbH
         Attn: Majer Kupferberg, Manager
         Palmstrasse 13
         60316 Frankfurt (Main)
         Germany


MEDIA VISION: Claims Registration Period Ends December 25
---------------------------------------------------------
Creditors of media vision Marketing & Videotechnik-Vertriebs-
GmbH have until Dec. 25 to register their claims with court-
appointed insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 16, 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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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 Koeln
         Germany
         Tel: 0221/9922300
         Fax: 0221/99223035

The District Court of Siegen opened bankruptcy proceedings
against media vision Marketing & Videotechnik-Vertriebs-GmbH on
Nov. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         media vision Marketing &
         Videotechnik-Vertriebs-GmbH
         Attn: Klaus Kiesewetter, Manager
         Spandauer Str. 40
         57072 Siegen
         Germany


P+T GMBH: Creditors' Meeting Slated for December 21
---------------------------------------------------
The court-appointed insolvency manager for P+T GmbH, Michael
Hawelka, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:45 a.m. on
Dec. 21.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on March 28, 2008, at the same
venue.

Creditors have until Jan. 31, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael Hawelka
         Friedrichstr. 204
         10117 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against P+T GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          P+T GmbH
          Fasanenstr. 29
          10719 Berlin
          Germany


PROSIEBENSAT.1 MEDIA: Posts EUR77.9 Mln Net Loss for Q3 2007
------------------------------------------------------------
The ProSiebenSat.1 Group posted EUR77.9 million in consolidated
net losses on EUR668.4 million in consolidated revenues for the
third quarter of 2007, compared with EUR13.1 million in
consolidated net profit on EUR431.3 million in consolidated
revenues for the same period in 2006.

Most of the increase came from the consolidation of the SBS
Broadcasting Group, acquired by ProSiebenSat.1 in July 2007 and
included in the accounts since then.  Earnings were affected by
a one-time charge of EUR120 million stemming from a fine
required by the Federal Cartel Office.

"Positioning the ProSiebenSat.1 Group internationally by
acquiring the SBS Broadcasting Group was the right strategic
decision," said ProSiebenSat.1 AG CEO Guillaume de Posch.  "The
dynamics of other European markets more than made up for the
subdued German market in the third quarter.  As a pan-European
television group, ProSiebenSat.1 stands on a broader base, and
is better protected against downturns. The vigor of the other
European markets will continue to drive our growth in the fourth
quarter."

At Sept. 30, 2007, the Group had EUR3.54 billion in net
financial debt, compared with EUR311.6 million a year earlier.
The primary reason for the increase was the Group's
substantially higher financial liabilities resulting from the
financing arrangements associated with the SBS acquisition.
Segment Free TV German-speaking region: One-off charge affects
profit performance

The Corporation's top priority for the next few months is the
successful integration of the two Groups.  International project
teams have been formed to advance internal integration as
quickly as possible, and thus to reap the expected synergies of
EUR80 million to EUR90 million with full effect in 2010.  These
teams are working in close coordination to develop new
approaches, especially in the area of TV production for the
Group.  In the Diversification unit, business models that had
formerly focused on single countries will be extended into new
markets. Over the next few months, for example, the MyVideo
online platform may be launched in several SBS countries.  The
SevenGames.com international gaming platform will be launched as
early as December.

For this year, the Company continues to expect higher revenues
and earnings, predominantly caused by the initial consolidation
of SBS.  As in previous years, recurring EBITDA is expected to
rise faster than revenues again this year. Revenue growth
combined with ongoing rigorous cost management will be the
principal driver for rising profits.

The core business in advertising-financed Free TV, will remain
the major growth driver for the future.  In the German market a
new advertising sales model has been implemented that is in line
with cartel law. The Group is confident that it will be able to
reach its targets under the new sales model. The strong market
dynamics in the former SBS regions will drive the Group's growth
in Free TV operations again in the fourth quarter 2007. The
diversified media portfolio will also help propel the Group's
organic growth.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.ProsiebenSat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

As of Dec. 4, 2007, ProsiebenSat.1 Media AG carries Moody's
Investors Service Ba1 senior unsecured and corporate family
ratings.


REGIONAL-BAU GMBH: Claims Registration Period Ends December 27
--------------------------------------------------------------
Creditors of Regional-Bau GmbH Goerlitz have until Dec. 27 to
register their claims with court-appointed insolvency manager
Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Martin Dreschers
         Heideparkstrasse 4
         01099 Dresden
         Germany
         Tel: 02375/07
         Web: http://www.insolnet.de/

The District Court of Dresden opened bankruptcy proceedings
against Regional-Bau GmbH Goerlitz on Nov. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Regional-Bau GmbH Goerlitz
         Attn: Hans-Juergen Rohrbach, Manager
         Koenigshainer Strasse 7a
         02827 Goerlitz
         Germany


SI-COM GMBH: Creditors' Meeting Slated for December 18
------------------------------------------------------
The court-appointed insolvency manager for Si-Com GmbH,
Christoph Schulte-Kaubruegger, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:40 a.m. on Dec. 18.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on April 1, 2008, at the same
venue.

Creditors have until Feb. 1, 2008, to register their claims
with:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Si-Com GmbH
         Rhinstr. 84
         12681 Berlin
         Germany


SL WOHNBAU: Claims Registration Period Ends Jan. 21, 2008
---------------------------------------------------------
Creditors of SL Wohnbau GmbH have until Jan. 21, 2008, to
register their claims with court-appointed insolvency manager
Manfred Dobler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Manfred Dobler
         Gansheidestr. 1
         70184 Stuttgart
         Germany
         Tel: 0711/16 4330
         Fax: 0711/16 43350

The District Court of Stuttgart opened bankruptcy proceedings
against SL Wohnbau GmbH on Nov. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SL Wohnbau GmbH
         Apfelbluetenweg 11
         71394 Kernen
         Germany


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


ASPIS BANK:  Fitch Affirms BB+ IDR with Stable Outlook
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Athens-based Aspis
Bank at Long-term Issuer Default 'BB+', Short-term IDR 'B',
Individual 'C/D' and Support Rating '5'.  At the same time, the
agency has affirmed the bank's Support Rating Floor at 'No
Floor'.  The Outlook for the Long-term IDR is Stable.

Aspis' IDRs and Individual rating take into account its
increasing capital base, comfortable capital ratios, stable
retail funding sources and expertise in its niche mortgage
market.  However, they also reflect the bank's below-par
profitability, mediocre asset quality, risk concentration in its
corporate loan book and competitive pressure on its core
business.

In 2006 and third quarter of 2007, operating revenue remained
broadly flat due to a thinner net interest margin canceling out
strong loan growth and unchanged, albeit relatively high, fee
income.  Operating profitability improved marginally, owing to
low and stable impairment charges and improvements in operating
costs.  However, it has an operating ROAE of 9.31% at end of
third quarter of 2007, which is still somewhat weaker than that
of its larger peers, indicating Aspis's lack of economies of
scale.  The bank's net income in September 2007 was negatively
affected by an additional tax charge relating to previous years,
which resulted from a recent tax audit.

Aspis is mainly exposed to credit risk in its strongly
increasing loan book, amounting to EUR2.1 billion or 80.4% of
assets at end of third quarter of 2007.  Risk is, however,
mitigated by a high proportion of mortgage loans and sound risk
management systems.  Despite improvements, at end of first half
of 2007, the bank's impaired loan ratio was 5.8% (7.8% at end-
2005), still undistinguished, and coverage was relatively low.
Loan concentration is high, with five loans (and commitments)
exceeding 10% of eligible capital at end-2006.

Market risk is moderate and largely limited to modest structural
balance-sheet mismatches.  Retail deposits are Aspis's main
source of funding accounting for 81.4% of non-equity funding at
end of third quarter of 2007.  Apsis's funding profile benefits
from a EUR250 million RMBS transaction (issued in 2003) and
EUR100 million subordinated debt.  Inter-bank funding is
generally limited.

Aspis has, in late 2006 and first half of 2007, significantly
increased its capital base by issuing EUR53 million common
shares in December 2006 and EUR40 million Tier 1 hybrid capital
in April 2007.  Apart from funding organic expansion in Greece's
high-loan growth environment, Aspis originally planned to use
the additional equity funding for the acquisition of First
Business Bank, a small domestic shipping and corporate bank,
announced in February 2007.  However, the Bank of Greece did not
approve the planned acquisition, citing a lack of synergies from
the merger.  As a result, Aspis's Tier 1 and eligible capital
ratios improved significantly to 12.3% and 12.43% at end of
first half of 2007 from 8.26% and 9.07%, respectively, at end-
2005.

Given strong growth in risk-weighted assets, capital ratios are
not very likely to remain at those comfortable levels. Aspis's
management aims to maintain a total capital ratio of 9%, which
Fitch considers relatively thin given Aspis's limited size, loan
concentration, mediocre asset quality and strong loan growth.

At end-2006, Aspis was the eleventh-largest bank in Greece with
market shares of around 1.5% in lending (2.4% in mortgages) and
1% in deposits.  Focused on the Greek domestic market, it had 69
branches and 1,044 staff at end of first half of 2007.
Originally a pure mortgage bank, Aspis has in recent years
expanded into SME and consumer lending.  The listed bank is
majority-owned by Aspis Pronia General Insurance Company and its
various affiliates (59% at end-November 2007).  At end of first
half of  2007, Commercial Value AAE (rated Insurer Financial
Strength 'BB'), a subsidiary of Aspis Pronia General Insurances,
was Aspis's biggest single shareholder.  Commercial Value AAE
has been placed on Rating Watch Negative on June 20, 2007
following the Greek regulator's decision to freeze the company's
insurance reserves.


OLYMPIC AIRLINES: Aid Recoup Done, Greece Tells European Court
--------------------------------------------------------------
The Greek government told the European Court of Justice in
Luxembourg that it has recovered more than EUR540 million in
state aid given to national carrier Olympic Airlines S.A.,
Stephanie Bodoni writes for Bloomberg News.

"We have already recovered all the state aid," Vassili
Christianos, lawyer for Greece, was quoted by Bloomberg News as
telling the Court's five-judge panel.  "The question that
remains is whether Greece recouped the money in the right amount
of time."

Mr. Christianos argued that the two-month period given by the
Commission covered only the amount of time Greece has to present
guidelines for recouping the state aid, Bloomberg News relates.
Mr. Christianos added it was not clear whether when Greece
should have recovered the whole amount.

As reported in TCR-Europe on May 20, 2005, the European Court
ordered Greece to recover EUR194 million in illegal aid from the
carrier.  In May 2006, the European Commission referred Greece
to the European Court of Justice for failure to comply with its
state aid decision of Sept. 14, 2005.

In its decision of September 2005, the Commission found that
Greece had granted illegal and incompatible state aid through a
number of measures:

   -- EUR40 million from the Greek State and Olympic Airways to
      cover part of the costs to Olympic Airlines of leasing
      aircraft;

   -- an unjustified payment of some EUR90 million from the
      Greek State to Olympic Airways when Olympic Airlines was
      set up and transferred to the State, achieved by
      overvaluing the assets transferred to the State;

   -- the Greek State's toleration of Olympic Airways' failure
      to pay more than EUR350 million in tax and social security
      liabilities due between December 2002 and December 2004;

   -- the assumption by the Greek State of a number of Olympic
      Airways' financial obligations, e.g. in connection with
      aircraft leasing contracts and the repayment of a bank
      loan, amounting to up to EUR60 million.

The European Court then ruled that Greece infringed European
Union rules by failing to comply with the EC's request.
The Commission also deemed the Greek government of distorting
competition for failure to recover the illegal state aid.

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

"If the court accepted our argument it would be a major
step toward the resolution of these disputes with the
commission," Paris Anestis, a lawyer for Greece, told Bloomberg
News.

Greece had been trying to reorganized Olympic Airways by selling
its stake, but was unable to do so due to the state aid issue.

"We can't organize a proper reorganization process until we have
clarity about the company's state aid liabilities," Mr. Anestis
said.

                          Unacceptable

Lawyers for the European Commission, meanwhile, asked the
European Court to reject Greece's claim, Bloomberg News reports.

"All of these are spurious excuses to get around applying the
commission's decision," Dimitri Triantafyllou, lawyer for the
Commission, told the court.

The case is docketed under Case. No. C-419/06 Commission of the
European Communities v. Hellenic Republic.

                     About Olympic Airlines

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

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

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


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


INTERNATIONAL SECURITIES: Court Places Firm Under Examinership
--------------------------------------------------------------
International Securities Trading Corporation, the lender of
capital to financial institutions, disclosed the appointment of
an interim Examiner to allow the Company sufficient time to
negotiate with its creditors, including bankers, with the
objective of putting in place long term arrangements to secure
its future.

Since the Company's announcement on Nov. 12, 2007, the
management of ISTC has been in discussions with its providers of
funding regarding a restructuring of the Company's funding
arrangements.  Based on these discussions, the Company believes
that a successful outcome would be better facilitated through an
examinership process.

ISTC has been granted court protection from all creditors
through the process of examinership.  The process of
examinership in Ireland provides a standstill period of time
whereby creditors cannot pursue claims against the Company.
This process has been approved by the Court and effectively
allows time for ISTC to resolve outstanding issues with its
bankers and other creditors where appropriate.

The Board of ISTC believes that examinership is in the best
interests of all parties, including secured and unsecured
creditors, subordinated debt holders and shareholders.  The
process of examinership puts in place, clear time lines for
agreements to be reached whilst providing a structure for
negotiating agreement.  While these negotiations are ongoing,
claims and petitions cannot be made against ISTC leaving the
Examiner and management the scope to focus entirely on key
negotiations. ISTC will continue to negotiate with creditors
during the examinership process.

The Board is of the strong view that the preservation of value
for ISTC is best served by ISTC continuing to trade. Conversely
any liquidation type event would result in a disposal of ISTC's
assets in what is an extremely illiquid market with a limited
number of opportunistic buyers.  Such a forced asset sale would
ensure substantial value destruction for all creditors and
shareholders.  Clearly, it is not in the best interests of any
creditor to sell assets in such depressed market conditions.

ISTC is mindful of its obligations under the Market Abuse
Directive and will communicate with the market in a formal way,
making further statements when appropriate, bearing in mind the
commercially sensitive nature of our discussions.

Headquartered in Dublin, Ireland, International Securities
Trading Corporation Plc -- http://www.istcorporation.com/--
provides investment grade Tier 1 and Tier II hybrid bank capital
via private placement issues and primary market participation.
Acting as principal in private placement transactions, ISTC is
uniquely positioned to offer bespoke solutions and certainty of
execution to issuers.

The company disclosed on Nov. 12, 2007, that given the
uncertainty to ISTC's funding position, the company will enter
into discussions with its providers of finance with the
objective of making appropriate amendments to their respective
financing terms.

Pending the outcome of these negotiations, ISTC has decided to
defer certain payments under financing obligations.


SCANDINOTES FIVE: Moody's Rates DKK255 Mln Class D Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
four classes of Notes issued by ScandiNotes Five p.l.c., a
public company with limited liability under the laws of Ireland:

   -- Aaa to the DKK218,100,000 Class A Floating Rate Limited
      Recourse Secured Senior Notes due 2015;

   -- Aaa to the DKK672,000,000 Class B Floating Rate Guaranteed
      Limited Recourse Secured Senior Notes due 2015;

   -- Aaa to the DKK417,900,000 Class C 4% Guaranteed Limited
      Recourse Secured Notes Mezzanine due 2015;

   -- Ba3 to the DKK255,000,000 Class D 4% Limited Recourse
      Secured Junior Notes due 2015.

The Aaa ratings on the Class B and the Class C Notes reflect a
financial guarantee granted by European Investment Fund.

The transaction is a static cash flow CDO backed by payments
received from a portfolio of loans made to 15 Danish commercial
and savings banks and from HSH Nordbank AG, Copenhagen Branch,
in its role as counterparty in respect of a Hedging Agreement.


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


ALITALIA SPA: Group Net Debt Stands at EUR1.18 Bln in October
-------------------------------------------------------------
Alitalia Group's net debt as of Oct. 31, 2007, amounted to
EUR1.18 billion, showing a slight increase in net indebtedness
of EUR11 million (+0.9%) compared to the situation on Sept. 30,
2007, announced on Oct. 31, 2007.

The net debt of the parent company Alitalia including short-term
financial credits for subsidiaries on Oct. 31, 2007 (including
short-term financial credits of subsidiaries) amounted to
EUR1.179 billion showing a slight increase of EUR10 million
(+0.9%) compared to net debt as of Sept. 30, 2007.

The Group's cash-to-hand and short-term financial credits as of
Oct. 31, 2007, at the Group level and for Alitalia, amounted to
EUR428 million and EUR431 million respectively.

It should be noted that as of Oct. 31, 2007, there were several
leasing contracts at the Group level whose capital share,
including lease closure value, amounted to EUR97 million.  By
comparison, the same figure as of Sept. 30, 2007, amounted to
EUR98 million; the corresponding figures for the parent company
on Sept. 30, 2007, amounted to EUR85 million and EUR10 million
respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During October 2007, repayments were made of medium/long-term
financing amounting to about EUR2 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Oct. 31, 2007, both for the parent company and
for the other companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Oct. 31, 2007,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, it should be noted that the controversy
over an outstanding sum owed to one airport management company
for disputed debts (as reported in previous communiques) was
finally settled in November 2007 through a transaction
agreement.

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

   -- an injunction related to supposed different pricing
      policies, issued by a carrier for EUR2.6 million;

   -- another injunction issued by a supplier of on-board movies
      for EUR1.2 million (two decrees);

   -- a further injunction has been issued by an IT services
      supplier for EUR812,000;

   -- an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EUR288,000;

   -- another injunction has been issued by a maintenance
      services supplier for EUR492,000;

   -- an injunction has been issued by the special manager of a
      firm for presumed debts relating to air ticket sales, for
      EUR3.2 million; and

   -- injunctions issued by various suppliers for a total of
      EUR119,000 (five decrees).

There are no other injunction orders or executive actions
undertaken by creditors notified as of Oct. 31, 2007, nor are
there any threats by suppliers to suspend operations.

                        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.


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


ACT TRADE: Proof of Claim Deadline Slated for December 28
---------------------------------------------------------
LLP Act Trade has declared insolvency.  Creditors have until
Dec. 28 to submit written proofs of claims to:

         LLP Act Trade
         Borodin Str. 107-86
         Kostanai
         Tel: 8 (7142) 53-11-67


BUSINESS CENTRE: Creditors Must File Claims December 28
-------------------------------------------------------
LLP Business Centre has declared insolvency.  Creditors have
until Dec. 28 to submit written proofs of claims to:

         LLP Business Centre
         Akjayik Str. 20/1-58
         Astana
         Kazakhstan


ECO AGROPROMPROJECT: Claims Filing Period Ends Jan. 1, 2008
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Eco Agropromproject 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


KANDI TRADE: Creditors' Claims Due on December 28
-------------------------------------------------
LLP Kandi Trade has declared insolvency.  Creditors have until
Dec. 28 to submit written proofs of claims to:

         LLP Kandi Trade
         Ratushnogo Str. 88
         Almaty
         Kazakhstan
         Tel: 8 (3272) 51-61-91


KUNDYZ LLP: Claims Registration Ends January 1, 2008
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kundyz 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


SAMGAU LTD: Proof of Claim Deadline Slated for December 28
----------------------------------------------------------
LLP Samgau Ltd has declared insolvency.  Creditors have until
Dec. 28 to submit written proofs of claims to:

         LLP Samgau Ltd
         Televizionnaya Str. 9
         Kazybek Bi District
         Karaganda
         Kazakhstan


SERVER-2030 LLP: Creditors Must File Claims December 28
-------------------------------------------------------
LLP Server-2030 has declared insolvency.  Creditors have until
Dec. 28 to submit written proofs of claims to:

         LLP Server-2030
         Karbyshev Str. 6-64
         Karaganda
         Kazakhstan


TAU-HOLDING LLP: Claims Filing Period Ends December 28
------------------------------------------------------
LLP Tau-Holding has declared insolvency.  Creditors have until
Dec. 28 to submit written proofs of claims to:

         LLP Tau-Holding
         Marecheka Str. 1/8
         Almaty
         Kazakhstan


VEK LLP: Creditors' Claims Due on January 1, 2008
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Vek insolvent.

Creditors have until Jan. 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 308
         Abai Str. 89
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-51-74


ZARAP LLP: Claims Registration Ends January 1, 2008
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Zarap insolvent.

Creditors have until Jan. 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 308
         Abai Str. 89
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-51-74


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


VENTURE C&C: Creditors Must File Claims by December 28
------------------------------------------------------
LLC Venture C&C Plaza has declared insolvency.  Creditors have
until Dec. 28 to submit written proofs of claim to:

         LLC Venture C&C Plaza
         Micro District 10, 10-12
         Bishkek
         Kyrgyzstan


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


CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28
--------------------------------------------------------------
CA Inc.'s Board of Directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on Dec. 28, 2007 to stockholders of record at the close of
business on Dec. 14, 2007.

                       About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

    -- Issuer Default Rating at 'BB+';

    -- Senior unsecured revolving credit facility expiring 2008
       at 'BB+';

    -- Senior unsecured debt at 'BB+'.


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


KONINKLIJKE AHOLD: Completes Tops Market Sale to Morgan Stanley
---------------------------------------------------------------
Koninklijke Ahold N.V. has successfully completed the sale of
Tops Markets, LLC, to Morgan Stanley Private Equity.

This follows the agreement announced on Oct. 11, 2007 on a
purchase price of US$310 million.  The final purchase price is
subject to customary price adjustments.  Closing of the
transaction was subject to the fulfillment of customary
conditions, including anti-trust clearance and a financing
condition.

Capitalized lease obligations will remain with Tops, although
Ahold will retain contingent liability for the majority of these
lease obligations.

The divestment of Tops is part of Ahold's strategy resulting
from its retail review announced in November 2006.

Tops operates stores in western New York, mid-state New York
including the Rochester area, and northwestern Pennsylvania
under the banners of Tops Markets and Martin's Super Food
Stores. Tops currently employs approximately 10,000 full- and
part-time employee

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                         *     *     *

As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer
Default and senior unsecured ratings from Fitch Ratings.  Fitch
said the Outlook is Positive.  Its Short-term rating is B.


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


DRESSER-RAND: Employees Back to Work at Painted Post Facility
-------------------------------------------------------------
Dresser-Rand Group Inc. has began an orderly process of calling
bargaining unit employees back to work after a 17 week work
stoppage involving approximately 400 employees at its Painted
Post facility in New York State.  On Nov. 29, 2007, the company
announced that, after reaching impasse in its negotiations with
IUE-CWA Local 313, it was implementing the terms of its last
offer and inviting bargaining unit employees to return to work.
The union offered, on behalf of its membership to end the strike
by unconditionally offering to return to work under the terms of
the implemented company offer.  The company has released its
temporary workforce.

According to Dan Meisner, "Total production from all sources is
expected to continue at pre-strike levels as we replace
temporary workers and subcontracted work with returning
employees.  Approximately 75 employees are expected to return to
work on Tuesday, Dec. 4.  Additional employees will be scheduled
to return to work over the next few days and weeks as we
identify and fill vacancies.  We look forward to the return of
our employees."

Doug Rich, Director of Operations, said, "We recognize that this
has been a difficult situation for all of us that have been
affected by the work stoppage -- our employees who have been on
strike and their families, the Painted Post community and our
salaried and new employees who have been working tremendous
hours to continue providing uninterrupted service to our
clients.  We now have an opportunity to move forward and forge a
bright future by working together in an environment of mutual
respect, cooperation and teamwork."

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


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


AGROIMPULS JSCB: Moody's Assigns B3/NP/E+ Global Scale Ratings
--------------------------------------------------------------
Moody's Investors Service assigned first-time global scale
ratings to the Russian bank JSCB Agroimpuls:

   -- B3/Not-Prime local currency deposit ratings;
   -- B3/Not-Prime foreign currency deposit ratings; and
   -- an E+ Bank Financial Strength Rating.

The outlook on all ratings is stable.  At the same time, Moody's
Interfax Rating Agency, which is majority-owned by Moody's, has
assigned a Baa3.ru long-term national scale credit rating to the
bank.

According to Moody's, the E+ BFSR, which translates into a
Baseline Credit Assessment of B3, is supported by Agroimpuls's
growing penetration of the retail segment through its relatively
wide geographical coverage.  Other positive rating drivers are
the bank's expertise in servicing companies from the Russian
electricity sector and its satisfactory reported asset quality.

Agroimpuls's BFSR is primarily constrained by its undiversified
structure of funding, which is significantly dependent on a
group of companies from the Russian electricity sector.  Given
that the reform of this sector, involving the privatization of
parts of the monopoly electricity company, is expected to be
completed by mid-2008, Moody's believes that the sustainability
of a substantial portion of the bank's funding cannot be
guaranteed.  An additional negative rating driver is the bank's
short period of activity under the present business model as the
bank only implemented its new retail-focused strategy as
recently as 2005.  Further limiting the BFSR are Agroimpuls's
significant credit risk concentrations and weak profitability
indicators deriving from its high level of operating expenses,
mainly related to branch network expansion.

The local currency deposit rating assigned to Agroimpuls is
supported by the bank's BCA of B3 and does not factor in any
support from its shareholders.  In Moody's view, although such
support cannot be ruled out, its scope and timeliness are rather
uncertain, while systemic support in the event of need is
unlikely.  The foreign currency deposit rating is assigned at
the same level as the bank's local currency deposit rating and
is not constrained by the foreign currency deposit ceiling for
Russia.

Headquartered in Voronezh in Russia, JSCB Agroimpuls reported
total assets of US$376 million under IFRS as of Dec. 31, 2006.


DAL'TRANSSTROY OJSC: Court Names E. S. Ugol'nikov as Liquidator
---------------------------------------------------------------
The Arbitration Court of Khabarovsk krai appointed E. S.
Ugol'nikov as Competitive Proceedings Manager for OJSC Far East
Specialized Trust Dal'transstroy.  He can be reached at:

         E. S. Ugol'nikov
         P.O. Box 8/35
         680000 Khabarovsk
         Russia

The Court declared the company insolvent on Sept. 5.  The case
is docketed under Case No. A73-5215/2006-39/37.

The Debtor can be reached at:

         OJSC Far East Specialized Trust Dal'transstroy
         Office 800
         Sheronova Str. 56A
         680000 Khabarovsk
         Russia


GAZPROM NEFT: Gains Access to US$2.2 Billion Loan Facility
----------------------------------------------------------
OAO Gazprom Neft closed a transaction to attract US$2.2 billion
unsecured syndicated loan for the term of three years with LIBOR
+0.75%.

The loan is granted by the banking syndicate including ?BN AMRO
Bank N.V., Calyon, Citigroup Global Markets Ltd., Commerzbank
Aktiengesellschaft, which acted as the bookrunners under the
transaction along with 12 other international banks.

The Company intends to use the borrowed funds to finance
business extension in such areas as production, refining and oil
and oil products marketing.

Despite a very complex situation at the financial markets, the
transaction was closed successfully, which fact may serve as the
evidence of strong position of Gazprom Neft on the world debt
capital markets.

                      About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in theOmsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.  Gazprom Neft
is one of Russia's largest oil companies handling downstream and
upstream operations.  It was known as Sibneft before April 2007.

                         *     *     *

As of Aug. 24, 2007, Gazprom Neft carries a Ba1 Corporate Family
and Ba2 Senior Unsecured Debt ratings from Moody's.  Moody's
said the outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit
and Local Issuer Credit ratings from Standard & Poor's.  S&P
said the outlook is positive.


GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ
------------------------------------------------------------
General Motors Corp. has submitted a formal bid for a stake in
Russian carmaker OAO AvtoVAZ, The Wall Street Journal reports.

GM spokesman Marc Kempe described the offer as "competitive",
without specifying how large a stake the company is bidding or
how much it is willing to pay, WSJ relates.

Mr. Kempe told WSJ that the bid was part of its effort to extend
its presence in Russia, where foreign-brand cars posted a 60%
rise in sales.

GM expects this year's sales to reach 250,000 vehicles, compared
to 132,000 units in 2006, WSJ relates.  GM's Chevrolet and Opel
brands are Russia's best-selling foreign and fastest-growing
brands respectively.

WSJ cites some industry analysts as saying that Russia will
become Europe's second-biggest car market by number of new cars
sold as early as the end of 2007.

GM and AvtoVAZ operate a joint venture that manufactures the
Chevrolet Niva and the Chevrolet Viva.  The companies'
relationship, however, soured in 2005 after the Russian
government took over AvtoVaz.

GM may face Fiat S.p.A. and Renault S.A. in the bidding process,
WSJ relates.  Fiat has an existing memorandum of understanding
with Avtovaz to explore ways in which the two companies could
share technology, parts and platforms.

"All of these auto makers are building their sales and
production networks [in Russia] organically, but it's not going
quickly enough to meet the targets they've set [for Russia],"
Ivan Bonchev at Ernst & Young Moscow told WSJ.

                          About Avtovaz

Headquartered in Toliatti, Russia, Avtovaz OAO --
http://www.lada-auto.ru/-- manufactures passenger cars under
brand names LADA, VAZ and NIVA.  Through its subsidiaries and
associates, the Company manufactures automobile components,
distributes automobiles and spare parts and operates automobile
service centers.


                            About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- wmanufactures 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 employs about 280,000
people around the world.

                         *     *     *

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.

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.  S&P said the outlook is stable.


GOLDEN TELECOM: In Talks to Sell All Shares to VimpelCom
--------------------------------------------------------
OJSC Vimpel-Communications and Golden Telecom Inc. confirm that
they currently are in discussions regarding the potential
acquisition of all of the outstanding shares of Golden Telecom
by a subsidiary of VimpelCom at a price per share of US$105 in
cash, subject to negotiation and execution of a definitive
acquisition agreement and final approval of their respective
Boards of Directors and the special independent committees
thereof.

There can be no assurance that the discussions will lead to a
definitive agreement or that a transaction will be consummated.
VimpelCom and Golden Telecom do not intend to make any further
comment or to respond to any inquiries until either a definitive
agreement has been reached or discussions have been terminated.

                        About VimpelCom

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

                      About Golden Telecom

Headquartered in Moscow, Russia, Golden Telecom Inc. --
http://www.goldentelecom.com/-- provides integrated
telecommunications and Internet services in major population
centers throughout Russia and other countries of the
Commonwealth of Independent States.  The Company offers voice,
data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
around 287 combined access points in Russia and other countries
of the CIS.  The Company offers cellular communication services
in Kiev and Odessa, Ukraine.

                          *     *     *

As of Dec. 3, 2007, Golden Telecom carries Ba3 Corporate Family,
Probability-of-Default and Senior Unsecured Debt Ratings from
Moody's Investors Service.  Moody's said the outlook is stable.

The company also carries BB long-term corporate credit rating
from Standard & Poor's Ratings Services.  S&P said the outlook
is stable.


GRES-2 OJSC: Creditors Must File Claims by December 22
------------------------------------------------------
Creditors of OJSC Gres-2 have until Dec. 22 to submit proofs of
claim to:

         G. P. Leonov
         Competitive Proceedings Manager
         P.O. Box 3199
         344092 Rostov-on-Don
         Russia

The Arbitration Court of Rostov declared the company insolvent
on Oct. 22.  The case is docketed under Case No. A53-3945/
2006-C1-51.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Gres-2
         Lengnika Str. 9
         Novocherkassk
         Rostov
         Russia


IRIKLINSKOYE: Creditors Must File Claims by January 17, 2008
------------------------------------------------------------
Creditors of Federal State Unitary Fishery Enterprise
Iriklinskoye have until Jan. 17, 2008, to submit proofs of claim
to:

         D. A. Taushev
         Competitive Proceedings Manager
         Gaya Str. 23a
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg commenced one-year competitive
proceedings against the company on Nov. 22.  The case is
docketed under Case No. A47-2716/2007-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         Per. Matrosskij 12
         460000 Orenburg
         Russia

The Debtor can be reached at:

         Federal State Unitary Fishery Enterprise Iriklinskoye
         Lenina Str. 44
         Irikla Settlement
         Gaiskij Raion
         462647 Orenburg
         Russia


LIHOSLAVL'SKAYA GLOVE: Claims Filing Period Ends Jan. 17, 2008
--------------------------------------------------------------
Creditors of OJSC Lihoslavl'skaya Glove Factory have until
Jan. 17, 2008, to submit proofs of claim to:

         T. F. Dorozhkina
         Competitive Proceedings Manager
         Office 221
         Musorgskogo Str. 12
         170005 Tver'
         Russia

The Arbitration Court of Tver' commenced competitive
proceedings against the company after finding it insolvent on
Oct. 9.  The case is docketed under Case No. A66-10674/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         OJSC Lihoslavl'skaya Glove Factory
         Gagarina Str. 63
         Lihoslavl'
         Tver'
         Russia


MASHINOSTROITEL' TD: Creditors Must File Claims by December 17
--------------------------------------------------------------
Creditors of CJSC Mashinostroitel' TD have until Dec. 17 to
submit proofs of claim to:

         E. A. Bogdanov
         Competitive Proceedings Manager
         Liter OT
         Mayakovskogo Str. 1a
         390046 Ryazan'
         Russia

The Arbitration Court of Chelyabinsk commenced competitive
proceedings against the company after finding it insolvent on
Sept. 26.  The case is docketed under Case No. A76-13063/
2007-34-242.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Mashinostroitel' TD
         Mayakovskogo Str. 19, 3
         455000 Magnitogorsk
         Russia


MEZHDURECHENSKSTROY CJSC: Asset Sale Slated for December 17
-----------------------------------------------------------
A. V. Glukhov, the competitive proceedings manager of CJSC
Mezhdurechenskstroy, will open a public auction for the
company's properties at 4:00 p.m. on Dec. 17.

The starting prices for the auctioned assets are:

   -- Lot 1: RUR9,569,000;
   -- Lot 2: RUR993,000; and
   -- Lot 3: RUR72,000.

Interested participants have until Dec. 14 to deposit an amount
equivalent to 20% of the starting price to the settlement
account of CJSC Mezhdurechenskstroy.

Bidding documents must be submitted to:

         A. V. Glukhov
         Roznina Str. 146/2
         Khanty-Mansijsk
         Russia
         Tel: 35-111


SISTEMA JSFC: To Recommence Trading on Russian Stock Exchange
-------------------------------------------------------------
Sistema JSFC will recommence trading in its shares on the
Russian stock exchange within a week from Dec. 3, 2007.

On Nov. 8, 2007, trading in Sistema shares was suspended in
connection with a share split of 1,000 times.  The Federal
Financial Markets Service on Nov. 29, 2007, registered the
company's report on the share split as a necessary precondition
for shares recommencing trading at the new price following the
split.

The Sistema share split has been carried out as part of a
program aimed at increasing liquidity of the company's shares on
the Russian market.

As a result, Sistema's charter capital was split into
9,650,000,000 ordinary shares, with each having a nominal value
of RUR0.09.

                          About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.

Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of
US$18.5 billion as at Sept. 30, 2006.  Sistema's shares are
listed under the symbol 'SSA' on the London Stock Exchange,
under the symbol 'AFKS' on the Russian Trading System (RTS), and
under the symbol 'SIST' on the Moscow Stock Exchange (MSE).

                         *     *     *

As reported in the TCR-Europe on Oct. 26, 2007, Moody's
Investors Service upgraded the corporate family ratings of JSFC
Sistema to Ba3 from B1.  The outlook on the ratings is positive.

Simultaneously, Moody's upgraded the existing Sistema Capital
S.A. Notes and MTN program ratings to Ba3 from B3.

The company carries Standard & Poor's BB- issuer credit rating
with positive outlook and Fitch Ratings' BB- issuer default
rating with stable outlook.


TERSKIJ APK: Creditors Must File Claims by January 17, 2008
-----------------------------------------------------------
Creditors of OJSC Terskij APK have until Jan. 17, 2008, to
submit proofs of claim to:

         B. T. Dumanov
         Competitive Proceedings Manager
         apartment 61
         Tarchokova Str. 54g
         Nal'chik
         360000 Kabardino-Balkarian
         Russia

The Arbitration Court of Kabardino-Balkarian commenced
competitive proceedings against the company on Oct. 29.  The
case is docketed under Case No. A20-2636/2007.


TEXTILE VYSHNE-VOLOTSKAYA: Hearing Slated for January 29, 2008
--------------------------------------------------------------
The Arbitration Court of Moscow will convene at 3:00 p.m. on
Jan. 29, 2008, to hear the bankruptcy supervision procedure on
CJSC Textile Vyshne-Volotskaya Company.  The case is docketed
under Case No. A40-33319/07-73-120B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Textile Vyshne-Volotskaya Company
         Block 1
         5th Magistral'naya Str. 12
         123007 Moscow
         Russia


VIMPEL-COMMUNICATIONS: In Talks to Acquire Golden Telecom
---------------------------------------------------------
OJSC Vimpel-Communications and Golden Telecom Inc. confirm that
they currently are in discussions regarding the potential
acquisition of all of the outstanding shares of Golden Telecom
by a subsidiary of VimpelCom at a price per share of US$105 in
cash, subject to negotiation and execution of a definitive
acquisition agreement and final approval of their respective
Boards of Directors and the special independent committees
thereof.

There can be no assurance that the discussions will lead to a
definitive agreement or that a transaction will be consummated.
VimpelCom and Golden Telecom do not intend to make any further
comment or to respond to any inquiries until either a definitive
agreement has been reached or discussions have been terminated.

                      About Golden Telecom

Headquartered in Moscow, Russia, Golden Telecom Inc. --
http://www.goldentelecom.com/-- provides integrated
telecommunications and Internet services in major population
centers throughout Russia and other countries of the
Commonwealth of Independent States.  The Company offers voice,
data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
around 287 combined access points in Russia and other countries
of the CIS.  The Company offers cellular communication services
in Kiev and Odessa, Ukraine.

                         About VimpelCom

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

                          *     *     *

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

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


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


AVANZIT SA: Chapter 15 Petition Summary
---------------------------------------
Petitioner: Oversight and Control Commission of Avanzit, S.A.
            42, Cardenal Marcelo Spinola
            Madrid, MAD 28017
            Tel: (34) 913 836 400

Debtor: Avanzit, S.A.
        42, Cardenal Marcelo Spinola
        Madrid, MAD 28017
        Tel: (34) 913 836 400

Case No.: 07-13765

Type of Business: The Debtor is a Spanish company engaged,
                  through its subsidiaries, in the media and
                  telecommunications businesses.
                  See http://www.avanzit.com/

Chapter 15 Petition Date: November 29, 2007

Court: Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Petitioner's Counsel: David A. Rosenzweig, Esq.
                      Fulbright & Jaworski, L.L.P.
                      666 Fifth Avenue
                      New York, NY 10103
                      Tel: (212) 318-3035
                      Fax: (212) 318-3400

Estimated Assets: US$100,000 to US$1 Million

Estimated Debts:  US$100,000 to US$1 Million


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


AKKRO BAU: Claims Registration Period Ends December 10
------------------------------------------------------
The Bankruptcy Service of Dielsdorf in Zurich commenced
bankruptcy proceedings against LLC Akkro Bau on July 12.

Creditors have until Dec. 10 to file their written proofs of
claim.

The Bankruptcy Service of Dielsdorf can be reached at:

         Bankruptcy Service of Dielsdorf
         8157 Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Akkro Bau
         Gumpenwiesenstrasse 1b
         8157 Dielsdorf ZH
         Switzerland


BRAND AGENCY: Claims Registration Period Ends December 10
---------------------------------------------------------
The Bankruptcy Service of Wallisellen in Zurich commenced
bankruptcy proceedings against LLC Brand Agency on Oct. 9.

Creditors have until Dec. 10 to file their written proofs of
claim.

The Bankruptcy Service of Wallisellen can be reached at:

         Bankruptcy Service of Wallisellen
         8304 Wallisellen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Brand Agency
         Talackerstr. 11
         8152 Glattbrugg
         Bulach ZH
         Switzerland


BEPES LLC: Creditors' Liquidation Claims Due by December 10
-----------------------------------------------------------
Creditors of LLC BEPES have until Dec. 10 to submit their claims
to:

         Wuest-Stocker
         Chasirain 1
         6214 Schenkon
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC BEPES
         Schenkon
         Sursee LU
         Switzerland


BUCH-UND ZEITUNGSVERLAG: Creditors Must File Claims by Dec. 12
--------------------------------------------------------------
Creditors of JSC Buch- und Zeitungsverlag zur Muhle have until
Dec. 12 to submit their claims to:

         Roten Georges
         Schluechtstrasse 2
         3982 Bitsch
         Raron VS
         Switzerland

The Debtor can be reached at:

         JSC Buch- und Zeitungsverlag zur Muhle
         Fiesch
         Goms VS
         Switzerland


GARTNER + LEBER: Creditors' Liquidation Claims Due by Dec. 10
--------------------------------------------------------------
Creditors of JSC Gartner + Leber have until Dec. 10 to submit
their claims to:

         JSC Schonenberger & Grolimund Treuhand
         Branch Baden
         Langacker 16
         5405 Baden-Dattwil AG
         Switzerland

The Debtor can be reached at:

         JSC Gartner + Leber
         Wadenswil
         Horgen ZH
         Switzerland


IDS-INSTITUT: Creditors' Liquidation Claims Due by December 10
--------------------------------------------------------------
Creditors of JSC IDS-Institut fur deutsches Steuerrecht have
until Dec. 10 to submit their claims to:

         JSC IDS-Institut fur deutsches Steuerrecht
         Theaterstr. 4
         4051 Basel
         Switzerland


MANUS SCHADENSMANAGEMENT: Creditors Must File Claims by Dec. 10
---------------------------------------------------------------
Creditors of JSC Manus Schadensmanagement have until Dec. 10 to
submit their claims to:

         Margaretha Koller-Locher
         Liquidator
         Gassliweg 1
         8576 Mauren TG
         Switzerland

The Debtor can be reached at:

         JSC Manus Schadensmanagement
         Zug
         Switzerland


PLUS-PUNKT OLTEN: Creditors Must File Claims by December 10
-----------------------------------------------------------
Creditors of JSC Plus-Punkt Olten have until Dec. 10 to submit
their claims to:

         JSC Plus-Punkt Olten
         Froburgstrasse 9
         4600 Olten SO
         Switzerland


SCICO PUBLISHING: Bern Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Bern-Mittelland entered Oct. 30 an
order closing the bankruptcy proceedings of JSC Scico
Publishing.

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 Scico Publishing
         Thunstrasse 7
         3006 Bern
         Switzerland


SEKI GASTRO: Bern Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Bern-Mittelland entered Oct. 23 an
order closing the bankruptcy proceedings of LLC Seki Gastro.

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:

         LLC Seki Gastro
         Flurstrasse 24
         3014 Bern
         Switzerland


VARIF JSC: Creditors' Liquidation Claims Due by December 14
-----------------------------------------------------------
Creditors of JSC Varif have until Dec. 14 to submit their claims
to:

         Dr. Oliver Kunzler
         Wenger Plattner
         Goldbach-Center
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Varif
         Zug
         Switzerland


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


CALIK HOLDING: Fitch Affirms IDR at B+ on Diversified Revenue
-------------------------------------------------------------
Fitch Ratings affirmed Calik Holding A.S.'s Long-term foreign
and local currency Issuer Default ratings at 'B+' with Stable
Outlooks.  At the same time, Fitch has affirmed Calik's National
Long-term rating at 'A-(tur)' with Positive Outlook.

Fitch has also affirmed Globus Capital Finance S.A.'s
US$200 million 8.5% notes, maturing in 2012, senior unsecured
rating at 'B+' and Recovery Rating at 'RR4'.  Globus used the
note proceeds to finance a loan to Calik.

The affirmation of Calik's IDRs is based on Fitch's assessment
that the company has sustained diversification of revenue and
operating profit generation, particularly with Calik Enerji
A.S.'s (Calik's energy and telecommunication investments are
consolidated under Calik Enerji A.S.) consolidated results.

The ratings also take into consideration Calik's planned
expansion in the electricity generation, oil and gas as well as
telecommunication sectors, which could result in significant
capital expenditure and hence leverage.  The agency notes that
while these ventures have the potential to elevate the group's
profitability and cash generation capabilities, the funding
structure and eventual monetary impact of such expenditures on
group results is yet to be seen.

Fitch is also concerned that Calik is in the bidding process for
some large-scale privatisations in the petrochemicals and media
sectors. However, Fitch does not expect Calik to leverage itself
beyond a consolidated net debt/EBITDA ratio of 4x at the current
rating level.

Calik's energy business represents 38% of group revenues and 46%
of group operating profits. Calik improved its consolidated
EBITDA and leverage metrics in fiscal year 2006, and Fitch
expects the group to sustain its improved financial profile by
fiscal year 2007 and into fiscal year 2008, primarily due to the
continued strong contribution of Calik Enerji A.S. to the group
consolidated results, as noted above.

It is Fitch's view that Calik's closure of its 76% acquisition
of Albania's AlbTelecom in September 2007 could also serve to
advance the group operating profitability in fiscal year 2007
and onwards.  Calik's efforts to diversify the geographic
exposure of its construction business with new ventures in the
Middle East and North Africa should serve to spread the risk in
the construction-related revenue stream.

Fitch will continue to scrutinize the evolution of Calik's
business and financial profile, especially in relation to its
planned energy investments and their impact on the group
earnings and leverage.  Along with a high capex requirement, the
holding company has a number of power-generation projects
expected to start construction in 2008, from which Fitch
anticipates a high degree of construction risk.  Fitch expects
that most of these funding requirements will be financed through
project financing on a non-recourse basis.

Fitch notes that the operating subsidiaries will service their
outstanding obligations before upstreaming dividends to the
holding company. Only excess cash will be channelled to Calik
Holding.

Calik Holding has interests in diversified businesses including
textiles, construction, energy (including telecommunications)
and finance.  In fiscal year 2006, the group generated
US$1.012 billion consolidated revenues, US$97 million EBIT and
US$77 million net income.


PROFILO TELRA: Fitch Junks IDR on Liquidity Concerns
----------------------------------------------------
Fitch Ratings has downgraded Turkey-based Profilo Telra
Elektronik Sanayi ve Ticaret A.S.'s ratings:

   -- Long-term foreign currency Issuer Default rating:
      downgraded to 'CC' from 'CCC'

   -- Long-term local currency IDR: downgraded to 'CC' from
      'CCC'

   -- National Long-term rating: downgraded to 'B-(tur)' from
      'BB(tur)'

All ratings remain on Rating Watch Negative.

Fitch also downgraded HD Capital S.A.'s senior unsecured rating
to 'CC'/'RR4' from 'CCC'/'RR4'.  The rating remains on RWN.  HD
is the issuer of EUR50 million 10.75% loan participation notes
guaranteed by Profilo, issued in December 2006 and maturing in
2011.  HD loaned its LPN proceeds to Profilo on a senior
unsecured basis.

The downgrade of Profilo's ratings reflects Fitch's continued
concerns regarding Profilo's performance and liquidity.
Following poor results in 2006, Profilo's performance continued
to deteriorate in 2007.  First half of 2007 results revealed a
severe revenue contraction to TRY144 million (fiscal year 2006:
TRY587 million) due to reduced production.  For first half of
2007, Profilo also reported an operating loss of TRY51 million
and an operating cash outflow of TRY25 million (fiscal year
2006: TRY66 million) before the positive effects of working
capital.

At end of first half of  2007, Profilo had TRY181 million short-
term and TRY141 million long-term debt, with minimal cash on
balance sheet of TRY6 million.  Due to sustained operating
losses severely impacting its liquidity, Profilo had to cut back
its production volumes.

Overall, viability of the businesses hinges on Profilo's
liquidity to be supported by its ability to achieve sustained
operating profitability, management of its working capital
components, as well as its ability to service its short-term
interest and principal payments.

The RWN reflects Fitch's concern that HD may not be able to pay
its EUR5.4 million coupon due on Dec. 7, 2007.  Failure to pay
this coupon on the due date is likely to cause a further
downgrade to Profilo's ratings on 10 December (the first
business day following the coupon payment date).

The auditor's first half of 2007 report continues to qualify
that the group's ability to continue as a going concern is
dependent on financial support from its shareholders and
creditors.  While the company seems to have received some
support from its suppliers and customers with respect to its
trade terms, Fitch has not received any indication of
forthcoming shareholder support in the near future.


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


ASTRA-SVIT LLC: Creditors Must File Claims by December 6
----------------------------------------------------------
Creditors of LLC Astra-Svit (code EDRPOU 33594058) have until
Dec. 6 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. 23/434-b.

The Debtor can be reached at:

         LLC Astra-Svit
         Iziumskaya Str. 7
         03039 Kiev
         Ukraine


BUILDING METAL: Creditors Must File Claims by December 6
--------------------------------------------------------
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-48/77-07.

Creditors of LLC Building Metal Service (code EDRPOU 32094236)
have until Dec. 6 to submit written proofs of claims to:

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

The Debtor can be reached at:

         LLC Building Metal Service
         Moscow Str. 26
         Izium
         Kharkov
         Ukraine


DOWNY GOODS: Creditors Must File Claims by December 6
-----------------------------------------------------
Creditors of OJSC Ukrainian Downy Goods (code EDRPOU 00443588)
have until Dec. 6 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. 15/589-b.

The Debtor can be reached at:

         OJSC Ukrainian Downy Goods
         Bozhenko Str. 8
         Kiev
         Ukraine

FRUIT-JELLY FILM: Creditors Must File Claims by December 6
----------------------------------------------------------
Creditors of LLC Fruit-Jelly Film (code EDRPOU 32921727) have
until Dec. 6 to submit written proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Apartment 42
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/490-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Fruit-Jelly Film
         Apartment 35
         A. Tupolev Str. 4-A
         03062 Kiev
         Ukraine


GRAND CHEMISTRY: Creditors Must File Claims by December 6
---------------------------------------------------------
Creditors of LLC Grand Chemistry TS (code EDRPOU 34616831) have
until Dec. 6 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. 15/785-b.

The Debtor can be reached at:

         LLC Grand Chemistry TS
         P. Lumumba Str. 15-A
         Kiev
         Ukraine


LUTUGINO BREADRECEIVING: Creditors Must File Claims by Dec. 6
-------------------------------------------------------------
Creditors of OJSC Futugino Breadreceiving Enterprise (code
EDRPOU 00957241) have until Dec. 6 to submit written proofs of
claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-20/120b.

The Debtor can be reached at:

         OJSC Futugino Breadreceiving Enterprise
         Zheleznodorozhnaya Str. 2
         Lutugino
         Lugansk
         Ukraine


MEDICAL TECHNICS: Proofs of Claim Deadline Set December 6
---------------------------------------------------------
Creditors of OJSC Zaporozhye Firm Medical Technics (code EDRPOU
03568445) have until Dec. 6 to submit written proofs of claim
to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 16/251-07.

The Debtor can be reached at:

         OJSC Zaporozhye Firm Medical Technics
         Radio Str. 17
         Zaporozhje
         Ukraine


ONYX-M LLC: Creditors Must File Claims by December 6
----------------------------------------------------
Creditors of LLC Onyx-M (code EDRPOU 32923355) have until Dec. 6
to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/274/07.

The Debtor can be reached at:

         LLC Onyx-M
         Apartment 204
         Pobeda Str. 63
         69035 Zaporozhje
         Ukraine


PRAVDA LLC: Proofs of Claim Deadline Set December 6
---------------------------------------------------
Creditors of LLC Agricultural Firm Pravda (code EDRPOU 30155307)
have until Dec. 6 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 19/166-07.

The Debtor can be reached at:

         LLC Agricultural Firm Pravda
         Gvardeyskaya Str. 12
         Bolshaya Belozerka
         71401 Zaporozhje
         Ukraine


STAN-KOINTECH CJSC: Proofs of Claim Deadline Set December 6
-----------------------------------------------------------
Creditors of CJSC Stan-Kointech (code EDRPOU 05476960) have
until Dec. 6 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 16/249/07.

The Debtor can be reached at:

         CJSC Stan-Kointech
         Kozatstvo Str. 6a
         Zaporozhye
         Zaporozhje
         Ukraine


TRADE-ARCHITECTURE BUILDING: Creditors' Claims Due December 6
-------------------------------------------------------------
Creditors of LLC Trade-Architecture Building (code EDRPOU
32851878) have until Dec. 6 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. 15/786-b.

The Debtor can be reached at:

         LLC Trade-Architecture Building
         Kikvidze Str. 41-A
         Kiev
         Ukraine


WORKSAL AGRICULTURAL: Creditors Must File Claims by December 6
-----------------------------------------------------------
Creditors of OJSC on Executing of Agricultural Chemical Worksal
Agricultural Chemistry (code EDRPOU 05488271) have until Dec. 6
to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 45/45B.

The Debtor can be reached at:

         OJSC on Executing of Agricultural Chemical
         Worksal Agricultural Chemistry
         Zeleny Lane 20
         Amvrosiyevka
         87300 Donetsk
         Ukraine


ZAPOROZHYE BOILER-ASSEMBLY: Creditors Must File Claims by Dec. 6
----------------------------------------------------------------
Creditors of CJSC Zaporozhye Boiler-Assembly Plant (code EDRPOU
01412526) have until Dec. 6 to submit written proofs of claim
to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/37/06.

The Debtor can be reached at:

         CJSC Zaporozhye Boiler-Assembly Plant
         Finalnaya Str. 1-D
         69009 Zaporozhje
         Ukraine


ZOLOTOY KOLOS: Creditors Must File Claims by December 6
-------------------------------------------------------
Creditors of Agricultural LLC Zolotoy Kolos (code EDRPOU
03732940) have until Dec. 6 to submit written proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/497-07.

The Debtor can be reached at:

         Agricultural LLC Zolotoy Kolos
         Kirilovtsy
         Zhmerinka District
         23120 Vinnica
         Ukraine


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


BAA LTD: Climate Activists Disrupt Parliamentary Inquiry
--------------------------------------------------------
Climate activists opposed to plans for a third runway at
Heathrow Airport disrupted a Parliamentary inquiry going on
inside the House of Commons on Nov. 28, 2007.

Protestors from climate action group, Plane Stupid, disrupted
the proceedings of the Transport Select Committee who were
hearing evidence from BAA Ltd. chief executive Steven Nelson and
Aviation Minister Jim Fitzpatrick.

The team of protestors wore t-shirts emblazoned with 'No Third
Runway' interrupted the inquiry into "The Future of BAA" and
handed out copies of a Tyndall Centre climate change report
about the impacts of flying on global warming.

Plane Stupid accused the Government of pre-judging the decision
on the Third Runway and ignoring recent scientific evidence
about the impacts airport expansion would bring upon climate
change.

"Despite overwhelming evidence of the impact of carbon emissions
from aviation -- the government are deliberately ignoring
concerns about climate change," Richard George, an activist for
Plane Stupid, said.  "The plan for a third runway flies in the
face of the science and were it approved it would pollute more
than the whole of Kenya!," Mr. George added.

At the Transport Select Committee hearing, MPs questioned Mr.
Nelson and BAA chairman Sir Nigel Rudd over security queues,
dirty airports and the group's capability to invest, the Daily
Telegraph reports.

According to the report, Don Langford, American Airlines'
managing director for Europe and India, criticized BAA's tardy
reaction to the new security arrangements imposed after last
year's terror plot to that of rival Manchester Airport, arguing
that "in the last two years BAA has been less responsive over
operational issues.  Access to senior management has
deteriorated."

"I regret the frustration over poor service.  We have much to
do.  We are making progress," Mr. Nelson was quoted by the Daily
Telegraph as saying.

Toby Nicol, easyJet's communications director, on the other
hand, demanded a review of BAA's regulation by the Civil
Aviation Authority, while Paul Ellis, British Airways' general
manager of infrastructure policy, called for the regulator to
impose licensing conditions on the airports operator, Alistair
Osborne writes for the Daily Telegraph.

                        About BAA

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

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

                             *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services has lowered its long-term corporate
credit rating on U.K.-based airports operator BAA Ltd. to 'BB-'
from 'BBB+', reflecting delays in refinancing, as well as
operating issues.

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


CHRYSLER LLC: Overall November 2007 U.S. Sales Down 2 Percent
-------------------------------------------------------------
Chrysler LLC dealers delivered 161,088 new vehicles to U.S.
customers in November 2007, down 2% compared with a year ago.
All sales figures are reported as unadjusted.

"Despite consumer concerns, Chrysler LLC sales are off only 2%
showing customers are still purchasing quality and value.  High
fuel prices and falling home prices continue to impact vehicle
sales in November which remain below trend," Darryl Jackson,
Vice President - U.S. Sales, said.  "We remain optimistic moving
into December due to the growing availability of new models,
including Chrysler Town & Country, Dodge Grand Caravan and the
Jeep Liberty."

Chrysler brand car sales were led by the Sebring Convertible,
which increased sales to 2,039 units compared with 195 units a
year ago, up 946%.  Chrysler Town & Country sales rose 10% to
12,629 units versus November 2006 with 11,507 units.

High fuel prices impacted Jeep(R) brand results, down 2% versus
November of last year.  Large SUVs saw the greatest impact with
Jeep(R) Commander down 45% at 4,391 units versus November 2006.

Dodge brand car sales increased 75% over last year by steady
sales of the Dodge Charger with 10,341 units delivered.

"The recently launched "Event of a Lifetime" program has
resonated well with customers and will be continued through
January 2, 2008," Michael Keegan, Vice President - Volume
Planning and Sales Operations, said.  "We continue to offer
customers a great value package and on select 2008 models we
will extend the 0% APR through 60 months."

Chrysler finished the month with 480,424 units of inventory, or
an 75-day supply.  Inventory is down by 4% compared to November
2006 when it was at 499,036 units.

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.


CHRYSLER LLC: Invests US$48 Mln to Support New Dodge Production
---------------------------------------------------------------
Production of the all-new 2008 Dodge Ram 4500 and 5500 Chassis
Cabs is underway at Chrysler LLC's Saltillo Assembly Plant in
Saltillo, Mexico.

To support new commercial vehicle production, Chrysler recently
invested an additional US$48 million into the plant, resulting
in a 120,000 square-foot expansion that allows the plant to
produce commercial vehicles and accommodate new frame
configurations.  This follows an additional US$210 million
investment into the plant for production of the all-new 2006
Dodge Ram Mega Cab in 2005.  Dodge Ram 4500/5500 production got
underway in July 2007, with the first vehicles reaching Dodge
commercial vehicle dealerships in November.

The Saltillo Plant, which also produces the Dodge Ram Mega Cab,
Dodge Ram Power Wagon, Dodge Ram Heavy Duty 2500 and 3500
models, and Dodge Ram 3500 Chassis Cab, takes on production of
the Dodge Ram 4500 and 5500 Chassis Cabs as part of Chrysler's
Flexible Manufacturing Strategy.

In addition to increased production capacity, the expansion
enables the plant to manage the greater complexity of the all-
new 2008 Dodge Ram 4500 and 5500 Chassis Cabs.  This includes
commercial-grade chassis and suspensions, four wheelbases and
cab-axle lengths, regular cab and Quad Cab(R) configurations,
two-wheel-drive and four-wheel-drive models, and three trim
lines' SLT, SLT and Laramie.  All models are 'Job-rated,'
meaning they are designed, engineered, tested and built to meet
the rigid standards of commercial truck buyers.

"A continuous showcase of advanced manufacturing capability and
adaptability, the Saltillo facility is one of our most versatile
plants and a great example of Chrysler's flexible manufacturing
ability," Frank Ewasyshyn, Executive Vice President -
Manufacturing, said.  "Even with the added complexities of
commercial vehicle production, we're not only able to adjust
operations to better respond to customer needs, but we're also
better positioned to build a positive business case for new
products and derivatives as each plant is able to maximize
production capacity."

The Saltillo Assembly Plant has 2,100 employees working on two
shifts and is one of five Chrysler production facilities in
Mexico.

                 Flexible Manufacturing Strategy

Chrysler's Flexible Manufacturing Strategy allows the company to
produce a high-quality product faster and at a lower cost.  In
order to balance production with demand, the FMS approach allows
the company to efficiently build lower-volume vehicles that take
advantage of market niche and to quickly shift production
volumes between different models within a single plant or among
multiple plants.

FMS has been implemented product-by-product and plant-by-plant
across the Chrysler manufacturing enterprise.  Creating enhanced
efficiencies, new investment is introducing state-of-the-art
technology to Chrysler plants, enabling the company to produce
more than one vehicle on a production line and conduct rolling
launches of new models.  Chrysler's workforce is also becoming
more flexible with the implementation of team concepts and an
increased emphasis on supporting assembly line operators.

                    Dodge Commercial Vehicles

Dodge continues to increase the breadth of its commercial
products and offers a comprehensive array of vehicles and
services designed with business customers in mind. Along with
the Dodge Ram 2500/3500 Box-Off models and the Dodge Ram 3500,
4500 and 5500 Chassis Cabs -- the Class 3-5 segments' most
powerful, capable and upfit-friendly work-trucks -- Dodge Grand
Caravan cargo vans complement a growing Dodge commercial lineup
that includes the class-leading Dodge Sprinter, which continues
its legacy and leadership as the top-performing commercial van
in the marketplace.

                           Dodge Brand

With a U.S. market share of 6%, Dodge is Chrysler's best-selling
brand and the fifth largest nameplate in the U.S. automotive
market.  In 2006, Dodge sold more than 1.3 million vehicles in
the global market.  Dodge continues to lead the minivan market
with a 20% market share in the U.S.  In the highly competitive
truck market, Dodge has an 18% market share.  Dodge is also
entering key European volume segments with Nitro, Caliber and
Avenger.

                          About Chrysler

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.


DAVIES & GIBBERSON: Brings In Liquidators from Moore Stephens
-------------------------------------------------------------
Nigel Price and Mark Bowen of Moore Stephens LLP were appointed
joint liquidators of Davies & Gibberson Ltd. on Nov. 20 for the
creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


FORD MOTOR: Overall U.S. Sales Up 0.4 Percent in November 2007
--------------------------------------------------------------
Continued growth in crossover sales and increased demand for
hybrids, fuel-efficient cars and Ford's industry-exclusive SYNC
in-car connectivity technology drove Ford Motor Company's sales
in November.  Company sales totaled 182,951, up 0.4% versus a
year ago.  November marked the first sales increase following 12
months of declines.

"It is encouraging to see our newest cars, crossovers, hybrids
and industry-first SNYC technology resonating with customers,"
Mark Fields, president, The Americas, said.  "Continuing to
deliver more quality products that people really want and
carefully gauging customer demand in the months ahead will help
ensure we stay on track with our plan."

Consumer demand continues to grow for the all-new Ford Edge and
Lincoln MKX crossover utility vehicles.  Edge sales were 12,594
and Lincoln MKX sales were 3,360.   Total sales of crossover
utilities, including the redesigned Ford Escape, Ford Taurus X,
and Mercury Mariner were 33,271, up 119% compared with a year
ago.  Escape Hybrid and Mariner Hybrid models set November sales
records.

Sales of the new 2008 Ford Focus were up 18% compared with a
year ago.  Focus is one of 12 Ford, Lincoln and Mercury models
equipped with SYNC, an affordable, industry-exclusive in-car
connectivity technology that fully integrates most Bluetooth-
enabled cell phones and MP3 players into a customer's driving
experience.

"All of our SYNC-equipped models are turning quickly," Mr.
Fields said.  "Affordable technology that integrates mobile
communication and entertainment devices appears to be resonating
with consumers.  Beyond that, SYNC appears to be changing
opinions about Ford and elevating consideration for our products
and brands."

Ford Fusion and Mercury Milan also contributed to the company's
November sales increase.  Fusion sales were up 39% and Milan
sales increased 43%.

Lincoln continued its winning streak in November as retail sales
climbed 4%.  November marked the 14th straight month of higher
retail sales for the premium brand.  Total Lincoln sales in
November were down 7%, reflecting lower fleet sales.

In November, Ford, Lincoln and Mercury sales to individual
retail customers were 3% lower than a year ago.  Sales to daily
rental companies were down 6%, but sales to commercial fleet and
government customers were up 25%.

                     North American Production

In the first quarter of 2008, the company plans to produce
685,000 vehicles in North America.  This is the initial forecast
of first quarter production.  In the first quarter of 2007, the
company produced 740,000 vehicles.  Fourth-quarter 2007
production is 645,000 units, unchanged from the previously
announced plan.

                        About Ford Motor

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

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

                          *     *     *

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


GENERAL MOTORS: Overall U.S. Sales Down 11 Percent in November
--------------------------------------------------------------
After three consecutive monthly increases, General Motors Corp.
dealers in the United States delivered 263,654 vehicles in
November, down 11% compared with a year ago, reflecting
continuing reductions in daily rental sales and softening
industry demand.

GM's retail car deliveries increased, based on the strength of
the all-new Chevrolet Malibu, 2008 Cadillac CTS and fuel-
efficient Chevrolet Aveo, Cobalt, Pontiac G5 and G6.

"Integral to our strategy is to grow our share in the key car
segments," Mark LaNeve, GM North America vice president, Vehicle
Sales, Service and Marketing, said.  "The retail performance,
especially from the new Chevrolet Malibu and Cadillac CTS,
demonstrates the enthusiasm customers have for these outstanding
new vehicles.  The recognition of the 2008 CTS as Motor Trend's
Car of the Year reinforces what we are hearing from customers
about this phenomenal car.  And, not to be outdone, the new
Malibu is flying off dealer lots."

There were several bright spots in retail deliveries, led by
brisk sales in the economy, small, mid and luxury car segments
and mid-utility crossovers.  Chevrolet retail car sales were up
more than 15%, Cadillac retail car sales, driven by a 48%
increase in CTS sales, were up more than 13% and Pontiac retail
car sales were up more than 8%.  Total retail deliveries were
down 9.7%, largely due to reduced availability of 2007 models
after a strong sell-down in September and October.

"The Malibu, CTS and Enclave have some of the fastest turn rates
in the industry," Mr. LaNeve added.  "We've added production
capacity at our Orion Assembly plant for Malibu to keep up with
growing demand and dealer orders."

Together, GM's mid-utility crossovers (Buick Enclave, Saturn
OUTLOOK and GMC Acadia) sold nearly 13,000 vehicles at retail.
Saturn retail truck sales, driven by the OUTLOOK, were up more
than 35%.  Chevrolet HHR retail sales were up 60%.

The Pontiac and GMC divisions showed retail sales increases.

GM continued to reduce sales to daily rental fleets, down more
than 14,000 vehicles, or almost 29% compared with a year ago.
Total fleet sales were down 16%.

Retail sales for the month, as a percentage of total sales,
showed an increase of more than one percentage point (to 74% of
total sales) compared with a year ago.

Vehicle inventories were down 97,000 vehicles compared with
year-ago levels and stood at about 993,000 vehicles at the end
of the month.

                  Certified Used Vehicle Sales

November 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 37,946
vehicles, down nearly 11% from last November.  Total year-to-
date certified GM sales are 479,946 vehicles, up 0.3% from the
same period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 32,748 sales, down 10%
from last November.  Year-to-date sales for GM Certified Used
Vehicles are 421,190 vehicles, up 2% from the same period in
2006.

Cadillac Certified Pre-Owned Vehicles posted November sales of
3,227 vehicles, down 9% from last November.  Saturn Certified
Pre-Owned Vehicles sold 1,372 vehicles in November, up nearly
2%.  Saab Certified Pre-Owned Vehicles sold 468 vehicles, down
54%, and HUMMER Certified Pre-Owned Vehicles sold 131 vehicles,
up 17%.

"While November was a challenging sales month for certified GM
brands, year-to-date GM Certified Used Vehicle sales are up 2%
through November and we're in a position to set a new industry
annual sales record for the manufacturer-certified category,"
Mr. LaNeve said.

                            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 US 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.  S&P said the outlook is stable.


GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ
------------------------------------------------------------
General Motors Corp. has submitted a formal bid for a stake in
Russian carmaker OAO AvtoVAZ, The Wall Street Journal reports.

GM spokesman Marc Kempe described the offer as "competitive",
without specifying how large a stake the company is bidding or
how much it is willing to pay, WSJ relates.

Mr. Kempe told WSJ that the bid was part of its effort to extend
its presence in Russia, where foreign-brand cars posted a 60%
rise in sales.

GM expects this year's sales to reach 250,000 vehicles, compared
to 132,000 units in 2006, WSJ relates.  GM's Chevrolet and Opel
brands are Russia's best-selling foreign and fastest-growing
brands respectively.

WSJ cites some industry analysts as saying that Russia will
become Europe's second-biggest car market by number of new cars
sold as early as the end of 2007.

GM and AvtoVAZ operate a joint venture that manufactures the
Chevrolet Niva and the Chevrolet Viva.  The companies'
relationship, however, soured in 2005 after the Russian
government took over AvtoVaz.

GM may face Fiat S.p.A. and Renault S.A. in the bidding process,
WSJ relates.  Fiat has an existing memorandum of understanding
with Avtovaz to explore ways in which the two companies could
share technology, parts and platforms.

"All of these auto makers are building their sales and
production networks [in Russia] organically, but it's not going
quickly enough to meet the targets they've set [for Russia],"
Ivan Bonchev at Ernst & Young Moscow told WSJ.

                          About Avtovaz

Headquartered in Toliatti, Russia, Avtovaz OAO --
http://www.lada-auto.ru/-- manufactures passenger cars under
brand names LADA, VAZ and NIVA.  Through its subsidiaries and
associates, the Company manufactures automobile components,
distributes automobiles and spare parts and operates automobile
service centers.


                            About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- wmanufactures 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 employs about 280,000
people around the world

                         *     *     *

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.

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.  S&P said the outlook is stable.


GREENLAKE DEVELOPMENTS: Appoints PwC as Joint Administrators
------------------------------------------------------------
Nicholas Edward Reed and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators
of Greenlake Developments Ltd. (Company Number 05072522) on
Nov. 15.

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

The company can be reached at:

         Greenlake Developments Ltd.
         3 Kensington
         Bishop Auckland
         DL14 6HX
         England


HOBBY CERAMICS: J. M. Titley Leads Liquidation Procedure
--------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Hobby Ceramics Ltd. (formerly The Potters Connection Ltd.) on
Nov. 16 for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

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


INDUSTRIA ENGINEERING: Claims Filing Period Ends January 9, 2008
----------------------------------------------------------------
Creditors of Industria Engineering Products Ltd. have until
Jan. 9, 2008 to prove their debts by sending written statements
of the amounts they claim to be due to them from the Company to:

         Jason James Godefroy
         Joint Liquidator
         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England

Jason James Godefroy and Paul John Clark of Menzies Corporate
Restructuring were appointed joint liquidators of the company on
Nov. 15 for the creditors' voluntary winding-up proceeding.


MARCON BUILDINGS: Taps Begbies Traynor as Administrators
--------------------------------------------------------
G.W. Rhodes and I.P. Sykes of Begbies Traynor were appointed
joint administrators of Marcon Buildings & Services Ltd.
(Company Number 02902875) on Nov. 22.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

The company can be reached at:

         Marcon Buildings & Services Ltd.
         Unit 11 Foundry Court
         Foundry Lane
         Horsham
         RH13 5PY
         England
         Tel: 01403 249 066
         Fax: 01403 249 077


NICOLSON PLANT: Brings In Administrators from BDO Stoy
------------------------------------------------------
James B. Stephen and David J. Hill of BDO Stoy Hayward LLP were
appointed joint administrators of Nicolson Plant Ltd. (Company
Number 04037615) on Nov. 23.

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

The company can be reached at:

         Nicolson Plant Ltd.
         Moorfield
         Moorfield
         Brae
         ZE2 9QL
         Scotland
         Tel: 01806 522 365
         Fax: 01806 522 688


POPE & TALBOT: Wants Court OK to Hire Rives as Outside Counsel
--------------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates ask the United
Bankruptcy Court for the District of Delaware for authority to
employ Stoel Rives LLP as their special outside counsel.

Pope & Talbot Inc. president and chief executive officer Harold
N. Stanton tells the Court that the Debtors currently do not
employ an attorney who serves in the role of general counsel.
That void, he relates, has generally been filled by Stoel Rives
since 1998.  Since that time, the firm has provided the Debtors
with legal advice in connection with corporate advisory matters,
including, corporate counseling, mergers and acquisitions,
financing, tax and securities compliance, employee benefits and
employment law, litigation, and environmental matters.

Thus, Mr. Stanton adds, Stoel Rives, through its prior
representation of the Debtors, has become very familiar with the
Debtors and their business affairs, and has gained extensive
experience in most, if not all, aspects of their legal needs.

Stoel Rives' continued representation of the Debtors is
essential to the successful of their Chapter 11 reorganization,
and will provide a substantial benefit to the Debtors and their
estates, Mr. Stanton emphasizes.

As the Debtors' special outside counsel, Stoel Rives will
continue to advise the Debtors on a wide variety of corporate
advisory matters, including:

   * general corporate;

   * securities compliance;

   * assisting the Debtors' counsel with non-bankruptcy aspects
     of mergers and acquisitions and financing;

   * employee benefits;

   * labor and employment law issues;

   * certain litigation matters currently pending, including two
     employment matters, two workers' compensation matters, and
     one commercial matter; and

   * environmental matters.

The Debtors will pay for Stoel Rives' services at the firm's
customary hourly rates of US$160 to US$525 for attorneys, and
from US$110 to US$220 for para-professionals.   The firm's
hourly rates are subject to adjustment on a periodic basis.

Mr. Stanton tells the Court that the Debtors have provided
Stoel Rives a US$75,000 prepetition retainer.  In addition,
Stoel Rives has received approximately US$1,268,278 from the
Debtors since Oct. 1, 2006, on account of legal services
rendered.

Although Stoel Rives has been paid for all outstanding balances
existing as of the bankruptcy filing, Mr. Stanton clarifies, it
is possible that a modest amount of fees and costs remain
outstanding.  In this event, the firm will file a claim for all
prepetition fees and costs, much of which are likely to relate
to either corporate advisory matters or the preparation of Stoel
Rives' employment application, and all of which would be secured
by and to the extent of the amount of the retainer.

Ruth A. Beyer, Esq., a partner at Stoel Rives, assures the Court
that her firm is a "disinterested person," as the term is
defined in Section 101(14) of the Bankruptcy Code.

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Selects FTI Consulting as Financial Advisor
----------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates ask the United
States Bankrupty Court for the District of Delaware for
permission to employ FTI Consulting to perform financial
advisory services for them, effective as of Nov. 19, 2007.

The Debtors understand that FTI Consulting Inc., has a wealth of
experience in providing financial advisory services in
restructurings and reorganizations and enjoys an excellent
reputation for services it has rendered in large and complex
Chapter 11 cases on behalf of debtors and creditors throughout
the United States, Harold N. Stanton, president and chief
executive officer of Pope & Talbot Inc., tells the Court.

Thus, the Debtors engaged FTI Consulting on Sept. 5, 2007, to
provide them with financial advisory and consulting services.

Since then, FTI Consulting has developed a great deal of
institutional knowledge regarding the Debtors' operations,
finance and systems, which will be valuable to the Debtors in
their efforts to reorganize.

Pursuant to the terms of an engagement letter between the
Debtors and FTI Consulting, dated September 5, FTI Consulting is
expected to, among other things:

   (1) assist the Debtors with information and analyses required
       pursuant to the Debtors' prepetition financing;

   (2) assist with the identification and implementation of
       short-term cash management reporting procedures;

   (3) assist in the preparation of financial information for
       distribution to creditors, including cash receipts and
       disbursement analysis, analysis of various asset and
       liability accounts, and analysis of proposed transaction;

   (4) assist the Debtors in developing and implementing
       strategies to address critical trade suppliers;

   (5) provide assistance with tax planning and compliance
       issues with respect to any proposed restructuring, as
       well as any and all other tax assistance as may be
       requested from time to time;

   (6) assist the Debtors in the valuation of businesses and in
       the preparation of a liquidation valuation for a
       reorganization plan and disclosure purposes;

   (7) advise and assist the Debtors in reviewing executory
       contracts and providing recommendations to assume or
       reject;

   (8) advise and assist the Debtors in their assessment of the
       bonus, incentive and severance plans; and

   (9) advise and assist the Debtors in the process of
       identifying and reviewing DIP financing.

Mr. Stanton relates that Scott Rinaldi, a managing director of
FTI Consulting, has been helping to oversee and coordinate the
Debtors' treasury functions due to the vacancy that exists in
the Debtors' treasurer position.

For contemplated services to be rendered to the Debtors, FTI
Consulting will be paid on an hourly basis:

   Professional                           Hourly Rate
   ------------                           -----------
   Senior Managing Director               US$615 to US$675
   Directors I Managing Directors         US$450 to US$590
   Associates I Consultants               US$225 to US$420
   Administration I Paraprofessionals      US$95 to US$180

In addition, the Debtors will consider, in their sole
discretion, a value-added fee at the conclusion of FTI
Consulting's engagement that would be based on the firm's
contribution to the success of their restructuring, according to
Mr. Stanton.

FTI Consulting should be employed under a general retainer
because of the variety and complexity of the services that will
be required during the Debtors' bankruptcy proceedings, Mr.
Stanton explains.  This retainer, he adds, which is estimated to
total approximately US$400,000, will not be segregated by FTI
Consulting in a separate account and will be held until the end
of the case, and applied to FTI Consulting's final Court-
approved fees.

Dewey Inhoff, senior managing director with FTI Consulting,
assures the Court that his firm is a "disinterested person," as
the term is defined in Section 101(14) of the Bankruptcy Code.

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: U.S. Trustee Elects 5-Member Creditors Committee
---------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
appointed five creditors to the Official Committee of Unsecured
Creditors in Pope & Talbot Inc. and its debtor-affiliates'
Chapter 11 cases.

The Creditors Committee members are:

   1. McDonnell Investment Management LLC
      Attn: David M. Roberts
      1515 West 22nd Street
      Oak Brook, IL 60523
      Tel No.: (630) 684-8750
      Fax No.: (630) 368-9102

   2. Winthrop Resources Corporation
      Attn: Abigail R. Nesbitt
      11100 Wayzata Blvd., Suite 800
      Minnetonka, MN 55305
      Tel No.: (952) 936-0226
      Fax No.: (952) 933-0201

   3. New Generation Advisers
      Attn: Frederick Baily Dent III
      225 Friend Street, Suite 801
      Boston, MA 02114
      Tel No.: (617) 573-9550
      Fax No.: (617) 573-9554

   4. The Bank of New York Trust Company, N.A.
      Attn: Stuart Kratter
      101 Barclay Street 8 W
      New York, NY 10286
      Tel No.: (212) 815-5466
      Fax No.: (732) 667-4762

   5. United Steelworkers
      Attn: David R. Jury
      Associate General Counsel
      Five Gateway Center, Room 807
      Pittsburgh, PA 15222
      Tel No.: (412) 562-2545
      Fax No.: (412) 562-2574

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

                       About 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 US and
Canada.  Markets for the company's products include the US,
United Kingdom, Canada, South America and the Pacific Rim.

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Informs B.C. Supreme Court of APA with InterFor
--------------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates informed the
British Columbia Supreme Court that they have agreed to sell
three sawmills located in Castlegar and Grand Forks, British
Columbia, and Spearfish, South Dakota and related timber tenures
to International Forest Products Limited, pursuant to an asset
purchase agreement dated Nov. 19, 2007, entered into among Pope
& Talbot Inc., Pope & Talbot Ltd., Pope & Talbot Lumber Sales
Inc., and Pope & Talbot Spearfish Limited Partnership and
Interfor.

The Debtors also informed the Canadian Court that Interfor is a
"stalking horse bidder" and the Interfor APA requires that they
file with the U.S. Court, and schedule in the CCAA Proceedings,
motions seeking, among other things, the Canadian Court's
approval and authorization of uniform bidding procedures.

The proposed Biding Procedures aim to solicit competitive bids
for the wood products assets contemplated by the Interfor APA,
and are essentially the same in form and substance filed by the
U.S. Debtors in their Chapter 11 proceedings.

As reported in the Troubled Company Reporter on Nov. 30, 2007,
the Debtors asked the United States Bankruptcy Court for the
District of Delaware to approve the Bidding Procedures.
The Debtors also asked the Court to set a sale hearing no later
than Jan. 8, 2007.

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 7; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SUMMIT PRECISION: Barclays Bank Taps Kroll as Receivers
-------------------------------------------------------
Barclays Bank Plc appointed Joanne M. Wright and Fraser J. Gray
of Kroll Limited joint administrative receivers of Summit
Precision Engineering Ltd. (Company Number 01119270) on Nov. 22.

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

Headquartered in Solihull, England, Summit Precision Engineering
Ltd. -- http://www.summit-precision.co.uk/-- manufactures
precision-engineered components for aerospace and oil
industries.


TUDOR WINDOWS: Creditors' Meeting Slated for Dec. 11
----------------------------------------------------
Creditors of Tudor Windows Ltd. will meet at 10:00 a.m. on
Dec. 11 at:

         Moore Stephens Corporate Recovery
         1-2 Little King Street
         Bristol
         BS1 4HW
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 10 at:

         C.A. Prescott
         Joint Administrator
         Moore Stephens Corporate Recovery
         1-2 Little King Street
         Bristol
         BS1 4HW
         England

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *