TCREUR_Public/071207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, December 7, 2007, Vol. 8, No. 243

                            Headlines


A U S T R I A

ABIS BAU: Vienna Court Orders Business Shutdown
ADELE LLC: Creditors' Meeting Slated for December 19
HMF MONTAGE: Linz Court Orders Business Shutdown
SCHINKO PFLASTER: Creditors' Meeting Slated for Dec. 20


B E L G I U M

CHEMTURA CORPORATION: Appoints Lynn Schefsky as Secretary
MAZDA MOTOR: Planned Sales Consolidation Will Not Push Through


D E N M A R K

ARROW ELECTRONICS: Combines Two Units Into US$1 Bln Software Biz
KNOLL INC: Paying US$0.12/Share Cash Dividend on December 28


F R A N C E

DELPHI CORP: Gets Committees' Support on Plan Amendments
LAZARD LTD: Names Rodrigo de Rato as Senior Managing Director


G E R M A N Y

ABRAND GMBH: Claims Registration Period Ends Jan. 17, 2008
ARCADEN IMMOBILIEN: Claims Registration Period Ends Dec. 21
AUFBAU- UND VERMIETUNGS: Claims Registration Ends Jan. 18, 2008
BLITZ-BAU GMBH: Claims Registration Ends January 10, 2008
BRINKMANN HOLZ: Claims Registration Period Ends Jan. 18, 2008

BSA BAGGER: Claims Registration Ends January 8, 2008
CHRISTA LEMCKE: Claims Registration Period Ends Jan. 4, 2008
CSI SCHEELE: Claims Registration Ends January 25, 2008
DEUTSCHE VERKEHRSFLIEGERSCHULE: Registration Ends Jan. 8, 2008
EASY FILL: Claims Registration Ends January 22, 2008

GRABAN TRANSPORTE: Claims Registration Ends January 11, 2008
H & I BEDACHUNGEN: Claims Registration Ends January 22, 2008
HAKAN MEZBAHASI: Claims Registration Period Ends Jan. 3, 2008
HEINZ GUENTER: Claims Registration Period Ends Dec. 31
IPRO IMMOBILIEN: Claims Registration Period Ends Jan. 3, 2008

IT SERVICE: Claims Registration Ends January 11, 2008
KS SPEDITION: Claims Registration Period Ends Jan. 14, 2008
MAGICALWORKS DEUTSCHLAND: Claims Registration Ends Jan. 9, 2008
MBJ JOHANNISTHAL: Creditors' Meeting Slated for January 7, 2008
MTH SPESSARTER: Claims Registration Period Ends Dec. 27

NATALI DE LAURI: Claims Registration Period Ends Jan. 18, 2008
PARTNER AUF ZEIT: Claims Registration Period Ends Dec. 27
PETRA KLEIN: Claims Registration Period Ends Jan. 3, 2008
ROSSMANN JAHRESWAGEN: Claims Registration Ends January 8, 2008
SCHILLINGS STUCK: Claims Registration Period Ends Dec. 17

SELECT-CUSOMIZED MOBILE: Claims Registration Ends Jan. 8, 2008
TOV RESTAURATIONSBETRIEBE: Claims Filing Ends Jan. 23, 2008
WEA WIENHOEFER: Claims Registration Period Ends Jan. 16, 2008


H U N G A R Y

AES CORP: Unit To Decrease Concession Area Power Losses To 11.6%
AES CORP: Somerset Seeks Judge's Disqualification in Lawsuit
GUESS INC: Earns US$58.3 Million in Third Quarter Ended Nov. 3


I R E L A N D

EUROCREDIT CDO: Moody's Rates EUR24.5 Mln Class E Notes at Ba3


I T A L Y

ALITALIA SPA: Three Groups Submit Non-Binding Offers
COREL CORP: Partners with ConceptShare for Online Collaboration
PARMALAT SPA: PET Shift Boosts Romanian Juice Sales by 300%


K A Z A K H S T A N

COLD TRADE: Proof of Claim Deadline Slated for Jan. 4
DINAMO-MARKET LLP: Creditors Must File Claims Jan. 4
FORESTER GROUP: Claims Filing Period Ends Jan. 4
IPRE-AKTAU LLP: Creditors' Claims Due on January 4
KAZSTROYDIAGNOSTIKA LLP: Claims Registration Ends Jan. 8

KOSTANAI AVIA-SERVICE: Proof of Claim Deadline Slated for Jan. 4
STANDART OIL: Creditors Must File Claims Jan. 4
TRANS-LOGISTIC LLP: Claims Filing Period Ends Jan. 4
UNONA LLP: Creditors' Claims Due on Jan. 4
ZAVODSKOY LLP: Claims Registration Ends Jan. 4


K Y R G Y Z S T A N

I-DILI LLC: Creditors Must File Claims by January 11, 2008


N E T H E R L A N D S

GLOBAL POWER: Asks Court to Extend Removal Period Past Dec. 31


N O R W A Y

DRESSER-RAND: Employees Back to Work at Painted Post Facility
MONITOR OIL: Bondholders Want Chapter 11 Case Dismissed


P O R T U G A L

ACXIOM CORPORATION: Inks Strategic Deal with Search Initiatives


R O M A N I A

PARMALAT ROMANIA: PET Shift Boosts Juice Sales by 300%


R U S S I A

ACHINSKAYA LLC: Creditors Must File Claims by Dec. 24
CHEREMKHOVSKIJ MECHANICAL: Asset Sale Slated for Dec. 25
GAZPROM NEFT: Sets Up Unit to Operate Oil Fields
IRKUTSKIJ MECHANICAL: Creditors Must File Claims by Dec. 24
KHPTO ROSMYASOMOLTORG: Asset Sale Slated for Dec. 24

MAGNITOGORSK IRON: Earns US$1.4 Bln for First Nine Months 2007
METAL-CASTING PLANT: Creditors Must File Claims by Jan. 24, 2008
OSETROVSKIJ RIVER: Court Starts External Bankruptcy Procedure
PETRODVORTSOVY CLOCK: Claims Filing Period Ends Jan. 24, 2008
SVYAZINVESTNEFTEKHIM OAO: Moody's Assigns Ba1 Corp Family Rating

TARYAAN OJSC: Creditors Must File Claims by Jan. 24, 2008


S P A I N

AYT CAIXANOVA: Moody's Junks EUR6.6 Million Series E Notes
TDA CAJAMAR 2: Fitch Affirms BB+ Rating on Class D Notes
TDA TARRAGONA 1: Moody's Junks EUR14.7 Million Series D Notes


S W I T Z E R L A N D

AKB TELESWITCH: Creditors' Liquidation Claims Due by December 13
ATELIER-QUBUS LLC: Creditors' Liquidation Claims Due by Dec. 31
ATLAS INDUSTRIE: Creditors Must File Claims by Jan. 31, 2008
DEKON JSC: Zurich Court Closes Bankruptcy Proceedings
EAGLE COLLEGE: Schwyz Court Closes Bankruptcy Proceedings

HOMERANGE LLC: Creditors' Liquidation Claims Due by December 17
LOMELUS TRADING: Creditors' Liquidation Claims Due by Dec. 13
POWERDYNAMICS LLC: Creditors Must File Claims by Jan. 28, 2008
STEP OFF LLC: Bern Court Closes Bankruptcy Proceedings
VERPRO INDUSTRIESPRITZWERK: Bern Court Closes Bankruptcy Process


U K R A I N E

DISKUS T: Creditors Must Submit Claims by December 12
DO-WHOLESALE UNION: Creditors Must Submit Claims by December 12
FORMA-BUILDING LLC: Creditors Must Submit Claims by December 12
ISTOK LLC: Creditors Must Submit Claims by December 12
PROMTEKS LLC: Creditors Must Submit Claims by December 12

QUARTA-WEST LLC: Creditors Must Submit Claims by December 12
TURBOENERGYSET LLC: Creditors Must Submit Claims by December 12
VARIATON LLC: Creditors Must Submit Claims by December 12


U N I T E D   K I N G D O M

AMATO DISCO: Brings In Administrators from DTE Leonard
ANIXTER INT'L: Has Up to 1 Mil. Shares Under Repurchase Program
BRITISH AIRWAYS: Traffic Figures Up 2.4% in November 2007
FEDERAL-MOGUL: Court Dismisses 75 Chapter 11 Cases
FORD MOTOR: November 2007 Truck Sales in Canada Up 3 Percent

GLOBAL ENGINEERING: Names Joint Administrators from PwC
GOODYEAR TIRE: Board OKs to Keep World Headquarters in Akron
MAJESTIC CORRUGATED: NatWest Bank Taps Begbies as Receivers
MENTON II: Moody's May Cut Ba2 Rating After Review
MS VEHICLE: Brings In Administrators from Tenon Recovery

NASDAQ STOCK: Qatar Holding Withdraws from OMX AB Bidding Race
RDS SYSTEMS: Taps Menzies to Administer Assets
SHAW GROUP: Expects US$19 Million Net Loss for Fiscal Year 2007
SHAWCROSS & DICKINSON: Appoints Administrators from Deloitte
TATA MOTORS: November Vehicle Sales Down 4% in 2007

* BOOK REVIEW: Bankruptcy Investing: How to Profit from
               Distressed Companies (Revised Edition)


                            *********


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


ABIS BAU: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered on Oct. 30 an order shutting
down the business of LLC ABIS Bau (FN 63903a).

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

The estate administrator can be reached at:

         Mag. Wolfgang Winkler
         c/o Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Vienna
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 23 (Bankr. Case No 4 S 123/07a).  Maximilian
Schludermann represents Mag. Winkler in the bankruptcy
proceedings.


ADELE LLC: Creditors' Meeting Slated for December 19
----------------------------------------------------
Creditors owed money by LLC Adele (FN 66326p) are encouraged to
attend the creditors' meeting at 10:00 a.m. on Dec. 19.

The creditors' meeting will be held at:

         The Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Krems an der Donau, Austria, the Debtor
declared bankruptcy on Oct. 30 (9 S 62/07a).  Frank Riel serves
as the court-appointed estate administrator of the Bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Frank Riel
         Gartenaugasse 1
         3500 Krems
         Tel: 02732/86565
         Fax: 02732/86566-11
         E-mail: anwalt@riel-grohmann.at


HMF MONTAGE: Linz Court Orders Business Shutdown
------------------------------------------------
The Land Court of Linz entered on Oct. 25 an order shutting down
the business of LLC HMF Montage & Fertigungstechnik (FN
213621z).

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

The estate administrator can be reached at:

         Mag. Wolfgang Kempf
         Buergerstrasse 41
         4020 Linz
         Austria
         Tel: 77 72 07
         Fax: 78 25 70
         E-mail: ra.kempf.linz@utanet.at

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on Oct. 22 (Bankr. Case No 38 S 55/07b).


SCHINKO PFLASTER: Creditors' Meeting Slated for Dec. 20
-------------------------------------------------------
Creditors owed money by LLC Schinko Pflaster (FN 63505s) are
encouraged to attend the creditors' meeting at 2:10 p.m. on
Dec. 20.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Wolfsberg, Austria, the Debtor declared
bankruptcy on Oct. 30 (25 S 116/07g).  Candidus Cortolezis
serves as the court-appointed estate administrator of the
Bankrupt's estate.

The estate administrator can be reached at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Tel: 0316/813973
         Fax: 0316/847797
         E-mail: office@cortolezis.com



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


CHEMTURA CORPORATION: Appoints Lynn Schefsky as Secretary
---------------------------------------------------------
Chemtura Corporation disclosed that Lynn A. Schefsky, has added
the role of secretary to his current position of senior vice
president and general counsel, which he has held since 2004.

Mr. Schefsky was named secretary, effective Dec. 1, 2007,
following the recent retirement of Barry J. Shainman, who had
served as secretary since 2000.

"We thank Barry for his 18 years of service with Chemtura and
its predecessor companies and wish him a long and healthy
retirement," said Mr. Schefsky, senior vice president, general
counsel and secretary.

                      About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, US$150 million due 2026: Ba2
      from Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, US$400 million due 2009: Ba2
      from Ba1; LGD4 (53%)


MAZDA MOTOR: Planned Sales Consolidation Will Not Push Through
--------------------------------------------------------------
Mazda Motor Corp.'s China unit has recently named its chief
operating officer, Noriaki Yamada, as head of its marketing and
sales in China, reports SinoCast China Transportation Watch.

According to the report, Mazda, which planned to consolidate its
sales operations in China into only FAW Mazda Automobile Co.,
Ltd., failed to make the plan come true.

Originally, Mazda China will take charge of the sales operation
in China with two sales networks in FAW Mazda and Chang'an Ford
Mazda Automobile Co., Ltd. in order to support Mazda's plan to
enrich its products portfolio in the country, states the report.

SCTW relates that the plan was Mazda's strategy to sell
Mazda-branded cars that would be made in China in future via FAW
Mazda, Mr. Yamada, former president of FAW Mazda, disclosed when
the Japanese auto giant formed the sales venture in 2005 in
partnership with China FAW Group Corp. and its subsidiary FAW
Car Co., Ltd.

However, Chang'An Auto Group, another Chinese partner of Mazda,
opposed to the proposition.  Mazda, its controlling shareholder
Ford Motor Co., joined hands with Chang'An Auto to form Chang'an
Ford Mazda, recalls the report.

After discussions, Chang'an Ford Mazda, Mazda Motor and FAW
reached accord that Mazda 3 and the future models to be made in
Chang'an Ford Mazda would only be available in the new sales arm
of Chang'an Ford Mazda.

                        About Mazda Motor

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

                          *     *     *

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

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

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


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


ARROW ELECTRONICS: Combines Two Units Into US$1 Bln Software Biz
----------------------------------------------------------------
Arrow Electronics, Inc.'s Enterprise Computing Solutions
business has announced that it is transitioning its software
distribution business to Arrow's subsidiary, Alternative
Technology, Inc., creating a software business in excess of US$1
billion.

Through this arrangement, Alternative Technology will gain eight
additional product lines that previously were part of Arrow ECS'
Software Group and will oversee partner relationships and
internal staff for that business.  Product lines that will be
transferred to Alternative Tech include Bakbone, BEA, CA,
CommVault, McAfee, Novell, Oracle and Symantec.  Arrow ECS'
storage, HP and IBM businesses will not change.

"Arrow ECS is committed to increasing the depth of our offerings
in high- growth sectors, including software and security.  In
addition, Arrow ECS is focused on delivering comprehensive
solutions to our partners," said Arrow Enterprise Computing
Solutions president, Kevin Gilroy.  "This initiative enables
Arrow ECS to best serve our software suppliers and partners by
providing focused support and dedicated resources to grow their
business."

It is anticipated that the suppliers will be transitioned to
Alternative Technology by the end of Arrow's first quarter in
2008.  A team comprising representatives from both Arrow ECS and
ATI will manage the integration process.

"This integration best enables Arrow ECS and ATI to share and
apply best practices within our respective software businesses,"
said Alternative Technology, Inc. president and chief executive
officer, Bill Botti. "Partners will benefit from enhanced
complementary product lines and a full suite of professional
services available through ATI."

                About Alternative Technology

Alternative Technology, Inc. represents more than 30 software
and security suppliers, including Citrix and VMware.
Established in 1986, the company provides end-to-end solutions,
presales support, order management and marketing services to
more than 3,000 partners.  The company also offers a robust
portfolio of processional services for partners, including
onsite engineering, security assessments and technical call
support.

Alternative Tech is a wholly owned subsidiary of Arrow
Enterprise Computing Solutions, which is a business unit of
Arrow Electronics, Inc.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
(NYSE: ARW) -- http://www.arrow.com/-- provides products,
services and solutions to industrial and commercial users of
electronic components and computer products.  Arrow serves as a
supply channel partner for nearly 600 suppliers and more than
130,000 original equipment manufacturers, contract manufacturers
and commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                         *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


KNOLL INC: Paying US$0.12/Share Cash Dividend on December 28
------------------------------------------------------------
Knoll Inc.'s board of directors declared a quarterly cash
dividend of US$0.12 per share payable Dec. 28, 2007, to
stockholders of record on Dec. 14, 2007.

The board intends to declare and pay quarterly dividends of
US$0.12 per share on our common stock.  The declaration and
payment of dividends is subject to the discretion of the board
and depends on various factors, including the company's net
income, restrictions in our credit facility, financial position,
cash requirements and other factors deemed relevant by its
board.

Based in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL)
-- http://www.knoll.com/-- designs and manufactures branded
office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                          *     *     *

Standard & Poor's placed Knoll Inc.'s long term foreign and
local issuer credit ratings at 'BB' in July 2006.  The ratings
still hold to date with a stable outlook.


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


DELPHI CORP: Gets Committees' Support on Plan Amendments
--------------------------------------------------------
Delphi Corp. has reached agreements in principle with its
Official Committee of Unsecured Creditors, its Official
Committee of Equity Security Holders, General Motors Corp. and
its Plan Investors on amendments to its Joint Plan of
Reorganization, Global Settlement Agreement and Master
Restructuring Agreement between Delphi and GM, and the
Investment Agreement with Delphi's Plan Investors led by an
affiliate of Appaloosa Management L.P. Delphi filed potential
amendments to all four documents on Monday evening in the United
States Bankruptcy Court for the Southern District of New York as
revisions to the company's Disclosure Statement and appendices
to the company's Disclosure Statement.

Delphi expects to make further amended filings prior to the
resumption on Dec. 6, 2007, of the Disclosure Statement hearing
commenced in Oct. 2007.  These filings will include further
changes required to reflect the agreements in principle with
Delphi's key stakeholders and executed signature pages with
respect to the Company's agreements with GM and the Plan
Investors.  These agreements currently remain subject to
proposed amendments announced on Nov. 14, which are also subject
to Bankruptcy Court approval.

The potential amendments primarily reflect changes required by
Delphi's Statutory Committees to obtain their support of
Delphi's Plan and related Disclosure Statement.  In the event
these amendments do not become effective, the original
underlying agreements as approved by the Bankruptcy Court on
Aug. 2 remain in effect.  The company continues to pursue
emergence from Chapter 11 during the first quarter of 2008.

The potential amendments to the Disclosure Statement and certain
Appendices (which include amendments to the POR, the GM Global
Settlement Agreement, the GM Master Restructuring Agreement and
the Investment Agreement) will be available on
http://www.delphidocket.com/

                        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 US$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. 100;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


LAZARD LTD: Names Rodrigo de Rato as Senior Managing Director
-------------------------------------------------------------
Lazard Ltd. has appointed Rodrigo de Rato as its Senior Managing
Director of Investment Banking, effective Feb. 1, 2008.  Mr.
Rato was most recently the Managing Director of the
International Monetary Fund and was formerly the Minister of
Economy for the Government of Spain for eight years.  He will be
based in Madrid and London.

"Mr. Rato brings an abundance of economic knowledge and
relationships in both the private and public sectors due to his
rich history of high profile finance positions,"said Bruce
Wasserstein, Chairman and Chief Executive Officer of Lazard.
"He will serve as a knowledgeable advisor to our clients, and
will play an important strategic role for Lazard on a global
level."

"Lazard has an outstanding reputation as a trusted, independent
advisor known for intellectual rigor, creativity and integrity -
qualities that I value deeply and endorse," said Mr. Rato.  "I
am delighted to be joining Lazard, and look forward to working
with the firm's global network of exceptional bankers."

"We have known and admired Rodrigo de Rato over the years, both
from his tenure at the IMF and during his term as Minister of
the Economy for the Government of Spain.  We are pleased to
bring such high caliber finance expertise into Lazard for the
benefit of our clients,"said Georges Ralli, Chief Executive
Officer of Lazard's European investment banking business.

Mr. Rato served as Managing Director of the IMF from June 2004
until Oct. 31, 2007.  Prior to the IMF, he was Vice President
for Economic Affairs and Minister of Economy for the Government
of Spain, a post to which he was appointed in 1996.  During that
time he also was Governor for Spain, and served on the Boards of
Governors of the IMF, the World Bank, the Intra-American
Development Bank, the European Investment Bank, and the European
Bank for Reconstruction and Development.  He regularly attended
the European Union's Economics and Finance Ministers meetings,
and represented the EU at the Group of Seven Finance Ministers
meeting in 2002.  He was a member of Spain's parliament from
1982 to 2004.

Mr. Rato received a law degree at the Complutense University, an
MBA at the University of California, Berkeley, Haas School of
Business and a PhD in economics at the University of Madrid.

                      About Lazard Ltd.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.


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


ABRAND GMBH: Claims Registration Period Ends Jan. 17, 2008
----------------------------------------------------------
Creditors of ABrand GmbH have until Jan. 17, 2008, to register
their claims with court-appointed insolvency manager Wolfgang
Hohenadl.

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

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Hohenadl
         Froelichst. 14
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against ABrand GmbH on Nov. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ABrand GmbH
         Ulmer Str. 160a
         86156 Augsburg
         Germany


ARCADEN IMMOBILIEN: Claims Registration Period Ends Dec. 21
-----------------------------------------------------------
Creditors of Arcaden Immobilien GmbH have until Dec. 21 to
register their claims with court-appointed insolvency manager
Volker Dick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Jan. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         William-Strasse 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:

         Volker Dick
         Koelnstrasse 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241906090

The District Court of Bonn opened bankruptcy proceedings against
Arcaden Immobilien GmbH on Nov. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Arcaden Immobilien GmbH
         Am Boeselagerhof 11
         53111 Bonn
         Germany

         Attn: Sylvia Neusser, Manager
         Bahnhofstr. 3 f
         53842 Troisdorf
         Germany


AUFBAU- UND VERMIETUNGS: Claims Registration Ends Jan. 18, 2008
---------------------------------------------------------------
Creditors of Aufbau- und Vermietungsgesellschaft mbH have until
Jan. 18, 2008, to register their claims with court-appointed
insolvency manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

          Torsten Gutmann
          Zum Blauen See 5
          31275 Lehrte
          Germany
          Tel: 05132/82680
          Fax: 05132/8268-96

The District Court of Gifhorn opened bankruptcy proceedings
against Aufbau- und Vermietungsgesellschaft mbH on Nov. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Aufbau- und Vermietungsgesellschaft mbH
          Peiner Strasse
          Peinerstr. 39
          31319 Sehnde
          Germany


BLITZ-BAU GMBH: Claims Registration Ends January 10, 2008
---------------------------------------------------------
Creditors of Blitz-Bau GmbH have until Jan. 10, 2008, to
register their claims with court-appointed insolvency manager
Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Feb. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Specks Hof Eingang C
         Nikolaistrasse 3-5
         04109 Leipzig
         Germany
         Tel: 0341/652200
         Fax: O341/65220111

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

The Debtor can be reached at:

         Blitz-Bau GmbH
         Gartenallee 8
         04827 Machern
         Germany

         Attn: Ulf Hoehne, Manager
         Katharinenstrasse 21
         06886 Wittenberg
         Germany


BRINKMANN HOLZ: Claims Registration Period Ends Jan. 18, 2008
-------------------------------------------------------------
Creditors of Brinkmann Holz-/Trockenbau GmbH have until
Jan. 18, 2008, to register their claims with court-appointed
insolvency manager Bernd Wetjen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 4, 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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:

          Bernd Wetjen
          Alter Markt (Kaiserhaus) 1
          31134 Hildesheim
          Germany
          Tel: 91710
          Fax: 917171

The District Court of Hildesheim opened bankruptcy proceedings
against Brinkmann Holz-/Trockenbau GmbH on Nov. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Brinkmann Holz-/Trockenbau GmbH
          In den Wispeln 7
          31174 Schellerten
          Germany

          Attn:  Dietmar Schlesener, Manager
          Helmerser Str. 8
          31185 Soehlde
          Germany


BSA BAGGER: Claims Registration Ends January 8, 2008
----------------------------------------------------
Creditors of BSA Bagger und Baustoffe GmbH have until
Jan. 8, 2008, to register their claims with court-appointed
insolvency manager Joachim C. Hausherr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 5, 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 Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         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:

         Joachim C. Hausherr
         Bruchtorwall 6
         38100 Braunschweig
         Tel: 0531/244 80-29
         Fax: 0531/244 80-80
         E-Mail: jchausherr@hausherr-steuerwald.de.

The District Court of Wolfsburg opened bankruptcy proceedings
against BSA Bagger und Baustoffe GmbH on Nov. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BSA Bagger und Baustoffe GmbH
         Emmerstedter Str. 23
         38350 Helmstedt
         Germany

         Attn: Wolfram Kaestner, Manager
         Lichtenberger Strasse 23
         38271 Baddeckenstedt
         Germany


CHRISTA LEMCKE: Claims Registration Period Ends Jan. 4, 2008
------------------------------------------------------------
Creditors of Christa Lemcke Brandschutz- und Sanierungskonzepte
GmbH have until Jan. 4, 2008, to register their claims with
court-appointed insolvency manager Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Hinrichs
         Kaiser-Wilhelm-Strasse 93
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Christa Lemcke Brandschutz- und Sanierungskonzepte GmbH
on Nov. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Christa Lemcke Brandschutz- und
         Sanierungskonzepte GmbH
         Attn: Katja Wiese, Manager
         Jungfernstieg 38
         20354 Hamburg
         Germany


CSI SCHEELE: Claims Registration Ends January 25, 2008
------------------------------------------------------
Creditors of CSI Scheele GmbH & Co. KG have until Jan. 25, 2008,
to register their claims with court-appointed insolvency manager
Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 19, 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 Siegen
         Meeting 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:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne
         Germany
         Tel: (0221) 9726157
         Fax: (0221) 9726227

The District Court of Siegen opened bankruptcy proceedings
against CSI Scheele GmbH & Co. KG on Nov. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CSI Scheele GmbH & Co. KG
         Agathastr. 63
         57368 Lennestadt
         Germany


DEUTSCHE VERKEHRSFLIEGERSCHULE: Registration Ends Jan. 8, 2008
--------------------------------------------------------------
Creditors of DVS Deutsche Verkehrsfliegerschule GmbH have until
Jan. 8, 2008, to register their claims with court-appointed
insolvency manager Stefan Rieger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am 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-Str. 13
         D 60314 Frankfurt am Main
         Germany
         Tel: 069/405862-80
         Fax: 069/405862-85

The District Court of Offenbach am Main opened bankruptcy
proceedings against DVS Deutsche Verkehrsfliegerschule GmbH on
Nov. 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DVS Deutsche Verkehrsfliegerschule GmbH
         Attn: Eberhard Herr, Manager
         Geisbaum 2
         63329 Egelsbach
         Germany


EASY FILL: Claims Registration Ends January 22, 2008
----------------------------------------------------
Creditors of Easy Fill GmbH have until Jan. 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Leo Schoofs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Leo Schoofs
         Salierstr. 4
         46395 Bocholt
         Germany
         Tel: 02871/2183-0
         Fax: +4928712183410

The District Court of Muenster opened bankruptcy proceedings
against Easy Fill GmbH on Nov. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Easy Fill GmbH
         Winterswijkerstrasse 114
         46399 Bocholt
         Germany

         Attn: Richard Stapper, Manager
         Schoolstr. 15A
         NLD-6641 Beuningen
         Germany


GRABAN TRANSPORTE: Claims Registration Ends January 11, 2008
------------------------------------------------------------
Creditors of Graban Transporte GmbH have until Jan. 11, 2008, to
register their claims with court-appointed insolvency manager
Dr. Joern-H. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Feb. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Hamburg opened bankruptcy proceedings
against Graban Transporte GmbH on Nov. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Graban Transporte GmbH
         Attn: Rolf Schmidt, Manager
         Ochsenwerder Elbdeich 56
         21037 Hamburg
         Germany


H & I BEDACHUNGEN: Claims Registration Ends January 22, 2008
------------------------------------------------------------
Creditors of H & I Bedachungen GmbH have until Jan. 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Leo Schoofs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Leo Schoofs
         Salierstr. 4
         46395 Bocholt
         Germany
         Tel: 02871/2183-0
         Fax: +4928712183410

The District Court of  Muenster opened bankruptcy proceedings
against H & I Bedachungen GmbH on Nov. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         H & I Bedachungen GmbH
         Rudolf-Diesel-Strasse 9
         48734 Reken
         Germany

         Attn: Reinhard Becker, Manager
         Kaiserweg 371
         46286 Dorsten
         Germany


HAKAN MEZBAHASI: Claims Registration Period Ends Jan. 3, 2008
-------------------------------------------------------------
Creditors of Hakan Mezbahasi 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 9:30 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 4.307
         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 Hakan Mezbahasi GmbH on Nov. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hakan Mezbahasi GmbH
         Hirslander Weg 3
         64521 Gross-Gerau
         Germany


HEINZ GUENTER: Claims Registration Period Ends Dec. 31
------------------------------------------------------
Creditors of Heinz Guenter GmbH Schifffahrt und Spedition have
until Dec. 31 to register their claims with court-appointed
insolvency manager Norman Haering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:16 a.m. on Jan. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 220
         St. Veit-Strasse 38
         56727 Mayen
         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:

         Norman Haering
         W. Th.  Roemheld Strasse 14
         55130 Mainz
         Germany
         Tel: 06131/28500
         Fax: 06131/285028
         E-Mail: mainz@hess-rechtsanwaelte.de

The District Court of Mayen opened bankruptcy proceedings
against Heinz Guenter GmbH Schifffahrt und Spedition on Nov. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:

         Heinz Guenter GmbH,
         Schifffahrt und Spedition
         Auf der Ley 20
         56575 Weissenthurm
         Germany


IPRO IMMOBILIEN: Claims Registration Period Ends Jan. 3, 2008
-------------------------------------------------------------
Creditors of IPRO Immobilien Pojektentwicklung Rostock-Berlin
GmbH have until Jan. 3, 2008, to register their claims with
court-appointed insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Stampfmuellerstrasse 39
         18057 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against IPRO Immobilien Pojektentwicklung Rostock-Berlin GmbH on
Nov. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         IPRO Immobilien Pojektentwicklung Rostock-Berlin GmbH
         Attn: Lolita Rockel, Manager
         Petridamm 3a
         18146 Rostock
         Germany


IT SERVICE: Claims Registration Ends January 11, 2008
-----------------------------------------------------
Creditors of IT Service GmbH have until Jan. 11, 2008, to
register their claims with court-appointed insolvency manager
Miguel Grosser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 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:

         Miguel Grosser
         Muenchener Strasse 13
         60329 Frankfurt am Main
         Germany
         Tel: 069/2400650
         Fax: 069/24006510

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against IT Service GmbH on Nov. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         IT Service GmbH
         Ben-Gurion-Ring 72
         60437 Frankfurt am Main
         Germany


KS SPEDITION: Claims Registration Period Ends Jan. 14, 2008
-----------------------------------------------------------
Creditors of KS Spedition und Logistik GmbH have until
Jan. 14, 2008, to register their claims with court-appointed
insolvency manager Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 4, 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 Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         Germany

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

The insolvency manager can be reached at:

         Walter Broehan
         Muehlenstrasse 56
         23552 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against KS Spedition und Logistik GmbH on Nov. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KS Spedition und Logistik GmbH
         Attn:  Hans Hermann Kempke, Manager
         Taschenmacherstr. 14-16
         23556 Luebeck
         Germany


MAGICALWORKS DEUTSCHLAND: Claims Registration Ends Jan. 9, 2008
---------------------------------------------------------------
Creditors of MagicalWorks Deutschland GmbH have until
Jan. 9, 2008, to register their claims with court-appointed
insolvency manager Diplom-Oekonom Bjoern von Goesseln.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Feb. 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Diplom-Oekonom Bjoern von Goesseln
         Hohenzollernstrasse 53
         30161 Hannover
         Germany
         Tel: 0511 6968460
         Fax: 0511 69684679

The District Court of Hannover opened bankruptcy proceedings
against MagicalWorks Deutschland GmbH on Nov. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MagicalWorks Deutschland GmbH
         Ilseder Ring 56
         30880 Laatzen
         Germany

         Attn: Patrick Gruhn, Manager
         Laerchenkamp 4a
         31832 Springe
         Germany


MBJ JOHANNISTHAL: Creditors' Meeting Slated for January 7, 2008
---------------------------------------------------------------
The court-appointed insolvency manager for MBJ Johannisthal
GmbH, Dr. Petra Hilgers will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:10 a.m. on Jan. 7, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on March 17, 2008, at the same
venue.

Creditors have until Jan. 22, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against MBJ Johannisthal GmbH on Nov. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MBJ Johannisthal GmbH
         Agavensteig 60
         12437 Berlin
         Germany


MTH SPESSARTER: Claims Registration Period Ends Dec. 27
-------------------------------------------------------
Creditors of MTH-Spessarter-Teigwaren-Vertriebs-GmbH have until
Dec. 27 to register their claims with court-appointed insolvency
manager Nikolaus Ackermann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on Jan. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Room 5.103
         First Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg
         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:

         Nikolaus Ackermann
         Friedrichstr. 19
         63739 Aschaffenburg
         Germany
         Tel: 06021/368919
         Fax: 06021/368924

The District Court of Aschaffenburg opened bankruptcy
proceedings against MTH-Spessarter-Teigwaren-Vertriebs-GmbH on
Nov. 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MTH-Spessarter-Teigwaren-Vertriebs-GmbH
         Am Dreispitzweg 3
         Gebaude 11
         63906 Erlenbach
         Germany


NATALI DE LAURI: Claims Registration Period Ends Jan. 18, 2008
--------------------------------------------------------------
Creditors of Natali de Lauri Filmproduktion GmbH have until
Jan. 18, 2008, to register their claims with court-appointed
insolvency manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Jens-Soeren Schroeder
          Raboisen 38
          20095 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Natali de Lauri Filmproduktion GmbH on Nov. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Natali de Lauri Filmproduktion GmbH
          Strandweg 46A
          22587 Hamburg
          Germany


PARTNER AUF ZEIT: Claims Registration Period Ends Dec. 27
---------------------------------------------------------
Creditors of Partner auf Zeit GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Kaufmann Helmut Bürenkemper.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Kaufmann Helmut Bürenkemper
         Lipperoder Strasse 9
         59555 Lippstadt
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Partner auf Zeit GmbH on Nov. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Partner auf Zeit GmbH
         Attn: Bernd Schulze, Manager
         Auf dem Knuf 13
         59073 Hamm
         Germany


PETRA KLEIN: Claims Registration Period Ends Jan. 3, 2008
---------------------------------------------------------
Creditors of PETRA KLEIN shoe's GmbH have until Jan. 3, 2008, to
register their claims with court-appointed insolvency manager
Helmut Hopmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pirmasens
         Hall 235
         Second Floor
         Pirmasens
         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:

         Helmut Hopmeier
         Berliner Ring 31
         66955 Pirmasens
         Germany
         Tel: 06331-24800
         Fax: 06331-78513

The District Court of Pirmasens opened bankruptcy proceedings
against PETRA KLEIN shoe's GmbH on Nov. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PETRA KLEIN shoe's GmbH
         Attn: Karl Klein, Manager
         Bahnhofstrasse 14
         66981 Muenchweiler/Rodalb
         Germany


ROSSMANN JAHRESWAGEN: Claims Registration Ends January 8, 2008
--------------------------------------------------------------
Creditors of Rossmann Jahreswagen GmbH & Co. KG have until
Jan. 8, 2008, to register their claims with court-appointed
insolvency manager Marianne Poeppel.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Marianne Poeppel
         Stiftstrasse 21
         32427 Minden
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Rossmann Jahreswagen GmbH & Co. KG on Nov. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rossmann Jahreswagen GmbH & Co. KG
         Kreisstr. 4 a
         32457 Porta Westfalica
         Germany


         Attn: Patrick Rossmann, Manager
         Alter Rehmer Weg 83 b
         32547 Bad Oeynhausen
         Germany


SCHILLINGS STUCK: Claims Registration Period Ends Dec. 17
---------------------------------------------------------
Creditors of Schillings Stuck GmbH have until Dec. 17 to
register their claims with court-appointed insolvency manager
Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Moenchengladbach opened bankruptcy
proceedings against Schillings Stuck GmbH on Nov. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schillings Stuck GmbH
         Attn: Peter Schillings and
               Kay Beyen, Managers
         Talstrasse 114
         41516 Grevenbroich
         Germany


SELECT-CUSOMIZED MOBILE: Claims Registration Ends Jan. 8, 2008
--------------------------------------------------------------
Creditors of Select-cusomized mobile devices GmbH have until
Jan. 8, 2008, to register their claims with court-appointed
insolvency manager Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 19, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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 Neubauer
         Spitaler Strasse 4
         20095 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Select-cusomized mobile devices GmbH on Nov. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Select-cusomized mobile devices GmbH
         Attn: Mark Schulze, Manager
         Grosse Str. 34 a
         22926 Ahrensburg
         Germany


TOV RESTAURATIONSBETRIEBE: Claims Filing Ends Jan. 23, 2008
-----------------------------------------------------------
Creditors of TOV Restaurationsbetriebe GmbH & Co. KG have until
Jan. 23, 2008, to register their claims with court-appointed
insolvency manager Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 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 Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Michael W. Kuleisa
         Speersort 4-6
         20095 Hamburg
         Germany


WEA WIENHOEFER: Claims Registration Period Ends Jan. 16, 2008
-------------------------------------------------------------
Creditors of WEA Wienhoefer Elektrotechnik GmbH have until
Jan. 16, 2008, to register their claims with court-appointed
insolvency manager Dr. Stefanie Kuche.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

          Dr. Stefanie Kuche
          Arthur-Menge-Ufer 5
          30169 Hannover
          Germany
          Tel.: 0511 626287-0
          Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against WEA Wienhoefer Elektrotechnik GmbH on Nov. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          WEA Wienhoefer Elektrotechnik GmbH
          Anderter Str. 86
          30629 Hannover
          Germany


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


AES CORP: Unit To Decrease Concession Area Power Losses To 11.6%
----------------------------------------------------------------
AES Eletropaulo's corporate revenue manager Charles Capdeville
told Business News Americas that power losses in the firm's
concession area will decrease to 11.6% of overall distribution
in 2007, from 12.0% in 2006.

AES Eletropaulo wants to reduce the "rate," planning to bring
down power losses in its concession area by 0.4 percentage
points a year to 9.7% or 9.8% in the next five years, BNamericas
says, citing AES Eletropaulo's loss reduction manager Jose
Cavaretti.

Mr. Capdeville told BNamericas.com that AES Eletropaulo
decreased by a third energy consumption in Paraisopolis, one of
Sao Paulo's poorest neighborhoods.

BNamericas relates that consumption declined partly due to AES
Eletropaulo's Paraisopolis clients, who began paying for power.

Mr. Capdeville commented to BNamericas, "We had a 100% loss rate
in Paraisopolis.  After a major and thorough community awareness
program, we were able to reduce power losses to 65% of all
consumption."

According to BNamericas, Paraisopolis has about 4,365 power-
consuming units:

          -- 80% are residential customers,
          -- 10% are commercial users, and
          -- 10% are a mix of residential and commercial
             clients.

Mr. Cavaretti told BNamericas that the firm was able to catalog
power users in the community through door-to-door visits,
conducting mini-audits in over 4,000 homes and 70 shops.  The
firm distributed about 9,600 efficient light bulbs and some 500
new refrigerators in the community in an effort to encourage
conservation.

"After a user migrates to our client database, it is hard for
them to become delinquent again as we connected Paraisopolis
slum to the system with state-of-the-art cables, which make
illegal connections more difficult," Mr. Capdeville commented to
BNamericas.

BNamericas notes that polling institute Ibope 's director Silvia
Penteado Cervellini said during a conference in Sao Paulo that a
market study by the institute indicated that 62% of Paraisopolis
residents accept Eletropaulo's program.  Ms. Cervellini
explained that the approval rating was taken from interviews
with 400 power users.  When the institute only considers users
who were given brand new refrigerators, this increases to 88%.
The residents were positive that the program can lessen the risk
of fire and boost efficiency.

Paraisopolis was chosen as it is among the poorest areas in AES
Eletropaulo's concession area.  It also has a mix of residential
and commercial users, BNamericas states, citing Mr. Capdeville.

                     About AES Eletropaulo

AES Eletropaulo is a power distributor in Sao Paulo.  It has 4.6
million clients and serves an estimated 14 million people in its
4,526sq km concession area.  In terms of revenues, it is the
largest electricity distributor in Latin America.

                        About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


AES CORP: Somerset Seeks Judge's Disqualification in Lawsuit
------------------------------------------------------------
The Buffalo News reports that the Town of Somerset has sought
the disqualification of State Supreme Court Justice Richard C.
Kloch Sr. from the lawsuits against the AES Corp.'s planned
power plant.

According to the Buffalo News, Somerset claimed that Judge Kloch
made several statements in open court prejudging the result of
the cases and "slamming the attorneys for the town."
Shoemaker's partner, Robert S. Roberson, signed the motion.  It
asserts that Judge Kloch made several statements in court during
hearings in June 2007 on the tax break that indicated that he
had decided how he would rule on the power plant assessment case
if he had to do so.

The Buffalo News notes that as indicated by a courtroom
transcript, Judge Kloch said on June 11, 2007, "Only one person
really knows the value, and that's myself, and that's without
the benefit of hearing all the proof."  The judge also admitted,
"I have a recurring nightmare, and the nightmare is that I have
to, in fact, try these [assessment] proceedings."

The Buffalo News says that the motion also claims that Judge
Kloch made critical comments about Mr. Roberson and Shoemaker in
court.

The complainants commented to the Buffalo News, "Various actions
and statements of Justice Kloch . . . were improper, establish
actual impropriety as well as create the appearance of
impropriety on behalf of Justice Kloch, [and] establish bias on
the part of Justice Kloch toward the town and its attorneys."

The report says that the motion demanding that Judge Kloch
remove himself from the assessment cases would be heard before
him on Jan. 24, 2007.

Town Attorney Edwin J. Shoemaker told the Buffalo News that he
is positive the complainants will win the appeal on the tax
break case.

The motion was "obviously without foundation, and highly ironic,
because Judge Kloch has ruled against AES in every instance [in
the assessment cases]," the Buffalo News says, citing Mark
McNamara, the attorney for AES.  Judge Kloch was citing other
cases.

"Since when does looking at legal precedent rise to the level of
bias?"  Mr. McNamara commented to the Buffalo News.

The assessment suits were dismissed but could be reinstated once
the town and the Barker Central School District succeed in their
appeals on Judge Kloch's ruling that a tax break for the AES
plant was legal, the Buffalo News states.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


GUESS INC: Earns US$58.3 Million in Third Quarter Ended Nov. 3
--------------------------------------------------------------
Guess?, Inc. reported financial results for the third quarter of
its 2008 fiscal year, which ended Nov. 3, 2007.

For the third quarter of fiscal 2008, the company reported
record net earnings of US$58.3 million, an increase of 32%
compared to net earnings of US$44.0 million for the recast
quarter ended Oct. 28, 2006.  Diluted earnings per share
increased 29% to US$0.62 per share in the current quarter versus
US$0.48 per share in the prior-year quarter.

Paul Marciano, Chief Executive Officer, commented, "We are very
pleased with our solid financial performance this quarter.
These results reflect the global strength of our Guess brand and
our highly diversified business model. The investments we are
making to develop and expand our business in North America,
Europe and Asia are clearly yielding positive results.  In the
period, we increased revenues by 43% to US$469.1 million and
operating earnings by 45% to US$95.6 million – all time records
for any quarter in our Company's history.  I am particularly
pleased with these results, considering that during the quarter
we made significant investments to support the Company's future
growth."

Mr. Marciano continued, "Once again, all of our business
segments delivered double-digit revenue growth and all
contributed to the increase in our operating earnings.  Overall,
this strong performance resulted in a 32% increase in earnings
and marked our 17th consecutive quarter of earnings growth.  We
are encouraged by these results, especially in light of today's
challenging retail environment.  I believe this success is due
to the great product assortment developed by our teams of
designers, merchants and licensees worldwide.  Based on these
results and our recent sales trends, we are confident that we
continue to be well positioned for the holiday selling season."

Total net revenue for the third quarter of fiscal 2008 increased
42.7% to US$469.1 million from US$328.8 million in the prior-
year period.  The company's retail stores in the U.S. and Canada
generated revenue of US$210.4 million in the third quarter of
fiscal 2008, a 17.7% increase from US$178.8 million in the same
period a year ago.  Comparable store sales increased 15.8% for
the quarter ended Nov. 3, 2007, compared to the thirteen weeks
ended Nov. 4, 2006.  This represents the 19th consecutive
quarter of same store sales growth in North America.  The
company operated 365 retail stores in the U.S. and Canada at the
end of the third quarter of fiscal 2008 versus 332 stores a year
earlier.

Net revenue from the company's wholesale segment, which includes
the company's Asian operations, increased 75.0% to
US$76.9 million in the third quarter of fiscal 2008, from
US$43.9 million in the prior-year period.

Net revenue from the company's European segment increased 78.8%
to US$159.4 million in the third quarter of fiscal 2008,
compared to US$89.1 million in the prior-year period.

Licensing segment net revenue increased 32.6% to US$22.4 million
in the third quarter of fiscal 2008, from US$16.9 million in the
prior-year period.

Operating earnings for the third quarter of fiscal 2008
increased 44.6% to US$95.6 million from US$66.2 million in the
prior-year period.  Operating margin in the third quarter
improved 30 basis points to 20.4%, compared to the prior year's
quarter.  This margin expansion was driven by improved leverage
over occupancy costs and leverage over selling and
administrative costs, partially offset by lower product margins.

The company also announced that its Board of Directors has
approved a quarterly cash dividend of US$0.08 per share on the
Company's common stock.  The dividend will be payable on
Jan. 4, 2008, to shareholders of record at the close of business
on Dec. 19, 2007.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                          *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


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


EUROCREDIT CDO: Moody's Rates EUR24.5 Mln Class E Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to five
classes of notes to be issued by Eurocredit CDO VIII Limited, a
bankruptcy remote special purpose vehicle incorporated under the
laws of Ireland:

The ratings are:

   -- Aaa to EUR432,300,000 Class A Senior Secured Floating Rate
      Notes due 2020;

   -- Aa2 to EUR47,700,000 Class B Senior Secured Deferrable
      Floating Rate Notes due 2020;

   -- A2 to EUR42,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2020;

   -- Baa3 to EUR29,000,000 Class D Senior Secured Deferrable
      Floating Rate Notes due 2020; and

   -- Ba3 to EUR24,500,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2020.

The ratings address the expected loss posed to investors by the
legal final maturity in 2020.

These ratings are based upon:

   1. an assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. the protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. the hedging transactions, which insulate Eurocredit CDO
      VIII Limited from the volatility of the foreign currency
      exchange rates (25% of the assets are expected to be GBP
      denominated obligations)

   4. the expertise of Intermediate Capital Managers Limited as
      loan manager; and

   5. the legal and structural integrity of the issue.

This transaction is a senior collateralized loan obligation
related to a portfolio of approximately EUR627.7 million mostly
European senior and mezzanine loans (with a predominance of
senior secured loans).  This portfolio is dynamically managed by
Intermediate Capital Managers Limited as investment manager. It
is expected that the portfolio is approximately 80% ramped-up at
closing.  The remainder of the portfolio will be acquired during
the one year ramp-up period at the end of which the portfolio
shall comply with portfolio guidelines.  Thereafter, the
portfolio of loans is actively managed and the investment
manager has the option, on behalf of the issuer to buy or sell
loans.  Any addition or removal of loans is subject to a number
of portfolio criteria.


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


ALITALIA SPA: Three Groups Submit Non-Binding Offers
----------------------------------------------------
The Board of Directors of Alitalia S.p.A. took note -– referring
to the Company’s project aimed at rapidly identifying industrial
and financial subjects committed to carry forward Alitalia’s
restructuring, development and re-launching and, in such
context, willing to acquire a majority shareholding in the
Company -- of the communication from the advisor Citi
regarding the receipt of non-binding Proposals from:

   -- Air France-KLM,
   -- AP Holding S.p.A., and
   -- Cordata Baldassarre.

As regards to Cordata Baldassarre, represented by Prof. Antonio
Cordata Baldassarre, the Board, even after having taken note
that it hasn't been provided to the advisor Citi the basic
information elements to participate in the project, making it
impossible to proceed to the necessary further analysis,
assigned to the advisor of Alitalia the task to proceed with
the evaluation of the Proposal and to report his findings to the
Board of Directors.

Upon completion of the examination by the advisor of the
Proposals presented, the Board of Directors will meet,
presumably during next week, to select the subject with
which to begin exclusive negotiations.

                        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.


COREL CORP: Partners with ConceptShare for Online Collaboration
---------------------------------------------------------------
Corel Corporation has partnered with ConceptShare Inc., an
emerging leader in Online collaboration.

www.CorelDRAWConceptShare.com is launched as the first project
in a five-year partnership between the two companies.  This new
Online tool enables designers to easily share their work with
other designers, colleagues or clients, providing a more dynamic
and collaborative experience, while accelerating the design
process.

CorelDRAWConceptShare.com helps designers and clients by making
it easier to review concepts, make adjustments and complete
projects faster.  By moving consultations Online,
CorelDRAWConceptShare.com also saves time and money by
eliminating the need to travel for face-to-face meetings.  In
addition, discussions about visual concepts are centralized,
improving information flow and the speed of decision making
between designers and their key stakeholders.

"CorelDRAW(R) has long been recognized as a premier graphics
application that delivers the features and functionality our
users need to be more productive in their day-to-day
activities,"said Gerard Metrailler, Director of Product
Management, Graphics for Corel.  "We understand the time many
users spend trying to collaborate on designs and feel that
partnering with ConceptShare, an emerging leader in the Online
collaboration space, provides our users with the ability to get
the feedback they need on all of their designs in an efficient
and meaningful way."

"We are enthusiastic about our partnership with Corel. The
CorelDRAW version of ConceptShare(TM) provides us immediate
exposure to millions of CorelDRAW users worldwide and will help
to accelerate our growth into international markets,"said Bernie
Aho, Product Manager and Co-Founder, ConceptShare.  "This
strategic partnership demonstrates a new model for relationships
between web application providers and desktop software
companies."

                   About ConceptShare Inc.

ConceptShare Inc. -- http://www.conceptshare.com/-- is a world
leader in Online design collaboration founded in 2006 in
Sudbury, Ontario, Canada by a team of designers and industry
professionals that understood the pains of the design
collaboration process.  The company has developed a web
application that allows users to easily share, discuss and mark-
up designs for review over the web.

                      About Corel Corp.

Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX:
CRE) -- http://www.corel.com/-- is a packaged software company
with an estimated installed base of over 40 million users.  The
company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                        *     *     *

As reported Troubled Company Reporter-Latin America on
Nov. 15, 2007, Standard & Poor's Ratings Services has revised
its outlook on Corel Corp. to stable from positive. At the same
time, S&P affirmed the ratings, including the 'B' long-term
corporate credit rating, on the company.


PARMALAT SPA: PET Shift Boosts Romanian Juice Sales by 300%
-----------------------------------------------------------
Parmalat Romania, a unit of Parmalat S.p.A., posted a 300% hike
in sales for its juice and nectar segments for the first nine
months of 2007, Mihaela Popescu writes for Ziarul Financiar.

Giampaolo Manzonetto, Parmalat Romania's manager, attributed the
increase to a shift to PET packaging, particularly on Santal
juices, Ziarul relates.

"For ice tea, Santal posted a 241% increase during this period,
after we launched the PET alternative," Mr. Manzonetto told
Ziarul.

"This year, the still drinks segment was bolstered by high
temperatures in the summer.  As a rule, December is the most
important month for us, however in 2007, July and August brought
us sales double the monthly average," Mr. Manzonetto added.

Mr. Manzonetto forecasts sales to reach over EUR14 million this
year, up EUR12.1 million, Ziarul relates.  The manager also
forecasts the unit's operating income to reach EUR3 million by
year-end.

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

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

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

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

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

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


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


COLD TRADE: Proof of Claim Deadline Slated for Jan. 4
-----------------------------------------------------
LLP Cold Trade System has declared insolvency.  Creditors have
until Jan. 4 to submit written proofs of claims to:

         LLP Cold Trade System
         Jubanov Str. 3a
         Auezovski District
         480062, Almaty
         Kazakhstan


DINAMO-MARKET LLP: Creditors Must File Claims Jan. 4
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Dinamo-Market insolvent on Oct. 18.

Creditors have until Jan. 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         308 Krasnoznamenny polk Str. 37
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


FORESTER GROUP: Claims Filing Period Ends Jan. 4
------------------------------------------------
LLP Forester Group has declared insolvency.  Creditors have
until Jan. 4 to submit written proofs of claims to:

         LLP Forester Group
         Mynbayev Str. 84/18/69
         Almaty
         Kazakhstan


IPRE-AKTAU LLP: Creditors' Claims Due on January 4
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Ipre-Aktau insolvent on Oct. 10.

Creditors have until Jan. 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 14, 58
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 43-87-75


KAZSTROYDIAGNOSTIKA LLP: Claims Registration Ends Jan. 8
--------------------------------------------------------
LLP Kazstroydiagnostika has declared insolvency.  Creditors have
until Jan. 8 to submit written proofs of claims to:

         LLP Kazstroydiagnostika
         Bekbolat Str. 87
         Ujet
         Almaty
         Kazakhstan


KOSTANAI AVIA-SERVICE: Proof of Claim Deadline Slated for Jan. 4
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai Avia-Service insolvent.

Creditors have until Jan. 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177
         Kostanai
         Kazakhstan


STANDART OIL: Creditors Must File Claims Jan. 4
-----------------------------------------------
LLP Standart Oil Hpz has declared insolvency.  Creditors have
until Jan. 4 to submit written proofs of claims to:

         LLP Standart Oil Hpz
         Novokirpichnaya Str. 2-24
         Uralsk
         West Kazakhstan
         Kazakhstan


TRANS-LOGISTIC LLP: Claims Filing Period Ends Jan. 4
----------------------------------------------------
LLP Trans-Logistic has declared insolvency.  Creditors have
until Jan. 4 to submit written proofs of claims to:

         LLP Trans-Logistic
         Toraigyrov Str. 63-76
         140000 Pavlodar
         Kazakhstan


UNONA LLP: Creditors' Claims Due on Jan. 4
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Unona insolvent.

Creditors have until Jan. 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177
         Kostanai
         Kazakhstan


ZAVODSKOY LLP: Claims Registration Ends Jan. 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Zavodskoy insolvent on Oct. 15.

Creditors have until Jan. 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         308 Krasnoznamenny polk Str. 37
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


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


I-DILI LLC: Creditors Must File Claims by January 11, 2008
----------------------------------------------------------
LLC I-Dili has declared insolvency.  Creditors have until
Jan. 11, 2008, to submit written proofs of claim to:

         LLC I-Dili
         Gorky Str. 157
         Bishkek
         Kyrgyzstan


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


GLOBAL POWER: Asks Court to Extend Removal Period Past Dec. 31
--------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
extend, until the effective date of their Plan of
Reorganization, the period wherein they may file notices of
removal of civil actions.

Pursuant to Bankruptcy Rule 9006(b), the Court extended the
removal period four times, the last extension being Dec. 31,
2007.

As of the date of bankruptcy, the Debtors were parties to
numerous civil actions pending in multiple courts and tribunals.
Specifically, the Debtors, since the entry of the fourth order
extending the removal period, have been focusing on various
other matters that are critical to the operation of their
businesses in Chapter 11.

The Debtors explained that they have spent an extensive amount
of time addressing numerous complex issues relating to the
structure of the their Plan and proposed rights offering.
Moreover, with the confirmation of the Plan scheduled on Dec.
20, 2007, the Debtors believe that it is appropriate at this
time to extend the removal deadline through the effective date
of the Plan.

                        About Global Power

Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design,
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.

The Court set a hearing on Dec. 20, 2007, to consider
confirmation of the Debtor's Amended Chapter 11 Plan of
Reorganization.


===========
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 disclosed 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."

"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,"Doug Rich, Director of
Operations, said.  "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."

                    About Dresser-Rand Group

Headquartered in Houston, Texas, Dresser-Rand Group Inc. (NYSE:
DRC) -- http://www.dresser-rand.com/-- supplies rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  The company operates manufacturing
facilities in the United States, France, Germany, Norway, India,
and Brazil, and maintains a network of 26 service and support
centers covering more than 140 countries.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 6, 2007,
Standard & Poor's Ratings Services assigned its "BB-" bank loan
and recovery ratings to the US$500 million senior secured
revolving
credit facility due 2012 of Dresser-Rand Group Inc.  The rating
has Stable outlook.


MONITOR OIL: Bondholders Want Chapter 11 Case Dismissed
-------------------------------------------------------
Bondholders holding claims aggregating US$50 million ask the
Hon. Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York to dismiss the Chapter 11 cases of Monitor
Oil, P.L.C., and its debtor-affiliates, in order for their
insolvency cases in Britain and the Cayman Islands to proceed,
the Associated press reports.

The AP reports that according to the bondholders, the Debtors
have no operations in the United States since its headquarters
is located in London while the oil drilling business in on the
North Sea.

The bondholders further add that by dismissing the U.S. case, it
would be cheaper and more efficient for Ernst & Young, the
court-appointed monitor, to oversee the cases, the AP relates.

The Court has set a hearing on December 18, 2007, to decide
whether to dismiss that Debtors' cases or not.

Monitor Oil, PLC -- http://www.monitoroil.com/-- an oil and gas
service company that provides oil and gas production solutions,
offshore services and engineering services.  The company and two
of its affiliates,  Monitor Single Lift 1, Ltd., and Monitor US
FinCo, Inc., filed for Chapter 11 Protection on Nov. 21, 2007
(Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez Schnabel, Esq.,
at Dorsey & Whitney, L.L.P., represents the Debtor.  As of June
30, 2007, the company disclosed total assets of 130,000,000 and
total debts of US$247,800,0003.3710.


===============
P O R T U G A L
===============


ACXIOM CORPORATION: Inks Strategic Deal with Search Initiatives
---------------------------------------------------------------
Acxiom(R) Corporation has entered into a new strategic
partnership with Nashua, N.H.-based Search Initiatives LLC,
which will provide clients of Acxiom with more detailed business
directory data on small- to medium-sized businesses across the
country.

Acxiom will include data from Search Initiatives' subsidiary,
eLocal Listing, to further enhance its business data listings.
In turn, Search Initiatives will incorporate Acxiom data into
its products, including the company's search and search engine
optimization offerings.

"The U.S. business sector is constantly changing,"said Jon Cohn,
Acxiom product leader, "and we are constantly looking for
innovative ways to further improve the quality of our business
data listings.  With this agreement, we'll be able to provide
even more detailed business information to our many data
clients."

"We are in the business of speaking to thousands of U.S.
businesses every day,"said Tim Judd, chief executive officer of
Search Initiatives. "Through our subsidiary, eLocal Listing, and
our network of call centers, we reach out and touch millions of
SMBs each year.  The additional information we discover about
those companies during our process will be incorporated into
Acxiom's core business listing products."

The strategic alliance between the two companies reinforces the
importance of the emerging local Online market and the value of
enhanced local contact data.

"The national Online market has developed on a largely self-
service basis that doesn't work as well at the local level with
time-starved small businesses,"Mr. Judd said.  "To be effective
while marketing to the enormous U.S. small business market, you
need accurate, current data supported by the ability to talk to
those customers with a personal touch."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Argentina, Australia, China,
Mexico, Portugal, Poland, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P also placed the
'BB' senior secured debt ratings on CreditWatch with negative
implications, because the debt will no longer be refinanced as
part of the LBO financing.


=============
R O M A N I A
=============


PARMALAT ROMANIA: PET Shift Boosts Juice Sales by 300%
------------------------------------------------------
Parmalat Romania, a unit of Parmalat S.p.A., posted a 300% hike
in sales for its juice and nectar segments for the first nine
months of 2007, Mihaela Popescu writes for Ziarul Financiar.

Giampaolo Manzonetto, Parmalat Romania's manager, attributed the
increase to a shift to PET packaging, particularly on Santal
juices, Ziarul relates.

"For ice tea, Santal posted a 241% increase during this period,
after we launched the PET alternative," Mr. Manzonetto told
Ziarul.

"This year, the still drinks segment was bolstered by high
temperatures in the summer.  As a rule, December is the most
important month for us, however in 2007, July and August brought
us sales double the monthly average," Mr. Manzonetto added.

Mr. Manzonetto forecasted sales to reach over EUR14 million this
year, up EUR12.1 million, Ziarul relates.  The manager also
forecasted the unit's operating income to reach EUR3 million by
year-end.

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

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

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

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

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

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


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


ACHINSKAYA LLC: Creditors Must File Claims by Dec. 24
-----------------------------------------------------
Creditors of Confectionary Achinskaya LLC have until Dec. 24 to
submit their proofs of claim to:

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

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

The Court is located at:

         The Arbitration Court of Krasnoyarsk Krai
         Room 22
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         Confectionary Achinskaya LLC
         Patushinskogo str., 8
         Achinsk
         662150 Krasnoyarsk krai
         Russia


CHEREMKHOVSKIJ MECHANICAL: Asset Sale Slated for Dec. 25
--------------------------------------------------------
V. A. Timonin, the competitive proceedings manager of CJSC
Cheremkhovskij Mechanical Engineering Plant, will open a public
auction for the company's properties at noon on Dec. 25 at:

         CJSC Cheremkhovskij Mechanical Engineering Plan
         Per. 4th Zavodskoy-1
         Cheremkhovo
         665415 Irkutsk
         Russia

The company has set a RUR6,497,000 starting price for the
assets on auction.  Deposit required is 20% of the starting
price.

Interested participants have until Dec. 20 to submit their
bidding documents to:

         V. A. Timonin
         Marata Str. 26a
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         CJSC Cheremkhovskij Mechanical Engineering Plan
         Per. 4th Zavodskoy-1
         Cheremkhovo
         665415 Irkutsk
         Russia


GAZPROM NEFT: Sets Up Unit to Operate Oil Fields
------------------------------------------------
OAO Gazprom Neft has created a unit to operate and develop its
oil fields, the company said in a press release.

"The Tazovskoye and Novoportovskoye deposits in West Siberia ...
will be priority fields to be commissioned," Gazprom Neft said.

According to RIA Novosti, Gazprom Neft is set to receive 11 oil
licenses from parent OAO Gazprom within the next two to three
years.

                      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.


IRKUTSKIJ MECHANICAL: Creditors Must File Claims by Dec. 24
-----------------------------------------------------------
Creditors of CJSC Research & Manufacturing Association
Irkutskij Mechanical Engineering Plant have until Dec. 24 to
submit their proofs of claim to:

         O. V. Lukina
         Interim Manager
         P.O. 165
         664047 Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene on Dec. 26 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A19-13965/07-34.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Research & Manufacturing Association Irkutskij
         Mechanical Engineering Plant
         Starokuz'mihinskaya 28
         Irkutsk
         Russia


KHPTO ROSMYASOMOLTORG: Asset Sale Slated for Dec. 24
----------------------------------------------------
The External Manager of OJSC KHPTO Rosmyasomoltorg will open a
public auction for the company's properties at 11:00 a.m. on
Dec. 24 at:

         OJSC KHPTORosmyasomoltorg
         Krasnorechenskaya Str. 118
         Khabarovsk
         Russia

The starting prices and their required deposits for the
auctioned assets are:

   -- Lot 1: RUR85,349,000: Deposit: RUR8,600,000;
   -- Lot 2: RUR40,324,000: Deposit: RUR4,040,000;
   -- Lot 3: RUR4,361,000: Deposit: RUR440,000;
   -- Lot 4: RUR18,318,000: Deposit: RUR1,832,000.

Interested participants have until Dec. 20 to deposit the amount
required to the settlement account of OJSC KHPTO
Rosmyasomoltorg.

Bidding documents must be submitted to:

         OJSC KHPTO Rosmyasomoltorg
         Krasnorechenskaya Str. 118
         Khabarovsk
         Russia
         Tel: (4212) 36-09-62, 41-52-20


MAGNITOGORSK IRON: Earns US$1.4 Bln for First Nine Months 2007
--------------------------------------------------------------
OJSC Magnitogorsk Iron & Steel Works reported consolidated
financial results for the nine months ended Sept. 30, 2007,
prepared according to U.S. GAAP.

The company's consolidated net income for the nine months of
2007 increased by 30.31% against the same period of last year
and amounted to US$1.4 billion, i.e. US$0.13 per share.  The net
income accounted for 22.65 % of the revenue.
The revenue of MMK Group in the nine months of 2007 increased by
32.31% compared to the nine months of 2006 and amounted to
US$6.2 billion.

The operating income reached US$1.6 billion or 26.44% of the
revenue.  The growth compared to the nine months of 2006
amounted to 24.88%.

EBITDA for the nine months of 2007 reached US$1.8 billion or
29.61% of the revenue.  Compared with the nine months of 2006
EBIDTA of the company grew by US$374 million or 25.85%.

              Sales of MMK Group to Third Parties

Changes that occurred in the revenue structure of MMK Group
compared with the similar period of the last year, include:

   1) the revenue of OJSC MMK, the parent company of the Group,
      in the consolidated sales increased by 33.4% due to the
      growth of steel prices and steel shipments to the domestic
      and CIS markets;

   2) the growth of the revenue from the increased export sales
      of steel products through the Group steel traders stood at
      22.4%;

   3) the revenue of MMK Group subsidiaries increased by 68.5%.
      In particular, the revenue of MMK-Metiz grew by
      US$157 million, the revenue of ZAO Stroitelny Complex, by
      US$23 million, and the revenue of MMK-Profil-Moscow, by
      US$25 million.  The revenue of Bakalskoye Rudoupravlenie
      in the amount of US$23 million is included in the Group
      revenue.

In the nine months of 2007 OJSC MMK produced 9,934 thousand tons
and sold 9,071,000 tons of commercial steel products, which
is respectively 8.1% and 8.6 % more than in the same period of
2006.  Increase in production and sales volumes is accounted for
by the expansion of the company's production facilities.

The average price of 1 ton of steel products sold by OJSC MMK
during the nine months of 2007 amounted to US$586, which is
US$101 or 20.7% higher than in the same period of 2006.

         Breakdown of MMK Group Sales By Product Types

The growth of the consolidated revenue compared with last year
was prompted by increased production and sales of all types of
steel products, in particular:

    * increase in sales of slabs and billets.  This increase was
      due to the expansion of the Company's steel making
      facilities and the resulting increased production of
      commercial slabs and billets.

    * increase in sales of long products and their share in the
      total revenue thanks to the start-up of new state-of-the-
      art section mills.

    * growth of the revenue from sales of flat and downstream
      products;

    * increase in the sales of other products and services by
      the companies of the Group.

The MMK Group financial performance is characterized by:

  * High Liquidity

The current assets increased by US$1.6 billion or by 64%
(mainly due to the proceeds from the initial public offering),
while the current liabilities of the company grew by
US$453 million or by 47% (due to the growth of loans and
accounts payable).  The current liquidity ratio grew from 2.57
as of the end of 2006 to 2.87 as of the end of the nine months
of 2007.

The cash funds on the Group's accounts as of Sept. 30, 2007,
amounted to US$369 million.  The MMK free cash resources are
placed in highly liquid financial instruments, such as bank
deposits (US$1.3 billion) and trading securities (US$368
million).

  * Low Dependency on External Sources of Financing

The financial leverage calculated as the ratio of Total
Liabilities to Total Equity as of the end of the nine months of
2007 stood at 0.35.  The Debt/Equity and Debt/EBITDA ratios
during the year stood at 0.19 and 0.49, respectively.  The net
cash position of the Group amounted to US$454 million.

                      About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                          *     *     *

As of Dec. 5, 2007, Magnitogorsk Iron and Steel Works carries
Moody's Investor's Service's Ba2 corporate family rating.
Moody's said the outlook for both ratings is stable.

Magnitogorsk Iron also carries BB Issuer Default and senior
unsecured ratings from Fitch Ratings, which said the Outlook is
Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


METAL-CASTING PLANT: Creditors Must File Claims by Jan. 24, 2008
----------------------------------------------------------------
Creditors of OJSC Metal-Casting Plant have until Jan. 24, 2008,
to submit proofs of claim to:

         A. K. Yastrebov
         P.O. Box 12
         115597 Moscow
         Russia

The Arbitration Court of Moscow commenced competitive
proceedings against the company on Sept. 4.  The case is
docketed under Case No. A40-77462/06-71-1172B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Metal-Casting Plant
         M. Dmitrovka Str. 3/10
         103006 Moscow
         Russia


OSETROVSKIJ RIVER: Court Starts External Bankruptcy Procedure
-------------------------------------------------------------
The Arbitration Court of Irkutsk commenced an 18-month external
management bankruptcy procedure on OJSC Osetrovskij River Port.
The case is docketed under Case No. A19-24824/06- 49-8.

The External Insolvency Manager is:

         S. V. Bashlykov
         P.O. Box 211
         Per. Krylova 1/24
         196084 St.  Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Osetrovskij River Port
         Kirova Str. 136
         Ust'-Kut
         666781 Irkutsk
         Russia
         Tel: 8 (39565) 26-5-35


PETRODVORTSOVY CLOCK: Claims Filing Period Ends Jan. 24, 2008
-------------------------------------------------------------
Creditors of Petrodvortsovy Clock Plant LLC have until
Jan. 24, 2008, to submit proofs of claim to:

         V. A. Bychenkov
         Office 206
         Anglijskij Pr. 3
         190121 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and the Leningrad
commenced competitive proceedings against the company after
finding it insolvent on Oct. 20.  The case is docketed under
Case No. A56-40420/2006.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         Petrodvortsovy Clock Plant LLC
         St. Petersburg Prospekt 60
         Petergof
         198516 St. Petersburg
         Russia


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

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

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

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

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

   -- High dependence;

   -- High support.

SINEK's BCA is underpinned by:

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


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

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

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

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

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

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

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

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

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

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

   (v) yet limited track record of operations.

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

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

SINEK's liquidity is at acceptable level due to a low amount of
its short-term debt.  As of June 30, 2007, the company's cash of
US$53.6 million covered 84% of its short-term debt.  However,
60% of this short-term debt was represented by a loan from the
Ministry of Finance of the Republic of Tatarstan.  Increasing
leverage might put pressure on liquidity, however Moody's
understands that SINEK will seek for long-term debt at interest
levels which could be offset by interest income earned.

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

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

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

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


TARYAAN OJSC: Creditors Must File Claims by Jan. 24, 2008
---------------------------------------------------------
Creditors of OJSC Ulan-udenskij Bread Factory 1 Taryaan have
until Jan. 24, 2008, to submit proofs of claim to:

         K. V. Sobolev
         P.O. Box 176
         664011 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced competitive
proceedings against the company after finding it insolvent on
Nov. 12.  The case is docketed under Case No. A19-10350/07-60.


The Court is located at:

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

The Debtor can be reached at:

         OJSC Ulan-udenskij Bread Factory 1 Taryaan
         Dzerzhinskogo Str. 1
         Irkutsk
         Russia


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


AYT CAIXANOVA: Moody's Junks EUR6.6 Million Series E Notes
----------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
five series of Bonos de Titulizacion de Activos to be issued by
AyT Caixanova Hipotecario I Fondo de Titulizacion de Activos, a
Spanish asset securitisation fund that has been created by
Ahorro y Titulizacion, S.G.F.T, S.A.:

   -- (P)Aaa to the EUR281.1 million Series A notes;
   -- (P)A2 to the EUR8.4 million Series B notes;
   -- (P)Baa1 to the EUR6.3 million Series C notes;
   -- (P)Ba2 to the EUR4.2 million Series D notes;
   -- (P)Ca to the EUR6.6 million Series E notes.

The products being securitised are mortgage loans (85% of which
are first-lien) granted to individuals (approximately 70% of the
pool) and non-financial enterprises.  The loans were originated
by Caixanova (A1/Prime-1), which will continue to service them.

As of October 2007, the provisional portfolio comprised 2,685
loans for a total amount of EUR323,524,368. The original
weighted average loan-to-value is 70.47%.  The current WALTV is
64.08%. The average loan size is EUR120,493.  The loans were
originated between 1988 and 2006, with a weighted average
seasoning of 2.88 years. The pool is concentrated in the Galicia
(93%) region.

To hedge the potential mismatch risk derived from the fact that
the index reference rates on the assets side and the
notes side are different, the "Fondo" will enter into a swap
agreement with Caixanova.

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

Moody's bases its ratings on:

  (1) an evaluation of the underlying portfolio of mortgage
      loans  securing the structure, and

  (2) the transaction's structural protections, which include
      the subordination, the strength of the cash flows
      and any excess spread available to cover losses.

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

   (1) the swap agreement, which guarantees 70 bp of spread;

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

   (3) an 18-month artificial write-off mechanism; and

   (4) the good seasoning of the pool.

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

   (1) 32% of the provisional pool corresponds to loans to
       small- and medium-sized enterprises;

   (2) the pool is highly concentrated, with five exposures
       exceeding 1% of the securitized pool;

   (3) the provisional pool has a very strong concentration in
       Galicia;


   (4) 39% of the provisional pool corresponds to loans for
       commercial purposes;

   (5) 20% of the provisional pool corresponds to loans backed
       by second residences; and

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

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


TDA CAJAMAR 2: Fitch Affirms BB+ Rating on Class D Notes
--------------------------------------------------------
Fitch Ratings has affirmed seven tranches of the TDA Cajamar 2
RMBS transactions, following an updated loan-by-loan and cash
flow analysis combined with its credit-cover multiple
methodology.  The collateral is originated by Caja Rural
Intermediterranea S.C.C. (Cajamar).  The rating actions are:

TDA Cajamar 2, Fondo de Titulizacion Activos:

   -- Class A2 (ISIN ES0377965019): affirmed at 'AAA'; Outlook
      Stable

   -- Class A3 (ISIN ES0377965027): affirmed at 'AAA'; Outlook
      Stable

   -- IO (interest only) (ISIN ES0377965068): affirmed at 'AAA';
      Outlook Stable

   -- Class B (ISIN ES0377965035): affirmed at 'A+'; Outlook
      Stable

   -- Class C (ISIN ES0377965043): affirmed at 'A-'; Outlook
      Stable

   -- Class D (ISIN ES0377965050): affirmed at 'BB+' ; Outlook
      Stable

   -- Class A1 (ISIN ES0377965001) redeemed in full in September
       2006

The transaction closed in May 2005 and, although it has shown
very low arrears and defaults, four reserve fund draws occurred
from the 19th quarter onwards.  The RF diminished to
EUR6.6 million in September 2007 from  EUR7.5 million in
December 2006.  Although the draws represent 12% of the original
RF amount, the current RF has grown since closing as a
percentage of the notes, from 0.75% to 0.99% in October 2007 due
to the pay down of the notes.

In the last quarter, the newly defaulted loans have been
negligible and there has still been a draw in the RF.  This was
caused by the net excess spread values, which in the last year
turned from positive to negative because of a reduction in the
weighted average margin of the loan pool and an interest only
note (IO) in place.  This IO is 1.3% of the class A2 notes,
representing EUR650,000 per quarter, expiring in June 2008.  The
loan-by-loan analysis with information dated October 2007
indicates that the original 1.03% WAM on the pool reduced to
0.81%.  This results from the fact that Cajamar may reduce the
margins on more than 60% of the loans in the original pool if
the borrowers contract additional products.

With the current excess spread level and the IO in place,
further draws on the RF can be expected in the next three
quarters until the IO matures; but given the low defaults and
arrears, and the limited room for further margin renegotiations,
the size of the RF should be of a level appropriate with the
rating of the notes. After the IO matures, the RF should begin
to replenish.

The three months plus delinquencies have been half the Spanish
index, reaching 0.2% in October 2007.  Accordingly, defaults
defined as 12 months plus delinquencies are low and steady; in
the 28th period, the cumulative net defaults are 0.13%.
Furthermore, 0.05% of nine months plus arrears in October 2007
indicate low defaults to come.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit
support available to each class of notes.  The transaction was
also fully re-modeled, including the revision assumptions such
as the current RF and defaults, and the expected levels of
delinquency, defaults, prepayments and recoveries in line with
the relevant rating scenarios, based on performance to date.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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


AKB TELESWITCH: Creditors' Liquidation Claims Due by December 13
----------------------------------------------------------------
Creditors of JSC AKB Teleswitch have until Dec. 13 to submit
their claims to:

         Jost M. Frigo
         Chamer Fussweg 11
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC AKB Teleswitch
         Zug
         Switzerland


ATELIER-QUBUS LLC: Creditors' Liquidation Claims Due by Dec. 31
---------------------------------------------------------------
Creditors of LLC Atelier-Qubus have until Dec. 31 to submit
their claims to:

         LLC CS-Ateliers
         Obere Spichermatt 14 / PF 216
         6371 Stans NW
         Switzerland

The Debtor can be reached at:

         LLC Atelier-Qubus
         Kriens LU
         Switzerland


ATLAS INDUSTRIE: Creditors Must File Claims by Jan. 31, 2008
------------------------------------------------------------
Creditors of JSC ATLAS Industrie & Entwicklung have until
Jan. 31, 2008, to submit their claims to:

         JSC ATLAS Industrie & Entwicklung
         Landweg 1
         6052 Hergiswil NW
         Switzerland


DEKON JSC: Zurich Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Illnau in Zurich entered Oct. 26 an
order closing the bankruptcy proceedings of JSC Dekon.

The Bankruptcy Service of Illnau can be reached at:

         Bankruptcy Service of Illnau
         8308 Illnau
         Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Dekon
         Lindau ZH
         Lindauerstr. 23
         8317 Tagelswangen ZH
         Switzerland


EAGLE COLLEGE: Schwyz Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Einsiedeln in Schwyz entered Oct. 30
an order closing the bankruptcy proceedings of JSC Eagle College
Suisse.

The Bankruptcy Service of Einsiedeln can be reached at:

         Bankruptcy Service of Einsiedeln
         8834 Schindellegi
         Einsiedeln SZ
         Switzerland

The Debtor can be reached at:

         JSC Eagle College Suisse
         Lincolnweg 23,
         8840 Einsiedeln SZ
         Switzerland


HOMERANGE LLC: Creditors' Liquidation Claims Due by December 17
-------------------------------------------------------------
Creditors of LLC HomeRange have until Dec. 17 to submit their
claims to:

         LLC HomeRange
         Im Sesselacker 50
         4059 Basel
         Switzerland


LOMELUS TRADING: Creditors' Liquidation Claims Due by Dec. 13
-------------------------------------------------------------
Creditors of JSC Lomelus Trading have until Dec. 13 to submit
their claims to:

         Peter Bachofer
         Liquidator
         Seestrasse 91
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Lomelus Trading
         Hergiswil NW
         Switzerland


POWERDYNAMICS LLC: Creditors Must File Claims by Jan. 28, 2008
--------------------------------------------------------------
Creditors of LLC PowerDynamics have until Jan. 28, 2008, to
submit their claims to:

         JSC Truvag Treuhand
         Leopoldstrasse 6
         6210 Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC PowerDynamics
         Eich
         Sursee LU
         Switzerland


STEP OFF LLC: Bern Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Bern-Mittelland entered Oct. 30 an
order closing the bankruptcy proceedings of LLC Step Off.

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 Step Off
         Kramgasse 40
         3011 Bern
         Switzerland


VERPRO INDUSTRIESPRITZWERK: Bern Court Closes Bankruptcy Process
----------------------------------------------------------------
The Bankruptcy Service of Bern-Mittelland entered Oct. 23 an
order closing the bankruptcy proceedings of LLC Verpro
Industriespritzwerk.

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 Verpro Industriespritzwerk
         Murtenstrasse 147
         3008 Bern
         Switzerland


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


DISKUS T: Creditors Must Submit Claims by December 12
-----------------------------------------------------
Creditors of LLC Diskus T (code EDRPOU 34962726) have until
Dec. 12 to submit written proofs of claim to:

         Maxim Pluzhnik
         Insolvency Manager
         Mischenko Str. 2a
         Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 18/168.

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

The Debtor can be reached at:

         LLC Diskus T
         Apartment 6
         St. Kondratenko Str. 2
         Poltava
         Ukraine


DO-WHOLESALE UNION: Creditors Must Submit Claims by December 12
---------------------------------------------------------------
Creditors of LLC Do-Wholesale Union (code EDRPOU 34851754) have
until Dec. 12 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/775/07.

The Debtor can be reached at:

         LLC Do-Wholesale Union
         Artilleriyskaya Str. 10
         Nikolaev
         Ukraine


FORMA-BUILDING LLC: Creditors Must Submit Claims by December 12
---------------------------------------------------------------
Creditors of LLC Forma-Building (code EDRPOU 33544300) have
until Dec. 12 to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/408-b.

The Debtor can be reached at:

         LLC Forma-Building
         Obolon Avenue 23-A
         04205 Kiev
         Ukraine


ISTOK LLC: Creditors Must Submit Claims by December 12
------------------------------------------------------
Creditors of LLC Istok (code EDRPOU 31708987) have until Dec. 12
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. 45/14b.

The Debtor can be reached at:

         LLC Istok
         Stadionnaya Str. 28
         83102 Donetsk
         Ukraine


PROMTEKS LLC: Creditors Must Submit Claims by December 12
---------------------------------------------------------
Creditors of LLC Promteks have until Dec. 12 to submit written
proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/409-b.

The Debtor can be reached at:

         LLC Promteks
         Bratislavskaya Str. 8
         Kiev
         Ukraine


QUARTA-WEST LLC: Creditors Must Submit Claims by December 12
------------------------------------------------------------
Creditors of LLC Quarta-West (code EDRPOU 30475549) have until
Dec. 12 to submit written proofs of claim to:

         Roman Senik
         Insolvency Manager
         P.O. Box 26
         76008 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-16/63-21/209.

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Quarta-West
         Voyenov-Internatsionalistov Str. 6
         76019 Ivano-Frankovsk
         Ukraine


TURBOENERGYSET LLC: Creditors Must Submit Claims by December 12
---------------------------------------------------------------
Creditors of LLC Turboenergyset (code EDRPOU 30738612) have
until Dec. 12 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/658/07.

The Debtor can be reached at:

         LLC Turboenergyset
         Turbinnaya Str. 15
         Nikolaev
         Ukraine


VARIATON LLC: Creditors Must Submit Claims by December 12
--------------------------------------------------------
Creditors of LLC Variaton (code EDRPOU 34620434) have until
Dec. 12 to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/436-b.

The Debtor can be reached at:

         LLC Variaton
         Reyterskaya Str. 35-A
         Kiev
         Ukraine


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


AMATO DISCO: Brings In Administrators from DTE Leonard
------------------------------------------------------
J.M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Amato Disco Ltd. (Company Number
03165843) on Nov. 22.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Amato Disco Ltd.
         Lodge Bank
         Crown Lane
         Horwich
         Bolton
         BL6 5HY
         England
         Tel: 01204 675 500
         Fax: 01204 479 005


ANIXTER INT'L: Has Up to 1 Mil. Shares Under Repurchase Program
---------------------------------------------------------------
Anixter International Inc. has announced a share repurchase
program under which the company may repurchase up to 1 million
of its outstanding shares with the exact volume and timing
dependent on market conditions.

Anixter noted that this program is in addition to all previously
announced share repurchase programs that have been completed,
including the one announced
on Nov. 2, 2007.

Anixter currently has around 36.4 million shares outstanding.

                          About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
France, Hong Kong, India, Malaysia, New Zealand, the
Philippines, Singapore, Spain, Taiwan, Thailand, and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Fitch Ratings has affirmed these ratings for
Anixter International Inc. and its wholly owned operating
subsidiary, Anixter Inc.:

Anixter International Inc.

-- Issuer Default Rating 'BB+';
-- Senior unsecured debt 'BB-'.

Anixter Inc.

-- Issuer Default Rating  'BB+';
-- Senior unsecured notes 'BB+';
-- Senior unsecured bank credit facility at 'BB+'.


BRITISH AIRWAYS: Traffic Figures Up 2.4% in November 2007
---------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
November 2007.

In November 2007, passenger capacity, measured in Available-
Seat-Kilometers, was 1.6% above November 2006.  Traffic,
measured in Revenue-Passenger-Kilometers, rose 2.4%.  This
resulted in a passenger load factor up 0.6 points versus last
year, to 73.1%.  The increase in traffic comprised a 5% increase
in premium traffic and a 1.9% rise in non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, rose by 5.5%.

                      Market Conditions

Longhaul premium markets continue to be strong.  However, as
indicated at interim results, shorthaul premium traffic shows
some weakness as corporate customers adjust travel policies on
shorter travel sectors.  The single hand baggage rule also
continues to have an effect but the alleviation of this rule in
January will benefit the shorthaul premium market in particular.
Our guidance on revenue which we gave at the interim results of
a 3-3.5% increase for the year is unchanged.

                     Strategic Developments

The U.K. Government launched its consultation on a third runway
and mixed-mode for Heathrow.  BA said a third runway and fuller
use of the two existing runways would create national economic
benefits worth more than GBP9 billion a year.  The airline said
this would cut delays and allow Heathrow to increase its global
route network significantly, which is essential for the U.K. to
maintain prosperity in a globalized economy.

BA increased its fuel surcharge on all tickets booked from
Thursday Nov. 15, 2007.  The decision reflected record oil
prices and took rising fuel costs into account.  As reported in
November, the airline expects its fuel costs to increase by
GBP100 million in the current financial year, with the total
fuel bill for the year anticipated to exceed GBP2 billion for
the first time.

The airline announced it is launching new shorthaul routes from
Heathrow, Gatwick and London City airports from March 30, 2008.
The airline will start flights from Heathrow to Malaga and from
Gatwick to Alicante, Faro, Gibraltar, Ibiza, Malaga, Palma and
Tunis.  BA Cityflyer, the airline's wholly owned subsidiary
which operates from London City airport, is to launch four new
routes next summer to Amsterdam, Barcelona, Nice and Warsaw.

Tony McCarthy was announced as the company's new director for
people.  He joins the airline on Dec. 10, 2007, from Royal Mail
where, as group director people and organizational development,
he was a key member of the senior management team.  Prior to
joining Royal Mail, he spent almost 25 years with BAE Systems
and held a range of top-level human resources roles, including
the post of group HR director.

BA confirmed that it would not exercise its pre-emption rights
to acquire any of the Iberia shares being sold by BBVA and
Logista.  The BA and TPG led consortium formally withdrew their
interest in bidding for Iberia.

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

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

                        *     *     *

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


FEDERAL-MOGUL: Court Dismisses 75 Chapter 11 Cases
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware ruled
that the 75 Non-Plan Debtors' Chapter 11 cases will be dismissed
without prejudice as of the effective date of Federal-Mogul
Corp. and its debtor-affiliates' Plan of Reorganization.

Nothing in the Court's order relieves the Non-Plan Debtors from
their obligations to file monthly operating reports with the
Court or to pay the U.S. Trustee's fees pursuant through the
effective date of their cases' dismissals, Judge Fitzgerald
clarifies.

The Non-Plan Debtors are:

   * AE Dayton Services Limited
   * AE Group Machines Limited
   * AE Holdings Limited
   * AE International Limited
   * AE Limited
   * AE Sales (Africa) Limited
   * Amber Supervision Limited
   * Associated Engineering Group Limited
   * Awncast Limited, Bearings (North-Western) Limited
   * Colvan Rubber Co. Limited
   * Contact 100 Limited
   * Cosmid Limited
   * Cranhold Limited
   * Dealings Limited
   * Dumplington Services Limited
   * E W Engineering Limited
   * Engineering Components Limited
   * Federal-Mogul Acquisition Company Limited
   * Federal-Mogul Brake Systems Limited
   * Federal-Mogul Export Services Limited
   * Federal-Mogul U.K. Limited
   * FHE Technology Limited
   * FP Diesel Limited
   * G.B. Tools & Components Exports Limited
   * Genthope Limited, High Precision Equipment Limited
   * Inblot Limited
   * Instantwonder Limited
   * Kings Park Housing Limited
   * Lalton Limited
   * Lanoth Precision Equipment Limited
   * Leeds Piston Ring & Engineering Co. Limited
   * M.T.A. (Kettering) Limited
   * Mantro Engineering Co. Limited
   * Mobile Distributing (Spares) Limited
   * Moores Plastic Units Limited
   * Ontall Limited
   * Payen (Europe) Limited
   * Pecal Limited
   * Presswork-Components Limited
   * Sintration Eight Limited
   * Sourcelook Limited
   * Specialloid Limited
   * STS (1996) Limited
   * T&N Shelf Eight Limited
   * T&N Fifteen Limited
   * T&N Shelf Five Limited
   * T&N Shelf Four Limited
   * T&N Shelf Fourteen Limited
   * T&N Shelf Nine Limited
   * T&N Shelf Six Limited
   * T&N Shelf Sixteen Limited
   * T&N Shelf Ten Limited
   * T&N Shelf Thirteen Limited
   * T&N Shelf Thirty Limited
   * T&N Shelf Thirty One Limited
   * T&N Shelf Thirty Three Limited
   * T&N Shelf Twenty-Eight Limited
   * T&N Shelf Twenty Five Limited
   * T&N Shelf Twenty Four Limited
   * T&N Shelf Twenty Nine Limited
   * T&N Shelf Twenty-Two Limited
   * T&N Shelf Two Limited
   * T&N Trade Marks Limited
   * T&N Welfare Trust Limited
   * TBA Belting (Residual) Limited
   * Telford Rubber Processors Limited
   * The British Piston Ring Company Limited
   * Tinblo Limited
   * Touchdown Adhesive Products Limited
   * Tynoda Limited
   * Vanwall Cars Limited
   * Wellworthy Property Developments Limited
   * William C. Jones (Polymers) Limited

                       About Federal-Mogul

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

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's
confirmation of the Fourth Amended Plan was affirmed by the
District Court.

(Federal-Mogul Bankruptcy News, Issue No. 155; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 30, 2007,
Moody's Investors Service assigned prospective ratings to the
reorganized Federal-Mogul Corporation -- Corporate Family,
(P)Ba3.  In a related action Moody's assigned a (P)Ba2 rating to
new senior secured credit facilities.  The outlook is stable.
The (P)Ba3 Corporate Family Rating is based on the company's
expected emergence from Chapter 11 with its asbestos liabilities
eliminated and moderately reduced debt levels that should be
readily serviced with the company's strong business in the auto
parts sector.


FORD MOTOR: November 2007 Truck Sales in Canada Up 3 Percent
------------------------------------------------------------
November proved to be another winning month for Ford Motor
Company of Canada, Limited, where truck sales increased 3%.  Not
to be outdone, Ford cars also saw a rise in sales in November -–
namely the newly redesigned Ford Focus and Ford Taurus.

"Our showrooms are bustling with pre-holiday traffic," Bill
Osborne, president and CEO, Ford Motor Company of Canada,
Limited said.  "The 'Get in and Drive' year-end clearance has
given Canadians even more reason to take a second look at the
great products Ford has to offer.  From the bold new look of the
2008 Ford Focus, to the enduring Ford Ranger and the reliable
Ford F-Series work-horse, Ford of Canada provides vehicles to
suit any need."

Last month, Ford of Canada's overall sales decreased 8.3% to
15,971 units.  Total truck sales were up 2.7% at 12,039 units
and total car sales of 3,932 units mark a 30.9% decline compared
to last November.  This shift in car sales volume is partially
due to a planned reduction in fleet sales.

                        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.


GLOBAL ENGINEERING: Names Joint Administrators from PwC
-------------------------------------------------------
Colin Haig, Matthew Hammond and Stuart Maddison of
PricewaterhouseCoopers LLP were appointed joint administrators
of Global Engineering Plastic Products Ltd. on Nov. 30, 2007.

"Global Engineering Plastic Products Ltd. is a well-established
business in the Midlands and a leader in the market for semi
finished engineering plastics," Mr. Hammond disclosed.

"We are continuing to trade the business and are seeking to
achieve a going concern sale.  The support of the employees,
suppliers and customers is key throughout this difficult period.
We would also invite any parties interested in acquiring the
business to contact us as soon as possible," Mr. Hammond added.

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

Headquartered in Leicester, England, Global Engineering Plastic
Products is a manufacturer of semi-finished engineering plastics
for use in a large number of industries including automotive and
medical.  The company currently employs 300 people and has run
into difficulties due to cash flow problems.


GOODYEAR TIRE: Board OKs to Keep World Headquarters in Akron
------------------------------------------------------------
The Goodyear Tire & Rubber Company Board of Directors has
approved a plan that, when finalized, will keep the company's
world headquarters in Akron, Ohio.

The company disclosed the tentative agreement this morning at a
joint press conference with representatives from the Industrial
Realty Group, the State of Ohio, the City of Akron and Summit
County.  The press conference was held at Goodyear's World
Technical Center, adjacent to the proposed future site of its
new headquarters building.

"I'm pleased to announce we have reached a tentative agreement
that will allow Goodyear to continue its 108-year history with
the City of Akron and the State of Ohio," Bob Keegan, Goodyear's
chairman and chief executive officer, said.  "These state-of-
the-art facilities will reflect the new Goodyear -- a place of
bold leadership and innovation -- and they will inspire future
generations of Goodyear associates."

The tentative agreement between Goodyear and IRG calls for
Goodyear to sell most of its Akron area property and facilities
to IRG.  And, IRG will construct a new world headquarters
building, a new headquarters for the company's North American
Tire business, and make improvements to the company's technical
center and research facilities.  Goodyear will lease the new
buildings and the existing technical center from IRG.

Now that Goodyear's Board of Directors has approved the
proposal, Goodyear and the other key groups can begin work on
finalizing the necessary details of the purchase and lease
agreement which includes securing public funding and other due
diligence issues.

"This project has been called the most ambitious development
effort in the history of the City of Akron, and this
announcement represents a tremendous and truly historic
success," Joe Gingo, Goodyear's executive vice president and
chief technical officer, said.  "I cannot say enough about the
positive spirit of cooperation between all the groups who helped
make this vision a reality."

The proposal timeline includes breaking ground for Goodyear's
new buildings in 2008 and moving into the new facilities in
2010.

Separately, IRG has been working with the City of Akron, Summit
County and the State of Ohio to create a multi-phase development
of other parts of Goodyear's property into a mixed use retail
and commercial development -- to be called Akron Riverwalk.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  These ratings still apply as
of Dec. 4, 2007.


MAJESTIC CORRUGATED: NatWest Bank Taps Begbies as Receivers
-----------------------------------------------------------
National Westminster Bank Plc appointed James P.N. Martin and
Peter A. Blair of Begbies Traynor joint administrative receivers
of Majestic Corrugated Cases Ltd. (Company Number 02486922) on
Nov. 23.

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:

         Majestic Corrugated Cases Ltd
         Majestic House
         Neachells Lane
         Wolverhampton
         WV11 3QH
         England
         Tel: 01902 733 330
         Web site: http://www.majesticbox.com/


MENTON II: Moody's May Cut Ba2 Rating After Review
--------------------------------------------------
Moody's Investors Service placed 12 tranches from five European
CDOs on review for downgrade.

The rating actions are a response to credit deterioration of the
underlying portfolios, which include exposure to downgraded U.S.
ABS CDOs of the 2006/07 vintage and to downgraded U.S. subprime
RMBS securities of the 2006 vintage.  They also incorporate
Moody's view on the impact of exposure to other U.S. RMBS and
ABS CDO vintages, particularly 2005 and 2007.  Further, these
rating actions integrate Moody's view on the impact of exposure
to U.S. RMBS and ABS CDO tranches which are currently on review
for downgrade, and in some cases, on review for further
downgrade.

The proportion of ABS CDO assets present in individual
portfolios ranges from 14% to 43%, while RMBS ranges from 0%
to 42%.

Of the European CDOs listed below, the most negatively impacted
are those containing U.S. ABS CDO assets that were
originally rated Baa or below, due to the greater severity of
downgrades already experienced by these securities.
Moody's will continue to monitor all deals with exposure to U.S.
subprime RMBS and ABS CDOs, and will take further
actions in respect of all CDOs placed on review for downgrade
once the extent of actual downgrades to 2005 and 2007
U.S. RMBS and 2005 ABS CDO vintages becomes known.

The rating actions are:

Linker Finance PLC:

   (1) Series 2 US$86,500,000 Class B Floating Rate Secured
       Notes due 2045

       -- Current Rating: Aaa, on review for downgrade

   (2) Series 3 US$28,500,000 Class C Floating Rate Secured
       Notes due 2045

       -- Current Rating: Aa2, on review for downgrade

   (3) Series 4 US$18,000,000 Class D Floating Rate Secured
       Notes due 2045

       -- Current Rating: A2, on review for downgrade

   (4) Series 5 US$18,000,000 Class E Floating Rate Secured
       Notes due 2045

       -- Current Rating: Baa2, on review for downgrade

Eirles Two Limited - Series 286, 287 and 288:

   (1) Series 286 Class B US$42,000,000 Variable Rate Secured
       Notes due 2048

       -- Current rating: Aaa, on review for downgrade

   (2) Series 287 Class C US$22,500,000 Variable Rate Secured
       Notes due 2048

       -- Current rating: Aa2, on review for downgrade

   (3) Series 288 Class D US$18,000,000 Variable Rate Secured
       Notes due 2048

       -- Current rating: A3, on review for downgrade

Coriolanus Limited:

   (1) Series 63 US$50,000,000 Floating Rate Secured Notes due
       2048

       -- Current rating: Aaa, on review for downgrade

Menton II CDO PLC:

   (1) US$10,000,000 Class C Secured Floating Rate Credit Linked
       Notes due 2053

       -- Current Rating: A1, on review for downgrade

   (2) US$14,000,000 Class D Secured Floating Rate Credit Linked
       Notes due 2053

       -- Current Rating: Baa2, on review for downgrade

   (3) US$4,500,000 Class E Secured Floating Rate Credit Linked
       Notes due 2053

       -- Current Rating: Ba2, on review for downgrade

Menton CDO IV Limited:

   (1) US$75,000,000 Class B Secured Floating Rate Notes due
       2057

       -- Current Rating: A1, on review for downgrade


MS VEHICLE: Brings In Administrators from Tenon Recovery
--------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint administrators of MS Vehicle Management
Ltd. (Company Number 03690224) on Nov. 13.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         MS Vehicle Management Ltd.
         Unit 8B
         Redbrook Business Park
         Wilthorpe Road
         Barnsley
         S75 1JN
         England
         Tel: 01226 705 650
         Fax: 01226 705 691


NASDAQ STOCK: Qatar Holding Withdraws from OMX AB Bidding Race
--------------------------------------------------------------
Qatar Holding, a subsidiary of the Qatari Investment Authority,
withdraws its application for 100% stock ownership assessment
for Nordic and Baltic exchange OMX AB, according to The Swedish
Financial Supervisory Authority, bringing the consortium of
Nasdaq Stock Market Inc. of the United States and Borse Dubai
Ltd. of the United Arab Emirates closer to reaching a buyout
deal with OMX.

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Borse Dubai has raised its cash offer to SEK265 for each share
in OMX.  Borse Dubai has also changed the acceptance level
condition under its offer from more than 90% to more than 50%.
The other terms and conditions of the Borse Dubai Offer remain
the same as announced on Aug. 17, 2007, by Borse Dubai, and on
Sept. 20, 2007, by Borse Dubai and The NASDAQ Stock.

NASDAQ and Borse Dubai are joining efforts to provide a
compelling, long-term enhancement and growth strategy for OMX
and the Nordic and Baltic region.  Borse Dubai and NASDAQ have
now secured irrevocable undertakings from Investor AB (publ),
Nordea Bank AB (publ), Olof Stenhammar, Didner & Gerge Fonder
AB, Nykredit Realkredit A/S and Magnus Bocker, who in aggregate
hold approximately 18.5% of the total number of votes and shares
in OMX, at the increased price of Borse Dubai's cash offer.

The combination of Borse Dubai's shares in OMX, the option
agreements entered into on Aug. 9, 2007, and the irrevocable
undertakings entered into will result in Borse Dubai holding no
less than 57.4 million OMX shares, representing no less than
47.6% of the total number of votes and shares in OMX.  This
assumes that the Borse Dubai Offer is completed and that the
conditions to the option agreements and the irrevocable
undertakings are satisfied.  As a result of the increased offer,
the strike price of the option agreements will increase to
SEK265 per OMX share.  As agreed between Borse Dubai and NASDAQ,
these OMX shares as well as shares tendered in the Borse Dubai
Offer, are expected to be sold to NASDAQ.  The irrevocable
undertakings are assignable to NASDAQ under certain
circumstances.

Headquartered in New York City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic
equity securities market in the United States with about 3,200
companies.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Moody's Investors Service placed the Ba3 corporate family rating
of Nasdaq Stock Market Inc. on review for upgrade.

On Sept. 20, 2007, Standard & Poor's Rating Services assigned BB
long-term foreign and local issuer credit ratings to Nasdaq
Stock Market Inc.


RDS SYSTEMS: Taps Menzies to Administer Assets
----------------------------------------------
Andrew Gordon Stoneman and Philip Francis Duffy of Menzies
Corporate Restructuring were appointed joint administrators of
RDS Systems Ltd. (Company Number 02852121) on Nov. 23.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

         RDS Systems Ltd.
         Unit 4A
         Sinfin Central Business Park
         Sinfin Lane
         Derby
         DE24 9HL
         England
         Tel: 01332 777 020
         Fax: 01332 764 390


SHAW GROUP: Expects US$19 Million Net Loss for Fiscal Year 2007
---------------------------------------------------------------
The Shaw Group Inc. disclosed that despite its best efforts to
file its fiscal 2007 financial results on Form 10-K with the
Securities and Exchange Commission by Dec. 4, 2007, it has not
completed the filing.

While the financial statements are substantially complete, the
company has not concluded its evaluation of deferred taxes.
Shaw is working diligently to complete this process as soon as
possible.  The company previously announced that the net loss
for fiscal 2007 would be in the range of US$15 to US$19 million.
Based on its work to date, the company believes that the net
loss will approximate US$19 million.  Shaw continues to estimate
its operating cash flow for 2007 will exceed US$460 million and
its Aug. 31, 2007, backlog of unfilled orders will be a record
US$14.3 billion.

The company believes that the financial reporting process will
be completed within the next several days.  However, the timing
of the filing and the anticipated results for fiscal 2007 remain
subject to completion of the deferred tax evaluation, any
changes in estimates or other matters that may arise up to the
filing of the 2007 Form 10-K.

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

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

                          *     *     *

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

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


SHAWCROSS & DICKINSON: Appoints Administrators from Deloitte
------------------------------------------------------------
William Kenneth Dawson and Debbie Marie Young of Deloitte &
Touche LLP were appointed joint administrators of Shawcross &
Dickinson Ltd. (Company Number 01189835) on Nov. 26.

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

The company can be reached at:

         Shawcross & Dickinson Ltd.
         Stretton Way
         Liverpool
         L36 6JF
         England
         Tel: 0151 482 6262
         Fax: 0151 482 4646


TATA MOTORS: November Vehicle Sales Down 4% in 2007
---------------------------------------------------
Tata Motors reported a total sale of 46,947 vehicles (including
exports) for the month of November 2007, a decline of 4%
compared to 49,061 vehicles sold in November last year.
Cumulative sales for the company at 3,59,251 units, grew by 0.3%
over last year.  The domestic market continues to be sluggish,
due to the high interest rate regime, continuing to affect
retails.

  * Commercial Vehicles

The company's sales of commercial vehicles in November 2007 in
the domestic market were 26,895 units, a growth of 4% compared
to 25,793 vehicles sold in November last year.  Medium and Heavy
Commercial Vehicle sales stood at 14,426 units, a growth of 0.2%
over November 2006, whileLight Commercial Vehicle sales were
12,469 units, a growth of 10% over November 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 1,86,869 units, a growth of 2% over last
year.  Cumulative M&HCV sales stood at 97,182 units, a decline
of 7% over last year, while LCV sales for the fiscal were 89,687
units, an increase of 14% over last year.

  * Passenger Vehicles

The passenger vehicle business achieved total sales of 16,322
vehicles in the domestic market in November 2007, a decline of
16% over November 2006.  The Indica reported sales of 10,488
units, a decline of 19.6% over November 2006.  The Indigo family
registered sales of 2,014 units, a decline of 29.5% over
November 2006.  November 2006 had a high base month for car
sales in view of the full supply impact post the restoration of
the company's paint shop, which had got damaged in a fire in
late September 2006.  The Sumo and Safari accounted for sales of
3,820 units, a growth of 7% over November 2006.  The new Safari
Dicor 2.2 VTT recorded a 55% growth with sales of 1,775 units

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,36,820 units, a decline of 2.6% over the
same period last year.  Cumulative sales of the Indica at 90,614
units, reported a decline of 1.3%.  Cumulative sales of the
Indigo family were 18,679 units, a decline of 12%.  The company
reached the landmark of producing a million vehicles off the
Indica platform in November 2007, in a period of just under nine
years.  Cumulative sales of Sumo and Safari were flat at 27,527
units.  The Safari recorded a 25% growth with sales of 10,695
units.

  * Exports

The company's sales from exports at 3,730 vehicles in November
2007 declined by 1.7% compared to 3,793 vehicles in November
2006.  The cumulative sales from exports in the current period
at 35,562 units have recorded a growth of 4% over the previous
year.

                       About Tata Motors

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

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

                          *     *     *

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

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


* BOOK REVIEW: Bankruptcy Investing: How to Profit from
               Distressed Companies (Revised Edition)
-------------------------------------------------------
Author:     Ben Branch and Hugh Ray
Publisher:  Beard Books
Paperback:  344 pages
List Price: US$39.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981211/internetbankru
pt

The book Bankruptcy Investing: How to Profit from Distressed
Companies, is written by Ben Branch and Hugh Ray.

Corporate bankruptcies are at an all-time high, and this trend
is likely to continue. Bankruptcy Investing introduces investors
to the risky but lucrative opportunities to invest in the
securities of troubled companies.

Every area of this exciting field is described in complete
detail.  Real-world examples illustrate the explanations.
Companies in distress may go through an informal or formal
workout of problems, or they may enter Chapter 11 or Chapter 7
bankruptcy.

The investment implications for the securities of firms in each
of these stages are considered in full. Everything the investor
needs to know is contained in this book. The authors show why it
can be smart to invest in troubled companies.

Whether you are a savvy investor or experienced fund manager (or
aspire to be one), Bankruptcy Investing introduces you to the
risky but lucrative opportunities for investing in the
securities of troubled companies.

This timely new book describes in detail the rules of the game
and how to apply them to pick the winners.

The authors, both experts in the legal and financial aspects of
bankruptcy investing, explain everything you need to know about
investing in distressed companies, including estimating
bankruptcy values, how to use timing to your advantage,
quantitative techniques to minimize risks, evaluating available
data, characteristics of various types of short-term and long-
term debt instruments, investment strategies, and sources of
additional information.

You'll fully understand all the implications of investing in the
securities of firms in all stages of financial distress--from
informal or formal workouts to Chapter 11 or Chapter 7
bankruptcy--as well as investing in both debt and equity
securities.

Real-world examples illustrate how you can profit from investing
in troubled companies and what risks are incurred. An extensive
glossary defines legal, economic and financial terms.

Bankruptcy Investing translates the often-confusing lexicon of
bankruptcy into a profitable investment program that you can
implement immediately.

You too will discover an exciting way to find new investment
winners.

Two financial experts guide you through the risky but lucrative
investment opportunities available in troubled companies.

Whether your interests are informal or formal workouts, Chapter
11 or Chapter 7 bankruptcies, debt or equity securities, this
book will explain everything you need to know about investing in
distressed corporations.

Topics include estimating bankruptcy values, how to use timing
to your advantage, quantitative techniques to minimize risk,
evaluating available data, the characteristics of various types
of short-term and long-term debt instruments, and investment
strategies.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *