TCREUR_Public/071210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 10, 2007, Vol. 8, No. 244

                            Headlines




A U S T R I A

GEOSPACE BECKEL: Claims Registration Period Ends Dec. 27
IMUMED MED: Claims Registration Period Ends Dec. 22
OEB BAU: Claims Registration Period Ends Dec. 25
PROFI BAU: Claims Registration Period Ends Dec. 22
QUICK-TRANS BICHLER: Creditors' Meeting Slated for Dec. 19


F R A N C E

FOTOLABO: Substantial Losses Cue Liquidation After Receivership


G E R M A N Y

17PLUS4 DEUTSCHLAND: Creditors' Meeting Slated for Jan. 11, 2008
ALBATROS IMMOBILIEN: Creditors' Meeting Slated for Jan. 9, 2008
ARTE DOMO: Claims Registration Ends February 19, 2008
AWU BITBURG-PRUEM: Creditors' Meeting Slated for Feb. 28, 2008
B & B CLEAN: Creditors' Meeting Slated for January 8, 2008

BILDUNGS-INSTITUT STRALSUND: Claims Period Ends December 21
CITY WEST: Claims Registration Ends March 14, 2008
COMPLAN - GESELLSCHAFT: Claims Registration Ends Feb. 7, 2008
DCS DENTALSYSTEME: Claims Registration Period Ends December 27
E & B DIENSTLEISTUNGEN: Claims Registration Ends Feb. 1, 2008

HAEMEL UND STIETZEL: Claims Registration Period Ends Dec. 27
FLAMMANG GMBH: Claims Registration Period Ends Dec. 28
FOLLERT GERUESTBAU: Creditors' Meeting Slated for Jan. 15, 2008
HOLL GMBH: Creditors' Meeting Slated for January 25, 2008
NEUKIRCHEN GMBH: Creditors' Meeting Slated for Jan. 24, 2008

PRO-CASA GMBH: Creditors' Meeting Slated for Nov. 28
REPO MOBILE: Claims Registration Period Ends Dec. 28
RIBO GMBH: Claims Registration Ends January 25, 2008
S.A.M. GARTEN: Claims Registration Ends February 10, 2008
SCHULDNERS PR: Claims Registration Ends May 16, 2008

TREOFAN GERMANY: Sales Up 5.4% in 2007 Third Quarter
TREOFAN GERMANY: Moody's Cuts Corporate Family Rating to Caa2
SORAT HOTELBETRIEBS: Creditors' Meeting Slated for Jan. 15, 2008
WERNIGEROEDER GASTRO: Creditors' Meeting Slated for Jan. 9, 2008


I R E L A N D

RITCHIE IRELAND: Wants Auction Sale Deferred to January 9, 2008


I T A L Y

ALITALIA SPA: Won't Cancel Flights on Dec. 14 Strike
FIAT SPA: Commits EUR70 Mln for Pomigliano Plant Integration
PARMALAT SPA: NJ Court Denies Citibank's Motion for Leave


K A Z A K H S T A N

ALTYN DEN: Proof of Claim Deadline Slated for January 4, 2008
ALTYN NAN: Creditors Must File Claims January 4, 2008
AVIA SPETSSNAB: Claims Filing Period Ends January 4, 2008
CHARYN EXPLO: Creditors' Claims Due on January 4, 2008
ISTOK LLP: Claims Registration Ends January 4, 2008

PERTSEVSKY MPK: Creditors Must File Claims January 4, 2008
SVETOTECHNIKA LLP: Claims Filing Period Ends January 4, 2008
TIRLIK-ARKALYK LLP: Creditors' Claims Due on January 4, 2008
Z COMPANY LLP: Claims Registration Ends January 4, 2008


K Y R G Y Z S T A N

TAKSI PROFI: Creditors Must File Claims by January 11, 2008


L U X E M B O U R G

NOVELL INC: SEC Inquiries Prompt Delay in 2007 Earnings Release


N E T H E R L A N D S

ST. JAMES'S PARK: Moody's Rates EUR28 Mln Class E Notes at Ba3


P O R T U G A L

ARROW ELECTRONICS: Arrow ECS Merges Distribution Biz with ATI


R O M A N I A

FREESCALE SEMI: High Leverage Cues Moody's to Cut Rating to B1


R U S S I A

ABAKANSKIJ LUMBER: Bankruptcy Hearing Slated for Jan. 18, 2008
ALAPAEVSKIJ BOILER: Creditors Must File Claims by December 24
CONSTRUCTION MATERIALS: Creditors Must File Claims by Dec. 24
FURMANOVSKIJ MECHANICAL: Claims Filing Period Ends Jan. 24, 2008
KASUMKENTSKIJ CANNING: Creditors Must File Claims by December 24

KOVROVSKAYA CORRUGATED: Claims Filing Period Ends Jan. 24, 2008
NOVOLIPETSK STEEL: To Acquire Majority Stake in Maxi-Group
PGS-DRILLING OJSC: Creditors Must File Claims by December 24
PIONEER LLC: Creditors Must File Claims by December 24
PROKHOROVKAAGROPROMCHEMI: Court Hearing Slated for March 6, 2008

TYUMEN'TIMBERTOPPROM OJSC: Asset Sale Slated for December 26
URAL'SKIJ METALLURGIC: Court Starts Competitive Proceedings


S W I T Z E R L A N D

BAUMGARTNER ENTSORGUNG: Creditors Must File Claims by Dec. 31
BUSSER HAUSTECHNIK: Creditors' Liquidation Claims Due by Dec. 13
CTW CREATIV: Creditors' Liquidation Claims Due by December 15
EXPOSERVICE LLC: Zurich Court Closes Bankruptcy Proceedings
GISLER AUTOMOBILE: Uri Court Closes Bankruptcy Proceedings

M. BOHLER LLC: Creditors' Liquidation Claims Due by December 17
MAXI -FUN JSC: Creditors' Liquidation Claims Due by December 13
NICOS MUSIC: Creditors' Liquidation Claims Due by December 15
KEMPF SPORT: Claims Registration Period Ends December 11
PRINT & GRAPHICS: Claims Registration Period Ends December 12


T U R K E Y

VESTEL ELEKTRONIK: Moody's Changes Outlook on B1 Ratings to Neg.


U K R A I N E

ATLANTA CAPITAL: Creditors Must Submit Claims by December 14
FOODIMPORTTRADE LLC: Proofs of Claim Filing Ends December 14
MOTORCAR ENTERPRISE 16357: Creditors Claims Due December 14


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Nears Profit Target; To Pay First Dividend
CHRYSLER LLC: CEO Expects US$1.6 Bln Loss in 2007, Source Says
CHRYSLER LLC: Expected Losses Spurs January Production Cuts
ELITE SECURITY: Brings In Liquidators from Tenon Recovery
FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP

FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder
FORD MOTOR: Mulls Production Cuts Due to Low November Sales
GENERAL MOTORS: Mulls Production Cuts Due to Low November Sales
ICONIX BRAND: Brings In Four New Executives to Management Team
ICONIX BRAND: Planned Loan Increase Cues Moody's to Hold B1 PDR

INNOVATION LEISURE: Calls In Liquidators from Moore Stephens
REMY WORLDWIDE: Emerges from Chapter 11, Completes Sale of Knopf
REMY WORLDWIDE: Wants Court to Close 27 Bankruptcy Cases
REVLON INC: Stockholder to Refinance Unit's US$170 Mln Sub. Loan
R M PRINT: Duncan R. Beat Leads Liquidation Procedure

RAIN HARVESTING: Claims Filing Period Ends January 5, 2008
RANK GROUP: Genting Subsidiary Acquires 9.38% Stake
SCO GROUP: U.S. Bankr. Court Approves Tanner LLC as Accountant
SCO GROUP: Court Permits CFO Solutions to Provide Company w/ CFO
TRACKWORTH LTD: Taps Liquidators from DTE Leonard Curtis

* BOND PRICING: For the Week Dec. 3 to Dec. 7, 2007




                            *********


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


GEOSPACE BECKEL: Claims Registration Period Ends Dec. 27
--------------------------------------------------------
Creditors owed money by LLC GEOSPACE Beckel Satellitenbilddaten
(FN 107457a) have until Dec. 27 to file written proofs of claim
to court-appointed estate administrator Christoph Brandweiner
at:

         Dr. Christoph Brandweiner
         Reichenhaller Strasse 9
         5020 Salzburg
         Austria
         Tel: 0662/844450
         Fax: 0662-844450-31
         E-mail: kanzlei@dr-brandweiner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Oct. 31 (Bankr. Case No. 23 S 74/07p).


IMUMED MED: Claims Registration Period Ends Dec. 22
---------------------------------------------------
Creditors owed money by LLC ImuMed Med. Produkte (FN 265870k)
have until Dec. 22 to file written proofs of claim to court-
appointed estate administrator Elisabeth Achatz-Kandut at:

         Dr. Elisabeth Achatz-Kandut
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 65 69 69
         Fax: 65 69 69 60
         E-mail: e.achatz@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Gallneukirchen, Austria, the Debtor declared
bankruptcy on Oct. 30 (Bankr. Case No. 12 S 82/07g).


OEB BAU: Claims Registration Period Ends Dec. 25
------------------------------------------------
Creditors owed money by LLC OEB Bau (FN 284893k) (fka LLC Gueven
Bau and LLC Guenther Pelzeder) have until Dec. 25 to file
written proofs of claim to court-appointed estate administrator
Thomas Engelhart at:

         Dr. Thomas Engelhart
         c/o  Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30 30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:15 p.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 31 (Bankr. Case No. 6 S 139/07v).  Clemens Richter
represents Dr. Engelhart in the bankruptcy proceedings.


PROFI BAU: Claims Registration Period Ends Dec. 22
--------------------------------------------------
Creditors owed money by LLC Profi Bau (FN 255432k) have until
Dec. 22 to file written proofs of claim to court-appointed
estate administrator Sigrun Teufer-Peyrl at:

         Mag. Sigrun Teufer-Peyrl
         Pfarrgasse 20
         4240 Freistadt
         Tel: 07942/75151
         Fax: 07942/75151-9
         E-mail: ra.peyrl@epnet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 7, 2008 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Oct. 29 (Bankr. Case No. 12 S 81/07k).


QUICK-TRANS BICHLER: Creditors' Meeting Slated for Dec. 19
----------------------------------------------------------
Creditors owed money by LLC Quick-Trans Bichler(FN 262163i) 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 Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Brunn am Gebirge, Austria, the Debtor declared
bankruptcy on Oct. 30 (10 S 107/07z).  Maria-Christina Nau
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Mag. Maria-Christina Nau
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49239
         E-mail: office@viehboeck.at


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


FOTOLABO: Substantial Losses Cue Liquidation After Receivership
---------------------------------------------------------------
The Board of Trade Tribunal de Grande Instance de Colar has put
Fotolabo into liquidation, leaving 83 people jobless, published
reports say.

In September 2007, Fotolabo went into receivership following the
collapse of photo silver, which accounted for 85% of its
business, Le Figaro relates, citing AFP.

Ulrich Gerner, president of Fotolabo, told AFP "losses reached
an amount 'substantially equivalent' to turnover.  Since 2006,
our sales drop by half from one year to another."

Based in Algolsheim, France, Fotolabo is a photograph processing
laboratory.


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


17PLUS4 DEUTSCHLAND: Creditors' Meeting Slated for Jan. 11, 2008
----------------------------------------------------------------
The court-appointed insolvency manager for 17plus4 Deutschland
GmbH, Dr. Rolf-Dieter Moenning, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:40 a.m.on Jan. 11, 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 9:30 a.m. on April 11, 2008, at the same
venue.

Creditors have until Feb. 12, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Rolf-Dieter Moenning
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against 17plus4 Deutschland GmbH on Nov. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          17plus4 Deutschland GmbH
          Marienstr. 12
          10117 Berlin
          Germany


ALBATROS IMMOBILIEN: Creditors' Meeting Slated for Jan. 9, 2008
---------------------------------------------------------------
The court-appointed insolvency manager for Albatros
Immobilienmanagement & Bautragergesellschaft mbH, Dr. Juergen
Spliedt, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:50 a.m. on
Jan. 9, 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 11:30 a.m. on April 16, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Albatros Immobilienmanagement &
Bautragergesellschaft mbH on Nov. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Albatros Immobilienmanagement
         & Bautragergesellschaft mbH
         Danziger Strasse 64
         10435 Berlin
         Germany


ARTE DOMO: Claims Registration Ends February 19, 2008
-----------------------------------------------------
Creditors of Arte Domo Baukunst GmbH have until Feb. 19, 2008,
to register their claims with court-appointed insolvency manager
Haro Helms.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 3, 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 Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         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:

         Haro Helms
         Schillerstr. 10
         28195 Bremen
         Tel: 0421/337790
         Fax: 0421/3377933
         E-Mail: helms@dr-stankewitz.de

The District Court of Bremen opened bankruptcy proceedings
against Arte Domo Baukunst GmbH on Nov. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Arte Domo Baukunst GmbH
         Elisabethstr. 100
         28217 Bremen
         Germany

         Attn: Jann Hermann Kruse, Manager
         Kranbergstr. 5
         26123 Oldenburg
         Germany


AWU BITBURG-PRUEM: Creditors' Meeting Slated for Feb. 28, 2008
--------------------------------------------------------------
The court-appointed insolvency manager for AWU Bitburg-Pruem
GmbH, Jens Lieser, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on Feb. 28, 2008.

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

         The District Court of Bitburg
         Hall 128
         Gerichtsstrasse 2/4
         54634 Bitburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on March 17, 2008, at the same
venue.

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

The insolvency manager can be reached at:

          Jens Lieser
          Metzelstrasse 30
          54290 Trier
          Germany

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

The Debtor can be reached at:

         AWU Bitburg-Pruem GmbH
         Attn:  Irene Weis
         Bitburger Str. 1
         54636 Oberweiler
         Germany


B & B CLEAN: Creditors' Meeting Slated for January 8, 2008
----------------------------------------------------------
The court-appointed insolvency manager for B & B Clean
Gebaudereinigung GmbH, Thomas Kuehn will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:50 a.m. on Jan. 8, 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 9:45 a.m. on April 15, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Thomas Kuehn
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against B & B Clean Gebaudereinigung GmbH on Nov.
20.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         B & B Clean Gebaudereinigung GmbH
         Treskowallee 117A
         10318 Berlin
         Germany


BILDUNGS-INSTITUT STRALSUND: Claims Period Ends December 21
-----------------------------------------------------------
Creditors of Bildungs-Institut Stralsund GmbH have until Dec. 21
to register their claims with court-appointed insolvency manager
Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Joerg Sievers
         Robert-Blum-Str. 1
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Bildungs-Institut Stralsund GmbH on Nov. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bildungs-Institut Stralsund GmbH
         Attn: Michael Karrasch, Manager
         Barther Str. 61a
         18437 Stralsund
         Germany


CITY WEST: Claims Registration Ends March 14, 2008
--------------------------------------------------
Creditors of CWP City West Projekt GmbH have until March 14,
2008, to register their claims with court-appointed insolvency
manager Dr. Gerhard Th. Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Gerhard Th. Walter
         Cronstettenstrasse 30
         60322 Frankfurt am Main
         Germany
         Tel: 069/9591100
         Fax: 069/95911012

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against CWP City West Projekt GmbH on Nov. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CWP City West Projekt GmbH
         Galvanistrasse 29
         60486 Frankfurt (Main)
         Germany

         Attn: Juergen Wittenauer, Manager
         Wielandstrasse 33
         60318 Frankfurt (Main)
         Germany


COMPLAN - GESELLSCHAFT: Claims Registration Ends Feb. 7, 2008
-------------------------------------------------------------
Creditors of ComPlan - Gesellschaft fr Projektengineering und
Projektmanagement GmbH have until Feb. 7, 2008, to register
their claims with court-appointed insolvency manager Rolf
Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against ComPlan - Gesellschaft fr Projektengineering und
Projektmanagement GmbH on Nov. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ComPlan - Gesellschaft fr Projektengineering und
         Projektmanagement GmbH
         Attn: Angelika Wachtel, Manager
         Greifswalder Str. 24
         99085 Erfurt
         Germany


DCS DENTALSYSTEME: Claims Registration Period Ends December 27
--------------------------------------------------------------
Creditors of DCS Dentalsysteme GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Claudia C.E. Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Fef. 21, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koenigstein/Ts.
         Area 106 A
         Law Courts
         Castle Way 9
         61462 Koenigstein/Ts.
         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:

         Claudia C.E. Jansen
         White & Case Insolvenz GbR
         Bockenheimer Landstrasse 20
         60323 Frankfurt
         Germany
         Tel: 069-4272686-5270
         Fax: 069-4272686-5555

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against DCS Dentalsysteme GmbH on Nov. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DCS Dentalsysteme GmbH
         Attn: Mike H. Distler,Manager
         Siemensstrasse 17
         65779 Kelkheim
         Germany


E & B DIENSTLEISTUNGEN: Claims Registration Ends Feb. 1, 2008
-------------------------------------------------------------
Creditors of E & B Dienstleistungen fr die Gastronomie GmbH
have until Feb. 1, 2008, to register their claims with court-
appointed insolvency manager Alexander Saponjic.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Feb. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Alexander Saponjic
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/943210
         Fax: 0871/9432150

The District Court of Landshut opened bankruptcy proceedings
against E & B Dienstleistungen fr die Gastronomie GmbH on Nov.
20.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         E & B Dienstleistungen fr die Gastronomie GmbH
         Blumberger Str. 4A
         Deutenkofen 84166
         Germany


HAEMEL UND STIETZEL: Claims Registration Period Ends Dec. 27
------------------------------------------------------------
Creditors of Haemel und Stietzel GmbH have until Dec. 27 to
register their claims with court-appointed insolvency manager
Dr. Hans Joerg Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Giessen
         Hall 326
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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. Hans Joerg Laudenbach
         Carlo Mierendorff Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-10
         Fax: 0641/98292-16

The District Court of Giessen opened bankruptcy proceedings
against Haemel und Stietzel GmbH on Nov. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Haemel und Stietzel GmbH
         Dorfstrasse 18
         36399 Freiensteinau
         Germany


FLAMMANG GMBH: Claims Registration Period Ends Dec. 28
------------------------------------------------------
Creditors of Flammang GmbH have until Dec. 28 to register their
claims with court-appointed insolvency manager Dr. Joerg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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. Joerg Nerlich
         Friedrich-Ebert-Str. 17
         42103 Wuppertal
         Germany
         Tel: 0202/4086150
         Fax: 0202/4086159

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

The Debtor can be reached at:

         Flammang GmbH
         Attn: Ulrich Flammang, Manager
         Theodor-Storm-Str. 1
         40699 Erkrath
         Germany


FOLLERT GERUESTBAU: Creditors' Meeting Slated for Jan. 15, 2008
---------------------------------------------------------------
The court-appointed insolvency manager for Follert Gerstbau
GmbH, Ruediger Wienberg, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:15 a.m. on Jan. 15, 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 9:30 a.m. on April 8, 2008, at the same
venue.

Creditors have until Feb. 12, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Follert Geruestbau GmbH on Nov. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Follert Geruestbau GmbH
          Blankenburger Weg 15 a
          13127 Berlin
          Germany


HOLL GMBH: Creditors' Meeting Slated for January 25, 2008
---------------------------------------------------------
The court-appointed insolvency manager for Holl GmbH i.L.,
Joachim Voigt-Salus will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:55 a.m. on Jan. 25, 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 10:30 a.m. on March 14, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Holl GmbH i.L. on Nov. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Holl GmbH i.L.
         c/o Firma Protex
         Naumannstrasse 79
         Haus 34
         10829 Berlin
         Germany


NEUKIRCHEN GMBH: Creditors' Meeting Slated for Jan. 24, 2008
------------------------------------------------------------
The court-appointed insolvency manager for Neukirchen GmbH,
Hans-A. Brauer will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:40 a.m. on
Jan. 24, 2008.

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

         The District Court of Cochem
         Hall 100
         First Floor
         Ravenestrasse 39
         56812 Cochem
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 13, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Hans-A. Brauer
         Jahnstrasse 1
         54550 Daun
         Germany
         Tel: 06592-7061
         Fax: 06592-7344

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

The Debtor can be reached at:

         Neukirchen GmbH
         Attn: Jochen Paul Neukirchen, Manager
         Eichenstrasse 47
         56856 Zell
         Germany


PRO-CASA GMBH: Creditors' Meeting Slated for Nov. 28
----------------------------------------------------
The court-appointed insolvency manager for PRO-CASA GmbH, Joerg
A. Wunderlich, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:00 a.m. on
Nov. 28.

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

         The District Court of Bitburg
         Hall 128
         Gerichtsstrasse 2/4
         54634 Bitburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on March 10, 2008, at the same
venue.

Creditors have until Feb. 10, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Bitburg opened bankruptcy proceedings
against PRO-CASA GmbH on Nov. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PRO-CASA GmbH
         Hauptstrasse 34
         54636 Echtershausen
         Germany


REPO MOBILE: Claims Registration Period Ends Dec. 28
----------------------------------------------------
Creditors of Repo Mobile Solutions GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 1806666

The District Court of Paderborn opened bankruptcy proceedings
against Repo Mobile Solutions GmbH on Nov. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Repo Mobile Solutions GmbH
         Westernmauer 54
         33098 Paderborn
         Germany

         Attn: Levent Akguel, Manager
         Waldkautzweg 2
         30916 Isernhagen
         Germany


RIBO GMBH: Claims Registration Ends January 25, 2008
----------------------------------------------------
Creditors of RIBO GmbH have until Jan. 25, 2008, to register
their claims with court-appointed insolvency manager Henning
Necker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Henning Necker
         Schubartstr. 13
         73430 Aalen
         Germany
         Tel: 07361/ 9251-0
         Fax: 07361/9251-99

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

The Debtor can be reached at:

         RIBO GmbH
         Attn: Albert Ritz, Manager
         Poststr. 3
         89558 Boehmenkirch
         Germany


S.A.M. GARTEN: Claims Registration Ends February 10, 2008
---------------------------------------------------------
Creditors of S.A.M. Garten- und Landschaftsbau GmbH have until
Feb. 10, 2008, to register their claims with court-appointed
insolvency manager Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 11:01 a.m. on Feb. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Hall H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: (02151) 80 58 0
         Fax: +4902151805858

The District Court of Krefeld opened bankruptcy proceedings
against S.A.M. Garten- und Landschaftsbau GmbH on Nov. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S.A.M. Garten- und Landschaftsbau GmbH
         Attn: Agnieszka Staniek, Managers
         Im Benrader Feld 68
         47804 Krefeld
         Germany


SCHULDNERS PR: Claims Registration Ends May 16, 2008
----------------------------------------------------
Creditors of Schuldners PR-Werbung + Projekte GmbH have until
May 16, 2008, to register their claims with court-appointed
insolvency manager Marcus Janca.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Marcus Janca
         Willestrasse 3
         24103 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Schuldners PR-Werbung + Projekte GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schuldners PR-Werbung + Projekte GmbH
         Attn: Holger Carstens, Managers
         Leibnizstrasse 4
         24223 Raisdorf
         Germany


TREOFAN GERMANY: Sales Up 5.4% in 2007 Third Quarter
----------------------------------------------------
Treofan Germany GmbH & Co. KG posted a 5.4% rise in sales to
EUR118.2 million in third quarter 2007 compared to the same
quarter in 2006 (EUR112.1 million), driven by growth in unit
volumes, specialty products sales, and higher average selling
prices.

EBITDA was EUR5.8 million, unchanged from Q3 2006, as higher
volumes and prices were largely offset by higher resin and
energy costs, which were difficult to pass on to packaging
material customers still facing a low consumer price inflation
environment.  The strong Euro also affected both competitive
pricing from imported commodity goods into Europe and the
currency translation of operating earnings from North America.
Treofan posted a net loss of EUR9.3 million in Q3 2007, an
improvement over the EUR9.9 million net loss Treofan recorded in
the same quarter last year.

"Sales are rising, manufacturing efficiency is improving, and we
will start seeing significant payback from our investment in the
new line in Mexico going into 2008," Carlo Ranucci, CEO of
Treofan Group, said.  "This investment allows Treofan to better
meet the growing need for specialty products of our customers in
the Americas, and will deliver a lasting boost to sales and
profitability in the years to come."

Treofan has invested EUR23 million in the new Zacapu, Mexico
production line so far this year.  Construction was completed on
time and on budget, and commercial production started in October
2007.  The new Mexican line will add 21,000 tons to capacity in
2008.  With the expansion Capex program now largely completed,
and increasing operating income contribution anticipated from
increasing North American sales as the new line ramps up,
Treofan expects Group cash generation to improve significantly
in 2008.

Aside from the North American expansion, Treofan is focusing on
projects that deliver direct improvements to product quality,
plant safety, yields, and overall productivity, with the aim of
further increasing Group profitability against a continued
difficult market environment.

Treofan's available liquidity as of end of Sept. 30, 2007 was
EUR35.7 million, including EUR9.2 million cash at hand.  This
liquidity measure is before inclusion of the additional EUR20
million Treofan's lenders committed to provide on Sept. 28,
2007.  Access to the incremental availability is subject to
conditions precedent, including the results of Treofan's yearend
business planning process, now in process.  With reduced planned
Capex going forward, liquidity is adequate to cover the
company's present needs.

                        About Treofan

Headquartered in Raunheim, Germany, Treofan Germany GmbH & Co.
KG -- http://www.treofan.com/-- develops, manufactures and
markets high-performance OPP (oriented polypropylene), CPP (cast
polypropylene) and BOPLA (biaxally oriented polylacticacid)
films for a wide variety of applications.  With more than 40
years of experience in global markets, Treofan markets its
products in more than 20 countries, manufacturing some 210,000
tons of film a year at seven sites, including Italy, United
Kingdom, Mexico and U.S.  The company has 1,600 employees.

                          *     *     *

As reported in the TCR-Europe on Sept. 5, 2007, Standard &
Poor's Ratings Services revised its outlook on Germany-based
flexible packaging producer Treofan Holdings GmbH and its
operating subsidiary Treofan Germany GmbH & Co. KG to negative
from positive, owing to its weakening liquidity.  At the same
time, the 'B-' long-term corporate credit ratings on both
entities were affirmed.  The 'B-' issue rating on Treofan
Germany's EUR170 million subordinated second-lien notes, with a
recovery rating of '3', was also affirmed.

In June 2007, Moody's Investors Service downgraded both the
Corporate Family Rating for Treofan Germany GmbH & Co. KG to
Caa1 from B3 and the instrument rating of the EUR170 million
second-lien notes to Caa2 from Caa1.

At the same time, a Caa1 CFR was assigned to Treofan Holdings
GmbH, the ultimate parent of Treofan Germany GmbH & Co. KG
(where the CFR was consequently withdrawn) and the issuer of
consolidated financial accounts.  The outlook for the ratings
remains stable.


TREOFAN GERMANY: Moody's Cuts Corporate Family Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Treofan Holdings GmbH to Caa2 from Caa1 and changed the
rating for the EUR170 million Second Lien Notes to Caa3 from
Caa2.  The outlook was changed to negative.

Despite amendments in its main external credit facility in April
and most recently in September, access to a EUR20 million
incremental commitment (increasing the total availability to
EUR80 million) is subject to the presentation of a three-year
business plan and the issuance of a solvency opinion by an
independent financial advisor.  Even in the event of getting
access to this incremental commitment, Moody's anticipates that
Treofan will absorb cash in the fiscal year 2008 period because
of:

   (i) a continued challenging operating environment, which
       makes it difficult to completely offset the rising resin
       and energy costs and

  (ii) the implementation of projects aimed to increase
      profitability.

This could again result in a tight liquidity situation over the
course of the coming twelve months.  Should Treofan fail to
secure access to the incremental commitment or any other
external liquidity source of similar size, Moody's expects that
the point in time when it may lose access to sufficient
liquidity could be accelerated.

Moody's has incorporated both scenarios in its view of an
increased probability of default, having been the primary driver
behind the decision to downgrade the ratings.  The availability
of assets for monetization implies that the general Loss Given
Default assumption of 50% with some degree of uncertainty is
still applicable for the entire group's capital structure, with
the notching difference of the Second Lien Notes reflecting
their subordination to the bank and other creditors.

The negative outlook reflects the uncertainty until a decision
regarding the commitment of the incremental credit facility will
have been made by lenders.  Absent the commitment this could
increase the default risk, putting further pressure on the
rating.  The negative outlook also factors in the dependence of
further ongoing support from shareholders, lenders and other
third parties, such as suppliers.

These changes were made:

Downgrades:

   * Issuer: Treofan Germany GmbH & Co. KG

   -- Senior Subordinated Regular Bond/Debenture, Downgraded to
      a range of 72 - LGD5 to Caa3 from a range of 67 - LGD4 to
      Caa2.

   * Issuer: Treofan Holdings GmbH

   -- Probability of Default Rating, Downgraded to Caa2 from
      Caa1;

   -- Corporate Family Rating, Downgraded to Caa2 from Caa1.

Outlook Actions:

   * Issuer: Treofan Germany GmbH & Co. KG

   -- Outlook, Changed To Negative From Stable.

   * Issuer: Treofan Holdings GmbH

   -- Outlook, Changed To Negative From Stable.

Treofan, based in Raunheim, Germany, is a leading manufacturer
of polypropylene film, which is primarily used to produce
flexible packaging as well as labels for food and other consumer
products.  Since two ownership changes, the company went through
two major restructuring programs, under one of which Goldman
Sachs became majority shareholder.  For fiscal year 2006 Treofan
reported EUR458.5 million revenues (EUR460 million in 2005) and
an EBITDA of EUR34.7 million.  The operating loss was EUR1.7
million.


SORAT HOTELBETRIEBS: Creditors' Meeting Slated for Jan. 15, 2008
----------------------------------------------------------------
The court-appointed insolvency manager for SORAT
Hotelbetriebsgesellschaft mbH, Christoph Rosenmueller, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 11:40 a.m. on Jan. 15, 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 11:00 a.m. on April 15, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against SORAT Hotelbetriebsgesellschaft mbH on
Nov. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SORAT Hotelbetriebsgesellschaft mbH
         Bayreuther Strasse 42
         10787 Berlin
         Germany


WERNIGEROEDER GASTRO: Creditors' Meeting Slated for Jan. 9, 2008
----------------------------------------------------------------
The court-appointed insolvency manager for Wernigeroeder Gastro-
Service GmbH, Dr. Joachim Heitsch, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:15 a.m. on Jan. 9, 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 10:15 a.m. on April 9, 2008, at the same
venue.

Creditors have until Feb. 9, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Wernigeroeder Gastro-Service GmbH on
Oct. 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Wernigeroeder Gastro-Service GmbH
          Jahnstr. 12
          10967 Berlin
          Germany


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


RITCHIE IRELAND: Wants Auction Sale Deferred to January 9, 2008
---------------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. ask
the U.S. Bankruptcy Court for the Southern District of New York
to postpone the auction sale of their assets until Jan. 9, 2008,
Bill Rochelle of Bloomberg News reports.

According to Bloomberg, the Debtors are seeking the extension
to give buyers more time to have all the information they need
to evaluate how much to bid.

The funds, Bloomberg says, are selling more than 1,000 life
insurance policies in the total face amount of US$2.7 billion.

The public sale of the policies was previously moved from
Nov. 9, 2007, to Dec. 10, 2008.

As reported in the Troubled Company Reporter on Oct. 8, 2007,
the Court approved the procedures proposed by the Debtors for
the sale  of those policies, which constitutes all or
substantially all of  the Debtors' assets.

To participate in the auction, initial overbids must be in an
amount of at least US$1 million for any Ritchie I Asset Pool,
US$.5 million for any Ritchie II Asset Pool and US$3 million for
a bid on all the assets.

The Debtors sought Houlihan Lokey Howard & Zukin Capital Inc.'s
services in the sale process.

Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading
(Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading
(Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are
Dublin-based funds of hedge fund group Ritchie Capital
Management LLC.  The Debtors were formed as special purpose
vehicles to invest in life insurance policies in the life
settlement market.  The Debtors filed for Chapter 11 protection
on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-
11907).  Allison H. Weiss, Esq., David D. Cleary, Esq., and
Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae,
LLP represent the Debtors in their restructuring efforts.  No
Official Committee of Unsecured Creditors has been appointed to
date.  When the Debtors filed for bankruptcy, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a Chapter 11 plan expires on
Jan. 16, 2008.


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


ALITALIA SPA: Won't Cancel Flights on Dec. 14 Strike
----------------------------------------------------
Alitalia S.p.A. says the Fta Cisal Assovolo union organization,
which called for the flight attendants' strike for Dec. 14, does
not have the requisites for official recognition by the Company,
and has never taken part in any negotiations.

It should also be pointed out that only a small number of
Alitalia flight attendants are Fta Cisal members.

For this reason, Alitalia is not planning to cancel any flights
on Dec. 14 due to the strike called by the Fta Cisal Assovolo
union.

                        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.


FIAT SPA: Commits EUR70 Mln for Pomigliano Plant Integration
------------------------------------------------------------
Fiat S.p.A. decided to commit itself to complete the integration
of the Pomigliano plant into the Fiat Group Automobiles
manufacturing system.

According to the company, the commitment will be realized
through a plan of technological investments worth a total of
EUR70 million.

The investments will be flanked by intensive training programs
for employees and they are in addition to the other EUR40
million in extra costs stemming from the suspension of
production necessary to realize the plan.

Fiat's objective is to bring this plant to best-in-class
performance levels and ensure that it will be able to meet the
conditions necessary for the allocation of production of new
future models.

Normal working activities at the plant will be suspended for
around two months, from Jan. 7 to March 2, 2008, in order to
process in accordance with the world class manufacturing
principles currently applied at all the group's facilities.
In the same period, employees will receive training.

Fiat group will bear all costs of the temporary shutdown,
including wages and associated social security contributions.
As regards the manufacturing process, the plant organization
will be thoroughly rationalized, eliminating the trim shop and
incorporating all vehicle prep areas in the final assembly line.

Closure panel hemming, Alfa 159 body framing and all quality
activities will be housed in a single building.

In the next twelve to fifteen months, the company will make
investments aimed at boosting efficiency at the plant and
improving workers' safety and the facilities provided to them.

The work called for by the plan will be carried out by outside
contractors, and is expected to involve over 900 contractor
employees.

With this initiative, the Fiat underscores its strong
determination to do everything possible, in organizational and
financial terms, to guarantee that the plant can continue to
exist, and continue to grow.

At the same time, the contribution of all employees is
absolutely essential to achieve our development objectives.
Fiat expects that in 2008, once the operation is completed,
Pomigliano to have turned into a manufacturing plant which can
go head to head with its best competitors.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


PARMALAT SPA: NJ Court Denies Citibank's Motion for Leave
---------------------------------------------------------
Parmalat S.p.A communicates that the New Jersey Appellate
Division has denied Citibank's motion for leave to appeal the
Superior Court's refusal to dismiss the case.

In October 2007, the Superior Court of New Jersey has again
denied the request of Citigroup, Inc. and certain of its
affiliates, including Citibank, N.A., to dismiss the
US$10,000,000,000 fraud lawsuit filed by Parmalat Finanziaria
S.p.A. Chairman Enrico Bondi, and has rescheduled the trial to
begin May 5, 2008.

In the complaint, Dr. Enrico Bondi had accused the Citigroup and
Citibank in aiding Parmalat's subsidiaries in their fraudulent
scheme.  Specifically, Dr. Bondi asserted that  Citigroup
knowingly structured financing for Parmalat subsidiaries to
disguise debt and artificially increase cash flow.  Eureka PLC,
a United Kingdom-based public liability company, is one of the
corporations alleged to be affiliated with Citigroup that have
participated in the Parmalat scheme.

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


ALTYN DEN: Proof of Claim Deadline Slated for January 4, 2008
-------------------------------------------------------------
The Tax Committee of Almaty region has ordered the compulsory
liquidation of LLP Altyn Den (RNN 5301000004809).

Creditors have until Jan. 4, 2008 to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


ALTYN NAN: Creditors Must File Claims January 4, 2008
-----------------------------------------------------
LLP Altyn Nan has declared insolvency.  Creditors have until
Jan. 4, 2008 to submit written proofs of claims to:

         LLP Altyn Nan
         Zavodskaya Str. 1
         Shamalgan
         Karasaiski District
         Almaty
         Kazakhstan


AVIA SPETSSNAB: Claims Filing Period Ends January 4, 2008
---------------------------------------------------------
LLP Avia Spetssnab has declared insolvency.  Creditors have
until Jan. 4, 2008 to submit written proofs of claims to:

         LLP Avia Spetssnab
         Moldagulov ave. 45/1-4
         Aktobe
         Aktube
         Kazakhstan


CHARYN EXPLO: Creditors' Claims Due on January 4, 2008
------------------------------------------------------
LLP Charyn Explo has declared insolvency.  Creditors have until
Jan. 4, 2008 to submit written proofs of claims to:

         LLP Charyn Explo
         Office 900
         Manas/Jandosov Str. 34a/8a
         Almaty
         Kazakhstan
         Tel: 8 (3272) 44-71-49


ISTOK LLP: Claims Registration Ends January 4, 2008
---------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Istok (RNN 600600009826).

Creditors have until Jan. 4, 2008 to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


PERTSEVSKY MPK: Creditors Must File Claims January 4, 2008
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Pertsevsky Mpk insolvent.

Creditors have until Jan. 4, 2008 to submit written proofs of
claims to:

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


SVETOTECHNIKA LLP: Claims Filing Period Ends January 4, 2008
------------------------------------------------------------
LLP Svetotechnika has declared insolvency.  Creditors have until
Jan. 4, 2008 to submit written proofs of claims to:

         LLP Svetotechnika
         Tajbenov Str. 32
         Almaty
         Kazakhstan
         Tel: 8 (3272) 54-76-37


TIRLIK-ARKALYK LLP: Creditors' Claims Due on January 4, 2008
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tirlik-Arkalyk insolvent.

Creditors have until Jan. 4, 2008 to submit written proofs of
claims to:

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


Z COMPANY LLP: Claims Registration Ends January 4, 2008
-------------------------------------------------------
LLP Z Company has declared insolvency.  Creditors have until
Jan. 4, 2008 to submit written proofs of claims to:

         LLP Z Company
         Office 200
         Respublika ave. 13
         Almaty
         Kazakhstan


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


TAKSI PROFI: Creditors Must File Claims by January 11, 2008
-----------------------------------------------------------
LLC Taksi Profi has declared insolvency.  Creditors have until
Jan. 11, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-543) 84-97-08.


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


NOVELL INC: SEC Inquiries Prompt Delay in 2007 Earnings Release
---------------------------------------------------------------
Novell Inc. has decided to postpone its fourth quarter and full-
year 2007 earnings release and conference call.  The release of
its fourth quarter and full-year results was initially scheduled
Wednesday, Dec. 5, 2007.

Novell received a comment letter from the U.S. Securities and
Exchange Commission, dated Aug. 7, 2007, regarding Novell's Form
10-K for the fiscal year ended Oct. 31, 2006, and its Form 10-Q
for the quarterly period ended April 30, 2007.  Novell delivered
a response letter to the SEC on Sept. 20, 2007.  On Oct. 18,
2007, Novell received a second comment letter from the SEC
indicating that the SEC had reviewed Novell's response to the
Aug. 7, 2007, letter.  The second comment letter was limited to
certain accounting matters.  Novell responded to the SEC's
second comment letter on Nov. 7, 2007, and is awaiting a
response.

"We are confident of our accounting and are working diligently
with the SEC to respond to their inquiries," said Dana C.
Russell, chief financial officer of Novell.  "In an abundance of
caution, we have chosen to postpone our earnings release.  We
look forward to completing our dialogue with the SEC."

Novell intends to release its fourth quarter and full-year 2007
earnings upon the completion of the SEC's review.  Novell is
unable to estimate when the process will be completed, but
currently expects to file its Form 10-K for the fiscal year
ended Oct. 31, 2007, on or before its due date of Dec. 31, 2007.

Last May 23, 2007, Novell Inc. disclosed that it completed its
self-initiated, voluntary review of the company's historical
stock-based compensation practices and determined the related
accounting impact.  The scope of the review covered
approximately 400 grant actions from Nov. 1, 1996, through
Sept. 12, 2006.  As a result of the review, Novell delayed the
filing of its quarterly reports on Form 10-Q for the fiscal
quarters ended July 31, 2006, and Jan. 31, 2007, and its annual
report on Form 10-K for the fiscal year ended Oct. 31, 2006.

The Audit Committee, together with its independent outside legal
counsel, did not find any evidence of intentional wrongdoing by
any former or current Novell employees, officers or directors.
Novell determined, however, that it utilized incorrect
measurement dates for some of the stock-based compensation
awards granted during the review period.

                        About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise.  Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                          *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


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


ST. JAMES'S PARK: Moody's Rates EUR28 Mln Class E Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to a
multi-currency revolving loan facility and six classes of notes
issued by St James's Park CDO B.V., a private company with
limited liability established in the Netherlands:

   -- Aaa to the EUR100,000,000 Revolving Loan Facility due
      2020*;

   -- Aaa to the EUR122,000,000 Class A1 Senior Secured Floating
      Rate Notes due 2020;

   -- Aaa to the EUR50,000,000 Class A2 Senior Secured Floating
      Rate Notes due 2020;

   -- Aa2 to the EUR28,000,000 Class B Senior Secured Floating
      Rate Notes due 2020;

   -- A2 to the EUR24,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2020;

   -- Baa3 to the EUR26,000,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2020; and

   -- Ba3 to the EUR12,000,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2020.

*The EUR100,000,000 Revolving Loan Facility may be drawn in EUR,
US$ or GBP.

The EUR38,000,000 Class F Subordinated Notes due 2020 were not
rated

The definitive ratings address the expected loss posed to
investors by the legal final maturity in 2020.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.

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 par coverage and interest coverage tests, which divert
      cash flows towards senior notes;

   4. The hedging strategy to be implemented to cover currency
      and interest rate risk;

   5. The expertise of Blackstone Debt Advisors L.P. as
      collateral manager; and

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of EUR395.1 million, comprised
primarily of senior secured loans, mezzanine loans, unsecured
loans, high-yield bonds, CLO tranches and whole business
securitizations.  This portfolio is dynamically managed by
Blackstone Debt Advisors L.P. This portfolio is partially
acquired at closing (84%) and ramped-up over the first 12 months
of the transaction.  Thereafter, the portfolio of loans will be
actively managed and the portfolio manager will have the option
to buy or sell assets in the portfolio.  Any addition or removal
of assets will be subject to a number of portfolio criteria.

The collateral portfolio may be denominated in EUR, US$, GBP or
other currencies provided appropriate hedging procedures have
been used.  In particular, US$ and GBP assets may be purchased
with US$ and GBP drawings under the EUR100,000,000 Revolving
Loan Facility.

This transaction includes a specific feature whereby the
collateral manager has the option to direct the issuer to redeem
the notes of noteholders who do not consent to a waiver,
authorization or modification of the transaction documents.
This feature will step in after the non call period (November
2010) and redemption will be funded by the issuance of
additional replacement notes.


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


ARROW ELECTRONICS: Arrow ECS Merges Distribution Biz with ATI
-------------------------------------------------------------
The Enterprise Computing Solutions business of Arrow Electronics
Inc. 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, ATI will gain eight additional product
lines that 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 ATI 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," Kevin
Gilroy, president of Arrow ECS, said.  "In addition, Arrow ECS
is focused on delivering comprehensive solutions to our
partners.  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 ATI
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,"
Bill Botti, president and chief executive officer of ATI, said.
"Partners will benefit from enhanced complementary product lines
and a full suite of professional
services available through ATI."

ATI represents more than 30 software and security suppliers,
including Citrix and VMware.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- 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 Enterprise Computing Solutions is a Englewood, Colorado-
based business unit of Arrow Electronics Inc. that provides
enterprise and midrange computing products, services and
solutions to value-added resellers, system integrators, and
independent software vendors.

Alternative Technology Inc. is a Englewood, Colorado-based
wholly owned subsidiary of Arrow Enterprise Computing Solutions,
that provides end-to-end solutions, presales support, order
management and marketing services to more than 3,000 partners.
Established in 1986, ATI also offers a robust portfolio of
processional services for partners, including onsite
engineering, security assessments and technical call support.
Alternative Technology Inc. has offices in Ft. Lauderdale,
Florida, Carlsbad, California, and Mississauga, Canada.

                          *     *     *

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.


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


FREESCALE SEMI: High Leverage Cues Moody's to Cut Rating to B1
--------------------------------------------------------------
Moody's Investors Service lowered the ratings of Freescale
Semiconductor, Inc. and maintained the negative outlook.

Moody's also affirmed the speculative grade liquidity rating at
SGL-1.  This concludes the review for possible downgrade that
was initiated on Oct. 24, 2007.

The downgrade to B1 reflects Freescale's weakened credit profile
evidenced by continued high financial leverage, reduced capacity
utilization levels and lower earnings prospects over the near
term.  It also incorporates Moody's expectations of:

   (i) continued weakness in the company's wireless segment,
       which accounts for roughly one third of Freescale's
       revenues;

  (ii) moderating demand in the company's networking segment
       (approximately 22% of revenues) due to subdued North
       American wireline and wireless infrastructure spending as
       the large communications equipment providers continue to
       delay purchases amid network consolidation;

(iii) lackluster revenue growth in the transportation segment;
       and

  (iv) long product lead times before semiconductor design win
       activity transitions to the production phase and
       contributes to margins and earnings.

While Freescale maintains relatively high gross and operating
margins as well as very good liquidity, the negative outlook
reflects Moody's concerns regarding the difficult end market and
customer conditions, which have negatively impacted EBITDA and
free cash flow levels.  This has delayed leverage reduction,
causing debt and credit protection measures to migrate to levels
more comparable to mid single-B rated peers. The negative
outlook captures Moody's view that Freescale will be challenged
to reduce leverage to under 6.0x EBITDA on a sustained basis
over the next twelve months.  It also takes into consideration
the company's thin interest coverage and reduced financial
flexibility, which is magnified by diminished operating cash
flow, a limited track record as a standalone company and lack of
historical performance during a downturn.

The ratings could experience downward pressure if end market
demand weakens further or remains soft for a protracted period
resulting in lower-than-anticipated operating cash flow, weak
free cash flow generation, Moody's adjusted debt to EBITDA above
6.0x for an extended period and/or erosion of liquidity sources.

The B1 rating recognizes Moody's view that Freescale:

   (i) maintains strong market leadership positions and a rich
       product portfolio comprising breadth and depth of
       technology;

  (ii) benefits from a diversified revenue base with exposure to
       the relatively stable and less volatile transportation
       and networking segments which tend to exhibit slower
       growth prospects but longer product life cycles than the
       wireless space;

(iii) could benefit from its near-sole source provider status
       for baseband and power management ICs in Motorola's
       recent line-up of handsets and its status as a RF
       transceiver supplier in newly-launched mobile devices
       from both RIM and Motorola, to the extent consumer uptake
       materializes;

  (iv) is positioned to benefit longer-term from increasing
       content in existing mobile OEM customer platforms as
       design solicitations are won and shipments ramp;

   (v) has considerably improved its operating efficiency since
       the Motorola spin-off and has taken steps to reduce
       operating costs in the challenging business environment;
       and

  (vi) has a defensive operating model that allows it to quickly
       reduce expenses and capex in response to weak market
       conditions.

The SGL-1 rating reflects the company's very good liquidity in
spite of diminished internal cash generation.  LTM free cash
flow has declined to levels well-below Moody's expectations.
Over the next twelve months, Moody's anticipates free cash flow
to remain below 2% of total debt and EBITDA interest coverage to
remain under 2.0x.  Moody's expects this to be driven by:

   (i) weak operating cash generation given our expectations of
       continued softness in Freescale's addressable end
       markets; and

  (ii) sizeable interest payments (approximately US$800 million
       per year).

The company's depressed cash flow is offset by strong balance
sheet liquidity consisting of cash and short-term investments
totaling US$772 million (as of September 2007) and potential
cash proceeds of US$200 -- US$300 million from asset sales.  The
SGL-1 rating also incorporates the company's ability to suspend
roughly US$137 million of cash interest payments through the use
of a PIK toggle structure on US$1.5 billion of senior notes.

However, Moody's notes that continued weakness in internal cash
generation could force the company to draw down on its cash
balance and/or credit facilities, which would place downward
pressure on the liquidity rating.  Presently, external liquidity
remains solid through an undrawn US$750 million revolver that
expires in 2012.  The bank credit facilities contain a financial
covenant that subjects Freescale to a first-lien secured debt
incurrence test.  The company currently has sufficient headroom
under this covenant and full access to the revolver.

These ratings were downgraded:

   -- Corporate Family Rating (New) to B1 from Ba3;

   -- Probability of Default Rating to B1 from Ba3;

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012 to Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 16%);

   -- US$3.5 Billion Senior Secured Term Loan B Facility due
      2013 to Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 16%);

   -- US$2.35 Billion Senior Unsecured Notes due 2014 to B2
      (LGD-4, 65%) from B1 (LGD-4, 63%);

   -- US$500 Million Senior Unsecured Floating Rate Notes due
      2014 to B2 (LGD-4, 65%) from B1 (LGD-4, 63%);

   -- US$1.5 Billion Senior Unsecured Toggle Notes due 2014 to
      B2 (LGD-4, 65%) from B1 (LGD-4, 63%); and

   -- US$1.6 Billion Senior Subordinated Unsecured Notes due
      2016 to B3 (LGD-6, 92%) from B2 (LGD-6, 91%).

This rating was affirmed:

   -- Speculative Grade Liquidity Rating - SGL-1


Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the transportation,
networking and wireless markets.  The company was separated from
Motorola via IPO in July 2004 and taken private in a leveraged
buyout in December 2006. The company has design, research and
development, manufacturing or sales operations in more than 30
countries.  In Latin America, Freescale Semiconductor has
operations in Argentina, Brazil and Mexico.  In Europe, the
company has operations in Czech Republic, France, Germany,
Ireland, Italy, Romania, Turkey and the United Kingdom.
Revenues for the twelve months ended Sept. 28, 2007 (LTM) were
US$5.8 billion.


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


ABAKANSKIJ LUMBER: Bankruptcy Hearing Slated for Jan. 18, 2008
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk krai will convene on
Jan. 18, 2008, to hear the bankruptcy supervision procedure on
Abakanskij Lumber Integrated Plant LLC.  The case is docketed
under Case No. A33-8454/2007.

The Interim Manager is:

         N. E. Savin
         Svobodny Pr. 36-61
         660028 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Abakanskij Lumber Integrated Plant LLC
         Boguchany Settlement
         Krasnoyarsk Krai
         Russia


ALAPAEVSKIJ BOILER: Creditors Must File Claims by December 24
-------------------------------------------------------------
Creditors of OJSC Alapaevskij Boiler Plant have until Dec. 24 to
submit proofs of claim to:

         P. P. Podporin
         Interim Manager
         Belinskogo Str. 34-211
         GSP-573
         620219 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on the company on Oct. 18.  The case is
docketed under Case No. A60-26799/2007-C11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Alapaevskij Boiler Plant
         Pushkina Str. 193
         Alapaevsk
         624600 Sverdlovsk
         Russia


CONSTRUCTION MATERIALS: Creditors Must File Claims by Dec. 24
-------------------------------------------------------------
Creditors of CJSC Construction Materials Integrated Plant have
until Dec. 24 to submit proofs of claim at:

         E. Yu. Portniva
         Interim Manager
         P.O. Box 964
         Orenburg-1
         Russia

The Arbitration Court of Orenburg will convene at 10:00 a.m. on
Feb. 26, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A47-8856/
07-14 GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Construction Materials Integrated Plant
         Stroiteley Str. 44
         Orsk
         Russia


FURMANOVSKIJ MECHANICAL: Claims Filing Period Ends Jan. 24, 2008
----------------------------------------------------------------
Creditors of OJSC Furmanovskij Mechanical Engineering Plant have
until Jan. 24, 2008, to submit proofs of claim to:

         A. M. Gataulin
         Zhukovskogo Str. 4
         Furmanov
         155523 Ivanovo
         Russia

The Arbitration Court of Ivanovo commenced competitive
proceedings against the company after finding it insolvent on
Nov. 7.  The case is docketed under Case No. A17-1922/07-1-B.

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Furmanovskij Mechanical Engineering Plant
         Zhukovskogo Str. 4
         Furmanov
         Ivanovo
         Russia


KASUMKENTSKIJ CANNING: Creditors Must File Claims by December 24
----------------------------------------------------------------
Creditors of OJSC Kasumkentskij Canning Plant have until Dec. 24
to submit proofs of claim to:

         A. M. Magomedov
         Interim Manager
         Umakhanova 12
         Makhachkala
         Russia
         Tel: 8 (8722) 68-32-69

The Arbitration Court of Dagestan will convene at 11:30 a.m. on
Jan. 20, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A15-1476/07.

The Debtor can be reached at:

         OJSC Kasumkentskij Canning Plant
         Lenina Str. 109
         Kasumkent Settlement
         Dagestan
         Russia


KOVROVSKAYA CORRUGATED: Claims Filing Period Ends Jan. 24, 2008
---------------------------------------------------------------
Creditors of Kovrovskaya Corrugated Cardboard Ware Factory LLC
have until Jan. 24, 2008, to submit proofs of claim to:

         L. N. Koptelina
         Competitive Proceedings Manager
         Orlovskij Per. 5
         129110 Moscow
         Russia

The Arbitration Court of Vladimir commenced streamlined
competitive proceedings against the company after finding it
insolvent on Oct. 24.  The case is docketed under Case No.
A11-9450/2007-K1-181B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         Kovrovskaya Corrugated Cardboard Ware Factory LLC
         Dzerzhinskogo Str. 1
         Irkutsk
         Russia


NOVOLIPETSK STEEL: To Acquire Majority Stake in Maxi-Group
----------------------------------------------------------
OJSC Novolipetsk Steel has entered into an agreement to acquire
a 50%+1 share stake in OJSC Maxi-Group from its founder, Nikolai
Maksimov, for US$600 million, payable in two installments:

   -- US$300 million to be paid after the controlling stake has
      been transferred to NLMK, and

   -- US$300 million (subject to price adjustment) to be paid
      after completion of due diligence.

In the first half of 2008 Maxi-Group will carry out a capital
increase of approximately US$1.2 billion to be subscribed by
NLMK and Mr. Maksimov pro-rata to their shareholdings.  Maxi-
Group's results will be consolidated by NLMK from December 2007.

This acquisition is in line with NLMK's strategy to expand its
operations in Russia.  NLMK believes the acquisition will give
the company a significant share of the domestic long products
market, particularly in rapidly developing regions such as
Urals, Volga, and Central and Southern Regions.

This transaction will also contribute to the future development
of high value added niche products such as hardened rebar, and
seamless pipes.

The company also expects that the acquisition of Maxi-Group will
lead to NLMK's 100% self-sufficiency in steel scrap, which is an
important competitive advantage given projected higher scrap
prices in Russia.


"The acquisition of a controlling stake in Maxi-Group advances
NLMK's strategy to fully serve the domestic market needs.
Demand for long products for the construction sector is growing
rapidly making these markets highly promising.  Maxi-Group's
acquisition provides a new catalyst for NLMK's dynamic
development, enabling the company to strengthen its leadership
in the supply of finished steel products in Russia.  We are
confident that this acquisition will help us to meet rising
demand from the growing domestic economy, develop new markets
and gain further competitive advantages for the future growth of
NLMK," NLMK President Aleksey Lapshin said.

Maxi-Group's growth model is based on developing a network of
mini-mills producing long products, seamless pipes, metal-ware
and, potentially, flat steel products in regions with high
demand growth and extensive scrap resources.  Scrap collection
and processing in local markets and further supply of finished
products to these markets underlie Maxi-Group's competitive
strength.

Maxi-Group's strategy envisages an increase in steelmaking
capacity from 2.4 to 5.9 million tons, long product capacity
from 1.3 to 4.4 million tons and installing seamless pipe
capacity of up to 1.5 million tonnes by 2012.  NLMK estimates
total capex from 2008 to 2012 to be US$3.7 billion.  The capex
program will be funded from Maxi-Group's own generated and
borrowed funds.

After the acquisition of Maxi-Group, NLMK intends to grow its
business by rapidly increasing finished product output,
maintaining low production costs and developing raw material
base.  Maxi-Group will compete with established integrated
producers through low cost local production and regionalized
sales to growing markets.

At present, Maxi-Group's total debt is around US$1.8 billion.
From December 2007 the shareholders intend to restructure the
group's existing debt by extending stabilization loans.  NLMK
has already granted a US$400 million loan to Maxi-Group secured
by shares of main production assets.  In early 2008, Mr.
Maksimov and NLMK are both expected to provide short-term
stabilization loans of US$300 million to Maxi-Group.  As a
result of the additional stock issue during H1 2008, Maxi-Group
will be recapitalized, with new equity replacing shareholders'
loans.  The remaining indebtedness will be restructured to
reduce interest costs and extend debt maturity. These measures
will make the debt structure more efficient and reduce the
overall debt level already in first half 2008.

Maxi-Group comprises several enterprises for the production of
ferrous metals, which form a production system, from collecting
and processing scrap to manufacturing rolled products.  Maxi-
Group is organized into two divisions: Metallurgy and Scrap
Collection.

The growth strategy of Maxi-Group's Metallurgy division is based
on existing production sites and launching new mini-mills in
Urals, Central and Volga regions of Russia.  The product mix of
the existing production sites comprises billets (2.4 million
tons), rebar (1.3 million tons) and metal-ware (0.55 million
tons).

The Scrap Collection division includes 300 scrap collection
yards located in 38 regions across Russia with total capacity of
3.0 million tons.  The estimated scrap collection volume in 2007
is 2.3 million tons.

Based on Maxi-Group's management accounts, EBITDA for nine
months 2007 is estimated approximately US$200 million.  The
estimated total debt amounted to US$1.8 billion.

                      About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *    *

As of Dec. 7, 2007, Novolipetsk Steel OJSC carries Ba1
Corporate Family and Probability-of-Default ratings from Moody's
Investors Service.

The company also carries BB+ Long-term Issuer Default,
B and Short-term Issuer Default ratings from Fitch, which said
the Outlook is Stable.

NLMK carries carries BB+ Issuer Credit rating from Standard &
Poor's Ratings Services.


PGS-DRILLING OJSC: Creditors Must File Claims by December 24
------------------------------------------------------------
Creditors of OJSC PGS-Drilling have until Dec. 24 to submit
proofs of claim to:

         D. E. Ryndenko
         Competitive Proceedings Manager
         P.O. Box 13
         Rybinsk
         152930 Yaroslavl'
         Russia

The Arbitration Court of Ryazan' commenced competitive
proceedings against the company after finding it insolvent on
Nov. 7.  The case is docketed under Case No. A(54-175/
2007 C20.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC PGS-Drilling
         Sovetskaya Sq. 3B
         Kasimov
         391001 Ryazan'
         Russia


PIONEER LLC: Creditors Must File Claims by December 24
------------------------------------------------------
Creditors of West-siberian Kubanskaya Drilling Company Pioneer
LLC have until Dec. 24 to submit proofs of claim to:

         V. N. Spirov
         Competitive Proceedings Manager
         Melik-Karamova Str. 45/2
         Surgut
         628401 Khanty-Mansijskij
         Russia

The Arbitration Court of Khanty-Mansijskij commenced competitive
proceedings against the company after finding it insolvent on
Sept. 17.  The case is docketed under Case No. A-75-3455/2007.


PROKHOROVKAAGROPROMCHEMI: Court Hearing Slated for March 6, 2008
----------------------------------------------------------------
The Arbitration Court of Belgorod will convene at 11:00 a.m. on
March 6, 2008, to hear the bankruptcy supervision procedure on
OJSC Prokhorovkaagropromchemie.  The case is docketed under Case
No. A08-5184/07-24B.

The Interim Manager is:

         S. V. Klimov
         P.O. Box 165
         664047 Irkutsk
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Prokhorovkaagropromchemie
         Lesnaya Str. 1
         Prokhorovka Settlement
         Prokhorovskij Raion
         Belgorod


TYUMEN'TIMBERTOPPROM OJSC: Asset Sale Slated for December 26
------------------------------------------------------------
V. V. Kravchenko, the competitive proceedings manager
of OJSC Tyumen'TimberTopProm, will open a public auction for the
company's properties at 3:00 p.m. on Dec. 26 at:

         V. V. Kravchenko
         Office 242
         Mel'nikaite Str. 106
         Tyumen'
         Russia

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

Information related to the auction can be obtained at:

         V. V. Kravchenko
         Office 242
         Mel'nikaite Str. 106
         Tyumen'
         Russia
         Tel: (3452) 75-59-57, 74-87-59



URAL'SKIJ METALLURGIC: Court Starts Competitive Proceedings
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced competitive
proceedings against CJSC Ural'skij Metallurgic Plant on Nov. 6.
The case is docketed under Case No. A60-12563/06-C11.

The Competitive Proceedings Manager is:

         U. A. Nilulina
         Bul'var Culture Str. 21-11
         Ekaterinburg
         Russia


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


BAUMGARTNER ENTSORGUNG: Creditors Must File Claims by Dec. 31
-------------------------------------------------------------
Creditors of LLC Baumgartner entsorgung have until Dec. 31 to
submit their claims to:

         Jolanda Baumgartner
         Liquidator
         Feldstrasse 68
         4123 Allschwil
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Baumgartner entsorgung
         Allschwil
         Arlesheim BL
         Switzerland


BUSSER HAUSTECHNIK: Creditors' Liquidation Claims Due by Dec. 13
----------------------------------------------------------------
Creditors of LLC Busser Haustechnik have until Dec. 13 to submit
their claims to:

         Yves Kevin Ackermann
         Ackermann Management & Consulting
         Hubstrasse 18
         8303 Bassersdorf
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Busser Haustechnik
         Bassersdorf
         Bulach ZH
         Switzerland


CTW CREATIV: Creditors' Liquidation Claims Due by December 15
-------------------------------------------------------------
Creditors of JSC CTW Creativ Trading Worldwide have until
Dec. 15 to submit their claims to:

         Mario Pfiffner
         Attorney and Notary Public
         Mail Box: 342
         7500 St. Moritz
         Maloja GR
         Switzerland

The Debtor can be reached at:

         JSC CTW Creativ Trading Worldwide
         Silvaplana
         Maloja GR
         Switzerland


EXPOSERVICE LLC: Zurich Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Dielsdorf in Zurich entered Oct. 31 an
order closing the bankruptcy proceedings of LLC Exposervice.

The Bankruptcy Service of Dielsdorf can be reached at:

         Bankruptcy Service of Dielsdorf
         8157 Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Exposervice
         Hofackerstrasse 1
         8157 Dielsdorf ZH
         Switzerland


GISLER AUTOMOBILE: Uri Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Uri entered Oct. 31 an order closing
the bankruptcy proceedings of JSC Gisler Automobile.

The Bankruptcy Service of Uri can be reached at:

         Bankruptcy Service of Uri
         6460 Altdorf UR
         Switzerland

The Debtor can be reached at:

         JSC Gisler Automobile
         Seedorferstrasse 66
         6460 Altdorf UR
         Switzerland


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

         Martin Bohler
         Oberrebenweg 10
         8304 Wallisellen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC M. Bohler
         Zurich
         Switzerland


MAXI -FUN JSC: Creditors' Liquidation Claims Due by December 13
---------------------------------------------------------------
Creditors of JSC Maxi-Fun have until Dec. 13 to submit their
claims to:

         Jan Bruun
         Liquidator
         Mosliweg 2
         6353 Weggis LU
         Switzerland

The Debtor can be reached at:

         JSC Maxi-Fun
         Zug
         Switzerland


NICOS MUSIC: Creditors' Liquidation Claims Due by December 15
-------------------------------------------------------------
Creditors of LLC Nicos Music Shop have until Dec. 15 to submit
their claims to:

         Nicolas Borer
         Surpunt 6
         7500 St. Moritz
         Maloja GR
         Switzerland

The Debtor can be reached at:

         LLC Nicos Music Shop
         St. Moritz
         Maloja GR
         Switzerland


KEMPF SPORT: Claims Registration Period Ends December 11
--------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against JSC Kempf Sport on Oct. 31.

Creditors have until Dec. 11 to file their written proofs of
claim.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         JSC Kempf Sport
         Bahnhofstrasse 24
         6002 Lucerne
         Switzerland


PRINT & GRAPHICS: Claims Registration Period Ends December 12
-------------------------------------------------------------
The Bankruptcy Service of Thurgau commenced bankruptcy
proceedings against LLC Print & Graphics Machinery on Sept. 7.

Creditors have until Dec. 12 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Print & Graphics Machinery
         Laubgasse 26
         8500 Frauenfeld TG
         Switzerland


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


VESTEL ELEKTRONIK: Moody's Changes Outlook on B1 Ratings to Neg.
----------------------------------------------------------------
Moody's Investors Service affirmed the B1 ratings of Vestel
Elektronik Sanayi Ve Ticaret A.S. but changed the outlook to
negative from stable.

These ratings were affected:

   -- B1 Corporate Family Rating and Probability of Default
      Rating

   -- B1 rating on the US$225 million 8.75% Guaranteed Notes
      due 2012

The change in outlook takes account of a number of factors.
"Firstly, Moody's recognizes the continued deterioration in the
company's margins, which is largely due to increasing
competition, market saturation for CRT TVs, the fact that LCD TV
prices are still showing a declining trend although they are
starting to stabilize, and negative foreign exchange movements,
which continued throughout the first half of 2007," explained
Stefano del Zompo, lead analyst for Vestel at Moody's. "The
outlook change also reflects the negative impact of lower
production volumes on profitability and ultimately on the
company's cash flows and the expectation of continued weakness
in domestic demand for TVs, with the decline in demand for CRT
TVs demand unlikely to be fully offset by a similar increase in
LCD TV sales in the short to medium term."  Finally, Moody's has
factored the limited headroom under the covenants set in the
indenture of the notes.

Vestel's current ratings also reflect:

   (i) the contingent nature of some of the factors affecting
       the company's performance, in particular the Turkish
       lira/US dollar exchange rate and the rapid decrease in
       LCD TV prices experienced over recent months, although
       these factors might persist in the medium term;

  (ii) the expected commoditization of LCD TV products, which
       will likely benefit Vestel as outsourcing of their
       production will intensify;

(iii) the company's relatively high cash balance, which at the
       end of September 2007 stood at US$368 million, which
       should reduce the risk of short-term liquidity shortages;
       and

  (iv) the expected improvement in the headroom under the
       covenants as a result of the announced joint venture with
       Whirlpool, which is expected to complete in the first
       quarter of 2008.

The continued decline in Vestel's profitability, leading to a
reported EBITDA margin of just 0.4%, coupled with an increase in
gross debt from US$979 million to US$1.01 billion, left the
headroom under the consolidated Indebtedness/EBITDA ratio below
15% at the end of June 2007 while the headroom under the fixed
charge coverage ratio was just over 3%.  While Moody's expects
the headroom under the covenants to remain close to the current
level at the end of 2007, it nonetheless derives comfort from
the large cash balance that could be used to reduce debt and
interest expenses in the short term, while the successful
completion of the sale of 36.3% of Vestel White Goods to
Whirlpool should increase the headroom under the covenants going
forward.  Moody's notes that current ratings assume Vestel will
use the proceeds of the transaction to repay debt.

"The negative outlook reflects Moody's concerns that continued
strength in the Turkish lira, sustained competitive pressure in
key segments or slower-than-expected improvements in production
efficiency could increase the constraints on Vestel's liquidity
and result in the headroom under the covenants remaining at
levels not compatible with a B1 rating," Mr del Zompo said.

The ratings could face further downward pressure in the event
that the company's operating environment stabilises at current
levels, leading to EBITDA margins in the low single digits, a
Debt/EBITDA ratio in the region of 4.0x (excluding letters of
credit and Notes payable) or a delay in the planned sale of
36.3% of Vestel White Goods.  Conversely, the rating outlook
could be changed back to stable in the event of an improvement
in the company's EBITDA margins to the high single digits,
sustained positive free cash flow generation, a Debt/EBITDA
ratio of below 3.0x and an increase in the headroom under the
covenants to above 20% as expected.

Moody's previous rating action on Vestel was in June 2007, when
it downgraded the company to B1 from Ba3, mainly reflecting the
deterioration in the company's profitability and credit metrics.

Headquartered in Istanbul, Turkey, Vestel is a leading
manufacturer of consumer electronic products, including
televisions, digital products and white goods. In the last
twelve months to June 2007, the company reported USD3.4 billion
in revenues and US$73 million in EBITDA (excluding foreign
exchange gains).


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


ATLANTA CAPITAL: Creditors Must Submit Claims by December 14
------------------------------------------------------------
Creditors of CJSC Atlanta Capital (code EDRPOU 25283476) have
until Dec. 14 to submit written proofs of claim to:

         Igor Kovirshyn
         Andrew Ivanov Str. 21/17
         01010 Kiev
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/478-b.

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

The Debtor can be reached at:

         CJSC Atlanta Capital
         Moscow Str. 7
         Apartment 26
         Kiev
         Ukraine


FOODIMPORTTRADE LLC: Proofs of Claim Filing Ends December 14
------------------------------------------------------------
The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/145-b.

Creditors of the company have until Dec. 14 to submit written
proofs of claim to:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         LLC Trading Company Foodimporttrade
         Vatutin Str. 188
         10001 Zhytomir
         Ukraine


MOTORCAR ENTERPRISE 16357: Creditors Claims Due December 14
-----------------------------------------------------------
Creditors of OJSC Motorcar Enterprise 16357 (code EDRPOU
03118937) have until Dec. 14 to submit their proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/164-07.

The Debtor can be reached at:

         OJSC Motorcar Enterprise 16357
         50 Years of VLKSM Str. 30
         Kharkov
         Ukraine


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


BRITISH AIRWAYS: Nears Profit Target; To Pay First Dividend
-----------------------------------------------------------
British Airways plc is expected to pay out its first dividend
since 2001, Fergal O'Brien writes for Bloomberg News.

According to the report, BA is confident it will meet its full-
year profitability target.

"We've made it clear that it's what we want to do, but it does
depend on the performance," Willie Walsh, chief executive
officer of BA, was quoted by Bloomberg as saying.  "Given we had
a record first half, we're on track to deliver a 10 percent
operating margin and that would be the second trigger event
ticked off."

Meanwhile, Mr. Walsh further revealed bookings on the airline's
long-haul premium class services remain "strong".  However,
there has been some "softening" in leisure traffic from the U.S.
to Europe as a result of the dollar's decline.

JP Morgan earlier told Bloomberg BA is likely to sell long-haul
economy-class seats at a loss next year once the airline loses
the protection of fuel-price hedging.

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.


CHRYSLER LLC: CEO Expects US$1.6 Bln Loss in 2007, Source Says
--------------------------------------------------------------
Chrysler LLC Chief Executive Officer Robert Nardelli disclosed
to company employees that Chrysler is in for a wider financial
loss of US$1.6 billion than what Steve Landry, executive vice
president of North American sales, revealed to marketing and
business students in Halifax, Nova Scotia last week, various
papers report.

It would be Chrysler's second consecutive year of losses if Mr.
Nardelli's forecast is right, according to the Associated Press
citing an unnamed source.  The company reported a loss of US$618
million in 2006 but disclosed earnings of US$1.8 billion in
2005.

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Mr. Landry declared that Chrysler anticipates a loss of
US$1 billion this year in costs.  He told Saint Mary's
University students in Halifax, Nova Scotia, that Chrysler's
2007 revenue is expected at US$64 billion and costs at about
US$65 billion.  Mr. Landry recounted Chrysler's business aim to
recover costs next year and to yield a huge profit in 2009 and
2010, slashing about 8 models from its lineup.

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

                          *     *     *

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


CHRYSLER LLC: Expected Losses Spurs January Production Cuts
-----------------------------------------------------------
Chrysler LLC plans to temporarily cease car production in its
plants in Warren, Michigan and Fenton, Missouri, before
Christmas, postponing its opening until the whole month of
January 2008, according to various sources.  The move is due to
due to the company's expected US$1 billion loss, slow pickup
sales and prevention of an oversupply.

Sources say that the company will also shutter a truck plant in
Mexico for two weeks in January.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
Chrysler dealers delivered 161,088 new vehicles to U.S.
customers in November 2007, down 2% compared with a year ago.

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

                          *     *     *

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


ELITE SECURITY: Brings In Liquidators from Tenon Recovery
---------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of Elite Security (Southern) Ltd. on
Nov. 16 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP
----------------------------------------------------------------
Tata Motors Ltd., Mahindra & Mahindra Ltd. and One Equity
Partners LLC have submitted their final bids for Ford's Motor
Company's British Marques brands, according to various reports.

Sources say that there are speculations that the sale is likely
to range from US$1.5 billion to US$2 billion.

As reported in the Troubled Company Reporter on Oct. 1, 2007,
Terra Firma Capital Partners Limited joined the bid for Ford's
Jaguar and Land Rover brands.

Previously reported on Sept. 27, 2007, Ford's British Marques
still has four potential buyers left after two Indian firms,
Mahindra & Mahindra and Cerberus Capital Management LP, quit the
buying race. Citing Reuters, the TCR further names the four
remaining suitors as Ripplewood Holdings LLC, Tata Motors
Limited, TPG Capital L.P. also known as Texas Pacific Group, and
One Equity Partners LLC, but these firms are yet to complete the
due diligence.

In early September 2007, Tata Motors, Mahindra & Mahindra and
One Equity Partners, led by former Ford CEO Jacques Nasser, have
advanced into the second round of Ford's auction process for its
Jaguar and Land Rover marques.

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.


FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder
--------------------------------------------------------------
American dealers of Ford Motor Company's Premier Automotive
Brand, Jaguar, have expressed preference over U.S. group, J.P.
Morgan Chase & Co.'s One Equity Partners LLC, bidding over the
luxury car unit, Stephen Power in Frankfurt and Eric Bellman in
Mumbai of the Wall Street Journal report.

Ken Gorin, chairman of the Jaguar Business Operations Council,
says he is wary over the perception on Jaguar if owned by
companies out of India, such as final bidders Tata Motors Ltd.
and Mahindra & Mahindra Ltd., WSJ relates.  Although, he insists
that the particularity is on the unique image projection of
Jaguar as a luxury brand, and not on the management capabilities
of the Indian bidders.

The choice of U.S. dealers, WSJ relates, may have something to
do with Jacques Nasser, managing director of One Equity
Partners.  Mr. Nasser was Ford's CEO from 1999 to 2001, who
advocated the investment on Ford's Europeam luxury brands.

As reported in the Troubled Company Reporter on Nov. 13, 2007,
Ford continues to explore in greater detail the potential sale
of its Premier Automotive Group brands, Jaguar and Land Rover,
with interested parties and anticipates these discussions will
culminate in an agreement no later than early next year.

In early September 2007, Tata Motors, Mahindra & Mahindra and
One Equity Partners, led by former Ford CEO Jacques Nasser, have
advanced into the second round of Ford's auction process for its
Jaguar and Land Rover marques.

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.


FORD MOTOR: Mulls Production Cuts Due to Low November Sales
-----------------------------------------------------------
Ford Motor Company and General Motors Corp. disclosed that due
to low November sales, the carmakers intend to slash vehicle
production in the first quarter of 2008, various sources report.

Ford plans a 7% car production decrease in the first quarter,
expecting to produce only 685,000 vehicles, while GM anticipates
a production of 950,000 vehicles from January through March,
down 11% from the same period in 2007, Nick Bunkley of The New
York Times relates.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
due to continued growth in crossover sales and increased demand
for hybrids, fuel-efficient cars and Ford's industry-exclusive
SYNC in-car connectivity technology, Ford sales in November
totaled 182,951, up 0.4% versus a year ago.  November marked the
first sales increase following 12 months of declines.

According to the Associated Press, analysts anticipate low
annual sales in 2008, a drop in U.S. light vehicle sales to 3%
to 15.6 million units, a record low since 1998.

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

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

                          *     *     *

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


GENERAL MOTORS: Mulls Production Cuts Due to Low November Sales
---------------------------------------------------------------
General Motors Corp. and Ford Motor Company disclosed that due
to low November sales, the carmakers intend to slash vehicle
production in the first quarter of 2008, various sources report.

GM said earlier this week that to avoid a deluge of inventory,
it will shutter three pickup truck plants for two weeks in
January.  Aside from that, GM plants will also be closed over
the holiday, according to Josee Valcourt, Terry Kosdrosky and
Mike Spector of the Wall Street Journal.

GM anticipates a production of 950,000 vehicles from January
through March, down 11% from the same period in 2007, while Ford
plans a 7% car production decrease in the first quarter,
expecting to produce only 685,000 vehicles, Nick Bunkley of The
New York Times relates.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
GM dealers in the U.S. delivered 263,654 vehicles in November,
down 11%, after three consecutive monthly increases, compared
with a year ago, reflecting continuing reductions in daily
rental sales and softening industry demand.

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

According to the Associated Press, analysts anticipate low
annual sales in 2008, a drop in U.S. light vehicle sales to 3%
to 15.6 million units, a record low since 1998.

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

                         *     *     *

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

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


ICONIX BRAND: Brings In Four New Executives to Management Team
--------------------------------------------------------------
Iconix Brand Group Inc.  has added four new executives to its
senior management team.

Kimberly Lee Minor has joined Iconix as Vice President Brand
Management overseeing the Company's London Fog, Joe Boxer and
Rampage brands.  Ms. Minor was previously Vice President
Merchandising for Ann Taylor Loft and has over 20 years of
leadership experience in merchandising, product development and
sourcing at companies including Macy's and Foot Locker Global.

Carolyn D'Angelo joins Iconix as Vice President Brand Management
for the Company's Home Division overseeing the Fieldcrest,
Cannon, Royal Velvet and Charisma brands.  Ms. D'Angelo was
previously a Senior Vice President at Westpoint Home overseeing
that company's Ralph Lauren home business and has over 20 years
of experience in the home industry including senior positions at
Waverly Lifestyle Group and Springs Industries.

Neal Seideman joins Iconix as Vice President Business
Development.  Mr. Seideman spent the last 8 years at
International Management Group running its North American
licensing division and has over 15 years of experience in a
broad variety of licensing roles.

Kenneth Richard has joined Iconix as Vice President Marketing.
Mr. Richard has 22 years of diverse marketing experience and has
worked in roles including EVP Global Marketing and
Communications for BCBG Max Azria.

"I am very excited about these new additions to our senior
management team.  I am pleased that we continue to attract such
a talented and diverse set of leaders and confident that we have
the depth and diversity in our management team to drive our
ambitious growth plan," Neil Cole, chairman and CEO of Iconix
Brand Group, said.

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) -
- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter of Dec. 7, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
Corporate Family and Probability of Default Ratings at B1 and
the company's secured term loan financing at Ba2 following the
company's announcement it is intending to increase the existing
term loan to approximately US$270 million from US$210 million
utilizing the term loan facility's 'accordion' option.  The
proceeds from the incremental term loan facility will be
primarily used to fund the purchase of the Starter brand from
Nike, Inc. Moody's also affirmed the B3 rating of the company's
US$287.5 million senior subordinated notes.  The rating outlook
remains stable.


ICONIX BRAND: Planned Loan Increase Cues Moody's to Hold B1 PDR
---------------------------------------------------------------
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
Corporate Family and Probability of Default Ratings at B1 and
the company's secured term loan financing at Ba2 following the
company's announcement it is intending to increase the existing
term loan to approximately US$270 million from US$210 million
utilizing the term loan facility's 'accordion' option.  The
proceeds from the incremental term loan facility will be
primarily used to fund the purchase of the Starter brand from
Nike, Inc.  Moody's also affirmed the B3 rating of the company's
US$287.5 million senior subordinated notes.  The rating outlook
remains stable.

Iconix's B1 corporate family rating reflects its relatively
stable and predictable revenue streams from royalty payments
received by the company which include significant guaranteed
minimum amounts, diversification of the company's product and
brand portfolio, and financial metrics which remain higher than
for similarly rated peers.  These factors are offset by its
narrow business focus solely as a licensor of brands, its
acquisitive growth strategy, with the majority of current
revenues derived from brands acquired since the beginning of
2006.  The stable outlook reflects Moody's expectations the
company will continue to maintain financial metrics at levels
appropriate for the rating category and to maintain stable
licensing revenues for the company as a whole.

The secured term loan rating reflects its probability of default
rating of B1 and its loss given default assessment of LGD 2 --
21% and the B3 rating for the convertible senior subordinated
notes reflects the probability of default rating of B1 and the
loss given default assessment of LGD 5 -- 78%.

These ratings were affirmed, and LGD assessments amended:
  -- Corporate Family Rating and Probability of Default Rating
     at B1
  -- US$270 million senior secured term loan at Ba2 (LGD amended
     to LGD 2 -- 21% from LGD 2 -- 20%)
  -- US$287.5 million senior subordinated notes due 2012 at B3
     (LGD amended to LGD 5 -- 78% from LGD 5 -- 77%)
  -- Speculative Liquidity Rating at SGL-2

Based in New York, NY, Iconix Brand Group, Inc. owns, licenses
and markets a portfolio of consumer brands including Candies,
Bongo, Badgley Mischka, Joe Boxer, Rampage, Mudd, London Fog,
Mossimo, Ocean Pacific, Danskin, Rocawear, Fieldcrest, Cannon,
Royal Velvet, Charisma and Starter (pending).  The company
reported revenues of US$139 million for the 12 month period
ending Sept. 30, 2007.


INNOVATION LEISURE: Calls In Liquidators from Moore Stephens
------------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of Innovation Leisure Ltd. on
Nov. 23 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         3-5 Rickmansworth Road
         Watford
         Hertfordshire
         WD18 0GX
         England


REMY WORLDWIDE: Emerges from Chapter 11, Completes Sale of Knopf
----------------------------------------------------------------
Remy Worldwide Holdings Inc. has emerged from chapter 11
protection less than 59 days after filing its pre-packaged plan
of reorganization and petitions.

As reported in the Troubled Company Reporter on Nov. 21, 2007,
the pre-packaged plan of reorganization was confirmed by the
U.S. Bankruptcy Court for the District of Delaware on Nov. 20.

In conjunction with its emergence from chapter 11, Remy also
disclosed that effective Dec. 6, the company has access to its
exit financing facility of up to US$330 million, including a
US$120 million revolving credit facility and term loans of
US$210 million.  The company emphasized that this will provide
Remy with the liquidity required to continue to meet its
financial needs and operate its business in the coming years.

In addition, the sale of Remy's M&M Knopf Auto Parts subsidiary
was completed on Dec. 4, 2007.

"[The Chapter 11 emergence] marks the start of a new chapter in
Remy's history," John Weber, President and Chief Executive
Officer of Remy, said.  "In reaching this milestone Remy has
effectively restructured its debt and its commercial
arrangements with General Motors and as a result, strengthened
its competitive position.  We are excited to move forward as a
revitalized and reenergized company."

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.   Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.
(Remy Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REMY WORLDWIDE: Wants Court to Close 27 Bankruptcy Cases
--------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to enter a
final decree closing the Chapter 11 cases of 27 Reorganized
Debtors, pursuant to Section 350(a) of the Bankruptcy Code :

      Entity                                      Case No.
      ------                                      --------
      Ballantrae Corporation                      07-11482
      HSG I, Inc.                                 07-11483
      HSG II, Inc.                                07-11484
      International Fuel Systems, Inc.            07-11485
      iPower Technologies, Inc.                   07-11486
      M. & M. Knopf Auto Parts, L.L.C.            07-11487
      Marine Corporation of America               07-11488
      NABCO, Inc.                                 07-11489
      Power Investments Marine, Inc.              07-11490
      Power Investments, Inc.                     07-11491
      Powrbilt Products, Inc.                     07-11492
      Publitech, Inc.                             07-11493
      Reman Holdings, L.L.C.                      07-11494
      Remy Alternators, Inc.                      07-11495
      Remy India Holdings, Inc.                   07-11496
      Remy International Holdings, Inc.           07-11498
      Remy Korea Holdings, LLC                    07-11499
      Remy Logistics, L.L.C.                      07-11500
      Remy Powertrain, L.P.                       07-11501
      Remy Reman, L.L.C.                          07-11502
      Remy Sales, Inc.                            07-11503
      Remy, Inc.                                  07-11504
      Unit Parts Company                          07-11505
      Western Reman Industrial , Inc.             07-11506
      Western Reman Industrial, LLC               07-11507
      World Wide Automotive, L.L.C.               07-11508
      World Wide Automotive Distributors, Inc.    07-11509

Section 350(a) provides that after an estate is fully
administered and the court has discharged the trustee, a court,
on motion of a party in interest, may grant a final decree
closing a chapter 11 case.

An estate is fully administered when its Chapter 11 plan has
been confirmed and the estate dissolves, Douglas P. Bartner,
Esq., at Shearman & Sterling LLP, in New York, points out.

Mr. Bartner reminds the Court that the Debtors' Joint
Prepackaged Plan of Reorganization was confirmed on Nov. 20,
2007.  All documents and agreements necessary to implement and
complete the Plan have been executed in accordance with the
Plans' and Confirmation Order's terms, he avers.

The Plan became effective Dec. 6, 2007.  The Reorganized Debtors
have substantially consummated the Plan and all of the
distributions, Mr. Bartner continues.  There are no deposit
requirements in the Plan.  The property required to be
transferred under the Plan will have been substantially
transferred in that all anticipated distributions will have been
made and, to the extent required, the Reorganized Debtors will
have assumed the management of the property dealt with by the
Plan.

Finally, the Debtors, other than Remy International, have no
remaining motions, contested matters or adversary proceedings by
or against them pending before the Court, Mr. Bartner relates.

The Debtors also ask the Court to rule that upon entry of a
final decree, the caption of the Debtors' Chapter 11 cases be
modified to reflect the closing of the Chapter 11 case of each
Reorganized Debtor other than Remy International:

The Reorganized Debtors, except Remy International, will file a
final report for their Chapter 11 cases pursuant to Local
Delaware Bankruptcy Rule 5009-1(c) without delay.

The Court will convene a hearing on Dec. 20, 2007, to consider
the Debtors' request.

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.   Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of $919,736,000 and total liabilities of $1,265,648,000.
(Remy Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


REVLON INC: Stockholder to Refinance Unit's US$170 Mln Sub. Loan
----------------------------------------------------------------
MacAndrews & Forbes Holdings Inc., Revlon Inc.'s stockholder,
which is owned by Ronald O. Perelman, has agreed to provide
Revlon Inc.'s operating subsidiary, Revlon Consumer Products
Corporation, with a US$170 million Senior Subordinated Term
Loan.

RCPC will use the proceeds of such term loan to repay in full
the US$167.4 million remaining aggregate principal amount of its
8-5/8% Senior Subordinated Notes, which matures on Feb. 1, 2008,
and to pay fees and expenses incurred in connection with such
transaction.  RCPC expects to close and fund the US$170 million
Senior Subordinated Term Loan on Feb. 1, 2008.

The US$170 million Senior Subordinated Term Loan from MacAndrews
& Forbes will bear interest at the rate of 11% per annum, which
will be payable quarterly in cash, and will be unsecured and
subordinated to RCPC's senior debt, with a final maturity of
Aug. 1, 2009.

MacAndrews & Forbes beneficially owns approximately 57% of the
company's outstanding Class A common stock, 100% of the
company's Class B common stock and 60% of the company's combined
outstanding shares of Class A and Class B common stock, which
together represent approximately 74% of the combined voting
power of such shares.

                        About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE:REV) --
http://www.revlon.com/-- conducts its business through its
direct wholly owned operating subsidiary, Revlon Consumer
Products Corporation and its subsidiaries, which manufactures,
markets and sells an array of cosmetics, skincare, fragrances,
beauty tools, hair color and personal care products.  The
company is a mass-market cosmetics brand.   The company has
international operations in Argentina, Australia, Bermuda,
Brazil, Germany, Spain, the Netherlands and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 8, 2007,
Revlon's Sept. 30, 2007, consolidated balance sheet showed
US$882.4 million in total assets and US$2.03 billion in total
liabilities, resulting in a US$1.15 billion in total
shareholders' deficit.

Net loss in the third quarter of 2007 was US$10.4 million,
compared with a net loss of US$100.5 million in the third
quarter of 2006.


R M PRINT: Duncan R. Beat Leads Liquidation Procedure
-----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of R M
Print Ltd. on Nov. 30 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


RAIN HARVESTING: Claims Filing Period Ends January 5, 2008
----------------------------------------------------------
Creditors of Rain Harvesting Ltd. have until Jan. 5, 2008 to
send in their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any), to:

         Nigel Ian Fox
         Joint Liquidator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England

Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of the company on
Nov. 27 by resolutions of members and creditors.


RANK GROUP: Genting Subsidiary Acquires 9.38% Stake
---------------------------------------------------
Palomino Limited, a wholly owned subsidiary of Genting
International plc, has acquired 9.38% of the total issued and
paid-up share capital of Rank Group plc on Nov. 29, 2007.

Genting International is a subsidiary of Genting Berhad.

Genting Berhad had a notifiable interest in the voting rights
attached to 36,636,915 ordinary 13 8/9p shares representing
9.38% of the total voting rights in Rank.

                        Share Acquisition

The share acquisition is financed from internally generated
funds as well as S$71.2 million from the net proceeds of the
rights issue which was completed on Sept. 18, 2007 following the
listing and quotation of the rights shares on the official list
of the Singapore Exchange Securities Trading Limited.

The share acquisition is not expected to have any material
impact on the consolidated net tangible assets and earnings per
share of Genting International for the financial year ending
Dec. 31, 2007.

None of the directors or substantial shareholders of Genting
International has any interest, direct or indirect in the share
acquisition.

                        Takeover Battle

According to the Daily Telegraph, Genting's move could spark a
takeover battle for Rank, which earlier turned down an approach
from Harrah's Entertainment.

Harrah's private equity backers are expected to make another
bid.  Other potential bidders for the group, include Ladbrokes,
William Hill, Aspers and BIL, the Daily Telegraph relates.

The paper says potential suitors are keeping an eye on the U.K.
government's tax regime for bingo, which could relax.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

As reported in the TCR-Europe on Nov. 14, 2007, Standard &
Poor's Ratings Services lowered its long-term corporate credit
rating on U.K. gaming group The Rank Group PLC to 'B+' from 'BB-
'.  The outlook is negative.

At the same time, the debt ratings on Rank's three public bond
issues were lowered to 'B' from 'BB-', one notch lower than the
corporate credit rating to reflect structural subordination, and
the 'B' short-term corporate credit rating was withdrawn at the
company's request.

In October 2007, Moody's Investors Service downgraded to B1
(from Ba3) the corporate family rating of Rank Group Plc.

Moody's concurrently downgraded ratings of the US$100 million
guaranteed notes due 2008 and US$14.3 million guaranteed notes
due 2018 at Rank Group Finance Plc to B3/LGD5/85% from
B2/LGD5/84%.  Ratings have been placed on review for possible
further downgrade.

In April 2007, Standard & Poor's Ratings Services revised its
outlook on the company The Rank Group PLC to negative from
stable.  At the same time, the 'BB-' long-term and 'B' short-
term corporate credit ratings were affirmed.


SCO GROUP: U.S. Bankr. Court Approves Tanner LLC as Accountant
--------------------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc.,
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Tanner LC as their accountants.

As reported in the Troubled Company Reporter on Nov. 8, 2007,
Tanner LC is expected to perform an audit of the Debtors'
consolidated financial statements for the year ending Oct. 31,
2007, and to assist the Debtors in reviewing their financial
statements and other documents necessary for the Securities and
Exchange Commission submissions.

Kent M. Bowman, an auditor at Tanner LC, told the Court the
Debtors agreed to pay an estimated amount of approximately
US$196,000.  The firm's reviews of the 10-Q's will bill a fixed
fee of US$22,500 per 10-Q report.  For all other services in
connection with the services rendered, the firm will bill at the
normal customary rate.

To the best of the Debtors' knowledge, the firm is
"disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent.  The U.S. Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Court Permits CFO Solutions to Provide Company w/ CFO
----------------------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc.,
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware, to employ CFO Solutions LC to provide
their company with a chief financial officer.

As reported in the Troubled Company Reporter on Nov 8, 2007,
CFO Solutions provides consulting services and temporary
employees to staff CFO and other key financial positions in
companies.

CFO Solutions proposed the appointment of Ken Nielsen as the
Debtors' chief financial officer.

Mr. Nielsen is expected to assist the Debtors in financial and
general management matters, including, evaluating and
implementing strategic and tactical options through the
restructuring process.

Specifically, Mr. Nielsen will:

    a) develop and implement cash management strategies
       and reporting protocols;

    b) develop and evaluate various restructuring
       alternatives and negotiate with key creditors and
       other stakeholders;

    c) assist in day-to-day oversight and management of
       the Debtors' operations; and

    d) counsel and assist the Debtors through the marketing
       and sale process, or other reorganization strategies,
       including the identification of the highest and best
       transaction, and to assist with such other matters as
       may be requested that fall within the firm's expertise
       and mutually agreeable.

The Debtors told the Court that the firm will charge US$150 per
hour.  Of the total amount, Mr. Nielsen will receive US$105
through the Debtors' payroll and US$45 will be paid to the firm.

The Debtors also related that they agreed to pay the firm an
amount not to exceed 30% of Mr. Nilesen's annual salary, minus
all amounts paid to the firm, as of the date of termination as a
placement fee, if Mr. Nielsen will be terminated prior to the
expiration of the six month term.

Furthermore, the Debtors agreed to pay the firm US$40,000 minus
70% of any severance amounts paid to Mr. Nielsen, if the Debtors
terminate Mr. Nielsen, without cause, or if Mr. Nielsen is
unable to perform the services.

If the Court does not approve the hourly payments to the firm
under the agreement, the Debtors have agreed to compensate the
firm 30% of Mr. Nielsen's annual base salary, as a placement fee
for a chief operating officer.

To the best of the Debtors' knowledge, the Mr. Nielsen holds
no interest adverse to the Debtors' and their estates and is
"disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent.  The U.S. Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


TRACKWORTH LTD: Taps Liquidators from DTE Leonard Curtis
--------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
joint liquidators of Trackworth Ltd. on Nov. 28 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


* BOND PRICING: For the Week Dec. 3 to Dec. 7, 2007
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      62.77
                          0.250    10/14/26     CDN      39.02
Republic of Austria       4.000    06/22/22     EUR      72.26
                          0.396    08/04/25     EUR      62.99
                          5.243    10/10/25     EUR      62.00

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      72.58
                          0.500    04/26/13     AUD      69.96
                          1.000    11/21/16     NZD      57.30
                          1.000    10/30/17     AUD      56.19
                          0.500    09/24/20     CDN      58.10
                          0.250    06/28/40     CDN      20.21

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      58.36
Alcatel S.A.              4.750    01/01/11     EUR      15.74
Altran Technologies S.A.  3.750    01/01/09     EUR      12.60
BNP Paribas               0.250    12/20/14     US$      71.75
Calyon                    6.000    06/18/47     EUR      48.97
CAP Gemini S.A.           2.500    01/01/10     EUR      54.28
                          1.000    01/01/12     EUR      47.90
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.35
                          4.375    11/01/10     EUR      51.34
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      73.51
Groupe Vial S.A.          2.500    01/01/14     EUR      43.64
Havas S.A.                4.000    01/01/09     EUR      10.88
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      21.84
Maurel & Prom             3.500    01/01/10     EUR      21.78
Publicis Group            0.750    07/17/08     EUR      29.30
                          1.000    01/18/18     EUR      42.37
Rallye                    3.750    01/01/08     EUR      50.69
Rhodia S.A.               0.500    01/01/14     EUR      43.88
Scor S.A.                 4.125    01/01/10     EUR       2.29
Soc Air France            2.750    04/01/20     EUR      28.85
Soitec                    4.625    12/20/09     EUR       8.42
Theolia S.A.              2.000    01/01/14     EUR      24.62
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.91
Valeo                     2.375    01/01/11     EUR      47.68
Vivendi Universal S.A.    1.750    10/30/08     EUR      29.68
Wavecom S.A.              1.750    01/01/14     EUR      24.10
Wendel Invest S.A.        2.000    06/19/09     EUR      46.47

GERMANY
-------
Callahan NRH             14.000    07/15/10     US$       0.27
Deutche Bank AG London    5.030    11/15/20     EUR      68.80
KfW Bankengruppe          0.500    10/30/13     AUD      67.53
                          0.500    12/19/17     EUR      66.34
                          5.000    05/23/20     EUR      75.04
                          1.250    07/07/20     EUR      73.43
                          1.250    07/29/20     EUR      73.99
                          6.000    07/21/25     EUR      68.80
                          5.000    09/01/25     EUR      70.28
                          8.000    08/10/30     EUR      65.03
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.30
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.39

GREECE
------
Hellenic Republic         6.000    07/13/20     EUR      65.70
                          6.000    07/07/24     EUR      66.42
                          6.000    07/06/25     EUR      72.07

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

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      47.20
                          0.250    07/08/33     CDN      27.53
Magnolia Finance IV Plc   1.050    12/20/45     US$      28.35


NETHERLANDS
-----------
ALB Finance B.V.          7.880    02/01/12     EUR      71.89
                          9.250    09/25/13     EUR      73.56
BK Ned Gemeenten          0.500    06/27/18     CDN      63.58
                          0.500    02/24/25     CDN      47.24
EM.TV Finance B.V.        5.250    05/08/13     EUR       5.14
Energy Group O/S          7.425    10/15/17     US$      32.50
Gerling Global            6.630    08/16/21     EUR      64.16
Hypo Real ES Finance      5.500    08/20/08     EUR      74.78
Kazkommerts Int'l B.V.    6.880    02/13/17     EUR      76.40
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      65.61
                          7.000    05/17/35     EUR      58.38
                          7.250    10/05/35     EUR      57.13
                          6.000    11/02/35     EUR      56.84
Ned Waterschapbk          6.000    06/01/35     EUR      70.73
                          6.500    08/15/35     EUR      62.99
                          6.000    06/30/45     EUR      68.60
Rabobank Groep N.V.       6.000    04/08/20     EUR      73.29
                          6.000    02/22/35     EUR      66.49
                          7.000    03/23/35     EUR      64.12
                          6.000    05/09/35     EUR      70.24

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

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.33

SWITZERLAND
-----------
UBS AG                    1.000     02/27/12    NZD      74.61
                          1.000     03/28/12    NZD      73.58
                          1.000     06/28/12    NZD      72.51
                          1.000     07/30/12    NZD      72.73

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      53.73
Bank of Scotland          6.000     02/07/35    EUR      68.31
National Grid Gas Plc     1.754     10/17/36    GBP      43.84
                          1.771     03/30/37    GBP      43.76
Northern Rock Plc         5.630     01/13/15    GBP      72.35
Scottish Power Plc        5.810     03/15/25    US$      70.00
TXU Eastern Funding Plc   6.750     05/15/09    US$       3.25
Wessex Water Finance Plc  1.369     07/31/57    GBP      28.68


                            *********

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
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solvency test.

A list of Meetings, Conferences and Seminars appears in each
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Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
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                            *********


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

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

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

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