TCREUR_Public/071211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 11, 2007, Vol. 8, No. 245

                            Headlines




A U S T R I A

BEVENT GASTRONOMIE: Claims Registration Period Ends Dec. 21
BM BAUMANAGEMENT: Claims Registration Period Ends Dec. 21
GEA NOVA: Linz Court Orders Business Shutdown
KTW SOFTWARE: Creditors' Meeting Slated for Dec. 21
LIDIJA VASIC: Claims Registration Period Ends Dec. 27

LOFTWERKSTATT BAUPROJEKTMANAGEMENT: Claims Filing Ends Dec. 23
OTHIL IMMOBILIEN: Claims Registration Period Ends Dec. 25
RAMANCU LLC: Claims Registration Period Ends Dec. 25
SCALET BAU: Feldkirch Court Orders Business Shutdown
XACTDATA SOFTWARE: Feldkirch Court Orders Business Shutdown


B E L G I U M

POPE & TALBOT: Court Approves Stalking Horse Purchase Agreement
POPE & TALBOT: Panel Asks Court to Deny Proposed DIP Financing
POPE & TALBOT: U.S. Trustee Objects to Pulp Business Sale
SOLUTIA INC: S&P Rates Proposed US$1.2 Bln Sr. Sec. Loan at B+


F R A N C E

CHRYSLER LLC: S&P Keeps B Rating on US$2 Billion Term Loan
HEXCEL CORP: Expects Double Digit Sales Growth in 2008


G E R M A N Y

CORATEC GMBH: Claims Registration Period Ends Jan. 10, 2008
METALLBAU TUSSING: Claims Registration Period Ends Jan. 18, 2008
NORBERT E. JOECKEL: Claims Registration Ends Jan. 11, 2008
ORIENT TASTAN: Claims Registration Period Ends Jan. 18, 2008
TREOFAN GERMANY: Weak Liquidity Prompts S&P's Junks Ratings

WINTERHOLER GMBH: Claims Registration Period Ends Jan. 11, 2008


I R E L A N D

GAP INC: November 2007 Net Sales Up 11 Percent at US$1.54 Bln


I T A L Y

DANA CORP: Urges Bankruptcy Court to Disallow 1,064 Claims


K Y R G Y Z S T A N

LION-UG LLC: Creditors Must File Claims by January 16, 2007


P O L A N D

ELEKTRIM SA: Creditors File PLN10.4 Million in Claims
NETIA SA: Buys Stake in Systemy Informatyczne for PLN4 Million
ZLOMREX INTERNATIONAL: Moody's Cuts Sr. Secured Rating to Caa2
ZLOMREX SA: Earns PLN79.52 Million for Third Quarter 2007
ZLOMREX SA: Moody's Cuts Corporate Family Rating to B3


P O R T U G A L

BEARINGPOINT INC: Sept. 30 Bal. Sheet Upside-Down by US$362 Mln
INTERTAPE POLYMER: Moody's Lifts Long-Term Debt Rating to B2


R U S S I A

ADYGEISKIJ OJSC: Court Starts Bankruptcy Supervision Procedure
BIJSKIJ SUGAR: Creditors Must File Claims by Jan. 1, 2008
COMSTAR-UNITED: Acquires 87.5% of RTC for US$21 Million
FORD MOTOR: To Meet Striking Workers Today Over Wage Issue
HAMKORBANK: Fitch Assigns B- Long-term Issuer Default Rating

KIROV KOLKHOZ: Creditors Must File Claims by Feb. 1, 2008
KRASNOURAL'SKMEZHRAIGAS: Claims Filing Period Ends Jan. 1, 2008
LUCH OJSC: Creditors Must File Claims by Feb. 1, 2008
NATIONAL FACTORING: Moody's Places B2/NP/E+ Global Scale Ratings
SEVERSTAL OAO: Earns US$1.33 Billion for First Nine Months 2007

SEVERSTAL OAO: To Consolidate Stake in SeverCorr
SHUMIHINSKIJ ELEVATOR: Court Names V. A. Suvorova as Liquidator
SVERDLOVSK OBLAST: S&P Affirms Long-Term Rating at 'BB'
TUKZ LLC: Creditors Must File Claims by Jan. 1, 2008
VERKH-URYUMSKOYE: Creditors Must File Claims by Jan. 1, 2008

VKM LEASING: Fitch Lowers Long-term Issuer Default Rating to CC


S L O V A K   R E P U B L I C

US STEEL: S&P Rates US$400 Million Senior Unsecured Notes at BB+


S P A I N

IM CAJAMAR 5: Fitch Junks EUR15 Million Class E Notes


S W I T Z E R L A N D

APS DELTA: Creditors' Liquidation Claims Due by January 10, 2008
ASEFIN JSC: Basel-Stadt Court Closes Bankruptcy Proceedings
BRANDER: Creditors' Liquidation Claims Due by January 28, 2008
BOUTIQUE MINOU: Creditors Must File Claims by January 31, 2008
BUCHER-KUCHEN JSC: Creditors Must File Claims Due by December 31

COMMEDIT LLC: Bern Court Starts Bankruptcy Proceedings
INFINITESPEED JSC: Creditors Must File Claims by January 7, 2008
LA MERVEILLE: Basel-Country Court Closes Bankruptcy Proceedings
LEXARE LLC: Creditors' Liquidations Claims Due by Jan. 3, 2008
SEDUZIONE BETRIEB: Aargau Court Starts Bankruptcy Proceedings


T U R K E Y

CALIK HOLDING: Fitch Puts LT Foreign & Local Currency IDRs at B+
PROFILO TELRA: Fitch Puts Junk Ratings on Non-Payment of Bonds


U K R A I N E

BONUS CJSC: Creditors Must File Claims by December 15
GARNISHOVKA LLC: Proofs of Claim Filing Deadline Set December 15
IMPEX TRADE: Creditors Must File Claims by December 15
MANUL LLC: Creditors Must File Claims by December 15
NADIYA LLC: Creditors Must File Claims by December 15

NRB UKRAINE: Moody's Lifts Deposit & Senior Debt Ratings to Ba2
RUDKA LLC: Creditors Must File Claims by December 15
TECHNOCOM-97 LLC: Creditors Must File Claims by December 15
VICTORIYA LLC: Creditors Must File Claims by December 15


U N I T E D   K I N G D O M

ACTIVATED PROMOTIONS: High Court Orders Wind-Up Process
AUBERGINE ROOM: Calls In Liquidators from Wilkins Kennedy
BBT LTD: Brings In Liquidators from Tenon Recovery
BI-RIGHT LTD: Joint Liquidators Take Over Operations
CONSTELLATION BRANDS: Commences Exchange Offer for US$700M Notes

COUNTRYWIDE SECURITY: Taps Liquidators from Tenon Recovery
COVENTRY CITY: Nears Takeover Deal With Alki David
KEY EDGE: High Court Orders Wind Up Proceedings
SEA CONTAINERS: Wins Arbitration Case Against GE Capital
SHAW GROUP: Earns US$645,000 in 2007 Fourth Qtr. Ended Aug. 31

                            *********

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


BEVENT GASTRONOMIE: Claims Registration Period Ends Dec. 21
-----------------------------------------------------------
Creditors owed money by LLC Bevent Gastronomie (FN 276132b) have
until Dec. 21 to file written proofs of claim to court-appointed
estate administrator Mario Kapp at:

         Mag. Mario Kapp
         Karntnerstr. 525-527
         8054 Graz - Strassgang
         Austria
         Tel: 0316/225955
         Fax: 0316/282013
         E-mail: kapp@kapp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall K
         Room 205
         Second Floor
         Graz
         Austria

Headquartered in Vasoldsberg, Austria, the Debtor declared
bankruptcy on Oct. 25 (Bankr. Case No. 40 S 24/07p).


BM BAUMANAGEMENT: Claims Registration Period Ends Dec. 21
---------------------------------------------------------
Creditors owed money by LLC BM Baumanagement (FN 234789d) have
until Dec. 21 to file written proofs of claim to court-appointed
estate administrator Clemens Jaufer at:

         Dr. Clemens Jaufer
         LLC Scherbaum/Seebacher Rechtsanwalte
         Einspinnerg. 3/II
         8010 Graz
         Austria
         Tel: 0316/83 24 60-0
         Fax: 0316/832460-20
         E-mail: office@scherbaum-seebacher.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         Second Floor
         Graz
         Austria

Headquartered in Gratkorn, Austria, the Debtor declared
bankruptcy on Oct. 24 (Bankr. Case No. 40 S 28/07a).


GEA NOVA: Linz Court Orders Business Shutdown
---------------------------------------------
The Land Court of Linz entered Oct. 31 an order shutting down
the business of LLC Gea Nova Handel (FN 251412z).

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

The estate administrator can be reached at:

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

Headquartered in Hoersching, Austria, the Debtor declared
bankruptcy on Oct. 30 (Bankr. Case No 38 S 57/07x).


KTW SOFTWARE: Creditors' Meeting Slated for Dec. 21
---------------------------------------------------
Creditors owed money by LLC KTW Software & Consulting (FN
49239k) are encouraged to attend the creditors' meeting at 10:00
a.m. on Dec. 21.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Conference hall 214
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Kirchbich, Austria, the Debtor declared
bankruptcy on Oct. 31 (9 S 21/07y).  Walter Waizer serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Walter Waizer
         Schmerlingstrasse 4
         6020 Innsbruck
         Austria
         Tel: 0512/588800
         Fax: 0512/580989
         E-mail: raewaizer@aon.at


LIDIJA VASIC: Claims Registration Period Ends Dec. 27
-----------------------------------------------------
Creditors owed money by KEG Lidija VASIC Gebaudereinigung (FN
279511x) have until Dec. 27 to file written proofs of claim to
court-appointed estate administrator Susanne Poeltenstein-
Roseneggerat:

         Mag. Susanne Poeltenstein-Rosenegger
         Schulerstrasse 18
         1010 Vienna
         Tel: 512 40 13
         Fax: 512 40 13 22
         E-mail: poeltenstein@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 30 (Bankr. Case No. 28 S 124/07z).


LOFTWERKSTATT BAUPROJEKTMANAGEMENT: Claims Filing Ends Dec. 23
--------------------------------------------------------------
Creditors owed money by LLC Loftwerkstatt Bauprojektmanagement
(FN 222227f) have until Dec. 23 to file written proofs of claim
to court-appointed estate administrator Wilhelm Hausler at:

         Dr. Wilhelm Hausler
         Neunkirchner Strasse 17
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23221, 237 96-0
         Fax: 02622/23221-22
         E-mail: wilhelm.haeusler@rechtsexperte.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Welt, Austria, the Debtor declared bankruptcy
on Oct. 25 (Bankr. Case No. 11 S 111/07w).


OTHIL IMMOBILIEN: Claims Registration Period Ends Dec. 25
---------------------------------------------------------
Creditors owed money by LLC Othil Immobilien Verwertung (FN
129267z) have until Dec. 25 to file written proofs of claim to
court-appointed estate administrator Johannes Jaksch at:

         Dr. Johannes Jaksch
         c/o Dr. Alexander Schoeller
         Landstrasser Hauptstrasse «
         1030 Vienna
         Austria
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 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. 24  (Bankr. Case No. 6 S 135/07f).  Alexander Schoeller
represents Dr. Jaksch in the bankruptcy proceedings.


RAMANCU LLC: Claims Registration Period Ends Dec. 25
----------------------------------------------------
Creditors owed money by LLC Ramancu (FN 170101z) have until
Dec. 25 to file written proofs of claim to court-appointed
estate administrator Peter Zens at:

         Dr. Peter Zens
         c/o Dr. Norbert Schopf
         Esteplatz 5/5
         1030 Vienna
         Austria
         Tel: 534 90- 0
         Fax: 534 90 50
         E-mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:45 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. 25 (Bankr. Case No. 6 S 137/07z).  Norbert Schopf
represents Dr. Zens in the bankruptcy proceedings.


SCALET BAU: Feldkirch Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Feldkirch entered Oct. 31 an order shutting
down the business of LLC Scalet Bau (FN 70217k).

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

The estate administrator can be reached at:

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

Headquartered in Feldkirch-Gisingen, Austria, the Debtor
declared bankruptcy on Oct. 30 (Bankr. Case No. 14 S 43/07x).


XACTDATA SOFTWARE: Feldkirch Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of Feldkirch entered Oct. 31 an order shutting
down the business of LLC Xactdata Software (FN 205437p).

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

The estate administrator can be reached at:

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

Headquartered in Feldkirch, Austria, the Debtor declared
bankruptcy on Oct. 24 (Bankr. Case No 14 S 41/07b).  Daniela
Weiss represents Dr. Ess in the bankruptcy proceedings.



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B E L G I U M
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POPE & TALBOT: Court Approves Stalking Horse Purchase Agreement
---------------------------------------------------------------
The Hon. Christoher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware approved in all respects the
stalking horse purchase agreement Pope & Talbot Inc. and its
debtor-affiliates entered into with International Forest
Products Limited, for the sale of certain of their Wood Products
Business Assets and the assumption of certain related
liabilities.

As reported in the Troubled Company Reporter on Nov. 30, 2007,
Pope & Talbot Inc. and its debtor-affiliates conducted an
extensive search for a qualified buyer of their assets, and
determined that the binding proposal submitted by Interfor was
the highest and best offer received for their assets employed in
the Wood Products Business.

In the event the U.S. Bankruptcy Court and the British Columbia
Supreme Court overseeing the Debtors' CCAA proceedings approve a
bid other than that of Interfor or the Debtors withdraw the Sale
Procedures Motion and subsequently liquidate or dispose of their
Wood Products Business Assets, Judge Sontchi authorizes the
Debtors to pay Interfor:

   * a US$3,000,000 break-up fee, if the Purchaser is not in
     material breach of the Stalking Horse APA; and

   * its reasonable out-of-pocket expenses, in an amount not to
     exceed US$700,000, incurred in connection with the
     contemplated transactions under the Stalking Horse APA,
     provided that certain creditor representatives will have
     the opportunity to review and dispute the reasonableness of
     the expense.

The U.S. Bankruptcy Court also approved in its entirety the
Debtors' proposed bidding procedures for the sale of its Wood
Products Business Assets, including:

   (1) the submission, consideration, qualification and
       acceptance of Qualified Overbids submitted to the
       Debtors;

   (2) the Auction; and

   (3) the identification and determination of the Successful
       Bid  and the Back-Up Bid.

The Auction will be held on Dec. 19, 2007, at 10:00 a.m.
New York time, at the Lexington Avenue, New York office of the
Debtors' counsel.

The U.S. Bankruptcy Court will convene a hearing to approve the
proposed Sale of the Debtors' Wood Products Business Assets on
Jan. 7, 2008, at 2:00 p.m. prevailing Eastern time.

Any objections to the Proposed Approval Order must be filed on
or before Dec. 28, 2007, at 4:00 p.m. prevailing Eastern time.

Judge Sontchi directs the Debtors to serve the Cure Cost Notice
in connection with the assumption and assignment of certain
contracts.  Objections to the Cure Cost Notice must be filed on
or before Dec. 18, 2007, at 4:00 p.m. prevailing Eastern
time.

No provision in the Bidding Procedures Order, Judge Sontchi
held, will be deemed to constitute the consent of the Secured
Lenders or the Official Committee of Unsecured Creditors to any
bid and will not impair the ability of the Secured Lenders to
act as Qualifying Bidders.

The Debtors are not subject to any stay in the implementation,
enforcement or realization of the Bidding Procedures Order, the
U.S. Bankruptcy Court clarified.

               Monitor's Comments on Business Sale

In its third report to the British Columbia Supreme Court,
PricewaterhouseCoopers Inc., as monitor of the proceedings
commenced by Pope & Talbot Ltd. and its subsidiaries under the
Companies' Creditors Arrangement Act, believes that the Debtors'
proposed bidding procedures support a sales process that should
maximize realizations.

The Monitor considers the restricted bidding timeline
acceptable.  The Monitor believes that the market in both Canada
and the U.S. for the Wood Products Business has been adequately
canvassed, with any interested parties having had sufficient
opportunity to participate and to conduct due diligence, in a
way that it can reasonably be expected to comply with the
timeframes established by the Debtors.

The Monitor is satisfied that, on balance and under the present
circumstances, the Interfor APA was the best offer available to
the Debtors and is appropriate as a stalking horse bid.

                      About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on
Nov. 21, 2007, filed an application for relief under Belgian
bankruptcy laws in the commercial court in Brussels.  If the
Belgian court grants Pope & Talbot Europe's application, it is
expected it will be liquidated through the bankruptcy
proceeding.  (Pope & Talbot Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Panel Asks Court to Deny Proposed DIP Financing
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Pope & Talbot
Inc. and its debtor-affiliates bankruptcy cases asks the United
States Bankruptcy Court for the District of Delaware to deny
the Debtors' proposed DIP Financing, or in the alternative, to
make modifications to accommodate its objections.

The Creditors Committee is concerned that the Debtors' proposed
DIP financing prejudices the rights and interests of unsecured
creditors.

Both prior to and since the commencement of the Debtors' Chapter
11 cases, the actions of the Debtors' secured lenders have been
motivated by one central, unwavering and inappropriate goal of
forcing a liquidation of the Debtors' assets at the expense of
the Debtors' other creditor constituents, Jason W. Staib, Esq.,
at Blank Rome LLP, in Wilmington, Delaware, the Creditors
Committee's proposed counsel, contends.

The Lenders, Mr. Staib argues, used the breach of a financial
covenant under a certain prepetition credit agreement "to
attempt to force a fire sale process" for the Debtors'
businesses and to obtain more than US$3,300,000 in fees through
a series of short
term forbearance agreements.

"The Debtors' DIP Financing Motion seek to effectuate a sale
process that will provide unsecured creditors with less than two
months to formulate and finalize a viable restructuring plan,
and this limited time will effectively foreclose certain
restructuring alternatives and may dictate the terms of a plan
of reorganization," Mr. Staib says.

It is likely that a reorganization of the Debtors' pulp business
will yield significantly more value to unsecured creditors than
will "an immediate forced liquidation, according to Mr. Staib.
Thus, he avers, there is no justification for the Lenders'
attempt to co-opt the process and conduct a "fire sale" of the
Debtors' assets on an unreasonable timetable.

Moreover, he adds, the Lender's "offensive" efforts in limiting
the Creditors' Committee's ability to fulfill its fiduciary
duties is evidenced by these provisions in the DIP Agreement:

   (i) It will be an event of default if the Creditors
       Committee's professionals, in conjunction with the
       Debtors' professionals, expend more than a projected
       amount set forth in the DIP budget; and

  (ii) Expenses incurred by the Creditors Committee in excess of
       the projected amount may not get paid.

In light of those provisions, the Creditors Committee will be
forced to decide between either (x) protecting the interests of
unsecured creditors, or (y) creating an event of default, which
would allow the DIP Lenders to foreclose on the Debtors' assets,
Mr. Staib tells the Court.

Given the Debtors' demonstrated inability to push back on the
Lenders, the parties-in-interest look to the Court to help
ensure that the Lenders are not permitted to trample the rights
and interests of unsecured creditors and other constituencies in
the Debtors' cases, Mr. Staib tells the Hon. Christopher S.
Sontchi.

The Creditors Committee maintains that the apparent lack of a
financing alternative does not entitle a secured lender to
obtain provisions in a DIP agreement that severely prejudices
the rights and interests of unsecured creditors.

As reported in the Troubled Company Reporter on Nov. 27, 2007,
the Debtors entered into a DIP Loan Agreement dated Nov. 19,
2007, with Wells Fargo Financial Corporation Canada, as
administrative agent, Ableco Finance LLC, as collateral agent;
and certain other lenders, for a DIP facility aggregating
US$89,062,301.  The Court granted Debtors, on an interim basis,
to borrow up to US$68,000,000.

                      About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on
Nov. 21, 2007, filed an application for relief under Belgian
bankruptcy laws in the commercial court in Brussels.  If the
Belgian court grants Pope & Talbot Europe's application, it is
expected it will be liquidated through the bankruptcy
proceeding.  (Pope & Talbot Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: U.S. Trustee Objects to Pulp Business Sale
---------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
asks the United States Bankrupty Court to deny Pope & Talbot
Inc. and its debtor-affiliates' proposed sale procedures for the
sale of their pulp business assets to the extent that they seek
conditional approval of the proposed bid protections for a
subsequently-selected stalking horse bidder.

Two of the Debtors' pulp business assets are in British Columbia
and one is in Oregon.  The Debtors received four or five binding
proposals, during the week of Oct. 8, 2007, for the sale of
substantially all of their assets including the Pulp Business
Assets, and they have determined that a sale through their
proposed bidding procedures will enable them to obtain the
highest or best offer for the Pulp Business Assets.

Having the proposed bid protections outlined in the Pulp
Business Bidding Procedures is inappropriate and misleads
prospective stalking horse bidders into believing that the
amounts have been pre-approved by the Court, William K.
Harrington, Esq., trial attorney for the U.S. Trustee, contends.

Moreover, Mr. Harrington elaborates, the expedited time periods
proposed by the Debtors for approval of the Pulp Business
Bidding Procedures and Sale do not provide creditors with
sufficient time:

   * to evaluate the proposed Sale, or the propriety of
     liquidating the assets at this juncture; or

   * for potential purchasers to perform due diligence with
     respect to the Sale.

The U.S. Trustee asks the Debtors to confirm that it is their
burden to address any and all issues related to consumer privacy
under Section 363(b)(1) of the Bankruptcy Code, and consumer
fraud under Section 363(o) of the Bankruptcy Code, through any
order seeking approval of a Sale.

                       Creditors Committee

Similar to the U.S. Trustee's Objection, Jason W. Staib, Esq.,
at Blank Rome LLP, in Wilmington, Delaware, the Official
Committee of Unsecured Creditors' proposed counsel, asserts that
the proposed Pulp Business Bidding Procedures "unnecessarily
invite excessive" stalking horse protections, as they suggest
that the bidders "will be entitled to a break-up fee of up to
3.5% and reimbursement of out-of-pocket expenses up to
US$700,000."

Against this backdrop, the Creditors Committee asks the Court to
revise the Pulp Business Bidding Procedures by:

   * extending the dates and deadlines in the Bidding Procedures
     by 60 days;

   * deleting any reference to the amounts and types of stalking
     horse protections the Debtors are willing to grant; and

   * allow its participation in any sale process.

The Official Committee of Unsecured Creditors believes that in
contrast to the Debtors' wood products business, the Debtors'
pulp business has positive EBITDA, Mr. Staib tells the Hon.
Christopher S. Sontchi.

Moreover, the pulp market has shown steady improvements due to
the closure of several Canadian and U.S. pulp mills and solid
pulp demand, including an emerging demand for pulp in Asia, Mr.
Staib notes.

"Based on long-term supply and demand trends, the Debtors
estimate that the price for pulp will continue to be strong,"
Mr. Staib points out.  They, however, have been unable to find a
stalking horse bidder for the pulp business, he notes.

The proposed sale process for the Debtors' Pulp Business, Mr.
Staib contends, is intended solely to allow their secured
lenders to either (i) obtain immediate and enhanced recoveries;
or (ii) grab the Debtors' assets "on the cheap".

According to Mr. Staib, based on preliminary information the
Creditors Committee have received to date, it is likely that:

   (a) a reorganization of the Debtors' pulp business will yield
       significantly more value to unsecured creditors than will
       "an immediate forced liquidation"; and

   (b) the Debtors' Pulp Business is able to sustain its
       operations with minimal financing needs.

"The already inappropriate milestone requirements" set forth in
the Debtors' proposed Pulp Business Bidding Procedures are "even
more egregious" when considered in light of the Debtors'
acknowledgment that they remain weeks away from completing a
preliminary business plan for a stand-alone pulp business, Mr.
Staib tells the Court.

The Debtors and Lenders, Mr. Staib states, seek to effectuate a
process that will provide unsecured creditors with less than two
months to formulate and finalize a viable restructuring plan.
"This limited time will effectively foreclose certain
restructuring alternatives and may dictate the terms of a plan
of reorganization," he says.

                   Canadian Debtors' Proposed
             Bidding Procedures For Pulp Business

The Canadian Debtors filed with the British Columbia Supreme
Court on December 4, 2007, a set of proposed bidding procedures
for the sale of their Pulp Business, identical in form and
content as the Chapter 11-proposed Pulp Business Bidding
Procedures.

Attached to the Bidding Procedures filed with the British
Columbia Supreme Court was an affidavit by Harold N. Stanton,
president and chief executive officer of Pope & Talbot Inc.

According to Mr. Stanton, the Canadian Debtors, through their
financial advisor and investment banker, Rothschild Inc.,
received a binding proposal for the sale of their assets,
including the Pulp Business, in October 2007.  The Canadian
Debtors, however, decided not to enter into an asset purchase
agreement contemplated by the Binding Proposal, because they
have determined that only their Bidding Procedures will enable
them to obtain the highest or best offer for the Pulp Business
Assets.

                      About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on
Nov. 21, 2007, filed an application for relief under Belgian
bankruptcy laws in the commercial court in Brussels.  If the
Belgian court grants Pope & Talbot Europe's application, it is
expected it will be liquidated through the bankruptcy
proceeding.  (Pope & Talbot Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: S&P Rates Proposed US$1.2 Bln Sr. Sec. Loan at B+
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.

S&P also assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.

Solutia will use proceeds from the proposed term loan, unsecured
notes, an unrated US$400 million asset-backed revolving credit
facility, and a US$250 million rights equity issue to pay
certain creditors upon emergence from bankruptcy, including
creditors at a Belgium-based subsidiary, Solutia Europe
S.A./N.V. (B/Developing/B).  S&P expect to withdraw its ratings
on Solutia Europe when creditors of that company are paid down
as planned.  Proceeds will also be used to meet funding
shortfalls in employee benefit liabilities.

Total adjusted debt, pro forma for the transaction, including
the present value of capitalized operating leases, tax-adjusted
unfunded employee benefits, and tax-adjusted environmental
reserves, is estimated at US$2.1 billion for the fiscal year
ended Dec. 31, 2007.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.

"The ratings reflect Solutia's highly leveraged financial
profile and its low margins," said Standard & Poor's credit
analyst Paul Kurias.  Solutia's business mix includes a large
commodity-oriented nylon segment that is somewhat vulnerable to
economic and cyclical downturns and volatility in raw material,
transportation, and energy costs.  These risks are tempered by
meaningful contributions of relatively stable specialty
businesses in the company's portfolio, good market shares in
most businesses, geographic diversity, and an ongoing portfolio
restructuring effort aimed at improving the company's cost
competitiveness and profitability.


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


CHRYSLER LLC: S&P Keeps B Rating on US$2 Billion Term Loan
----------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on Chrysler's US$2 billion senior secured second-lien term loan
due 2014.  The issue-level rating on this debt remains unchanged
at 'B', and the recovery rating was revised to '3', indicating
an expectation for meaningful (50% to 70%) recovery in the event
of a payment default, from '4'.

Both the issue-level and recovery ratings on Chrysler's US$7
billion first-lien term loan due 2013 remain unchanged.  The
issue-level rating on this debt is 'BB-' with a recovery rating
of '1', indicating an expectation for very high (90% to 100%)
recovery in the event of a payment default.

"The revised recovery rating on the second-lien debt reflects
Chrysler's reduction of outstanding borrowings under the first-
lien term loan to US$7.0 billion from US$7.5 billion, using
US$500 million of cash that was previously restricted at
DaimlerChrysler Financial Services Americas LLC," said Standard
& Poor's recovery analyst Olen Honeyman.

The 'B' corporate credit rating on Chrysler reflects the wide-
ranging challenges the company faces in North America, where the
vast majority of its automotive operations are located.

                             Ratings List

Ratings Affirmed

Chrysler LLC
Corporate Credit Rating     B/Negative/--
First-Lien Loan             BB-
   Recovery Rating           1

Recovery Rating Revised
                             To     From
                             --     ----
Second-Lien Loan            B      B
   Recovery Rating           3      4


HEXCEL CORP: Expects Double Digit Sales Growth in 2008
------------------------------------------------------
Hexcel Corporation has discussed its guidance for 2008 and
outlook for the future.

Mr. David Berges, summarizing Hexcel's prospects, commented,
"For 2008 we see the continuation of growth in all of our core
markets and an increasing significance of Airbus A380 and Boeing
787 sales.  We expect our fifth year in a row of double digit
sales growth led by commercial aerospace and wind energy
markets.  Global demand is lifting build rates for aircraft and
wind turbines and we believe that this trend will continue for
the foreseeable future.  In addition, the ramp-ups for the
Airbus A380 and Boeing 787 programs accelerate the secular
penetration story for composites in commercial aerospace."

"We expect that we will achieve our margin targets for 2007 and
the sales growth will lead to an increased rate of operating
margin and earnings expansion in 2008.  Our expectations are for
improvement of about 100 basis points in operating margin in
2008 despite continued cost pressures from high oil costs and
unfavorable foreign exchange rates."

"Our 2007 sale of non-core reinforcements businesses both
improved our prospects for consistent growth and helped put our
balance sheet in the best shape it has been in for years.
Entering 2008, we expect debt to be less than two times EBITDA
and we expect our capital investment program to be funded from
operations."

                         Revenue

Commercial Aerospace

With continued increases in aircraft production and the
contribution of A380 and B787 ramp up, total 2008 commercial
aerospace revenues are projected to grow in the range of 12% -
15% as compared to 2007.  At currently projected build rates,
the A380 and B787 programs could contribute over US$200 million
more in revenues to Hexcel in 2010 than 2007.  Combined with
industry projections of other aircraft build increases, the
three year revenue trend for Airbus and Boeing programs could
result in average revenue growth in the high-teens for the three
year period.

Space & Defense

The company expects its Space & Defense revenues to maintain
their long-term growth trend of 8%-10% per year.  A key driver
near term will be continued strong growth in rotorcraft,
particularly the ramp-up of the V-22 Osprey.  It is hoped that
sales to the new A400M transport will offset the possible
decline of the C-17 program.  Longer term, the F-35 Joint Strike
Fighter program will be a key growth contributor.

Industrial

Led by the strong growth in wind energy revenues, industrial
sales growth should return to the mid-teens.  After a year of
portfolio pruning in "other industrial" and a weak year of
recreational sales, non-wind related sales will show some modest
improvement.  Longer term, the company expects continued growth
of wind energy as well as the addition of over US$40 million per
year in new material sales for the American Centrifuge Program
and other new industrial opportunities by 2010.

                   Consolidated Revenues

In total, the company anticipates 2008 consolidated revenues to
grow in a range of 10%-15% year-on-year, assuming the average
Euro and British pound exchange rates in 2008 are comparable to
2007.  Based on its current mix of sales, while a weaker US
dollar would inflate revenues, operating income would not
increase, and as a result, margin percentages would compress.

                     Operating Margin

The company should see continued improvement in operating margin
percentage through leverage on incremental sales, productivity
gains, cost reductions, increased pricing and carbon fiber
expansion.  These improvements will be partially offset by the
continuing cost pressures from the collateral impact of oil
costs and the weak dollar.  In 2008, its target-operating margin
is 12-12.5% of sales, which will be an improvement of about 100
basis points from 2007 levels (excluding business consolidation
and restructuring expenses).  However, the company expects first
quarter operating margin to be slightly lower than the 2008
average due to the start-up activities at its new manufacturing
facilities and the usual timing associated with its stock
compensation expense.  Included within its 2008 operating margin
assumptions is an US$8-US$10 million increase in depreciation
expense from 2007 levels.

                        Diluted EPS

The company expects 2008 earnings per share to be in the range
of US$0.90 to US$0.95, excluding any possible impact from non-
recurring items.  For example, the previously disclosed
settlement expense for the termination of the US defined pension
plan (about US$0.08 per share), will primarily be recorded in
the fourth quarter of 2007, but the company expects about
US$0.02 of this charge to occur in early 2008.  This EPS
estimate is based upon an implied tax rate of 38% for the year
and an estimated diluted share count of 97.5-98.5 million.
Hexcel's effective tax rate is sensitive to the mix of taxable
income from its U.S. and European operations and the volatility
inherent in FIN 48.

                        Cash Flows

Capital expenditures are expected to be approximately US$150
million as the company moves ahead with its previously announced
expansion of carbon fiber production capacity.  Cash flows from
operations are expected to be sufficient to cover the capital
spending plans.  New program wins will determine future capital
spending levels, but the company currently expects US$120-US$150
million per year to be a pace that would support most growth
scenarios for a number of years.

                    About Hexcel Corp.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                       *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


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


CORATEC GMBH: Claims Registration Period Ends Jan. 10, 2008
-----------------------------------------------------------
Creditors of CORATEC GmbH have until Jan. 10, 2008, to register
their claims with court-appointed insolvency manager Stephan
Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Feb. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Stephan Schlegel
         Hauptstrasse 336
         65760 Eschborn
         Germany
         Tel: 06173/93940
         Fax: 06173/939420

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against CORATEC GmbH on Nov. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CORATEC GmbH
         Attn: Markus Cornelius Miltsch, Manager
         Neumarkt 5
         65934 Frankfurt (Main)
         Germany


METALLBAU TUSSING: Claims Registration Period Ends Jan. 18, 2008
----------------------------------------------------------------
Creditors of MTW Metallbau Tussing und Weidig GmbH have until
Jan. 18, 2008, to register their claims with court-appointed
insolvency manager Sandra Heuer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 8, 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 Saarbruecken
         Meeting Room 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Sandra Heuer
         Brueckenstrasse 60
         66763 Dillingen
         Germany
         Tel: (06831) 769980
         Fax: (06831) 7699870

The District Court of Saarbruecken opened bankruptcy proceedings
against MTW Metallbau Tussing und Weidig GmbH on Nov. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MTW Metallbau Tussing und Weidig GmbH
         Huettenweg 10
         66399 Mandelbachtal
         Germany


NORBERT E. JOECKEL: Claims Registration Ends Jan. 11, 2008
----------------------------------------------------------
Creditors of Norbert E. Joeckel GmbH have until Jan. 11, 2008,
to register their claims with court-appointed insolvency manager
Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 11, 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 Cologne
         Meeting Hall 1240
         12th Floor
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse. 54
         50676 Cologne
         Germany

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

The Debtor can be reached at:

         Norbert E. Joeckel GmbH
         Von-Hnefeld-Str. 61
         50829 Cologne
         Germany


ORIENT TASTAN: Claims Registration Period Ends Jan. 18, 2008
------------------------------------------------------------
Creditors of ORIENT Tastan GmbH have until Jan. 18, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Feb. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against ORIENT Tastan GmbH on Nov. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ORIENT Tastan GmbH
         Steindamm 52
         20099 Hamburg
         Germany


TREOFAN GERMANY: Weak Liquidity Prompts S&P's Junks Ratings
-----------------------------------------------------------
Standard & Poor's Ratings lowered all its long-term credit
ratings on Germany-based flexible packaging producer Treofan
Holdings GmbH and operating subsidiary Treofan Germany GmbH &
Co. KG to 'CCC+' from 'B-'.

At the same time, all ratings were placed on CreditWatch with
negative implications.  The recovery rating on Treofan Germany's
EUR170 million subordinated second-lien notes remains unchanged
at '3', indicating meaningful (50%-70%) recovery prospects for
noteholders.

"The negative rating actions reflect our concerns about the
company's increasingly weak liquidity and the uncertainty over
whether the company will be able to maintain sufficient
liquidity to cover its near-term needs," said Standard & Poor's
credit analyst Izabela Listowska.  The company had total
reported debt of EUR206 million at Sept. 30, 2007.

The increasingly weak liquidity position has led Treofan's
management to seek access to a EUR20 million incremental
commitment to the existing EUR60 million availability under the
revolving credit facility.  This is subject to certain
conditions, including presentation of the revised near- to
medium-term business plan to shareholders and obtaining a
solvency opinion from an independent financial advisor.

Failure to access this incremental commitment could very likely
trigger a liquidity shortfall and accelerate a default in the
near term.  Even if Treofan obtains the incremental commitment,
its liquidity is likely to remain very tight given operational
challenges, high cash interest costs, only modest flexibility in
curtailing maintenance capital expenditures spending, and
restructuring cash outflows related to the new restructuring
program.

Standard & Poor's will monitor the situation closely, with the
aim of resolving the CreditWatch status once the results of the
negotiations with lenders have been disclosed.

Treofan's operating performance and cash flow generation have
deteriorated over the past few quarters.  High resin prices, the
challenging pricing environment, increased fixed costs, and
unfavorable foreign exchange rate developments have more than
offset volume growth.  In the nine months to Sept. 30, 2007,
adjusted EBITDA declined to EUR22.6 million from EUR28.4 million
in the same period of the previous year, resulting in weaker
credit measures.  In the 12 months to Sept. 30, 2007, pension-
and operating lease-adjusted cash debt to adjusted EBITDA was
7.9x.


WINTERHOLER GMBH: Claims Registration Period Ends Jan. 11, 2008
---------------------------------------------------------------
Creditors of Winterholer GmbH have until Jan. 11, 2008, to
register their claims with court-appointed insolvency manager
Klaus-Peter Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Tuebingen
         Gerichtssaal/Erdgeschoss
         Aussenstelle
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Klaus-Peter Krueger
         Kaiserstr. 56
         72764 Reutlingen
         Germany
         Tel: 07121/9725512
         Fax: 07121/9725522

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

The Debtor can be reached at:

         Winterholer GmbH
         Hoffmannstr. 12
         72770 Reutlingen
         Germany


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


GAP INC: November 2007 Net Sales Up 11 Percent at US$1.54 Bln
-------------------------------------------------------------
Gap Inc. reported net sales of US$1.54 billion for the four-week
period ended Dec. 1, 2007, which represents an 11% increase
compared with net sales of US$1.39 billion for the four-week
period ended Nov. 25, 2006.  Due to the 53rd week in fiscal year
2006, November 2007 comparable store sales are compared with the
four-week period ended Dec. 2, 2006.  On this basis, the
company's comparable store sales for November 2007 were flat
compared with an 8% decrease in November 2006.

Comparable store sales by division for November 2007 were:

   * Gap North America: positive 1% versus negative 7% last
     year;

   * Banana Republic North America: positive 4% versus negative
     1% last year;

   * Old Navy North America: negative 3% versus negative 10%
     last year; and

   * International: positive 1% versus negative 8% last year.

"While we were pleased with our sales performance in November,
the most important month of the quarter, December, remains ahead
of us," Sabrina Simmons, executive vice president, finance and
acting chief financial officer, Gap Inc. said.  "As a result, we
are maintaining our earnings outlook for the full year."

Year-to-date net sales of US$12.63 billion for the 43 weeks
ended Dec. 1, 2007, increased 2% compared with net sales of
US$12.40 billion for the 43 weeks ended Nov. 25, 2006.  Due to
the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date
comparable store sales are compared with the 43 week period
ended Dec. 2, 2006.  On this basis, the company's year-to-date
comparable store sales decreased 4%, compared with a 7% decrease
in the prior year.

The company will report December sales on Jan. 10, 2008.

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

                          *     *     *

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


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


DANA CORP: Urges Bankruptcy Court to Disallow 1,064 Claims
----------------------------------------------------------
Dana Corp. asks the U.S. Bankruptcy Court for the Southern
District of New York to disallow 1,064 claims, totaling
US$52,663,000, because these claims are Asbestos Personal Injury
Claims and will be reinstated under the Plan.

The Asbestos Personal Injury Claims include:

-- Roy Adair (Claim No. 12079 - US$200,000)
-- Gregorio Aguirre (Claim No. 11968 - US$200,000)
-- David Alber (Claim No. 12043 - US$200,000)
-- John Alexander (Claim No. 11989 - US$200,000)
-- Clarence Allen (Claim No. 12371 - US$200,000)
-- Naomi Ammerman (Claim No. 12076 - US$200,000)
-- Johnnie Apodaca (Claim No. 11992 - US$200,000)
-- Linda Atchley (Claim No. 12372 - US$200,000)
-- Joseph Baca (Claim No. 11938 - US$200,000)
-- Haroldine Bartlett (Claim No. 11977 - US$200,000)
-- Walter Becker (Claim No. 12311 - US$200,000)
-- Joseph Boutot (Claim No. 11991 - US$200,000)
-- Leonard Chavez (Claim No. 11964 - US$200,000)
-- Lyle Covington (Claim No. 1227 - US$200,000)
-- Claude Dawson (Claim No. 11985 - US$200,000)

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.

(Dana Corporation Bankruptcy News, Issue No. 64; Bankruptcy
Creditors' Service, Inc. 215-945-7000 FAX 215-945-7001)


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


LION-UG LLC: Creditors Must File Claims by January 16, 2007
-----------------------------------------------------------
LLC Lion-Ug has declared insolvency.  Creditors have until
Jan. 16, 2008, to submit written proofs of claim to:

         LLC Lion-Ug
         Saliyeva Str. 41/34
         Osh
         Kyrgyzstan


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


ELEKTRIM SA: Creditors File PLN10.4 Million in Claims
-----------------------------------------------------
Creditors of Elektrim S.A. have filed more than PLN10.4 billion
in claims against the company, the Financial Times reports,
citing Polish News Bulletin.

FT says Elektrim's bondholders are demanding repayment of its
PLN3.17 billion debt, most of which the company already paid.

According to the bondholders' trustee, Elektrim still owes them
about EUR843.7 million, which is equal to 25% of the company's
assets estimated at PLN12.7 billion or PLN152 per share.

The bondholders' claim also include a EUR35.7 million debt
interest, FT relates.

Meanwhile, Vivendi also filed a claim of more than EUR2 billion.

"The Warsaw court will decide whether these claims are
justified," Ewa Bojar, a spokeswoman at Warsaw-based Elektrim,
told Bloomberg News.

                       About Elektrim S.A.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

As reported in the TCR-Europe on Aug. 24, 2007, Elektrim S.A.
filed for bankruptcy protection in a court in Warsaw on Aug. 10,
2007, after its second debt restructuring talks with bondholders
failed.

Subsequently, the court has granted bankruptcy protection to
Elektrim with the possibility of settlement and appointed a
trustee to oversee the company's assets.


NETIA SA: Buys Stake in Systemy Informatyczne for PLN4 Million
--------------------------------------------------------------
Netia SA, through its subsidiary Internetia Sp.z o.o., purchased
from Mariusz Radomski 100 shares in the share capital of a
company operating under the business name Systemy Informatyczne
Netis Sp. z o.o. with its seat in Jastrzebie Zdroj with the
total nominal value of PLN50,000 for all these shares, which
represent 100% of the share capital and confer the right to 100%
of the votes at the general meeting of shareholders of Netis.
The total price of all the shares has been set at PLN4 million.

Netis is a service provider offering broadband Internet access
to residential clients in the town of Jastrzebie Zdroj in the
Silesian region of Southern Poland.  The company is using
FastEthernet technology, which allows for transmission speed of
up to 100 Mb/s.  As of Nov. 27, 2007, Netis' network provided
broadband access to 4,447 clients, with approximately 16,100
households passed.

The acquisition of shares was effected on Dec. 6, 2007,
following the fulfillment of the certain conditions precedent
specified in the shares purchase agreement concluded by
Internetia and Netis on Nov. 28, 2007.

The acquired shares constitute assets of substantial value, as
they represent 100% of the share capital of Netis.  The assets
were acquired from Internetia's own resources and constitute an
investment of a long-term nature.

Apart from the contractual relations described in this report,
there exist no other ties between Netia and the persons managing
or supervising Netia and the Seller of the aforementioned
assets.

The acquisition represents yet another step in execution of
Netia's strategy aimed at acquiring 1 million broadband
customers over the next three years, including consolidation of
local Ethernet networks.  For the current year, Netia plans to
acquire over 210,000 broadband Internet access clients, thus
becoming the largest alternative telecommunications provider of
broadband services in Poland.

                        About Netia

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

                        *     *    *

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


ZLOMREX INTERNATIONAL: Moody's Cuts Sr. Secured Rating to Caa2
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Zlomrex to B3 from B2 and the senior secured rating of
Zlomrex International Finance to Caa2 from Caa1.  It has put
both ratings on review for possible further downgrade.

The rating action was prompted by:

   (i) the weak short term liquidity position of the company;

  (ii) the recent announcement of weaker than expected results
       in the 3rd quarter 2007;

(iii) the uncertainty about Zlomrex' acquisition of Zeljezara
       Split and the related refinancing of existing
       liabilities; and

  (iv) the weaker than initially projected performance for the
       current financial year based on a last 12-month
       calculation.

Zlomrex on a proforma basis currently has indebtedness of around
PLN1.1 billion as at Nov. 30, 2007, out of which around
PLN462 million are due within the next 12 months.  In addition
Moody's assumes around PLN80 million for capital expenditure in
the next 12 months. Cash sources are the proforma cash balance
of PLN95 million and the projected cash inflows for the next 12
months.

According to Moody's calculation this makes Zlomrex heavily
reliant on the willingness of its banks to extend maturing
short-term credit lines, which, in the current environment of
the markets, may be challenging to achieve.  The imminent
possible extension of the two major credit lines, on which the
working capital financing of Zlomrex is reliant, by more than 1
year, if successful, could help reducing pressure on the
liquidity management.  However, even including these extensions,
the liquidity management will continue to be difficult given
significant amounts of short term debt.

Third quarter results for the company have been weaker than
expected, reflecting the volatile environment in which Zlomrex
is operating with significant exposure to steel, which is used
in the construction industry and which is sold on an adhoc basis
on spot market prices rather than on long term contracts with
pre-agreed prices.  The rating downgrade to B3 is reflecting the
risk of higher than initially expected volatility in Zlomrex'
core business in Poland, despite the full consolidation of the
more stable business of Voest Alpine Stahlhandel, and the
visible shortfall in their performance to initially assumed and
presented scenarios.

With the announcement of the acquisition of Zeljezara Split, a
minimill in Croatia and the ongoing restructuring of its steel
distribution business around Centrostal Gdansk and Zlomrex Steel
Services, Zlomrex has shown a more aggressive stance for
external growth than at the time the rating was assigned. Risks
resulting from this change in management strategy are now being
taken into account by the change of the corporate family rating
to B3.

In addition, the review will focus on:

   (i) receiving more clarity and visibility on the 2008
       business prospects;

  (ii) the future liquidity situation given that Zlomrex is
       already negotiating the extension of some of its short
       term working capital bank lines; and

(iii) the further approach of Zlomrex to external growth.

A further downgrade could be justified if the company's major
refinancing needs continue to significantly depend on short term
bilateral bank credit lines with maturities shorter than 12
months, the performance for the full year 2007 and the prospects
for 2008 show weaker than expected debt leverage ratios of above
4.0x and EBIT margins lower than 6% and the company continues
its aggressive growth path with additional major acquisitions.

Ratings changes and placed on review for possible downgrade:

   * Issuer: Zlomrex S.A.

   -- Corporate Family Rating to B3 from B2.

   * Issuer: Zlomrex International Finance S.A.

   -- senior secured rating from Caa1 to Caa2.

Outlook actions:

   * Issuer: Zlomrex S.A.

   -- changed to rating under review from stable.

   * Issuer: Zlomrex International Finance S.A.

   -- changed to rating under review from stable.

Headquartered in Poraj, Poland, Zlomrex S.A. is the largest
trader of steel scrap and among the leading producers and
distributors of high grade long steel products in its domestic
market.  Founded in 1990 as a pure scrap trader, the company has
transformed itself into a fully integrated producer of steel
products through a range of acquisitions mainly in the long
steel production and distribution business.  Zlomrex S.A. is
privately owned; 100% of the company's shares are held by its
founder Przemyslaw Sztuczkowski.


ZLOMREX SA: Earns PLN79.52 Million for Third Quarter 2007
---------------------------------------------------------
Zlomrex S.A. released it unaudited consolidated financial
results for the third quarter ended Sept. 30, 2007.

Zlomrex posted PLN79.52 million in net profit on PL2.52 billion
in net revenues for the third quarter of 2007, compared with
PLN76.87 million in net profit on PLN1.42 billion in net
revenues for the same period in 2006.

As of Sept. 30, 2007, Zlomrex had PLN2.13 billion in net assets,
PLN1.57 billion in total liabilities and PLN562.73 million in
total shareholders' equity.

                          About Zlomrex

Headquartered in Poraj, Poland, Zlomrex S.A. --
http://www.zlomrex.pl/-- manufactures and distributes high-
grade long steel products in its domestic market.

                          *     *     *

As reported in the TCR-Europe on Oct. 12, 2007, Standard &
Poor's Ratings Services lowered its long-term corporate credit
rating on Zlomrex S.A. to 'B' from 'B+' following a review of
the company's liquidity, growth strategy, and financial policy.
The senior secured debt rating on the EUR170 million 8.5%
callable bonds due 2014 issued by subsidiary Zlomrex
International Finance S.A. was lowered to 'B-' from 'B'.  The
ratings were removed from CreditWatch with negative
implications, where they had been placed on Aug. 15, 2007.  The
outlook is negative.

At the same time, Standard & Poor's affirmed its 'B' short-term
credit rating on Zlomrex.


ZLOMREX SA: Moody's Cuts Corporate Family Rating to B3
------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Zlomrex to B3 from B2 and the senior secured rating of
Zlomrex International Finance to Caa2 from Caa1.  It has put
both ratings on review for possible further downgrade.

The rating action was prompted by:

   (i) the weak short term liquidity position of the company;

  (ii) the recent announcement of weaker than expected results
       in the 3rd quarter 2007,

(iii) the uncertainty about Zlomrex' acquisition of Zeljezara
       Split and the related refinancing of existing liabilities
       and the

  (iv) weaker than initially projected performance for the
       current financial year based on a last 12-month
       calculation.

Zlomrex on a proforma basis currently has indebtedness of around
PLN1.1 billion as at Nov. 30, 2007, out of which around
PLN462 million are due within the next 12 months.  In addition
Moody's assumes around PLN80 million for capital expenditure in
the next 12 months. Cash sources are the proforma cash balance
of PLN95 million and the projected cash inflows for the next 12
months.

According to Moody's calculation this makes Zlomrex heavily
reliant on the willingness of its banks to extend maturing short
term credit lines, which, in the current environment of the
markets, may be challenging to achieve.  The imminent possible
extension of the two major credit lines, on which the working
capital financing of Zlomrex is reliant, by more than 1 year, if
successful, could help reducing pressure on the liquidity
management.  However, even including these extensions, the
liquidity management will continue to be difficult given
significant amounts of short term debt.

Third quarter results for the company have been weaker than
expected, reflecting the volatile environment in which Zlomrex
is operating with significant exposure to steel, which is used
in the construction industry and which is sold on an adhoc basis
on spot market prices rather than on long term contracts with
pre-agreed prices.  The rating downgrade to B3 is reflecting the
risk of higher than initially expected volatility in Zlomrex'
core business in Poland, despite the full consolidation of the
more stable business of Voest Alpine Stahlhandel, and the
visible shortfall in their performance to initially assumed and
presented scenarios.

With the announcement of the acquisition of Zeljezara Split, a
minimill in Croatia and the ongoing restructuring of its steel
distribution business around Centrostal Gdansk and Zlomrex Steel
Services, Zlomrex has shown a more aggressive stance for
external growth than at the time the rating was assigned. Risks
resulting from this change in management strategy are now being
taken into account by the change of the corporate family rating
to B3.

In addition, the review will focus on:

   (i) receiving more clarity and visibility on the 2008
       business prospects;

  (ii) the future liquidity situation given that Zlomrex is
       already negotiating the extension of some of its short
       term working capital bank lines; and

(iii) the further approach of Zlomrex to external growth.

A further downgrade could be justified if the company's major
refinancing needs continue to significantly depend on short term
bilateral bank credit lines with maturities shorter than 12
months, the performance for the full year 2007 and the prospects
for 2008 show weaker than expected debt leverage ratios of above
4.0x and EBIT margins lower than 6% and the company continues
its aggressive growth path with additional major acquisitions.

Ratings changes and placed on review for possible downgrade:

   * Issuer: Zlomrex S.A.

   -- Corporate Family Rating to B3 from B2.

   * Issuer: Zlomrex International Finance S.A.

   -- senior secured rating from Caa1 to Caa2.

Outlook actions:

   * Issuer: Zlomrex S.A.

   -- changed to rating under review from stable.

   * Issuer: Zlomrex International Finance S.A.

   -- changed to rating under review from stable.

Headquartered in Poraj, Poland, Zlomrex S.A. is the largest
trader of steel scrap and among the leading producers and
distributors of high grade long steel products in its domestic
market.  Founded in 1990 as a pure scrap trader, the company has
transformed itself into a fully integrated producer of steel
products through a range of acquisitions mainly in the long
steel production and distribution business.  Zlomrex S.A. is
privately owned; 100% of the company's shares are held by its
founder Mr. Przemyslaw Sztuczkowski.


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


BEARINGPOINT INC: Sept. 30 Bal. Sheet Upside-Down by US$362 Mln
---------------------------------------------------------------
Bearingpoint Inc. reported financial results for the quarter
ended Sept. 30, 2007.

At Sept. 30, 2007, the company's balance sheet total assets of
US$116.0 million and total liabilities of US$2.4 billion,
resulting in a stockholders' deficit of US$362.5 million.

The company reported a net loss of US$68.0 million on
US$861.8 million revenues for the quarter ended Sept. 30, 2007,
compared with a net loss of US$29.6 million on US$843.2 million
revenues for the quarter ended Sept. 30, 2006.

The change in net loss was primarily attributable to:

   * a decrease in gross profit of US$26.3 million;

   * an increase in interest expense of US$8.9 million in the
     third quarter of 2007, due to interest attributable to our
     2007 Credit Facility; and

   * an increase in income tax expense of US$11.6 million in the
     third quarter of 2007.

The increase in net loss was partially offset by a decrease in
SG&A expenses of US$13.0 million in the third quarter of 2007.

                Nine Months Financial Results

During the nine months ended Sept. 30, 2007, the company
realized a net loss of US$193.7 million, representing an
increase of US$88.5 million over a net loss of US$105.2 million
during the nine months ended Sept. 30, 2006.  This change in net
loss was primarily attributable to:

   * a decrease in gross profit of US$41.8 million;

   * the recognition of US$38.0 million in other income in the
     first quarter of 2006 in connection with insurance
     settlement payments made on behalf of the company in
     connection with the settlement of our contract with
     Hawaiian Telcom Communications, Inc.;

   * an increase in interest expense of US$17.6 million in the
     nine months ended Sept. 30, 2007, due to interest
     attributable to our 2007 Credit Facility and the
     acceleration of debt issuance costs resulting from the
     termination of the 2005 Credit Facility; and

   * an increase in income tax expense of US$11.8 million in the
     nine months ended Sept. 30, 2007.

The increase in net loss was partially offset by a decrease in
SG&A expenses of US$26.3 million in the nine months ended Sept.
30, 2007.

                     About BearingPoint Inc.

Headquartered in McLean, Virginia, BearingPoint Inc. (NYSE:BE) -
- http://www.BearingPoint.com/-- is a provider of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries.  The firm has more
than 17,000 employees focusing on the Public Services, Financial
Services and Commercial Services industries.  BearingPoint
professionals have built a reputation for knowing what it takes
to help clients achieve their goals, and working closely with
them to get the job done.  The company's service offerings are
designed to help its clients generate revenue, increase cost-
effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.

                          *     *     *

Moody's Investor Service placed BearingPoint Inc.'s long term
corporate family rating at 'B2' in December 2006 and its
probability of default rating at 'B1' in September 2006.  Both
ratings still hold to date.


INTERTAPE POLYMER: Moody's Lifts Long-Term Debt Rating to B2
------------------------------------------------------------
Moody's Investors Service has upgraded the long-term debt and
corporate family rating of IPG (US) Inc. as well as the senior
subordinated notes of Intertape Polymer US Inc.  The outlook was
revised to stable from review, direction uncertain.  In a
related action, Moody's upgraded the company's speculative grade
liquidity rating to SGL-3 from SGL-4.  The upgrade was prompted
by the company's improved liquidity position and the fact that
senior management has been successful in stabilizing the
company's operating performance since the second half of 2006.
On Oct. 4, 2007, the company successfully completed a
shareholder rights offering netting approximately US$60.9
million in additional equity funding. The entire proceeds were
used to reduce long-term debt.

The B2 corporate family rating reflects the company's improved
operating performance (adjusted operating margins of
approximately 6.3% from 3.0% in late 2006), positive free cash
flow, and lower leverage (adjusted debt to EBITDA of
approximately 3.8 from 5.2).  Additional factors that support
the ratings include product breadth, the company's estimated
market share for several of its product lines within the tapes
sector, a reasonable track record of passing through higher raw
material costs to customers, and its recent cost saving
initiatives.

At the same time, the B2 rating considers that the company has
demonstrated limited top-line growth, a high percentage of
commodity products versus innovative products, the potential for
additional near-term declines in certain product demand, and
exposure to fluctuating raw material costs.  Based on the
company's recent operating trends, management will need to
continue executing cost savings initiatives to improve
profitability over the near-term.  Even with the progress that
has been made, Moody's believes that a combination of a slowdown
in the economy, raw material cost pressures, and competitive
pressures could continue to adversely impact the company's
operating performance.

The speculative grade liquidity rating was upgraded to SGL-3
from SGL-4 because Moody's believes the company's liquidity
position will continue to improve over the near-term.  Moody's
expects that the company will be able to internally fund most of
its cash requirements, including capital expenditures and
working capital needs.  In addition, Moody's anticipates that
covenant and revolver availability will remain acceptable and
that possible restrictions or the need to renegotiate covenants
is not likely in the near-term.

Moody's notes, however, that IPG (US) amended its credit
facilities in August 2007 but did not request changes to its
financial covenant ratios.  The amendment accommodated the costs
of the strategic alternative process in the covenant
calculations; however, the company's interest coverage ratio
will tighten several times during 2008.  Moody's will continue
to monitor the company's financial covenant compliance on an
ongoing basis.

The stable outlook reflects restored operating margins and
positive free cash flow metrics (adjusted RCF-Capex/Debt of 5-
8%).  In addition, the outlook represents an improved liquidity
position because of the additional cushion under its financial
covenants.  Although the Board is reviewing the company's senior
management structure, the management team has addressed its
strategic and financial strategies going forward.  Moody's
believes a sustained deterioration in operating performance
(operating margins of less than 3%) or credit metrics (negative
free cash flow) due to declines in product demand, or other
operational issues, or the inability to remain in compliance
with its financial covenant could result in a downgrade of the
ratings.  Conversely, the ratings could be raised if the company
continues to generate savings from additional cost reduction
efforts, restores operating margins and credit metrics back to
levels generated prior to the second half of 2006, and
successfully resolves its chief executive officer succession
plan.

The most recent prior rating action occurred on Aug. 2, 2007.
Moody's placed IPG (US)'s ratings under review, direction
uncertain, pending the refinancing of its bank agreement and
compliance with its financial covenants.

Upgrades:

Issuer: IPG (US) Inc.

  -- Corporate Family Rating, Upgraded to B2 from B3

  -- Senior Secured Bank Credit Facility, Upgraded to Ba3
     (LGD2, 25%) from B1

  -- Speculative Grade Liquidity Rating, Upgraded to SGL-3 from
     SGL-4

Issuer: Intertape Polymer US Inc.

  -- Senior Subordinated Regular Bond/Debenture, Upgraded to
     Caa1 (LGD5, 77%) from Caa2

The outlook is stable.

Based in Montreal, Quebec and Sarasota/Bradenton, Florida,
Intertape Polymer Group Inc. (NYSE,ITP; TSX: ITP.TO) --
http://www.intertapepolymer.com/-- develops and manufactures
specialized polyolefin plastic and paper-based packaging
products and complementary packaging systems for industrial and
retail use.  The company employs approximately 2,100 employees
with operations in 17 locations, including 13 manufacturing
facilities in North America and one in Portugal and in Mexico.


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


ADYGEISKIJ OJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Adygeya commenced bankruptcy
supervision procedure on OJSC Stud Farm Adygeiskij.  The case is
docketed under Case No. AO1-B-2992/07-1.

The Interim Manager is:

         V. G. Koz'min
         Letter K
         Tovarnaya Str. 7
         350033 Krasnodar
         Russia


BIJSKIJ SUGAR: Creditors Must File Claims by Jan. 1, 2008
---------------------------------------------------------
Creditors of CJSC Bijskij Sugar Plant have until Jan. 1, 2008,
to submit proofs of claim to:

         V. E. Pitsun
         Interim Manager
         P.O. Box 25
         Slavgorod
         658820 Altai krai
         Russia

The Arbitration Court of Altai Krai will convene on
April 21, 2008, to hear the company's bankruptcy supervision
procedure on the company on Nov. 15.  The case is docketed under
Case No. A03-11534/07-B.

The Debtor can be reached at:

         CJSC Bijskij Sugar Plant
         Dokuchaeva Str. 2
         Kansk
         659302 Altai Krai
         Russia


COMSTAR-UNITED: Acquires 87.5% of RTC for US$21 Million
-------------------------------------------------------
Comstar-United TeleSystems completed the acquisition of 87.5% of
the share capital of Regional Technical Centre, an alternative
regional fixed-line telecommunications operator in the Khanty-
Mansi Autonomous Area, for a total cash consideration of
US$21 million.  The company was purchased from affiliates of
TNK-BP Holding.

The acquisition of RTC will strengthen Comstar's presence in the
telecommunications market of the Khanty-Mansi Autonomous Area,
where it already operates through its subsidiary,
Tyumenneftegassvyaz (TNGS), the second largest alternative
fixed-line telecommunications operator in the region with over
43,000 subscribers.  Following the new acquisition, Comstar's
share in the Khanty-Mansi Autonomous Area will increase from
approximately 24% as at the end of 2006 to 33%.

Comstar UTS plans to integrate RTC and Tyumenneftegassvyaz into
its Tyumen branch.  The companies have similar business models,
subscriber bases and revenue structures.  They provide a
comparable range of services and use similar sales techniques.
The integration will reduce combined operating expenses by
eliminating duplicate functions and optimizing the product line.
The integration will therefore increase Comstar UTS' operating
profitability in the Siberian region.

"The acquisition of RTC is the next step in the progression of
our regional growth strategy of consolidating local market
leaders.  We see the Khanty-Mansi Autonomous Area as one of the
key strategic regions with high growth potential.  The market
size in 2007 is estimated at US$255 million, growing 8.4% year-
on-year.  The integration of the newly acquired operator into
our Tyumen branch and the launch of a zonal telephone network
will help us to expand our presence not only in this area but
also in the neighboring regions of the Russian Federation,"
Sergey Pridantsev, president and CEC of Comstar UTS, commented.

RTC provides fixed-line telecommunications services, radio
access, mobile services in NMT-450 and CDMA standards, dial-up
internet access, and leases channels to residential and
corporate clients in Niznevartovsk, Surgut, Nyagan, Orenburg and
Orenburg region.  The company also has branches in Saratov,
Ryazan and Moscow.  The company reported revenues from telecom
services of  US$18.2 million, up by 11% year-on-year,  with
OIBDA margin of 28% and net income of US$2.3 million as at
Dec. 31, 2006.

Headquartered in Moscow, Russia, Comstar - United Telesystems
(JSC Comstar-UTS, LSE: CMST) -- http://www.comstar-uts.com/en/-
- is the largest provider of fixed line telecommunication
services in the Moscow metropolitan area with a population of
over 10 million, 5 regions of Russia, Ukraine and Armenia.  As
at Dec. 31, 2006, Comstar had US$1.12 billion in revenues and
US$428.6 million in EBITDA (excluding US$62 million stock bonus
awards).

                          *     *     *

As of Dec. 10, 2008, Comstar-United TeleSystems carries Ba3
Moody's long-term corporate family rating, with positive
outlook.

The company also carries BB- long-term foreign and local issuer
credit ratings from Standard & Poor's, which said the outlook is
positive.


FORD MOTOR: To Meet Striking Workers Today Over Wage Issue
----------------------------------------------------------
Ford Motor Co.'s management and employees at its Vsevolozhsok,
Russia site will resume talks today over the latter's demand for
higher wages, RIA Novosti reports citing a trade union official.

As reported in the TCR-Europe on Nov. 22, 2007, workers launched
an indefinite strike on Nov. 20, 2007, demanding higher wages
and reduction of night shifts from March 2008.  The strike
halted the Ford Focus production line.

The parties initially met on Nov. 26, 2007, when the management
agreed in principle to raise wages.  Ford resumed production on
Nov. 28, 2007, with non-striking employees working on single
shift.

According to RIA Novosti, the number of striking employees have
reached 650.

The Vsevolozhsk plant produced about 60,000 cars in 2006, mainly
the Focus model, and plant officials have said they were hoping
to increase production to 75,000 for 2007.

                       About Ford Motor Co.

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.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and other ratings on Ford Motor Co. and Ford
Motor Credit Co. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007.  S&P said
the outlook is stable.

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.


HAMKORBANK: Fitch Assigns B- Long-term Issuer Default Rating
------------------------------------------------------------
Fitch Ratings assigned Uzbekistan's Hamkorbank ratings of Long-
term Issuer Default (IDR) 'B-' with Stable Outlook, Short-term
IDR 'B', Individual 'D/E', Support '5' and Support Rating Floor
'No Floor'.

The ratings of Hamkorbank reflect its relatively small size, its
limited franchise, the fast growth of the loan portfolio and
some weaknesses in the operating environment.  They also take
into consideration its good profitability, adequate
capitalization, low loan losses to date and positive experience
of cooperation with international financial institutions.

Upside potential for the ratings is currently limited, and would
probably require improvements in the operating environment.
However, further expansion and diversification of franchise and
deeper co-operation with IFIs, for example by one of them
becoming a shareholder of the bank, would be positives for the
credit profile.  Significant credit losses are the major
potential source of downside risk for the ratings.

Hamkorbank was founded in 1991 by state-owned industrial
entities located in Andijan, Uzbekistan's fourth-largest city.
The city is situated in the Fergana Valley, a densely populated
and fertile region, specializing mainly in agriculture,
particularly in cotton growing and related processing
industries.

Hamkorbank was ranked 14th by assets out of 28 Uzbek banks at
end-2006, with a market share of approximately 1.1%.  The bank
has a significant presence in the Fergana Valley and also has a
network of branches and outlets covering 13 out of Uzbekistan's
14 administrative districts.  The bank's business is focused on
lending to small and medium-sized enterprises and individual
entrepreneurs.

Hamkorbank actively cooperates with international financial
institutions, such as the European Bank for Reconstruction and
Development, International Finance Corporation and International
Bank for Reconstruction and Development, which provide finance
as well as technical assistance to the bank.


KIROV KOLKHOZ: Creditors Must File Claims by Feb. 1, 2008
---------------------------------------------------------
Creditors of Kirov Kolkhoz (state-owned farm) have until
Feb. 1, 2008, to submit proofs of claim to:

         P. V. Krygin
         Competitive Proceedings Manager
         P.O. Box 1836
         610020 Kirov
         Russia

The Arbitration Court of Kirov commenced competitive
proceedings against the company after finding it insolvent on
Nov. 6.  The case is docketed under Case No. A28-156/07-99/10.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         Kirov Kolkhoz (state-owned farm)
         Kuren' Village
         Darovskoy Raion
         Kirov
         Russia


KRASNOURAL'SKMEZHRAIGAS: Claims Filing Period Ends Jan. 1, 2008
---------------------------------------------------------------
Creditors of OJSC Kranoural'skMezhRaiGas have until Jan. 1,
2008, to submit proofs of claim to:

         V. G. Kevarkov
         Interim Manager
         Gor'kogo Str. 31
         620075 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on the company on Nov. 15.  The case is
docketed under Case No. A60-28323/07-C11.

The Court is located at:

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


LUCH OJSC: Creditors Must File Claims by Feb. 1, 2008
-----------------------------------------------------
Creditors of OJSC Luch have until Feb. 1, 2008, to submit proofs
of claim to:

         E. V. Dul'nev
         Competitive Proceedings Manager
         Office 209
         Demokraticheskaya Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samara commenced competitive
proceedings against the company on Nov. 19.  The case is
docketed under Case No. A55-4249/2007-36.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         OJSC Luch
         Syzran'
         Samara
         Russia


NATIONAL FACTORING: Moody's Places B2/NP/E+ Global Scale Ratings
----------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
CJSC Bank National Factoring Company:

   -- B2 long-term and Not-Prime short-term foreign currency and
      local currency issuer ratings; and

   -- E+ Bank Financial Strength Rating.

The outlook for the long-term ratings is stable.  At the same
time, Moody's Interfax Rating Agency, which is majority-owned by
Moody's, has assigned an A3.ru long-term National Scale Rating
to NFK.

According to Moody's and Moody's Interfax, the B2/NP global
scale ratings reflect NFK's global default and loss expectation,
while the A3.ru NSR reflects the standing of the company's
credit quality relative to its domestic peers.

The assigned E+ BFSR reflects the bank's reasonable market
positions in its target segments secured by advanced
methodologies and good management quality, adequate risk
management practices and a relatively low risk appetite in
relation to credit and market risks, as well as adequate
financial fundamentals.

However, the rating is constrained by:

   (i) the bank's limited history of operations in the emerging
       segment of financial markets;

  (ii) some concentrations on both sides of the balance sheet
       (especially funding base); and

(iii) a significant cost base which puts pressure on
       profitability.

In addition, the bank's high reliance on wholesale market
funding is also a negative factor.

Although it is possible that NFK would potentially receive
support from either its shareholder or Uralsibbank, its sister
bank, in the event of financial stress, the certainty and extent
of such support is unclear.  Consequently, the B2 long-term
local currency deposit rating assigned to the bank does not
incorporate the possibility of any external support and is
therefore at the same level as its Baseline Credit Assessment of
B2 (which maps directly from the E+ BFSR).  No systemic support
is factored into the rating due to the bank's limited importance
to the national economy.

The bank's BFSR can benefit from the bank's proven history of
developing its franchise, technologies and market shares,
diversification of funding, without incurring a significant
deterioration in financial fundamentals and or a rise in risk
appetite.  Moody's says that ratings could come under downward
pressure in the event of an increase in the risk appetite
combined with a deterioration in financial fundamentals.
Significant liquidity issues could cause an immediate ratings
downgrade.

Based in Moscow, Russia, NFK is one of the leading factoring
companies and also has a wide distribution network in the
Russian regions.  It is controlled by the ultimate shareholder
of Uralsib group, which includes Uralsibbank (one of the largest
privately owned banks in the country with total assets and
equity of US$12.7 billion and US$1.7 billion, respectively, at
the end of first half 2007).  NFK reported total consolidated
assets of US$324.1 million and total equity of US$86.9 million
under IFRS at the end of first half 2007.


SEVERSTAL OAO: Earns US$1.33 Billion for First Nine Months 2007
---------------------------------------------------------------
OAO Severstal released its financial results for the first nine
months and third quarter ended Sept. 30, 2007.

The company reported US$1.33 billion in net profit on
US$11.28 billion in net revenues for the first nine months 2007,
compared with US$825 million in net profit on US$9.12 billion in
net revenues for the same period in 2006.

Severstal posted US$326 million in net profit on US$3.56 billion
in net revenues for the third quarter 2007, compared with
US$604 million in net profit on US$4.04 billion in net revenues
for the second quarter 2007.

"I am pleased to announce strong growth for Severstal for the
first nine months of the year with net profit and EPS up 60.7%
and 48.3% year-on-year respectively," Alexei Mordashov,
Severstal CEO, said.  "Third quarter production was impacted by
one-off events, resulting in lower revenues and profit than in
the second quarter.

"As a result of operational improvements, a robust and growing
Russian economy, and relatively strong prices in other world
markets, the Board remains confident of meeting market
expectations for the full year."

                            Dividend

Severstal's Board of Directors has recommended a dividend of
RUR2.5 per share and per global depositary receipt for third
quarter 2007 with the record date of Nov. 14, 2007.  Each GDR
represents one share in the Company.  This recommendation is
based on strong financial results in the first nine months of
2007.

Approval of the dividend will be at the EGM on Dec. 20, 2007.

                             Outlook

As a result of the operational improvements, described above, a
robust and growing Russian economy, and relatively strong prices
in other world markets, the Board remains confident of meeting
market expectations for the full year.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of Dec. 10, 2007, OAO Severstal carries Ba2 Corporate Family,
Sneior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


SEVERSTAL OAO: To Consolidate Stake in SeverCorr
------------------------------------------------
OAO Severstal is consolidating its holding in U.S. steel plant,
SeverCorr.

Severstal will acquire 100% of Baracom from Severstal's CEO,
Alexey Mordashov, which owns 18.5% and controls 79.9% of
Severcorr, for US$84.4 million.

Severstal is investing in Severcorr's assets at investment cost,
as opposed to fair value, which would have resulted in a
substantially higher acquisition price.  When the deal closes,
Severstal will hold 71.1 % of the shares in SeverCorr.

"At this favorable price, we believe that the consolidation of
our stake in SeverCorr is in the best interests of Severstal's
shareholders and adds considerable shareholder value," Chris
Clark, Chairman of Severstal's Board of the Directors, said.

                        About SeverCorr

SeverCorr is Severstal's and its American partners' super-modern
mini-mill, located in Columbus, Mississippiutilizing electric
steel melting technology.  The plant is capable of producing up
to 1.3 million tons of high-quality steel per year.  It employs
450 people and is located in close proximity to railway and
major highway networks.  The plant is also well-placed to
benefit from the automobile plants currently under construction
in the south of the U.S.A.  The mini mill's products are
intended for use in the automotive, construction, agrarian,
pipe-making and machine-building sectors.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of Dec. 10, 2007, OAO Severstal carries Ba2 Corporate Family,
Sneior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


SHUMIHINSKIJ ELEVATOR: Court Names V. A. Suvorova as Liquidator
---------------------------------------------------------------
The Arbitration Court of Kurgan appointed V. A. Suvorova as
Competitive Proceedings manager for OJSC Shumihinskij
Elevator.

The Court declared the company insolvent on Nov. 9.  The case is
docketed under Case No. A34-1936/2007.

The Court is located at:

         The Arbitration Court of Kurgan
         Sovetskaya Str. 192
         640003 Kurgan
         Russia

The Debtor can be reached at:

         OJSC Shumihinskij Elevator
         Tselinnaya Str. 8
         Shumikha
         Kurgan
         Russia
         Tel: 8 919 561 4210


SVERDLOVSK OBLAST: S&P Affirms Long-Term Rating at 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit rating on Russia's Sverdlovsk Oblast.  At the same
time, the outlook was revised to positive from stable.

"The outlook revision reflects continuing economic growth in the
oblast," said Standard & Poor's credit analyst Irina Pilman.
The rating on Sverdlovsk Oblast, one of Russia's strongest
industrial regions, is constrained by the oblast's low budget
flexibility and predictability.  These are exacerbated by
potential volatility of corporate profit tax proceeds,
inflation-driven growth of operating costs, and large investment
needs.

These factors are offset by strong economic growth and the
administration's intentions to maintain solid budgetary
performance and keep the debt burden low in the medium term.

According to the three-year financial plan, the oblast
management intends to keep budgets balanced and finance its
capital needs without recourse to debt.

Sverdlovsk's economic growth is well above the Russian norm,
with three-year (2004-2006) average gross regional product
growth at a high 9.5%.  S&P expects at least 7% average annual
growth over 2007-2010, based on the modernization plans of large
industrial companies.  Economy and living standards could boom
in the longer term if the region benefits from federal financing
and from becoming one of the key transportation hubs on the
crossroads between Europe and Asia.

"We expect Sverdlovsk Oblast's high economic growth to continue
to underpin revenue growth, helping the oblast management
maintain good budgetary performance despite rising public sector
salaries and infrastructure modernization," said Ms. Pilman. "We
also assume that debt will remain low."

While the oblast will have to approve a multiyear budget
starting from next year, an upgrade could result from the
introduction of a reliable and realistic capital program that
would address the main infrastructure requirements without
compromising the current prudent financial and debt policies.

Conversely, if the oblast fails to implement its planned
measures, the outlook could be revised back to stable. A sharp
decrease in revenues and a debt increase, which we view as
unlikely, could pressure the rating.


TUKZ LLC: Creditors Must File Claims by Jan. 1, 2008
----------------------------------------------------
Creditors of Pilot Plant TuKZ LLC have until Jan. 1, 2008, to
submit proofs of claim to:

         O. V. Cherkasova
         Interim Manager
         P.O. Box 2981
         300035 Tula-35
         Russia

The Arbitration Court of Tula will convene on Jan. 17, 2008, to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A68-4316/0-300/B-07.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         Pilot Plant TuKZ LLC
         Scheglovskaya Zaseka 31
         300004 Tula
         Russia


VERKH-URYUMSKOYE: Creditors Must File Claims by Jan. 1, 2008
------------------------------------------------------------
Creditors of CJSC Verkh-Uryumskoye have until Jan. 1, 2008, to
submit proofs of claim to:

         Ya. I. Gomerov
         Interim Manager
         P.O. Box 325
         Krasnoobsk Settlement
         630501 Novosibirsk
         Russia
         Tel: 217-42-01

The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on the company on Nov. 2.  The case is
docketed under Case No. A45-14087/07-43/68.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Verkh-Uryumskoye
         Verkh-Uryum Settlement
         Zdvinskij Raion
         Novosibirsk
         Russia


VKM LEASING: Fitch Lowers Long-term Issuer Default Rating to CC
---------------------------------------------------------------
Fitch Ratings downgraded Russia's CJSC VKM Leasing's Long-term
Issuer Default rating to 'CC' from 'CCC' and revised its Outlook
to Negative from Stable.  Fitch has affirmed its Short-term IDR
at 'C'.

The rating action reflects deterioration in VKM Leasing's
governance, following significant changes in the company's
management and other key personnel and higher credit and
liquidity risks associated with reductions in the level of down
payments required from lessees, the shortfall for which is
financed by short-term bank loans.

VKM Leasing's small size, exceptionally high leverage, weak
liquidity and concentrated business mean it is very vulnerable
even to relatively minor shocks, although Fitch acknowledges
that asset quality has been good to date.  The Negative Outlook
reflects Fitch's concerns that VKM Leasing's profile could
deteriorate should its governance fail to improve.

VKM Leasing was founded in the first quarter of 2004 to
facilitate, via leasing, the sale of railway rolling stock
manufactured by the wider VKM group, whose main asset is the
rolling stock manufacturer, Ruzkhimmash. It offers finance
leases of railway rolling stock to a small number of mid-sized
Russian corporates.


=============================
S L O V A K   R E P U B L I C
=============================


US STEEL: S&P Rates US$400 Million Senior Unsecured Notes at BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured rating to the proposed offering of up to US$400
million in senior unsecured notes due Feb. 1, 2018, of United
States Steel Corp. (BB+/Negative/--).  These notes are being
issued under the company's unlimited shelf registration filed on
March 5, 2007.

Proceeds from the issuance are expected to be used to refinance
a one-year bridge loan incurred in connection with the
acquisition of Stelco Inc.  Pro forma for this transaction and
other related financings associated with the Stelco transaction,
U.S. Steel has about US$6.3 billion in debt adjusted for
operating leases and postretirement obligations.

Ratings on U.S. Steel reflect the integrated steel producer's
capital-intensive operations, exposure to highly cyclical and
competitive markets, increased input costs, a high degree of
operating leverage and aggressive financial leverage, including
underfunded postretirement benefit obligations.  Ratings also
reflect the company's good liquidity, value-added product mix,
good scope and breadth of product and operations, and benefits
from its backward integration into iron ore and coke production.

Ratings List
United States Steel Corp.
Corporate Credit Rating                 BB+/Negative/--

Rating Assigned
  US$400 mil. sr unscrd nts (proposed)     BB+


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


IM CAJAMAR 5: Fitch Junks EUR15 Million Class E Notes
-----------------------------------------------------
Fitch Ratings assigned IM Cajamar 5, Fondo de Titulizacion de
Activos's notes totaling EUR1.015 billion, due in June 2050,
final ratings as:

   -- EUR962 million Class A: 'AAA'; Outlook Stable;
   -- EUR11.5 million Class B: 'AA'; Outlook Stable;
   -- EUR12 million Class C: 'A'; Outlook Stable;
   -- EUR14.5 million Class D: 'BBB'; Outlook Stable; and
   -- EUR15 million Class E: 'CCC'; Outlook Stable.

This transaction is a cash-flow securitization of a EUR1 billion
static pool of residential mortgage loans granted in Spain by
Caja Rural Intermediterranea Sociedad Cooperativa de Credito
('A'/'F1'/Outlook Stable).

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and InterMoney Titulizacion S.G.F.T, S.A's
administrative capabilities

Initial CE for the Class A to D notes is provided by
subordination and a reserve fund, which has been funded at
closing using the proceeds of the Class E notes.  The Class E
notes are uncollateralized by mortgage loans, but will benefit
from excess spread and cash released from the amortization of
the reserve fund.

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B, C and D notes, as
well as the repayment of principal at legal final maturity.
Should the deferral trigger on the Class B, C and D notes be
hit, interest on these notes will be deferred in the priority of
payments.  In this instance, interest payments might not be
received for a period of time, but will be received by legal
final maturity.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998. Its sole purpose will be to convert
mortgage transmission certificates from the seller into fixed-
income securities.  This is legally represented and managed by
InterMoney Titulizacion S.G.F.T, S.A, a limited liability
company incorporated under Spanish law, whose activities are
limited to the management of securitization funds.


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


APS DELTA: Creditors' Liquidation Claims Due by January 10, 2008
----------------------------------------------------------------
Creditors of LLC APS delta (Schweiz) have until Jan. 10, 2008,
to submit their claims to:

         Thomas Kunz
         Sparsstrasse 2
         2562 Port
         Nidau BE
         Switzerland

The Debtor can be reached at:

         LLC APS delta (Schweiz)
         Port
         Nidau BE
         Switzerland


ASEFIN JSC: Basel-Stadt Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Basel-Stadt entered Oct. 18 an order
closing the bankruptcy proceedings of JSC ASEFIN.

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

         Bankruptcy Service of Basel-Stadt
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC ASEFIN
         Schmiedgasse 8
         4125 Riehen BS
         Switzerland


BRANDER: Creditors' Liquidation Claims Due by January 28, 2008
--------------------------------------------------------------
Creditors of LLC Brander Bauplanungen have until Jan. 28, 2008,
to submit their claims to:

         LLC Brander Bauplanungen
         Rosengartenstrasse 3
         9620 Lichtensteig
         Toggenburg SG
         Switzerland


BOUTIQUE MINOU: Creditors Must File Claims by January 31, 2008
--------------------------------------------------------------
Creditors of JSC Boutique Minou have until Jan. 31, 2008, to
submit their claims to:

         Franziska Gyger
         Liquidator
         Bundenweg 10
         4512 Bellach
         Lebern SO
         Switzerland

The Debtor can be reached at:

         JSC Boutique Minou
         Brugg AG
         Switzerland


BUCHER-KUCHEN JSC: Creditors Must File Claims Due by December 31
----------------------------------------------------------------
Creditors of JSC Bucher-Kuchen have until Dec. 31 to submit
their claims to:

         JSC Bucher-Kuchen
         Gotzisbodenweg 2
         4133 Pratteln
         Liestal BL
         Switzerland


COMMEDIT LLC: Bern Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Berner Oberland in Bern commenced
bankruptcy proceedings against LLC Commedit on July 13.

The Bankruptcy Service of Berner Oberland can be reached at:

         Bankruptcy Service of Berner Oberland
         Office Thun
         3602 Thun BE
         Switzerland

The Debtor can be reached at:

         LLC Commedit
         Hauptstrasse 82
         3646 Einigen BE
         Switzerland


INFINITESPEED JSC: Creditors Must File Claims by January 7, 2008
----------------------------------------------------------------
Creditors of JSC InfiniteSpeed have until Jan. 7, 2008, to
submit their claims to:

         Dr. Christian Hostettler
         Schwertstrasse 29
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC InfiniteSpeed
         Zug
         Switzerland


LA MERVEILLE: Basel-Country Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Arlesheim in Basel-Country entered
Oct. 25 an order closing the bankruptcy proceedings of LLC La
Merveille Gastro.

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC La Merveille Gastro
         Im Reinacherhof 177
         4153 Reinach BL
         Switzerland


LEXARE LLC: Creditors' Liquidations Claims Due by Jan. 3, 2008
--------------------------------------------------------------
Creditors of LLC Lexare have until Jan. 3, 2008, to submit their
claims to:

         JSC Gohl Treuhand
         Dorfstrasse 16
         8630 Ruti ZH
         Switzerland

The Debtor can be reached at:

         LLC Lexare
         Ruti ZH
         Switzerland


SEDUZIONE BETRIEB: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Seduzione Betrieb on Oct. 31.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Liestal
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         Bankruptcy Service of Aargau
         Bahnhofstrasse 10
         4310 Rheinfelden AG
         Switzerland


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


CALIK HOLDING: Fitch Puts LT Foreign & Local Currency IDRs at B+
----------------------------------------------------------------
Fitch Ratings placed Calik Holding A.S.'s Long-term foreign and
local currency Issuer Default ratings of 'B+' on rating watch
negative  due to the company's fully-owned subsidiary, Turkuaz
Radyo ve Televizyon's Dec. 5, 2007, bid of US$1.1 billion for
Sabah-ATV media group's assets.  At the same time, Fitch has
placed Calik's National Long-term rating of 'A-' on RWN.

Fitch has also placed Globus Capital Finance S.A.'s US$200
million 8.5% notes, maturing in 2012, senior unsecured rating of
'B+' and Recovery Rating of 'RR4' on RWN.  Globus used the note
proceeds to finance a loan to Calik, which guarantees the notes
together with two of its subsidiaries.

Fitch has also placed Calik's subsidiary GAP Guneydogu Tekstil
A.S.'s National Long-term rating of 'A' on RWN.  Fitch notes
that GAP carries a US$37.5 million murabaha facility limiting
its ability to guarantee any group borrowing.

Calik was the only bidder in the auction, bidding the minimum
amount required.  The bid has been accepted by Savings Deposit
Insurance Fund of Turkey, who had seized these assets from their
previous owner earlier in 2007.  Fitch understands that SDIF
will now present the tender results to the Competition Authority
and then to the Radio and Television Regulatory Authority (RTUK)
for their respective approvals.  Sabah-ATV is the second-largest
media group in Turkey with an 18.6% share of newspaper
advertising through the Sabah daily newspaper and a 19.5% share
of television advertising through ATV at end-2006.

Calik's RWN is based on Fitch's concerns about the financial
impact of this recent decision of the group to move into the
media sector.  Fitch estimates the potential execution and
financial risks associated with this material bid to be
considerable at this stage.  Calik's entry into a very
competitive sector that is materially altering the business and
financial profile of the group, while introducing significant
leverage, are important factors in the group's ratings.

At this early stage, Calik is yet to formally announce a
detailed funding strategy for this venture, which may be
financed by a mix of debt and equity.  Calik may also choose to
sell a stake in this venture to a strategic partner, but current
Turkish law limits foreign ownership of media assets to 25%.

Fitch is concerned that this bid signals an increasingly
opportunistic and short-term approach for this privately-owned
company, which may be to the detriment of public stakeholders
such as bond investors. Any downgrade may be of multiple
notches.  Fitch aims to resolve the RWN following discussions
with Calik management, a review of the acquisition debt
structure and closure of the transaction.

As noted in its 3 December 2007 announcement, Fitch continues to
take into consideration Calik's planned expansion in the
electricity generation, petrochemicals, and oil and gas sectors.
The funding structures and eventual monetary impact of such
expenditures on group results remain to be seen.


PROFILO TELRA: Fitch Puts Junk Ratings on Non-Payment of Bonds
--------------------------------------------------------------
Fitch Ratings downgraded Turkey-based Profilo Telra Elektronik
Sanayi ve Ticaret A.S.'s ratings as:

   -- long-term foreign currency Issuer Default ratings:
      downgraded to 'C' from 'CC';

   -- long-term local currency IDR: downgraded to 'C' from 'CC';

   -- national long-term rating: downgraded to 'C' from 'B-';
      and

   -- all ratings remain on rating watch negative.

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

The downgrades of Profilo's Long-term IDRs reflect the non-
payment of the EUR5.375 million bond coupon that was due on
Dec. 3, 2007, Fitch commented that HD may not be able to pay its
coupon due on Dec. 7, 2007, and stated that failure to pay this
coupon on the due date was likely to cause a further downgrade
to Profilo's ratings on Dec. 10.

The senior unsecured rating has been maintained at 'CC'/'RR4'
from a recovery perspective, whereby Fitch's standard Recovery
Rating analysis implies an average recovery prospect given
default, in line with securities historically recovering 31-50%
of current principal and related interest.

Fitch maintains its concerns regarding Profilo's performance and
liquidity.  Following the company's failure to meet its Dec. 7,
2007, interest payment of EUR5,375,000 to HD Capital, Fitch
views the prospects of the LPN Trustee triggering a default
highly likely.  In the event of a default declaration by the
Trustee, Fitch will take further rating action on Profilo and
the LPN notes accordingly.

Following poor results in 2006, Profilo's performance continued
to deteriorate in 2007.  H107 results revealed a severe revenue
contraction to TRY144 million (FY06: TRY587 million) due to
reduced production.

For H107, Profilo also reported an operating loss of TRY51
million and an operating cash outflow of TRY25 million
(FY06:TRY66 million) before the positive effects of working
capital.  At end-H107, Profilo had TRY181 million short-term and
TRY141 million long-term debt, with minimal cash on balance
sheet of TRY6 million.

Due to sustained operating losses severely impacting its
liquidity, Profilo had to cut back its production volumes.
Overall, viability of the businesses hinges on Profilo's
liquidity being supported by its ability to achieve sustained
operating profitability, management of its working capital
components, as well as its ability to service its short-term
interest and principal payments.

The auditor's H107 report continues to qualify that the group's
ability to continue as a going concern is dependent on financial
support from its shareholders and creditors.  While the company
seems to have received some support from its suppliers and
customers with respect to its trade terms, Fitch has not
received any indication of forthcoming shareholder support in
the near future.


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


BONUS CJSC: Creditors Must File Claims by December 15
-----------------------------------------------------
Creditors of CJSC Insurance Company Bonus (code EDRPOU 30529819)
have until Dec. 15 to submit written proofs of claim to:

         Denis Maliuska
         Liquidator
         63 Apartment 48
         Lukianovskaya Str.
         04071 Kiev
         Ukraine

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/458-b.

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

The Debtor can be reached at:

         CJSC Insurance Company Bonus
         Gertsen Str. 17-25
         04050 Kiev
         Ukraine


GARNISHOVKA LLC: Proofs of Claim Filing Deadline Set December 15
----------------------------------------------------------------
Creditors of Garnishovka Agricultural LLC (code EDRPOU 03790209)
have until Dec. 15 to submit written proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskih
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company on Aug. 27.  The case is
docketed under Case No. 13/272-B.

The Debtor can be reached at:

         Garnishovka Agricultural LLC
         Garnishovka
         Volochisk District
         31242 Hmelnitskij
         Ukraine


IMPEX TRADE: Creditors Must File Claims by December 15
------------------------------------------------------
Creditors of LLC Impex Trade (code EDRPOU 32487996) have until
Dec. 15 to submit written proofs of claim to::

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/654-b.

The Debtor can be reached at:

         LLC Impex Trade
         Architect Verbitsky Str. 28-A
         02068 Kiev
         Ukraine


MANUL LLC: Creditors Must File Claims by December 15
----------------------------------------------------
Creditors of LLC Manul (code EDRPOU 24547111) have until Dec. 15
to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/809-b.

The Debtor can be reached at:

         LLC Manul
         Ac. Glushkov Str. 1
         Kiev
         Ukraine


NADIYA LLC: Creditors Must File Claims by December 15
-----------------------------------------------------
Creditors of Agricultural LLC Nadiya (code EDRPOU 25496255) have
until Dec. 15 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/257-07.

The Debtor can be reached at:

         Agricultural LLC Nadiya
         Bandishovka
         Mogilev-Podolsky District
         Vinnica
         Ukraine


NRB UKRAINE: Moody's Lifts Deposit & Senior Debt Ratings to Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded the long-term global scale
local currency deposit and senior unsecured debt ratings of Bank
NRB Ukraine to Ba2 from B2.

The rating agency also upgraded the bank's long-term national
scale rating to Aa1.ua from A1.ua.

Moody's affirmed Bank NRB's E+ bank financial strength rating,
B2 foreign currency deposit rating and the Not Prime short-term
ratings.  The outlook on Bank NRB's foreign currency deposit
rating, which is constrained by Ukraine's B2/Not Prime ceiling
for such deposits, is positive, while the outlook on all of the
bank's other ratings is stable.

These rating actions follow Bank NRB's acquisition by Sberbank
(rated A1/P-1/D+), announced in early 2006.  This transaction
has now been completed as Sberbank has finalized its acquisition
of 100% of the total issued share capital of Bank NRB following
the National Bank of Ukraine's approval of the acquisition. The
upgrade of Bank NRB's local currency deposit and debt ratings
and its NSR is based on Moody's assumptions regarding Sberbank's
strong commitment to Bank NRB and the high probability that it
would provide support to it in case of need.

Moody's expects that the integration of Bank NRB into Sberbank
will result in positive developments in the areas of franchise
development, capitalization and profitability, thus exerting
upward pressure on its Baseline Credit Assessment.  At present,
Bank NRB's E+ BFSR maps to a BCA of B2.

Headquartered in Kyiv, Ukraine, Bank NRB reported total IFRS
consolidated assets of US$242 million and net profit of
US$5 million as of year-end 2006.

Headquartered in Moscow, Sberbank is the largest bank in the CIS
and Eastern Europe.  Its total assets under IFRS reached
RUR4.28 trillion (US$165.9 billion) at end-first half 2007.


RUDKA LLC: Creditors Must File Claims by December 15
----------------------------------------------------
Creditors of Rudka Agricultural LLC (code EDRPOU 02137890) have
until Dec. 15 to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 18/74.

The Debtor can be reached at:

         Rudka Agricultural LLC
         Grebenka District
         Rudka
         Poltava
         Ukraine


TECHNOCOM-97 LLC: Creditors Must File Claims by December 15
-----------------------------------------------------------
Creditors of LLC Technocom-97 (code EDRPOU 24922017) have until
Dec. 15 to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/810-b.

The Debtor can be reached at:

         LLC Technocom-97
         Vossoyedineniya Avenue 15
         Kiev
         Ukraine


VICTORIYA LLC: Creditors Must File Claims by December 15
--------------------------------------------------------
Creditors of Agricultural LLC Victoriya (code EDRPOU 25495770)
have until Dec. 15 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/563-07.

The Debtor can be reached at:

         Agricultural LLC Victoriya
         Ivonovka
         Mogilev-Podolsky District
         Vinnica
         Ukraine


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


ACTIVATED PROMOTIONS: High Court Orders Wind-Up Process
-----------------------------------------------------------
The High Court of England and Wales entered an order to wind up
Activated Promotions Limited in the public interest upon the
petition filed by the Secretary of State for Business,
Enterprise & Regulatory Reform.

The petition was presented under S124A of the Insolvency Act
1986.  A Provisional Liquidator had been appointed on Sept. 13,
2007 to administer the company's affairs pending the hearing of
the petition.

The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch
under section 447 of the Companies Act 1985.  Activated, based
in Manchester, carried on a business of the type that has become
known as "Support Publishing" and cold-called businesses
throughout the United Kingdom asking them to sponsor business to
business, social awareness journals.  It received in excess of
GBP645,000 from advertisers between March 14, 2005 and May 18,
2007.

Despite a lack of co-operation from the company's officers,
CIB's enquiry found that the company targeted small businesses
soliciting sponsorship for 5 journals only one of which was ever
produced.  Its sales staff then used inappropriate debt
collection methods including threatening the small businesses
concerned with registration of a bad debt against them.  The
threat to a small business of an adverse credit rating was, in
some cases, sufficient to induce payment.

The company is located at:

         Activated Promotions Limited
         36 Stradbroke Close
         Gorton
         Manchester
         United Kingdom


AUBERGINE ROOM: Calls In Liquidators from Wilkins Kennedy
---------------------------------------------------------
John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins
Kennedy were appointed joint liquidators of The Aubergine Room
Ltd. on Nov. 27 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


BBT LTD: Brings In Liquidators from Tenon Recovery
--------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of BBT (NE) Ltd. on Nov. 27 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


BI-RIGHT LTD: Joint Liquidators Take Over Operations
----------------------------------------------------
G. Mummery and M. Weller of Vantis Redhead French Ltd. were
appointed joint liquidators of Bi-Right Ltd. on Nov. 28 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


CONSTELLATION BRANDS: Commences Exchange Offer for US$700M Notes
----------------------------------------------------------------
Constellation Brands Inc. has commenced an offer to exchange
US$700 million principal amount of its 7.25% Senior Notes due
2017, which are registered under the Securities Act of 1933 for
all US$700 million of its currently outstanding 7.25% Senior
Notes due 2017, which have not been registered under the
Securities Act of 1933.

The company said it will not receive any proceeds from the
exchange offer, nor will its debt level change as a result of
the exchange offer.

The terms of the Exchange Notes and the Original Notes are
substantially identical in all material respects.

The exchange offer will be open for acceptance until 5:00 p.m.,
New York City time, on Jan. 7, 2008, unless extended.  Persons
with questions regarding the exchange offer should contact the
exchange agent, The Bank of New York Trust Company, N.A., at
212-815-2742.

A copy of the prospectus for the exchange offer and related
letter of transmittal, included in the registration statement,
may be obtained by writing to investor relations, at:

     Constellation Brands Inc.
     Suite 300, 370 Woodcliff Drive
     Fairport, NY 14450

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- is a producer and
marketer of beverage alcohol in the wine, spirits and imported
beer categories, with market presence in the U.S., Canada, U.K.,
Australia and New Zealand.  The company has more than 250 brands
in its portfolio, sales in 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Fitch Ratings assigned a 'BB-' rating to a note registered by
Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is Negative.


COUNTRYWIDE SECURITY: Taps Liquidators from Tenon Recovery
----------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Countrywide Security Services
Ltd. on Nov. 27 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


COVENTRY CITY: Nears Takeover Deal With Alki David
--------------------------------------------------
The board of Coventry City Football Club, which is in
administration proceedings, is in talks with billionaire
businessman Alki David over a possible takeover bid, the
Guardian reports.

According to the report, Coventry has until tomorrow, Dec. 12,
2007, to finalize a takeover or it will be deducted 10-points,
thus, putting them in the Championship relegation zone.

Mr. David, however, told the Guardian "negotiations are at a
very good stage and I expect a positive decision to be made
soon."

"Coventry is a team which can achieve great things if it is
slapped into shape.  My aim is to take them into the Premier
League and I want to work with the current management team to
achieve that," Mr. David was quoted by the Guardian as saying.

The paper reveals Mr. David will assume the club's GBP38 million
debt.  He also intends to pay GBP15 million for full control of
the Midlands outfit as well as come up up with a transfer
budget.

On Dec. 3, 2007, Coventry City filed a court notice to go into
administration within ten days in an attempt to protect the bank
and it's creditors and speed up the potential takeover of the
club.  The club also confirmed that staff and player wages have
been paid, Reuters relates.

The club is also in takeover negotiations with Ray Ranson and
Sisu Capital.

Meanwhile, Ian Dowie, the Coventry's manager, earlier indicated
it would quit if the club went into administration, Sachin
Nakrani writes for the Guardian.

               About Coventry City Football Club

Coventry City Football Club -- http://www.ccfc.co.uk/--
currently plays its football (soccer) in the English Football
League Championship (formerly known as Division 1).  Coventry
City FC was originally formed in 1883 and was known as Singers
until 1898, when the team changed its name to Coventry City.
The team, nicknamed the Sky Blues, wears jerseys that are
sponsored by the Cassidy Group.  The majority of the club's
revenues are derived from game day receipts like ticket sales
and television broadcasts.


KEY EDGE: High Court Orders Wind Up Proceedings
-----------------------------------------------
The High Court of England and Wales entered an order to wind up
Key Edge in the public interest following an investigation by
Companies Investigation Branch.  Some 250 people invested
franchise fees totaling GBP2.7 million.

The investigation found that franchisees were misled by false
and misleading statements about the level of training, support
and potential earnings.  Also that support under the
Government's Small Firms Loan Guarantee Scheme of GBP150,000 to
finance the development of a national 24 hour call center was
applied instead to a significant extent for the directors' own
benefit.

The companies were all ordered into compulsory liquidation on
Nov. 21, 2007.

"I am satisfied that it is appropriate in each of the three
cases to make the usual compulsory order," Registrar Christine
Derrett said.

The petitions to wind up the three companies in the public
interest were presented on Aug. 14, 2007, under the provisions
of section 124A of the Insolvency Act 1986 following enquiries
carried out by CIB under the provisions of section 447 of the
Companies Act 1985.

These companies are located at:

         Key Edge Limited
         Key Edge Plumbing Limited
         Key Edge Group Limited
         5 Theobald Court
         Theobald Street
         Borehamwood
         Hertfordshire
         WD6 4RN
         United Kingdom


SEA CONTAINERS: Wins Arbitration Case Against GE Capital
--------------------------------------------------------
Sea Containers Ltd, which owns half of the common equity in GE
SeaCo SRL, one of the world's largest container leasing
companies has won the arbitration case brought against it by GE
Capital, the co-owner of GE SeaCo.

In September 2006, GE Capital of Stamford, Connecticut,
contended that when James Sherwood, the company's founder, stood
down from his duties as chairman of the board of directors of
Sea Containers in March 2006, there had been a change of control
at Sea Containers that allowed GE to buy out Sea Containers'
interests in GE SeaCo.

Sea Containers welcomes the decision by the Arbitrator of the
Commercial Arbitration Tribunal in the International Institute
for Conflict Prevention and Resolution.  The Arbitrator found
that, for numerous reasons, when Mr. Sherwood stepped down from
his position at Sea Containers, there was no change of control
that might have triggered any right of GE Capital to purchase
Sea Containers' interest in GE SeaCo.

The favorable arbitration ruling is a major step forward in Sea
Containers' efforts to advance its financial reorganization.
Sea Containers looks forward to working with GE Capital to
maximize the value of GE SeaCo.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.


SHAW GROUP: Earns US$645,000 in 2007 Fourth Qtr. Ended Aug. 31
--------------------------------------------------------------
The Shaw Group Inc. reported financial results for its fourth
quarter and fiscal year ended Aug. 31, 2007.  Net income for the
three months ended Aug. 31, 2007, inclusive of its investment in
Westinghouse, was US$645,000.  Excluding the Westinghouse
segment, net income was US$36.9 million.

In comparison, for the three months ended Aug. 31, 2006, which
was prior to the Westinghouse investment, Shaw reported net
income of US$13.3 million.

Earnings before interest expense, income taxes, depreciation and
amortization for the three months ended Aug. 31, 2007, including
the Westinghouse segment, were US$13.4 million.  These results
included a US$52 million pre-tax and non-cash foreign exchange
translation loss on the company's Japanese Yen denominated debt
that partially funded the investment in Westinghouse.  Excluding
the Westinghouse segment, fourth quarter 2007 EBITDA was
US$64.2 million compared to fourth quarter 2006 EBITDA of
US$30.1 million.

Revenues for the fourth quarter 2007 were US$1.6 billion
compared to US$1.2 billion in the prior year quarter, a 40%
increase.  Shaw generated approximately US$176 million in
operating cash flow during the fourth quarter of 2007 as
compared to US$162 million in the fourth quarter 2006.  The
company's global cash balance at Aug. 31, 2007, exceeded
US$360 million.

For the fiscal year ended Aug. 31, 2007, inclusive of its
investment in Westinghouse, Shaw reported a net loss of
US$19.0 million.  Excluding the Westinghouse segment, fiscal
year 2007 net income was US$19.4 million.  For the fiscal year
ended Aug. 31, 2006, Shaw reported net income of
US$50.2 million.

For the fiscal year ended Aug. 31, 2007, EBITDA including the
Westinghouse segment was US$59.6 million and US$92.1 million
excluding the Westinghouse segment.  Fiscal year ended
Aug. 31, 2006, EBITDA was US$124.1 million.  Revenues for fiscal
year 2007 were US$5.7 billion compared to US$4.8 billion in
fiscal year 2006, a 20% increase.  Shaw generated US$461.0
million of operating cash flow in fiscal year 2007, compared to
a net use of cash in operating activities of US$94.5 million in
fiscal year 2006.

Shaw booked nearly US$11 billion in new awards during fiscal
year 2007 and its backlog of unfilled orders at Aug. 31, 2007,
rose to a record US$14.3 billion, up 57% from approximately
US$9.1 billion at Aug. 31, 2006.

"Global demand and economic expansion in the markets we service
for power generation capacity, petrochemicals and refined
products continue to drive Shaw's considerable growth," J.M.
Bernhard Jr., Shaw's chairman, president and chief executive
officer, said.  "New contract awards for air quality and
emissions control work, plus new clean coal generation power
projects, together with our nuclear projects, provided the basis
for our Power Group growth.  During 2007, we booked our first
major nuclear power project in China and are working on the
study phase of several proposed U.S.-based nuclear power
projects.

"The Energy and Chemicals Group benefited from increased demand
for chemical and petrochemical production and refinery capacity
in the Middle East and Asia Pacific.  Demand for our fabrication
and manufacturing services is stronger as most power plants, oil
refineries, petrochemical and chemical plants require
significant quantities of piping.  In response to the global
demand of our customers, we are building our largest facility
worldwide in Matamoros, Mexico, and anticipate output to begin
in the second half of fiscal year 2008.

"Our Maintenance segment also continues to perform well from
current customers expanding existing contracts and from
sustained strong demand at an increasing number of new
locations.  Based on our record backlog, we anticipate seeing
continued growth in our revenues and earnings and anticipate
strong operating cash flow during fiscal year 2008 as we execute
our major power, chemical and petrochemical contracts."

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$3.8 billion and total liabilities of
US$2.6 billion, resulting in a stockholders' equity of
US$1.2 billion.

                         About Shaw Group

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

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

                          *     *     *

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

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


                            *********

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

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

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

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

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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, Patrick Abing, Marites Claro and Kristina Godinez,
Editors.

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

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

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

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


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