TCREUR_Public/071212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, December 12, 2007, Vol. 8, No. 246

                            Headlines




A U S T R I A

BERGER & VOLLMANN: Claims Registration Period Ends Dec. 27
DIAMED DIAGNOSTICA: Claims Registration Period Ends Dec. 27
ING. ASTOCKINGER: Claims Registration Period Ends Dec. 30
ING. MALEKZADEH: Claims Registration Period Ends Dec. 21
Z-BAU LLC: Claims Registration Period Ends Oct. 30


B E L G I U M

CHIQUITA BRANDS: Reaches Settlement with Panamanian Farmers
TIMKEN CO: Enters Into Joint Venture with Xiangtan Electric


C Z E C H   R E P U B L I C

PETROF SPOL: Court Junks CZK2 Million Claim; Escapes Bankruptcy


F R A N C E

COMPLETEL SAS: S&P Withdraws B- Corporate Credit Rating
DELPHI CORP: Noteholders Balk at Revised Disclosure Statement
DELPHI CORP: Disclosure Statement is Inadequate, Wilmington Says
DELPHI CORP: Revised Plan Disregards ERISA Plaintiffs' Concerns
GOODYEAR TIRE: Forms New Strategic Business Unit


G E R M A N Y

FPS SCHMALFELD: Claims Registration Period Ends Jan. 14, 2008
GILDEMEISTER AG: Moody's Lifts Corporate Family Rating to Ba2
INTER-TEX TEXTIL: Claims Registration Period Ends Jan. 14, 2008
NATUR&GUT MARKETING: Claims Registration Ends Jan. 11, 2008
PROMISE I MOBILITY 2005-1: Fitch Holds BB+ Rating on Notes

PROMISE I MOBILITY 2005-2: Fitch Holds Ratings on Series E Notes
PROMISE I MOBILITY 2006: Fitch Holds BB+ Rating on Class E Notes


H U N G A R Y

AES CORP: Unit Selling Up To BRL200 Mln Non-Convertible Notes


I R E L A N D

COMMSCOPE INC: Reaches Agreement with DOJ to Complete Andrew Buy
PREPS 2005-2: Fitch Downgrades EUR41.5 Mln Class B1 Notes to B
PROMISE I MOBILITY 2005-2: Fitch Holds Ratings on Series E Notes


I T A L Y

DANA CORP: Personal Injury Committee Objects to Plan
GOODYEAR TIRE: Noteholders Tender US$346 Mln Convertible Notes
IMAX CORP: Inks Deal with AMC to Install 100 IMAX(R) Systems


K A Z A K H S T A N

AKTOBE AGRO: Proof of Claim Deadline Slated for Jan. 4, 2008
ARSH-LINE LLP: Creditors Must File Claims Jan. 4, 2008
DERBES LLP: Claims Filing Period Ends Jan. 4, 2008
GREEN MARKET: Creditors' Claims Due on Jan. 4, 2008
KERNAL SERVICES: Claims Registration Ends Jan. 4, 2008

KROKUS STROY: Proof of Claim Deadline Slated for Jan. 4, 2008
ODAK-SOUZ LLP: Creditors Must File Claims Jan. 4, 2008
PCD LEASING: Claims Filing Period Ends Jan. 4, 2008
UK PROMSPETSCOMPLECT: Claims Registration Ends Jan. 4, 2008
UYUT LLP: Creditors' Claims Due on Jan. 4, 2008


K Y R G Y Z S T A N

AUTO-STOP LLC: Creditors Must File Claims by January 11, 2007


N E T H E R L A N D S

NEPTUNO CLO: Moody's Rates EUR27.3 Mln Class E Sr. Notes at Ba3


R U S S I A

BALTINVESTBANK: Moody's Assigns B3/NP/E+/Baa2.ru Global Ratings
BURYATGOSPLEM OJSC: Asset Sale Slated for Dec. 31
COMSTAR UNITED: Acquires Digital Telephone for RUR4.1 Billion
HEATING NETWORK: Bankruptcy Hearing Slated for March 20, 2008
IZHEVSKIJ CAR-REPAIR: Creditors Must File Claims by Jan. 1, 2008

KOTEL'NICHSKAYA KNITTING: Asset Sale Slated for Jan. 1, 2008
SHAKHTA KAPITAL'NAYA: Creditors Must File Claims by Jan. 1, 2008
SEROVBREAD OJSC: Under External Management Bankruptcy Procedure
SEROVBREAD OJSC: Under External Management Bankruptcy Procedure
TALITSKIJ MILK: Court Starts Bankruptcy Supervision Procedure

TNK-BP HOLDING: To Invest US$1.5 Billion in Oil Refining
VOLGAMEBEL'PROM CJSC: Creditors Must File Claims by Feb. 1, 2008
VOLGOGASMONTAZH CJSC: Court Hearing Slated for March 11, 2008
ZDVINSKAGROSNAB OJSC: Creditors Must File Claims by Jan. 1, 2008


S P A I N

FTA SANTANDER: Fitch Junks EUR21.8 Million Class F Notes
TDA CAM: Moody's Junks EUR23.5 Million Series D Notes


S W I T Z E R L A N D

FL CONSULTING: Creditors' Liquidation Claims Due by December 14
FOLGHERA JSC: Creditors' Liquidation Claims Due by December 17
GARAGE DIGGELMANN: Creditors Must File Claims by December 17
GISSLER DRUCK: Creditors' Liquidation Claims Due by December 14
ISO H+E: St. Gallen Court Starts Bankruptcy Proceedings

MARBASE JSC: Creditors' Liquidation Claims Due by December 14
NETRONIX LLC: Aargau Court Starts Bankruptcy Proceedings
SCHUREX LLC: Zurich Court Closes Bankruptcy Proceedings
SOLDATI BAUUNTERNEHMUNG: Bern Court Closes Bankruptcy Process
WSS WEST: Creditors' Liquidation Claims Due by December 14


U K R A I N E

AZOV SERVICE: Creditors Must File Claims by December 15
CHEMISTRY INDUSTRIAL Creditors Must File Claims by December 15
COMPANY-INTER-ALIANCE: Creditors Must File Claims by December 16
DNK UKRAINE: Creditors Must File Claims by December 16
GALEON LLC: Creditors Must File Claims by December 16

ILONA LLC: Creditors Must File Claims by December 16
PLUS TELECOM: Creditors Must File Claims by December 15
UKRAINA BANK: Liquidator Receives UAH142,000 in October
VIOTAN LLC: Creditors Must File Claims by December 16


U N I T E D   K I N G D O M

CHRYSLER LLC: Top Spokesman Quits Spurring Corporate Realignment
CHRYSLER LLC: November Certified Pre-Owned Vehicle Sales Down 2%
CYCLESMART LTD: Appoints Simon Paterson as Liquidator
GENERAL MOTORS: November 2007 Sales in Canada Down 10.2%
KRISPY KREME: Posts US$798,000 Net Loss in Quarter Ended Oct. 28

RANK GROUP: Richardsons Capital Acquires 9.3% Stake
REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court
REGENT HOUSE: High Court Winds Up Business
SANYO ELECTRIC: To Open Lab Aimed at Reducing Solar Power Cost
SMART FINANCES: M. C. Bowker Leads Liquidation Procedure

TATA MOTORS: Submits Revised Offer for Jaguar and Land Rover
TAYLOR'S GROUP: Calls In Liquidators from Chantrey Vellacott DFK
US STEEL: Prices US$500 Million Offering of 7% Senior Notes
WORCESTER PROPERTIES: Names Neil Francis Hickling Liquidator



                            *********

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


BERGER & VOLLMANN: Claims Registration Period Ends Dec. 27
----------------------------------------------------------
Creditors owed money by LLC Berger & Vollmann (FN 225621x) have
until Dec. 27 to file written proofs of claim to court-appointed
estate administrator Martin Koroschetz at:

         Dr. Martin Koroschetz
         Maria Theresien Strasse 9
         1090 Vienna
         Austria
         Tel: 319 32 60
         Fax: 319 32 60 9
         E-mail: dr.koroschetz@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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. 29 (Bankr. Case No. 28 S 122/07f).  


DIAMED DIAGNOSTICA: Claims Registration Period Ends Dec. 27
-----------------------------------------------------------
Creditors owed money by LLC DiaMed Diagnostica Med.Produkte (FN
87788a) have until Dec. 27 to file written proofs of claim to
court-appointed estate administrator Christian Ebmer at:

         Mag. Christian Ebmer
         Schillerstr. 12
         4020 Linz
         Austria
         Tel: 0732/656969
         Fax: 0732/656969-60
         E-mail: office@hep.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Jan. 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Gallneukirchen, Austria, the Debtor declared
bankruptcy on Oct. 30 (Bankr. Case No. 38 S 58/07v).  


ING. ASTOCKINGER: Claims Registration Period Ends Dec. 30
---------------------------------------------------------  
Creditors owed money by  LLC ING. ASTOCKINGER (FN 122165f) have
until Dec. 30 to file written proofs of claim to court-appointed
estate administrator Heinz Kassmannhuber at:

         Dr. Heinz Kassmannhuber
         c/o Dr. Gerwald Schmidberger
         Stelzhamerstrasse 11
         4400 Steyr
         Austria
         Tel: 07252/50 300
         E-mail: office@sks-law.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Jan. 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Micheldorf, Austria, the Debtor declared
bankruptcy on Oct. 29 (Bankr. Case No. 14 S 38/07x).  Gerwald
Schmidberger represents Dr. Kassmannhuber in the bankruptcy
proceedings.


ING. MALEKZADEH: Claims Registration Period Ends Dec. 21
--------------------------------------------------------
Creditors owed money by LLC Ing. Malekzadeh Bau und Planung (FN
233282m) have until Dec. 21 to file written proofs of claim to
court-appointed estate administrator Michael Neuhauser at:

         Mag. Michael Neuhauser
         c/o Dr. Christof Stapf
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333-55
         E-mail: wien@snwlaw.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Jan. 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 29 (Bankr. Case No. 3 S 140/07v).  Christof Stapf
represents Mag. Neuhauser in the bankruptcy proceedings.


Z-BAU LLC: Claims Registration Period Ends Oct. 30
--------------------------------------------------
Creditors owed money by LLC Z-Bau (FN 233689k) have until
Oct. 30 to file written proofs of claim to court-appointed
estate administrator Bernhard Eder at:

         Dr. Bernhard Eder
         c/o Dr. Herbert Hochegger
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 619
         E-mail: eder@rechtsanwaelte.co.at     

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 30 (Bankr. Case No. 5 S 127/07x).  Herbert Hochegger
represents Dr. Eder in the bankruptcy proceedings.


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


CHIQUITA BRANDS: Reaches Settlement with Panamanian Farmers
-----------------------------------------------------------
Chiquita Brands International Inc. has finally reached a
conclusion to a long-running dispute with Panamanian farmers,
Business COurier reports.

Coosemupar has agreed to sell to Chiquita for US$6.50 per 19.2
kilogram box, an increase of one dollar from the current selling
price, Reuters says.

The dispute began in 2003 when Coosemupar bought from Chiquita
its Puerto Armuelles Fruit Co.  The cooperative asserts that
Chiquita's price is too low.  As an act of protest, Coosemupar
gave away for free 20,000 bananas in November.

Freshinfo says Panama's banana production in 2006 reached
440,000 tons.  Panama's supply accounts for five percent of what
the company puchases in Latin America.

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

                       *     *     *

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

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


TIMKEN CO: Enters Into Joint Venture with Xiangtan Electric
-----------------------------------------------------------
The Timken Company has entered an agreement with Chinese heavy
equipment manufacturer Xiangtan Electric Manufacturing Co. Ltd.
to establish a joint venture in China to manufacture ultra-
large-bore bearings for main rotor shafts of multi-megawatt wind
turbines for the Chinese wind energy market.  The joint venture
is expected to contribute to China's goal of generating 30
million kilowatts of power from wind energy systems by 2020,
providing a renewable energy source for China's rapidly
expanding economy.

The joint venture will build a new US$38 million facility in
Xiangtan, located in China's Hunan province, to collaborate on
the manufacture of main-shaft bearings for wind turbines.
Timken and XEMC expect to employ more than 110 people in the
joint venture.  Construction of the new facility is scheduled to
begin in 2008.

The agreement was unveiled in Beijing at a ceremony attended by
China's Ministry of Commerce Vice-Minister, Jiang Zeng Wei, and
U.S. Secretary of Commerce Carlos M. Gutierrez, who is visiting
China to encourage bilateral trade and investment that will
strengthen the U.S. and Chinese economies.

"Timken's partnership in China will provide $100 million in
exports, while also helping China expand alternative energy,
wind power, which helps the planet," said U.S. Secretary of
Commerce Carlos M. Gutierrez.

Timken power transmission and friction management solutions are
particularly well suited to improving the performance,
durability and reliability of wind turbine systems.  By
combining Timken's alloy steel expertise, power-transmission
design and precision manufacturing capabilities with XEMC's
leadership in heavy-equipment manufacturing in the Chinese
market, the joint venture will be well-positioned to meet the
needs of China's rapidly growing wind energy industry.  Timken
will have an ownership stake of 80 percent in the joint venture.

"Timken has continued to invest heavily in China since entering
this country in 1992, and the joint venture with XEMC is the
latest example of our commitment to meet the needs of Chinese
customers as they participate in one of the most important
economic expansions the world has ever witnessed," said Roger
Lindsay, Timken's senior vice president for Asia.  "We believe
our collaboration with XEMC will contribute to Chinese economic
growth while also advancing the use of sustainable energy to the
benefit of us all."

In addition to Timken's participation in the wind energy
industry, the company has developed a wide range of products
that contribute to sustainability by improving the operating
efficiency and power density of diverse types of machinery.

                     About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered  
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


===========================
C Z E C H   R E P U B L I C
===========================


PETROF SPOL: Court Junks CZK2 Million Claim; Escapes Bankruptcy  
---------------------------------------------------------------
The High Court of Justice in Prague has dismissed US-based
Geneva International Corporation's CZK2 million claims against
Petrof, spol. s r.o., which resulted to the piano maker's escape
from bankruptcy, reports Access Czech Republic Business
Bulletin.

As reported in the Troubled Company Reporter-Europe on June 26,
2007, a judge at the Regional Court in Hradec Kralove dismissed
the bankruptcy petition filed by Geneva in relation to the CZK2
million claim, which Petrof executive and co-owner Zuzana
Ceralova-Petrofova said have been filed in an unconventional
method.  Ms. Petrofova related that the claim Geneva tried to
exact is based on complaints that are ungrounded.

The paper notes that Geneva's contract on the exclusive sales of
Petrof pianos and upright pianos in the United States ended in
November 2007, after 22 years of business.  Petrof currently
controls piano sales in the U.S. through a subsidiary.  The
company also maintains important customers in Asia, Europe and
countries of the former USSR.

Meanwhile, Petrof believes that the worst is over for the
company, the Financial Times says citing the Czech bulletin as
its source.  The piano company expects its profit to
considerably increase in 2007 compared to CZK4.4 million in
2006, while its proceeds are estimated to decrease in 2007
compared to CZK517 million in 2006, FT relates.

Petrof averted bankruptcy proceedings in 2004 due to bank debts,
FT recalls.

Headquartered in Hradec Kralove, Czech Republic, Petrof, spol.
s r.o. -- http://www.petrof.cz/en/-- manufactures upright and  
grand pianos.  Petrof has about 450 employees.  It earned CZK4.4
million in 2006.


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


COMPLETEL SAS: S&P Withdraws B- Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services withdrawn its 'B-' long-term
corporate credit rating on French alternative telecommunications
provider Completel SAS, at the company's request.

At the same time, the 'B-' debt rating and recovery rating of
'4' on the group's EUR80 million senior secured notes due 2012
were also withdrawn following the repayment of the notes.

At the time of withdrawal, the group's long-term ratings were
still on CreditWatch with developing implications, where they
were placed on Sept. 3, 2007, following the sale of 21% of the
capital of Completel Europe N.V., Completel's parent company, by
its shareholders to Altice B2B France, and the latter's clear
intention of taking full control of Completel in the short
term.

Altice B2B France launched a simplified public offer on
Completel N.V.'s share capital on Oct. 23, 2007, which closed on
Nov. 19, 2007.  At that date, Altice B2B France owned about
99.9% of Completel's issued share capital and voting rights.

Completel has no rated debt outstanding, following its buyback
of all its outstanding EUR80 million senior notes due 2012, for
a total amount of EUR91.1 million on Oct. 1, 2007.  The senior
notes' repayment was funded through a new EUR61 million senior
bank facility at Completel's level, with the support of
Altice B2B France, and about EUR30 million of Completel's cash.


DELPHI CORP: Noteholders Balk at Revised Disclosure Statement
-------------------------------------------------------------
Eight holders of Senior Notes in Delphi Corp. asks the United
States Bankruptcy Court for the Southern District of New York to
Reject the revised Disclosure Statement explaining the Debtors'
Joint Chapter 11 Plan of Reorganization filed on Dec. 3, 2007.

As reported in the Troubled Company Reporter on Dec. 6, 2007,
the Debtors said it has reached agreements in principle with its
Official Committee of Unsecured Creditors, its Official
Committee of Equity Security Holders, General Motors Corp. and
its Plan Investors on amendments to its Joint Plan of
Reorganization, Global Settlement Agreement and Master
Restructuring Agreement between Delphi and GM, and the
Investment Agreement with Delphi's Plan Investors led by an
affiliate of Appaloosa Management L.P. Delphi filed potential
amendments to all four documents on Monday evening in the United
States Bankruptcy Court for the Southern District of New York as
revisions to the company's Disclosure Statement and appendices
to the company's Disclosure Statement.

Holders of Delphi Corp. Senior Notes:

   -- Caspian Capital Advisors, LLC;
   -- Castlerigg Master Investments Ltd.;
   -- CR Intrinsic Investors, LLC;
   -- Davidson Kempner Capital Management LLC;
   -- Elliott Associates, L.P.;
   -- Everest Capital Limited;
   -- Nomura Corporate Research & Asset Management, Inc.;
   -- Northeast Investors Trust;
   -- Sailfish Capital Partners, LLC; and
   -- Whitebox Advisors, LLC,

maintain that the Disclosure Statement should not be approved
because the Joint Plan of Reorganization:

   * classifies dissimilar claims in the same class in violation
     of Section 1122(a) of the Bankruptcy Code;

   * provides different treatment to claims classified together
     within a single class in violation of Section 1123(a)(4);

   * does not enforce the subordination agreement between the
     Senior Notes and TOPrS Claims by lumping the claims in one
     class in violation of Section 510(a); and

   * is premised on a substantive consolidation of the Debtors,
     solely for voting and distribution purposes, that the
     Debtors are unable to justify.

"None of these issues have been addressed by the most recent
amendment to the Disclosure Statement filed by the Debtors on
Dec. 3, 2007," Allan S. Brilliant, Esq., at Goodwin Procter LLP,
in New York, contends.

Mr. Brilliant argues that although the Debtors have attempted to
provide a more fulsome disclosure regarding several aspects of
the Plan, the information in the current proposed Disclosure
Statement remains wholly inadequate to enable creditors to make
an informed judgment about the Plan as required by Section 1125.

The Senior Noteholders maintain that the Disclosure Statement
lacks adequate disclosure and information:

   -- on the implications of the value of the New Common Stock
      and the range of recoveries afforded to General Unsecured
      Creditors under the Plan;

   -- contained in the valuation analysis;

   -- on the economic interests and involvement of the Plan
      Investors and General Motors Corp. in "negotiating" the
      Plan;

   -- on the Plan's proposed treatment of intercreditor rights;

   -- on the potential impact to creditors of the Debtors'
      present lack of committed exit financing;

   -- regarding substantive consolidation;

   -- on the GM Claim;

   -- on releases under the Plan; and

   -- on the Multi-District Litigation Settlements between the
      Debtors and plaintiffs in the consolidated Securities
      Litigation.

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 101; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Disclosure Statement is Inadequate, Wilmington Says
----------------------------------------------------------------
Wilmington Trust Company, the indenture trustee for US$2 billion
in senior notes and debentures issued by Delphi Corp., asks the
U.S. Bankruptcy Court for the Southern District of New York to
reject the revised Disclosure Statement explaining the Debtors'
Joint Chapter 11 Plan of Reorganization filed on Dec. 3,
2007.unless it is supplemented with adequate information.

Wilmington Trust further asks the Court to direct the Debtors to
reclassify the Senior Debt and the TOPrS Claims in, and to vote
in, different classes.

Wilmington Trust contends that the Disclosure Statement, as
amended on Dec. 3, 2007, continues to lack "adequate
information" within the meaning of Section 1125(a) of the
Bankruptcy Code regarding issues that are critical to creditors'
ability to make an intelligent and informed evaluation of the
Joint Plan of Reorganization.

The Debtors' statement that "the Plan continues to provide for
full recoveries for unsecured creditors at Plan value" is
misleading, Edward M. Fox, Esq., at Kirkpatrick & Lockhart
Preston Gates Ellis LLP, in New York, asserts.  The concept of
"Plan value" is never clearly explained and could lead creditors
to believe that they are being paid in full when, based on
Rothschild's midpoint valuation, they will receive only an 89.2%
recovery, he argues.

In order to avoid any confusion on that issue and other issues,
Wilmington Trust proposes, inter alia, that the Debtors add
after the phrase "for unsecured creditors at Plan Value" this
language:

   ", a negotiated enterprise value of US$13.3 billion ("Plan
   Value") for the Debtors, which is US$600 million higher than
   the US$12.7 billion midpoint valuation (the Midpoint
   Valuation") of the Debtors' enterprise value as determined by
   the Debtors' financial advisors, and which may not be
   equivalent to the Debtors' actual enterprise value.  At the
   Midpoint Valuation, unsecured creditors will receive a
   recovery equal to 89.2% of their allowed claims.  The Plan
   also provides . . . ."

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 101; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Revised Plan Disregards ERISA Plaintiffs' Concerns
---------------------------------------------------------------
The lead plaintiffs in the consolidated securities class action
entitled In re Delphi Corp. Securities Litigation, Master Case
No. 05-md-1725 (GER) (E.D.Mich.) pending before the U.S.
District Court for the Eastern District of Michigan, inform the
Bankruptcy Court that the Dec. 3, 2007 versions of the Debtors'
Disclosure Statement and Joint Plan of Reorganization still do
not address all of their concerns.

The lead plaintiffs, as well as the Employee Retirement Income
Security Act plaintiffs in the Securities Litigation, had agreed
to reduce the allowed amount of the Section 510(b) Note Claims
and the Section 510(b) Equity Claims under the Plan from US$204
million to US$179 million in exchange for the Debtors'
cooperation in the monetization of the Allowed Amount.  The lead
plaintiffs are the holders of Section 510(b) Note Claims while
the ERISA plaintiffs are the holders of the Section 510(b)
Equity Claims.

The Lead Plaintiffs agreed that the claim reduction will be
deemed a non-material modification to their Multi-District
Litigation Settlement with the Debtors.  The Debtors disclosed
the Claim Reduction in their Dec. 3 Disclosure Statement.  On
Dec. 4, 2007, the District Court tentatively approved the
modification of the parties' MDL Settlement subject to certain
notice requirements intended to allow class members the
opportunity to review and take a position on the proposed
modification, Michael S. Etkin, Esq., at Lowenstein Sandler PC,
in New York, informs the Bankruptcy Court.

Nonetheless, the lead plaintiffs and the Debtors have yet to
reach agreement on certain of the Lead Plaintiffs' proposed
revisions to the Disclosure Statement and Plan involving third-
party releases and conditions to the Plan's effectiveness,
Mr. Etkin relates.  The lead plaintiffs, he says, have provided
the Debtors with suggested language that will resolve their
dispute and discussions between the parties are continuing.

The lead plaintiffs consist of Teachers' Retirement System of
Oklahoma, Public Employees' Retirement System Of Mississippi,
Raiffeisen Kapitalanlage-Gesellschaft m.b.H., and Stichting
Pensioenfonds ABP.

                      About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 101; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


GOODYEAR TIRE: Forms New Strategic Business Unit
------------------------------------------------
The Goodyear Tire & Rubber Company has disclosed the formation
of a new strategic business unit, combining the former regions
of European Union and Eastern Europe, Middle East and Africa.

The new region of Europe, Middle East and Africa will be
Goodyear's largest in terms of geography and second largest,
after North America, in terms of annual sales revenue.  Annual
combined sales revenue for the two regions in 2006 was US$6.5
billion.  The change becomes effective Feb. 1, 2008.

"While the two former regions are different in terms of approach
to the market there are also many similarities which are
increasing, especially with the introduction of the new EU
member states," Goodyear Chairman and Chief Executive Officer
Robert J. Keegan, said.  "This new organization is structured to
accelerate growth and maximize earnings through simplicity,
speed and an intense focus on our customers and markets."

Mr. Keegan disclosed the appointment of Arthur de Bok, formerly
president, EU, as the president of the new SBU.  Mr. De Bok will
report to Mr. Keegan.  In addition he reported the appointment
of Michel Rzonzef, formerly vice president sales and marketing,
EEMEA, as president of the EEMEA countries.  Mr. Rzonzef will
report to Mr. de Bok.

Mr. Keegan also announced the retirement, for family reasons, of
Jarro Kaplan, president, EEMEA, after a career spanning more
than 38 years.  He praised the contribution of Mr. Kaplan who
had joined the region in 2001 and had steered the business unit
to outstanding increases in turnover and profit.  "Jarro has
been one of the most successful business leaders in our
company's history," Mr. Keegan said.  "We will miss his
contributions and wish him all the best in the next era of his
life."

Mr. De Bok was appointed to his position in September 2005,
having joined the company after a 13 year career with Procter &
Gamble.  Mr. De Bok has Bachelor's and Master's degrees in law
from Erasmus University in the Netherlands.  "Since becoming
president of the EU organization, Arthur has led a successful
market driven approach to our businesses and has simplified the
organization," Mr. Keegan said.  "His proven leadership
capabilities will be invaluable as he leads this newly
integrated business into the future."

Mr. Rzonzef was appointed to his current position in December
2002.  He received a degree in electro-mechanical engineering
from Liege University in Belgium in 1987 and joined Goodyear
Luxembourg shortly afterwards.  After positions in the Goodyear
Technical Center he held various roles in sales and marketing
before becoming general manager in central Europe in 2001.

"Michel has been one of the driving forces behind the success of
the EEMEA region and has been responsible for the tremendous
growth of the business," Mr. De Bok said.  "His knowledge,
people skills and experience will be invaluable as we integrate
our businesses focusing intensely on our customers and our
markets."

"I have seen both Arthur and Michel develop rapidly over these
past few years into outstanding businessmen and leaders," Mr.
Keegan said.  "I am confident the new opportunities for both
will continue their personal and professional development ."

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

                          *     *     *

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


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


FPS SCHMALFELD: Claims Registration Period Ends Jan. 14, 2008
-------------------------------------------------------------
Creditors of FPS Schmalfeld Beratungsgesellschaft mbH have until
Jan. 14, 2008, to register their claims with court-appointed
insolvency manager Frank Raff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank Raff
         Heilbronner Str. 86
         70191 Stuttgart
         Germany
         Tel: 0711/259729-0
         Fax: 0711/259729-999

The District Court of Goeppingen opened bankruptcy proceedings
against FPS Schmalfeld Beratungsgesellschaft mbH on Nov. 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FPS Schmalfeld Beratungsgesellschaft mbH
         Attn: Frank Schmalfeld, Manager
         Ortsstr. 6
         73104 Boertlingen
         Germany


GILDEMEISTER AG: Moody's Lifts Corporate Family Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Gildemeister AG to Ba2 from Ba3.  The rating for the senior
subordinated notes was upgraded from B2 to B1 (LGD5, 87%).  The
outlook is stable.  The last rating action was on March 1, 2007.

"The upgrade reflects Gildemeister's improvements in operating
performance and cash generation in line with the requirements
for further positive rating pressure as outlined in Moody's
latest Press Release published in March 2007; notably, RCF to
Net Debt increased clearly above 20% and EBITA-Margin improved
towards 8% in the last 12 months ended September 2007," says
Christian Hendker, Lead Analyst at Moody's for Gildemeister.  
"In addition, the upgrade reflects the increasing likelihood
that Gildemeister's business model will show more resilience
through the cycle, as a consequence of a high innovation rate,
cost benefits from supply chain management and an improved
segmental diversification through the expansion of the company's
profitable and more stable service segment."

The stable outlook is based on Moody's expectation that
Gildemeister will continue to show positive momentum in
profitability and cash generation in 2008 and beyond, supported
by its strong order book driven by a high product innovation
rate and a favourable macroeconomic environment, despite
intensifying competition from Asian competitors, and the current
unfavourable US dollar exchange rate environment which may
affect the order behaviour of Gildemeister's export oriented
European customer base over the medium term.

The ratings would likely experience downward pressure if
evidence emerges that:

   (1) the EBIT-Margin (based on Moody's Standard Adjustments)
       improvements are reversing to a level towards 4.0%; with

   (2) an ensuing negative impact on operating cash flow (RCF to
       net debt below 20 %); and

   (3) negative free cash flows.

The ratings would likely experience upward pressure over the
medium term if the company is able to further increase the
robustness of its business model against cyclical volatility,
notably:

   (1) progress in improving geographical diversification on a
       profitable basis;

   (2) continuation of the innovation strategy which is
       essential to mitigate pricing pressure,

   (3) sustained improvements in operating profitability as a
       result of cost efficiency improvements and improved
       pricing power;

    (4) protection of its solid financial flexibility with
       positive free cash flows or substantial improvements in
       financial leverage.

Gildemeister's Ba2 Corporate Family Rating reflects:

   (1) its market position as a leading manufacturer of metal-
       cutting machine tools, combined with its strong
       technological expertise, which has been underpinned by a
       constantly renewed product range;

   (2) the company's solid segmental diversification and product
       offering variety;

   (3) its broad customer diversification,

   (4) its solid order book, reflecting a high level of revenue
       visibility; and

   (5) satisfactory liquidity levels.

However, Gildemeister's ratings remain constrained by:

   (1) the company's limited absolute scale and geographic
       concentration in Europe, which exposes its operating
       performance to the cyclicality of this region;

   (2) relatively weak profit performance in last industry
       downcycle;

   (3) high financial leverage;

   (4) the intense competitive environment, particularly in
       markets outside Europe where Gildemeister is still
       somewhat underrepresented, and

   (5) the pressure from rising raw material costs and
       unfavorable foreign exchange rate developments.

The company has a solid liquidity cushion, amounting to around
EUR45 million on balance-sheet cash and substantial availability
under its EUR175 million revolving credit facility.  The
liquidity position results from active use of an EUR100 million
ABS-program as well as rising payments on accounts.

Upgrades:

   * Issuer: Gildemeister AG

   -- Probability of Default Rating, Upgraded to Ba2 from Ba3;

   -- Corporate Family Rating, Upgraded to Ba2 from Ba3;

   -- Senior Subordinated Regular Bond/Debenture, Upgraded to a
      range of 87 - LGD5 to B1 from a range of 88 - LGD5 to B2

Headquartered in Bielefeld, Germany, Gildemeister is a leading
global manufacturer of metal-cutting machine tools (both milling
machines and lathes).  For the nine months ended Sept. 30, 2007,
Gildemeister generated revenues of EUR1.075 billion and an
after-tax profit of EUR27.2 million.


INTER-TEX TEXTIL: Claims Registration Period Ends Jan. 14, 2008
---------------------------------------------------------------
Creditors of INTER-TEX Textil-Vertriebs-GmbH have until Jan. 14,
2008, to register their claims with court-appointed insolvency
manager Peter Staroselski.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 1.23
         William-Strasse 21
         53111 Bonn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Staroselski
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 8100045
         Fax: 8100020

The District Court of Bonn opened bankruptcy proceedings against
INTER-TEX Textil-Vertriebs-GmbH on Nov. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         INTER-TEX Textil-Vertriebs-GmbH
         Attn: Katharina Wohak, Manager
         Aennchenplatz 13
         53173 Bonn
         Germany


NATUR&GUT MARKETING: Claims Registration Ends Jan. 11, 2008
-----------------------------------------------------------
Creditors of Natur&Gut Marketing GmbH have until Jan. 11, 2008,
to register their claims with court-appointed insolvency manager
Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Natur&Gut Marketing GmbH on Nov. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Natur&Gut Marketing GmbH
         Alfred-Nobel-Str. 9
         50259 Pulheim
         Germany


PROMISE I MOBILITY 2005-1: Fitch Holds BB+ Rating on Notes
----------------------------------------------------------
Fitch Ratings affirmed PROMISE I Mobility 2005-1 Plc's notes due
in May 2014 as:

   -- EUR250,000 Class A+ (ISIN: DE000A0D0HT6): affirmed at
      'AAA';

   -- EUR27.8 million Class A (ISIN: DE000A0D0HU4): affirmed at
      'AAA';

   -- EUR8.3 million Series B (ISIN: DE000A0D0HV2): affirmed at
      'AA';

   -- EUR7.5 million Series C (ISIN: DE000A0D0HW0): affirmed at
      'A';

   -- EUR5.3 million Series D (ISIN: DE000A0D0HX8): affirmed at
      'BBB'; and

   -- EUR5.3 million Series E (ISIN: DE000A0D0HY6): affirmed at
      'BB+'.

This transaction is a synthetic securitization of debt
obligations originated by IKB Deutsche Industriebank
Aktiengesellschaft (IKB, rated 'A+'/'F1'/Outlook Stable) to
certain small- and medium-sized enterprise clients domiciled in
Germany, but not restricted to carrying out business there.

The affirmations reflect the transaction's stable performance to
date.  Cumulative defaults total 1.45% of the maximum portfolio
notional balance, compared with 0.61% at last review in November
2006.  None of the defaulted loans have completed their work-out
process, and no losses have been realized in the reference
portfolio to date.

The proportion of lower-rated assets, measured by the bank's
internal rating, has increased to 3.02% from 2.14% in November
2006.  The notional balance of the portfolio currently stands at
its maximum value of EUR750 million.  The first loss threshold
has remained at EUR21 million since closing.  The deal is in its
replenishment period until 2009.

The debt obligations are denominated in GBP, USD, CHF and EUR
and consist of drawn and undrawn facilities, loans and
guarantees.  Promise I Mobility 2005-1 plc is a special purpose
vehicle incorporated with limited liability under the laws of
the Republic of Ireland.

At closing, IKB bought protection under a bank swap in respect
of a EUR750 million reference portfolio from the German public
agency Kreditanstalt fur Wiederaufbau (KfW), which in turn
hedged its exposure by issuing certificates of indebtedness
credit-linked to the performance of the underlying portfolio of
debt obligations (Schuldscheine).  The latter was purchased by
the issuer using the notes proceeds, and by entering into a
senior credit default swap with a senior swap provider.


PROMISE I MOBILITY 2005-2: Fitch Holds Ratings on Series E Notes
----------------------------------------------------------------
Fitch Ratings affirmed PROMISE I Mobility 2005 2 Plc's notes due
in February 2015, as:

   -- EUR500,000 class A+ (ISIN: DE000A0GJ9A9): affirmed at
      'AAA';

   -- EUR54.9 million class A (ISIN: DE000A0GJ9B7): affirmed at
      'AAA';

   -- EUR21.6 million series B (ISIN: DE000A0GJ9C5): affirmed at
      'AA';

   -- EUR22.5 million series C (ISIN: DE000A0GJ9D3): affirmed at
      'A';

   -- EUR21.6 million series D (ISIN: DE000A0GJ9E1): affirmed at
      'BBB'; and

   -- EUR14.4 million series E (ISIN: DE000A0GJ9F8): affirmed at
      'BB+'.

This transaction is a synthetic securitisation of debt
obligations originated by IKB Deutsche Industriebank
Aktiengesellschaft (IKB, rated 'A+'/'F1'/Outlook Stable) to
certain small- and medium-sized enterprise clients domiciled in
Germany but not restricted to carrying out business there. The
reference portfolio may also contain up to 10% of non-German
loans provided that the debtor is EU-domiciled or Swiss.  The
debt obligations may be denominated in GBP, USD, CHF and EUR and
consist of drawn and undrawn facilities, loans and guarantees.

The affirmations reflect the transaction's stable performance to
date.  Cumulative defaults total 0.48% of the maximum portfolio
notional balance, compared with 0.23% at last review in November
2006.  Included within these defaults is the 0.11% of the
portfolio, which has been worked out.  This amount attained 100%
recovery and therefore no losses have been realized in the
reference portfolio to date.

The proportion of lower-rated assets, measured by the bank's
internal rating, has increased to 1.22% from 0.45% in November
2006.  The notional balance of the portfolio currently stands at
EUR1.8 billion.  The first loss threshold has remained at EUR45
million since closing.  The deal is in its replenishment period
until 2009.

At closing, IKB bought protection under a bank swap in respect
of a EUR1,800 million reference portfolio from the German public
agency Kreditanstalt fur Wiederaufbau (KfW).  KfW in turn hedged
its exposure by issuing certificates of indebtedness credit-
linked to the performance of the underlying portfolio of debt
obligations (Schuldscheine), which were purchased by the issuer
using the notes proceeds, and by entering into a senior credit
default swap with a senior swap provider. The first loss
protection was issued directly by IKB.

Promise-I Mobility 2005-2 Plc is a special purpose vehicle
incorporated with limited liability under the laws of the
Republic of Ireland.


PROMISE I MOBILITY 2006: Fitch Holds BB+ Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings affirmed PROMISE I Mobility 2006 1 Plc's notes due
in March 2017 as:

   -- EUR0.50 million Class A+ (ISIN: DE000A0LDYH4): 'AAA';
   -- EUR67.2 million Class A (ISIN: DE000A0LDYJ0): 'AAA';
   -- EUR21.6 million Class B (ISIN: DE000A0LDYK8): 'AA';
   -- EUR36 million Class C (ISIN: DE000A0LDYL6): 'A';
   -- EUR46.8 million Class D (ISIN: DE000A0LDYM4): 'BBB'; and
   -- EUR10.8 million Class E (ISIN: DE000A0LDYN2): 'BB+'.

This transaction is a synthetic securitization of debt
obligations originated by IKB Deutsche Industriebank
Aktiengesellschaft (IKB, rated 'A+'/'F1'/Outlook Stable) to
certain small- and medium-sized enterprise clients domiciled in
Germany, but not restricted to carrying out business there.

The reference portfolio may also contain non-German loans and
the debt obligations may be denominated in GBP, USD, CHF, JPY
and EUR, and consist of drawn and undrawn facilities, loans and
guarantees.  Non-EUR reference claims currently represent 6.06%
of the pool.

The affirmations reflect the transaction's stable performance to
date.  Cumulative defaults total 0.04% of the maximum portfolio
notional balance.  However, none of the defaulted loans have
completed their work-out process and no losses have been
realized in the reference portfolio to date. The proportion of
lower-rated assets, measured by the bank's internal rating, has
increased to 0.22% from 0% at close in December 2006.

The notional balance of the portfolio currently stands at EUR2.4
billion.  The first loss threshold has remained at EUR57.6
million since closing.  The deal is in its replenishment period
until 2010.

The issuer is a German company with limited liability
established under the Act on Companies with limited liability of
the Federal Republic of Germany.  IKB receives protection under
a bank swap in respect of the reference portfolio from
Kreditanstalt fur Wiederaufbau (KfW).  KfW receives protection
on its exposure from a credit default swap with a senior swap
provider and its issuance of Schuldscheine purchased by the
issuer using proceeds from the issue of credit-linked notes.


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


AES CORP: Unit Selling Up To BRL200 Mln Non-Convertible Notes
-------------------------------------------------------------
AES Corp.'s Brazilian power distributor AES Eletropaulo said in
a filing with securities regulator Comissao de Valores
Mobiliarios that it has began selling non-convertible debentures
of up to BRL200 million.

According to AES Eletropaulo's filing, the firm will use the
proceeds from the sale in distribution operations.

AES Eletropaulo told Business News Americas that "the 11-year
notes will yield Brazil's interbank lending rate, plus 1.75% a
year."

Investors will get the proceeds every six months beginning May
next year, BNamericas states.

                   About AES Eletropaulo

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

                      About AES Corp.

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

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

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


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


COMMSCOPE INC: Reaches Agreement with DOJ to Complete Andrew Buy
----------------------------------------------------------------
CommScope, Inc., has reached an agreement with the United States
Department of Justice that will allow it to complete its
proposed acquisition of Andrew Corporation.

Under the terms of the agreement with the DOJ, which was filed
December 6, in the U.S. District Court for the District of
Columbia, the companies will be required to divest certain non-
core assets, including Andrew's non-controlling minority
interest in Andes Industries, Inc., a supplier of last-mile
products for broadband communications networks, and other
related assets.  The carrying value of the assets to be divested
was less than US$25 million as of Sept. 30, 2007.  It is
expected that the divestitures will be completed after CommScope
completes the acquisition of Andrew Corp.  This agreement is
subject to the Court's approval.

In addition to the DOJ, the proposed Andrew transaction was
cleared by the European Commission as well as other required
regulatory authorities.  The Andrew stockholders will vote on
the transaction on Dec. 10, 2007.  The company expects to close
the transaction by year-end, subject to the satisfaction of
other customary conditions.

                      About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is a world leader in  
infrastructure   solutions for communication networks.  Through
its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands,
CommScope is the global leader in structured cabling systems for
business enterprise applications.  It is also the world's
largest manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
CommScope Inc. and Westchester, Illinois-based Andrew Corp. and
removed them from CreditWatch, where they were placed on
June 27, 2007, with negative implications.  S&P also affirmed
the 'BB-' corporate credit and 'B' subordinated debt ratings for
both companies.  The ratings on Andrew will be withdrawn
following its acquisition and debt refinancing.  S&P said the
outlook is stable.


PREPS 2005-2: Fitch Downgrades EUR41.5 Mln Class B1 Notes to B
--------------------------------------------------------------
Fitch Ratings downgraded PREPS 2005-2 Plc notes due in December
2014, as:

   -- EUR210,968,333 Class A1 floating-rate notes (ISIN:
      XS0236849005): downgraded to 'AA' from 'AAA';

   -- EUR51,526,828 Class A2 fixed-rate notes (ISIN:
      XS0236849427): downgraded to 'AA' from 'AAA';

   -- EUR41,500,000 Class B1 floating-rate notes (ISIN:
      XS0236849930): downgraded to 'B' (Distressed Rating 'DR2')
      from 'A'; and

   -- EUR12,500,000 Class B2 fixed-rate notes (ISIN:
      XS0236850862): downgraded to 'B' (Distressed Rating 'DR2')
      from 'A'.

Fitch has reviewed the transaction's performance following the
initiation of insolvency proceedings of a portfolio company,
representing 3.3% (EUR12 million) of the initial portfolio
balance, on Oct. 10, 2007.

This is the third insolvency occurrence in this transaction
since it close in December 2005.  The Principal Deficiency
Ledger (PDL) debit balance has partially been paid down at the
last payment date and, with an addition of the third insolvency,
is expected to amortize to zero from excess spread within eight
payment periods, provided no further defaults occur within this
time frame.

The downgrades reflect the defaults to date, as well as a
substantial deterioration in the portfolio credit quality to an
equivalent weighted average portfolio rating of 'BB-'/'B+' from
'BBB-'/'BB+' at close.  There are three names rated 'C' and
below, one of which has missed one payment and is in a critical
condition.  This name represents 3.6% (EUR13 million) of the
initial portfolio balance.

Fitch deems the available credit support, together with the
strong PDL excess spread trapping mechanism, to be sufficient to
support the above ratings for the Class A notes.  However, the
Class B notes do not have sufficient credit enhancement to
support an investment-grade rating given the defaults to date
and the current portfolio credit quality.  The Distressed
ratings assigned to the Class B notes, 'DR2', reflect Fitch's
view of superior recovery prospects in the event of default
(historically 70-90%).

This transaction is a pan-European cash securitization of
subordinated debt instruments to small- and medium-sized
enterprises.  The portfolio credit quality was assessed by an
updated mapping approach of Bayerische Hypo- und Vereinsbank AG
(HVB) internal credit scoring system based on HVB's historical
default and rating migration data; and by using Fitch's Italian
Probability of Default model.

PREPS 2005-2 plc is a limited liability company incorporated as
a special purpose vehicle in Ireland.  The proceeds of the notes
were used to purchase an initial portfolio of subordinated debt
instruments to 62 small- and medium-sized companies in Germany,
Austria, Switzerland, Italy and Belgium.

The portfolio companies were selected by Capital Efficiency
Group, the investment services provider.  The portfolio remains
static during the life of the transaction with a bullet maturity
of all subordinated loans matching the scheduled maturity of the
notes.  The scheduled maturity of all Classes of notes is
December 2012 and the legal maturity is December 2014


PROMISE I MOBILITY 2005-2: Fitch Holds Ratings on Series E Notes
----------------------------------------------------------------
Fitch Ratings affirmed PROMISE I Mobility 2005 2 Plc's notes due
in February 2015, as:

   -- EUR500,000 class A+ (ISIN: DE000A0GJ9A9): affirmed at
      'AAA';

   -- EUR54.9 million class A (ISIN: DE000A0GJ9B7): affirmed at
      'AAA';

   -- EUR21.6 million series B (ISIN: DE000A0GJ9C5): affirmed at
      'AA';

   -- EUR22.5 million series C (ISIN: DE000A0GJ9D3): affirmed at
      'A';

   -- EUR21.6 million series D (ISIN: DE000A0GJ9E1): affirmed at
      'BBB'; and

   -- EUR14.4 million series E (ISIN: DE000A0GJ9F8): affirmed at
      'BB+'.

This transaction is a synthetic securitisation of debt
obligations originated by IKB Deutsche Industriebank
Aktiengesellschaft (IKB, rated 'A+'/'F1'/Outlook Stable) to
certain small- and medium-sized enterprise clients domiciled in
Germany but not restricted to carrying out business there. The
reference portfolio may also contain up to 10% of non-German
loans provided that the debtor is EU-domiciled or Swiss.  The
debt obligations may be denominated in GBP, USD, CHF and EUR and
consist of drawn and undrawn facilities, loans and guarantees.

The affirmations reflect the transaction's stable performance to
date.  Cumulative defaults total 0.48% of the maximum portfolio
notional balance, compared with 0.23% at last review in November
2006.  Included within these defaults is the 0.11% of the
portfolio, which has been worked out.  This amount attained 100%
recovery and therefore no losses have been realized in the
reference portfolio to date.

The proportion of lower-rated assets, measured by the bank's
internal rating, has increased to 1.22% from 0.45% in November
2006.  The notional balance of the portfolio currently stands at
EUR1.8 billion.  The first loss threshold has remained at EUR45
million since closing.  The deal is in its replenishment period
until 2009.

At closing, IKB bought protection under a bank swap in respect
of a EUR1,800 million reference portfolio from the German public
agency Kreditanstalt fur Wiederaufbau (KfW).  KfW in turn hedged
its exposure by issuing certificates of indebtedness credit-
linked to the performance of the underlying portfolio of debt
obligations (Schuldscheine), which were purchased by the issuer
using the notes proceeds, and by entering into a senior credit
default swap with a senior swap provider. The first loss
protection was issued directly by IKB.

Promise-I Mobility 2005-2 Plc is a special purpose vehicle
incorporated with limited liability under the laws of the
Republic of Ireland.


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


DANA CORP: Personal Injury Committee Objects to Plan
----------------------------------------------------
The Ad Hoc Committee of Asbestos Personal Injury Claimants
disputes Dana Corp.'s contention that the asbestos personal
injury claimants are not impaired by the Third Amended Joint
Plan of Reorganization.

According to Douglas T. Tabachnik, at Law Offices of Douglas T.
Tabachnik, in Freehold, N.J., the Debtors have failed to
demonstrate that the asbestos personal injury claimants are not
impaired.  He elaborates that under the Plan, the Debtors can
engage in Court-sanctioned Restructuring Transactions that could
readily leave holders of asbestos personal injury claims with
little or no meaningful remedy for injuries.

A Restructuring Transaction can extinguish a Reorganized
Debtor's obligation to pay asbestos injury claims and the
successor Acquiring Entity would have no obligation to assume
those liabilities, Mr. Tabachnik points out. Accordingly, the Ah
Hoc Committee of Asbestos Personal Injury Claimants asserts that
the Plan should not be confirmed.

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.


GOODYEAR TIRE: Noteholders Tender US$346 Mln Convertible Notes
--------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed the results of a
offer to exchange its outstanding 4% Convertible Senior Notes
due June 15, 2034, for a cash payment and shares of its common
stock.

Noteholders tendered approximately US$346 million aggregate
principal amount of convertible notes in exchange for
approximately 28.7 million shares of common stock plus a total
cash payment of approximately US$23 million.  Approximately 99%
of the principal amount of the outstanding convertible notes was
tendered in the exchange offer.  A total of approximately
US$4 million principal amount of convertible notes remains
outstanding.

"This successful exchange offer eliminates approximately
US$346 million in debt from our balance sheet and reduces our
annual interest expense by approximately US$14 million," W. Mark
Schmitz, executive vice president and chief financial officer,
said.  "This exchange is another step in our debt reduction
process and helps us move closer to our next stage metrics."

The exchange offer, which expired at 5 p.m. New York City time
on Dec. 5, 2007, allowed note holders to receive the same number
of shares of Goodyear's common stock as they would have received
upon conversion of the convertible notes in accordance with
their current terms, plus a cash payment, including accrued and
unpaid interest.

The exchange offer was made pursuant to a prospectus, dated
Nov. 30, 2007, contained in a registration statement filed by
Goodyear with the Securities and Exchange Commission, which was
declared effective on Nov. 20, 2007.  Copies of the prospectus
contained in the registration statement may be obtained from the
exchange agent:

     Wells Fargo Bank, N.A.
     Corporate Trust Operations
     Sixth and Marquette, MAC N0303-121
     Minneapolis, Minn. 55479
     Telephone (800) 344-5128

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

                          *     *     *

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


IMAX CORP: Inks Deal with AMC to Install 100 IMAX(R) Systems
------------------------------------------------------------
IMAX Corporation and AMC Entertainment Inc. enter a joint-
venture agreement to install 100 IMAX(R) digital projection
systems at AMC locations in 33 major U.S. markets.  The theatres
will feature IMAX's digital projection system which is being
developed for the IMAX MPX(R) theatre design.  The agreement is
projected to double IMAX's current commercial theatre footprint
in North America and accelerates the momentum behind IMAX and
AMC's transition to digital projection technology.

"We are committed to delivering a premium entertainment
experience by offering a menu of entertainment alternatives
inside our facilities," Peter C. Brown, chairman and chief
executive officer, AMC Entertainment Inc., said.  "Our expanded
relationship with IMAX and the deployment of its state-of-the-
art, next-generation digital projection systems is a key part of
our strategy of continuing to broaden and enhance the AMC
experience.  It also builds on the successful partnership we
have had with IMAX since June of 2005 and complements our
overall digital plan."

The rollout of the first 50 IMAX digital projection systems will
begin in July 2008 at premier AMC theatre locations in 24 of the
33 selected markets, with an additional 25 scheduled for rollout
in 2009 and 25 more in 2010.  

The IMAX theatres are slated to be installed in many of AMC's
top-performing locations in the United States, including: AMC
South Barrington 30, Chicago; AMC Mesquite 30, Dallas; AMC Gulf
Pointe 30, Houston; AMC Century City 15, Los Angeles; AMC Empire
25, New York; AMC Neshaminy 24, Philadelphia; AMC Eastridge 15,
San Francisco; AMC Hoffman Center 22, Washington D.C.

"The agreement cements a partnership between two great brands,"
IMAX co-chairmen and co-CEOs Richard L. Gelfond and Bradley J.
Wechsler, said.  "Partnering with AMC in a theatre deal of this
size and scope is a transformational moment for our company from
both a financial and strategic perspective.  We couldn't be more
pleased that The IMAX Experience(R) will be more accessible to
consumers in nearly every major market in the United States.  

"AMC is unique in the number of successful, stadium-seat
megaplexes in locations that could accommodate this large number
of new IMAX(R) theatres," they continued.  "Further, AMC's
confidence in our digital projection system is a terrific
endorsement.  We look forward to rolling out our ground-breaking
new technology and delivering the premium experience that
moviegoers have come to expect from the IMAX(R) brand."

In October of this year, IMAX disclosed that it had moved up the
launch date of its digital projection system to mid-2008 from
its anticipated timeframe of the end of 2008 to mid-2009. The
anticipated IMAX digital projection system will further enhance
The IMAX Experience and help to drive profitability for studios,
exhibitors and IMAX theatres by virtually eliminating the need
for film prints, increasing program flexibility and ultimately
increasing the number of movies shown on IMAX screens.

IMAX has already secured important parts of its film slate for
2008, 2009 and 2010 through agreements with major Hollywood
studios including: The Spiderwick Chronicles (February 2008),
Shine A Light (April 2008), Kung Fu Panda (June 2008), The Dark
Knight (July 2008), Deep Sea-quel 3D (working title, February
2009), Monsters vs. Aliens 3D (March 2009), How to Train Your
Dragon 3D (November 2009), Hubble 3D (working title, February
2010) and Shrek Goes Forth 3D (May 2010).

"An agreement of this magnitude significantly jumpstarts our
joint venture initiative, which we expect will generate
increased recurring revenues for IMAX going forward," added
Messrs. Gelfond and Wechsler.  "AMC's decision to enter into
this agreement will accelerate the growth of our theatre network
in North America and should help power the digital transition
underway at our company, which we believe will help drive our
operating and financial performance for years to come."

AMC's initial 50 IMAX digital locations will include:

     MARKET                   AMC THEATRE
     ------                   -----------

     Atlanta                  AMC Barrett Commons 24
                              AMC Southlake Pavilion 24

     Baltimore                AMC Columbia Mall 14
                              AMC Loews White Marsh 16

     Boston                   AMC Loews Boston Common 19

     Charlotte                AMC Concord Mills 24

     Chicago                  AMC South Barrington 30
                              AMC Loews Crestwood 18

     Cincinnati               AMC Newport on the Levee 20

     Dallas                   AMC Mesquite 30

     Denver                   AMC Highlands Ranch 24
                              AMC Orchards 12
                              AMC Westminister Promenade 24

     Houston                  AMC First Colony 24
                              AMC Gulf Pointe 30

     Jacksonville             AMC Orange Park 24
                              AMC Regency Square 24

     Kansas City              AMC BarryWoods 24
                              AMC Independence Commons 20

     Los Angeles              AMC Burbank 16
                              AMC Century City 15
                              AMC Del Amo 18
                              AMC Promenade 16
                              AMC Puente Hills 20
                              AMC Santa Anita 16

     Miami                    AMC Aventura 24
                              AMC Sunset Place 24

     New Orleans              AMC Elmwood Place 20

     New York                 AMC Loews 34Th Street 14
                              AMC Empire 25
                              AMC Loews Kips Bay 15
                              AMC Rockaway 16
                              AMC Loews Stony Brook 17
                              AMC Loews Monmouth Mall 15
  
     Norfolk                  AMC Lynnhaven 18

     Orlando                  AMC Altamonte Mall 18

     Philadelphia             AMC Loews Cherry Hill 24
                              AMC Hamilton 24
                              AMC Neshaminy 24

     Pittsburg                AMC Loews Waterfront 22

     San Diego                AMC Palm Promenade 24

     San Francisco            AMC Bay Street 16
                              AMC Eastridge 15
                              AMC Mercado 20

     Seattle                  AMC Loews Alderwood 16
                              AMC Southcenter 16

     Tampa                    AMC Veterans Expressway 24

     Washington D.C.          AMC Hoffman Center 22
                              AMC Potomac Mills 18
                              AMC Tysons Corner 16

                   About AMC Entertainment Inc.

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is an innovative theatrical  
exhibition company.  Established in 1920, the company serves
more than 230 million guests annually through interests in 358
theatres with 5,128 screens in six countries.

                     About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment   
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.  
IMAX has locations in Guatemala, India, Italy, among others.

                          *     *     *

Moody's Investor Services placed IMAX Corporation's long term
corporate family and probability of default ratings at 'Caa1' in
July 2007.  The ratings still hold to date with a positive
outlook.


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


AKTOBE AGRO: Proof of Claim Deadline Slated for Jan. 4, 2008
------------------------------------------------------------
LLP Aktobe Agro 2005 has declared insolvency.  Creditors have
until Jan. 4, 2008, to submit written proofs of claims to:

         LLP Aktobe Agro 2005
         Moldagulov ave. 24b-6
         Aktobe
         Aktube
         Kazakhstan


ARSH-LINE LLP: Creditors Must File Claims Jan. 4, 2008
------------------------------------------------------
LLP Arsh-Line has declared insolvency.  Creditors have until
Jan. 4, 2008, to submit written proofs of claims to:

         LLP Arsh-Line
         Jambyl Str. 25
         Almaty
         Kazakhstan
         Tel: 8 (3272) 73-87-21


DERBES LLP: Claims Filing Period Ends Jan. 4, 2008
--------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Derbes (RNN 090500029294).

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

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


GREEN MARKET: Creditors' Claims Due on Jan. 4, 2008
---------------------------------------------------
LLP Green Market has declared insolvency.  Creditors have until
Jan. 4, 2008, to submit written proofs of claims to:

         LLP Green Market
         Office 414
         Makatayev Str. 47
         Almaty
         Kazakhstan


KERNAL SERVICES: Claims Registration Ends Jan. 4, 2008
------------------------------------------------------
LLP Kernal Services has declared insolvency.  Creditors have
until Jan. 4, 2008, to submit written proofs of claims to:

         LLP Kernal Services
         Micro District 4, 35-6
         Aksai
         West Kazakhstan
         Kazakhstan


KROKUS STROY: Proof of Claim Deadline Slated for Jan. 4, 2008
-------------------------------------------------------------
Construction Company Krokus Stroy has declared insolvency.  
Creditors have until Jan. 4, 2008, to submit written proofs of
claims to:

         Construction Company Krokus Stroy
         Gvardeiskaya Str. 9/1
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 50-79-52


ODAK-SOUZ LLP: Creditors Must File Claims Jan. 4, 2008
------------------------------------------------------
The Tax Committee of Almaty region has ordered the compulsory
liquidation of LLP Odak-Souz (RNN 531400000492).

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

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


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

         LLP PCD Leasing
         Dostyk ave. 38
         Almaty
         Kazakhstan


UK PROMSPETSCOMPLECT: Claims Registration Ends Jan. 4, 2008
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP UK Promspetscomplect insolvent.

Creditors have until Jan. 4, 2008, to submit written proofs of
claims to:
         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Shugayev Str. 157b-43
         Semey
         East Kazakhstan
         Kazakhstan
         Tel: 8 777 213 83-80


UYUT LLP: Creditors' Claims Due on Jan. 4, 2008
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
region LLP Uyut insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 28, 25-12
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 40-03-12


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


AUTO-STOP LLC: Creditors Must File Claims by January 11, 2007
-------------------------------------------------------------
LLC Centre Auto-Stop has declared insolvency.  Creditors have
until Jan. 11, 2008, to submit written proofs of claim to:

         LLC Centre Auto-Stop
         Jybek Jolu Str. 120-1
         Bishkek
         Kyrgyzstan


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


NEPTUNO CLO: Moody's Rates EUR27.3 Mln Class E Sr. Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the Notes issued by Neptuno CLO III B.V., a special purpose
company established under the laws of the Netherlands.  The
ratings are:

   -- Aaa to the EUR243,950,000 Class A-1 Senior Secured
      Floating Rate Notes due 2024;

   -- Aaa to the EUR200,000,000 Class A-2 Senior Secured Delayed
      Draw Floating Rate Notes due 2024;

   -- Aa2 to the EUR61,750,000 Class B Senior Secured Floating
      Rate Notes due 2024;

   -- A2 to the EUR27,300,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2024;

   -- Baa3 to the EUR27,950,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2024; and

   -- Ba3 to the EUR27,300,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2024.

The ratings address the expected loss posed to investors by the
legal final maturity in 2024.

This transaction is a high yield collateralized loan obligation
related to portfolio comprised of Senior Secured Loans, Second
Lien Loans, Mezzanine Obligations, High Yield Bonds and
Collateralised Loan Obligations.

The portfolio of debt obligations will be actively managed and
the investment managers will be able to buy or sell debt
obligations on behalf of the Issuer.  Any addition or removal of
debt obligations will be subject to a number of portfolio
criteria.  Caja de Ahorros de Piedad de Madrid will act as lead
investment manager for the transaction.  EuroDekania Management
Limited, will act as the junior investment manager.


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


BALTINVESTBANK: Moody's Assigns B3/NP/E+/Baa2.ru Global Ratings
---------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Baltinvestbank:

   -- bank financial strength rating of E+; and

   -- long-term and short-term local and foreign currency
      deposit ratings of B3/Not Prime.

Concurrently, Moody's Interfax Rating Agency assigned a long-
term national scale rating of Baa2.ru to Baltinvestbank.  
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.  The outlook on the global scale
ratings is stable, while the national scale rating carries no
specific outlook.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect Baltinvestbank's global default and
loss expectation, while the Baa2.ru national scale rating
reflects the standing of the bank's credit quality relative to
that of its domestic peers.

According to Moody's, Baltinvestbank's ratings reflect the
bank's established position in the corporate banking segment in
St. Petersburg, together with its growing branch network,
developing SME and retail franchises and relatively low market
risk appetite.  However, the ratings are constrained by the
bank's still limited market franchise with a geographical
concentration in the St. Petersburg region as well as its high
level of single-name credit risk and industry concentration in
the construction sector, low economic capitalisation, its weak
financial indicators and a relatively high concentration of its
funding base.

In Moody's view, Baltinvestbank would be unlikely to receive
support from either its owners or the Russian government in case
of distress.  Hence, the B3 long-term foreign currency deposit
rating assigned to the bank does not incorporate any probability
of external support.

Moody's notes that an upgrade of Baltinvestbank's deposit
ratings might be possible in the event of a significant decrease
in credit risk concentration, growth in profitability and
evidence of successfully managed growth in the retail and SME
segments according to the bank's strategy as well as an
improvement in geographical diversification.

A downgrade of Baltinvestbank's current ratings is a remote
likelihood.  However, in Moody's opinion, any mismanagement of
the bank's growth strategy or a significant deterioration in its
asset quality could potentially have negative rating
implications.

Domiciled in St. Petersburg, Baltinvestbank offers credit and
deposit products in the corporate and retail banking segments,
including mortgages, car loans and deposit products for
individuals.  The bank conducts its business through 15 offices
in St. Petersburg and 15 offices in several other Russian
regions, including one branch in Moscow.  The majority of the
bank's operations are concentrated in St. Petersburg, while
providing banking services to corporate clients remains the core
business activity of the bank at the current moment.

As at year end 2006, Baltinvestbank reported IFRS-based net
income of US$1.7 million compared to US$3 million in 2005.  It
also reported total assets of US$419 million and shareholders'
equity of US$54 million.  The loan portfolio rose by 62.8% to
US$235 million from US$132 million as at year end 2005.


BURYATGOSPLEM OJSC: Asset Sale Slated for Dec. 31
-------------------------------------------------
D. D. Badmazhapova, the competitive proceedings manager of OJSC
Buryatgosplem, will open a public auction for the company's
properties at 10:00 a.m. on Dec. 31.

The company has set a RUR3.7 million starting price for the
assets on auction.

Interested participants have until Dec. 25 to deposit an amount
equivalent to RUR185,000 and to submit their bidding documents.

The Debtor can be reached at:

         OJSC Buryatgosplem
         Tverskaya Str. 30
         Ulan-Ude
         Buryatia
         Russia

Information related to the auction can be obtained from:

         D. D. Badmazhapova
         Office 14
         Ranzhurova Str. 4
         Ulan-Ude
         670000 Buryatia
         Russia
         Tel: (3012) 21-79-71


COMSTAR UNITED: Acquires Digital Telephone for RUR4.1 Billion
-------------------------------------------------------------
Comstar United TeleSystems completed the acquisition of 100% of
the share capital of Digital Telephone Networks South (DTN) for
a total cash consideration of RUR4.1 billion.

The favorable geographical position of DTN in the Rostov-on-Don
regional business centre and the wider Rostov region provides
strong development potential for Comstar in the Southern Federal
District.

According to Comstar's estimate, the fixed-line services,
internet connection and data transmission market in the Rostov
region is expected to grow by over 23% in cash equivalent in
2007.  The combined efforts and market experience of the
existing Southern branch of Comstar and the acquired DTN will
assist Compstar in creating synergies, which will provide
subscribers with a full range of integrated telecommunications
services, reduce combined operating expenses, optimize business
processes and create economies of scale.

"Digital Telephone Networks is the largest independent
alternative operator in Russia with higher profitability than
the industry average.  The acquisition of DTN is in line with
our regional growth strategy of consolidating local market
leaders.  It will have a positive impact on the financial
results of Comstar-UTS Group and help us to strengthen our
leading position in the highly attractive alternative
telecommunication market in the Southern region of Russia,"
Sergey Pridantsev, president and CEO of Comstar UTS, commented.

DTN owns a digital telephone network which operates under a
zonal license in Rostov-on-Don and the Rostov region.  The
company also operates in Krasnodar through its telecom
subsidiary Comtel, which was acquired in July 2007.  DTN
provides a full range of telecommunication services, including
digital telephony, leased channels and Internet access, to
residential and corporate subscribers.

DTN reported revenues of US$41.8 million increasing by 56% year-
on-year, OIBDA of US$22.3 million with an OIBDA margin of 53%,
and net income of US$14.3 million for the nine months ended
Sep. 30, 2007.  Revenue growth was primarily driven by an over
80% year on year increase in revenues from both broadband
Internet services and zonal traffic, as well as the acquisition
of Comtel.

Headquartered in Moscow, Russia, Comstar-UTS --
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 Moody's
long-term corporate family rating of Ba3 with positive outlook.

Standard & Poor's gave the company BB- on long-term foreign
issuer credit rating and BB- on long-term local issuer credit
rating. The outlook is positive.


HEATING NETWORK: Bankruptcy Hearing Slated for March 20, 2008
-------------------------------------------------------------
The Arbitration Court of Astrakhan' will convene at 2:00 p.m. on
March 20, 2008, to hear the bankruptcy supervision procedure on
Heating Network Municipal Unitary Enterprise.  The case is
docketed under Case No. A06-1463/2007-11.

The Interim Manager is:

         V. I. Kornilyev
         P.O. Box 370
         414000 Astrakhan'
         Russia

The Debtor can be reached at:

         Heating Network Municipal Unitary Enterprise
         Soviet Militia Str. 38
         Astrakhan'
         Russia


IZHEVSKIJ CAR-REPAIR: Creditors Must File Claims by Jan. 1, 2008
----------------------------------------------------------------
Creditors of Izhevskij Car-Repair Plant LLC have until Jan. 1,
2008, to submit proofs of claim to:

         A. R. Farrakhov
         Interim Manager
         P.O. Box 1184
         426072 Izhevsk
         Russia

The Arbitration Court of Udmurt commenced bankruptcy supervision
procedure on the company on Nov. 9.  The case is docketed under
Case No. A71-7439/2007 G29.

The Debtor can be reached at:

         Izhevskij Car-Repair Plant LLC
         Vladivostokskaya 1a
         Izhevsk
         Udmurt
         Russia


KOTEL'NICHSKAYA KNITTING: Asset Sale Slated for Jan. 1, 2008
------------------------------------------------------------
The competitive proceedings manager of OJSC Kotel'nichskaya
Knitting Factory will open a public auction for the company's
properties at noon on Jan. 1, 2008 at:

         The Competitive Proceedings Manager
         Schorsa Str. 26-A
         Kirov
         Russia

The starting prices for the assets on auction are:

   -- Lot 1: RUR2,124,000;
   -- Lot 2: RUR505,800.

The Debtor can be reached at:

         OJSC Kotel'nichskaya Knitting Factory
         Komsomol'skaya str., 7
         Kotel'nich
         Kirov
         Russia

Information related to the auction can be obtained at:

         The Competitive Proceedings Manager
         Schorsa Str. 26-A
         Kirov
         Russia
         Tel/fax: 56-02-45


SHAKHTA KAPITAL'NAYA: Creditors Must File Claims by Jan. 1, 2008
----------------------------------------------------------------
Creditors of OJSC Shakhta Kapital'naya have until Jan. 1, 2008,
to submit proofs of claim to:

         F. A. Poddubny
         Competitive Proceedings Manager
         P.O. Box 128
         Osinniki 15
         652815 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced competitive
proceedings against the company after finding it insolvent on
Oct. 31.  The case is docketed under Case No. A27-7718/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Shakhta Kapital'naya
         Shakhtovaya Str. 3
         Osinniki
         652810 Kemerovo
         Russia


SEROVBREAD OJSC: Under External Management Bankruptcy Procedure
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced external
management bankruptcy procedure on OJSC SerovBread.  The case is
docketed under Case No. A60-6319/07-C11.

The External Insolvency Manager is:

         T. A. Shulyakova
         P.O. Box 518
         620000 Ekaterinburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC SerovBread
         Puteitsev 22A
         Serov
         624980 Sverdlovsk
         Russia


SEROVBREAD OJSC: Under External Management Bankruptcy Procedure
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced external
management bankruptcy procedure on OJSC SerovBread.  The case is
docketed under Case No. A60-6319/07-C11.

The External Insolvency Manager is:

         T. A. Shulyakova
         P.O. Box 518
         620000 Ekaterinburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Puteitsev 22A
         Serov
         624980 Sverdlovsk
         Russia


TALITSKIJ MILK: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Astrakhan' commenced bankruptcy
supervision procedure on Heating Network Municipal Unitary
Enterprise on Nov. 12.  The case is docketed under Case No.
A60-19626/07-C11.  

The Interim Manager is:

         A. N. Chuvashev
         Svobody Str. 66
         Irbit
         623850 Sverdlovsk
         Russia

The Debtor can be reached at:

         Heating Network Municipal Unitary Enterprise
         Mira Str. 87
         Troitskij Settlement
         Talitskij Raion
         623620 Sverdlovsk
         Russia


TNK-BP HOLDING: To Invest US$1.5 Billion in Oil Refining
--------------------------------------------------------
TNK-BP Holding Ltd. will invest up to US$1.5 billion in oil
refining to produce more high-octane gasoline, Bloomberg News
relates.

"We're looking at the next generation of investments," Tony
Considine, TNK-BP executive vice president for downstream, was
quoted by Bloomberg News as saying.  

Mr. Considine revealed that TNK-BP has at least US$1 billion in
investment opportunities over the next five years to improve
product quality and boost output, Bloomberg News relates.

The vice-president said the increasing demand for modern cars in
the Russian market also signifies higher demand for high-octane
gasoline fuel, Bloomberg News reports.

"Octane pressure is probably the biggest issue for the refining
industry going forward," Mr. Considine said.  "Upgrades will
allow refineries to tap European markets."

Mr. Considine said that TNK-BP's Ryazan refinery will hike its
throughput to 17 million metric tons yearly while its Saratov
refinery will process up to 7.5 million tons a year.

                          About TNK-BP

Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates
six refineries in Russia and Ukraine, and markets products
through 2,100 retail service stations operating under TNK and BP
brand.  BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                          *     *     *

TNK-BP International Ltd. carries BB long-term foreign and local
currency ratings and B short-term foreign and local currency
ratings from Standard & Poor's.


VOLGAMEBEL'PROM CJSC: Creditors Must File Claims by Feb. 1, 2008
----------------------------------------------------------------
Creditors of CJSC Volgamebel'Prom have until Feb. 1, 2008, to
submit proofs of claim to:

         E. G. Kasatkin
         Competitive Proceedings Manager
         P.O. Box 5601
         443081 Samara
         Russia

The Arbitration Court of Samara commenced one-year competitive
proceedings against the company after finding it insolvent on
Oct. 10.  The case is docketed under Case No. A55-7167/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Volgamebel'Prom
         Kaliningrad Str. 17
         Samara
         Russia


VOLGOGASMONTAZH CJSC: Court Hearing Slated for March 11, 2008
-------------------------------------------------------------
The Arbitration Court of Nizhnij Novgorod will convene at
9:20 a.m. on March 11, 2008, to hear the bankruptcy supervision
procedure on CJSC Volgogasmontazh.  The case is docketed under
Case No. A43-26434/2007 27-300.

The Interim Manager is:

         E. A. Korostyleva
         Sovnarkomovskaya Str. 36-10
         03086 Nizhnij Novgorod
         Russia
         Tel: 8(8312) 72-33-10

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         CJSC Volgogasmontazh
         Zelenodol'skaya Str. 109
         Moscow Shosse 85
         Nizhnij Novgorod
         Russia


ZDVINSKAGROSNAB OJSC: Creditors Must File Claims by Jan. 1, 2008
----------------------------------------------------------------
Creditors of OJSC Zdvinskagrosnab have until Jan. 1, 2008, to
submit proofs of claim to:

         E. L. Kustov
         Interim Manager
         Ordzhonikidze Str. 43
         Novosibirsk-99
         Russia

The Arbitration Court of Novosibirsk will convene at 10:30 a.m.
on March 12, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A45-11306/
07-29/42.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Apartment 916
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         OJSC Zdvinskagrosnab
         Kalinina Str. 95
         Zdvinsk Settlement
         632950 Novosibirsk
         Russia


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


FTA SANTANDER: Fitch Junks EUR21.8 Million Class F Notes
--------------------------------------------------------
Fitch Ratings assigned FTA Santander Fondo de Titulizacion de
Activos, Santander Financiacion 2's notes totaling EUR1.472
billion due in August 2035, expected ratings as:

   -- EUR1.254 billion Class A: 'AAA'; Outlook Stable;
   -- EUR58.0 million Class B: 'AA'; Outlook Stable;
   -- EUR44.9 million Class C: 'A'; Outlook Stable;
   -- EUR29.0 million Class D: 'BBB'; Outlook Stable;
   -- EUR63.8 million Class E: 'BB'; Outlook Stable; and
   -- EUR21.8 million Class F: 'CCC'; Outlook Stable.

This transaction is a cash-flow securitization of EUR1.45
billion static pool of consumer and auto loans granted by Banco
Santander ('AA' /'F1+'/ Outlook Stable) to individuals in Spain.
The final ratings are contingent upon the receipt of final
documents conforming to information already received.

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

Initial CE for the Class A to E notes is provided by
subordination and a reserve fund, which will be funded at
closing using the proceeds of the Class F notes.  The Class F
notes are not collateralized by consumer or auto receivables,
but will benefit from excess spread and cash released from the
amortization of the reserve fund.

The expected 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,
D and E notes, and the repayment of principal by legal final
maturity.  Should the deferral trigger on the Class B, C, D and
E 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 underlying collateral refers to consumer and auto loans
granted to individuals resident in Spain for different personal
purposes.  All the loans have been originated following Banco
Santander guidelines in the course of its normal business. It
should be noted that 24% of the loans have been originated via
brokers.  The remaining loans have been originated directly via
the Santander branch network. .

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to convert
consumer and auto loans from the seller into fixed-income
securities.  The fund will be legally represented and managed by
Santander de 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.


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

   -- Aaa to the EUR 186.6 million Series A1 notes;
   -- Aaa to the EUR 802.2 million Series A2 notes;
   -- Aaa to the EUR 147.8 million Series A3 notes;
   -- Aaa to the EUR 175.0 million Series A4 notes;
   -- A3 to the EUR 46.4 million Series B notes;
   -- Baa3 to the EUR 42.0 million Series C notes; and
   -- C to the EUR 23.5 million Series D notes.

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

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

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

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


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


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

         JSC Dr. Balsiger & Partner
         Pfistergasse 38
         4800 Zofingen AG
         Switzerland

The Debtor can be reached at:

         JSC FL Consulting
         Bottmingen
         Arlesheim BL
         Switzerland


FOLGHERA JSC: Creditors' Liquidation Claims Due by December 17
--------------------------------------------------------------
Creditors of JSC Folghera have until Dec. 17 to submit their
claims to:

         Peter Folghera
         Feldenstrasse 39
         3655 Sigriswil BE
         Switzerland

The Debtor can be reached at:

         JSC Folghera
         Fislisbach
         Baden AG
         Switzerland


GARAGE DIGGELMANN: Creditors Must File Claims by December 17
------------------------------------------------------------
Creditors of JSC Garage Diggelmann have until Dec. 17 to submit
their claims to:

         Regina Diggelmann
         Liquidator
         Schmiedweg 8
         8604 Volketswil
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC Garage Diggelmann
         Durnten
         Uster ZH
         Switzerland


GISSLER DRUCK: Creditors' Liquidation Claims Due by December 14
---------------------------------------------------------------
Creditors of JSC Gissler Druck Basel have until Dec. 14 to
submit their claims to:

         Peter Gissler
         Liquidator
         Spalentorweg 20
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Gissler Druck Basel
         Basel BS
         Switzerland


ISO H+E: St. Gallen Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC ISO H+E on Nov. 5.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Stefan Klingl
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC ISO H+E
         Dufourstrasse 20
         9400 Rorschach
         Wahlkreis Rorschach SG
         Switzerland


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

         Dr. Martin Neese
         Liquidator
         Baarerstrasse 12
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Marbase
         Zug
         Switzerland


NETRONIX LLC: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Netronix on Nov. 11.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Netronix
         Dorfstrasse 69
         5210 Windisch
         Brugg AG
         Switzerland


SCHUREX LLC: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Horgen in Zurich entered Nov. 8 an
order closing the bankruptcy proceedings of LLC Schurex.

The Bankruptcy Service of Horgen can be reached at:

         Bankruptcy Service of Horgen
         8810 Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Schurex
         8810 Horgen ZH
         Switzerland


SOLDATI BAUUNTERNEHMUNG: Bern Court Closes Bankruptcy Process
-------------------------------------------------------------
The Operation and Office for Bankruptcy Emmental Oberaargau in
Bern entered Nov. 9 an order closing the bankruptcy proceedings
of JSC Soldati Bauunternehmung.

The Operation and Office for Bankruptcy Emmental Oberaargau can
be reached at:

         Operation and Office for Bankruptcy Emmental Oberaargau
         Office Burgdorf
         3400 Burgdorf BE
         Switzerland

The Debtor can be reached at:

         JSC Soldati Bauunternehmung
         Juraweg 17
         3053 Muenchenbuchsee
         Fraubrunnen BE
         Switzerland


WSS WEST: Creditors' Liquidation Claims Due by December 14
----------------------------------------------------------
Creditors of JSC WSS West Siberian Services have until Dec. 14
to submit their claims to:

         Andreas Hubmann
         Liquidator
         Baarermattstrasse 3
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC WSS West Siberian Services
         Baar ZG
         Switzerland




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


AZOV SERVICE: Creditors Must File Claims by December 15
-------------------------------------------------------
Creditors of LLC Azov Service Company (code EDRPOU 30846604)
have until Dec. 15 to submit written proofs of claim to:

         Victor Kirichko
         Liquidator
         Apartment 7
         Volodarsky Str. 272-a
         Tokmak
         71700 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 21/115/07.

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

The Debtor can be reached at:

         LLC Azov Service Company
         Pushkin Str. 11
         Berdiansk
         71100 Zaporozhje
         Ukraine
         

CHEMISTRY INDUSTRIAL Creditors Must File Claims by December 15
--------------------------------------------------------------
Creditors of CJSC Firm West Chemistry Industrial Assembly (code
EDRPOU 01415751) have until Dec. 15 to submit written proofs of
claim to:

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

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-7/227.

The Debtor can be reached at:

         CJSC Firm West Chemistry Industrial Assembly
         Botanicheskaya Str. 8
         76010 Ivano-Frankovsk
         Ukraine


COMPANY-INTER-ALIANCE: Creditors Must File Claims by December 16
----------------------------------------------------------------
Creditors of LLC Company-Inter-Aliance (code EDRPOU 33399859)
have until Dec. 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/848-b.

The Debtor can be reached at:

         LLC Company-Inter-Aliance
         Berezhanskaya Str. 6-A
         04074 Kiev
         Ukraine


DNK UKRAINE: Creditors Must File Claims by December 16
------------------------------------------------------
Creditors of LLC DNK Ukraine (code EDRPOU 32664092) have until
Dec. 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/523-b.

The Debtor can be reached at:

         LLC DNK Ukraine
         Apartment 36
         Obolonsky Avenue 34
         04214 Kiev
         Ukraine


GALEON LLC: Creditors Must File Claims by December 16
-----------------------------------------------------
Creditors of LLC Galeon (code EDRPOU 24087796) have until
Dec. 16 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. 15/843-b.

The Debtor can be reached at:

         LLC Galeon
         Obolonsky Avenue 23-a
         04074 Kiev
         Ukraine


ILONA LLC: Creditors Must File Claims by December 16
----------------------------------------------------
Creditors of LLC Ilona (code EDRPOU 31749693) have until Dec. 16
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/712-b.

The Debtor can be reached at:

         LLC Ilona
         Obolonsky Avenue 23-a
         04074 Kiev
         Ukraine


PLUS TELECOM: Creditors Must File Claims by December 15
-------------------------------------------------------
Creditors of LLC Plus Telecom (code EDRPOU 32854292) 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 Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. 15/804-b.

The Debtor can be reached at:

         LLC Plus Telecom
         Pobeda Avenue 136
         Kiev
         Ukraine


UKRAINA BANK: Liquidator Receives UAH142,000 in October
-------------------------------------------------------
Ukraina Bank's liquidator received in October 2007 UAH142,000
in relation to the bankruptcy proceedings against the bank, The
Financial Times reports, citing Interfax News as its source.

The amount includes UAH134,000 in repaid credits and UAH2,000
from the sale of the bank's properties, Interfax adds.

As of Oct. 1, 2007, the liquidator had paid UAH806.539 million
to the insolvent bank's first, second and third line creditors,
including UAH200.55 million to individual depositors, and
UAH605.989 million to its corporate clients.

As previously reported, Ukraine President Viktor Yuschenko
signed a law extending the liquidation of JSC Ukraina Bank until
Jan. 1, 2009.

According to the report, the law comes into force from the day
it is published.  The bill, adopted by the Verkhovna Rada on
March 20, 2007, outlines the procedure for paying UAH821.8
million owed to creditors.  President Yuschenko was deputy and
then first deputy of Ukraina Bank's board chairman from 1990 to
1993.

                       About Ukraina Bank

Headquartered in Kyiv, Ukraine, Ukraina Bank --
http://www.krid.crimea.ua/-- encountered financial troubles
that began in 1998.  On July 16, 2001, the National Bank of
Ukraine cancelled its banking license and started liquidation
proceedings.


VIOTAN LLC: Creditors Must File Claims by December 16
-----------------------------------------------------
Creditors of LLC Viotan (code EDRPOU 32612882) have until
Dec. 16 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. 5/792/07.

The Debtor can be reached at:

         LLC Viotan
         V. Morskaya Str. 29
         54030 Nikolaev
         Ukraine


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


CHRYSLER LLC: Top Spokesman Quits Spurring Corporate Realignment
----------------------------------------------------------------
Jason H. Vines, Chrysler LLC's Vice President-Communications has
elected to resign and, therefore, the company is disclosing a
realignment of its Corporate Communications Department.

"Now that Chrysler is an independent company again, we are
taking every opportunity to realign functions in a more holistic
manner that allows us to more effectively drive company
strategy," Bob Nardelli, Chairman and CEO, said.  "As part of
this realignment, the corporate communications function will now
report to Nancy Rae, Senior Vice President-Human Resources."

Several executives in the corporate communications department
will report directly to Ms. Rae.  David Barnas, who has been in
the corporate communications department for six years, will be
responsible for internal and corporate communications, which
includes dealing with the news media.

Mr. Vines' resignation is effective immediately, although he has
agreed to remain at Chrysler through the end of December to
assist in the transition.  "Jason has served Chrysler well, and
we are very grateful for his many contributions over the years,"
Mr. Nardelli said.

Mr. Vines began his career at Chrysler Corporation in 1983,
serving first as an economics researcher in the Labor Relations
Department and later through various assignments in Employee
Communications and Public Relations.  He left Chrysler in 1998
and became Vice President-Communications for Nissan North
America.  In February 2000, he was appointed Vice President-
Communications for Ford Motor Company.  He returned to Chrysler
in 2003 as Vice President-Communications.

"This was a tough decision, considering the many talented,
longtime friends I have throughout the company," Mr. Vines said.
"I wish them all the best and will continue to root for them."

Mike Aberlich, who has served the company as Director, Corporate
and Internal Communications, also announced last week  that he
has decided to retire at the end of this year.  "We thank Mike
for his dedication and contributions to the company," Mr.
Nardelli added.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
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'.


CHRYSLER LLC: November Certified Pre-Owned Vehicle Sales Down 2%
----------------------------------------------------------------
Chrysler LLC has reported that its Five Star(R) dealers sold
9,280 Certified Pre-owned Vehicles in November 2007, a 2%
decline from a record November 2006 when 9,437 units were sold.
During November 2007 certified-used Chrysler brand sales rose 2%
to 2,936 units; Jeep(R) brand sales declined 7% to 2,442 units
and Dodge brand sales dipped 1% to 3,902 units.

Year-to-date Certified Pre-owned Vehicles sales were the
highlight this month with sales rising 6 percent to a record
113,186 units, surpassing last year's year-to-date total of
107,236 units.  Chrysler brand car sales, Dodge brand car sales
and Dodge truck sales all experienced increases during 2007;
Chrysler 300/300C sales rose 39 percent to 6,199 units; Dodge
Charger sales surged 129% to 3,809 units and Dodge Ram pickup
truck sales increased 5% to 10,055 units.

"There are many rewards of the CPOV program which is why heading
into the last month of this year, Chrysler has been the fastest
growing CPOV brand since 2002," said Director for Remarketing,
Peter Grady.  "One reward for both the customer and dealer is
that once a customer purchases a certified-used Chrysler, Jeep
or Dodge product, the warranty provided by the CPOV program
allows the dealer staff to cultivate a relationship with the
customer when the vehicle is brought in for routine service.
This results in a more pleasant experience for the customer
which ultimately benefits the dealer."

In addition, the company will announce plans to expand its
partnership with ADESA to benefit Chrysler, Jeep and Dodge
dealers with remarketing needs.

                      About Chrysler

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


CYCLESMART LTD: Appoints Simon Paterson as Liquidator
-----------------------------------------------------
Simon Paterson of Moore Stephens LLP was appointed liquidator of
Cyclesmart Ltd. on Nov. 22 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England


GENERAL MOTORS: November 2007 Sales in Canada Down 10.2%
--------------------------------------------------------
For November 2007, General Motors of Canada Ltd. dealers
delivered a total of 28,071 vehicles, down 10.2% from the same
month last year.

"November was a soft month overall for industry retail sales,"
Marc Comeau, GM of Canada's vice-president of sales, service,
and marketing, said.  "At GM we continue to see strength from
our recently launched products like the Saturn Outlook, GMC
Acadia and Buick Enclave crossover utilities and the Cadillac
CTS.  The new Chevrolet Malibu and Malibu Hybrid are creating a
lot of buzz with impressive product reviews and strong customer
acceptance.

"We have seen some early success from our year-end Wish & Win
promotion, showing customers that the best value on the
industry's best vehicles can be found at their local GM Canada
dealership."

                          Sales Highlights

Mid Utilities were up a combined 67.4% driven by the continued
strength of the all-new family of crossovers including the
Saturn Outlook, GMC Acadia and Buick Enclave.

GMs smaller, fuel efficient cars continue to perform well with
the Chevrolet Aveo and Pontiac Wave up a combined 16.8% and the
Pontiac Vibe posting gains of 31.3%.

Chevrolet Silverado and Sierra Extended Cab pick ups were up a
combined 4.9%.

Cadillac sales were up 2.9% overall, led by a 38.1% increase for
the award winning Cadillac CTS.

                   About General Motors of Canada

Headquartered in Oshawa Ontario, General Motors of Canada Ltd.
manufactures vehicles, vehicle powertrains, and markets the full
range of General Motors vehicles and related services through
743 dealerships and retailers across Canada.  Vehicles sold
through this network include Chevrolet, Buick, Pontiac, GMC,
Saturn, Hummer, Saab and Cadillac.  GM of Canada employs more
than 19,000 people nationwide.

                             About GM

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

                         *     *     *

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

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


KRISPY KREME: Posts US$798,000 Net Loss in Quarter Ended Oct. 28
----------------------------------------------------------------
Krispy Kreme Doughnuts, Inc. has reported financial results for
the third fiscal quarter ended Oct. 28, 2007.

During the third quarter of fiscal 2008, 29 new Krispy Kreme
stores, comprised of 8 factory stores and 21 satellites, were
opened systemwide, and 17 Krispy Kreme factory stores were
closed systemwide.  This brings the total number of stores
systemwide at the end of the third quarter of fiscal 2008 to
423, consisting of 290 factory stores and 133 satellites.  The
net increase of 12 stores in the quarter reflects a net increase
of 24 international stores and a net decrease of 12 domestic
stores.

Third quarter systemwide sales decreased approximately 2.6% from
the third quarter of last year. Satellite stores made up 31% of
the total systemwide store count as of Oct. 28, 2007 compared to
23% at Oct. 29, 2006.  Systemwide average weekly sales per store
are lower than company average weekly sales per store
principally because satellite stores, which have lower average
weekly sales than factory stores, are operated almost
exclusively by franchisees.  Systemwide average weekly sales per
store decreased approximately 9.2% to approximately US$36,400.
The company stores average weekly sales per store decreased 0.4%
to approximately US$52,900.

The company revenues for the third quarter of fiscal 2008
decreased 11.7% to US$103.4 million compared to US$117.1 million
in the third quarter of last year.  The company Stores revenues
decreased 11.3% to US$72.8 million, Franchise revenues were flat
at US$5.7 million and Krispy Kreme Supply Chain revenues
decreased 15.1% to US$24.9 million.

The net loss for the third quarter of fiscal 2008 was
US$798,000, or US$0.01 per diluted share, compared to a net loss
of US$7.2 million, or US$0.12 per diluted share, in the
comparable period last year.

The company recorded a net credit to impairment charges and
lease termination costs of US$268,000 in the third quarter this
year, compared to a charge of US$5.4 million in the third
quarter of fiscal 2007.  Most of the prior year charge relates
to underperforming stores, including stores closed and likely to
be closed.

As of Oct. 28, 2007, the Krispy Kreme's consolidated balance
sheet reflects cash and indebtedness of approximately US$23
million and US$88 million, respectively.  The maximum additional
indebtedness permitted under the company's credit facilities was
approximately US$11 million at that date.  During the first nine
months of fiscal 2008, the company prepaid approximately US$21.9
million under the company's US$110 million term loan entered
into in February 2007.  A substantial portion of these
prepayments was made in order to reduce the likelihood of
violation of the financial covenants contained in the company's
credit facilities.

Several franchisees have been experiencing financial pressures
which, in certain instances, appear to have become more
exacerbated during fiscal 2008.  Franchisees closed 25 stores in
the first nine months of fiscal 2008.  The company believes
franchisees will close additional stores in the foreseeable
future, and the number of such closures is likely to be
significant.  Royalty revenues and most of Krispy Kreme Supply
Chain revenues are directly correlated to sales by franchise
stores and, accordingly, store closures have an adverse effect
on the company's revenues and results of operations.

"Although we still have much to do, performance improved in the
third quarter compared to the second quarter, and the
organization made progress on the transformation steps
previously announced," said Krispy Kreme's President and Chief
Executive Officer, Daryl Brewster.  Since the end of the second
quarter, the compamy has:

   -- Closed an additional five underperforming company stores;

   -- Opened over 20 new satellites systemwide as part of its
      hub and spoke strategy, including converting an
      additional company-owned factory store to a non-producing
      hot shop;

   -- Reduced Supply Chain costs by outsourcing its coffee
      supply and announcing the planned closure of a
      manufacturing and distribution facility;

   -- Increased international franchisee sales 48% year-over-
      year;

   -- Realigned Company Stores and Franchise management with
      experienced leadership;

   -- Continued to reduce G&A costs; and

   -- Completed an amended Franchise Disclosure Document
      (formerly called a Uniform Franchise Offering Circular).

"As we look past the third quarter, we continue to focus on
improving company shop performance, driving the hub and spoke
model, growing our international franchise business,
refranchising certain domestic markets and reducing costs to
help offset rising commodity prices," Mr. Brewster added.

Systemwide sales, a non-GAAP financial measure, include sales by
both the company and franchise stores.  The company believes
systemwide sales data are useful in assessing the overall
performance of the Krispy Kreme brand and, ultimately, the
performance of the company.  Krispy Kreme's consolidated
financial statements include sales by company stores, sales to
franchisees by the the company Supply Chain business segment,
and royalties and fees received from franchisees, but exclude
sales by franchise stores to their customers.

                    About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--  
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, Moody's Investors Service lowered Krispy Kreme
Doughnut Corporation's Speculative Grade Liquidity rating to
SGL-4 from SGL-3, indicating weak liquidity.  Concurrently
Moody's revised the rating outlook to negative while affirming
Krispy Kreme's Caa1 corporate family rating and B3 rating of its
US$160 million senior secured credit facilities.


RANK GROUP: Richardsons Capital Acquires 9.3% Stake
---------------------------------------------------
West Midlands-based property developer Richardsons Capital has
acquired a 9.3% stake in Rank Group plc for an undisclosed
amount through contracts for difference (CFDs), Chris Hughes
writes for the Financial Times.

However, Lee Richardson, a director of Richardsons Capital, told
FT they had the financial resources to convert the derivatives
into ordinary voting stock immediately if it desired.

According to Mr. Richardson "Rank is grossly undervalued,"
insisting the move is an investment decision.  He also ruled out
a takeover bid for the U.K. gaming group, the FT relates.

Malaysian casino group Genting International plc earlier bought
a 9.4% stake in the company.

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

                          *     *     *

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

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

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

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

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


REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court
--------------------------------------------------------------
Ingram Micro Inc. intends to defend against the suit filed by
the trustee of the Refco Litigation Trust in Illinois state
court in connection with the bankruptcy of Refco, Inc., and its
subsidiaries and affiliates.

In August 2007, the Trustee sued Grant Thornton LLP, Mayer Brown
Rowe & Maw, LLP, Phillip Bennett, and numerous other individuals
and entities, including the Company and one of its subsidiaries,
claiming damage to the bankrupt Refco entities in the amount of
US$2 billion.

Of its 44 claims for relief, the complaint contains a single
claim against the Company and one of its subsidiaries, alleging
that loan transactions between the Company's subsidiary and
Refco in early 2000 and early 2001, aided and abetted the common
law fraud of Bennett and other defendants, resulting in damage
to Refco in August 2004 when it effected a leveraged buyout in
which it incurred substantial new debt while distributing assets
to Refco insiders.

Based in Santa Ana, Calif., Ingram Micro Inc., together with its
subsidiaries, distributes information technology products and
supply chain solutions worldwide.  Its IT products include
peripherals, networking, software, and systems.

                       About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


REGENT HOUSE: High Court Winds Up Business
------------------------------------------
The High Court of England and Wales has wound up Regent House
(UK) Ltd. following an investigation by the Companies
Investigation Branch of the Insolvency Service.

CIB's investigation found that Regent House misled advertisers
into believing that a proportion of the revenue from their
advertisement supported charitable and other good causes, that
the publications themselves were distributed in such a way as to
be of little or no commercial value and that the company
employed intimidating and abusive methods to collect debts,
arbitrarily added legal costs that were not due and feigned to
employ a debt collection agency that was no more than a trading
style of the company itself.  Furthermore, investigators also
found that the company had failed to maintain adequate financial
records with the result that it was not possible to account for
a substantial proportion of almost GBP1 million withdrawn in
cash from its bank account in a period of some 19 months.  The
investigation, which was hampered by a lack of co-operation from
senior company personnel, also established that the company's
management lacked transparency in so far as the person
controlling its affairs was not formally appointed a director
until after the commencement of the investigation.

In making the order the District Judge stated that he was
satisfied on the evidence that the matters alleged in support of
the winding up petition had been made out.

The petition was presented on Sept. 14, 2007 under s124A of the
Insolvency Act 1986.  The company was compulsorily wound up by
the court on Oct. 30, 2007.

The Official Receiver was appointed as provisional liquidator of
the company on Sept. 21, 2007.

Headquartered in Liverpool, England, Regent House (UK) Ltd.  
sold business-to-business advertising space in a variety of
publications under the self-styled "Safety Watch" banner.


SANYO ELECTRIC: To Open Lab Aimed at Reducing Solar Power Cost
--------------------------------------------------------------
Sanyo Electric Co. said it will open a laboratory inside its
Gifu Prefecture semiconductor plant in April to develop
next-generation, thin-film solar cells that require a very
small amount of silicon, Kyodo News reports.

The "Advanced Photovoltaics Development Center" is aimed at
reducing the cost of solar power to match costs as low as
electricity charges applied to home-use, Sanyo explains through
a company-issued statement.

The Kyodo News report explains that at present, solar power
costs about JPY250 to JPY300 to generate one watt of electricity
when solar cells are used.  Sanyo, notes Kyodo News, wants to
lower this amount to JPY150 by 2012.

Kyodo News added that Sanyo plans to invest some JPY6 billion in
the new facility after three years of its establishment.

Dr. Shinya Tsuda, Sanyo's vice president and general manager of
R&D headquarters, claims "Sanyo considers next-generation
thin-film silicon solar cells as the third generation of solar
cells following amorphous and HIT solar cells.  With this third
generation of products, we aim to commercialize them to decrease
the cost of solar power generation to match or be comparable to
current home electricity bills in the future."

Heterojunction with Intrinsic Thin-layer solar cells are
developed by Sanyo are composed of crystalline silicon wafers
and thin amorphous silicon layers.  These uniquely structured
cells allow the world's greatest power generation per
installation space due to superior technological advantages,
including high conversion efficiency and less vulnerability to
high temperatures.

The company, according to its statement, is optimistic that the
global demand for solar power-generation is expected to increase
significantly as more and more countries are introducing systems
that purchase electricity obtained from renewable sources at
preferential conditions.

The Osaka-based electronics manufacturer will invest JPY80
billion in HIT solar cells over the next three fiscal year and
increase production capacity to 650MW by 2010.

                   About Sanyo Electric

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

                       *     *     *

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


SMART FINANCES: M. C. Bowker Leads Liquidation Procedure
--------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of Smart
Finances Ltd. on Dec. 3 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


TATA MOTORS: Submits Revised Offer for Jaguar and Land Rover
------------------------------------------------------------
Tata Motors Ltd has submitted a revised bid for Ford Motor Co's
Jaguar and Land Rover brands, Reuters said, citing a CNBC-TV18
News report as source.  Competing bidder, Mahindra & Mahindra
Ltd also submitted an amended offer.

According to the TV Channel, Tata Motors and Mahindra now made a
higher offer compared to their initial bids that were in the
range of US$1.8-US$2 billion.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Tata Motors is in the race to buy the two Ford brands.  
Tata Motors is now one of those who made it to the list of final
bidders.  The other firms who got it to the list are Mahindra &
Mahindra in collaboration with buyout firm Apollo, and One
Equity Partners.

However, it looks like Tata Motors is racing ahead of its rivals
with the backing of the workers unions.  Late November, about 60
senior shop stewards representing workers of Jaguar and Land
Rover voted in favor of a resolution supporting Tata's bid.

Sudha Ramachandran of the Asia Times related that Tata Motors
managing director Ravi Kant, in its presentation to workers of
the two brands, assured the union that the company had no plans
to outsource British jobs to India and that executives were free
to stay if they wanted to.

Tata Motors also has the edge in the bidding for the two brands
because of its size, its deal-making record and its familiarity
with the U.K. market, Rina Chandran of Reuters, cites bankers
and analysts as saying.

Tata's joining the race also drew criticisms, one from U.S.
private equity firm Ripplewood.  Ripplewood questioned what a
maker of cheap cars know about running a luxury icon.

Ford is expected to name the winning bidder by January.

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

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

                          *     *     *

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

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


TAYLOR'S GROUP: Calls In Liquidators from Chantrey Vellacott DFK
----------------------------------------------------------------
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint liquidators of Taylor's
Group Ltd. on Nov. 28 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         Russell Square House
         10-12 Russell Square
         London
         WC1B 5LF
         England


US STEEL: Prices US$500 Million Offering of 7% Senior Notes
-----------------------------------------------------------
United States Steel Corporation has priced US$500 million of
7% Senior Notes due 2018. The senior notes were priced at
99.087% of the principal amount.

The proceeds of the offering will be used to repay the
US$400 million one-year term loan incurred to finance a portion
of the acquisition of Stelco Inc., now known as U. S. Steel
Canada Inc. and the balance will be used for general corporate
purposes.

Banc of America Securities LLC, J.P. Morgan Securities Inc. and
Scotia Capital (USA) Inc. are joint book runners for this
offering.

Copies of the prospectus may also be obtained from:

     U. S. Steel
     Attn: Manager-Investor Relations
     600 Grant Street
     Pittsburgh, PA 15219-2800

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures   
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
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.


WORCESTER PROPERTIES: Names Neil Francis Hickling Liquidator
------------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of Worcester Properties Ltd. on Nov. 30 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England
  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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