TCREUR_Public/071213.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

           Thursday, December 13, 2007, Vol. 8, No. 247

                            Headlines




A U S T R I A

BM BAUMANAGEMENT: Graz Court Orders Business Shutdown
DENIC ANLAGENBAU: Wels Court Orders Business Shutdown
DOWA OBERFLACHENBEARBEITUNG: Claims Registration Ends Dec. 31
MARTIN BECKER: Claims Registration Period Ends Dec. 27
ROFANDRUCK KG: Estate Administrator Declares Insufficient Assets


B E L G I U M

POPE & TALBOT: Remaining Wood Products Sale Procedures Opposed
POPE & TALBOT: Trade Creditors Ask Court to Secure Goods Payment


F R A N C E

HARVEST CLO IV: Fitch Rates Classes E-1 and E-2 Notes at BB
MTI TECHNOLOGY: Court OKs Manatt Phelps as Special SEC Counsel
XEROX CORP: Fitch Lifts BB-Rated Trust Pref. Securities to BBB-
XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB


G E R M A N Y

AGM ACHINGER: Claims Registration Ends January 7, 2008
B & A GMBH: Claims Registration Ends January 8, 2008
BAIER & PARTNER: Claims Registration Period Ends Jan. 11, 2008
BAUMHAUS INTEGRATION: Claims Registration Ends January 8, 2008
BSA ERD: Claims Registration Period Ends Jan. 10, 2008

CAMPE-MAURER: Claims Registration Period Ends Dec. 27
COOK & CONCEPT: Claims Registration Ends January 3, 2008
D3 MEDIA: Claims Registration Period Ends Jan. 8, 2008
DVS DEUTSCHE: Claims Registration Period Ends Jan. 8, 2008
EURO ART: Claims Registration Period Ends Dec. 28

EYEGENICA PHARMA: Claims Registration Ends January 2, 2008
FINNLA HAUS: Claims Registration Ends January 3, 2008
FIUDI INTERNATIONAL: Claims Registration Ends January 16, 2008
G & R AUTOMATENBETRIEBS: Claims Registration Ends Jan. 9, 2008
GROKA FRITZ: Claims Registration Period Ends Dec. 26

HN SERVICES: Claims Registration Period Ends Dec. 27
HOEBER-HAUS GMBH: Claims Registration Ends January 3, 2008
HYGIENIA MEDIZINISCHE: Claims Registration Period Ends Dec. 21
IKB DEUTSCHE: Fitch Downgrades US$404.88 Mln Facility to CC
IPIROS IMPORT: Claims Registration Period Ends Jan. 14, 2008

JENOPTIK AG: Fitch Upgrades Issuer Default Rating to B+
JL+P BAUINITIATOR: Claims Registration Period Ends Dec. 21
JOENSTHOEVEL-VERSORUNGSTECHNIK: Registration Ends Jan. 15, 2008
KLOECKNER-PENTAPLAST: Moody's Cuts Corporate Family Rating to B2
KLOECKNER PENTAPLAST: S&P Affirms B Long-term Ratings

LET'S WORK: Claims Registration Ends January 2, 2008
MAEUELER GMBH: Claims Registration Period Ends Dec. 28
PROSIEBENSAT.1 MEDIA: Axel Springer Selling Stake for EUR509 Mln
REGIO SYSTEM: Claims Registration Period Ends Dec. 28
SCHAEFER SAUNA: Claims Registration Period Ends Dec. 25

SHK-GRUNDWERT GMBH: Claims Registration Ends January 3, 2008
STAHL- UND ANLAGENBAU: Claims Registration Ends January 2, 2008
UNITYMEDIA GMBH: Moody's Changes Outlook on Ratings to Positive
VOLKERT PROJEKTPLANUNG: Claims Registration Ends Jan. 11, 2008


H U N G A R Y

OI EUROPEAN: Fitch Lifts Senior Unsecured Notes to BB/RR2


I R E L A N D

WR GRACE: Opposition Filing to Daubert Briefs Set Dec. 21
WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied


I T A L Y

ALITALIA SPA: Air France Sees Profitable Italian Carrier
ALITALIA SPA: Board to Choose Preferred Buyer Today
PARMALAT SPA: Faces Antitrust Probe over Newlat Sale Delays


K A Z A K H S T A N

AGRO SERVICE-MAGISTRAL: Claims Deadline Slated for Jan. 4, 2008
ALTYN SHEKER: Creditors Must File Claims Jan. 4, 2008
CONTENT CREATION: Claims Filing Period Ends Jan. 4, 2008
ELECTRO SYSTEM: Creditors' Claims Due on Jan. 4, 2008
ENERGOSPETSREMSERVICE LLP: Claims Registration Ends Jan. 4, 2008

ERMAK-SK LLP: Proof of Claim Deadline Slated for Jan. 4, 2008
INTER-SERVICE LLP: Creditors Must File Claims Jan. 4, 2008
LTD SERVICE: Claims Filing Period Ends Jan. 4, 2008
RAS-INVEST LLP: Creditors' Claims Due on Jan. 4, 2008
ZLATOY KASPY: Claims Registration Ends Jan. 4, 2008


K Y R G Y Z S T A N

AIDAR-OSH LLC: Creditors Must File Claims by January 11, 2008


L U X E M B O U R G

BASELL AF: Lyondell & Equistar Gets Consents to Amend Indenture
BASELL AF: Fitch Lowers Ratings to B+ on Merger with Lyondell
EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms
EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million


N E T H E R L A N D S

HARBOURMASTER CLO 7: Fitch Rates EUR2 Mln Class S1 Notes at BB
HARBOURMASTER PRO-RATA 2: Fitch Rates Class B2 Notes at BB
X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts


R U S S I A

ALFA BANK: Continued Expansion Cues Fitch's BB Ratings Upgrade
EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms
EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million
FORD MOTOR: Russian Authorities Ban Pickets
GAZPROMSTROY LLC: Creditors Must File Claims by Jan. 1, 2008

ISLAKH LLC: Creditors Must File Claims by Feb. 1, 2008
KRASNY METALLIST: Creditors Must File Claims by Jan. 1, 2008
MORSKOY RYBNY: Creditors Must File Claims by Jan. 1, 2008
PAVLOVSKIJ FOOD: Creditors Must File Claims by Feb. 1, 2008
ROSNEFT OIL: Cancels RUR15 Billion Bond Issue This Year

SITRONICS JSC: Brings In Three New Members to Management Board
SITRONICS JSC: Kiev Court Declares Sitronics-Ukraine Bankrupt
SITRONICS JSC: Posts US$108 Million Net Loss for Q3 2007
STROYKOMBINAT OJCS: Creditors Must File Claims by Feb. 1, 2008
TMK OAO: Creates Joint Venture with SMS Demag AG

TMK OAO: Inks US$5 Billion Cooperation Deal with TNK-BP Holding
TNK-BP HOLDING: Inks US$5 Billion Cooperation Deal with OAO TMK
VOROSHILOVSKIJ OJCS: Creditors Must File Claims by Feb. 1, 2008
VURNARSKIJ SKIM: Creditors Must File Claims by Jan. 1, 2008
X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts

YUZHNAYA LLC:  Creditors Must File Claims by Feb. 1, 2008


S P A I N

AYT CAIXANOVA: Moody's Junks EUR6.6 Million Series E Notes
HIPOCAT 12: Moody's Junks EUR28 Million Class D Notes


S W I T Z E R L A N D

ATC ANTRIEBSTECHNIK: Aargau Court Closes Bankruptcy Proceedings
DOCSANTE SUISSE: Zug Court Starts Bankruptcy Proceedings
HAURI GASTRO: Creditors' Liquidation Claims Due by December 17
HRFT - HUMAN: Creditors' Liquidation Claims Due by December 17
OLECO JSC: Creditors' Liquidation Claims Due by December 17

NETWAY SOLUTIONS: Basel-Country Court Closes Bankruptcy Process
PLAWEX LLC: Creditors' Liquidation Claims Due by December 15
QI-PICTURES LTD: Zurich Court Starts Bankruptcy Proceedings
SELECT REISEN: Creditors' Liquidation Claims Due by December 17
WK CAR: Creditors' Liquidation Claims Due by December 17


U K R A I N E

COMETA LLC: Proofs of Claim Filing Deadline Set for December 16
COMUNE HEAT-MACHINE: Creditors Must File Claims by December 16
IZIUM AGRICULTURAL: Proofs of Claim Filing Deadline Set Dec. 19
KRIVOY ROG 14130: Creditors Must File Claims by December 16
LVOV KIOTS-TRANS: Creditors Must File Claims by December 16

PETROLEUM-CHEMISTRY: Creditors Must File Claims by December 16
SITRONICS-UKRAINE: Kiev Court Commences Liquidation Process
UKRAINIAN BUSINESS: Creditors Must File Claims by December 16
VIDRODZHENNIA LLC: Creditors Must File Claims by December 16
ZHEREBILOVKA LLC: Creditors Must File Claims by December 15


U N I T E D   K I N G D O M

ACTIVISION INC: Kotick & Kelly to Get US$10MM Cash Bonuses Each
BRITISH ENERGY: Extends Use of Two Power Stations through 2016
G SQUARE: Moody's May Cut Ba1 Rating After Review
ICONIX BRAND: S&P Rates Proposed US$60MM Add-On Term Loan at BB
JFL MECELEC: Brings In Liquidators from KPMG

KELSCO LTD: Claims Filing Period Ends January 31, 2008
LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture
LYONDELL CHEMICAL: Basell Merger Cues Fitch to Cut Ratings to B+
MONITOR OIL: Can Borrow US$1 Million from US$5 Million Financing
MORPHEUS PLC: Fitch Affirms BB- Ratings on GBP9.5 Mln Notes

QUALITY JOINERY: Calls In Liquidators from Vantis
ROADCHEF FINANCE: Fitch Places BB-Rated GBP42 Mln Notes on RWN
SEA CONTAINERS: Wins GE Seaco Arbitration Case
SKYEPHARMA PLC: U.S. FDA Approves GlaxoSmithKline's Requip XL

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                            *********


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


BM BAUMANAGEMENT: Graz Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Graz entered Oct. 25 an order shutting down
the business of LLC BM Baumanagement (FN 234789d).

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

The estate administrator can be reached at:

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

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


DENIC ANLAGENBAU: Wels Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Wels  entered Oct. 30 an order shutting down
the business of LLC Denic Anlagenbau (FN 234862k).

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

The estate administrator can be reached at:

         Dr. Hubert Koellensperger
         Schubertstrasse 20
         4600 Wels
         Austria
         Tel: 07242/44546-0
         Fax: 07242/42849
         E-mail: office@wels-law.at

Headquartered in Marchtrenk, Austria, the Debtor declared
bankruptcy on Oct. 29 (Bankr. Case No 20 S 130/07d).


DOWA OBERFLACHENBEARBEITUNG: Claims Registration Ends Dec. 31
-------------------------------------------------------------
Creditors owed money by LLC DOWA Oberflachenbearbeitung und
Transporte (FN 221027s) have until Dec. 31 to file written
proofs of claim to court-appointed estate administrator Ernst
Lehenbauer at:

         Mag. Ernst Lehenbauer
         Hauptplatz 21
         4470 Enns
         Austria
         Tel: 07223/810 10
         E-mail: ra.lehenbauer@attglobal.net

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 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 Enns, Austria, the Debtor declared bankruptcy
on Oct. 31 (Bankr. Case No. 14 S 40/07s).


MARTIN BECKER: Claims Registration Period Ends Dec. 27
------------------------------------------------------
Creditors owed money by LLC Martin Becker (FN 225463p) have
until Dec. 27 to file written proofs of claim to court-appointed
estate administrator Susi Pariasek at:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 30 (Bankr. Case No. 28 S 123/07b).


ROFANDRUCK KG: Estate Administrator Declares Insufficient Assets
----------------------------------------------------------------
Dr. Ingrid Hochstaffl-Salcher, the court-appointed estate
administrator for KG Rofandruck (FN 194757h), declared Oct. 31
that the Debtor's property is insufficient to cover creditors'
claim.

The Land Court of Innsbruck is yet to rule on the estate
administrator's claim.

Headquartered in Jenbach, Austria, the Debtor declared
bankruptcy on Oct. 19 (Bankr. Case No. 7 S 61/07s).  Walter
Rupprechter represents Dr. Hochstaffl-Salcher in the bankruptcy
proceedings.

The estate administrator can be reached at:

         Dr. Ingrid Hochstaffl-Salcher
         c/o Mag. Walter Rupprechter
         LLC Hochstaffl & Rupprechter Rechtsanwalte
         Bahnhofstrasse 37
         6300 Woergl
         Austria
         Tel: 05332/71 800
         Fax: 05332/718007
         E-mail: mail@hochstaffl-rupprechter.com


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


POPE & TALBOT: Remaining Wood Products Sale Procedures Opposed
--------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
asks the United States Bankruptcy Court for the District of
Delaware to deny Pope & Talbot Inc. and its debtor-affiliates'
proposed Sale Procedures for the remaining wood products
business.

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

The Debtors had previously sought Court approval of uniform
bidding and sale procedures with respect to the sale of certain
wood products assets not contemplated to be sold to
International Forest Products and the assumption of related
liabilities.

The principal assets of the Remaining Wood Products Business
include the mills located in Fort Saint James, British Columbia
and Midway, British Columbia, and the receivables generated by
the Wood Products Business that are held by P&T Factoring
Limited
Partnership.

The U.S. Trustee complains that under the proposed sale
procedures, the Debtors appear to seek tentative authority to
provide to any subsequently-selected stalking horse bidder
certain bid protections.  "Having the proposed bid protections
outlined in the order approving the Bidding Procedures is
inappropriate and misleads prospective stalking horse bidders
into believing that [the] amounts have been pre-approved by this
Court," William K. Harrington, Esq., of the office of the U.S.
Trustee, asserts.

As the stalking horse bidder has not yet been identified and no
information has been disclosed regarding the value of the
transaction, approval of a break-up fee is not warranted at this
time, Mr. Harrington argues.

Mr. Harrington asserts that the Debtors must acknowledge in the
sale order that their proposed sale will not be free and clear
of claims and defenses that are related to a consumer credit
transaction subject to the Truth in Lending Act or any consumer
credit contract as defined by Section 363(o) of the Bankruptcy
Code.

Moreover, the U.S. Trustee points out, the Debtors did not
provide sufficient information to determine whether a consumer
privacy ombudsman needs to be appointed to protect personally
identifiable information about individuals, pursuant to Section
363(b)(1) of the Bankruptcy Code.

                       Creditors Committee

The Official Committee of Unsecured Creditors asks the Court to
revise the proposed Remaining Wood Business Bidding Procedures
by:

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

  (b) allowing it to participate in any sale process.

The Creditors Committee is concerned that the Debtors' proposed
bidding procedures for their remaining wood business invite
excessive break-up fees and expense reimbursements.

The Creditors Committee's proposed counsel, Jason W. Staib,
Esq., at Blank Rome LLP, in Wilmington, Delaware, tells the Hon.
Christopher S. Sontchi that the Creditors Committee has
significant issues and concerns with respect to any bid
protections to be granted to a potential purchaser of the
Debtors' Remaining Wood Business, but sees no need to address
the issues at this time.

While the Debtors may have already created false expectations
among potential stalking horse bidders, those expectations
should not be perpetuated, the Creditors Committee asserts.

                       About Pope & Talbot

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

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

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

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

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


POPE & TALBOT: Trade Creditors Ask Court to Secure Goods Payment
----------------------------------------------------------------
About 23 of Pope & Talbot Inc. and its Canadian debtor-
affiliates'  postpetition trade creditors ask the British
Columbia Supreme Court:

   -- for a "charge" in all of the Canadian Debtors' property as
      security payment of all amounts the Debtors owe them, of
      up to US$5,000,000, for goods and services they provided
      to the Debtors;

   -- to compel the Canadian Debtors to timely pay for the
      reasonable fees and expenses of their legal and
      financial advisors; and

   -- to extend the benefit of the Initial Order's
      administration charge, to include their legal and
      financial advisors, and increase the aggregate amount of
      the Administration Charge to US$3,500,000.

Linda A. Widdup, Esq., at MacPherson Leslier & Tyerman LLP, in
Regina, Saskatchewan, informs the Court that the Postpetition
Trade Creditors are small and medium-sized logging contractors
in Interior, British Columbia, who services the Debtors' sawmill
and timber operations.

According to Ms. Widdup, the Postpetition Trade Creditors, who
have organized themselves into a logging contractors' committee,
are unwilling or unable to supply the Debtors with materials and
services without the certainty that they will be paid in full
for the supply.  "The materials and services provided by the
Postpetition Trade Creditors are essential to sustain the
Debtors' ongoing operations.  The participation of the
Postpetition Trade Creditors in the CCAA Proceedings is
important for all stakeholders," she avers.

It will be difficult for the Postpetition Trade Creditors to
continue to pay for the legal and financial advice they need to
adequately participate in the CCAA Proceedings without
assurances that the fees and disbursements of their legal and
financial advisors will be paid in full, Ms. Widdup points out.

The 23 Postpetition Trade Creditors are Lime Creek Logging Ltd.,
Crescent Bay Construction Ltd., Pattom Services Ltd., Mountain
Meadow Contracting Ltd., GL & T Logging Ltd., Koert Dieterman
Contracting Ltd., P & D Logging Ltd., Galena Contractors Ltd., D
& B/W Logging Ltd., MacDonald Creek Logging Ltd., R & A Logging
Ltd., Barry Abbott Logging Ltd., Covergent Management Group
Ltd., Arrow Lakes Logging Ltd., Big Ledge Contracting Ltd.,
513251 B.C. Ltd. d/b/a Mid-Boundary Contracting, E & F Logging
Ltd., Balcaen Consolidated Contracting Ltd., Cougar Valley
Ventures Ltd., Nakusp Logging Co. Ltd., John Bosovich d/b/a John
Bosovich Trucking, Barry Areschenkoff d/b/a Areschenkoff
Trucking and GGR Enterprises Ltd.

                       About Pope & Talbot

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

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

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

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

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


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


HARVEST CLO IV: Fitch Rates Classes E-1 and E-2 Notes at BB
-----------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO IV PLC's EUR752 million
notes due 2021 as:

   -- EUR456 million Class A-1A floating-rate notes (ISIN:
      XS0254041493): affirmed at 'AAA'

   -- EUR74 million Class A-1B floating-rate notes (ISIN:
      XS0254042541): affirmed at 'AAA'

   -- EUR50 million Class A-2 floating-rate notes (ISIN:
      XS0254042970): affirmed at 'AAA'

   -- EUR54.6 million Class B-1 floating-rate notes (ISIN:
      XS0254043861): affirmed at 'AA'

   -- EUR4.4 million Class B-2 fixed-rate notes (ISIN:
      XS0254046963): affirmed at 'AA'

   -- EUR29 million Class C floating-rate notes (ISIN:
      XS0254048746): affirmed at 'A'

   -- EUR11.1 million Class D-1 floating-rate notes (ISIN:
      XS0254050213): affirmed at 'BBB'

   -- EUR8.9 million Class D-2 fixed-rate notes (ISIN:
      XS0254052771): affirmed at 'BBB'

   -- EUR15.4 million Class E-1 floating-rate notes (ISIN:
      XS0254054553): affirmed at 'BB'

   -- EUR1.6 million Class E-2 fixed-rate notes (ISIN:
      XS0254055360): affirmed at 'BB'

   -- EUR20 million Class M combination notes (ISIN:
      XS0254059784): affirmed at 'AAA'

   -- EUR6 million Class N combination notes (ISIN:
      XS0254060790): affirmed at 'AA'

   -- EUR13.9 million Class O combination notes (ISIN:
      XS0254064438): affirmed at 'BBB'

The affirmations reflect the steady performance of the
portfolio. Since the transaction closed in June 2006, the
results of both the over-collateralization and interest coverage
tests have continued to exceed their minimum levels by
substantial margins.  The portfolio, which consists
predominantly of senior secured leveraged loans has seen no
defaults since close.  In addition, the weighted average rating,
currently 'B'/'B-', has changed little since close.  All
portfolio quality tests remain in compliance.

The ratings of the Class A-1A, A-1 B and A-2 notes address
ultimate repayment of principal at maturity and timely payment
of interest according to the terms of the notes.  For all other
rated classes of notes (other than the combination notes), the
ratings address ultimate payment of principal and interest,
including any deferred interest, at maturity.  The ratings on
the Class N and O combination notes address the ultimate payment
of principal only from funds received on their respective
components (interest and principal).  The rating on the Class M
combination note is credit-linked to the rating assigned to the
sovereign debt of the French Republic and addresses the ultimate
return of principal only from a) interest and principal proceeds
of the Class F component and b) the repayment of the French OAT
(Obligation Assimilable du Tresor) strip component.

The assets are selected by the collateral manager subject to the
guidelines outlined in the collateral management agreement.  The
guidelines limit the collateral manager's portfolio allocations
with respect to obligor, industry and asset type.  On Sept. 5,
2007, Fitch assigned Mizuho Investment Management (U.K.) Ltd. a
CDO Asset Manager Rating of '2' for leveraged loans, based on
the company's long history and good market position in the
European leveraged finance market, and its longstanding and
experienced leveraged finance professionals.


MTI TECHNOLOGY: Court OKs Manatt Phelps as Special SEC Counsel
--------------------------------------------------------------
MTI Technology Corporation obtained authority from the Honorable
Erithe A. Smith of the United States Bankruptcy Court for the
District of Delaware to employ Manatt, Phelps & Philipps LLP as
its special SEC and corporate counsel, nunc pro tunc to Nov. 1,
2007.

As reported in the Troubled Company Reporter on Nov. 13, 2007,
Manatt Phelps is expected to:

   a. analyze, advise, report and disclose required to comply
      with SEC rules and regulations and for communication with
      the SEC as necessary and appropriate; and

   b. advise, assist, negotiate and document corporate
      transaction on behalf of the Debtor.

The firm's professionals and their compensation rates are:

      Professionals            Designation     Hourly Rate
      -------------            -----------     -----------
      David M. Grinberg, Esq.    Partner          US$520
      Ivan L. Kallick, Esq.      Partner          US$590
      Jason Taketa, Esq.        Associate         US$415

Ivan L. Kallick, Esq., a partner of the firm, assured the Court
that the firm does not hold any interest adverse to the Debtor's
estate and is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

Mr. Kallick can be reached at:

      Ivan L. Kallick, Esq.
      Manatt, Phelps & Philipps, LLP
      1215 K. Street, Suite 1900
      Sacramento, CA 95814
      Tel: (916) 552-2300
      Fax: (916) 552-2323
      http://www.manatt.com/

Headquartered in Tustin, California, M.T.I. Technology Corp. --
http://www.mti.com/-- provides professional services and data
storage for mid- to large-sized organizations.  In addition, the
Company owns all of the issued and outstanding share capital of
three European subsidiaries: MTI Technology GmbH in Germany, MTI
Technology Limited in Scotland and MTI France S.A.S. in France.

The company filed for Chapter 11 protection on October 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  The Debtor selected Omni Managmeng Group LLC as its
claims and noticing agent.  The Trustee for Region 26 has not
appointed an Official Committee of Unsecured Creditors to date
in this case.  When the Debtor filed for protection against its
creditors, it listed assets and debts at US$64,002,000.


XEROX CORP: Fitch Lifts BB-Rated Trust Pref. Securities to BBB-
---------------------------------------------------------------
Fitch Ratings upgraded Xerox Corp.'s and its subsidiary's debt
as:

   -- Issuer Default Rating to BBB from BBB-;
   -- senior unsecured credit facility to BBB from BBB-;
   -- senior unsecured debt to BBB from BBB-; and
   -- trust preferred securities to BBB- from BB.

Approximately US$9.1 billion of securities, including the US$2
billion credit facility, are affected by Fitch's action.  The
Rating Outlook is Stable.

The upgrades reflect Fitch's expectations that Xerox's gradual
improvement in post-sale revenue trends will continue and, in
conjunction with the operating leverage embedded in the
financial model and strong expense management, will result in
steady core cash flow growth in excess of revenue growth.

Xerox's strengthening operating EBITDA margin, which increased
to 14.3% for the latest 12 months ended Sept. 30, 2007 from
13.2% in the year-ago period and the company's greater-than-
expected decline of secured debt in the capital structure, with
secured debt declining to approximately 10% of total debt at
Sept. 30, 2007 from nearly 27% at year-end 2006, including
US$620 million of trust preferred securities, and Fitch's
expectation that it will decline further to approximately 5% at
year-end 2007.

Positive rating actions could occur if Xerox's credit protection
measures trend positively; improving the company's interest
coverage metrics through growth in operating profits and/or
redemption of older debt with considerably higher coupon
payments relative to recent debt issuance is key.

Recurring revenue model limits the financial stress from a less
favorable macro-economic environment, particularly in the United
States, which accounts for approximately 50% of the company's
total revenue and financing business progresses toward a
duration matching funding model over the next few years.

Negative rating actions could occur if Xerox's financial
performance declines materially in the event of an economic
downturn in the U.S., indicating a less resilient business model
relative to Fitch's expectations.

Significant debt-financed acquisitions with considerable
integration risk and/or unrelated to core business may also lead
to negative rating action and if Xerox's color equipment
installs, primarily in the Production segment, fail to offset
declines in black and white equipment installs, leading to
deteriorating operating and financial fundamentals.

The ratings continue to reflect Xerox's significant recurring
post-sale revenue from its growing installed base of equipment,
consistent financial and operational performance, highly
diversified revenue base from a customer, industry and
geographic perspective, commitment to balance investments in
share repurchases and acquisitions funded with free cash flow
and strong brand name and broad product portfolio.

Fitch's rating concerns center on consistent equipment pricing
pressure, particularly in the office segment, due to strong
competition, limited, but gradually improving, organic revenue
growth, risk of more aggressive, and potentially debt-financed,
shareholder-friendly initiatives and acquisitions and
significant annual research and development expenditures
associated with the industry.

Fitch believes the financial performance of Xerox's core
business has strengthened despite volatility in free cash flow
associated with changes in the company's financing asset
portfolio and the cash conversion cycle.  For the LTM ended
Sept. 30, 2007, Fitch estimates adjusted funds flow from
operations, which excludes changes in Xerox's financing asset
portfolio, and core FFO, which also excludes the estimated
after-tax operating profit on the financing business, increased
to US$1.7 billion and US$1.4 billion, respectively.

The majority of Xerox's credit protection measures, on both a
core and consolidated basis, improved slightly year-over-year
due to earnings growth, offsetting the increase of core debt
attributable to the acquisition of Global Imaging Systems Inc.
in the second quarter of 2007.

Fitch estimates the financing business accounts for 85% of total
debt at Sept. 30, 2007 and is expected to increase to
approximately 90% of total debt by year-end due to a US$500
million-US$600 million reduction of core debt.

Xerox's leverage declined to approximately 3.6 times compared
with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and 2005,
respectively.  Similarly, Fitch estimates Xerox's core leverage
at Sept. 30, 2007 declined to approximately 0.4x compared with
0.6x and 0.9x for the LTM ended Sept. 30, 2006 and 2005,
respectively.

In addition, the company's overall interest coverage was 4.1x,
while Fitch estimates core interest coverage was around 7.1x for
the LTM ended Sept. 30, 2007 compared with 6.7x and 5.4x for the
LTM ended Sept. 30, 2006 and 2005, respectively.

The company's liquidity at Sept. 30, 2007, consisted of
approximately US$848 million of cash, a US$2 billion unsecured
bank facility revolver expiring April 30, 2012 with US$1.3
billion of availability and consistent free cash flow in excess
of US$1 billion annually.

Fitch believes Xerox could draw on the credit facility to
support ongoing increases of internally funded financing assets.
Fitch believes Xerox has more than sufficient liquidity and
financial flexibility to meet upcoming debt maturities and
absorb a reasonable adverse monetary outcome from any currently
outstanding litigation.

To support business growth, Xerox also has access to a secured
eight-year US$5 billion U.S. credit facility provided by General
Electric Vendor Financial Services expiring in December 2010.
This facility is used for secured loans backed by U.S. finance
receivables arising from the sale of Xerox's products.

At Sept. 30, 2007, approximately US$4.6 billion was available
under this facility.  As Fitch anticipated, Xerox has fully
repaid the outstanding secured debt balances on nearly all of
its non-U.S. committed secured funding facilities in 2007
financed with unsecured debt.

At Oct. 12, 2007, the company's Canadian facility, with total
capacity of US$740 million, was the last non-U.S. funding
facility.  Fitch expects Xerox's usage of the aforementioned
secured financing facilities will continue to decline as the
company reduces its reliance on secured financing programs by
maintaining a leverage ratio of 7:1 against finance assets
through the issuance of unsecured debt in lieu of the secured
funding facilities.

As of Sept. 30, 2007, total debt with equity credit was US$8.7
billion, consisting of US$7.2 billion of senior unsecured debt,
US$620 million of liabilities to subsidiary trusts issuing
preferred securities and approximately US$883 million of debt
secured by finance receivables.

Debt secured by finance receivables accounted for approximately
10% of total debt with equity credit as of Sept. 30, 2007, down
from 27% at year-end 2006.  Xerox's net finance receivables and
equipment on operating leases totaled US$8.4 billion at
Sept. 30, 2007.  Debt maturities in the fourth quarter of 2007
consist solely of US$569 million of secured debt, including
US$469 million of secured facility borrowings in France that
matured on Oct. 12, 2007 and were refinanced with an unsecured
floating rate bank bridge loan due March 31, 2008. For 2008,
US$1 billion of debt matures, of which US$600 million is
unsecured debt.

In addition to Xerox Corp., the IDR and unsecured debt ratings
for Xerox Credit Corp. are also affected.


XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB
---------------------------------------------------------------
Fitch Ratings has upgraded Xerox Corp.'s and its subsidiary's
debt as:

  -- Issuer Default Rating to 'BBB' from 'BBB-';
  -- Senior unsecured credit facility to 'BBB' from 'BBB-';
  -- Senior unsecured debt to 'BBB' from 'BBB-';
  -- Trust preferred securities to 'BBB-' from 'BB'.

Approximately US$9.1 billion of securities, including the
US$2 billion credit facility, are affected by Fitch's action.
The Rating Outlook is Stable.

The upgrades reflect:

  -- Fitch's expectations that Xerox's gradual improvement in
     post-sale revenue trends will continue and, in conjunction
     Xerox Corpwith the operating leverage embedded in the
     financial model and strong expense management, will result
     in steady core cash flow (non-financing) growth in excess
     of revenue growth;
  -- Xerox's strengthening operating EBITDA margin, which
     increased to 14.3% for the latest 12 months ended
     Sept. 30, 2007 from 13.2% in the year-ago period; and
  -- Greater-than-expected decline of secured debt in the
     capital structure, with secured debt declining to
     approximately 10% of total debt at Sept. 30, 2007 from
     nearly 27% at year-end 2006, including US$620 million of
     trust preferred securities, and Fitch's expectation that
     it will decline further to approximately 5% at year-end
     2007.

Positive rating actions could occur if Xerox's:

  -- Credit protection measures trend positively; improving the
     company's interest coverage metrics through growth in
     operating profits and/or redemption of older debt with
     considerably higher coupon payments relative to recent
     debt issuance is key;
  -- Recurring revenue model limits the financial stress from a
     less favorable macro-economic environment, particularly in
     the United States, which accounts for approximately 50% of
     the company's total revenue; and
  -- Financing business progresses toward a duration matching
     funding model over the next few years.

Negative rating actions could occur if:

  -- Xerox's financial performance declines materially in the
     event of an economic downturn in the U.S., indicating a
     less resilient business model relative to Fitch's
     expectations;
  -- Significant debt-financed acquisitions with considerable
     integration risk and/or unrelated to core business; and
  -- Xerox's color equipment installs, primarily in the
     Production segment, fail to offset declines in black and
     white equipment installs, leading to deteriorating
     operating and financial fundamentals.

The ratings continue to reflect Xerox's:

  -- Significant recurring post-sale revenue from its growing
     installed base of equipment;
  -- Consistent financial and operational performance;
  -- Highly diversified revenue base from a customer, industry
     and geographic perspective;
  -- Commitment to balance investments in share repurchases and
     acquisitions funded with free cash flow; and
  -- Strong brand name and broad product portfolio.

Fitch's rating concerns center on:

  -- Consistent equipment pricing pressure, particularly in the
     office segment, due to strong competition;
  -- Limited, but gradually improving, organic revenue growth;
  -- Risk of more aggressive, and potentially debt-financed,
     shareholder-friendly initiatives and acquisitions; and
  -- Significant annual research and development
     expenditures associated with the industry (5.4% of Xerox's
     total revenues).

Fitch believes the financial performance of Xerox's core
business has strengthened despite volatility in free cash flow
associated with changes in the company's financing asset
portfolio and the cash conversion cycle.  For the LTM ended
Sept. 30, 2007, Fitch estimates adjusted funds flow from
operations, which excludes changes in Xerox's financing asset
portfolio, and core FFO, which also excludes the estimated
after-tax operating profit on the financing business, increased
to US$1.7 billion (+16% year/year) and US$1.4 billion (+23%
year/year), respectively.

The majority of Xerox's credit protection measures, on both a
core and consolidated basis, improved slightly year-over-year
due to earnings growth, offsetting the increase of core debt
attributable to the acquisition of Global Imaging Systems Inc.
in the second quarter of 2007.  Fitch estimates the financing
business accounts for 85% of total debt at Sept. 30, 2007 and is
expected to increase to approximately 90% of total debt by year-
end due to a US$500 million-US$600 million reduction of core
debt.  Xerox's leverage declined to approximately 3.6 times
compared with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and
2005, respectively.  Similarly, Fitch estimates Xerox's core
leverage at Sept. 30, 2007 declined to approximately 0.4x
compared with 0.6x and 0.9x for the LTM ended Sept. 30, 2006 and
2005, respectively.

In addition, the company's overall interest coverage was 4.1x,
while Fitch estimates core interest coverage was approximately
7.1x for the LTM ended Sept. 30, 2007 compared with 6.7x and
5.4x for the LTM ended Sept. 30, 2006 and 2005, respectively.

The company's liquidity at Sept. 30, 2007, consisted of
approximately US$848 million of cash, a US$2 billion unsecured
bank facility revolver expiring April 30, 2012 with US$1.3
billion of availability and consistent free cash flow in excess
of US$1 billion annually.  Fitch believes Xerox could draw on
the credit facility to support ongoing increases of internally
funded financing assets.  Fitch believes Xerox has more than
sufficient liquidity and financial flexibility to meet upcoming
debt maturities and absorb a reasonable adverse monetary outcome
from any currently outstanding litigation.

To support business growth, Xerox also has access to a secured
eight-year US$5 billion U.S. credit facility provided by General
Electric Vendor Financial Services expiring in December 2010.
This facility is used for secured loans backed by U.S. finance
receivables arising from the sale of Xerox's products.  At Sept.
30, 2007, approximately US$4.6 billion was available under this
facility.  As Fitch anticipated, Xerox has fully repaid the
outstanding secured debt balances on nearly all of its non-U.S.
committed secured funding facilities in 2007 financed with
unsecured debt.  At Oct. 12, 2007, the company's Canadian
facility, with total capacity of US$740 million, was the last
non-U.S. funding facility.  Fitch expects Xerox's usage of the
aforementioned secured financing facilities will continue to
decline as the company reduces its reliance on secured financing
programs by maintaining a leverage ratio of 7:1 against finance
assets through the issuance of unsecured debt in lieu of the
secured funding facilities.

As of Sept. 30, 2007, total debt with equity credit was
US$8.7 billion, consisting of US$7.2 billion of senior unsecured
debt, US$620 million of liabilities to subsidiary trusts issuing
preferred securities and approximately US$883 million of debt
secured by finance receivables.  Debt secured by finance
receivables accounted for approximately 10% of total debt with
equity credit as of Sept. 30, 2007, down from 27% at year-end
2006.  Xerox's net finance receivables and equipment on
operating leases totaled US$8.4 billion at Sept. 30, 2007.  Debt
maturities in the fourth quarter of 2007 consist solely of
US$569 million of secured debt, including US$469 million of
secured facility borrowings in France that matured on Oct. 12,
2007 and were refinanced with an unsecured floating rate bank
bridge loan due March 31, 2008.  For 2008, US$1 billion of debt
matures, of which US$600 million is unsecured debt.

In addition to Xerox Corp., the IDR and unsecured debt ratings
for Xerox Credit Corp. are also affected.


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


AGM ACHINGER: Claims Registration Ends January 7, 2008
------------------------------------------------------
Creditors of AGM ACHINGER Giessereimaschinen GmbH have until
Jan. 7, 2008, to register their claims with court-appointed
insolvency manager Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Plail
         c/o Kanzlei Schneider
         Eserwallstr. 1-3
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against AGM ACHINGER Giessereimaschinen GmbH on Nov. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AGM ACHINGER Giessereimaschinen GmbH
         Attn: Michael Achinger, Manager
         Wildtaubenweg 20
         86156 Augsburg
         Germany


B & A GMBH: Claims Registration Ends January 8, 2008
----------------------------------------------------
Creditors of B & A GmbH have until Jan. 8, 2008, to register
their claims with court-appointed insolvency manager Dr. Bruno
Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Nieritzstrasse 14
         01097 Dresden
         Germany
         Email: http://www.kuebler-gbr.de/

The District Court of Dresden opened bankruptcy proceedings
against B & A GmbH on Nov. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         B & A GmbH
         Wilsdruffer Str. 27
         01067 Dresden
         Germany

         Attn: Joao Fernando Lopes Calheiros, Manager
         geboren 1964
         Hauptstrasse 3 b
         01728 Possendorf
         Germany


BAIER & PARTNER: Claims Registration Period Ends Jan. 11, 2008
--------------------------------------------------------------
Creditors of Baier & Partner Handelsgesellschaft mbH have until
Jan. 11, 2008, to register their claims with court-appointed
insolvency manager Sabine Fochler.

Creditors and other interested parties are encouraged to attend
the meeting at 12:50 p.m. on Feb. 11, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sabine Fochler
         Schwedenstrasse 7
         17033 Neubrandeuburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Baier & Partner Handelsgesellschaft mbH on
Nov. 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Baier & Partner Handelsgesellschaft mbH
         Schwedenstrasse 7
         17033 Neubrandeuburg
         Germany


BAUMHAUS INTEGRATION: Claims Registration Ends January 8, 2008
--------------------------------------------------------------
Creditors of Baumhaus Integrationsunternehmen mit behinderten
Menschen gGmbH have until Jan. 8, 2008, to register their claims
with court-appointed insolvency manager Roland Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 2:25 p.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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:

         Roland Lehnert
         Hauptstrasse 5
         26122 Oldenburg
         Germany
         Tel: 0441 950910
         Fax: 0441 9509177
         E-mail: RALehnertOL@t-Online.de

The District Court of Oldenburg opened bankruptcy proceedings
against Baumhaus Integrationsunternehmen mit behinderten
Menschen gGmbH on Nov. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Baumhaus Integrationsunternehmen mit
         behinderten Menschen gGmbH
         Stedinger Str. 30-32
         26135 Oldenburg
         Germany


BSA ERD: Claims Registration Period Ends Jan. 10, 2008
------------------------------------------------------
Creditors of BSA Erd- und Abbrucharbeiten GmbH have until
Jan. 10, 2008, to register their claims with court-appointed
insolvency manager Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Feb. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Karl-Heinz Trebing
         Hanauer Landstrasse 287-289
         60314 Frankfurt (Main)
         Germany
         Tel: 069/15051300
         Fax: 069/15051400

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against BSA Erd- und Abbrucharbeiten GmbH on
Nov. 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BSA Erd- und Abbrucharbeiten GmbH
         Attn: Mato Pavlovic, Manager
         Frankfurter Strasse 12
         65830 Kriftel
         Germany


CAMPE-MAURER: Claims Registration Period Ends Dec. 27
-----------------------------------------------------
Creditors of Campe-Maurer und Stahlbeton GmbH have until Dec. 27
to register their claims with court-appointed insolvency manager
Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         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:

          Andreas Kienast
          Lennestr. 10
          39112 Magdeburg
          Germany
          Tel.: 0391/5973322
          Fax: 0391/5973333

The District Court of Magdeburg opened bankruptcy proceedings
against Campe-Maurer und Stahlbeton GmbH on Nov. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Campe-Maurer und Stahlbeton GmbH
          Dorfstr. 6
          39171 Suezetal
          Germany


COOK & CONCEPT: Claims Registration Ends January 3, 2008
--------------------------------------------------------
Creditors of Cook & Concept Beteiligungs-GmbH have until Jan. 3,
2008, to register their claims with court-appointed insolvency
manager Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Feb. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:
         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

The District Court of Verden (Aller) opened bankruptcy
proceedings against Cook & Concept Beteiligungs-GmbH on
Nov. 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Cook & Concept Beteiligungs-GmbH
         Dauelsener Dorstrasse 19
         27283 Verden
         Germany


D3 MEDIA: Claims Registration Period Ends Jan. 8, 2008
------------------------------------------------------
Creditors of D3 media GmbH have until Jan. 8, 2008, to register
their claims with court-appointed insolvency manager Thomas
Kloeckner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 9, 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 Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         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:

         Thomas Kloeckner
         Hans-Urmiller-Ring 11
         82515 Wolfratshausen
         Germany
         Tel: 08171/38730100
         Fax: 08171/38730222

The District Court of Weilheim opened bankruptcy proceedings
against D3 media GmbH on Nov. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         D3 media GmbH
         Baderstr. 8
         82211 Herrsching
         Germany


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

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

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Stefan Rieger
         Brueder-Grimm-Str. 13
         D 60314 Frankfurt (Main)
         Tel: 069/405862-80
         Fax: 069/405862-85

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

The Debtor can be reached at:

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


EURO ART: Claims Registration Period Ends Dec. 28
-------------------------------------------------
Creditors of Euro Art & Event GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Dr. Christian Dawe.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Christian Dawe
          Gansemarkt 50
          20354 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Euro Art & Event GmbH on Nov. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Euro Art & Event GmbH
          Krohnstieg 61
          22415 Hamburg
          Germany


EYEGENICA PHARMA: Claims Registration Ends January 2, 2008
----------------------------------------------------------
Creditors of EYEGenica Pharma- und Medizinprodukte Handels GmbH
have until Jan. 2, 2008, to register their claims with court-
appointed insolvency manager Kerstin Becker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Kerstin Becker
         Zeilweg 42
         60439 Frankfurt am Main
         Germany
         Tel: 069-9637610
         Fax: 069-963761145

The District Court of Offenbach am Main opened bankruptcy
proceedings against EYEGenica Pharma- und Medizinprodukte
Handels GmbH on Nov. 17.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         EYEGenica Pharma- und Medizinprodukte Handels GmbH
         Attn: Franz X. Schwagerl, Manager
         Kettelerstrasse 13-15
         63179 Obertshausen
         Germany


FINNLA HAUS: Claims Registration Ends January 3, 2008
-----------------------------------------------------
Creditors of FINNLA Haus GmbH have until Jan. 3, 2008, to
register their claims with court-appointed insolvency manager
Manfred Dobler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Manfred Dobler
         Gansheidestr. 1
         70184 Stuttgart
         Germany
         Tel: 0711/164330
         Fax: 0711/1643350

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

The Debtor can be reached at:

         FINNLA Haus GmbH
         Etzwiesenstr. 5
         72108 Rottenburg
         Germany

         Attn: Carsten Knoch, Manager
         Forststr 172
         Stuttgart
         Germany


FIUDI INTERNATIONAL: Claims Registration Ends January 16, 2008
--------------------------------------------------------------
Creditors of Fiudi International Handels GmbH have until
Jan. 16, 2008, to register their claims with court-appointed
insolvency manager Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on Feb. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Christian Graf Brockdorff
         Friedrich-Ebert-Strasse 36
         14469 Potsdam
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Fiudi International Handels GmbH on Nov. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fiudi International Handels GmbH
         Rosa-Luxemburg-Str. 19
         16548 Glienicke/Nordbahn
         Germany

         Attn: Arsen Gurtsiev, Manager
         c/o Schwab
         Varnhagenstrasse 8
         10439 Berlin
         Germany


G & R AUTOMATENBETRIEBS: Claims Registration Ends Jan. 9, 2008
--------------------------------------------------------------
Creditors of G & R Automatenbetriebsgesellschaft mbH have until
Jan. 9, 2008, to register their claims with court-appointed
insolvency manager Karl-Hermann Kruse.

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

The meeting of creditors will be held at:

         The District Court of Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         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:

         Karl-Hermann Kruse
         Emsstrasse 7
         48499 Salzbergen
         Germany
         Tel: 05976/1505
         Fax: 05976/9381

The District Court of Nordhorn opened bankruptcy proceedings
against G & R Automatenbetriebsgesellschaft mbH on Nov. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         G & R Automatenbetriebsgesellschaft mbH
         Attn: Ralf Grote, Manager
         Ochtruper Str. 22
         48455 Bad Bentheim
         Germany


GROKA FRITZ: Claims Registration Period Ends Dec. 26
----------------------------------------------------
Creditors of Groka Fritz Grossekathoefer Fleischwarenhandel GmbH
have until Dec. 26 to register their claims with court-appointed
insolvency manager Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Frank M. Welsch
          Barkeystrasse 30
          33330 Guetersloh
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Groka Fritz Grossekathoefer Fleischwarenhandel GmbH on
Nov. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Groka Fritz Grossekathoefer Fleischwarenhandel GmbH
          Friedrichsdorfer Str. 60
          33335 Guetersloh
          Germany


HN SERVICES: Claims Registration Period Ends Dec. 27
----------------------------------------------------
Creditors of HN services GmbH & Co. KG have until Dec. 27 to
register their claims with court-appointed insolvency manager
Axel Klages.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         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:

          Axel Klages
          Schloss strasse 26
          49074 Osnabrueck
          Germany
          Tel: (0541) 77063-0
          Fax: (0541) 77063-33
          E-mail: http://info@kanzlei-tkb.de

The District Court of Osnabrueck opened bankruptcy proceedings
against HN services GmbH & Co. KG on Nov. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          HN services GmbH & Co. KG
          Goethering 8
          49074 Osnabrueck
          Germany


HOEBER-HAUS GMBH: Claims Registration Ends January 3, 2008
----------------------------------------------------------
Creditors of Hober-Haus GmbH have until Jan. 3, 2008, to
register their claims with court-appointed insolvency manager
Matthias Roensch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Feb. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Matthias Roensch
         Gustav-Adolf-Strasse 6 b
         01219 Dresden
         Germany
         E-mail: http://www.munz-anwaelte.de/

The District Court of Dresden opened bankruptcy proceedings
against Hober-Haus GmbH on Nov. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hober-Haus GmbH
         Attn: Andreas Hoeber, Manager
         geboren 1950
         Bergstrasse 5
         01738 Dorfhain
         Germany


HYGIENIA MEDIZINISCHE: Claims Registration Period Ends Dec. 21
--------------------------------------------------------------
Creditors of HYGIENIA Medizinische Fachhandels GmbH have until
Dec. 21 to register their claims with court-appointed insolvency
manager Wolfgang Eichel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 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 Goslar
         House 2
         Kaiserbleek 8
         38640 Goslar
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Eichel
         Braunschweiger Str. 15a
         D 38723 Seesen
         Germany
         Tel: 05381/93 56-0
         Fax: 05381/93 56 44

The District Court of Goslar opened bankruptcy proceedings
against HYGIENIA Medizinische Fachhandels GmbH on Nov. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HYGIENIA Medizinische Fachhandels GmbH
         Attn: Jens Metzlaff, Manager
         Kattenberg 1
         38640 Goslar
         Germany


IKB DEUTSCHE: Fitch Downgrades US$404.88 Mln Facility to CC
-----------------------------------------------------------
Fitch Ratings downgraded the loan facilities provided by IKB
Deutsche Industriebank AG and IKB International S.A. to
Havenrock II Limited as:

   -- US$165,000,000 loan provided by IKB International:
      downgraded to 'CC/DR2' from 'BBB+' Outlook Negative;

   -- US$404,875,000 Facility C loan provided by IKB: downgraded
      to 'CC/DR2' from 'BBB+'; Outlook Negative;

   -- US$43,750,000 Facility B loan provided by IKB: downgraded
      to 'CC/DR2' from 'B+'; Outlook Negative; and

   -- US$11,375,000 Facility A loan provided by IKB: downgraded
      to 'CC/DR2' from 'CCC'; Outlook Negative.

The 364-day committed facilities can be drawn on to cover
Havenrock II's obligations under a credit default swap.  The
downgrades are the result of rating migrations in the portfolio
referenced by the Havenrock II credit default swap.

The ratings have been assigned using the Vector 3.2 model and
current criteria for Collateralized Debt Obligations (CDOs).


IPIROS IMPORT: Claims Registration Period Ends Jan. 14, 2008
------------------------------------------------------------
Creditors of Ipiros Import Export GmbH have until Jan. 14, 2008,
to register their claims with court-appointed insolvency manager
Axel Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 027
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig
         Germany
         Tel: 0341/1493105
         Fax: 0341/1493111

The District Court of Leipzig opened bankruptcy proceedings
against Ipiros Import Export GmbH on Nov. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ipiros Import Export GmbH
         Attn: Nikolaos Alexiou, Manager
         Zschochersche Str. 79 B
         04229 Leipzig
         Germany


JENOPTIK AG: Fitch Upgrades Issuer Default Rating to B+
-------------------------------------------------------
Fitch Ratings upgraded Jenoptik AG's long-term issuer default
rating to B+ from B, and withdrawn its senior unsecured rating
of B+.  The outlook for the long-term IDR is stable.  Fitch has
also affirmed Jenoptik's short-term IDR at B.

The upgrade reflects Jenoptik's overall improving financial
profile, which is mainly due to significant de-leveraging of
total adjusted debt/EBITDAR basis to 3.7x at mid-November 2007
after the early redemption of the 7.875% EUR150 million high-
yield bond, originally due Nov. 15, 2010.

While Jenoptik's free cash flow generation is still depressed
from only moderate operating profitability and comparably high
capital expenditures, FCF generation will see some relief from
considerably lower interest payments from 2008, owing to the
repayment of sizable and expensive debt.

Overall, improved leverage and coverage ratios result in the
credit now being more adequately placed on the B+ rating level
in comparison to other industrial companies rated by Fitch.

However, the ratings are constrained by Jenoptik's limited
geographical diversification and its operations in cyclical,
partly fragmented markets.  The company remains vulnerable to
temporary gaps in demand as experienced in its sensors business
this year, when temporary lack of demand in an otherwise growing
international traffic safety technology market resulted in an
absence of large orders from Jenoptik's customers.

This, in turn, led to a lack of demand for Jenoptik's traffic
safety technology unit and a profit warning for Financial Year
2007.  These weaknesses are, however, mitigated by good customer
and end-market diversification, strong underlying growth trends
of the photonics and mechatronics market, and Jenoptik's leading
market positions in some segments and several niches with
favorable growth potential.

The Stable Outlook reflects Fitch's expectation that Jenoptik
will continue to benefit from favorable growth potential of the
photonics industry.  Fitch expects that profitability
improvements will further stabilize Jenoptik's margins and cash
flow generation, and also maintain leverage at a level
appropriate with the B+ rating level following the high-yield
bond redemption.

Jenoptik's business and financial profile changed significantly
after the disposal of M+W Zander Holding AG, its former cyclical
and loss-making clean systems division in 2006.  With
approximately 2,900 employees, Jenoptik generated financial year
2006 sales of continued operations of EUR485 million and a like-
for-like result from continued operating activities of EUR38
million in its three divisions: Laser&Optics; Sensors and
Mechatronics; and the holding company.


JL+P BAUINITIATOR: Claims Registration Period Ends Dec. 21
----------------------------------------------------------
Creditors of JL+P Bauinitiator und Baubetreuungs GmbH have until
Dec. 21 to register their claims with court-appointed insolvency
manager Werner Ruedesheim.

Creditors and other interested parties are encouraged to attend
the meeting at __ on __, 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 Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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:

          Werner Ruedesheim
          Hermannstrasse 16
          56203 Hoehr-Grenzhausen
          Germany
          Tel: 02624-95950
          Fax: 02624-959595
          E-mail: w.ruedesheim@rae-ssr.de

The District Court of Koblenz opened bankruptcy proceedings
against JL+P Bauinitiator und Baubetreuungs GmbH on Nov. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          JL+P Bauinitiator und Baubetreuungs GmbH
          Attn:  Heinrich Ludwig Meyer, Manager
          Josef-Goerres-Platz 2
          56068 Koblenz
          Germany


JOENSTHOEVEL-VERSORUNGSTECHNIK: Registration Ends Jan. 15, 2008
---------------------------------------------------------------
Creditors of Joensthoevel-Versorungstechnik GmbH have until
Jan. 15, 2008, to register their claims with court-appointed
insolvency manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Feb. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Ludgeristrasse 54
         Germany
         Tel: 0251/16283-0
         Fax: 492511628311

The District Court of Muenster opened bankruptcy proceedings
against Joensthoevel-Versorungstechnik GmbH on Nov. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Joensthoevel-Versorungstechnik GmbH
         Attn: Mathias Joensthoevel, Manager
         Steinbrede 5
         48163 Muenster
         Germany


KLOECKNER-PENTAPLAST: Moody's Cuts Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Kloeckner-Pentaplast S.A. to B2 from Ba3 and changed the
outlook to stable from rating under review for downgrade.

The rating action concludes the review process that was
initiated on May 4, 2007 following the company's announcement
that its existing shareholders, Cinven Ltd. and CCMP Capital
Advisors, LLC), have agreed to sell their shareholdings in
Kloeckner Pentaplast to The Blackstone Group for a total
consideration of EUR1.3 billion.  Additionally, Moody's assigned
a B2 CFR to Kleopatra Lux 1 S.a.r.l., the new ultimate
consolidating holding company of all European as well as North
and South American operating subsidiaries and expects to
withdraw the CFR of KP shortly.

The downgrade is primarily driven by increased leverage given
the recapitalization after the takeover by Blackstone resulting
in a pro forma adjusted leverage of debt to EBITDA of 8.4 times
and weak performance year to date because of:

   (i) volatile resin costs;

  (ii) price pressure in PET; and

(iii) start-up delays and cost relating to the conversion of
       facilities to raw material-efficient processes.

kp is currently undergoing a restructuring program (F3),
addressing process rationalizations and headcount reductions as
well as an asset review, which already resulted in the closure
of the high-cost Weert plant.  These investments and increasing
cash cost for financing and taxes will likely keep free cash
flow negative, though at a decreasing trend.

Against the weakened credit profile of kp however, Moody's
acknowledges that there are a number of parameters that are
expected to have a short- to medium positive impact on profit
generation.  Among those factors are:

   (i) cost savings from the restructuring program as well as
       from the augmented use of recycled PET,

  (ii) continued expansion into growth regions, especially Asia,
       and

(iii) its relatively large size in a fragmented industry which
       enables kp to pass on volatile raw material costs to a
       certain extent, albeit with a time lag.

The stable outlook indicates:

   (i) Moody's expectation of EBIT-margins increasing to high
       single digits;

  (ii) a de-leveraging, bringing debt/EBITDA well below 8.0x in
       fiscal year ending 2008 and

(iii) the absence of any debt-financed acquisitions or
       additional major restructuring needs that could weaken
       the financial metrics.

These rating changes were made:

Downgrades:

   * Issuer: Kloeckner-Pentaplast S.A.

   -- Probability of Default Rating, Downgraded to B2 from Ba3;
   -- Corporate Family Rating, Downgraded to B2 from Ba3.

Assignments:

   * Issuer: Kleopatra Lux 1 S.a.r.l.

   -- Probability of Default Rating, Assigned B2;
   -- Corporate Family Rating, Assigned B2.

Outlook Actions:

   * Issuer: Kloeckner-Pentaplast S.A.

   -- Outlook, Changed To Stable From Rating Under Review

kp, headquartered in Montabaur, Germany and with legal domicile
in Luxembourg, is a global leader in the manufacturing of rigid
plastic films for the pharmaceuticals, food, medical,
electronics, and other packaging industries. The company
generated nearly EUR1.2 billion of sales during fiscal year 2007
(ending September), 60% of which came from Europe (including a
small portion from Asia) and 40% from the US, Canada and Latin
America.  kp today has 21 manufacturing sites in 11 countries
with approximately 3,700 employees.


KLOECKNER PENTAPLAST: S&P Affirms B Long-term Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based packaging group Kloeckner Pentaplast S.A. to
negative from stable.  At the same time, the 'B' long-term
corporate credit ratings were affirmed.

"The outlook revision reflects KP's weakened operating
performance due to difficult operating conditions and internal
operating problems," said Standard & Poor's credit analyst Jacob
Zachrison.

"These factors have weakened the group's credit measures below
our expectations for the ratings. To improve its performance, KP
will face the challenge of passing on increasing raw material
prices to customers without reducing volumes," Mr. Zachrison
added.

At the end of September 2007, KP had debt of about
EUR1.06 billion (adjusted for estimated operating leases and
postretirement liabilities).

The ratings on KP reflect its highly leveraged financial profile
and exposure to high and volatile raw material prices.  They
also reflect KP's high dependence on calendered rigid polyvinyl
chloride film and the risk of material substitution.  These
factors are mitigated by the group's leading niche market
position in Europe and North America for PVC and polyethylene
terepthalate based rigid film; its relatively broad geographic
and customer base diversification; and its relatively stable end
markets.

The negative outlook reflects the currently challenging
conditions in the packaging market and KP's internal operating
problems, factors which could prevent improvement in the group's
cash flows and credit measures.


LET'S WORK: Claims Registration Ends January 2, 2008
----------------------------------------------------
Creditors of Let's Work GmbH have until Jan. 2, 2008, to
register their claims with court-appointed insolvency manager
Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-Mail: m.plathner@brinkmann-partner.de

The District Court of Darmstadt opened bankruptcy proceedings
against Let's Work GmbH on Nov. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Let's Work GmbH
         Attn: Carsten Rosenkilde, Manager
         Pallaswiesenstrasse 63
         64293 Darmstadt
         Germany


MAEUELER GMBH: Claims Registration Period Ends Dec. 28
------------------------------------------------------
Creditors of Maeueler GmbH have until Dec. 28 to register their
claims with court-appointed insolvency manager Dr. Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Rainer Maus
         Turmhof 15
         42103 Wuppertal
         Tel: 0202/49 37 00
         Fax: 0202/4937099

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

The Debtor can be reached at:

         Maeueler GmbH
         Alarichstr. 22a
         42281 Wuppertal
         Germany

         Attn: Ryszard Chodak, Manager
         Kuhauser Weg
         58256 Ennepetal
         Germany


PROSIEBENSAT.1 MEDIA: Axel Springer Selling Stake for EUR509 Mln
----------------------------------------------------------------
Axel Springer AG intends to sign a purchase agreement with the
co-shareholder KKR/Permira with respect to a sale of its
indirect participation in ProSiebenSat.1 Media AG (consisting of
12% of each of the common and preference shares).

The purchase price for the shares amounts to EUR509,359,881.60
in total (average price of EUR19.40 per common and preference
share).

The transaction is subject to certain conditions, including the
approval of the transaction by the German Commission on Media
Concentration (Kommission zur Ermittlung der Konzentration im
Medienbereich, KEK) and the final funding by the purchaser's
banks of the anticipated debt-financed portion of the purchase
price.

Headquartered in Berlin, Germany, Axel Springer is Germany's
biggest newspaper publishing house and third-largest magazine
publisher.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

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


REGIO SYSTEM: Claims Registration Period Ends Dec. 28
-----------------------------------------------------
Creditors of Regio System Deutschland GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Jan Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Deliusstr. 22
         Kiel
         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:

         Jan Wilhelm
         Germaniahafen 2
         24143 Kiel
         Germany
         Tel: 0431/7759190
         Fax: 0431/77591910

The District Court of Kiel opened bankruptcy proceedings against
Regio System Deutschland GmbH on Nov. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Regio System Deutschland GmbH
         Attn: Christoph Laloi und
               Peter Aue, Managers
         Ringstr. 50
         24114 Kiel
         Germany


SCHAEFER SAUNA: Claims Registration Period Ends Dec. 25
-------------------------------------------------------
Creditors of CORSO GmbH have until Dec. 25 to register their
claims with court-appointed insolvency manager Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Jan. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Platz 2
         Cottbus
         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:

         Udo Feser
         Uhlandstrasse 165/1661
         0719 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against CORSO GmbH on Nov. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SCHAEFER Sauna CORSO GmbH
         Attn: Wer-ner Baumholt und
               Karl-Heinz Bhrmann, Managers
         Kavelweg 1
         03238 Oppelhain
         Germany


SHK-GRUNDWERT GMBH: Claims Registration Ends January 3, 2008
------------------------------------------------------------
Creditors of SHK-Grundwert GmbH have until Jan. 3, 2008 to
register their claims with court-appointed insolvency manager
Andrew Seidl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Andrew Seidl
         Heideparkstrasse 14
         01099 Dresden
         Germany
         E-mail: http://www.RA-andrew-seidl.de/

The District Court of Dresden. opened bankruptcy proceedings
against SHK-Grundwert GmbH on Nov. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SHK-Grundwert GmbH
         Attn: Bernhard Gassmann, Manager
         Kalkwerk 3
         01665 Triebischtal
         Germany


STAHL- UND ANLAGENBAU: Claims Registration Ends January 2, 2008
---------------------------------------------------------------
Creditors of Stahl- und Anlagenbau GmbH have until Jan. 2, 2008,
to register their claims with court-appointed insolvency manager
Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Stahl- und Anlagenbau GmbH on Nov. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Stahl- und Anlagenbau GmbH
         Attn: Maciej Romuald Blaszak, Manager
         Guestrower Strasse 13
         17291 Prenzlau
         Germany


UNITYMEDIA GMBH: Moody's Changes Outlook on Ratings to Positive
---------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Unitymedia GmbH to positive from stable.  The existing ratings
remained unchanged:

   -- Corporate family rating at B3;

   -- EUR1,350 million senior secured notes (EUR1,275 million
      currently outstanding) at B2;

   -- EUR215 million senior notes at Caa2;

   -- EUR235 million senior notes at Caa2;

   -- US$151 million senior notes at Caa2.

The change in the outlook primarily reflects:

   (i) good operating performance of Unitymedia's core cable
       business; and

  (ii) reduced business and financial risk associated with arena
       Sport Rechte and Marketing GmbH, Unitymedia's subsidiary,
       following a resolution of the Federal Cartel Office on
       July 19, 2007 to sub-license Bundesliga rights to
       Premiere AG.

In third quarter 2007, total cable revenue increased by 26% in
comparison with third quarter 2006 whilst reported EBITDA was up
24% year-on-year.  A significant percentage of revenue and
EBITDA growth was due to new value-added services and a tariff
increase for basic cable services.

The RGUs increased by 7% to 5.8 million as of Sept. 30, 2007.
The number of unique Internet and telephony subscribers was up
to 236 thousand, an increase of 166% year-on-year, and to 134
thousand, an increase of 250% year-on-year, respectively.  Going
forward, Unitymedia expects to gradually transition its basic
analogue subscriber base to the digital platform.  Unitymedia is
currently promoting a pricing scheme for single users, which
prices the analogue service one euro higher than the digital
service thus encouraging a switch-over to the digital platform.

Over the medium term, revenue and EBITDA growth is supported by
growth in Internet and telephony services.  Given that the
German market for such telecom services is highly competitive,
Moody's believes that the company's business plan is exposed to
a high degree of the market and execution risk.

Following the FCO resolution on July 19, 2007, arena is sub-
licensing its rights for Bundesliga matches for season 2 and 3
to Premiere AG.  The amounts which Unitymedia will receive for
the rights are somewhat below the payments Unitymedia has to
make to DFL; and the shortfall is expected to be covered through
the sale of Premiere's shares which Unitymedia currently owns
(16.4 million shares) held via a third party financial
institution.  The shares have to be sold until mid 2009
according to the FCO resolution.  Moody's notes that the shares
currently trade significantly below the price Unitymedia
received them at.  However, overall value of the stake of
approximately EUR200 million is supportive of Unitymedia's
financial profile.

As a result of this agreement, Unitymedia retained an
independent satellite platform which will continue to broadcast
Bundesliga matches for seasons 2 and 3 on "arenaSAT" platform.
This arrangement will expire mid 2009 as the further rights have
not been awarded.  The platform also broadcasts additional 20
premium channels.

Based on the nine months 2007, arena was EBITDA negative whilst
it was EBITDA positive in third quarter 2007 when taking into
consideration deferred revenue from Premiere's shares.  Due to
the Premiere sub-license agreement based on the FCO resolution,
the financial risk and potential liquidity pressure on
Unitymedia has been reduced.

Nevertheless, Moody's believes that there are still several near
term uncertainties associated with arena business which
currently constrain the corporate family rating.  First of all,
uncertainty associated with potential timing of the shares sale
by Unitymedia which could require Unitymedia to fund the
shortfall between the payments it receives from Premiere and the
payments it makes to DFL.  Secondly, an outcome of the
Bundesliga rights auction in spring 2008 and, as a result, a
potential change in the structure of the content market creates
limited visibility over arena's business and financial profile
in 2008.  Thirdly, a significant number of arena's subscriber
contracts expire in the summer 2008 which could put pressure on
arena's expected operating performance.  However, Moody's
understands that Unitymedia will implement a number of customer
retention programs to retain arena's subscribers as it has done
with the contracts which expired in third quarter 2007.  Once
there is more visibility on these uncertainties in conjunction
with continued strong operating performance by Unitymedia's
cable business, Moody's would review the ratings with a view to
reflect potential positive momentum.

Unitymedia is a second largest cable operator in Germany.  In
the nine months 2007, the company generated EUR752 million in
revenue and EUR207.9 million in reported EBITDA.


VOLKERT PROJEKTPLANUNG: Claims Registration Ends Jan. 11, 2008
--------------------------------------------------------------
Creditors of Volkert Projektplanung und Baubetreuung GmbH have
until Jan. 11, 2008, to register their claims with court-
appointed insolvency manager Dr. Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 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 Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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. Carlos Mack
         Gibitzenhofstr. 86
         90443 Nuernberg
         Germany
         Tel: 0911/2369398
         Fax: 0911/2369566

The District Court of Fuerth opened bankruptcy proceedings
against Volkert Projektplanung und Baubetreuung GmbH on Nov. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Volkert Projektplanung und Baubetreuung GmbH
         Dompfaffstr. 122
         91056 Erlangen
         Germany


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


OI EUROPEAN: Fitch Lifts Senior Unsecured Notes to BB/RR2
---------------------------------------------------------
Fitch Ratings upgraded Owens-Illinois, Inc.'s IDR to B+
following the company's improved operating results year-to-date,
and debt reduction after the sale of its plastics business.
Other ratings within the capital structure have been changed as:

Owens-Illinois, Inc.:

   -- issuer default rating to B+ from B;
   -- senior unsecured notes to B-/RR6 from B-/RR5; and
   -- preferred stock to B-/RR6 from CCC+/RR6.

Owens Brockway Glass Container Inc.:

   -- IDR to B+ from B;
   -- senior secured credit facilities to BB+/RR1 from BB/RR1;
   -- senior unsecured notes to BB/RR2 from BB-/RR2.

OI European Group, B.V.:

   -- senior unsecured notes to BB/RR2 from BB-/RR2.

Fitch has withdrawn the rating of Owens Brockway Glass Container
Inc.:

   -- senior secured notes BB/RR1.

The rating outlook is positive.  Around US$3.6 billion of debt
is affected by the ratings action.

The upgrade of the IDR is based on improved operating
performance year-to-date and the completion of OI's debt
reduction plan, which was executed with the proceeds from the
Plastics divestiture.  The company's pricing and operating
initiatives have achieved better than expected results this
year.

Profitability has improved with EBITDA margin expansion of 220
basis points from Dec. 31, 2006 to Sept. 30, 2007.  Higher
EBITDA has been accompanied by better operating and free cash
flow generation as the company has done a better job of
recovering cost inflation and reducing working capital. Rolling
twelve-month free cash flow has swung US$427 million in three
quarters from a US$64 million loss at financial year ended 2006
to a US$363 million gain LTM Sept. 30, 2007.

This is after unusually high asbestos payments in 2007 with cash
payments of US$226 million so far this year, US$86 million of
which were accelerated payments.  The trend in new asbestos
claims has not changed, but OI has sought to accelerate
resolution of existing claims.

The Positive Outlook reflects the improving trend in the
fundamentals of the business, and the company's continued focus
on operating improvements and pricing initiatives, as well as
asset realignment going forward.  Further improvement in credit
metrics is likely in 2008 as Fitch anticipates improving cash
flow generation.

Fitch's recovery analysis has been updated to reflect the
reduction of secured debt at OB and the reduction in the
estimated asbestos liability factored into the estimated estate
value available for distribution to creditors in a distressed
scenario.

The asbestos liability assumption has been reduced from US$850
million to US$600 million as a result of the significant
payments OI has made and the declining asbestos liability
accounts on the balance sheet.  These changes and the upgrade of
the IDR have led to ratings upgrades for the senior secured bank
debt, senior unsecured notes at OB, and the convertible
preferred stock.

The distribution of estate value has changed from Fitch's
previous analysis, and leads to recovery estimates consistent
with the RR2 rating for the unsecured notes at OB and OI
European Group, B.V. and RR6 rating for the senior unsecured
notes at OI, Inc.

OI's ratings continue to be supported by the company's leading
market positions, global footprint, technology leadership, and
long-term customer relationships with large, stable customers.
Ratings concerns remain focused on higher energy costs, other
cost inflation, and to a lesser extent asbestos liabilities.
The company's biggest energy exposure comes in the form of
natural gas.  Natural gas prices have been moderate and less
volatile in 2007, but higher prices going forward are possible.

Fuel is another large cost component, as shipping glass
containers is expensive. This cost is likely to move higher in
coming months with the rise in oil prices.  OI's energy risks
are somewhat mitigated through the use of hedging, as well as
the global nature of its operations. Nevertheless, OI faces
ongoing inflationary pressures, which could get worse in 2008.

The company has done a good job in 2007 of emphasizing price
over volume.  At some point though, the pricing strategy could
lead to lost volume, a possibility OI fully anticipates and a
sacrifice management is willing to make.  Given the industry's
low volume growth this could negatively affect revenue for OI,
accelerating the need for capacity rationalization.

OI's cash flow is beginning to improve, and if the company is
able to show stabilized operating margins and sustain the recent
trend in better cash generation over the intermediate term, the
current ratings could be reviewed for a possible upgrade.

Credit metrics should continue to improve in 2008, and further
deleveraging is possible through debt reduction and earnings
growth.  In 2008, Fitch expects lower cash asbestos payments,
and higher capital spending and other costs as the company
continues certain restructuring initiatives.

The primary ratings constraint in recent years has been limited
or negative free cash flow, coupled with the inability to
recover inflationary costs.  With the previous ratings action in
June, Fitch acknowledged the significant debt reduction and
improved balance sheet strength that would result from the
plastics divestiture, as well as management's commitment to
strengthening the balance sheet and credit quality of the firm.

However, cash flows in the core glass operations were not yet
exhibiting the strength expected and Fitch had some concerns
about the EBITDA that would be lost with the sale of the
plastics business although much of that loss would be offset in
cash flows by a reduction of cash interest expense.

However, two additional quarters have shown material progress on
the company's productivity, mix, and pricing initiatives such
that revenues and operating profit lost with the sale of
plastics should largely be made up in the glass business by the
end of 2007, which is much sooner than Fitch anticipated.

Asbestos litigation remains an ongoing diversion of cash. OI's
strategy in 2007 has been to accelerate settlement of claims and
increase payments (US$226 million YTD 2007 vs. US$163 million
FY2006).  This is a prudent use of cash for liability reduction
in Fitch's view. Payments should come down in 2008, but it is
possible the company will direct more cash towards asbestos than
funded debt going forward.

With better operating results, OI's liquidity profile has
strengthened over recent quarters.  At September 30, the company
had over US$1.5 billion of cash and over US$800 million
available under it's revolver.  Pro-forma for debt repayments
and discharge in October and November, Fitch estimates the
company's cash and short-term investments would be around US$160
million, with no revolver drawn.

Given OI's cash generation, Fitch estimates year-end cash
balances could be higher than usual, even after additional
assumed asbestos payments of US$90 million in fourth-quarter,
and assuming no additional debt repayments.

Debt repayments due in 2008 consist of about US$250 million of
7.35% notes at Owens-Illinois, Inc. that mature in May.
Amortization of the company's bank debt has been prepaid through
December 2010 and no quarterly payments will be required until
2011.  Bank debt payments consist of: Tranche B (quarterly US$
at .25% of principal); Tranche D (quarterly EUR0.5 million);
Tranche A (AUD3.75 million); and Tranche C (CDN1.725 million).
The latter two tranches were to begin payment in September 2008.

In 2007 the company has paid off US$450 million of 7.75% notes,
due 2011; US$625 million of 8.75% notes, due 2012; and
repurchased or discharged through defeasance US$850 million of
8.875% notes due 2009.  These bonds were senior secured
obligations of the Owens-Brockway subsidiary.  By year end, OI
will have about US$3.6 billion of total debt compared to about
US$5.5 billion at Dec. 31, 2006.  Fitch projects a total
leverage ratio of about 2.5x by FYE2007 compared to 4.5x at FYE
2006.  EBITDA interest coverage is expected to improve to around
4.0x by year end compared to 2.5x at FYE2006.


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


WR GRACE: Opposition Filing to Daubert Briefs Set Dec. 21
---------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware directed parties-in-interest to file
oppositions to the initial Daubert briefs and submit a list of
trial exhibits and witnesses, and pre-trial briefs by Dec. 21,
2007.

The Official Committee of Asbestos Personal Injury Claimants and
David Austern, the Court-appointed Future Claims Representative
have notified Judge Fitzgerald at an omnibus hearing that they
would provide a written statement providing the subject areas of
expected testimony of each of Stephen Snyder, Peter Kraus, John
Cooney and Theodore Goldberg.

The Court authorized the PI Committee to file under seal the
unredacted versions of the expert rebuttal reports of Dr.
Peterson and Mr. Snyder.

The Court also directed the Owens Corning/Fibreboard Asbestos PI
Trust to produce the electronic datasets, claimant information,
claims processing information and other information to the
Debtors.  The Owens Corning information will be used solely in
connection with the Grace estimation proceeding.  The Debtors
will bear the costs incurred by the Owens Corning Trust in
extracting the information to be produced.

                 Parties File Daubert Motions

The Debtors, the PI Committee, the FCR, and the Official
Committee of Equity Security Holders filed motions to exclude or
limit, pursuant to Daubert and Rules 702 and 703 of the Federal
Rules of Evidence, testimony related to the Debtors' asbestos
personal injury liabilities.

The Debtors seek to exclude from evidence these expert reports
and testimonies:

    -- The reports, testimony, and opinions of PI Committee
       experts Mark A. Peterson, the Peterson Rebuttal Report,
       the Stephen M. Snyder Rebuttal Report, and the Daniel P.
       Myer and Mark T. Eveland Rebuttal Report;

    -- The reports, testimony, and opinions of FCR experts
       Jennifer Biggs, Biggs Supplemental Report, Biggs Rebuttal
       Report, P.J. Eric Stallard, Stallard Supplemental Report,
       Marshall Shapo Rebuttal Report, and Jacob Jacoby Rebuttal
       Report;

    -- Any opinions, evidence, or testimony seeking to establish
       exposure to asbestos based on any "settled-dust
       analysis;"

    -- Any opinions, evidence, or testimony seeking to establish
       exposure to asbestos based on any "indirect-preparation
       method;"

    -- Any opinions, evidence, or testimony seeking to establish
       causation of asbestos-related disease based on anecdotal
       evidence, including but not limited to, case reports or
       case series;

    -- Any opinions, evidence, or testimony seeking to establish
       causation of an asbestos-related disease not supported by
       epidemiological evidence showing a relative risk greater
       than 2.0, the confidence interval for which does not
       include a relative risk of 1.0;

    -- Any opinions, evidence, or testimony seeking to establish
       the causation of an asbestos-related disease based on a
       "no-threshold" or "zero-threshold" theory of causation,
       including but not limited to, any calculations derived
       from or relying on those theories to those causation; and

    -- Any opinions, evidence, or testimony seeking to establish
       the occurrence or incidence of non-malignant asbestos-
       related disease based on diagnoses that do not include an
       exposure history with an appropriate latency period,
       chest radiograph evidence or small irregular opacities
       with an appropriate profusion as evaluated under ILO
       standards, a PFT revealing a restrictive impairment and
       below-normal diffusion capacity, a physical examination
       showing signs and symptoms, and a differential diagnosis
       of asbestosis that reliably rules out alternative causes
       of the disease.

In a memorandum supporting their Daubert Motion, the Debtors
assert that the PI Committee and the FCR's expert testimonies
are not "fit" under Rule 702 and 408 because the expert
testimonies measure the wrong thing -- Grace's hypothetical cost
to resolve cases in the state-court tort system rather than
Grace's legal liability.

The PI Committee and the FCR's experts did not assume that Grace
has filed for bankruptcy and, thus neither the company's
bankruptcy nor any implications that flow from the application
of bankruptcy law or procedures has any impact or effect on the
estimates, David M. Bernick, P.C., Esq., at Kirkland & Ellis,
LLP, in Chicago, Illinois, points out.

Mr. Bernick also asserts that the PI Committee and the FCR's
expert opinions are barred under the reliability prong of Rule
702 as the PI Committee and the FCR's experts cannot show that
their measurements are performed using "scientifically reliable"
methods because they rely on historical settlement amounts
rather than on "established, objective methods" of industrial
hygience and epidemiology.

A full-text copy of the 85-page Debtors' Memorandum is available
for free at http://bankrupt.com/misc/grace_daubertmemorandum.pdf

               Equity Committee Supports Debtors

The Equity Committee, which represents holders of more than
70,000,000 shares of Grace common stock, supports the Debtors'
Daubert Motion in its entirety.

According to Teresa K.D. Currier, Esq., at Buchanan Ingersoll &
Rooney, PC, in Wilmington, Delaware, at the current market price
of about US$26, the market capitalization of Grace's equity is
more than US$1,800,000,000.  There's no question about Grace's
solvency, she says.

The Equity Committee contends that evidence to be presented to
the Court in the coming estimation trial will demonstrate that,
as a matter of logic and epidemiological science, the number of
individuals who could realistically have developed true
asbestos-related disease from Grace products is diminishingly
small.

The Equity Committee says the Court should estimate the Debtors'
"real" liability on "legitimate" PI claims caused by Grace
product.  The Equity Committee adds that the Court should rely
on "legitimate and scientifically defensible" methods in
estimating the PI liabilities.

The Equity Committee tells the Court that it has obtained the
expert report of Dr. James Heckman to analyze the expert reports
prepared by Dr. Peterson and Ms. Biggs.  Dr. Heckman, in his
expert report, concludes that Dr. Peterson and Ms. Biggs did not
use a reliable methodology but rather "employ simple
extrapolation of trends and ad hoc adjustments," which do "not
meet the criteria of scientific method."

A full-text copy of the 86-page Heckman Report is available for
free at http://bankrupt.com/misc/grace_HeckmanRebuttalReport.pdf

        PI Committee & FCR's Daubert Motions Under Seal

In separate filings with the Court, the PI Committee and the FCR
sought permission to file their Daubert motions under seal.  The
PI Committee and the FCR said their Daubert Motions and exhibits
contain testimony, documents, reports and other information that
are protected from public disclosure by either a Court order or
by a confidentiality agreement with the Debtors.

Representing the PI Committee, Mark T. Hurford, Esq., at
Campbell & Levine, LLC, in Wilmington, Delaware, says the
Committee's Daubert Motion quotes and summarizes information
that has been identified or marked as confidential by the
Debtors.  The PI Committee's Daubert Motion sought to exclude
from evidence the expert reports prepared by, among others, the
Debtors' expert, Drs. B. Thomas Florence, Elizabeth Anderson and
Suresh Moolgavkar.

The FCR sought to exclude the reports prepared by the Debtors'
experts, Drs. Florence, Anderson, Moolgavkar, Peter S.J. Lees,
and Richard J. Lee.

The PI Committee and the FCR noted that the Debtors have
provided them information pursuant to confidentiality
agreements.  Mr. Hurford points out that Dr. Florence's
deposition has been marked confidential by the Debtors and at
least one of his expert reports has not been publicly disclosed
by the Debtors.  The expert reports of Drs. Anderson and
Moolgavkar have also not been publicly disclosed.

The PI Committee and the FCR said their Daubert Motions have
been served to the U.S. Trustee, the Debtors, the Official
Committee of Unsecured Creditors, and the Official Committee of
Equity Security Holders.

        Court Won't Admit Further Evidence on Libby Claims

Judge Fitzgerald won't permit any evidence to be introduced or
accepted for introduction, any further discovery to be
conducted, any statements to be made by counsel, or any finding
or other determination to be made concerning:

   (a) medical characteristics of the alleged asbestos diseases
       of the claimants asserting personal injury resulting from
       the Debtors' Libby, Montana vermiculite mining
       operations, including, if any, to which they may have
       medical characteristics distinct from other asbestos
       disease; or

   (b) the portion of the Debtors' aggregate liability that is
       attributable to claims and demands for Libby Claimant's
       alleged asbestos disease.

Nothing, however, the Court ruled, will prevent introduction
into evidence of opinions and testimony contained in the reports
and reliance materials of the estimation experts of Jennifer L.
Biggs and Dr. Mark Peterson, or the Debtors' rebuttal of the
Biggs and Peterson expert reports.

Judge Fitzgerald noted that no party in the estimation
proceedings has produced an expert report separately quantifying
the Debtors' liabilities for the Libby Claimants except for Ms.
Biggs who has produced various geographically based calculations
and estimates, including a quantification for Libby.  The Court,
however, finds that Ms. Biggs' quantification is not based on
the extent, if any, to which asbestos-related disease diagnosed
in the Libby Claimants has medical characteristics distinct from
other asbestos-related disease.

The introduction in the estimation proceedings, Judge Fitzgerald
held, of evidence concerning medical and statistical issues
specific to the Libby Claimants would not assist the Court in
its estimate of the Debtors' aggregate PI liabilities.
Exclusion of medical and statistical evidence, she added,
separately addressing Libby Claimants' alleged asbestos disease
and claims and demands resulting therefrom "could significantly
shorten the estimation proceeding trial -- serving the goal of
judicial economy and resulting in material savings to the
Debtors' estate and to the parties -- without any adverse effect
on the Court's ability to estimate the aggregate liabilities."

Drs. Arthur Frank, M. Laurentius Marais, William Wecker, and
Alan Whitehouse won't be allowed to testify or be subject to
further discovery in the estimation proceeding, and their
reports will not be part of the record in the estimation
proceeding, Judge Fitzgerald further ruled.

In addition, Drs. Elizabeth Anderson, Steven Harber, Daniel
Anthony Henry, Grover Hutchins, Richard Lee, John Parker, Suresh
Moolgavakar, Joseph Rodricks, and David Weill will not testify
or be subject to further discovery in the estimation proceeding
concerning the Libby Claimants' alleged asbestos disease and
their reports will not be part of the record in the estimation
proceeding insofar as they address the Libby Claimants' alleged
asbestos disease.

Moreover, the persons listed by the Libby Claimants as potential
fact witnesses in connection with the estimation proceeding
won't be allowed to testify or be subject to further discovery
in the estimation proceeding, the Court added.

James Jay Flynn, Alan Whitehouse and Patrica Sullivan, as non-
expert witnesses, will not be allowed to testify concerning the
Libby Claimants' alleged asbestos disease.

Judge Fitzgerald further ruled that the Libby Claimants will not
appear in, or in connection with, the estimation proceeding as a
separate party from the Official Committee of Asbestos Personal
Injury Claimants.

All parties' rights are reserved on all issues, including but
not limited to (i) the medical criteria for the Libby Claimants'
alleged asbestos disease, (ii) the extent, if any, to which
these alleged disease has medical characteristics distinct from
other asbestos disease, and (iii) whether and in what amount any
particular claim and demand based on the Libby Claimants'
alleged asbestos disease should be allowed.

No party, including the Libby Claimants, Judge Fitzgerald held,
may challenge the Court's findings and conclusions in the
estimation proceedings, including its findings of aggregate
asbestos liability, on the grounds that (a) the Libby Claimants
did not participate in the estimation proceedings, or (b) the
Court did not consider the Libby Claimants' allegations.

This Order may not be used for any other purposes other than to
exclude medical and statistical evidence separately addressing
the Libby Claimants' alleged asbestos disease, and will not be
used by any party, including the U.S. Government, for any other
purpose or proceeding, including the pending criminal proceeding
against the Debtors and its officers in the U.S. District Court
for the District of Montana, the Court clarified.

In a separate order, Judge Fitzgerald denied the Debtors'
request for relief from the pre-trial schedule to the extent
that the expert witnesses John Cooney, Peter Kraus, Ted
Goldberg, Robert Horkovich, Stephen Snyder and any other
attorney listed in the PI Committee's fact witness list make
themselves available for deposition.  If those witnesses will
not voluntarily make themselves available for deposition, the
Debtors may ask for reconsideration of the denial of their
request, the Court noted.

            Debtors Seek to Exempt Certain Creditors
                        from Filing Claims

Certain individuals have filed claims against the Debtors before
the April 2, 2001, Bar Date.  The Court established November 15,
2006, as the Bar Date for non-settled prepetition asbestos-
related personal injury claims filed against the Debtors.

The Debtors and the law firm Thornton & Naumes, who represents
the Claimants, have agreed that the claimants do not need to
file proofs of claim on or before the November 15 Bar Date
because they do not hold any prepetition PI Claim.  They also
agree that the Claimants are exempt from the PI case management
order because they do not hold PI Claims.

Accordingly, the Debtors ask the Court to rule that the Thornton
Claimants are exempt from the November 15 Bar Date and the PI
CMO.

A list of the Exempted Claimants is available free of charge at:

       http://bankrupt.com/misc/grace_ExemptClaimants.pdf

                        About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence,
Pennsylvania.  Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLC, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
will commence on Jan. 14, 2008.  (W.R. Grace Bankruptcy News,
Issue No. 145; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied
----------------------------------------------------------
The United States Court of Appeal for the Ninth Circuit denied
the request of W.R. Grace & Co. and six of its former executives
for an en banc rehearing of the September 2007 decision of a
three-judge panel composed of Circuit Judge Betty Fletcher,
Harry Pregerson, and Warren Ferguson reinstating conspiracy
charges against Grace and its executives relating to the alleged
asbestos poisoning in Libby, Montana.

In late September, the 9th Circuit panel overturned a decision
by District Judge Molloy in the U.S. District Court for the
District of Montana and reinstated the conspiracy charges filed
by the U.S. Government against Grace and its officers.  The
Government, in 2005, commenced a criminal case against Grace and
its officers for alleged conspiracy in violation of
environmental laws and obstruction of federal agency proceedings
relating to asbestos poisoning of residents in Libby, Montana.

According to Tricia Bishop of The Baltimore Sun, an en banc
rehearing would have further delayed the trial of the case.

"The denial of an en banc rehearing moves the case a step closer
to trial assuming Grace does not ask the [U.S.] Supreme Court to
review the issue," Allen M. Bradender, Esq., who is among the
Justice Department attorneys prosecuting the case, told
Baltimore Sun.

"Grace is disappointed, and the company is evaluating its
options," Greg Euston, Grace's spokesman related to the Sun.

A second Grace request for appeal, which will determine whether
certain government witnesses may testify against the company,
was granted earlier this year and will be heard next week by the
full 11-judge panel of the 9th Circuit Court of Appeals, the Sun
says.

In its form 10-Q filing with the U.S. Securities and Exchange
Commission in August 2007, Grace said it may face as much as
US$280,000,000 in fines, if convicted in the criminal case.  Its
officers may also be sentenced to as many as 15 years in prison
if convicted.

                        About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia, and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence,
Pennsylvania.  Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLC, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
will commence on Jan. 14, 2008.  (W.R. Grace Bankruptcy News,
Issue No. 145; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


ALITALIA SPA: Air France Sees Profitable Italian Carrier
--------------------------------------------------------
Air France-KLM says its planned takeover of Alitalia S.p.A.
could bring the Italian carrier back into profitability.

"Air France-KLM wishes to share with Alitalia the benefits of
the profitable growth strategy it has successfully implemented
over the last four years," the French carrier said in a
statement.  "As for Alitalia, by joining Air France-KLM, it
would be part of the world's leading air transport group, thus
strengthening its position."

Air France said it aims to have Alitalia win back the Italian
market by developing its network and asserting its Italian brand
and identity.

The French carrier said it would propose a large number of
European and intercontinental destinations to and from Rome-
Fiumicino Airport, which would be organized as a hub in the same
way as Paris-Charles de Gaulle and Schiphol.

Air France also plans to operate medium and long-haul direct
services to and from Milan, "with enhanced service quality to
better meet the needs of business customers."

Jean-Cyril Spinetta, Air France CEO, said its business plan --
which he described as clearer than AirOne S.p.A.'s -- "will be a
success," Reuters reports.

"I am convinced that the creative talent and Italian experience
will carry Alitalia to a new stage in its history," Mr. Spinetta
was quoted by Thomson Financial as saying.

                      Air France and AirOne

Alitalia chairman Maurizio Prato told Italian daily Corriere
della Sera that Air France's business plan is clearer than
AirOne.  Mr. Prato noted that the French carrier's plan mirrored
Alitalia's turnaround.

"For AirOne, aside from some generic statements about remaining
at both hubs, increasing the fleet and renewing it, we still
need to understand how the plan actually functions," Mr. Prato
told Corriere della Sera.

Italian industry minister Pier Luigi Bersani, however, said that
Mr. Prato's comments reflect the decision on the sale.

"We should be looking at the offers, not interviews," Mr.
Bersani was quoted by Bloomberg News as saying.

Intesa Sanpaolo S.p.A., AirOne's financial backer, said selling
Alitalia to Air France would be like "throwing [the national
carrier] away," Bloomberg News relates.

"It's a choice that is a lot like giving up," Corrado Passera,
Intesa Sanpaolo CEO, was quoted by Bloomberg News as saying.

"[Air One's offer] is the only concrete solution to avoid ceding
a national strategic asset and at the same time guarantee a
turnaround of the airline," AirOne Chairman Carlo Toto said in
an e-mailed statement to Bloomberg News.

As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received
non-binding proposals for the Italian government's 49.9% stake
from:

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

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


ALITALIA SPA: Board to Choose Preferred Buyer Today
---------------------------------------------------
Alitalia S.p.A.'s board of directors will meet today, Dec. 13,
2007, to select the preferred buyer for the Italian government's
49.9% stake in the national carrier, various reports say.

The board will announce the selected bidder in a press release
following the meeting, Bloomberg News relates.

Alitalia, Italy, and the preferred buyer, will then hold
exclusive talks, which might last for a month.

A government source told Reuters that Italian Prime Minister
Romano Prodi was to meet his top ministers on Dec. 12, 2007, to
discuss the stake sale.

"We will be criticized whoever we choose," a government official
told The Financial Times.  "But the real story is that a center-
left government that includes communists is actually selling
Alitalia."

Italian transport minister Alessandro Bianchi was quoted by
Bloomberg News in his interview with a local radio station that
the government expects to complete the sale by the end of 2007.

Meanwhile, heads of Alitalia unions CGIL, CISL and UIL, are
opposing Air France-KLM's offer, saying that Alitalia would lose
its identity as a national carrier if sold to the French
airline.

"If Alitalia were to go to a foreign company, we would in effect
be the only big European country not to have a flag carrier,"
the heads of the unions said in a statement.

Confindustria, an Italian employers federation, expressed
support for AirOne S.p.A.'s offer.

"I believe that [AirOne has] the business conditions and strong
financial support for a good operation for the country and for
Alitalia," Confindustria's Luca Cordero di Montezemolo was
quoted by Reuters as saying.

As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received
non-binding proposals for the Italian government's 49.9% stake
from:

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

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


PARMALAT SPA: Faces Antitrust Probe over Newlat Sale Delays
-----------------------------------------------------------
Autorita Garante della Concorrenza e del Mercato, Italy's anti-
trust authority, is launching a probe into Parmalat S.p.A.'s
failure to sell its Newlat Srl unit, Thomson Financial reports.

As previously reported in the TCR-Europe, Italian authorities
seized Parmalat units Newlat and Carnini S.p.A. in the middle of
a probe into the company's fictitious disposals to circumvent
antitrust laws.

To fully regain the units, Parmalat must sell its Matese and
Torre in Pietra brands to comply with a June 30, 2005, order by
the Italian antitrust agency.  Parmalat also has to sell some of
Newlat's production facilities to ease the group's dominant
position in the fresh milk market.

Parmalat reclaimed the dairy units at no cost in October 2006,
following a ruling by a Parma Court.

Autorita Garante had required Parmalat to divest Newlat by
Oct. 30, 2007, to restore competitive conditions in fresh milk
markets in the Lazio and Campania regions, Thomson Financial
relates.

Parmalat had asked for an extension of the divestment to
June 30, 2008, claiming that selling Newlat in October 2007
would result in a negative sale price, which might hamper the
dairy group's effort to reorganize its debt, Thomson Financial
says.  Parmalat noted that Newlat results have seen a negative
trend in 2007 because of increases in raw material prices.

Parmalat had also asked for an amendment of the terms of the
divestment, which would allow it sell its Matese and Torre in
Pietra brands rather than Newlat as a whole.

In a statement, Parmalat said that after having recovered
possession of Newlat, it "has with diligence done its best in
order to comply with the Antitrust requests."

"Parmalat is working in order to provide all necessary
information to clarify the reasons for which the sale of Newlat
has not taken place within the fixed timing," the company said.
"Parmalat also is committed to propose all possible solutions
aiming to comply with the Antitrust Act within the terms
provided for under the same."

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

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

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

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

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

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


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


AGRO SERVICE-MAGISTRAL: Claims Deadline Slated for Jan. 4, 2008
---------------------------------------------------------------
LLP Agro Service-Magistral 7 has declared insolvency.  Creditors
have until Jan. 4, 2008 to submit written proofs of claims to:

         LLP Agro Service-Magistral 7
         Utemisov Str. 2a
         Almaty
         Kazakhstan
         Tel: 8 (3272) 42-54-59
              8 701 444 47-22


ALTYN SHEKER: Creditors Must File Claims Jan. 4, 2008
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Altyn Sheker insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 22
         Tauelsizdik Str. 53
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (7282) 21-20-02


CONTENT CREATION: Claims Filing Period Ends Jan. 4, 2008
--------------------------------------------------------
LLP Content Creation Group has declared insolvency.  Creditors
have until Jan. 4, 2008 to submit written proofs of claims to:

         LLP Content Creation Group
         Jeltoksan Str./Kurmangazy Str. 164/166-75
         Almaty
         Kazakhstan


ELECTRO SYSTEM: Creditors' Claims Due on Jan. 4, 2008
-----------------------------------------------------
LLP Electro System has declared insolvency.  Creditors have
until Jan. 4, 2008 to submit written proofs of claims to:

         LLP Electro System
         Potanin Str. 14-311
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


ENERGOSPETSREMSERVICE LLP: Claims Registration Ends Jan. 4, 2008
----------------------------------------------------------------
LLP Energospetsremservice has declared insolvency.  Creditors
have until Jan. 4, 2008 to submit written proofs of claims to:

         LLP Energospetsremservice
         Post Office Box 324
         010011, Astana
         Kazakhstan


ERMAK-SK LLP: Proof of Claim Deadline Slated for Jan. 4, 2008
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Ermak-SK insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konsitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


INTER-SERVICE LLP: Creditors Must File Claims Jan. 4, 2008
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Inter-Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Zaton by Chapayev 63
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 28-09-21


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

         LLP LTD Service
         Mirzoyan Str. 5
         Aktobe
         Aktube
         Kazakhstan


RAS-INVEST LLP: Creditors' Claims Due on Jan. 4, 2008
-----------------------------------------------------
LLP Ras-Invest has declared insolvency.  Creditors have until
Jan. 4, 2008 to submit written proofs of claims to:

         LLP Ras-Invest
         Novaya Str. 27a
         Koktal
         Astana
         Kazakhstan


ZLATOY KASPY: Claims Registration Ends Jan. 4, 2008
---------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Zlatoy Kaspy insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Zaton by Chapayev 63
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 28-09-21


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


AIDAR-OSH LLC: Creditors Must File Claims by January 11, 2008
-------------------------------------------------------------
LLC Aidar-Osh has declared insolvency.  Creditors have until
Jan. 11, 2008 to submit written proofs of claim to:

         LLC Aidar-Osh
         Kurmanjan Datka Str. 648
         Kyzyl Kyshtak
         Karasuisky District
         Osh
         Kyrgyzstan


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


BASELL AF: Lyondell & Equistar Gets Consents to Amend Indenture
---------------------------------------------------------------
Lyondell Chemical Company and its subsidiaries Equistar
Chemicals, LP and Equistar Funding Corporation disclosed that as
of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately
US$3.97 billion in aggregate principal amount of the outstanding
debt securities issued by Lyondell or the Equistar Issuers, as
applicable, has been tendered pursuant to the previously
announced cash tender offers and consent solicitations.

As a result, Lyondell and the Equistar Issuers have received the
required consents from holders to amend each of the indentures
governing the applicable Notes.  Upon Lyondell and the Equistar
Issuers accepting for purchase at least a majority in aggregate
principal amount of the applicable Notes outstanding, each of
the supplemental indentures effecting the proposed amendments as
described in the Offer to Purchase and Consent Solicitation
Statement dated Nov. 20, 2007 will become operative.

The Offer for each series of Notes will expire at 12:01 a.m. EST
on Dec. 20, 2007, unless extended or earlier terminated by
Lyondell or the Equistar Issuers, as applicable, in their sole
discretion.  Withdrawal rights with respect to the Notes and
revocation rights with respect to corresponding consents have
expired.  Accordingly, holders may not withdraw any Notes
previously or hereafter tendered, except as contemplated in the
applicable Offers.

The total consideration was determined as of 2:00 p.m. EST on
Dec. 5, 2007.  The total consideration per US$1,000 principal
amount of the Notes validly tendered at or prior to the Consent
Payment Deadline, not validly withdrawn and accepted for payment
is set forth in Table 1, of which US$30 is the consent payment.
The tender offer consideration per US$1,000 principal amount of
the Notes validly tendered after the Consent Payment Deadline,
not validly withdrawn and accepted for payment equals the Total
Consideration minus the US$30 consent payment.  In each case,
accrued and unpaid interest on the Notes will be paid in cash
from the most recent interest payment date applicable to the
Notes to, but not including, the applicable payment date for the
Offers.  The applicable payment date for Notes tendered on or
prior to the Consent Payment Deadline is expected to be on or
about Dec. 20, 2007.  The applicable payment date for Notes
tendered after the Consent Payment Deadline and on or prior to
the Expiration Date is expected to be on or about Dec. 21, 2007.

Table 1 - Results to Date and Pricing Information for the Offers

                             Lyondell's Notes

                                                      Percentage
                     Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------
          10.500%
552078AV9 Senior    3.764%  US$1,081.17  US$1,051.17     99.76%
          Secured
          Notes due
          2013


          8.000%
552078AW7 Senior Notes 3.429% US$1,154.78  US$1,124.78   99.67%
          due 2014

          8.250%
552078AX5 Senior Notes 3.601% US$1,197.17 US$1,167.17    99.85%
          due 2016

          6.875%
552078AY3 Senior Notes  3.788% US$1,155.31  US$1,125.31  99.99%
          due 2017
                   Equistar Issuers' Notes

                                         Percentage
                     Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------

          10.125%
29444NAF9 Senior Notes 3.857% US$1,042.60 US$1,012.60    97.96%
          due 2008

           8.750%
29444NAD4  Notes due 3.519%  US$1,058.51  US$1,028.51    97.55%
           2009

          10.625%
29444NAH5 Senior Notes 3.761% US$1,050.65 US$1,020.65    97.95%
           due 2011
The Offers and Consent Solicitations are subject to the
satisfaction of certain conditions, including the proposed
merger of Lyondell with BIL Acquisition Holdings Limited, a
Delaware corporation and wholly owned subsidiary of Basell AF
S.C.A., a Luxembourg company.  The complete terms and conditions
of the Offers and Consent Solicitations are set forth in the
Offer and Consent Statement, which has been sent to holders of
the Notes.  Holders are urged to carefully read the Offer and
Consent Statement and related materials.

Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer
managers for the Offers and solicitation agents for the Consent
Solicitations.  Questions regarding the Offers and Consent
Solicitations may be directed to Goldman, Sachs & Co. at (877)
686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill
Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914
(collect).  Copies of the Offer and Consent Statement and
related materials may be obtained from the Information Agent, D.
F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212)
269-5550 (Banks and Brokers).

As previously disclosed in the TCR-Europe on Nov. 30, 2007,
Lyondell disclosed that, at a Special Meeting
of Shareholders held on Nov. 20, 2007, shareholders approved the
Agreement and Plan of Merger, dated as of July 16, 2007, among
Basell AF, BIL Acquisition Holdings Limited and Lyondell
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.

                         About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE:LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufactures chemicals and plastics, a refiner of
heavy, high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

                         About Basell

Basell -- http://www.basell.com/-- produces polypropylene and
advanced polyolefin products, supplies polyethylene and
catalysts, and provides technical services for its proprietary
technologies.  Basell, together with its joint ventures, has
manufacturing facilities in 19 countries and sells products in
more than 120 countries.  Basell is privately owned by Access
Industries.

                         *     *     *

As reported in the TCR-Europe on Nov. 14, 2007, Standard &
Poor's Ratings Services placed its 'BB-' long-term corporate
credit rating on Basell AF S.C.A. remains on CreditWatch with
negative implications, where it was placed on June 26, 2007,
following the company's announcement that it will acquire
Lyondell Chemical Co. (BB-/Watch Neg/B-1) and its related
entities Equistar Chemicals L.P. (BB-/Watch Neg/B-1) and
Millennium Chemicals Inc. (B+/Watch Neg/--).

In July 2007, Moody's Investors Service maintains all ratings of
Basell group under review for downgrade following the
announcement by the company on July 17, 2007 that it has signed
a definitive agreement to acquire Lyondell (Ba3/stable outlook)
in a transaction valued at approximately US$19 billion,
including the assumption of debt.


BASELL AF: Fitch Lowers Ratings to B+ on Merger with Lyondell
--------------------------------------------------------------
Fitch Ratings has downgraded Basell AF SCA's and Lyondell
Chemical Co.'s Long-term Issuer Default ratings to 'B+' from
'BB-' and removed them from Rating Watch Negative where they
were originally placed on July 17, 2007.  Stable Outlooks are
assigned to the Long-term IDRs.  Basell's Short-term IDR is also
affirmed at 'B'.

Fitch has also downgraded Basell's senior notes and Millenium
America Inc's senior notes to 'B-'/'RR6' from 'B+' and
'BB'/'RR2', respectively, as well as assigned a 'B'/'RR5'rating
to Lyondell Basell Finance Co's bridge facility.  Fitch has
taken further rating action involving various subsidiaries and
debt instruments.

Fitch's ratings actions follow substantial re-leveraging to
facilitate the fully debt-funded merger of chemical companies
Basell and Lyondell.  Fitch believes that credit metrics of the
combined new group, including net total leverage of
approximately 4.9x, cash interest cover of approximately 2.4x,
(ratios based on the pro forma unadjusted LTM Sept. 7 EBITDA of
US$4.9 billion) and available liquidity are commensurate with
the Long-term IDRs of 'B+'.  The group's credit profile will be
supported by potential synergies and pricing power advantages
gained from improved vertical integration and size increases,
which may prove crucial as the global chemical industry
continues to face serious challenges from volatile feedstock
costs and economical uncertainties in its end markets.

Following a special meeting of shareholders on Nov. 20, 2007,
Lyondell announced that shareholders approved the agreement and
plan of merger, dated July 16, 2007, between Basell and
Lyondell, pursuant to which Basell will acquire all of
Lyondell's outstanding common shares for cash consideration of
US$48 per share.  The closing of the transaction is anticipated
to occur on or about Dec. 20, 2007.  After completion of the
acquisition, Basell will be renamed LyondellBasell Industries AF
SCA.

LBI will form the world's third-largest independent chemical
company with combined revenues of around US$42.8 billion and
around 15,000 employees worldwide.

The ratings are:

Basell AF SCA and subsidiaries, to be renamed LyondellBasell
   Industries AF SCA:

   -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
      RWN; Stable Outlook assigned

   -- Senior secured credit facilities: affirmed at 'BB+' and
      withdrawn

   -- Senior notes: downgraded to 'B-' (B minus)/'RR6' from 'B+'

Lyondell Chemicals Co. and subsidiaries:

   -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
      RWN; Stable Outlook assigned

   -- Senior secured facilities: affirmed at 'BB+' and withdrawn

   -- Senior secured notes: affirmed at 'BB+' and withdrawn

   -- Senior unsecured notes: affirmed at 'BB-'and withdrawn

   -- Senior unsecured debentures: upgraded to 'BB+'/'RR1' from
      'BB-'

Lyondell Basell Finance Co:

   -- Bridge facility: 'B'/'RR5'

Equistar Chemicals L.P.:

   -- Long-term IDR: affirmed at 'B+'; Outlook Stable

   -- Senior secured credit facility: affirmed at 'BB+'/'RR1'
      and withdrawn

   -- Senior unsecured notes: affirmed at 'BB-'/'RR3' and
      withdrawn

   -- Debentures: upgraded to 'BB+'/'RR1' from 'BB-'/'RR3'

Millenium Chemicals Inc.:

   -- Long-term IDR: affirmed at 'B+' with Stable Outlook and
      withdrawn

   -- Convertible senior unsecured debentures: affirmed at
      'BB'/'RR2' and withdrawn

Millenium America Inc.:

   -- Long-term IDR: affirmed at 'B+'; Outlook Stable

   -- Senior unsecured notes: downgraded to 'B-'/'RR6' from
      'BB'/'RR2'

The above ratings are assigned subject to the completion of the
transaction as well as review of the final documentation,
conforming to present information.


EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms
-----------------------------------------------------------
Evraz Group S.A. signed an agreement to acquire majority share
holdings in selected production assets in Ukraine:

   -- a 99.25% share holding in the Sukhaya Balka iron ore
      mining and processing complex with a total annual
      production capacity of 3.75 million tons of iron ore;

   -- a 95.57% share holding in the Dnepropetrovsk Iron and
      Steel Works with a total annual capacity of 1.8 million
      tons of pig iron and 1.23 million tons of crude steel; and

   -- three coking plants (Bagleykoks: 93.74%, Dneprkoks:
      98.65%, and Dneprodzerzhinsk Coke Chemical Plant: 93.83%
      of shares outstanding) with a total annual capacity of
      3.52 million tons of metallurgical coke.

Evraz will make a payment for the acquired assets with a
combination of cash and new equity.

The final terms and structure of the deal will be voted by
Evraz's Board of Directors based on a fairness opinion provided
by a reputable international appraisers' organization that will
conduct an independent valuation of the assets.

Once approved by the Board, the deal will not be subject to any
other, including regulatory, approvals and is expected to be
closed in the first quarter of 2008.

"We view this transaction as yet another important step in
realization of our strategies," Alexander Frolov, Evraz's
Chairman and Chief Executive Officer, said.  "The acquisition
will allow us to increase iron ore self-sufficiency and ensure
further upstream integration.  It will also create captive
intra-group coke-making demand for the excess production of the
Company's coal mines in Siberia.  This deal also represents
another step in the Evraz's geographical diversification into
one of the lowest cost steel producing regions."

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 30, 2007, Moody's
Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.  Moody's also has upgraded the
ratings for the Senior Unsecured global bonds at Evraz Group
S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the
Senior guaranteed Eurobonds at Evraz Securities S.A. totaling
US$300 million due in 2009 from Ba3 to Ba2.  Moody's said the
outlook on all ratings is stable.

As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign
Issuer Credit ratings from Standard & Poor's.  S&P said the
Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million
----------------------------------------------------------
Evraz Group S.A. and Titan Acquisition Sub, Inc., a wholly owned
unit of Evraz, have entered into a definitive agreement with
Claymont Steel Holdings Inc.

Under the agreement, Evraz will acquire Claymont Steel for
US$23.50 per share, for an aggregate price of approximately
US$564.8 million (including debt and net of cash).

The offer price of US$23.50 per share represents a premium of
19.1% to Claymont Steel's three month volume weighted average
stock price, a premium of 38.2% to Claymont Steel's initial
public offering price of US$17.00 in December 2006, and a
premium of 6.8% to the closing price of Claymont Steel's stock
on Friday, Dec. 7, 2007, of US$22.00.

Under the terms of the agreement, Titan will make a cash tender
offer for all shares of Claymont Steel common stock and then
merge with Claymont Steel.  The board of directors of Claymont
Steel has unanimously recommended that the shareholders of
Claymont Steel accept the offer.

H.I.G. Capital LLC, Inc., which owns approximately 42.6% of
Claymont Steel's issued common stock, has committed to tender
its shares in the offer.

The offer, which is expected to commence during the week of
Dec. 17, 2007, will be subject to customary conditions,
including antitrust clearance, and the acquisition by Evraz of a
majority of Claymont Steel's shares.  The offer will be followed
by a merger at the same price.  Upon completion of the
transaction, Claymont Steel will become a subsidiary of Evraz.

ABN AMRO Incorporated is acting as exclusive financial advisor
to Evraz and will be the dealer-manager for the tender offer.
Jefferies & Company, Inc. is acting as lead financial advisor to
Claymont Steel in the transaction and delivered a fairness
opinion to Claymont Steel's board of directors.  Cleary Gottlieb
Steen & Hamilton LLP is acting as legal counsel to Evraz, and
Morgan, Lewis & Bockius LLP is acting as legal counsel to
Claymont Steel.

"We believe that this transaction delivers significant value to
our stockholders. We are excited at the opportunity to become
part of a company with a significant international presence,"
Jeff Bradley, Claymont Steel's Chairman and Chief Executive
Officer, said.  "As a plate producer, we believe Claymont Steel
will be able to contribute to and complement Evraz's North
American operations at Evraz Oregon Steel Mills, Inc.  We
believe that our customers will also support this deal."

"This transaction represents yet another important step in the
implementation of our long-term strategy to develop higher value
downstream markets," said Alexander Frolov, Evraz's Chairman and
Chief Executive Officer.  "It will expand our presence in North
America, one of the most important steel markets globally.
Having acquired Oregon Steel Mills at the beginning of this
year, we laid the foundation of our American plate business and
intend to continue to strengthen it now with Claymont Steel's
steel plate production.  We will also be happy to have Claymont
Steel's experienced personnel joining Evraz's multinational
team."

Headquartered in Claymont, Delaware Claymont Steel --
http://www.claymontsteel.com-- manufactures and sells custom
discrete steel plate in North America.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 30, 2007, Moody's
Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.  Moody's also has upgraded the
ratings for the Senior Unsecured global bonds at Evraz Group
S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the
Senior guaranteed Eurobonds at Evraz Securities S.A. totaling
US$300 million due in 2009 from Ba3 to Ba2.  Moody's said the
outlook on all ratings is stable.

As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign
Issuer Credit ratings from Standard & Poor's.  S&P said the
Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


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


HARBOURMASTER CLO 7: Fitch Rates EUR2 Mln Class S1 Notes at BB
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Harbourmaster CLO 7
B.V. notes:

   -- EUR576 million Class A1 floating-rate notes: affirmed
      at 'AAA'

   -- EUR149 million Class A2 floating-rate notes: affirmed at
      'AAA'

   -- EUR41 million Class A3 floating-rate notes: affirmed at
      'AA'

   -- EUR38 million Class A4 floating-rate notes: affirmed at
      'A'

   -- EUR38 million Class B-1 floating-rate notes: affirmed at
      'BBB'

   -- EUR21 million Class B-2 floating-rate notes: affirmed at
      'BB'

   -- EUR2 million Class S1 combination notes: affirmed at 'BB'

   -- EUR5 million Class S2 combination notes: affirmed at 'AA'

   -- EUR3 million Class S3 combination notes: affirmed at
      'BBB-'

   -- EUR7 million Class S4 combination notes: affirmed at
      'BBB+'

   -- EUR4 million Class S5 combination notes: affirmed at 'A-'

Fitch has carried out a rating review of the transaction and has
found consistent performance to date.  As of the October 2007
trustee report, the transaction is in compliance with all the
portfolio guidelines and coverage tests.  There have been no
defaults to date and no asset is rated 'CCC+' or below.

This transaction constitutes a securitization of senior secured
loans.  The issuer, Harbourmaster CLO 7 B.V., is a limited
liability company incorporated under the laws of the
Netherlands.  The transaction completed the ramp-up period in
April 2007 and is currently in the re-investment period ending
in December 2011.  The credit quality is stable with a current
weighted average rating factor of 25.7 compared to 26 in May
2007; both WARFs are equivalent to a 'B+'/'B' rating.
Harbourmaster Capital Limited is advised by Harbourmaster
Capital Management Limited (rated 'CAM1-' on Fitch's CDO Asset
Manager Rating scale).

The ratings of the Class A1 and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For all other rated classes of notes, the
ratings address ultimate payment of principal and interest,
including deferred interest, at maturity.

The ratings of the Class S1, S2, S3 and S5 combination notes
address the ultimate payment of principal from funds received on
their components, while for the S4 combination notes, the rating
addresses the ultimate payment of principal and interest at a
coupon rate of 0.25% on the outstanding rated balance.


HARBOURMASTER PRO-RATA 2: Fitch Rates Class B2 Notes at BB
----------------------------------------------------------
Fitch Ratings has affirmed Harbourmaster Pro-Rata CLO 2 B.V.'s
notes following a satisfactory performance review:

   -- Class A1VF notes (ISIN n.a.): affirmed at 'AAA'
   -- Class A1T notes (XS0262176364): affirmed at 'AAA'
   -- Class A2 notes (XS0262176794): affirmed at 'AAA'
   -- Class A3 notes (XS0262176877): affirmed at 'AA'
   -- Class A4E notes (XS0262177172): affirmed at 'A'
   -- Class A4F notes (XS0262177255): affirmed at 'A'
   -- Class B1E notes (XS0262177339): affirmed at 'BBB'
   -- Class B1F notes (XS0262640575): affirmed at 'BBB'
   -- Class B2 notes (XS0262177412): affirmed at 'BB'
   -- Class S1 notes (XS0262178907): affirmed at 'BBB'
   -- Class S2 notes (XS0262179202): affirmed at 'BBB'
   -- Class S3 notes (XS0262179384): affirmed at 'BBB'
   -- Class S4 notes (XS0262179467): affirmed at 'A-'

The affirmation reflects the consistent credit quality of the
portfolio, as well as the available credit enhancement in the
structure since close in August 2006.  The transaction is
currently in compliance with all coverage tests and portfolio
quality tests.  The credit quality is stable with a current
weighted average rating factor of 26 compared to a maximum
trigger of 27.5, both WARFs being equivalent to a 'B+'/'B'
rating.  There have been no defaults since closing.

The transaction, a European arbitrage collateralised loan
obligation, is a securitization of primarily senior secured
loans.  This transaction is managed by Harbourmaster Capital
Limited.

The ratings of the Class A1VF, A1T and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest according to the terms of the notes.  For all other
rated Classes of notes (other than the Class S combination
notes), the ratings address ultimate payment of principal and
interest, including any deferred interest, at maturity according
to the terms of the notes.  The ratings assigned to the Class
S1, S2 and S3 combination notes address the ultimate payment of
principal from funds received on their components, while for the
Class S4 combination notes the rating addresses the ultimate
payment of principal and interest at a coupon rate of 0.25% on
the outstanding rated balance.


X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts
------------------------------------------------------------
X5 Retail Group N.V. disclosed that on Nov. 29 and 30, 2007, its
wholly owned subsidiary Perekrestok Holdings Limited purchased
the total of 160,000 of Global Depositary Receipts representing
shares in the capital of X5 Retail on the London Stock Exchange
at an average market price of US$31,5038 to fund its ESOP
program.

Following these transactions X5 Retail Group N.V. owns 3,769,112
GDRs in total.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


ALFA BANK: Continued Expansion Cues Fitch's BB Ratings Upgrade
--------------------------------------------------------------
Fitch Ratings has upgraded Russia-based Alfa Bank's Long-term
Issuer Default rating to 'BB' from 'BB-' and National Long-term
rating to 'AA-(rus)' from 'A+(rus)'.  The Outlooks for the Long-
term IDR and National Long-term rating are Stable.  Alfa's other
ratings are affirmed at Short-term IDR 'B', Individual 'C/D',
Support '4' and Support Rating Floor 'B'.

The upgrade reflects the continued expansion and strengthening
of the franchise of Alfa Banking Group (of which Alfa is the
main entity) and extended track record of sound asset quality
and profitability.  In addition, the ratings are supported by
the bank's strong management team, and risk management function
in particular, and the shareholders' track record of injecting
liquidity and equity when required.

At the same time, the ratings continue to factor in the
concentrated balance sheet and moderate targeted capitalisation
of ABG and the still challenging, although improved, Russian
operating environment.  Negative liquidity gaps are larger than
at most other major Russian banks, but liquidity management has
improved significantly in recent years and refinancing risk on
foreign funding is moderate, in Fitch's view.

Further upward pressure on the ratings could result from
continued diversification of the loan book and funding, coupled
with strong performance and adequate asset quality as the retail
book expands.

Downward pressure is viewed as unlikely at present, but a
significant deterioration in asset quality, for example
resulting from the retail expansion, or heightened pressure on
liquidity would be negative for the credit profile.

Alfa is the largest privately-owned bank in Russia, although
market shares are modest, reflecting the fragmented nature of
the sector.  ABG is owned by six individuals.  The largest stake
(36%) is held by Mikhail Fridman, the Chairman of Alfa's Board.


EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms
-----------------------------------------------------------
Evraz Group S.A. signed an agreement to acquire majority share
holdings in selected production assets in Ukraine:

   -- a 99.25% share holding in the Sukhaya Balka iron ore
      mining and processing complex with a total annual
      production capacity of 3.75 million tons of iron ore;

   -- a 95.57% share holding in the Dnepropetrovsk Iron and
      Steel Works with a total annual capacity of 1.8 million
      tons of pig iron and 1.23 million tons of crude steel; and

   -- three coking plants (Bagleykoks: 93.74%, Dneprkoks:
      98.65%, and Dneprodzerzhinsk Coke Chemical Plant: 93.83%
      of shares outstanding) with a total annual capacity of
      3.52 million tons of metallurgical coke.

Evraz will make a payment for the acquired assets with a
combination of cash and new equity.

The final terms and structure of the deal will be voted by
Evraz's Board of Directors based on a fairness opinion provided
by a reputable international appraisers' organization that will
conduct an independent valuation of the assets.

Once approved by the Board, the deal will not be subject to any
other, including regulatory, approvals and is expected to be
closed in the first quarter of 2008.

"We view this transaction as yet another important step in
realization of our strategies," Alexander Frolov, Evraz's
Chairman and Chief Executive Officer, said.  "The acquisition
will allow us to increase iron ore self-sufficiency and ensure
further upstream integration.  It will also create captive
intra-group coke-making demand for the excess production of the
Company's coal mines in Siberia.  This deal also represents
another step in the Evraz's geographical diversification into
one of the lowest cost steel producing regions."

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 30, 2007, Moody's
Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.  Moody's also has upgraded the
ratings for the Senior Unsecured global bonds at Evraz Group
S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the
Senior guaranteed Eurobonds at Evraz Securities S.A. totaling
US$300 million due in 2009 from Ba3 to Ba2.  Moody's said the
outlook on all ratings is stable.

As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign
Issuer Credit ratings from Standard & Poor's.  S&P said the
Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million
----------------------------------------------------------
Evraz Group S.A. and Titan Acquisition Sub, Inc., a wholly owned
unit of Evraz, have entered into a definitive agreement with
Claymont Steel Holdings Inc.

Under the agreement, Evraz will acquire Claymont Steel for
US$23.50 per share, for an aggregate price of approximately
US$564.8 million (including debt and net of cash).

The offer price of US$23.50 per share represents a premium of
19.1% to Claymont Steel's three month volume weighted average
stock price, a premium of 38.2% to Claymont Steel's initial
public offering price of US$17.00 in December 2006, and a
premium of 6.8% to the closing price of Claymont Steel's stock
on Friday, Dec. 7, 2007, of US$22.00.

Under the terms of the agreement, Titan will make a cash tender
offer for all shares of Claymont Steel common stock and then
merge with Claymont Steel.  The board of directors of Claymont
Steel has unanimously recommended that the shareholders of
Claymont Steel accept the offer.

H.I.G. Capital LLC, Inc., which owns approximately 42.6% of
Claymont Steel's issued common stock, has committed to tender
its shares in the offer.

The offer, which is expected to commence during the week of
Dec. 17, 2007, will be subject to customary conditions,
including antitrust clearance, and the acquisition by Evraz of a
majority of Claymont Steel's shares.  The offer will be followed
by a merger at the same price.  Upon completion of the
transaction, Claymont Steel will become a subsidiary of Evraz.

ABN AMRO Incorporated is acting as exclusive financial advisor
to Evraz and will be the dealer-manager for the tender offer.
Jefferies & Company, Inc. is acting as lead financial advisor to
Claymont Steel in the transaction and delivered a fairness
opinion to Claymont Steel's board of directors.  Cleary Gottlieb
Steen & Hamilton LLP is acting as legal counsel to Evraz, and
Morgan, Lewis & Bockius LLP is acting as legal counsel to
Claymont Steel.

"We believe that this transaction delivers significant value to
our stockholders. We are excited at the opportunity to become
part of a company with a significant international presence,"
Jeff Bradley, Claymont Steel's Chairman and Chief Executive
Officer, said.  "As a plate producer, we believe Claymont Steel
will be able to contribute to and complement Evraz's North
American operations at Evraz Oregon Steel Mills, Inc.  We
believe that our customers will also support this deal."

"This transaction represents yet another important step in the
implementation of our long-term strategy to develop higher value
downstream markets," said Alexander Frolov, Evraz's Chairman and
Chief Executive Officer.  "It will expand our presence in North
America, one of the most important steel markets globally.
Having acquired Oregon Steel Mills at the beginning of this
year, we laid the foundation of our American plate business and
intend to continue to strengthen it now with Claymont Steel's
steel plate production.  We will also be happy to have Claymont
Steel's experienced personnel joining Evraz's multinational
team."

Headquartered in Claymont, Delaware Claymont Steel --
http://www.claymontsteel.com-- manufactures and sells custom
discrete steel plate in North America.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Nov. 30, 2007, Moody's
Investor's Service upgraded the corporate family rating
for Evraz Group from Ba3 to Ba2.  Moody's also has upgraded the
ratings for the Senior Unsecured global bonds at Evraz Group
S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the
Senior guaranteed Eurobonds at Evraz Securities S.A. totaling
US$300 million due in 2009 from Ba3 to Ba2.  Moody's said the
outlook on all ratings is stable.

As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign
Issuer Credit ratings from Standard & Poor's.  S&P said the
Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


FORD MOTOR: Russian Authorities Ban Pickets
-------------------------------------------
Local authorities have prohibited picketing at Ford Motor Co.'s
manufacturing site in Vsevolozhsok, Russia, RIA Novosti reports
citing trade union leader Alexei Etmanov.

According to RIA Novosoti, striking employers had picketed the
site almost every day, except on weekends.

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

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

"The administration has launched a night shift, but this
produced only 38 of the 100 cars requested per shift" Mr.
Etmanov told RIA Novsoti.

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

RIA Novosti relates that Russian social observers heralded the
ongoing strike as the birth of organized union activity in post-
Soviet Russia.

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

                       About Ford Motor Co.

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

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

                          *     *     *

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

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.

Moody's also affirmed Ford Motor Credit Company's B1 senior
unsecured rating, and changed the outlook to Stable from
Negative.

These rating actions follow Ford's announcement of the details
of the newly ratified four-year labor agreement with the UAW.


GAZPROMSTROY LLC: Creditors Must File Claims by Jan. 1, 2008
------------------------------------------------------------
Creditors of Gazpromstroy LLC have until Jan. 1, 2008, to submit
proofs of claim to:

         A. S. Bol'shikh
         Interim Manager
         P.O. Box 716
         Office 319
         Izyskateley Str. 31
         Noyabr'sk
         629810 Yamalo-Nenets
         Russia

The Arbitration Court of Yamalo-Nenets will convene on
Jan. 10, 2008 to hear the company's bankruptcy supervision
procedure after finding it insolvent on Aug. 1.  The case is
docketed under Case No. A81-2092/2007.

The Debtor can be reached at:

         Apartment 6
         Gazpromstroy LLC
         Internatsional'naya Str. 1
         Novy Urengoy
         629300 Yamalo-Nenets
         Russia


ISLAKH LLC: Creditors Must File Claims by Feb. 1, 2008
------------------------------------------------------
Creditors of Distillery Islakh LLC have until Feb. 1, 2008, to
submit proofs of claim to:

         I. M. Nurutdinov
         Competitive Proceedings Manager
         P.O. Box 18092, 423818
         Naberezhnye Chelny
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced competitive
proceedings against the company after finding it insolvent on
Nov. 20.  The case is docketed under Case No. A65-10870/
2007-CG4-16.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         Distillery Islakh LLC
         Plodoovoschnoy Integrated Plant
         Promkomzone
         Naberezhnye Chelny
         423800 Tatarstan
         Russia


KRASNY METALLIST: Creditors Must File Claims by Jan. 1, 2008
------------------------------------------------------------
Creditors of CJSC Krasny Metallist have until Jan. 1, 2008, to
submit proofs of claim to:

         A. Sh. Bogus
         Interim Manager
         Office 3
         Gor'kogo Str. 42
         355008 Stavropol'
         Russia

The Arbitration Court of the Stavropol' Krai commenced
bankruptcy supervision procedure against the company on Nov. 6.
The case is docketed under Case No. A63-6114/06-C5.

The Court is located at:

         The Arbitration Court of Stavropol Krai
         Mira Str. 4586
         Stavropol
         Russia

         The Debtor can be reached at:

         CJSC Krasny Metallist
         Karl Marks Str. 2
         355008 Stavropol'
         Russia


MORSKOY RYBNY: Creditors Must File Claims by Jan. 1, 2008
---------------------------------------------------------
Creditors of Morskoy Rybny Komplex LLC have until Jan. 1, 2008,
to submit proofs of claim to:

         P. A. Shabalin
         Interim Manager
         P.O. Box 3-20
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk krai commenced bankruptcy
supervision procedure against the company after finding it
insolvent on Nov. 16.  The case is docketed under Case No.
A73-2157/2007-36.

The Debtor can be reached at:

         Morskoy Rybny Komplex LLC
         Lunacharskogo Str. 4
         Okhotsk Settlement
         Khabarovsk Krai
         Russia


PAVLOVSKIJ FOOD: Creditors Must File Claims by Feb. 1, 2008
-----------------------------------------------------------
Creditors of Pavlovskij Food Integrated Plant LLC have until
Feb. 1, 2008, to submit proofs of claim to:

         K. E. Dovbenko
         Competitive Proceedings Manager
         Osipenko Str. 10
         355004 Stavropol'
         Russia

The Arbitration Court of Krasnodar krai commenced one-year
competitive proceedings against the company after finding it
insolvent on Oct. 30.  The case is docketed under Case No.
A-32-5716/2007-60/199-B.


The Court is located at:

         The Arbitration Court of Krasnodar Krai
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         Pavlovskij Food Integrated Plant LLC
         Molodezhnaya Str. 6
         Pavlovskaya St-Tsa
         Pavlovskij Raion
         Krasnodar Krai
         Russia


ROSNEFT OIL: Cancels RUR15 Billion Bond Issue This Year
-------------------------------------------------------
OAO Rosneft Oil Co. has dropped plans to issue RUR15 billion in
bonds this year due to time constraints, Reuters reports.

As reported in the TCR-Europe on Sept. 12, 2007, Rosneft said it
plans to issue RUR45 billion of bonds as part of its US$15
billion refinancing program to repay loans used to acquire
bankruptcy assets of OAO Yukos Oil Co.

Rosneft will issue the bonds in three tranches of equal sizes at
RUR15 billion each issue with maturities of not more than seven
years.  Rosneft had planned to issue the first tranche this year
and the next two tranches in 2008.

Rosneft has hired Troika Dialog, Gazprombank and VTB to organize
the placement, a source told RIA Novosti.

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines, and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                          *     *     *

OAO Rosneft Oil Co. carries a BB+ long-term corporate credit
rating from Standard & Poor's Ratings Services.  S&P said the
outlook is positive.


SITRONICS JSC: Brings In Three New Members to Management Board
--------------------------------------------------------------
JSC Sitronics' Board of Directors has approved the appointment
of three new members to the company's Management Board.

The new members of the Management Board are:

   -- Alexander Krasovsky,
   -- Mikhail Minkovsky, and
   -- Sergey Urezchenko.

Mr. Krasovsky joined the company as vice president for sales and
marketing on Nov. 23, 2007.  He previously served as vice
president for business development at BAC/StepLogic.

Mr. Minkovsky was appointed chief technology officer on
Nov. 14, 2007.  Prior to Sitronics, he held a number of senior
IT management positions in several leading companies in the US
and Russia.

Mr. Urezchenko was appointed president of Kvant and general
director of Elaks on Nov. 30, 2007.  He previously served as
general director of Airports of the South.

The Management Board now comprises eleven members and is chaired
by Sergey Aslanyan, president and chief executive officer of
Sitronics.

"The new members of the Management Board are highly experienced
professionals with successful track records in IT,
telecommunications and electronics.  All three have joined the
Company recently.  Their promotion to the Management Board is in
line with our previously stated intention to strengthen the
Sitronics' management team," Mr. Aslanyan commented.

                        About Sitronics

Headquartered in Moscow, Russia, JSCSitronics(LSE: SITR) --
Hhttp://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.  The rating still applies to date.


SITRONICS JSC: Kiev Court Declares Sitronics-Ukraine Bankrupt
-------------------------------------------------------------
The Economic Court of Kiev commenced liquidation proceedings
against Sitronics-Ukraine Kiev, a unit of Sitronics JSC, after
declaring it bankrupt, Interfax News reports.

The court appointed Alexander Borodii as liquidator who will
take charge of selling the company's properties and satisfying
creditors' claims, Interfax adds.

A Sitronics spokesman expressed surprised on the unit's
bankruptcy, noting that there were no reports on any suits or
court cases involving Sitronics-Ukraine, Interfax relates.

"Sitronics-Ukraine does not have a significant impact on
business operations, but it does have an effect on the parent
company's market capitalization," Sitronics said in its interim
report.

Sitronics-Ukraine, a wholly owned unit of Sitronics JSC, engages
in wholesale trading in office equipment and radio and TV
technology.

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.


SITRONICS JSC: Posts US$108 Million Net Loss for Q3 2007
--------------------------------------------------------
JSC Sitronics released its summary unaudited consolidated U.S.
GAAP financial results for the third quarter and nine months
ended Sept. 30, 2007.

The company reported US$108.0 million in net losses on
US$376.2 million in consolidated revenues for the third quarter
2007, compared with US$21.1 million in net income for the same
period in 2006.

Sitronics also posted US$187.8 million in net losses on
US$1.01 billion in in consolidated revenues for the first nine
months 2007, compared to US$37.0 million in net income for the
same period in 2006.

Total company assets increased by 11% year on year to US$1.78
billion at the end of the third quarter, compared to US$1.59
billion at the end of the same period of 2006.

                            Outlook

As indicated at the time of the Company's half year results in
September, year on year revenue growth and profitability levels
are expected to improve further in the fourth quarter and into
2008.  The Company now expects full year 2007 revenues of more
than US$1.5 billion, with an OIBDA profit in the fourth quarter
of 2007.

Sitronics has won more than US$150 million worth of new public
and private sector tenders and contracts between July 1, 2007,
and Dec. 6, 2007.  The majority of these contracts have been won
by the Telecommunications Solutions division, which is expected
to display positive dynamics in the fourth quarter and into
2008.  The Microelectronic Solutions and Information Technology
segments are also expected to meet Company expectations for the
fourth quarter and deliver increased year on year operating
profits.

                         Operating Review

Sitronics' Information Technology Solutions and Microelectronics
Solutions divisions performed in line with expectations in the
third quarter and reported substantially higher revenues year on
year.

The Telecommunications Solutions business area reported a
quarter on quarter increase in revenues but the year on year
comparison reflected the fact that an anticipated large scale
contract in the Middle East has not been awarded and that the
launch of the 3G project has been hampered by unanticipated
regulatory issues.

The previously announced restructuring of the other business
areas -- Consumer Electronics and Electronic Manufacturing
Services -- is ongoing.

The Information Technology Solutions and Microelectronic
Solutions segments reported year on year increases in operating
income for both the third quarter and first nine months of 2007.
The Company's profitability levels for the first nine months of
the year were adversely impacted by a loss for the
Telecommunications Solutions segment, but the business did
deliver a quarter on quarter reduction in operating losses.

The Electronics Manufacturing Services and Consumer Electronics
businesses each reported operating losses for the period as a
result of on-going restructuring and reworking of the business
models. However, the Electronics Manufacturing Services segment
reported significantly reduced operating losses year on year.

Significant contracts have recently been signed in the
Telecommunication Solutions business; effectively strengthening
this segment's pipeline.  These contracts include: an NGN
contract with leading Greek internet provider Hellas Online and
a contract with ZAIN Bahrain to deploy a WiMAX network.

The Telecommunication Solutions segment also launched the first
stage of the OSS/BSS FORIS NG billing project with Vodafone in
the Czech Republic and continued to increase its presence in
Africa.  In addition to being selected -- along with Ericsson --
to provide 3G equipment and services to MTS in Russia and the
CIS, the Company also established a strategic partnership with
Jordan Telecom Group to deliver IP-TV services over JTG's
Orange-branded ADSL network.

The Information Technology Solutions segment signed a contract
to provide Consulting and Telecom Integration services to MGTS
and also concluded a contract for IT services with the Russian
Prosecutor General's office.  In addition to working with the
Russian government, the IT segment also signed contracts with
the Turkmenistan Ministry of Education and Kazakhstan's largest
pension fund.

In addition, following an intensive investment in human capital
and on-the-job training, Sitronics' unit -- Kvazar-Micro --
received Cisco's "Golden Partner" status (which is valid across
all CIS countries).

The Microelectronics Solutions segment also experienced a
positive third quarter, extending its successful RFID ticketing
technology project in the Moscow subway. The Company has now
been contracted as the sole supplier for up to 25 million RFID
tickets on a monthly basis beginning in 2008.  Sitronics
Microelectronic Solutions also won a tender with Ukrtelecom
during the third quarter to supply USIM-cards, and signed a
framework agreement with Nokia Siemens Networks for the delivery
of microchips.

"Our nine months results reflect the ongoing transition within
the Company and a marked sequential improvement in the
underlying performance of our core operating segments," Sergey
Aslanyan, Sitronics' President and CEO, commented.  "We expect
to see sustained improvement in the fourth quarter and into
2008, with our optimism backed up by a robust pipeline.

"We are currently assessing the Company's strategy and will
announce the outcome of this comprehensive review in January. We
have already identified several key actionable steps and have
taken strides toward carrying them out."

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.


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

         E. M. Vaschenko
         Competitive Proceedings Manager
         P.O. Box 66
         Partizanskaya Str. 74
         Tal'menka
         Tal'menskij
         58030 Altai krai
         Russia

The Arbitration Court of Altai krai commenced one-year
competitive proceedings against the company after finding it
insolvent on Nov. 19.  The case is docketed under Case No.
AOZ-4950/07-B.

The Debtor can be reached at:

         OJSC Stroykombinat
         Rubtsovskaya Str. 1
         Tal'menka Township
         Tal'menskij Raion
         658000 Altai Krai
         Russia


TMK OAO: Creates Joint Venture with SMS Demag AG
------------------------------------------------
Seversky Tube Works, a unit of OAO ???, and SMS Demag AG signed
a joint venture agreement creating TMK-SMS Metallurgical
Services.

Konstantin Semerikov, TMK CEO, and Pino Tese, SMS Demag AG
Executive Vice-President, signed the agreement.

The venture will provide STW with maintenance scheduling,
analysis and monitoring services and the means to implement SMS
Demag's expertise and technologies related to steelmaking
equipment maintenance.  Collaboration with such a partner will
enable the plant to carry-out maintenance work on current and
future operating equipment when required, improving operational
performance and leading to a reduction in maintenance costs.

The creation of the joint venbture falls under the Strategic
Partnership Agreement between TMK and the SMS Group, which runs
until 2015.  The agreement foresees long-term cooperation on the
development and implementation of the SMS Group's leading
equipment and technologies used in the production of seamless
steel pipes at TMK plants.

"Cooperating with highly professional service companies will
allow TMK to significantly enhance maintenance quality and
performance," Mr. Semerikov said.  "The creation of TMK-SMS
Metallurgical Services Venture will increase the utilization and
efficiency of the equipment installed within the frame of our
Strategic Investment Programme.  Likewise, we hope that the JV's
activity will lead to the development of a highly professional
services market in the field of production equipment maintenance
and spare parts manufacturing.

                            About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2007, Moody's
Investors Service changed the outlook on the Ba3 corporate
family and the Aa3.ru national scale ratings of TMK and the B1
senior unsecured rating of the loan participation
notes issued by TMK Capital S.A. to positive from stable.

As of Nov. 7, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings with a stable
outlook.


TMK OAO: Inks US$5 Billion Cooperation Deal with TNK-BP Holding
---------------------------------------------------------------
OAO TMK and TNK-BP Holding Limited have signed a new agreement
on global cooperation.

According to the agreement, TNK-BP will buy a range of tubulars
from TMK for around US$2 billion over the next five years to
2012.  The previous three-year contract with a planned supply
volume of US$500 million expires at the end of 2007.

Success under the current contract has been achieved through the
application of TNK-BP's leading supply chain management
practices, as well as TMK's efficient and flexible order
management systems, and advanced quality control processes.

This success has led to broadening the parties' future co-
operation in a number of areas including product development and
the provision of regional tubular repair services to TNK-BP.

The new agreement is unprecedented being the largest single
contract in the history of collaboration between Russian tubular
manufacturers and oil and gas companies.

"We had no doubt that our strategy was correct when we entered
into the global cooperation agreement with TMK in 2005," said
Robert Dudley, TNK-BP President and CEO.  "Through our joint
efforts over the last three years, we have achieved excellent
results in quality enhancement, extension of the product range,
and the introduction of new tubular technologies.  Our new
agreement is not only the logical development of our strategic
partnership; it opens a new page in the technical and economic
cooperation between our two companies."

"TMK's strategy is based on long term partnership with oil and
gas companies," said Konstantin Semerikov, TMK CEO.  "We do our
best to provide them with an innovative and broad range of
products and services.  Our cooperation agreement with TNK-BP
relies on best Russian and international practices of supply
chain development for the energy sector, enhanced with
additional expertise acquired throughout the implementation of
the company's Strategic Investment Programme and TMK's expansion
into oil and gas services."

                          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.

                            About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2007, Moody's
Investors Service changed the outlook on the Ba3 corporate
family and the Aa3.ru national scale ratings of TMK and the B1
senior unsecured rating of the loan participation
notes issued by TMK Capital S.A. to positive from stable.

As of Nov. 7, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings with a stable
outlook.


TNK-BP HOLDING: Inks US$5 Billion Cooperation Deal with OAO TMK
---------------------------------------------------------------
TNK-BP Holding Limited and OAO TMK have signed a new agreement
on global cooperation.

According to the agreement, TNK-BP will buy a range of tubulars
from TMK for around US$2 billion over the five years to 2012.
The previous three-year contract with a planned supply volume of
US$500 million expires at the end of 2007.

Success under the current contract has been achieved through the
application of TNK-BP's leading supply chain management
practices, as well as TMK's efficient and flexible order
management systems, and advanced quality control processes.

This success has led to broadening the parties' future co-
operation in a number of areas including product development and
the provision of regional tubular repair services to TNK-BP.

The new agreement is unprecedented being the largest single
contract in the history of collaboration between Russian tubular
manufacturers and oil and gas companies.

"We had no doubt that our strategy was correct when we entered
into the global cooperation agreement with TMK in 2005," said
Robert Dudley, TNK-BP President and CEO.  "Through our joint
efforts over the last three years, we have achieved excellent
results in quality enhancement, extension of the product range,
and the introduction of new tubular technologies.  Our new
agreement is not only the logical development of our strategic
partnership; it opens a new page in the technical and economic
cooperation between our two companies."

"TMK's strategy is based on long term partnership with oil and
gas companies," said Konstantin Semerikov, TMK CEO.  "We do our
best to provide them with an innovative and broad range of
products and services.  Our cooperation agreement with TNK-BP
relies on best Russian and international practices of supply
chain development for the energy sector, enhanced with
additional expertise acquired throughout the implementation of
the company's Strategic Investment Programme and TMK's expansion
into oil and gas services."

                            About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                          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.


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

         I. K. Sabirov
         Competitive Proceedings Manager
         P.O. Box 57
         Chernyshevskogo Str. 43/2
         420202 Kazan'
         Russia

The Arbitration Court of Tatarstan commenced competitive
proceedings against the company after finding it insolvent on
Nov. 14.  The case is docketed under Case No. A65-8843/
2007-CG4-49.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12, Floor 2
         Entrance 2, Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Voroshilovskij
         Tukaevskij raion
         Tatarstan
         Russia


VURNARSKIJ SKIM: Creditors Must File Claims by Jan. 1, 2008
-----------------------------------------------------------
Creditors of OJSC Vurnarskij Skim Milk Powder Plant have until
Jan. 1, 2008, to submit proofs of claim to:

         A. G. Sakhalkin
         Interim Manager
         Apartment 501
         Gagarina Str. 20
         Cheboksary
         Russia

The Arbitration Court of Chuvashskaya will convene at 9:00 a.m.
on Feb. 1, 2008, to hear the company's bankruptcy supervision
procedure after finding it insolvent on Nov. 9.  The case is
docketed under Case No. A79-8338/2007.

The Debtor can be reached at:

         OJSC Vurnarskij Skim Milk Powder Plant
         Apartment 6
         Internatsional'naya Str. 1
         Novy Urengoy
         629300 Yamalo-Nenets
         Russia


X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts
------------------------------------------------------------
X5 Retail Group N.V. disclosed that on Nov. 29 and 30, 2007, its
wholly owned subsidiary Perekrestok Holdings Limited purchased
the total of 160,000 of Global Depositary Receipts representing
shares in the capital of X5 Retail on the London Stock Exchange
at an average market price of US$31,5038 to fund its ESOP
program.

Following these transactions X5 Retail Group N.V. owns 3,769,112
GDRs in total.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


YUZHNAYA LLC:  Creditors Must File Claims by Feb. 1, 2008
---------------------------------------------------------
Creditors of Griindustrial Company Yuzhnaya LLC have until
Feb. 1, 2008, to submit proofs of claim to:

         A. V. Voronovskij
         Competitive Proceedings Manager
         Office 26
         Bul'varnaya Str. 10
         Pyatigorsk
         357524 Stavropol' krai
         Russia
         Tel: (87933) 2-46-28

The Arbitration Court of Stavropol' Krai commenced competitive
proceedings against the company after finding it insolvent on
Sept. 13.  The case is docketed under Case No. A63-14904/06-C5.

The Court is located at:

         The Arbitration Court of Stavropol Krai
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         Griindustrial Company Yuzhnaya LLC
         Krasnokumskoye Settlement
         Krasnodar Krai
         Russia


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


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

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

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

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

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

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

Moody's bases its ratings on:

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

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

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

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

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

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

   (4) the good seasoning of the pool.

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

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

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

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

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

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

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


HIPOCAT 12: Moody's Junks EUR28 Million Class D Notes
-----------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by Hipocat 12, Fondo de
Titulizacion de Activos:

   -- (P)Aaa to the EUR1,446.4 million Class A due 2050;
   -- (P)Aa3 to the EUR70.4 million Class B due 2050;
   -- (P)Baa3 to the EUR83.2 million Class C due 2050; and
   -- (P)Ca to the EUR28 million Class D due 2050.

The transaction represents the securitization of Spanish
residential mortgage loans originated by Caixa Catalunya
(A1/Prime-1).  The assets supporting the Notes are prime
mortgage loans secured on residential properties located in
Spain.  The portfolio will be serviced by Caixa Catalunya.

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 securitized pool is composed of so-called flexible products
within the Spanish market (line of credit + payment holiday
periods) such that borrowers are allowed to make further
drawings (up to a maximum credit limit defined at origination)
and to enjoy payment holidays for up to 12 consecutive months
(subject to certain conditions).  Approximately 70% of the pool
has a current LTV above 80%.  Moody's took all these elements
into account when assessing the credit enhancement.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on the yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.


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


ATC ANTRIEBSTECHNIK: Aargau Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Aargau entered Nov. 8 an order closing
the bankruptcy proceedings of LLC ATS Antriebstechnik und
Systeme.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden/WS
         Switzerland

The Debtor can be reached at:

         LLC ATS Antriebstechnik und Systeme
         Ruggholzli 2
         Busslingen
         5453 Remetschwil
         Baden AG
         Switzerland


DOCSANTE SUISSE: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC DocSante Suisse on Oct. 30.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC DocSante Suisse
         Neugasse 23
         6300 Zug
         Switzerland


HAURI GASTRO: Creditors' Liquidation Claims Due by December 17
--------------------------------------------------------------
Creditors of LLC Hauri Gastro have until Dec. 17 to submit their
claims to:

         Erich Hauri
         Liquidator
         Neuendorferstrasse 2
         4624 Harkingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC Hauri Gastro
         Harkingen
         Gau SO
         Switzerland


HRFT - HUMAN: Creditors' Liquidation Claims Due by December 17
--------------------------------------------------------------
Creditors of LLC HRFT - Human Resources for Telecom have until
Dec. 17 to submit their claims to:

         LLC HRFT - Human Resources for Telecom
         Langackerstrasse 7
         6330 Cham ZG
         Switzerland


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

         JSC Treuhand Cotting
         Channelmattstrasse 9
         3186 Dudingen
         Sense FR
         Switzerland

The Debtor can be reached at:

         JSC OLECO
         Dudingen
         Sense FR
         Switzerland


NETWAY SOLUTIONS: Basel-Country Court Closes Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Binningen in Basel-Country entered
Nov. 9 an order closing the bankruptcy proceedings of JSC Netway
Solutions.

The Bankruptcy Service of Binningen can be reached at:

         Bankruptcy Service of Binningen
         4102 Binningen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Netway Solutions
         Kagenstrasse 17
         4153 Reinach BL
         Switzerland


PLAWEX LLC: Creditors' Liquidation Claims Due by December 15
------------------------------------------------------------
Creditors of LLC Plawex have until Dec. 15 to submit their
claims to:

         Stephan Wursch
         Liquidator
         Riedmattstrasse 11B
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         LLC Plawex
         Hergiswil NW
         Switzerland


QI-PICTURES LTD: Zurich Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Oerlikon-Zurich commenced bankruptcy
proceedings against Qi-Pictures Ltd. Liab. Co. on Nov. 5.

The Bankruptcy Service of Oerlikon-Zurich can be reached at:

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         Qi-Pictures Ltd. Liab. Co.
         Gubelhangstrasse 6
         8050 Zurich
         Switzerland


SELECT REISEN: Creditors' Liquidation Claims Due by December 17
---------------------------------------------------------------
Creditors of JSC Select Reisen have until Dec. 17 to submit
their claims to:

         Simone Landry Carstoiu
         Liquidator
         Dorfplatz 15
         8126 Zumikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Select Reisen
         Zumikon
         Meilen ZH
         Switzerland


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

         JSC Girsberger & Rutsche Treuhand
         Im Lerchenfeld 2
         9535 Wilen
         Munchwilen TG
         Switzerland

The Debtor can be reached at:

         JSC WK Car
         Bronschhofen
         Wil SG
         Switzerland


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


COMETA LLC: Proofs of Claim Filing Deadline Set for December 16
---------------------------------------------------------------
Creditors of LLC Cometa (code EDRPOU 30761898) have until
Dec. 16 to submit written proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 24/452-07.

The Debtor can be reached at:

         LLC Cometa
         Marganets
         Dnipropetrovsk
         Ukraine


COMUNE HEAT-MACHINE: Creditors Must File Claims by December 16
--------------------------------------------------------------
Creditors of CJSC Kalinovka Machine Plant Subsidiary Company
Comune Heat-Machine Plant (code EDRPOU 24903333) have until
Dec. 16 to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/146-07.

The Debtor can be reached at:

         CJSC Kalinovka Machine Plant Subsidiary Company
         Comune Heat-Machine Plant
         Lenin Str. 67
         Kalinovka
         22400 Vinnica
         Ukraine


IZIUM AGRICULTURAL: Proofs of Claim Filing Deadline Set Dec. 19
---------------------------------------------------------------
Creditors of OJSC Izium Agricultural Chemistry (code EDRPOU
05491103) have until Dec. 19 to submit written proofs of claims
to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B-48/167-07.

The Debtor can be reached at:

         OJSC Izium Agricultural Chemistry
         Ivanchukovka
         Izium District
         64322 Kharkov
         Ukraine


KRIVOY ROG 14130: Creditors Must File Claims by December 16
-----------------------------------------------------------
Creditors of OJSC Krivoy Rog Motorcar Enterprise 14130 (code
EDRPOU 03113414) have until Dec. 16 to submit written proofs of
claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 24/1/06.

The Debtor can be reached at:

         OJSC Krivoy Rog Motorcar Enterprise 14130
         Krivoy Rog
         Uritsky Str. 4
         50004 Dnipropetrovsk
         Ukraine


LVOV KIOTS-TRANS: Creditors Must File Claims by December 16
-----------------------------------------------------------
Creditors of LLC Lvov Kiots-Trans (code EDRPOU 30822871) have
until Dec. 16 to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. 8/278.

The Debtor can be reached at:

         LLC Lvov Kiots-Trans
         L. Ukrainka Str. 5
         79008 Lvov
         Ukraine


PETROLEUM-CHEMISTRY: Creditors Must File Claims by December 16
-------------------------------------------------------------
Creditors of LLC Petroleum-Chemistry Supply-Nikolaev (code
EDRPOU 34387556) 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. 14/624/07.

The Debtor can be reached at:

         LLC Petroleum-Chemistry Supply-Nikolaev
         Apartment 41
         General Karapenko Str. 2/1
         54038 Nikolaev
         Ukraine


SITRONICS-UKRAINE: Kiev Court Commences Liquidation Process
-----------------------------------------------------------
The Economic Court of Kiev commenced liquidation proceedings
against Sitronics-Ukraine, a unit of Sitronics JSC, after
declaring it bankrupt, Interfax News reports.

The court appointed Alexander Borodii as liquidator who will
take charge of selling the company's properties and satisfying
creditors' claims, Interfax adds.

A Sitronics spokesman expressed surprise on the unit's
bankruptcy, noting that there were no reports on any suits or
court cases involving Sitronics-Ukraine, Interfax relates.

"Sitronics-Ukraine does not have a significant impact on
business operations, but it does have an effect on the parent
company's market capitalization," Sitronics said in its interim
report.

Sitronics-Ukraine, a wholly owned unit of Sitronics JSC, engages
in wholesale trading in office equipment and radio and TV
technology.

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

As reported in the TCR-Europe on Aug. 9, 2007, Fitch Ratings has
affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-'
with a Stable Outlook.


UKRAINIAN BUSINESS: Creditors Must File Claims by December 16
-------------------------------------------------------------
Creditors of LLC Ukrainian Business (code EDRPOU 32772440) 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. 15/796-b.

The Debtor can be reached at:

         LLC Ukrainian Business
         Obolonsky Avenue 14-g
         04074 Kiev
         Ukraine


VIDRODZHENNIA LLC: Creditors Must File Claims by December 16
------------------------------------------------------------
Creditors of LLC Agricultural Firm Vidrodzhennia (code EDRPOU
31037245) have until Dec. 16 to submit written proofs of claim
to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. B 15/29-07.

The Debtor can be reached at:

         LLC Agricultural Firm Vidrodzhennia
         Kislichevatskaya Str. 68
         Kislichevataya
         Tomakovsky District
         Dnipropetrovsk
         Ukraine


ZHEREBILOVKA LLC: Creditors Must File Claims by December 15
-----------------------------------------------------------
Creditors of Zherebilovka Agricultural LLC (code EDRPOU
30720123) have until Dec. 15 to submit written proofs of claim
to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/564-07.

The Debtor can be reached at:

         Zherebilovka Agricultural LLC
         Zherebilovka
         Mogilev-Podolsky District
         Vinnica
         Ukraine


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


ACTIVISION INC: Kotick & Kelly to Get US$10MM Cash Bonuses Each
---------------------------------------------------------------
Activision Inc. entered into an replacement bonus agreement with
its chairman and chief executive, Bobby Kotick, and co-chairman,
Brian Kelly dated as of Dec. 1, 2007.

The RBA replaces the original employment agreement dated May 22,
2000 between the company and the two executive officers as a
result of a merger agreement between Vivendi SA and Activision.

                        Replacement Bonus

Messrs. Kotick and Kelly will each be entitled to two cash
bonuses payable as: (i) first bonus of US$5,000,000 will be paid
in a cash lump sum not later than Dec. 31, 2007; and (ii) second
bonus of US$5,000,000 will be paid in a cash lump sum on the
date the combination transactions are consummated provided that
Messrs. Kotick and Kelly are continuously employed by the
company Group through the consummation date.

In addition, Messrs. Kotick and Kelly will each receive
restricted stock unit bonuses.  On the consummation date, the
company will each grant Messrs. Kotick and Kelly 363,637 RSUs
pursuant to the company's 2007 incentive plan.

The RSUs will vest in full on Dec. 31, 2010, provided that
Messrs. Kotick and Kelly are continuously employed by the
company through the vesting date.

If the combination transactions or an alternative transaction is
not consummated on or prior to June 30, 2009, Messrs. Kotick and
Kelly will each have no entitlement to the second bonus or the
RSU bonus.

                        Waiver of Rights

Both executives have waived their rights under an amended
employment agreement in connection with the combination
transactions to:

    (i) elect to receive a cash payment in respect of all stock
        options held equal to, as to each share of company
common
        stock subject to the stock options, the excess of the
        closing price of the company common stock on the date of
        the combination transactions over the option exercise
        price;

   (ii) accelerated vesting of all unvested stock options on the
        date of the combination transactions; and

  (iii) resign for any reason during the six month period
        following the three month anniversary of the combination
        transactions and receive a severance payment equal to
        five times the sum of their base salary and most recent
        annual bonus, a pro-rata annual bonus for the year of
        resignation and two years of health insurance
        continuation.

                  Vivendi and Activision Merger

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Activision and Vivendi have signed a definitive agreement to
combine Vivendi Games, Vivendi's interactive entertainment
business -- which includes Blizzard Entertainment's World of
Warcraft(R), the world's #1 multi-player online role-playing
game franchise -- with Activision, creating the world's largest
pure-play online and console game publisher.

The new company, Activision Blizzard, is expected to have
approximately US$3.8 billion in pro forma combined calendar 2007
revenues and the highest operating margins of any major third-
party video game publisher.  On closing of the transaction,
Activision will be renamed Activision Blizzard and will continue
to operate as a public company traded on NASDAQ under the ticker
ATVI.

                         About Vivendi

Vivendi (Euronext Paris: VIV) -- http://www.vivendi.com/-- is a
global provider of digital entertainment like music, TV, cinema,
mobile, internet, and games through its ownership of Universal
Music Group, Canal+ Group, SFR, Maroc Telecom and Vivendi Games.
In 2006, Vivendi had revenues of over EUR20 billion and a global
headcount of 39,000.  Listed on the Paris Stock market, Vivendi
is a member of the CAC 40.

                       About Vivendi Games

Vivendi Games globally develops, publishes and distributes
multiplatform interactive entertainment.  The company is the
leader in the subscription-based massively multi-player online
role-playing games (MMORPG) category and is building on its
position in the PC, console and handheld games markets.  Vivendi
Games has a global presence, a history of franchise success,
development teams around the world and a catalog of its own
original and licensed material.  Vivendi Games has approximately
4,000 employees and is driven by four creative divisions:
Blizzard Entertainment, Sierra Entertainment, Sierra Online and
Vivendi Games Mobile.  Irvine, California-based Blizzard,
creator of the Warcraft, StarCraft and Diablo games series, is
by far the largest of the four entities with approximately 2,300
employees.

                   About Blizzard Entertainment

Blizzard Entertainment Inc. -- http://www.blizzard.com/-- a
division of Vivendi Games, is a premier developer and publisher
of entertainment software renowned for creating some of the
industry's most critically acclaimed games.  Blizzard
Entertainment's track record includes ten #1-selling games and
multiple Game of the Year awards.  It is best known for
blockbuster hits including World of Warcraft and the Warcraft,
StarCraft, and Diablo series.  The company's online-gaming
service, Battle.net(R), is one of the largest in the world, with
millions of active users.

                      About Activision Inc.

Headquartered in Santa Monica, California, Activision Inc.
(Nasdaq: ATVI) -- http://www.activision.com/-- is a worldwide
developer, publisher and distributor of interactive
entertainment and leisure products.  Founded in 1979, Activision
posted net revenues of US$1.5 billion for the fiscal year ended
March 31, 2007.  Activision has more than 2,000 employees
worldwide.  Activision is best known for its top-selling
franchises, including Guitar Hero(R), Call of Duty(R) and the
Tony Hawk series, as well as Spider-Man(TM), X-Men(TM),
Shrek(R), James Bond(TM) and TRANSFORMERS(TM).

Activision maintains operations in the United States, Canada,
the United Kingdom, France, Germany, Ireland, Italy,
Scandinavia, Spain, the Netherlands, Australia, Japan and South
Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating on Activision Inc. on CreditWatch with positive
implications, indicating the potential for an upward rating
action, based on Activision's definitive agreement to combine
with Vivendi Games, a unit of Vivendi S.A. (BBB/Stable/A-2).


BRITISH ENERGY: Extends Use of Two Power Stations through 2016
--------------------------------------------------------------
British Energy Group plc disclosed that having completed the
necessary technical and economic evaluation and received the
relevant external consents, it has decided to extend the lives
of Hinkley Point B and Hunterston B power stations by five years
to 2016.  This decision extends the life of these stations for
accounting purposes to 40 years.  Further studies will be
conducted by 2013 regarding the potential for additional life
extension beyond 2016.

In April 2007, the 10-year Periodic Safety Reviews for Hinkley
Point B and Hunterston B were completed, covering the period to
2017, subject to completion of an agreed programme of work.  The
operation of these stations over their extended lives will be
subject to the results of the continuing program of inspection
and assessment of the boilers and the core.

Hinkley Point B and Hunterston B are currently operating in a
range around 60% load.  Further boiler balancing work will be
undertaken during planned outages over the next financial year
directed at delivering approximately 70% load.  At 70% load,
life extension is economically viable at a power price of
approximately GBP27/MWh.  The Company will consider, in due
course, the technical and economic case to increase load above
70%, together with the additional investment requirements.

To enable Hinkley Point B and Hunterston B power stations to
operate over their extended lives, the Company expects to spend
an additional GB90 million in excess of the current investment
program for these stations, over the three years commencing
April 1, 2008.

In financial year 2007/08, the Company expects total Group
investment in plant projects, major repairs and strategic spares
to be in the range GBP190 million to GBP210 million, excluding
investment at Hinkley Point B and Hunterston B of GBP60 million
to GBP70 million and excluding incremental expenditure on
inspection and assessment of the Boiler Closure Units at
Hartlepool and Heysham 1 of around GBP20 million.

In financial year 2008/09, Group investment in plant is expected
to be in the range GBP200 million to GBP215 million for the
fleet, excluding investment at Hinkley Point B and Hunterston B
of GBP80 million to GBP90 million.

With immediate effect, staff costs associated with the Group's
performance improvement program of GBP26 million will now be
treated as normal operating costs, and therefore are excluded
from our definition of investment in plant.

The potential for life extensions at the Company's other nuclear
power stations will be considered in due course, subject to
separate technical and economic evaluation, currently expected
to be completed a minimum of three years before the scheduled
closure date of each respective station.

"This decision is based on a comprehensive technical and
economic evaluation of Hinkley Point B and Hunterston B and is
important in supporting the U.K.'s climate change goals for the
reduction of CO2 emissions.  Life extension helps provide
support as the country considers energy conservation, efficiency
and investment in new generating plant of all types, to serve
the needs of the U.K. into the next century," Bill Coley, chief
executive officer of British Energy, said.

                    About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As reported in the TCR-Europe on Oct. 26, 2007, Standard &
Poor's Ratings Services placed its 'BB+' long-term corporate
credit rating on U.K.-based nuclear generator British Energy
Group PLC and its subsidiary British Energy Holdings PLC
on CreditWatch with negative implications.

The 'BB' issue rating on BEH's GBP550 million senior unsecured
bonds was also placed on CreditWatch with negative implications.

In September 2007, Fitch Ratings has affirmed British Energy
Group plc's and British Energy Holdings plc's Long-term Issuer
Default Ratings at 'BB+'.  BEH's amortizing bonds are also
affirmed at 'BB'.  BEH's bonds are rated below the Long-term IDR
because, in the event of insolvency, the bonds rank behind
several other payments, including amounts owed to the Nuclear
Liabilities' Fund.  Fitch said the Outlooks for BEG's and BEH's
Long-term IDRs remain Stable.

As of July 26, 2007, British Energy Group plc carries a long-
term corporate family rating of B2 from Moody's with a stable
outlook.


G SQUARE: Moody's May Cut Ba1 Rating After Review
-------------------------------------------------
Moody's Investors Service placed on review for downgrade six
classes of notes issued by G Square Finance 2007-1 LTD.

These rating actions are a response to credit deterioration in
the underlying portfolio.  The transaction is a CDO, with the
underlying portfolio consisting of US RMBS and US CDOs of ABS,
predominately of the 2005 and 2006 vintages.  There are
approximately 240 assets underlying this transaction, with 60 of
those currently on watch for downgrade.

Also, on Dec. 7, 2007, the Issuer declared a Potential Event of
Default as per the Trust Deed.  As provided in the Investment
Management Agreement and Offering Circular, during the
occurrence and continuance of an Event of Default or Potential
Event of Default, holders of Notes may be entitled to direct the
Trustee to take particular actions with respect to the
Collateral Debt Securities and the Notes.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to 2005 US RMBS and 2005 ABS CDO
vintages becomes known.

These rating actions are:

G Square Finance 2007-1 Ltd:

   (1) US$1,583,000,000 Class A-1 Senior Secured Floating Rate
       Notes due 2052

    -- Current Rating: Aaa, on review for downgrade

   (2) US$20,000,000 Class A-2 Senior Secured Floating Rate
       Notes due 2052

    -- Current Rating: Aaa, on review for downgrade

   (3) US$45,000,000 Class B Senior Secured Floating Rate Notes
       due 2052

    -- Current Rating: Aa2, on review for downgrade

   (4) US$20,000,000 Class C Senior Secured Deferrable Floating
       Rate Notes due 2052

    -- Current Rating: A2, on review for downgrade

   (5) US$10,000,000 Class D Senior Secured Deferrable Floating
       Rate Notes due 2052

    -- Current Rating: Baa2, on review for downgrade

   (6) US$7,000,000 Class E Senior Secured Deferrable Floating
       Rate Notes due 2052

    -- Current Rating: Ba1, on review for downgrade


ICONIX BRAND: S&P Rates Proposed US$60MM Add-On Term Loan at BB
---------------------------------------------------------------
Standard & Poor's Ratings Service assigned its bank loan and
recovery ratings to apparel brand manager and licensor Iconix
Brand Group Inc.'s proposed US$60 million add-on term loan
facility.  The add-on was rated 'BB', two notches above the
corporate credit rating, with a '1' recovery rating, indicating
the expectation of very high (90%-100%) recovery in the event of
a default.

At the same time, Standard & Poor's raised the rating on the
existing US$212.5 million loan facility to 'BB', from 'BB-', and
revised the recovery rating to '1' from '2'.  "The ratings
revision is based on the additional royalty income stream
resulting from the additional collateral, namely the Royal
Velvet, Cannon, Fieldcrest, Charisma, Mossimo and (pending)
Starter brands," said Standard & Poor's credit analyst Susan
Ding.

At the same time, Standard & Poor's affirmed the 'B+' corporate
credit rating on Iconix.  The outlook is negative.  Iconix had
about US$642.2 million in debt at Sept. 30, 2007.

The ratings on New York City-based Iconix reflect its
participation in the highly competitive and volatile fashion
apparel industry, a high degree of licensing contract renewal
risk (a substantial portion of contracts were acquired within
the last 12 months), an aggressive acquisition strategy, and
ownership of some brands that require revitalization.  The
ratings also incorporate the lack of track record under its
relatively new royalty-based business model.  Partially
offsetting these factors is the diversity and strong recognition
of the brands, and the company's high margin, high cash flow,
and royalty income-based business model.


JFL MECELEC: Brings In Liquidators from KPMG
--------------------------------------------
Andrew Stephen McGill and Mark Jeremy Orton of KPMG LLP were
appointed joint liquidators of JFL Mecelec Automation & Test
Ltd. on for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


KELSCO LTD: Claims Filing Period Ends January 31, 2008
------------------------------------------------------
Creditors of Kelsco Ltd. have until Jan. 31, 2008 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to:

         Robert Leonard Harry Knight
         Liquidator
         Vantis Business Recovery Services
         The White Cottage
         19 West Street
         Epsom
         Surrey
         KT18 7BS
         England

Robert Leonard Harry Knight of Vantis Business Recovery Services
were appointed joint liquidators of the company on Nov. 30 by
the members and creditors.


LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture
-------------------------------------------------------------
Lyondell Chemical Company and its subsidiaries Equistar
Chemicals, LP and Equistar Funding Corporation disclosed that as
of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately
US$3.97 billion in aggregate principal amount of the outstanding
debt securities issued by Lyondell or the Equistar Issuers, as
applicable, has been tendered pursuant to the previously
announced cash tender offers and consent solicitations.

As a result, Lyondell and the Equistar Issuers have received the
required consents from holders to amend each of the indentures
governing the applicable Notes.  Upon Lyondell and the Equistar
Issuers accepting for purchase at least a majority in aggregate
principal amount of the applicable Notes outstanding, each of
the supplemental indentures effecting the proposed amendments as
described in the Offer to Purchase and Consent Solicitation
Statement dated Nov. 20, 2007 will become operative.

The Offer for each series of Notes will expire at 12:01 a.m. EST
on Dec. 20, 2007, unless extended or earlier terminated by
Lyondell or the Equistar Issuers, as applicable, in their sole
discretion.  Withdrawal rights with respect to the Notes and
revocation rights with respect to corresponding consents have
expired.  Accordingly, holders may not withdraw any Notes
previously or hereafter tendered, except as contemplated in the
applicable Offers.

The total consideration was determined as of 2:00 p.m. EST on
Dec. 5, 2007.  The total consideration per US$1,000 principal
amount of the Notes validly tendered at or prior to the Consent
Payment Deadline, not validly withdrawn and accepted for payment
is set forth in Table 1, of which US$30 is the consent payment.
The tender offer consideration per US$1,000 principal amount of
the Notes validly tendered after the Consent Payment Deadline,
not validly withdrawn and accepted for payment equals the Total
Consideration minus the US$30 consent payment.  In each case,
accrued and unpaid interest on the Notes will be paid in cash
from the most recent interest payment date applicable to the
Notes to, but not including, the applicable payment date for the
Offers.  The applicable payment date for Notes tendered on or
prior to the Consent Payment Deadline is expected to be on or
about Dec. 20, 2007.  The applicable payment date for Notes
tendered after the Consent Payment Deadline and on or prior to
the Expiration Date is expected to be on or about Dec. 21, 2007.

Table 1 - Results to Date and Pricing Information for the Offers

                             Lyondell's Notes

                                                      Percentage
                     Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------
          10.500%
552078AV9 Senior    3.764%  US$1,081.17  US$1,051.17     99.76%
          Secured
          Notes due
          2013


          8.000%
552078AW7 Senior Notes 3.429% US$1,154.78  US$1,124.78   99.67%
          due 2014

          8.250%
552078AX5 Senior Notes 3.601% US$1,197.17 US$1,167.17    99.85%
          due 2016

          6.875%
552078AY3 Senior Notes  3.788% US$1,155.31  US$1,125.31  99.99%
          due 2017
                   Equistar Issuers' Notes

                                         Percentage
                     Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------

          10.125%
29444NAF9 Senior Notes 3.857% US$1,042.60 US$1,012.60    97.96%
          due 2008

           8.750%
29444NAD4  Notes due 3.519%  US$1,058.51  US$1,028.51    97.55%
           2009

          10.625%
29444NAH5 Senior Notes 3.761% US$1,050.65 US$1,020.65    97.95%
           due 2011
The Offers and Consent Solicitations are subject to the
satisfaction of certain conditions, including the proposed
merger of Lyondell with BIL Acquisition Holdings Limited, a
Delaware corporation and wholly owned subsidiary of Basell AF
S.C.A., a Luxembourg company.  The complete terms and conditions
of the Offers and Consent Solicitations are set forth in the
Offer and Consent Statement, which has been sent to holders of
the Notes.  Holders are urged to carefully read the Offer and
Consent Statement and related materials.

Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer
managers for the Offers and solicitation agents for the Consent
Solicitations.  Questions regarding the Offers and Consent
Solicitations may be directed to Goldman, Sachs & Co. at (877)
686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill
Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914
(collect).  Copies of the Offer and Consent Statement and
related materials may be obtained from the Information Agent, D.
F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212)
269-5550 (Banks and Brokers).

As previously disclosed in the TCR-Europe on Nov. 30, 2007,
Lyondell disclosed that, at a Special Meeting
of Shareholders held on Nov. 20, 2007, shareholders approved the
Agreement and Plan of Merger, dated as of July 16, 2007, among
Basell AF, BIL Acquisition Holdings Limited and Lyondell
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.

                         About Basell

Basell -- http://www.basell.com/-- produces polypropylene and
advanced polyolefin products, supplies polyethylene and
catalysts, and provides technical services for its proprietary
technologies.  Basell, together with its joint ventures, has
manufacturing facilities in 19 countries and sells products in
more than 120 countries.  Basell is privately owned by Access
Industries.

                         About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE:LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufactures chemicals and plastics, a refiner of
heavy, high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.


LYONDELL CHEMICAL: Basell Merger Cues Fitch to Cut Ratings to B+
----------------------------------------------------------------
Fitch Ratings has downgraded Basell AF SCA's and Lyondell
Chemical Co.'s Long-term Issuer Default ratings to 'B+' from
'BB-' and removed them from Rating Watch Negative where they
were originally placed on July 17, 2007.  Stable Outlooks are
assigned to the Long-term IDRs.  Basell's Short-term IDR is also
affirmed at 'B'.

Fitch has also downgraded Basell's senior notes and Millenium
America Inc's senior notes to 'B-'/'RR6' from 'B+' and
'BB'/'RR2', respectively, as well as assigned a 'B'/'RR5'rating
to Lyondell Basell Finance Co's bridge facility.  Fitch has
taken further rating action involving various subsidiaries and
debt instruments.

Fitch's ratings actions follow substantial re-leveraging to
facilitate the fully debt-funded merger of chemical companies
Basell and Lyondell.  Fitch believes that credit metrics of the
combined new group, including net total leverage of
approximately 4.9x, cash interest cover of approximately 2.4x,
(ratios based on the pro forma unadjusted LTM Sept. 7 EBITDA of
US$4.9 billion) and available liquidity are commensurate with
the Long-term IDRs of 'B+'.  The group's credit profile will be
supported by potential synergies and pricing power advantages
gained from improved vertical integration and size increases,
which may prove crucial as the global chemical industry
continues to face serious challenges from volatile feedstock
costs and economical uncertainties in its end markets.

Following a special meeting of shareholders on Nov. 20, 2007,
Lyondell announced that shareholders approved the agreement and
plan of merger, dated July 16, 2007, between Basell and
Lyondell, pursuant to which Basell will acquire all of
Lyondell's outstanding common shares for cash consideration of
US$48 per share.  The closing of the transaction is anticipated
to occur on or about Dec. 20, 2007.  After completion of the
acquisition, Basell will be renamed LyondellBasell Industries AF
SCA.

LBI will form the world's third-largest independent chemical
company with combined revenues of around US$42.8 billion and
around 15,000 employees worldwide.

The ratings are:

Basell AF SCA and subsidiaries, to be renamed LyondellBasell
   Industries AF SCA:

   -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
      RWN; Stable Outlook assigned

   -- Senior secured credit facilities: affirmed at 'BB+' and
      withdrawn

   -- Senior notes: downgraded to 'B-' (B minus)/'RR6' from 'B+'

Lyondell Chemicals Co. and subsidiaries:

   -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
      RWN; Stable Outlook assigned

   -- Senior secured facilities: affirmed at 'BB+' and withdrawn

   -- Senior secured notes: affirmed at 'BB+' and withdrawn

   -- Senior unsecured notes: affirmed at 'BB-'and withdrawn

   -- Senior unsecured debentures: upgraded to 'BB+'/'RR1' from
      'BB-'

Lyondell Basell Finance Co:

   -- Bridge facility: 'B'/'RR5'

Equistar Chemicals L.P.:

   -- Long-term IDR: affirmed at 'B+'; Outlook Stable

   -- Senior secured credit facility: affirmed at 'BB+'/'RR1'
      and withdrawn

   -- Senior unsecured notes: affirmed at 'BB-'/'RR3' and
      withdrawn

   -- Debentures: upgraded to 'BB+'/'RR1' from 'BB-'/'RR3'

Millenium Chemicals Inc.:

   -- Long-term IDR: affirmed at 'B+' with Stable Outlook and
      withdrawn

   -- Convertible senior unsecured debentures: affirmed at
      'BB'/'RR2' and withdrawn

Millenium America Inc.:

   -- Long-term IDR: affirmed at 'B+'; Outlook Stable

   -- Senior unsecured notes: downgraded to 'B-'/'RR6' from
      'BB'/'RR2'

The above ratings are assigned subject to the completion of the
transaction as well as review of the final documentation,
conforming to present information.


MONITOR OIL: Can Borrow US$1 Million from US$5 Million Financing
----------------------------------------------------------------
The Hon. Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York gave Monitor Oil PLC and its
debtor-affiliates permission to borrow US$1 million under a US$5
million financing deal, the Associated Press reports.

The report adds that a group led by Credit Suisse will provide
the US$5 million amount with Stonehenge Partners' SOF
Investments LP providing the interim amount of US$1 million.

The AP relates that the U.S. Trustee for Region 2, as well as a
group of bondholders, objected to the Debtors' request for
financing citing the "wildly inappropriate" terms of the
financing.

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


MORPHEUS PLC: Fitch Affirms BB- Ratings on GBP9.5 Mln Notes
-----------------------------------------------------------
Fitch Ratings affirmed Morpheus (European Loan Conduit No.19)
Plc's commercial mortgage-backed floating-rate notes due
November 2029, as:

   -- GBP119.1 million Class A (XS0198508110): affirmed at
      'AAA'; Outlook Stable;

   -- GBP22.0 million Class B (XS0198508896): upgraded to 'AA+'
      from 'AA'; Outlook Stable;

   -- GBP19.5 million Class C (XS0198509431): upgraded to 'A+'
      from 'A'; Outlook Stable;

   -- GBP14.4 million Class D: affirmed at 'BBB'; Outlook
      Stable; and

   -- GBP9.5 million Class E: affirmed at 'BB-'; Outlook Stable.

The transaction is performing in line with Fitch's expectations
and is based on the October 2007 quarterly loan report and the
July 2007 quarterly investor report.  The outstanding note
balance is currently GBP184.5 million compared to GBP581.9 at
issue.

Following scheduled amortization and significant prepayment, the
collateral pool has paid down to GBP197.5 at July 2007 from
GBP581.9 million at issue.

This has resulted in a steady but continued increase in credit
enhancement levels, as reflected in the July 2007 CE levels for
the Class A, B, C, D and E notes, which were 35.3%, 23.8%,
13.7%, 3.1%, and 1.1%, respectively, compared to the CE levels
at issue for the Class A, B, C, D and E notes, which were 20.0%,
13.5%, 7.8%, 3.5% and 0.0%, respectively.

Since the previous review in October 2006, the current weighted
average interest coverage ratio has increased to 2.01x from
1.92x, while the WA debt service coverage ratio, WA loan to
value ratio and WA vacancy rates have remained relatively stable
at 1.63x, 64.61% and 7.74%, respectively.  Further, since the
last performance review, the outstanding arrears have decreased
to zero from six.

The Class D and E notes are subject to an available funds cap,
whereby interest shortfall on these notes in any one period will
be written off.  The structure also benefits from a liquidity
facility with an initial limit of GBP25 million to cover
temporary interest shortfall on the notes.


QUALITY JOINERY: Calls In Liquidators from Vantis
-------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis were
appointed joint liquidators of Quality Joinery Ltd. on Dec. 3
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         Southfield House
         11 Liverpool Gardens
         Worthing
         BN11 1RY
         England


ROADCHEF FINANCE: Fitch Places BB-Rated GBP42 Mln Notes on RWN
--------------------------------------------------------------
Fitch Ratings placed the notes of RoadChef Finance Limited on
rating watch negative, after reviewing the transaction's latest
reported financial performance in the fourth quarter ended
Sept. 30, 2007, as:

   -- Class A1 GBP11.7 million secured floating-rate notes due
      2008 (ISIN XS0092873024): 'BBB' on RWN;

   -- Class A2 GBP133 million secured 7.418% fixed-rate notes
      due 2023 (ISIN XS0092874691): 'BBB' on RWN; and

   -- Class B GBP42 million secured 8.015% fixed-rate notes due
      2026 (ISIN XS0092874857): 'BB' on RWN.

RoadChef is a whole business securitization of motorway service
areas in the U.K.  It was one of the first Whole Business
securitizations done in the U.K., closing November 1998.  Like-
for-like EBITDA growth for Q407 was down 26.2% quarter-on-
quarter.  The decrease was mainly due to an estimated GBP2.2
million revenues lost at RoadChef's largest site - Strensham
during the July floods combined with cost pressures including
increases in minimum wages, site repairs and energy costs, which
resulted in an 18.8% like-for-like increase in site overheads
qoq.

EBITDA for the 53-weeks ended Sept. 30, 2007, decreased to
GBP26.2 million and the resulting debt service coverage ratio
was 1.28x, only three basis points off its default covenant.
This compares to a DSCR of 1.39x for the year ending September
2006.  On a like-for-like 52-week basis, EBITDA decreased 8.4%
year-on-year to GBP25.7 million, resulting in a DSCR of 1.25x,
equal to the financial default covenant in place.

Previously owned by Nikko Principal Investments, RoadChef was
acquired in April 2007 by Delek Real Estate, part of the Delek
Group.  If the new management's planned cost reduction does not
succeed over the next year, it is possible that RoadChef may
breach its financial covenant.

To cure a breach, RoadChef or their new owner, Delek Group,
would have to post cash to its reserve account. If RoadChef is
not able to do so, the transaction will trigger a borrower event
of default.  RoadChef's management has indicated to Fitch that
the Delek Group would inject cash if needed.

Fitch will monitor performance closely on a like-for-like basis
to determine whether management succeeds in improving
performance and remaining above its covenant.  Of particular
importance is the time period until October 2008, after which
the debt service will decline as a result of the A1 notes
receiving their final principal payment.


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

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

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

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

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

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

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

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SKYEPHARMA PLC: U.S. FDA Approves GlaxoSmithKline's Requip XL
-------------------------------------------------------------
SkyePharma PLC disclosed that the United States Food and Drug
Administration has issued an approvable letter for
GlaxoSmithKline's Requip(R) XL(TM) Extended Release tablets.  An
approvable letter is an official notification from the FDA that
contains conditions that must be satisfied prior to obtaining
final U.S. marketing approval.

Requip(R) XL(TM) is a once-daily oral dopamine agonist developed
for the treatment of the signs and symptoms of idiopathic
Parkinson's disease.  The new Requip(R) XL(TM) formulation uses
SkyePharma's patented GEOMATRIX(TM) technology and is designed
to provide a steady rate of absorption in the body to help
reduce daily blood plasma fluctuations.  GSK is committed to
working with the FDA to address any questions they have and
evaluate the best way forward.

Requip(R) XL(TM) is approved in eight countries in Europe and a
mutual recognition procedure was successfully completed on
Nov. 27, 2007, in 17 additional European countries.  This step
should result in approval of Requip(R) XL(TM) and launches in
these countries from the first quarter of 2008 onwards.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.

The net result for the continuing operations after finance
charges and tax for the six months ended June 30, 2007, was a
loss of GBP14.2 million (H1 2006: GBP16 million).

The Group balance sheet as at June 30, 2007, shows GBP55.1
million in total shareholders' deficit, compared with a GBP48.4
million stockholders' deficit at Dec. 31, 2006.


* Beard Audio Conferences Presents
----------------------------------

           Cutting-Edge Chapter 11 Strategies: 2-CD Package
               Two Audio CDs and Written Materials for
                      Easy, On-the-Go Learning

Order now for a US$40 savings.  Offer expires Dec. 31, 2007

http://beardaudioconferences.com/bin/shopping_cart?code=CD-
004&type=CD&choice=2


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Brew Pub & Pool Social
         Wynkoop Brewing Company, Denver, Colorado
            Contact: 303-847-5026 or www.turnaround.org

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or www.turnaround.org

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or www.turnaround.org

Dec. 19, 2007
   LEXISNEXIS CONFERENCES
      Mealey's Asbestos Bankruptcy Conference
         Four Seasons Hotel, Miami, Florida
            Contact: http://www.lexisnexis.com/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331; http://www.turnaround.org/

Jan. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Views from the Bench
         Omni Hotel, New Haven, Connecticut
            Contact: http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Debt Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      NJTMA Holiday Party
         Iberia Tavern & Restaurant, Newwark, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lenders Panel
         Westin Buckhead, Atlanta, Georgia
            Contact: www.turnaround.org

Jan. 14-15, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      VALCON: Liquidity, LBOs, Risk and Restructurings
         Marriott Harbor Beach Resort & Spa, Fort Lauderdale,
            Florida
               Contact: http://www.airacira.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Dave & Busters, Jacksonville, Florida
            Contact: 561-882-1331 or www.turnaround.org

Jan. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Current Outlook: Workouts, Lending and Turnarounds
         Marriott North, Fort Lauderdale, Florida
            Contact: www.turnaround.org

Jan. 17, 2008
   BEARD AUDIO CONFERENCES
      Corporate Bankruptcy Bootcamp: Fundamentals of BAPCPA
         Proceedings
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

Jan. 17-18, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Diplomat, Hollywood, Florida
            Contact: http://www.abiworld.org/

Jan. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Winter Warm-up
         Belgo Brasserie, Calgary, Alberta
            Contact: 403-294-4954 or www.turnaround.org

Jan. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Finding Money: Int'l Asset Search and
         Recovery Methods for Collecting Judgments
            Centre Club, Tampa, Florida
               Contact: www.turnaround.org

Jan. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         The Lime, Tampa, Florida
            Contact: 561-882-1331 or www.turnaround.org

Jan. 29, 2008
   WEST LEGALWORKS
      Southeastern Distressed M&A Summit
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.westlegalworks.com

Jan. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Year 2008 Kick-Off Party
         Oak Hill Country Club, Rochester, New York
            Contact: 716-440-6615 or www.turnaround.org

Jan. 31, 2008
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy: Unwinding the Deal
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or www.turnaround.org

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or www.turnaround.org

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or www.turnaround.org

Feb. 14-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow
         Courtyard Marriott, Dania Beach, Florida
            Contact: www.turnaround.org

Feb. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Islamorada Fish Company, Dania, Florida
            Contact: 561-882-1331 or www.turnaround.org

Feb. 22, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Fairmont Miramar, Santa Monica, California
            Contact: http://www.abiworld.org/

Feb. 23-26, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar I
         Park City, Utah
            Contact: http://www.nortoninstitutes.org/

Feb. 25, 2008
   FINANCIAL RESEARCH ASSOCIATES LLC
      Financial Services Mergers & Acquisitions Deals Forum
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         One Eyed Jacks, Orlando, Florida
            Contact: 561-882-1331 or www.turnaround.org

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Retail Panel
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Feb. 27-28, 2008
   EUROMONEY INSTITUTIONAL INVESTOR
      6th Annual Distressed Investing Forum
         Union League Club, New York, New York
            Contact: http://www.euromoneyplc.com/

Feb. 27 - Mar. 1, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      CTP Courses
         Holland & Knight, Atlanta, Georgia
            Contact: www.turnaround.org/

Mar. 6-8, 2008
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Mandalay Bay Resort, Las Vegas, Nevada
            Contact: http://www.ali-aba.org/

Mar. 8-10, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Conrad Duberstein Moot Court Competition
         St. John's University School of Law, New York
            Contact: http://www.abiworld.org/

Mar. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Rick Cieri of Kirkland & Ellis
         Jamie Sprayregan of Goldman Sachs
            Bankers Club of Miami, Florida
               Contact: 561-882-1331 or www.turnaround.org

Mar. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dearfoam Slipper Turnaround
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or www.turnaround.org

Mar. 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Mar. 27-30, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar II
         Las Vegas, Nevada
            Contact: http://www.nortoninstitutes.org/

Apr. 3, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Annual Spring Luncheon
            Renaissance Hotel, Washington, District of Columbia
               Contact: 703-449-1316 or www.iwirc.org

Apr. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 7-8, 2008
   PRACTISING LAW INSTITUTE
      30th Annual Current Developments in
         Bankruptcy & Reorganization
            PLI Center New York, New York
               Contact: http://www.pli.edu/

Apr. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Assignment for Benefit of Creditors
         University Club, Jacksonville, Florida
            Contact: www.turnaround.org

Apr. 25-27, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Spring Seminar
         Eldorado Hotel & Spa, Santa Fe, New Mexico
            Contact: http://www.nabt.com/

Apr. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Why Prospects Become Clients
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

May 1-2, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual Credit & Bankruptcy Symposium
         Foxwoods Resort Casino, Ledyard, Connecticut
            Contact: www.turnaround.org/

May 1-2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Debt Symposium
         Hilton Garden Inn, Champagne/Urbana, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 9, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 12-13, 2008
   PRACTISING LAW INSTITUTE
      30th Annual Current Developments in
         Bankruptcy & Reorganization
            PLI Center San Francisco, California
               Contact: http://www.pli.edu/

May 13-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Litigation Skills Symposium
         Tulane University, New Orleans, Louisiana
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 18-20, 2008
   INTERNATIONAL BAR ASSOCIATION
      14th Annual Global Insolvency & Restructuring Conference
         Stockholm, Sweden
            Contact: http://www.ibanet.org/

May 21, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      What Happened to My Money - The Restructuring of a Loan
         Servicer
            Marriott North, Fort Lauderdale, Florida
               Contact: www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         J.W. Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

June 19-21, 2008
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Omni Hotel, San Francisco, California
               Contact: http://www.ali-aba.org/

June 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

June 26-29, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Seminar
         Jackson Hole, Wyoming
            Contact: http://www.nortoninstitutes.org/

July 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cynthia Jackson of Smith Hulsey & Busey
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 10-13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.abiworld.org/events

July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Employment Issues Following Hurricanes & Disasters
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/


July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/


Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: www.turnaround.org/

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         IWIRC 15th Annual Fall Conference
            Scottsdale, Arizona
               Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: www.turnaround.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com;
               http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China\u2019s New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency \u2013 Widening Controversy: Current
      Risks, Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers\u2014the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today\u2019s Legal
      Processes
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
      Proceedings
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                            *********

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 A. 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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