TCREUR_Public/071214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, December 14, 2007, Vol. 8, No. 248

                            Headlines




A U S T R I A

123 VERTRIEB: Claims Registration Period Ends Dec. 20
FERROCO MASCHINENHANDEL: Claims Registration Ends Dec. 27
PRECISE COMPUTER: Vienna Court Orders Business Shutdown
SOBEX HANDEL: Vienna Court Orders Business Shutdown
VTR VERANSTALTUNGSTECHNIK: Korneuburg Court Shuts Down Business


B E L G I U M

CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs
FERRO CORPORATION: Closes Restructuring of Electronic Operations
POPE & TALBOT: Court Gives Final Approval on DIP Financing
POPE & TALBOT: Court Gives Final Okay to Use of Cash Collateral
POPE & TALBOT: Canadian Debtors Must Review Sale Terms, PwC Says


F I N L A N D

ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business


F R A N C E

CULLIGAN INT'L: Moody's Cuts Corporate Family Rating to B3
MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW
XEROX CORP: Appoints Three Corporate Officers to Executive Roles


G E R M A N Y

3 OF A KIND: Claims Registration Period Ends Jan. 18, 2008
ADAM GUMBMANN: Claims Registration Ends January 28, 2008
ANDREAS BOEHNE: Claims Registration Ends January 22, 2008
AUTOHAUS AM FLUGPLATZ: Claims Period Ends Jan. 3, 2008
AUTOHAUS GLOBISCH: Claims Registration Period Ends Jan. 7, 2008

BEVER BAUUNTERNEHMUNG: Claims Registration Ends Jan. 31, 2008
BRUEGGEMANN COMPACT: Claims Registration Period Ends Dec. 28
BS HOCHBAU: Claims Registration Period Ends Jan. 17, 2008
CASANA GMBH: Claims Registration Period Ends Jan. 4, 2008
CONRAD GERLICH: Claims Registration Period Ends Dec. 25

CORDES GMBH: Claims Registration Period Ends Jan. 4, 2008
EPITEC SCHUTZFILM: Claims Registration Period Ends Dec. 20
FORM GMBH: Claims Registration Period Ends Jan. 7, 2008
HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31
HLS-SERVICE: Claims Registration Period Ends Dec. 17

JAHN DRUCK: Creditors' Meeting Slated for January 7, 2008
K.N. ARTWORK: Claims Registration Ends January 25, 2008
KBV VERMOEGENSBERATUNG: Claims Registration Ends Feb. 1, 2008
KUCK TELEFONLADEN: Claims Registration Ends Jan. 18, 2008
NUMOSIS LEASING: Claims Registration Period Ends Jan. 18, 2008

TUI AG: TUI Travel Posts 5% Growth in December Pro-Forma Profit
TUI AG: Moody's Confirms B1 Corporate Family Rating
WOLFGANG JANTSCH: Claims Registration Period Ends Jan. 16, 2008


H U N G A R Y

ARVINMERITOR INC: Signs Deal to Acquire Mascot Truck


I R E L A N D

SACHSEN LB: Parties Reach Deal on LBBW Takeover
SACHSEN LB: Moody's Cuts Bank Financial Strength Rating to E+


I T A L Y

DANA CORP: Addresses Objections to Confirmation of Plan
DANA CORP: Bankruptcy Court to Confirm Reorganization Plan
DANA CORP: Names Post-Bankruptcy Board of Directors
EUROHOME ITALY: Moody's Rates EUR10.3 Mln Class E Notes at (P)B3


K A Z A K H S T A N

ARMAN ENGINEERING: Claims Deadline Slated for Jan. 11, 2008
ATAMEKEN-SECURITY LLP: Claims Registration Ends Jan. 11, 2008
AZTM-ENERGO LLP: Claims Filing Period Ends Jan. 11, 2008
CASPIAN INDUSTRIAL: Creditors' Claims Due on Jan. 11, 2008
CATALIZATOR LLP: Claims Registration Ends Jan. 11, 2008

JANAKALA CJSC: Claims Deadline Slated for Jan. 11, 2008
KAZEXIM BIO: Creditors Must File Claims by Jan. 11, 2008
SAUDA-COMPANY LTD: Claims Filing Period Ends Jan. 11, 2008


K Y R G Y Z S T A N

DA DIL: Creditors Must File Claims by January 11, 2008


L U X E M B O U R G

CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors
EVRAZ GROUP: S&P Affirms BB- on Planned Acquisitions
EVRAZ GROUP: Ukrainian Asset Purchase Cues Fitch to Hold BB IDR


N E T H E R L A N D S

CORPORATE EXPRESS: Debt Reduction Cues S&P to Affirm BB- Ratings
MARS 2004: Fitch Affirms EUR12 Million Class E Notes at BB


P O L A N D

AFFILIATED COMPUTER: Amends Chairperson's Employment Agreement


R U S S I A

CHEMIRESOURCE CJSC: Creditors Must File Claims by Feb. 1, 2008
COMSTAR-UNITED: Access Telecom to Buy Shares worth US$322 Mln
EVRAZ GROUP: S&P Affirms BB- on Planned Acquisitions
EVRAZ GROUP: Ukrainian Asset Purchase Cues Fitch to Hold BB IDR
FLOX LLC: Creditors Must File Claims by Feb. 1, 2008

HYNIX SEMICONDUCTOR: Issues US$583.4-Million Convertible Notes
HYNIX SEMICONDUCTOR: May Post 4th Qtr. Loss on Low Chip Prices
INGAKAMF CJSC: Asset Sale Slated for Jan. 10, 2008
KHABAROVSKIJ 3: Court Starts Bankruptcy Supervision Procedure
PRIMORSKIJ PLANT: Creditors Must File Claims by Jan. 1, 2008

SHILING CJSC: Asset Sale Slated for Jan. 4, 2008
SSMO LENSPECSMU: S&P Affirms Credit Ratings at B
TROITSKOILPRODUCT: Creditors Must File Claims by Jan. 1, 2008
TYUMENSKAYA OIL: Bankruptcy Hearing Slated for March 11, 2008


S W I T Z E R L A N D

BFB BERATUNG: Creditors' Liquidation Claims Due by December 19
MCO JSC: Creditors' Liquidation Claims Due by December 19
NES-SPORTSWEAR: Creditors' Liquidation Claims Due by December 19
OTTO ZIMMERMANN: St. Gallen Court Closes Bankruptcy Proceedings
PIONIER PORTFOLIOVERWALTUNG: Zug Court Starts Bankruptcy Process

REHABILITATIONSKLINIK: Court Closes Bankruptcy Process
ROSENHOLZ GROUP: Zug Court Starts Bankruptcy Proceedings
SIDELMONT JSC: Creditors' Liquidation Claims Due by December 19
SPEFA DRUCK: Creditors' Liquidation Claims Due by December 19
WELLFIN LLC: Creditors' Liquidation Claims Due by December 19


T U R K E Y

* Fitch Upgrades Turkey's Local Currency IDR to BB


U K R A I N E

ALEXANDROVSKY LLC Creditors Must File Claims by December 19
BOBROVITSA INTERREGIONAL: Creditors Must File Claims by Dec. 16
GALOL-SM OJSC: Creditors Must File Claims by December 19
INTERFOOD UKRAINE: Creditors Must File Claims by December 19


U N I T E D   K I N G D O M

ADAMS PROPERTY: Appoints Liquidators from Smith & Williamson
COUNTRY FOODS: Calls In Liquidators from BDO Stoy Hayward
CUMMINS INC: Board Declares Two-for-One Common Stock Split
DIFFERENT PROCESS: Brings In Liquidators from Mazars
DURA AUTOMOTIVE: Resolves Objections to Plan Confirmation

DURA AUTO: Court Defers Plan Confirmation Hearing to Dec. 17
DURA AUTO: Extends Marketing Period for US$425 Mln Exit Loan
EDS FACILITIES: Taps Liquidators from Chantrey Vellacott
FALCON RETREADS: Joint Liquidators Take Over Operations
FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule

FUDGE LEISURE: Claims Filing Period Ends January 8, 2008
GAS ELECTRICAL: Hires Liquidators from Moore Stephens
HMV GROUP: Oct. 27 Balance Sheet Upside-Down by GBP8.4 Million
HUNTS GLASS: Names Peter Wastell Liquidator
ISLE OF CAPRI: Names Dale Black Sr. VP & Chief Financial Officer

NEW INN: M. Abdulali Leads Liquidation Procedure
NORTHERN ROCK: Aims to Complete Strategic Review by Feb. 2008
NORTHERN ROCK: Andy Kuipers Succeeds Adam Applegarth as CEO
OPTYCA PRINTING: Brings In Liquidators from Smith & Williamson
RANK GROUP: Like-for-Like Revenue Up 1% in 49 Weeks to Dec. 9

STEELTECH INTERIORS: Claims Filing Period Ends January 11, 2008
WOODLAKE CONSULTANTS: Appoints Philip Michael Lyon as Liquidator
XDRIVE LTD: Claims Filing Period Ends January 31, 2008

* Chadbourne & Parke-London Adds 3 Partners to Finance Practice
* Shearman & Sterling Adds 13 Associates and Counsel




                            *********


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


123 VERTRIEB: Claims Registration Period Ends Dec. 20
-----------------------------------------------------
Creditors owed money by LLC 123 Vertrieb (FN 125487s) have until
Dec. 20 to file written proofs of claim to court-appointed
estate administrator Heinrich Nagl at:

         Dr. Heinrich Nagl
         Pfarrgasse 5
         3580 Horn
         Austria
         Tel: 02982/2278
         Fax: 02982/4479
         E-mail: dr.nagl.horn@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on Jan. 9 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Maria Dreieichen, Austria, the Debtor declared
bankruptcy on Nov. 2 (Bankr. Case No. 9 S 63/07y).


FERROCO MASCHINENHANDEL: Claims Registration Ends Dec. 27
---------------------------------------------------------
Creditors owed money by LLC Ferroco Maschinenhandel Ing. Rudolf
Ferro (FN 119678y) have until Dec. 27 to file written proofs of
claim to court-appointed estate administrator Eberhard Wallenti
at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 740
         Fax: 313 748 0
         E-mail: office@ksw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 2 (Bankr. Case No. 4 S 127/07i).


PRECISE COMPUTER: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered Oct. 31 an order shutting down
the business of LLC Precise Computer Handel (FN 66527i).

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

The estate administrator can be reached at:

         Mag. Andrea Prochaska
         Wassergasse 33/12
         1030 Vienna
         Austria
         Tel: 718 77 50
         Fax: 718 77 50 15
         E-mail: anwalt@andrea-prochaska.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 19 (Bankr. Case No 6 S 134/07h).


SOBEX HANDEL: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered Nov. 5 an order shutting down
the business of LLC Sobex Handel (FN 238953b).

Court-appointed estate administrator Erwin Senoner 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. Erwin Senoner
         c/o  Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 2 (Bankr. Case No 6 S 111/07a).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.


VTR VERANSTALTUNGSTECHNIK: Korneuburg Court Shuts Down Business
---------------------------------------------------------------
The Land Court of Korneuburg  entered Nov. 5 an order shutting
down the business of LLC VTR Veranstaltungstechnik Rieder (FN
139500y).

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

The estate administrator can be reached at:

         Mag. Horst Winkelmayr
         c/o Mag. Herbert Nigl
         Hauptplatz 15
         2100 Korneuburg
         Tel: 02262/724 35
         Fax: 02262/724 35 50
         E-mail: rae@kniwi.at

Headquartered in Korneuburg, Austria, the Debtor declared
bankruptcy on Oct. 25 (Bankr. Case No 36 S 128/07a).  Herbert
Nigl represents Mag. Winkelmayr in the bankruptcy proceedings.


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


CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs
------------------------------------------------------------
Ohio.com reports that Chiquita Brands International's profits
could increase as a result of the World Trade Organization
compliance panel's ruling that the European Union's import
tariffs for bananas breached international trade rules.

Oppenheimer & Co. analyst Barry Sine told Ohio.com that Chiquita
Brands will be closely following the case.  The European Union
tariff costs Chiquita Brands about US$1 per share yearly.

An Ecuadorian official commented to Ohio.com, "It was a total
victory.  We are very happy with the result."

Michael Mann, a spokesperson for the European Union's Farm
Commissioner Marian Fisher Boel, confirmed the loss to Ohio.com.

However, Mr. Mann claimed that the WTO panel ignored data
indicating a growth in European imports of bananas from Latin
America, Ohio.com states.

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

                       *     *     *

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

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


FERRO CORPORATION: Closes Restructuring of Electronic Operations
----------------------------------------------------------------
Ferro Corporation has completed the previously announced
restructuring of its Electronic Materials Systems operations in
the United States.  The restructuring included transfer of
dielectric materials manufacturing from the Company's production
facilities in Niagara Falls, New York, to existing Ferro
facilities in Penn Yan, New York and Uden, The Netherlands.

As part of the restructuring program, Ferro sold its Niagara
Falls manufacturing site and certain industrial ceramics product
lines that were based at the Niagara Falls site to TAM Ceramics
LLC, an affiliate of All-American Holdings LLC.

"We completed the restructuring program on schedule and we
continue to estimate annual savings of $7 million to $8 million
in 2008 as a result," said Barry Russell, Vice President of
Ferro Electronic Material Systems.  "We are pleased to reach
agreement for the sale of the Niagara Falls manufacturing
facility and industrial ceramics products."

                     About Ferro Electronic

Ferro Electronic Material Systems has locations in Vista, CA;
Penn Yan, NY; South Plainfield, NJ; Cleveland, OH; Haverhill,
United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba,
Japan; and Suzhou, China.  Its products include advanced
packaging and thick film conductors; metal pastes and powders
for solar energy applications; chemical mechanical planarization
(CMP) slurries for semiconductors and advanced integrated
circuits; dielectrics used in chip components and multilayer
ceramic capacitors (MLCC); and surface finishing materials for
LCD, hard disk, and ophthalmic polishing.

                       About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were USUS$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's USUS$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


POPE & TALBOT: Court Gives Final Approval on DIP Financing
----------------------------------------------------------
The Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware granted Pope & Talbot Inc.
and its debtor-affiliates authority, on a final basis, to borrow
up to US$18,000,000 in term loans and up to US$71,062,301 in
revolving credit from Wells Fargo Financial Corporation, as DIP
administrative agent, and Ableco Financial LLC, as DIP
collateral agent.

The Debtors' obligations under the DIP facility are secured by a
first priority, perfected security interest and lien on all of
the Debtors' assets, including all claims and causes of action
under Chapter 5 of the U.S. Bankruptcy Code.  The DIP Liens are
subject to a carve-out for payment of Clerk of Court fees, U.S.
Trustee fees, and bankruptcy professionals' fees; and certain
permitted liens.

The DIP Facility will terminate on the earlier of:

   (i) Feb. 15, 2008;

  (ii) the date of both (x) the effective date and substantial
       consummation of a Chapter 11 plan of reorganization and
       (y) the effective  date and implementation of a plan of
       compromise or arrangement in the CCAA Proceedings;

(iii) the date on which the stay of the CCAA Proceedings
       expires;

  (iv) the date of the closing of a sale of all or substantially
       all of the the Debtors' assets pursuant to Section 363 of
       the Bankruptcy Code and the CCAA; and

   (v) an earlier date on which all DIP Loans and other
       extensions of credit will become due and payable in
       accordance with the terms of DIP Loan Agreement and other
       DIP Loan Documents.

The Debtors will use the DIP Loan proceeds for working capital
purposes and to repay US$25,000,000 in prepetition revolving
loan obligations to Wells Fargo Financial Corporation Canada, as
administrative agent.

Judge Sontchi also authorized the Debtors to pay the required
fees under the DIP Facility.

Pursuant to the DIP Credit Agreement and Final DIP Order, the
Debtors are required to consummate a sale of their wood products
business by Jan. 31, 2008.  They are required to close a sale
of their pulp business by February 15.

A full-text copy of the Final DIP Order is available at no
charge at http://researcharchives.com/t/s?264e

A full-text copy of the Debtors' DIP Budget is available at no
charge at http://researcharchives.com/t/s?264f

As reported in the Troubled Company Reporter on Dec. 10, 2007,
the Official Committee of Unsecured Creditors in the Debtors'
bankruptcy cases asked the Court for to deny the Debtors'
proposed DIP Financing or make modifications to accommodate its
objections.

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

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


POPE & TALBOT: Court Gives Final Okay to Use of Cash Collateral
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has granted Pope & Talbot Inc. and its debtor-affiliates
authority, on a final basis, to use their prepetition lenders'
cash collateral.  The prepetition lenders are granted adequate
protection liens for any diminution in value of the cash
collateral as a result of its use by the Debtors.

The Official Committee of Unsecured Creditors appointed in the
Debtors' bankruptcy cases or any other interested party may
commence until Feb. 8, 2008, any action challenging the
validity, perfection, enforceability and extent of the
prepetition lenders' liens or the Debtors' prepetition loan
obligations.

The Debtors' authority to use the lenders' cash collateral may
terminate in the event they default on their obligations under
an US$89,000,000 DIP Credit Facility with Wells Fargo Financial
Corporation, as DIP administrative agent, and Ableco Financial
LLC, as DIP collateral agent.

As reported in the Troubled Company Reporter on Nov. 27, 2007,
the Court granted the Debtors authority, on an interim basis, to
use the lenders' cash collateral in the Debtors' existing bank
operating accounts in an amount not to exceed US$14,800,000.

Pope & Talbot Inc. president and chief executive officer Harold
N. Stanton said that the Debtors require the continued use of
any cash that they may have, as well as any cash receipts from
outstanding accounts that they receive after the bankruptcy
filing, to continue to (i) finance their operations, (ii) make
essential payments like employee wages, payroll and other taxes,
and (iii) for the purchase of goods, materials and other general
corporate and working capital purposes in the ordinary course of
the Debtors' businesses.

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


POPE & TALBOT: Canadian Debtors Must Review Sale Terms, PwC Says
----------------------------------------------------------------
PricewaterhouseCoopers Inc., as monitor of the proceedings
commenced by Pope & Talbot Ltd. and its subsidiaries under the
Companies' Creditors Arrangement Act, tells the British Columbia
Supreme Court that one of the conditions to close the Debtors'
asset purchase agreement with International Forest Products
Limited, for the sale of certain of their wood products
business assets is the approval under the Forest Act (BC) of the
transfer of the timber tenure.

To grant the approval, the Monitor explains, the Ministry of
Forest and Range requires that the Canadian Debtors have an
arrangement in place for the payment of stumpage that may be due
after the close of the transaction, for any arrears related to
the period prior to the Closing Date.

"This may require a three-way arrangement between the Ministry,
the purchaser, and P&T," Greg Watson, PricewaterhouseCoopers
Inc. president, points out.

Accordingly, the Monitor has requested that the Canadian Debtors
begin to explore the requirements for this arrangement so that
it does not delay the closing of the transaction.

The Monitor reports that another approval that the Canadian
Debtors will require from the Ministry of Forest and Range
will be the transfer of one small parcel of private land within
Tree Farm License #23.

The Monitor says that once transferred, the private land will
remain within the TFL; however, approval of the transfer may
require certain consultation with the local First Nations.

The Monitor has also requested that the Canadian Debtors begin
to explore the requirements for the consultation so that it does
not delay the closing of the transaction.

As reported in the Troubled Company Reporter on Dec. 10, 2007,
the  Hon. Christoher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware approved the stalking horse
purchase agreement the U.S. Debtors entered into with InterFor.

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

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


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ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business
---------------------------------------------------------------
The North American Components business of Arrow Electronics,
Inc., will make Triad Semiconductor, Inc.'s mixed-signal via-
configurable array ASICs available through Arrow's North
American sales and design centers.

Arrow Electronics will provide technical sales and support and
product logistics for Triad Semiconductor's mixed-signal ASIC
customers.  Triad's patent-pending approach significantly
reduces engineering labor and fabrication costs for high-
performance ASIC designs, and can speed "time-to-prototype" by
more than half a year.

"As designs become more highly integrated, many of our customers
have been asking for mixed-signal ASIC support," said director
of the customer logic solutions group of Arrow's North America
Components business, Chris Miller.  "Over the last 6 months,
we've seen a significant interest in Triad's technology.
Customers appreciate how Triad has addressed their analog
integration challenge with a competitive and flexible single-
mask configurable technology.  Customers are seeing the benefits
with a lower NRE, faster time to production, along with the
ability to make design changes quickly and inexpensively."

"Arrow is the ideal strategic design and distribution partner,
with its outstanding design support and unparalleled reach to
40,000 customers throughout North America," said Triad
Semiconductor chief executive officer, Lynn Hayden.  "Our
combined efforts short circuit the time, cost and risk
associated with full-custom layout, letting companies in the
medical, industrial, communications, sensor and other sectors
achieve cost-effective, high-performance mixed-signal ASIC
designs."

                   About Triad Semiconductor

Triad Semiconductor -- http://www.triadsemi.com/-- is a fabless
ASIC company that develops, prototypes and produces mixed-signal
ASICs for production volumes from the low thousands to millions.
Its patent-pending Via Configurable Array technology creates
ASIC arrays with silicon-proven analog and digital functions,
reducing the time, cost and risk associated with full custom
layout.  Triad's via-only routing also significantly reduces
engineering effort and fabrication time, resulting in fast-turn
prototypes and design changes at minimal cost. Founded in 2003
and privately held, Triad is headquartered in Winston Salem,
North Carolina.

                    About Arrow Electronics

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

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

                         *     *     *

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


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


CULLIGAN INT'L: Moody's Cuts Corporate Family Rating to B3
----------------------------------------------------------
Moody's Investors Service downgraded Culligan International
Company's debt ratings to reflect weaker-than-expected operating
performance and credit metrics since the company completed a
US$900 million leveraged recapitalization in May 2007, which
included a US$375 million dividend payment to its equity
holders, including Clayton, Dubilier & Rice Fund VI Limited
Partnership.  The rating outlook is stable.

Following the May 2007 recapitalization transaction, weak
organic revenue growth and transition issues associated with the
relocation of distribution activities to a third-party have led
to lower profitability and weaker-than-expected credit metrics.
For the latest twelve month period ending Sept. 30, 2007,
debt/EBITDA (calculated using Moody's standard analytic
adjustments) exceeded 8.0 times, up significantly from nearly
7.0 times expected on a pro forma basis using 2006 results
following the recapitalization.  "It will now take longer than
expected for the company to reduce leverage to levels more
commensurate with the previous rating," says Moody's analyst,
Michael Zuccaro.  The rating agency stated in March 2007 that
downward pressure on Culligan's ratings would occur if operating
performance declined materially such that debt/EBITDA increased
above 7.0 times.

Moody's downgraded these ratings:

   * Issuer: Culligan International Company

   -- Corporate Family Rating to B3 from B2;

   -- Probability of Default Rating to B3 from B2;

   -- First Lien Senior Secured Credit Facilities to B2 (LGD3,
      33%) from B1 (LGD 3, 34%);

   -- Second Lien Senior Secured Term Loan to Caa2 (LGD5, 84%)
      from Caa1 (LGD5, 85%);

   -- The rating outlook is stable.

The B3 corporate family rating reflects the significant increase
in leverage that has occurred as a result of weak operating
performance on top of the May 2007 debt-financed dividend to
shareholders.  The rating also reflects the company's much more
aggressive financial policy while it is still in the midst of
executing revitalization and growth plans for its North American
operations, which have historically lagged behind the more
profitable and cash flow generative European operations.
Furthermore, consolidated free cash flow is expected to remain
modest relative to the heavy debt load, leading to limited
capacity for significant debt reduction over the near-term.

Supporting the debt ratings are the company's broad geographic
diversity, the strength of its established brand, and its
diverse distribution channels and customers, and adequate
liquidity.  The non-cyclical nature of its products, low dealer
churn rates, large installed base and recurring nature of the
majority of its revenue typically provide a stable and
predictable revenue platform.  When coupled with expected
further profitability improvement as a result of continued
restructuring and outsourcing actions and planned future growth,
the company should continue to generate positive, albeit modest,
free cash flow.  Liquidity is supported by unused capacity under
its revolving credit facility and lack of financial covenants in
the agreement.

The rating outlook is stable, reflecting Moody's expectation for
steady improvement in credit metrics over the near-to-
intermediate term, although starting out at much weaker levels
than originally expected following the recapitalization
transaction in May 2007.

Culligan International Company is a U.S. operating subsidiary of
Culligan Holding S.ar.l., and the principal borrower under the
rated debt facilities. Culligan is a global provider of water
treatment products and services for household and commercial
applications. Products are sold under the Culligan brand.
Revenue was approximately US$764 million over the latest 12
month period ending Sept. 30, 2007.


MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW
------------------------------------------------------------
Magna International Inc.'s Magna Steyr unit will be responsible
for serial development and production of the Mini Sports
Activity Vehicle.  At current exchange rates, Magna expects its
annualized sales associated with the program to be in excess of
US$1 billion, once the program reaches full production.  The
Mini Sports Activity Vehicle will be the second new vehicle
program produced by Magna Steyr for BMW Group.  Magna Steyr has
been the sole production source of the BMW X3 since the launch
of the vehicle in 2003, and expects to continue to produce the
X3 until the end of the current vehicle program.

Magna's co-Chief Executive Officer, Siegfried Wolf, stated:
"This is a huge recognition of the work that Magna Steyr has
achieved so far through its partnership with BMW Group.  Above
all, I'm delighted for our employees, as this will allow us to
set another milestone in our long-running and successful
cooperation with BMW Group.  As we have done before, we will
work on this vehicle program with our fullest commitment to
ensure that we meet BMW Group's high expectations."

                 About Magna International

Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
The company's capabilities include the design, engineering,
testing and manufacture of automotive interior systems; seating
systems; closure systems; metal body and chassis systems; vision
systems; electronic systems; exterior systems; powertrain
systems; roof systems; well as complete vehicle engineering and
assembly.  The company has approximately 83,000 employees in 229
manufacturing operations and 62 product development and
engineering centers in 23 countries including Brazil, China,
Czech Republic, France, Germany, Korea, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Magna International Inc.'s plan of arrangement and agreements
relating to the strategic investment in Magna by Open Joint
Stock Company Russian Machines became effective on
Sept. 20, 2007.


XEROX CORP: Appoints Three Corporate Officers to Executive Roles
----------------------------------------------------------------
Xerox Corporation's board of directors has elected Doug Lord and
Shaun Pantling as vice presidents of the corporation, and Willem
Appelo as a senior vice president.

Mr. Lord was recently named president of Xerox's U.S. Solutions
Group, responsible for the direct sales of Xerox's technology
and services across the country.  A 31-year Xerox veteran, he
was most recently president, chairman and Chief Executive
Officer of Xerox Canada, Ltd.

Mr. Pantling leads Xerox Global Services in Europe.  During his
33 years with Xerox, he has led sales operations and customer
service units across Europe.

Mr. Appelo is president, Xerox Strategic Services Group,
responsible for the company's worldwide supplies business as
well as global manufacturing, supply chain, procurement,
facilities management, Xerox's environmental sustainability
initiatives and other core corporate functions.  He joined Xerox
in 1991 and has held leadership positions of increasing
responsibility in manufacturing and supply chain operations.

These corporate officer appointments are effective immediately.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, Moody's Investors Service raised the ratings of
Xerox Corporation and supported subsidiaries, upgrading Xerox's
senior unsecured rating to Baa2 from Baa3.


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


3 OF A KIND: Claims Registration Period Ends Jan. 18, 2008
----------------------------------------------------------
Creditors of 3 of a kind GmbH have until Jan. 18, 2008, to
register their claims with court-appointed insolvency manager
Jens Koeke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

The District Court of Goettingen opened bankruptcy proceedings
against 3 of a kind GmbH on Nov. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         3 of a kind GmbH
         Attn: Joerg Schafer, Manager
         Weender Strasse 38
         37073 Goettingen
         Germany


ADAM GUMBMANN: Claims Registration Ends January 28, 2008
--------------------------------------------------------
Creditors of Adam Gumbmann Verwaltungsgesellschaft mbH have
until Jan. 28, 2008, to register their claims with court-
appointed insolvency manager Dr. Siegfried Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 28, 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. Siegfried Beck
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

The District Court of Fuerth opened bankruptcy proceedings
against Adam Gumbmann Verwaltungsgesellschaft mbH on Nov. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Adam Gumbmann Verwaltungsgesellschaft mbH
         Vacher Str. 20
         91074 Herzogenaurach
         Germany


ANDREAS BOEHNE: Claims Registration Ends January 22, 2008
---------------------------------------------------------
Creditors of Andreas Boehne GmbH have until Jan. 22, 2008, to
register their claims with court-appointed insolvency manager
Georg Welslau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 2, 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:

         Georg Welslau
         Marienstr. 62
         32427 Minden
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Andreas Boehne GmbH on Nov. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Andreas Boehne GmbH
         Attn: Herbert Mundt, Manager
         Kreuzacker 1
         32457 Porta Westfalica
         Germany


AUTOHAUS AM FLUGPLATZ: Claims Period Ends Jan. 3, 2008
------------------------------------------------------
Creditors of Autohaus am Flugplatz Erhard Schnuchel GmbH have
until Jan. 3, 2008, to register their claims with court-
appointed insolvency manager Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Christian Langhoff
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Autohaus am Flugplatz Erhard Schnuchel GmbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus am Flugplatz Erhard Schnuchel GmbH
         Attn: Erhard Schnuchel, Manager
         Straswse am Flugplatz 5
         18435 Stralsund
         Germany


AUTOHAUS GLOBISCH: Claims Registration Period Ends Jan. 7, 2008
---------------------------------------------------------------
Creditors of Autohaus Globisch GmbH have until Jan. 7, 2008, to
register their claims with court-appointed insolvency manager
Jan Gaertner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Jan Gaertner
         Weisseritzstrasse 3
         01067 Dresden
         Web site: http://www.WORAKO.de/

The District Court of Dresden opened bankruptcy proceedings
against Autohaus Globisch GmbH on Dec. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Globisch GmbH
         Attn: Rene Sobkowiak, Manager
         Meissner Landstrasse 22
         01157 Dresden
         Germany


BEVER BAUUNTERNEHMUNG: Claims Registration Ends Jan. 31, 2008
-------------------------------------------------------------
Creditors of Bever Bauunternehmung GmbH have until Jan. 31,
2008, to register their claims with court-appointed insolvency
manager  Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Muenster
         Meeting Hall 112 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kreuznacht
         Wolbecker Windmuehle 15 a
         48167 Muenster
         Germany
         Tel: 02506/821-0
         Fax: +492506821100

The District Court of Muensteropened bankruptcy proceedings
against Bever Bauunternehmung GmbH on Nov. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bever Bauunternehmung GmbH
         Attn: Andreas Boecker, Manager
         Kortenkamp 5 d
         48291 Telgte
         Germany


BRUEGGEMANN COMPACT: Claims Registration Period Ends Dec. 28
------------------------------------------------------------
Creditors of Brueggemann Compact GmbH have until Dec. 28 to
register their claims with court-appointed insolvency manager
Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Jan. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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:

         Wilfried Pohle
         Bahnstrasse 1
         34431 Marsberg
         Germany

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

The Debtor can be reached at:

         Brueggemann Compact GmbH
         Attn: Hubertus Brueggemann, Manager
         Wallerstrasse 7
         59872 Meschede
         Germany


BS HOCHBAU: Claims Registration Period Ends Jan. 17, 2008
---------------------------------------------------------
Creditors of BS Hochbau GmbH have until Jan. 17, 2008, to
register their claims with court-appointed insolvency manager
Dr. Martin Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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. Martin Moderegger
         Schiffgraben 23
         30159 Hannover
         Tel.: 0511-763529-0
         Fax: 0511-763529-43
         E-mail: Hannover@dr-moderegger.de

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

The Debtor can be reached at:

          BS Hochbau GmbH
          Petersilienstr 8
          31848 Bad Muender
          Germany


CASANA GMBH: Claims Registration Period Ends Jan. 4, 2008
---------------------------------------------------------
Creditors of Casana GmbH have until Jan. 4, 2008, to register
their claims with court-appointed insolvency manager Manuel
Sack.

Creditors and other interested parties are encouraged to attend
the meeting at 9:12 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 Osterode am Harz
         Hall 12
         Amtshof 20
         37520 Osterode am Harz
         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:

         Manuel Sack
         Theaterstr. 3
         30159 Hannover
         Germany
         Tel: 0511/366020
         Fax: 0511/3660255
         E-mail: hannover@brinkmann-partner.de

The District Court of Osterode am Harz opened bankruptcy
proceedings against Casana GmbH on Dec. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Casana GmbH
         Attn: Baerbel Bojack, Manager
         Freiheiter Strasse 2
         37520 Osterode am Harz
         Germany


CONRAD GERLICH: Claims Registration Period Ends Dec. 25
-------------------------------------------------------
Creditors of Conrad Gerlich Geldschrank- und Tresorbau GmbH have
until Dec. 25 to register their claims with court-appointed
insolvency manager Joerg Lehr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Lehr
         GF 192
         Jean-Pierre-Jungels-Strasse 6
         D 55126 Mainz
         Germany
         Tel: 06131/948000
         Fax: 06131/9480050

The District Court of Mainz opened bankruptcy proceedings
against Conrad Gerlich Geldschrank- und Tresorbau GmbH on Nov.
23.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Conrad Gerlich Geldschrank- und Tresorbau GmbH
         Philipp-Reis-Str. 8
         55129 Mainz-Hechtsheim
         Germany


CORDES GMBH: Claims Registration Period Ends Jan. 4, 2008
---------------------------------------------------------
Creditors of Cordes GmbH have until Jan. 4, 2008, to register
their claims with court-appointed insolvency manager Stefan
Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Tel: 05741-337300
         Fax: +495741337338

The District Court of Muenster opened bankruptcy proceedings
against Cordes GmbH on Dec. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Cordes GmbH
         Hollefeldstrasse 45
         48282 Emsdetten
         Germany

         Attn: Bernhard Cordes, Manager
         Cremannsbusch 19
         48282 Emsdetten
         Germany


EPITEC SCHUTZFILM: Claims Registration Period Ends Dec. 20
----------------------------------------------------------
Creditors of Epitec Schutzfilm GmbH have until Dec. 20 to
register their claims with court-appointed insolvency manager
Manfred Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Jan. 10, 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 Wittlich
         Hall 3
         Gerichtsgebaude
         Kurfuerstenstrasse 63
         54516 Wittlich
         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 Kuersch
         Kirchstrasse 19
         53518 Adenau
         Germany
         Tel: 02691/93283
         Fax: 02691/932840

The District Court of Wittlich opened bankruptcy proceedings
against Epitec Schutzfilm GmbH on Nov. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Epitec Schutzfilm GmbH
         Vulkanstr. 22
         54578 Wiesbaum
         Germany


FORM GMBH: Claims Registration Period Ends Jan. 7, 2008
-------------------------------------------------------
Creditors of Form GmbH have until Jan. 7, 2008, to register
their claims with court-appointed insolvency manager Achim
Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m on Jan. 28, 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 Hagen
         Meeting Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Achim Thomas Thiele
         Bronnerstr. 7
         44141 Dortmund
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Form GmbH on Nov. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Form GmbH
         Wermingser Str. 26
         58636 Iserlohn
         Germany

         Attn: Katrazyna Barbara Kowalczyk
         Huckarder Str. 13
         44147 Dortmund
         Germany


HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31
----------------------------------------------------------------
Hayes Lemmerz International, Inc. has reported that sales for
the fiscal third quarter ended Oct. 31, 2007 were US$554.9
million, up 20% from US$463.3 million in the year earlier
quarter.  The sales increase resulted from strong international
steel and aluminum wheel sales, material cost recovery and
favorable foreign currency fluctuations.

For the third quarter, the company reported Adjusted EBITDA of
US$55.8 million, an improvement of US$12.0 million or 27% over
the year earlier quarter, and earnings from operations before
impairments of US$22.2 million, an improvement of US$11.3
million or more than double the year earlier quarter.

Free cash flow for the third quarter, excluding the effects of
the company's accounts receivables securitization program, was
US$26.5 million, an increase of US$26.2 million over the year
earlier quarter.  Free cash flow for the first nine months of
fiscal 2007 was US$8.0 million, an increase of US$14.2 million
for the same period last year.

"This was a good quarter for the company, even though our net
income was negatively impacted by asset impairment and other
restructuring charges," said President, Chief Executive Officer
and Chairperson of the Board, Curtis Clawson.  The company
reported a net loss for the third quarter of US$62.7 million, of
which US$50.0 million resulted from asset impairments and
restructuring charges, compared with a net loss of US$59.6
million a year earlier.

"Our third quarter results reflect our success in implementing
our strategy of restructuring our business, executing our
operating plan and continuing to extend the lead in our global
wheel business with international expansions in leading-cost
regions," Mr. Clawson added.

Hayes Lemmerz sold its automotive brake business in November,
continuing to execute its strategy of reducing reliance on
Detroit Three business in the United States, focusing its
presence in the right geographic regions, and concentrating
capital and efforts on its profitable global wheel business.
Earlier in the fiscal year, as previously reported, the company
sold its suspension and MGG businesses and its aluminum
components facility in Wabash, Indiana.  These businesses have
been classified as discontinued operations.

Adjusted for the sale of its automotive brake business (which is
now classified as discontinued operations), Hayes Lemmerz
remains on track to meet its guidance for the fiscal year ending
Jan. 31, 2008.  The company expects revenue of approximately
US$2.1 billion (US$2.2 billion including the brake business),
and Adjusted EBITDA is expected to be in the range of US$190
million to US$200 million (US$200 million to US$210 million
including the brake business).  The company expects positive
free cash flow.  Capital expenditures for the fiscal year are
expected to be between US$95 million and US$100 million.

              About Hayes Lemmerz International

Based in Northville, Michigan, Hayes Lemmerz International Inc.
(Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- is a supplier
of automotive and commercial highway wheels, brakes and
powertrain components.  The company has 30 facilities and
approximately 8,500 employees worldwide.  The company has
operations in India, Brazil and Germany, among others.

                        *     *     *

As reported on Sept. 26, 2007, Fitch Ratings placed Hayes-
Lemmerz International Inc.'s issuer default rating at 'B' with a
negative rating watch.


HLS-SERVICE: Claims Registration Period Ends Dec. 17
----------------------------------------------------
Creditors of HLS-Service GmbH Schwarze Pum-pe have until Dec. 17
to register their claims with court-appointed insolvency manager
Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 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:

         Thomas Krafft
         Jagerallee 37 H
         14469 Potsdam
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against HLS-Service GmbH Schwarze Pum-pe on Nov. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HLS-Service GmbH Schwarze Pum-pe
         Attn: Hans-Rainer Mitrach, Manager
         Heinrichsfelder Allee 58
         03130 Spremberg
         Germany


JAHN DRUCK: Creditors' Meeting Slated for January 7, 2008
---------------------------------------------------------
The court-appointed insolvency manager for Jahn Druck GmbH, Marc
Herbert, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:05 a.m. on
Jan. 7, 2008.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on Feb. 18, 2008, at the same
venue.

Creditors have until Jan. 21, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Marc Herbert
         Neikesstrasse 3
         66111 Saarbruecken
         Germany
         Tel: 0681-954580
         Fax: 0681-954 5823

The District Court of Saarbruecken opened bankruptcy proceedings
against Jahn Druck GmbH on Nov. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Jahn Druck GmbH
         Attn: Thomas Jahn, Manager
         Vogelstrasse 13
         66538 Neunkirchen
         Germany


K.N. ARTWORK: Claims Registration Ends January 25, 2008
-------------------------------------------------------
Creditors of K.N. Artwork Werbetrager Produktions GmbH have
until Jan. 25, 2008, to register their claims with court-
appointed insolvency manager Dirk Decker.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against K.N. Artwork Werbetrager Produktions GmbH on Nov. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         K.N. Artwork Werbetrager Produktions GmbH
         Attn: Niko Albers, Manager
         Lokstedter Steindamm 31
         22529 Hamburg
         Germany


KBV VERMOEGENSBERATUNG: Claims Registration Ends Feb. 1, 2008
-------------------------------------------------------------
Creditors of KBV Vermoegensberatung Projektentwicklung GmbH have
until Feb. 1, 2008, to register their claims with court-
appointed insolvency manager Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt (Main)
         Germany
         Tel: 069/9623340
         Fax: 069/96233422
         Web site: http://www.brinkmann-partner.de/

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against KBV Vermoegensberatung Projektentwicklung
GmbH on Nov. 27.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         KBV Vermoegensberatung Projektentwicklung GmbH
         Hanauer Landstrasse 187-189
         60314 Frankfurt (Main)
         Germany


KUCK TELEFONLADEN: Claims Registration Ends Jan. 18, 2008
---------------------------------------------------------
Creditors of Kuck Telefonladen GmbH have until Jan. 18, 2008, to
register their claims with court-appointed insolvency manager
Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Jana Dettmer
         In der Suerst 3
         53111 Bonn
         Germany
         Tel: 0228/85080-21
         Fax: 02288508020

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

The Debtor can be reached at:

         Kuck Telefonladen GmbH
         Adolf-Dasbach-Str. 14
         53919 Weilerswist
         Germany


NUMOSIS LEASING: Claims Registration Period Ends Jan. 18, 2008
--------------------------------------------------------------
Creditors of Numosis Leasing und Vermietungen GmbH have until
Jan. 18, 2008, to register their claims with court-appointed
insolvency manager Dr. Joern-H. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Hamburg opened bankruptcy proceedings
against Numosis Leasing und Vermietungen GmbH on Nov. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Numosis Leasing und Vermietungen GmbH
          Hinrichsenstrasse 27
          20535 Hamburg
          Germany


TUI AG: TUI Travel Posts 5% Growth in December Pro-Forma Profit
---------------------------------------------------------------
TUI Travel plc released unaudited pro forma financial
information on Dec. 13, 2007.

                            Highlights

    * merger of First Choice Holidays plc and the tourism
      businesses of TUI AG successfully completed on
      Sept. 3, 2007

    * 100 day strategic review is progressing well and the
      integration of the two leading U.K. franchises remains
      on track

    * current trading remains strong with the outlook
      encouraging for both Winter 2007/08 and Summer 2008
      programs; U.K. Mainstream revenues up 5% for Winter and up
      11% for Summer

    * pro forma underlying operating profit up 5% at GBP287
      million (2006: GBP274 million) which compares to a market
      consensus for September 2007 of GBP277 million

    * the Specialist sectors delivered 36% growth in underlying
      operating profit to GBP129 million (2006: GBP95 million)
      while Mainstream profitability as anticipated is down 12%
      to GBP162 million (2006: GBP183 million) due to cost and
      yield pressures in the U.K. and Germany

    * acquisition of seventeen niche high growth specialist
      businesses for a maximum total consideration of GBP227
      million (2006: sixteen acquisitions for maximum
      consideration of GBP160 million); the acquisition
      pipeline remains strong

    * based on the current outlook, the Board remains confident
      that it will meet its expectations for the year ended
      Sept. 30, 2008

    * interim dividend of 5.9 pence per share recommended for
      2007

    * investor day scheduled for 29 January 2008

"As we approach the key booking period for both Winter and
Summer 2008, we are encouraged by our performance to date and
the ongoing level of demand for our portfolio of package and
specialist holidays.  The integration program continues to
advance as planned, with excellent progress made in the U.K. and
across other businesses.  We are confident that the combination
of organic and acquisition led growth, coupled with the synergy
benefits arising from integration, will deliver superior returns
for our shareholders.  Furthermore, by delivering both
underlying growth and synergies, we are building a platform
from which we can deliver sustainable long-term earnings and
margin growth," Peter Long, chief executive officer of TUI
Travel plc, commented.

                        Change of Year End

Following the creation, on Sept. 3, 2007, of TUI Travel via the
merger of First Choice and the tourism businesses of TUI AG, pro
forma financial information for the new Group is being provided.
This information is provided in order to reflect the change in
financial year-end of all TUI Travel's businesses.  First Choice
and its subsidiaries have moved from a Oct. 31 to a Sept. 30
year-end and TUI Tourism has changed its year-end from Dec. 31
to Sept. 30.

As previously highlighted, pro forma financial information
provided when the merger was announced on March 19 , and
financial information provided in the prospectus, published on
June 29, was based on a simple aggregation of these businesses'
previous October and December year-ends.  Accordingly, by
combining existing forecasts for First Choice to October 2007
and TUI Tourism to December 2007 the market arrived at a
consensus of GBP317 million.

The effect of changing the year-end for TUI Travel to September
reduces 2007 underlying operating profit by an estimated GBP30
million to a pro forma underlying operating profit of GBP287
million for the year ended 2007 (2006: GBP274 million).

The year-end harmonization adjustment is primarily as a result
of excluding the relevant months from the final calendar year
quarter for 2007 for both businesses and replacing them with
months from the final calendar year quarter for 2006.

The GBP30 million reduction has principally arisen because the
TUI Tourism Q4 2006 result is significantly weaker than the
consensus forecast Q4 2007 performance, with the improvement
primarily driven by the benefits from the TUI AG restructuring
program announced in December 2006, which are being realized in
Q4 2007.

                          Financial Highlights

    * pro forma underlying operating profit up 5% at
      GBP287 million (2006: GBP274 million)

    * pro forma underlying operating margin flat year-on-year
      at 2.2%

    * pro forma underlying operating profit includes profit on
      the sale and leaseback of aircraft of GBP15 million in
      2007 and GBP20 million in 2006.  Excluding these gains
      results in underlying operating profit of GBP272 million
      (2006: GBP254 million).  To the extent that profits of
      this nature arise from the asset management of aircraft in
      periods, they will not be included in underlying operating
      profit.

    * pro forma underlying earnings per share of 16 pence
     (2006: 15.7 pence)

    * as anticipated, Mainstream underlying operating profit was
      down 12% to GBP162 million (2006: GBP183 million)
      primarily as a result of significant cost pressures in the
      U.K. (Air Passenger Duty  and fuel) that were not fully
      recovered from the customer and yield pressures in early
      Summer trading in the German market.  The Nordics business
      delivered an excellent performance while Western Europe
      delivered an GBP18 million turnaround in pro forma
      underlying earnings.

    * the Specialist sectors' pro forma underlying operating
      profit increased by GBP34 million (up 36%) to GBP129
      million (2006: GBP95 million).

    * acquisitions of niche specialist businesses with a maximum
      consideration of GBP227m were made during the year (GBP151
      million cash paid during the  year) with the acquisition
      pipeline remaining strong.

    * separately disclosed items of GBP173.8 million (2006:
      GBP33.7 million)

                        Current Trading

Since the trading update announced on Nov. 8, the Winter 2007/08
season has continued to trade well with customer demand for both
package and specialist holidays encouraging.  For Summer 2008,
early indications are also positive, even though in a number of
Tui Travel's source markets, brochures have only just gone on
sale.

Winter 2007/08

Trading for the Winter programs has continued to track in line
with expectations, with all businesses now in the peak selling
period for the season.  As anticipated there has been a slight
slowdown in the rate of sale over the last few weeks as a result
of the exceptionally strong start to the season.  However, most
importantly, load factors are still ahead of the prior year in
all key source markets.

U.K. Mainstream trading remains strong with total sales up 5% on
5% lower volumes.  As previously announced, TUI Travel has
significantly reduced capacity within the short-haul segment
within both brands, down by 30% in Thomson and down by 22% in
First Choice, it continues to reduce its participation in the
short-haul segment, and primarily in the loss-making scheduled
"city pair" routes operated by Thomsonfly.  Sales in TUI U.K.
are 15% lower in short haul on lower volumes of 28%.  Within
First Choice, both medium haul and long haul continue to trade
well with sales up 19% and 20% on higher volumes of 9% and 14%
respectively, as consumer demand for Egypt, Cuba and Mexico
remains strong.  For the total U.K. program, the load factor is
four percentage points further sold than last year, with margins
tracking ahead.

The Nordic region has continued to benefit from the expansion of
the higher margin long haul program, where capacity is up 12%.
Consumer demand for long haul destinations, such as Thailand,
has driven sales growth of 16% on 12% higher volumes, with
margins also ahead of last year.

In both Central Europe and Western Europe, demand is encouraging
with sales up 8% in each region on capacity that is marginally
up.

In the specialist sectors, Canada has continued to trade
satisfactorily in a very difficult competitive environment,
while demand for Activity Holidays and Online Destination
Services has driven excellent growth with sales up 7% and 55%
respectively.

Summer 2008

Even though it remains very early in the booking cycle for
Summer 2008, TUI Travel is pleased with trading to date.

Since the last trading update in early November, trading in the
U.K. has continued to track in line with expectations. As a
result, load factors are four percentage points ahead of last
year with the First Choice program up four percentage points and
the Thomson program three percentage points ahead.  As
previously announced, TUI Travel has scaled back significantly
its short haul flying program with total capacity down 25%,
including a reduction of 30% in Thomson's short haul capacity.
As a consequence, sales are down 4% on 13% lower volumes.

The Nordic region summer program continues to perform strongly
with sales growth of 14% on higher volumes of 9%.  The program
is now one percentage point further sold than last year, and
despite ongoing cost pressures (primarily fuel), margins are
ahead of last year.

In Central Europe and Western Europe, bookings for Summer 2008
have only recently gone on sale, but in early trading we are
pleased with the promising start.  Sales are up 8% and 23%
respectively.

                            Outlook

As TUI Travel enters the key booking period for both Winter and
Summer 2008, it is encouraged by its performance to date and the
ongoing level of demand for its portfolio of package and
specialist holidays.

The integration program continues to progress as planned, with
excellent progress being made in the U.K. and across a number of
other business lines.  Based on the current outlook, the Board
remains confident that it will meet its expectations for the
current TUI Travel financial period ending Sept. 30,
2008.

TUI Travel firmly believes that the combination of organic and
acquisition led growth, coupled with the synergy benefits
arising from integration, will deliver superior returns for its
shareholders.  Furthermore, by achieving both growth and
synergies, it is building a platform from which it can deliver
sustainable long-term earnings and margin growth.

                          About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The Company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. subsidiaries.

                         *     *     *

As reported in the TCR-Europe on Aug. 21, 2007, Moody's
Investors Service placed the B1 Corporate Family Rating for TUI
Aktiengesellschaft on review for possible downgrade.

At the same time, the senior unsecured debt ratings are lowered
to B2 from B1, and left on review for possible downgrade.  The
ratings of the unsecured notes were originally placed on review
for possible downgrade on March 20, 2007, following the
announcement of the planned merger between TUI's tourism
division and First Choice PLC.

In a TCR-Europe report on July 27, 2007, Standard & Poor's
Ratings Services lowered its ratings on the senior unsecured
issues of Germany-based tourism and shipping group TUI AG to 'B'
from 'B+' and removed them from CreditWatch, where they were
originally placed with negative implications on March 19, 2007.

This follows the approval of the merger of its tourism business
with U.K. travel operator First Choice Holidays PLC to TUI
Travel PLC by antitrust authorities and First Choice
shareholders, resulting in increased structural subordination of
the group's senior unsecured indebtedness.  At the same time,
Standard & Poor's affirmed the 'BB-' long-term corporate credit
rating on TUI.  S&P said the outlook is negative.


TUI AG: Moody's Confirms B1 Corporate Family Rating
---------------------------------------------------
Moody's Investors Service confirmed the B1 Corporate Family
Rating for TUI Aktiengesellschaft, while the B2 unsecured rating
has been lowered to B3, and the subordinated rating is also
confirmed at B3.  The outlook is negative.

This concludes the review for possible downgrade that was
initiated on Aug. 17, 2007.

The confirmation of the Corporate Family Rating reflects the
significant strengthening in profitability in the third quarter
in both tourism and shipping, with the group reporting
underlying EBITA of EUR830 million in the quarter, versus
EUR573 million a year earlier.  The results are not fully
comparable due to the consolidation of First Choice plc as of
September 2007, but benefited nevertheless from stronger tourism
earnings in the French market, and higher transport volumes and
freight rates in the shipping business, in particular in the Far
East.  The company is currently predicting underlying full year
2007 earnings in tourism to be broadly in line with 2006, and
significantly higher in shipping.  Moody's notes that the
group's credit metrics should further benefit over time from the
full-year consolidation of First Choice.

As of third quarter 2007, the company's liquidity consisted
mainly of its EUR2.5 billion in cash on hand. The company also
retains an undrawn EUR1 billion syndicated loan facility
maturing 2009, as well as access to several undrawn committed
bilateral facilities.  The group reported EUR650 million in
short-term financial liabilities. The company has EUR385 million
in convertible notes maturing in December 2008, with subsequent
bond maturities in each year until 2012.  Moody's notes,
further, the group's strong seasonality in cash flows, with the
bulk of cash flow generated in the second and third quarters,
with the fourth quarter usually seeing a cash outflow.

Under the implementation of LGD, Moody's has assigned a
Probability of Default rating of B1 to TUI AG.  The rating of
the senior unsecured notes issued at TUI AG has been lowered to
B3 (LGD5, 80%), while the subordinated Euronotes are rated B3
(LGD6, 96%).  The notching between the CFR and the senior
unsecured notes reflects the substantial liabilities ranking
ahead of the notes within the group capital structure, which
have increased with the consolidation of TUI Travel plc.

The negative outlook reflects mainly the fact that the company's
metrics remain weakly positioned for the rating category,
although some improvement is expected toward year-end if the
company's forecasts are realized.  The outlook could be
stabilized if a combination of improved profitability at TUI's
core operations in conjunction with the full year consolidation
of First Choice leads to Total Debt/EBITDA falling towards 6.5x.
Conversely, the rating could be negatively impacted if a
reversal in the most recent trend results in leverage exceeding
7.5x on a continued basis, or if concerns develop about
liquidity.

TUI AG, based in Hanover, Germany, is Europe's largest
integrated tourism group and a leading provider of container
shipping services, with reported revenues and underlying EBITA
of EUR20.9 billion and EUR369 million in 2006, respectively.


WOLFGANG JANTSCH: Claims Registration Period Ends Jan. 16, 2008
---------------------------------------------------------------
Creditors of Wolfgang Jantsch Wollfabrikations-Gesellschaft mbH
have until Jan. 16, 2008, to register their claims with court-
appointed insolvency manager Dr. Bernd Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 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. Bernd Peters
          Am Wall 146
          28195 Bremen
          Germany
          Tel: 0421/24 40 09-0
          Fax: 0421/24 40 09-29

The District Court of Verden (Aller) opened bankruptcy
proceedings against Wolfgang Jantsch Wollfabrikations-
Gesellschaft mbH on Nov. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Wolfgang Jantsch Wollfabrikations-Gesellschaft mbH
          Am Triften 13
          28876 Oyten
          Germany


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


ARVINMERITOR INC: Signs Deal to Acquire Mascot Truck
----------------------------------------------------
ArvinMeritor Inc. has entered into an agreement to acquire
Mascot Truck Parts Ltd.  Terms of the acquisition were not
disclosed.

Mascot's 170 full-time employees, six remanufacturing locations,
and current customer base will become part of the ArvinMeritor
team.  Mascot enjoys a customer satisfaction level with its
loyal customers in Canada and the United States.

"This expansion of our remanufacturing business makes sense for
our customers and aligns with our business strategy to grow the
aftermarket business," Carsten Reinhardt, president of
ArvinMeritor's Commercial Vehicle Systems business, said.
"Mascot has a similar passion for providing its customers with
high-quality, dependable, remanufactured components - all of
which complement the ArvinMeritor remanufacturing model."

"Our reputation for quality, customer service, wholesale-only
distribution, and extensive product knowledge are considerable
assets that we have developed for many years. We believe this
arrangement between ArvinMeritor and Mascot will offer the
market products and services unmatched by our competition,"
Glenn Hanthorn, president of Mascot, said.

Mascot's six Canadian remanufacturing locations - including
three in Mississauga, Ontario; and one each in Edmonton,
Alberta; Moncton, New Brunswick; and Boucherville, Quebec - well
as its network of logistic centers across North America that
provides customers with immediate availability of remanufactured
products - will become integral to ArvinMeritor's
remanufacturing business.

ArvinMeritor established its axle carrier remanufacturing
operation in 1982 at its Florence, Kentucky, national parts
distribution center, and has since moved that operation into a
major remanufacturing center that now includes brake shoes,
transmissions and trailer axles, with 275,000 sq. ft. and 220
employees in Plainfield, Indiana.

In late 2006, ArvinMeritor reached two remanufacturing
milestones with production of its 10 millionth brake shoe and
50,000th axle differential carrier produced for North American
customers.

                    About Mascot Truck Parts

Headquartered in Mississauga, Ontario, Canada, Mascot Truck
Parts Ltd. is a remanufacturer of transmissions, drive axle
carriers,
steering gears and drivelines.  Founded in 1936, these products
are available from more than 20 facilities in Canada and the
U.S., allowing delivery of quality products and service across
North America.

                        About Arvinmeritor

Headquartered in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves commercial truck, trailer and specialty original
equipment manufacturers and certain aftermarkets, and light
vehicle manufacturers.   ArvinMeritor employs about 29,000
people at more than 120 manufacturing facilities in 25
countries.  These countries are: China, India, Japan, Singapore,
Thailand, Australia, Venezuela, Brazil, Argentina, Belgium,
Czech Republic, France, Germany, Hungary, Italy, Netherlands,
Spain, Sweden, Switzerland, United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Fitch Ratings downgraded its ratings on ArvinMeritor Inc.
including Issuer Default Rating to 'BB-' from 'BB'; Senior
secured revolver to 'BB' from 'BB+'; and Senior unsecured notes
to 'B+' from 'BB-'.  The rating outlook is negative.

Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  The outlook is negative.

Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable.  Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%).  The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2.  The outlook is stable.


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


SACHSEN LB: Parties Reach Deal on LBBW Takeover
-----------------------------------------------
The proposed Landesbank Baden-Wuerttemberg takeover of
Landesbank Sachsen Girozentrale (Sachsen LB) on Jan. 1, 2008,
faced no more obstacles as shareholders, guarantors and the
management of both banks agreed Dec. 13, 2007, on the core
details of the final transfer of ownership.

A sustainable solution has been found for Sachsen LB and the
basis for a lasting future of its Leipzig location has been
established.

In an article by Stewart Douglas for Banking Times, the proposed
takeover bid faced problems on who would foot the bill for
potential liabilities after the Saxon authorities said they were
not prepared to contribute financially.

According to the report, Saxony will now guarantee up to GBP2
billion of the bank's outstanding potential obligations, subject
to the approval of the local parliament.

               About Landesbank Baden-Wuerttemberg

Headquartered in Stuttgart, Germany, Landesbank Baden-
Wuerttemberg -- http://www.lbbw.de/-- is a universal and
international commercial bank.  It is among Germany's five
largest banks, with total assets of EUR428 billion and a work
force of over 12,000 employees scattered in 230 branches.

Branches in New York, London, Singapore, Beijing, and Mexico
City as well as a large number of representative offices provide
Germany's export-oriented economy with support abroad.

                        About Sachsen LB

Headquartered in Dublin, Ireland, Landesbank Sachsen
Girozentrale (Sachsen LB) -- http://www.sachsenlb.ie/EN/Home/--
employs around 600 persons and had total assets of roughly EUR68
billion at the end of 2006.  Its present owners are the Sachsen-
Finanzgruppe and the Free State of Saxony.  The two owners will
transfer their shares to LBBW, receiving LBBW shares in return.
Within the LBBW group Sachsen LB will be run in the form of a
parent-subsidiary model.  A similar model is currently operated
with success with Landesbank Rheinland-Pfalz, which has belonged
to the LBBW group for several years.


SACHSEN LB: Moody's Cuts Bank Financial Strength Rating to E+
-------------------------------------------------------------
Sachsen LB's and Sachsen LB Europe's debt and deposit ratings
placed under review for possible downgrade

Moody's Investors Service downgraded the Bank Financial Strength
Ratings of Landesbank Sachsen AG and its subsidiary Sachsen LB
Europe plc to E+ from C-with a developing outlook.

The E+ translates into a Baseline Credit Assessment of B3 for
both banks.  This concludes the BFSR's review for downgrade that
was initiated on Aug. 17, 2007.

At the same time, SachsenLB's Aa2 senior unsecured debt and
deposit ratings, the Aa3 subordinated debt rating as well as
SLBE's Aa3 debt and deposit ratings were today placed under
review for possible downgrade. Previously, these ratings had a
developing outlook.  The P-1 short-term ratings for both banks
have been affirmed.

In addition, SachsenLB's upper Tier II hybrid securities
(grandfathered Genussscheine previously rated Aaa) have been
downgraded to Caa1 with a developing outlook, further to a
review for downgrade of some guaranteed German hybrid securities
initiated by Moody's on 19 October 2007.

Additionally, Moody's affirmed, with a stable outlook,
SachsenLB's and SLBE's Aaa rating for obligations qualifying for
the grandfathering of "Anstaltslast" (a maintenance obligation)
and "Gewaehrtraegerhaftung" (a guarantee obligation), which were
abolished in July 2005.

The BFSR downgrade for SachsenLB is based on Moody's view that:

   (i) the current financial strength of the bank leaves limited
       capacity for a recovery, given excessive on- and off-
       balance sheet losses on structured credit products
       expected for 2007, as well as major shortfalls in
       liquidity;

  (ii) SachsenLB's franchise and financial profile have been
       materially impaired, taking into account that a major
       portion of group profits, stemming from SLBE's
       structuring business, will likely fall away; and

(iii) severe weaknesses in risk management.

The developing outlook takes into account two different aspects:

   (i) the continued uncertainties associated with the ongoing
       turbulence in the credit markets which make it difficult
       to predict structured-product-related losses; and

  (ii) the low visibility as to the size and risk profile of
       SachsenLB after the completion of the ongoing
       restructuring of the bank.

The BFSR downgrade for SLBE reflects similar reasons as stated
for the parent bank, in particular our view that the future
viability of its business model is fundamentally impaired given
the financial and reputational damage caused by heavy losses and
the ongoing efforts of the German public sector banks and the
State of Saxony to support both banks and their conduits.

Against this background, Moody's notes that SachsenLB's and
SLBE's deposit and debt ratings continue to benefit from proven
strong cross-sector support from German public-sector banks and
from its public-sector owners, most prominently the Free State
of Saxony. Nevertheless, the review process will focus on
additional support that may potentially be available going
forward, since Moody's believes there is a high likelihood that
Landesbank Baden-Wrttemberg (C+/Aa1, with a negative outlook)
will acquire SachsenLB along with SLBE, thereby becoming the
100% owner of both entities with effect from 1 January 2008. The
decision to maintain the deposit and debt ratings of both banks
on review for possible downgrade mainly takes into account the
possibility that the transaction may not materialise; however,
Moody's considers this to be an unlikely scenario. The rating
agency further adds that, apart from the outcome of the planned
acquisition, the review will also focus on the degree of
commitment from as well as the integration into LBBW, assuming
that the transaction will be completed.

SachsenLB's Upper Tier II Profit Participation Certificates
(Genussscheine), which Moody's has today downgraded to Caa1
(developing outlook), benefit from the grandfathering of legal
guarantees of Anstaltslast and Gewaehrtraegerhaftung.  Moody's
had previously rated these guaranteed securities at the same
level as other senior and subordinated instruments which also
benefit from the grandfathering of these public law guarantees.
The downgrades reflect Moody's view that the public law
guarantee on these hybrid securities provides less protection
for investors in light of the contractual feature of
Genussscheine which, in times of heavy losses, mandates a write-
down to principal prior to liquidation or bankruptcy
proceedings. Under such circumstances, the public law guarantee
would not apply to the entire original principal amounts, but
would only cover the remaining contractual amounts incorporating
any write-downs to principal. The Caa1 rating particularly
considers the potential for interest deferral and/or principal
write-down, which would be triggered by a net loss, against our
expectation of sizeable losses of SachsenLB in 2007.

Headquartered in Leipzig, Germany, SachsenLB was founded in
1992. The bank is owned by the Sachsen-Finanzgruppe (62.96%) and
the Free State of Saxony (37.04%). At year-end 2006, SachsenLB
had total assets of EUR68 billion.

Sachsen LB Europe plc, a fully owned subsidiary of SachsenLB, is
headquartered in Dublin, Ireland and had assets of EUR4.5
billion at year-end 2006.


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


DANA CORP: Addresses Objections to Confirmation of Plan
-------------------------------------------------------
Dana Corp. and its debtor-affiliates received only 11 timely
objections to confirmation of their Joint Plan of Reorganization
-- a remarkably small number considering the size and scope of
the Debtors' Chapter 11 cases, Corinne Ball, Esq., at Jones Day,
in New York, tells the U.S. Bankruptcy Court for the .  She
relates that the Debtors have endeavored to resolve the
objections consensually, hence, only four objections remain
unresolved.

These are the Ad Hoc Committee of Asbestos Personal Injury
Claimants together with Jose Angel Valdez' objections, the Lead
Plaintiffs' objection and Ogre Holdings' objection.  Thus, the
Debtors have chosen to respond to these four objections.

A. Ogre Holdings

Ogre Holdings, Inc.'s objection to the allegedly discriminatory
treatment accorded Tort Claim classified in Class 5B has been
addressed by a proposed modification of the the Plan, which will
more accurately effect the Debtors' intent of preventing a
double recovery to holders of Tort Claims, Ms. Ball points out.

In addition, Ms. Ball says that Ogre Holdings' allegation the
the Plan has not been proposed in good faith within the meaning
of Section 1129(a)(3) of the Bankruptcy Code has no basis in
law.

B. Lead Plaintiffs

In their objection, the Lead Plaintiffs asserted that:

   (i) the Plan contains impermissibly broad releases and
       injunctions; and

  (ii) the Plan should not impact the rights of the Lead
       Plaintiffs or the securities class, either through
       injunctive relief or discharge, to pursue their
       securities claims to the extent of the proceeds of
       certain liability insurance policies the Debtors maintain
       in favor of their directors and officers.

According to Ms. Ball, the Debtors have addressed the Lead
Plaintiffs' first objection.  With regard to the second
objection, she adds that it has been partially addressed through
a proposed addition to the Confirmation Order, which will assure
that nothing in the Plan or its confirmation will prevent the
Lead Plaintiffs from accessing the insurance available to the
non-Debtor defendants in the Securities Litigation.

C. Asbestos Claimants

The Ad Hoc Committee and Jose Angel Valdez' objections, among
other things, allege that:

   (i) the Debtors' implementation of the Restructuring
       Transactions, among other things, leaves Asbestos
       Personal Injury Claims impaired; and

  (ii) the Plan does not provide payment to holders of Asbestos
       Personal Injury Claims once these claims are allowed.

There can be no question as to the impairment of Class 3
Asbestos Personal Injury Claims under the Plan, Ms. Ball says.
She explains that the Asbestos Personal Injury claimants will be
reinstated against a solvent Reorganized Dana in accordance with
Section 1124(1) of the Bankruptcy Code.

According to Ms. Ball, the Asbestos Personal Injury Claimants
may also continue to prosecute, and settle if they so choose,
precisely the same claims and cases they possessed before the
Petition Date against the same entities with the same insurance
resources and significantly improved balance sheets.

"At the heart of the objection is the Asbestos Personal Injury
Claimants' evident desire to receive a windfall -- that is, more
than they could have recovered from the Debtors upon their
disputed, contingent, unliquidated and unproven claims if these
bankruptcy cases had not been filed -- at the expense of the
Debtors' other creditors," Ms. Ball says.

Ms. Ball asserts that the Asbestos Personal Injury claimants
these Chapter 11 cases to obtain greater rights against the
Debtors than they enjoyed before the Petition Date, hence, Court
should overrule the Asbestos objections.

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Bankruptcy Court to Confirm Reorganization Plan
----------------------------------------------------------
During a confirmation hearing on Dec. 12, 2007, for Dana Corp.'s
Chapter 11 case, the Honorable Burton R. Lifland of the U.S.
Bankruptcy Court for the Southern District of New York disclosed
that he will "entertain an appropriate order of confirmation"
with respect to the company's Plan of Reorganization.  The judge
ruled that all Chapter 11 requirements for confirmation have
been satisfied.

The company is expected to submit the order of confirmation by
Dec. 21, 2007.

The company is positioned to emerge from bankruptcy by the end
of January 2008.

"This is another important step toward our emergence as a
financially stable company that is positioned to compete
vigorously in our global markets," said Dana Chairman and CEO
Mike Burns.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.
(Dana Corporation Bankruptcy News, Issue No. 65; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DANA CORP: Names Post-Bankruptcy Board of Directors
---------------------------------------------------
Dana Corporation disclosed the selection of nine individuals who
are expected to serve as members of the board of directors of
Dana upon emergence from Chapter 11 reorganization.  The board
will include Dana Chairman and Chief Executive Officer Mike
Burns, who is expected to be named Chief Executive Officer.  At
emergence, it is expected that the offices of Chairman and Chief
Executive Officer will be separate.

"We are pleased to welcome this group of highly respected
individuals to the Dana team and look forward to benefiting from
their perspective and guidance as we embark on our new
beginning," Mr. Burns said.  "The combined experience, business
acumen, and high ethical standards represented by this board
will provide a sound foundation for our future success."  The
board, which has been selected by creditors and new investors,
assembles distinguished leaders from government, finance, and
automotive backgrounds.  Collectively, the board represents more
than 170 years of automotive industry experience.

                Proposed New Board of Directors

Upon confirmation of the company's Plan of Reorganization by
the Court, the board of directors will take office on the
effective date of the plan. Joining Mr. Burns on the board will
be:

Gary L. Convis, 65, retired in 2007 as the Chairman of Toyota
Manufacturing, Kentucky and Executive Vice President of Toyota
Motor Engineering & Manufacturing North America, Inc., where he
had served since 2002. Prior to serving in these roles, Mr.
Convis spent 16 years at New United Motor Manufacturing, Inc.
Mr. Convis also spent more than 20 years in various roles with
General Motors Corporation and Ford Motor Company. Mr. Convis is
also a board member of Cooper-Standard Automotive Inc. and
Compass Automotive Group, Inc.

John M. Devine, 63, is the former Vice Chairman and Chief
Financial Officer of General Motors Corporation, where he served
from 2001 to 2005.  Prior to joining GM, Mr. Devine served as
Chairman and Chief Executive Officer of Fluid Ventures, LLC.
Previously, he spent 32 years at Ford Motor Company, where he
last served as Executive Vice President and Chief Financial
Officer.  Mr. Devine is also currently a board member of
Amerigon Incorporated.

Mark T. Gallogly, 50, is Managing Partner of Centerbridge
Partners, L.P., a multi-strategy private investment firm.  Prior
to co-founding Centerbridge, Mr. Gallogly served as a Senior
Managing Director of The Blackstone Group from 1994 to 2005,
heading the firm's Private Equity Group from 2003 to 2005.
Richard A. Gephardt, 66, is a senior counsel in the Government
Affairs practice group at DLA Piper, one of the world's largest
law firms.  Previously, Mr. Gephardt served as a Congressman for
Missouri's Third Congressional District for 28 years.  He was
the leader of the House Democrats for more than a decade,
serving as House majority leader from 1989 to 1994 and minority
leader from 1995 to 2003.

Stephen J. Girsky, 45, is President of Centerbridge Industrial
Partners, LLC. Prior to joining Centerbridge, Mr. Girsky was the
Special Adviser to the Chief Executive Officer and Chief
Financial Officer of General Motors Corporation from 2005 to
2006.  Prior to joining GM, Mr. Girsky was managing director at
Morgan Stanley and the senior analyst of the Morgan Stanley
Global Automotive and Auto Parts Research Team.

Terrence J. Keating, 58, is Chairman of Accuride Corporation,
one the largest and most diversified manufacturers and suppliers
of commercial vehicle components in North America.  He has
served as CEO and a director of Accuride Corporation since 2002,
and was named Chairman of the company earlier this year.  He
recently announced plans to retire from active employment as an
officer of the company at the end of 2008.  Mr. Keating also
serves as Vice Chairman and a director of the Heavy Duty
Manufacturers Association.

Mark A. Schulz, 55, is the former President of International
Operations of the Ford Motor Company, where he spent 32 years in
a variety of global roles.  Mr. Schulz serves as a member of
several boards, including the National Committee of United
States-China Relations, the United States-China Business
Council, and the National Bureau of Asian Research. He is also a
member of the International Advisory Board for the President of
the Republic of the Philippines.  Mr. Schulz is also currently a
board member of YRC Worldwide Inc.

Jerome B. York, 69, has served as Chief Executive Officer of
Harwinton Capital LLC, a private investment company that he
controls, since 2000.  From 2000 to 2003, Mr. York was Chairman
and Chief Executive Officer of MicroWarehouse, Inc.  From 1995
to 1999, he served as Vice Chairman of Tracinda Corporation.  He
served as Senior Vice President and Chief Financial Officer of
IBM Corporation from 1993 to 1995.  Prior to that, Mr. York
spent 14 years at Chrysler Corporation serving as its Chief
Financial Officer from 1990 to 1993.  Mr. York is also currently
a director of Apple Inc. and Tyco International Ltd.

                          All-Star Cast

The Detroit Free Press notes that Dana is assembling "an all-
star board of directors", with former top executives from the
world's three biggest automakers, a former adviser to General
Motors Corp. CEO Rick Wagoner, and Mr. Wagoner's onetime
nemesis, Jerome York.

Among the new directors and officers are former auto auto
executives:

   * Gary Convis was retired chairman of Toyota Motor Corp.'s
     Toyota Manufacturing, Kentucky;

   * John Devine is a former vice chairman and chief financial
     officer of General Motors Corp.; and

   * Mark Schulz is a former president of International
     Operations of the Ford Motor Co.

Mr. York is a former Chrysler Corp chief financial officer and
has been an adviser to investor Kirk Kerkorian.  Mr. York
resigned from GM's board promptly after talks of a possible tie
up with Nissan Motor Co. and Renault SA died down.  Mr.
Kerkorian's Tracinda Corp., who had pushed for the tie-up,
later disposed of his shares in GM, which went as high as 9.9%.

Mr. Girsky was a special adviser to the CEO and CFO of GM from
2005 to 2006.

                 Burns Stepping Down as Chairman

Mr. Burns is relinquishing his title as chairman of Dana.

Mr. Burns is, however, to expected to remain with the company.
According to documents submitted to the Court, Michael J. Burns
will be the President, Chief Executive Officer and Chief
Operating Officer for Dana Holding Corporation and Dana Limited.

FutureoftheUnion.com notes that Judge Lifland had authorized the
company to pay up to US$6,750,000 in cash and stock to Mr. Burns
when the company exits bankruptcy.

Buffalo Business First recounts that Mr. Burns was a GM vice
president in charge of Delphi Harrison Thermal Systems in
Lockport from 1994 to 1996.  He left the auto-maker to join Dana
in 2004.

A complete list of New Dana Holdco's directors and officers is
available for free at:

         http://bankrupt.com/misc/NewDanaHoldco_D&O's.pdf

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


EUROHOME ITALY: Moody's Rates EUR10.3 Mln Class E Notes at (P)B3
----------------------------------------------------------------
Moody's Investors Service assigns provisional ratings to these
classes of Notes to be issued by Eurohome (Italy) S.r.l.:

   -- (P)Aaa to the EUR211,950,000 Class A Mortgage Backed
      Floating Rate Notes due November 2054

   -- (P)Aa2 to the EUR15,900,000 Class B Mortgage Backed
      Floating Rate Notes due November 2054

   -- (P)A1 to the EUR11,550,000 Class C Mortgage Backed
      Floating Rate Notes due November 2054

   -- (P)Baa2 to the EUR7,200,000 Class D Mortgage Backed
      Floating Rate Notes due November 2054

   -- (P)B3 to the EUR10,300,000 Class E Mortgage Backed
      Floating Rate Notes due November 2054

   -- The Class Z Mortgage Backed Fixed Rate and Variable
      Return Notes are not rated.

The transaction represents the securitization of Italian
residential mortgage loans originated by Deutsche Bank Mutui
S.p.A., a wholly owned subsidiary of Deutsche Bank S.p.A., which
is 94% owned by Deutsche Bank AG, rated Aa1/Prime-1. The assets
supporting the Notes are prime mortgage loans secured on
residential properties located in Italy.  The portfolio will be
serviced by Deutsche Bank Mutui S.p.A.

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.

A quite interesting feature for the Italian market is that for
around 26% of the mortgage loan receivables debt consolidation
is the purpose of the loan and for around 21% it is cash-
out/equity release.

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 risk associated with the transaction.
Other non-credit risks have not been addressed but may have
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.


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


ARMAN ENGINEERING: Claims Deadline Slated for Jan. 11, 2008
-----------------------------------------------------------
LLP Arman Engineering has declared insolvency.  Creditors have
until Jan. 11, 2008, to submit written proofs of claims to:

         LLP Arman Engineering
         Jandosov Str. 34a
         Almaty
         Kazakhstan


ATAMEKEN-SECURITY LLP: Claims Registration Ends Jan. 11, 2008
-------------------------------------------------------------
LLP Atameken-Security has declared insolvency.  Creditors have
until Jan. 11, 2008, to submit written proofs of claims to:

         LLP Atameken-Security
         Seifullin ave. 597
         Almaty
         Kazakhstan
         Tel: 8 (3272) 34-77-43


AZTM-ENERGO LLP: Claims Filing Period Ends Jan. 11, 2008
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aztm-Energo insolvent on Oct. 16.

Creditors have until Jan. 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tole bi Str. 189
         Almaty
         Kazakhstan


CASPIAN INDUSTRIAL: Creditors' Claims Due on Jan. 11, 2008
----------------------------------------------------------
LLP Caspian Industrial Enterprises Limited [is liquidating].  
Creditors have until Jan. 11, 2008, to submit written
proofs of claims to:

         LLP Caspian Industrial Enterprises Limited
         Nauryzbai batyr Str. 146
         Almaty
         Kazakhstan


CATALIZATOR LLP: Claims Registration Ends Jan. 11, 2008
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Catalizator insolvent.

Creditors have until Jan. 9, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Uralsk
         West Kazakhstan
         Kazakhstan


JANAKALA CJSC: Claims Deadline Slated for Jan. 11, 2008
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared CJSC Janakala insolvent on Oct. 5.

Creditors have until Jan. 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


KAZEXIM BIO: Creditors Must File Claims by Jan. 11, 2008
--------------------------------------------------------
LLP Kazexim Bio has declared insolvency.  Creditors have until
Jan. 11, 2008, to submit written proofs of claims to:

         LLP Kazexim Bio
         Sain Str. 30
         Almaty
         Kazakhstan
         Tel: 8 (3272) 66-74-98


SAUDA-COMPANY LTD: Claims Filing Period Ends Jan. 11, 2008
----------------------------------------------------------
LLP Sauda-Company Ltd has declared insolvency.  Creditors have
until Jan. 11, 2008, to submit written proofs of claims to:

         LLP Sauda-Company Ltd
         Aiteke bi Str. 100
         Almaty
         Kazakhstan



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


DA DIL: Creditors Must File Claims by January 11, 2008
------------------------------------------------------
LLC Da Dil Ta Ba No- Ltd. (INN 00307200610053) has declared
insolvency.  Creditors have until Jan. 11, 2008, to submit
written proofs of claim to:

         Beki-Kapa Str. 198
         Kyzyl Kyshtak
         Karasuisky District
         Osh
         Kyrgyzstan

Inquiries can be addressed to:

          (0-543) 97-49-02
          (0-773) 44-49-11


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


CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors
----------------------------------------------------------------
CA Inc. reported that Lewis Ranieri, who led CA's Board of
Directors through one of the most critical periods in the
company's 31-year history, has retired from the Board, effective
Dec. 10, 2007.

In informing the Board of his decision, Ranieri, 60, cited
family circumstances as the reason for ending his six-year
tenure on CA's Board of Directors. Mr. Ranieri was re-elected to
CA's Board last August with more than 97 percent of votes cast
for his election.

"I am truly honored to have been part of the turnaround at CA,
and feel I leave the company in strong hands with a strong board
led by you as its chairman and John Swainson as its CEO," Mr.
Ranieri wrote to William E. McCracken, CA's non-executive
chairman of the Board.

Mr. Ranieri began his service as a director of the Company in
2001, served as lead independent director from May 2002 to
April 2004, and served as non-executivechairman of the Board
from April 2004 to June 2007.

In his role first as lead independent director and then as non-
executive chairman, Mr. Ranieri is credited with leading the
Board during the investigation of accounting improprieties,
negotiating a successful settlement with the government and
rebuilding the Company.

"The CA that exists today is a direct result of the dedication
and commitment of Lewis Ranieri," Mr. McCracken said.  "His
unselfish leadership was key to restoring confidence in the
Company with shareholders, customers and employees."

"Lewis made tremendous contributions to this Company, and his
leadership has been vital to CA's transformation," Mr. Swainson
said. "I am personally grateful for his support and guidance
over the years.  We wish him the best."

The company said it will not replace Mr. Ranieri at this time.
With Mr. Ranieri's retirement, CA's Board now numbers 11
members.

                       About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

    -- Issuer Default Rating at 'BB+';

    -- Senior unsecured revolving credit facility expiring 2008
       at 'BB+';

    -- Senior unsecured debt at 'BB+'.


EVRAZ GROUP: S&P Affirms BB- on Planned Acquisitions
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate and senior unsecured debt ratings on Russia-based
steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd., following Evraz's announcement of the planned
acquisition of U.S.-based Claymont Steel Inc. (B/Watch Pos/--)
and certain steel, iron ore, and coking plants in the Ukraine.

At the same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

"The affirmation reflects our view that the planned acquisitions
are supportive to Evraz's business risk profile, notably the
Ukrainian assets, which will increase steel-making raw materials
supply and backward integration into iron ore, improving self-
sufficiency, and will serve as an outlet for the group's
metallurgical coal," said Standard & Poor's credit analyst Alex
Herbert. Geographic diversification will also be enhanced.

"We also note favorably that Evraz plans to raise new equity as
part of the acquisition cost of the Ukrainian operations, which
will mitigate the negative impact on its leverage profile," said
Mr. Herbert.

This will be needed to ensure that the company remains within
its leverage ratio target of reported net debt to EBITDA of
1.5x. Equity issuance is important in our assessment of the
group's financial policy and the ratings.  The acquisitions are
expected to close in early 2008, and will need to be smoothly
integrated into the group.

The positive outlook reflects the possibility of a one-notch
upgrade to the long-term corporate credit ratings on Evraz and
Mastercroft in the next 12 months-18 months if, as expected,
strong cash flow generation continues, and leverage remains
moderate, despite higher debt caused by recent acquisitions,
other investments, and capital expenditures. Furthermore, we
expect ratings to be supported by ongoing business risk profile
improvements from increased raw-materials supply and broader
geographic diversification.

Negative rating pressure could develop if major debt-financed
acquisitions are undertaken, steel prices decline significantly,
or cash flow generation weakens to a level that would not cover
capital spending.  Upside rating potential, beyond the possible
one notch, is constrained by the group's financial policy, its
mainly commodity-type products, and the cyclical, capital-
intensive industry, where the main cash-generating assets are in
Russia.


EVRAZ GROUP: Ukrainian Asset Purchase Cues Fitch to Hold BB IDR
---------------------------------------------------------------
Fitch Ratings has affirmed Luxembourg-based Evraz Group SA's
Long-term Issuer Default and senior unsecured ratings at 'BB'
and Short-term rating at 'B'.  The affirmation follows the
announcement that the company plans to acquire the US-based
steel maker Claymont Steel Holdings for US$565 million and
several Ukrainian assets.

At the same time, Fitch has affirmed the ratings of Mastercroft
Limited (Evraz's core subsidiary with most of its assets
concentrated in Russia) at Long-term IDR 'BB' and Short-term IDR
'B'.  Evraz Securities SA's senior unsecured rating is affirmed
at 'BB'.  The Outlooks for Evraz's and Mastercroft Limited's
Long-term IDRs are Stable.

The acquisitions are in line with an acquisitive growth strategy
outlined by the company. Fitch notes that through acquisition of
Claymont, Evraz will continue expanding its presence in North
America following the acquisition of Oregon Steel Mills in 2006.
In addition, the group will diversify its product portfolio into
more value added products (production of plates) and could gain
synergy effects through supplies of slabs produced at the
Russian facilities to Claymont.

The acquisition targets in Ukraine include: Sukhaya Balka (iron
ore), Dnepropetrovsk Steel Works (steel), Bagleykoks (coke),
Dneprkoks (coke) and Dneprodzerzhinsk Coke Chemical Plant
(coke).  Through these acquisitions, Evraz will further increase
its self-sufficiency in iron ore, which is crucial in light of
rising iron ore prices, as well as achieve geographic
diversification into a fast growing market with a relatively low
cost production base.  The company will also be able to use the
excess coal produced at its coking coal divisions for coke
making.

The acquisitions will be financed primarily with cash from
syndicated credit facilities of US$3.2 billion raised by the
group recently to refinance short-term bridge facilities used
for the Oregon acquisition as well as additional equity
issuance. Assuming that the acquisitions will take place in
2007, Fitch expects gross debt/EBITDA to exceed the company's
internal financial target of 1.5x. Nonetheless, the agency
believes that the company will be able to substantially
deleverage over 2008.

"Fitch gains comfort from the fact that Evraz has so far adhered
to a prudent financial policy and has a track record of
successful integration of acquired assets," says Angelina
Valavina, Director in Fitch's Corporates Department.

Fitch notes that the current acquisitions will somewhat limit
Evraz's short-term financial flexibility within its current
ratings. Furthermore, Fitch will monitor the integration of the
acquired businesses and deleveraging of the group.

Evraz is Russia's largest vertically integrated steel producer
by domestic output and the 13th-largest worldwide.  Through
recent acquisitions, Evraz has gained a footprint in the US,
Italy, Czech Republic and South Africa. Its fiscal year 2006
revenue was US$8.3 billion.


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


CORPORATE EXPRESS: Debt Reduction Cues S&P to Affirm BB- Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Netherlands-based office products
distributor Corporate Express N.V.  The rating was removed from
CreditWatch with negative implications, where it had been placed
on Sept. 7, 2007. The outlook is negative.

"The affirmation reflects that the erosion in the company's
profitability is not as severe as initially expected," said
Standard & Poor's credit analyst Marketa Horkova.

Ms. Horkova added "The company's credit measures were below
expectations for the 12 months to Sept. 30, 2007.  Nevertheless,
once proceeds from the disposal of ASAP Software, the effect of
a share repurchase by majority-owned subsidiary Corporate
Express Australia, and the acquisition of Canada-based
Davenport Office are factored in, financial ratios, namely fully
adjusted net debt to EBITDA, will return to the minimum
financial guidelines of 4.7x required for the rating level."

Improvements in operating performance in Europe and Australia
are partially offsetting the lower profitability of the North
American business caused by a difficult operating environment in
the U.S., where soft economic conditions curb discretionary
spending and it is difficult to fully pass on supplier price
increases.  Corporate Express was also affected by last year's
reorganization of its North American division, which weakened
its sales force performance, curbing profitability at this
important group EBITDA contributor.

The company has renegotiated covenants on senior bank debt to
accommodate an increase in leverage and currently has sufficient
headroom.  S&P expects free cash flows to remain positive, which
strongly limits the risk of a credit
crunch.

"Standard & Poor's remains concerned that the prevailing soft
macroeconomic conditions in the company's biggest market, the
U.S., could curb the restoration of better ratios," said Ms.
Horkova.

All financial flexibility within the rating has been exhausted
and at current leverage levels there is limited headroom for
further operational underperformance or potential acquisitions,
even on a smaller scale.

The rating could be lowered if the company cannot demonstrate
that its operating performance can withstand negative pressures
in the downturn phase of the cycle and if, as a consequence, its
credits metrics deteriorate significantly below our expectations
for the rating.

The outlook could be revised to stable if the company can
improve its financial profile and demonstrate its ability to
sustain adjusted debt to EBITDA below 4.7x through the economic
cycle.


MARS 2004: Fitch Affirms EUR12 Million Class E Notes at BB
----------------------------------------------------------
Fitch Ratings has affirmed MARS 2004 B.V.'s floating-rate
credit-linked notes:

   -- EUR28 million Class C (ISIN XS0206867235): affirmed at
      'A-'

   -- EUR36 million Class D (ISIN XS0206869108): affirmed at
      'BBB-'

   -- EUR12 million Class E (ISIN XS0206870619): affirmed at
      'BB'

The transaction constitutes a synthetic securitization of loans
to small- and medium-sized enterprises in the Netherlands,
originated by ING Bank N.V.

The affirmation reflects the transaction's relatively low loss
rate and a reduced risk horizon to maturity.  Default volume to
date is EUR2 million (0.01% of the maximum portfolio balance).
Cumulative realised losses to date are also relatively low at
EUR1.3 million (0.065% of the maximum portfolio balance).  The
weighted average internal rating is currently 10.33 out of a
maximum of 22.  The current portfolio notional balance of
EUR1.826 billion is relatively close to its maximum balance of
EUR2 billion.  The healthy credit enhancement, high recovery
rates and seasoning effect also contribute to the rating
affirmation.

The ratings of the Class C, D and E notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.

MARS 2004 B.V. is a special purpose vehicle incorporated in the
Netherlands for the sole purpose of issuing the notes and
entering into a credit default swap with ING as the protection
buyer in respect of the reference portfolio.


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


AFFILIATED COMPUTER: Amends Chairperson's Employment Agreement
--------------------------------------------------------------
Affiliated Computer Services, Inc. Board of Directors has
requested to amend Chairperson of the Board, Darwin Deason's
Employment Agreement to remove Mr. Deason's exclusive governance
rights, including his rights to appoint certain officers and
recommend directors for election to, or removal from the Board
of Directors.  Mr. Deacon has agreed the amendent.

In connection with the Board's evaluation of the company's share
repurchase program, Mr. Deason also agreed to amend his Voting
Agreement to cap his vote with respect to his currently
outstanding shares at 45%.  In accordance with the existing
terms of the Voting Agreement, any shares purchased by Mr.
Deason in the future will not be subject to the Voting
Agreement.

The company's lead independent director, Mr. Frank Varasano
said, "The directors are very pleased that Mr. Deason has agreed
to expeditiously implement these amendments on behalf of the
company and its shareholders."

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/--
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2007, Fitch Ratings has removed Affiliated Computer
Services, Inc. from Rating Watch Negative and affirmed these
ratings:

-- Issuer Default Rating 'BB';
-- Senior secured revolving credit facility at 'BB';
-- Senior secured term loan at 'BB';
-- Senior notes at 'BB-'.

Fitch said the rating outlook is stable.


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


CHEMIRESOURCE CJSC: Creditors Must File Claims by Feb. 1, 2008
--------------------------------------------------------------
Creditors of CJSC Chemiresource have until Feb. 1, 2008, to
submit proofs of claim to:

         I. Yu. Losev
         Competitive Proceedings Manager
         P.O. Box 150
         664011 Irkutsk-11
         Russia

The Arbitration Court of Irkutsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 16.  The case is docketed under Case No. A19-3703/07-34.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Chemiresource
         Dzerzhinskogo Str. 16
         664003 Irkutsk
         Russia


COMSTAR-UNITED: Access Telecom to Buy Shares worth US$322 Mln
-------------------------------------------------------------
Comstar-United TeleSystems announced Dec. 10, 2007, that Access
Telecommunications CoAperatief U.A. (fka 2711 Centerville
CoAperatief U.A.), has initiated the process of exercising its
call option to purchase 46,232,000 Comstar shares from MGTS
Finance S.A. for US$6.97 per share and a total cash
consideration of US$322.2 million.

The shares to be purchased represent 11.06% of the total number
of issued and outstanding Comstar shares.  The transaction is
expected to be completed, by means of the transfer of rights and
payment, within 10 days from Dec. 7, 2007.

The call option was originally issued by Comstar subsidiary MGTS
Finance S.A. to 2711 Centerville CoAperatief U.A. in part
payment for the acquisition of a 25% + 1 share stake in
Telecommunications Investment company 'Svyazinvest' in December
2006.

Access Telecommunications CoAperatief U.A. retains a put option
to sell the shares back to MGTS Finance S.A. at any time over
the next twenty four months, at the trailing ninety trading day
weighted average price of the Comstar Global Depositary Receipt.

The call and put option is revalued at the end of each quarterly
reporting period and the change in value over the three months
is reported in the company's income statement.  The call element
of the option has now been revalued for the last time and will
have no further impact on the Company's accounts.

The company's results for the fourth quarter of 2007 will
therefore be impacted both by a non-cash gain of approximately
US$55.8 million arising from the revaluation of the call and put
option as at market close on December 7, 2007, as well as by the
yet to be determined change in value of the put option over the
remaining few weeks of the quarter.

The revaluation of the instrument reflects the decrease in the
market price of the Comstar GDR from US$12.95 on Sept. 30, 2007
to US$11.80 on Dec. 7, 2007.  The change in value of the
remaining put option will be far less volatile and have far less
impact moving forward.

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

                           *    *    *

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

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


EVRAZ GROUP: S&P Affirms BB- on Planned Acquisitions
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate and senior unsecured debt ratings on Russia-based
steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd., following Evraz's announcement of the planned
acquisition of U.S.-based Claymont Steel Inc. (B/Watch Pos/--)
and certain steel, iron ore, and coking plants in the Ukraine.

At the same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

"The affirmation reflects our view that the planned acquisitions
are supportive to Evraz's business risk profile, notably the
Ukrainian assets, which will increase steel-making raw materials
supply and backward integration into iron ore, improving self-
sufficiency, and will serve as an outlet for the group's
metallurgical coal," said Standard & Poor's credit analyst Alex
Herbert. Geographic diversification will also be enhanced.

"We also note favorably that Evraz plans to raise new equity as
part of the acquisition cost of the Ukrainian operations, which
will mitigate the negative impact on its leverage profile," said
Mr. Herbert.

This will be needed to ensure that the company remains within
its leverage ratio target of reported net debt to EBITDA of
1.5x. Equity issuance is important in our assessment of the
group's financial policy and the ratings.  The acquisitions are
expected to close in early 2008, and will need to be smoothly
integrated into the group.

The positive outlook reflects the possibility of a one-notch
upgrade to the long-term corporate credit ratings on Evraz and
Mastercroft in the next 12 months-18 months if, as expected,
strong cash flow generation continues, and leverage remains
moderate, despite higher debt caused by recent acquisitions,
other investments, and capital expenditures. Furthermore, we
expect ratings to be supported by ongoing business risk profile
improvements from increased raw-materials supply and broader
geographic diversification.

Negative rating pressure could develop if major debt-financed
acquisitions are undertaken, steel prices decline significantly,
or cash flow generation weakens to a level that would not cover
capital spending.  Upside rating potential, beyond the possible
one notch, is constrained by the group's financial policy, its
mainly commodity-type products, and the cyclical, capital-
intensive industry, where the main cash-generating assets are in
Russia.


EVRAZ GROUP: Ukrainian Asset Purchase Cues Fitch to Hold BB IDR
---------------------------------------------------------------
Fitch Ratings has affirmed Luxembourg-based Evraz Group SA's
Long-term Issuer Default and senior unsecured ratings at 'BB'
and Short-term rating at 'B'.  The affirmation follows the
announcement that the company plans to acquire the US-based
steel maker Claymont Steel Holdings for US$565 million and
several Ukrainian assets.

At the same time, Fitch has affirmed the ratings of Mastercroft
Limited (Evraz's core subsidiary with most of its assets
concentrated in Russia) at Long-term IDR 'BB' and Short-term IDR
'B'.  Evraz Securities SA's senior unsecured rating is affirmed
at 'BB'.  The Outlooks for Evraz's and Mastercroft Limited's
Long-term IDRs are Stable.

The acquisitions are in line with an acquisitive growth strategy
outlined by the company. Fitch notes that through acquisition of
Claymont, Evraz will continue expanding its presence in North
America following the acquisition of Oregon Steel Mills in 2006.
In addition, the group will diversify its product portfolio into
more value added products (production of plates) and could gain
synergy effects through supplies of slabs produced at the
Russian facilities to Claymont.

The acquisition targets in Ukraine include: Sukhaya Balka (iron
ore), Dnepropetrovsk Steel Works (steel), Bagleykoks (coke),
Dneprkoks (coke) and Dneprodzerzhinsk Coke Chemical Plant
(coke).  Through these acquisitions, Evraz will further increase
its self-sufficiency in iron ore, which is crucial in light of
rising iron ore prices, as well as achieve geographic
diversification into a fast growing market with a relatively low
cost production base.  The company will also be able to use the
excess coal produced at its coking coal divisions for coke
making.

The acquisitions will be financed primarily with cash from
syndicated credit facilities of US$3.2 billion raised by the
group recently to refinance short-term bridge facilities used
for the Oregon acquisition as well as additional equity
issuance. Assuming that the acquisitions will take place in
2007, Fitch expects gross debt/EBITDA to exceed the company's
internal financial target of 1.5x. Nonetheless, the agency
believes that the company will be able to substantially
deleverage over 2008.

"Fitch gains comfort from the fact that Evraz has so far adhered
to a prudent financial policy and has a track record of
successful integration of acquired assets," says Angelina
Valavina, Director in Fitch's Corporates Department.

Fitch notes that the current acquisitions will somewhat limit
Evraz's short-term financial flexibility within its current
ratings. Furthermore, Fitch will monitor the integration of the
acquired businesses and deleveraging of the group.

Evraz is Russia's largest vertically integrated steel producer
by domestic output and the 13th-largest worldwide.  Through
recent acquisitions, Evraz has gained a footprint in the US,
Italy, Czech Republic and South Africa. Its fiscal year 2006
revenue was US$8.3 billion.


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

         V. V. Shvedko
         Competitive Proceedings Manager
         Krasnorechenskaya Str. 118
         680045 Khabarovsk
         Russia
         Tel: (4212) 36-09-62, 41-52-20

The Arbitration Court of Khabarovsk Krai commenced competitive
proceedings against the company after finding it insolvent on
Oct. 30.  The case is docketed under Case No. A73-837/2007-37.

The Debtor can be reached at:

         Flox LLC
         Zaparina Str. 3
         680020 Khabarovsk
         Russia


HYNIX SEMICONDUCTOR: Issues US$583.4-Million Convertible Notes
--------------------------------------------------------------
Hynix Semiconductor Inc successfully offered US$583.4 million in
unsecured fixed-rate convertible notes due in 2012, various
reports say.

According to Reuters, the notes were priced at a yield-to-
maturity of 4.5% with a conversion premium of 42%.  This
structure, FinanceAsia relates, was chosen in order for Hynix to
achieve its double objective of a high initial conversion
premium and a low yield, while at the same time increasing the
likelihood of conversion.

Sources told FinaceAsia that the par in/par out structure of the
notes also makes sense in light of the current volatile credit
markets and the fact that the deal is coming at a time of year
when investors aren't that keen to take on new exposure.  On top
of that, the company warned potential investors in the CB term
sheet that it was likely to post a loss both at the operating
and net levels in the fourth quarter due to falling selling
prices for memory chips, the report adds.

However, observers still argued that the high cash payments made
the bond look cheap and noted that this structure could have
been applied to the same effect with a lower coupon, FinanceAsia
points out.

Reuters says that the notes are expected to be listed on the
Singapore stock exchange on Dec. 17.

Marie-France Han and Kim Yeon-hee of Reuters writes that Hynix
will use the net proceeds from the offering for general
corporate purposes, including next year's capital expenditure
for capacity expansion.

Credit Suisse, Goldman Sachs, Korea Development Bank, Macquarie
Securities, Woori Investment and Securities and Morgan Stanley
reportedly led the issuance.

              About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


HYNIX SEMICONDUCTOR: May Post 4th Qtr. Loss on Low Chip Prices
--------------------------------------------------------------
Hynix Semiconductor Inc. may post a fourth-quarter loss because
of lower prices, Bloomberg News reports.

According to the report, the company said that "In the absence
of a market turnaround in semiconductor prices, we will likely
record operating and net losses for the fourth quarter."

Kevin Cho of Bloomberg writes that according to Dramexchange
Technology Inc., Asia's biggest spot market for semiconductors,
prices of the benchmark computer memory chip have plunged 84%
this year amid a glut.

James Kim, head of investor relations at Hynix, told Bloomberg
that the company can only confirm whether they had a profit or a
loss once the quarter ends.

               About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


INGAKAMF CJSC: Asset Sale Slated for Jan. 10, 2008
--------------------------------------------------
The competitive proceedings manager of CJSC Manturovskij
Healthcare Product Plant Ingakamf, will open a public auction
for the company's properties at 10:00 a.m. on Jan. 10, 2008.

The starting prices for the assets on auction are:

   -- Lot 1: RUR16,458,800;
   -- Lot 2: RUR35,000.

Interested participants have until Dec. 28 to deposit an amount
equivalent to 20% of the starting price.

Bidding documents must be submitted to:

         The Competitive Proceedings Manager
         Office 104
         Shagova Str. 20
         Kostroma
         Russia

Information related to the auction can be obtained at:

         CJSC Manturovskij Healthcare Product Plant Ingakamf
         Gidroliznaya Str. 1
         Manturovo
         Kostroma
         Russia


KHABAROVSKIJ 3: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Khabarovsk Krai commenced bankruptcy
supervision procedure on Khabarovskij Brick-Making Plant 3 PKK
on Nov. 7.  The case is docketed under Case No. A73-11589/
2006-39/37.

The Interim Manager is:

         A. A. Dudakov
         Respublikanskaya Str. 17
         Khabarovsk
         Russia


PRIMORSKIJ PLANT: Creditors Must File Claims by Jan. 1, 2008
------------------------------------------------------------
Creditors of Infrastructure Komplex-Primorskij Plant LLC have
until Jan. 1, 2008, to submit proofs of claim to:

         D. V. Prilipko
         Interim Manager
         P.O. Box 42
         Nakhodka-10
         692910 Primorskij Krai
         Russia

The Arbitration Court of Primorskij Krai will convene at
11:00 a.m. on March 19, 2008, to hear the company's bankruptcy
supervision procedure after finding it insolvent on Nov. 6.  The
case is docketed under Case No. A51-9351/2007 26-121B.

The Debtor can be reached at:

         Infrastructure Komplex-Primorskij Plant LLC
         Sudoremontnaya Str. 23
         Nakhodka
         Russia


SHILING CJSC: Asset Sale Slated for Jan. 4, 2008
------------------------------------------------
M. V. Kuznetsov, the competitive proceedings manager of CJSC
Shiling, will open a public auction for the company's properties
at 9:00 a.m. on Jan. 4, 2008, at:

         M. V. Kuznetsov
         Office 302B
         Dekabristov Str. 45
         Omsk
         Russia

The company has set a RUR73 million starting price for the
assets on auction.  Deposit required is 20% of the starting
price.

Interested participants have until Dec. 26 to submit their
bidding documents to:

         M. V. Kuznetsov
         Office 302B
         Dekabristov Str. 45
         Omsk
         Russia

The Debtor can be reached at:

         CJSC Shiling
         Tsetkin
         K. Str. 34
         Sosnovka
         ANNR
         646885 Omsk
         Russia


SSMO LENSPECSMU: S&P Affirms Credit Ratings at B
------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based construction and development group CJSC SSMO
LenSpecSMU to positive from stable.  The 'B' long-term and 'B'
short-term corporate credit ratings were affirmed.  At the
same time S&P raised the Russia national scale rating on LSS to
'ruA' from 'ruA-.

"The national scale rating upgrade reflects the group's improved
operating performance, which helped sustain solid financial
metrics, despite higher financial leverage, and management's
commitment to sustain these metrics over the medium term, which
could lead to a future upgrade of the global scale rating," said
Standard & Poor's credit analyst Izabela Listowska.

Dynamic trading activity in the St. Petersburg real-estate
market, which supported strong price appreciation for
residential units, together with management's increasingly
focused approach to managing risks and expanding economies of
scale, has helped the company improve its operating performance.
As a result, the EBITDA margin is expected to be 25%-30% for the
full year 2007, from 10% in 2006.  S&P believes LSS's solid
pipeline of projects, still healthy demand, and less rapid price
appreciation than in 2006 should sustain operating performance
in the near to medium term.

Fueled by favorable economic and market dynamics in Russia, the
company has pursued an aggressive growth strategy with increased
capital requirements.  As a result, total debt increased to
RUR6.5 billion at Nov. 1, 2007, from RUR2.6 billion at Dec. 31,
2006.  This, however, has been offset by solid growth in current
and likely future revenue and EBITDA.  Total debt to EBITDA and
asset coverage (total assets to total debt) are both expected to
be about 3.0x in the full year 2007 compared with 3.5x and 5.3x,
respectively, in 2006.

"The positive outlook reflects that the ratings could
potentially be raised one notch if LSS can maintain its prudent
financial policy of keeping debt to EBITDA at or below 3.5x,
while successfully managing its work in process-to-cash
conversion cycle in the context of rapid growth," said Ms.
Listowska.


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

         S. Yu. Gusev
         Competitive Proceedings Manager
         Office 212
         Kaslinskaya Str. 3
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 26.  The case is docketed under Case No. A76-18417/
2007-36-239.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia


TYUMENSKAYA OIL: Bankruptcy Hearing Slated for March 11, 2008
-------------------------------------------------------------
The Arbitration Court of Tyumen' commenced bankruptcy
supervision procedure against Tyumenskaya Oil & Gas Geological
Survey Company LLC.  The case is docketed under Case No.
A70-6195/3-2007.

The Interim Manager is:

         E. V. Sanzharevskij
         Nogradskaya Str. 22-96
         Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         Tyumenskaya Oil & Gas Geological Survey Company LLC
         8th March Str. 2/13
         Tyumen'
         Russia


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


BFB BERATUNG: Creditors' Liquidation Claims Due by December 19
--------------------------------------------------------------
Creditors of LLC BfB Beratung fur Betriebswirtschaft have until
Dec. 19 to submit their claims to:

         Franziska Bitterli
         Sandweg 9
         5102 Rupperswil
         Lenzburg AG
         Switzerland

The Debtor can be reached at:

         LLC BfB Beratung fur Betriebswirtschaft
         Rupperswil
         Lenzburg AG
         Switzerland


MCO JSC: Creditors' Liquidation Claims Due by December 19
---------------------------------------------------------
Creditors of JSC MCO have until Dec. 19 to submit their claims
to:

         Verena Iff-Muri
         Liquidator
         Toggenburgstrasse 98
         4938 Rohrbach BE
         Switzerland

The Debtor can be reached at:

         JSC MCO
         Vechigen BE
         Switzerland


NES-SPORTSWEAR: Creditors' Liquidation Claims Due by December 19
----------------------------------------------------------------
Creditors of LLC NES-Sportswear have until Dec. 19 to submit
their claims to:

         LLC NES-Sportswear
         Unterdorf 5
         4587 Aetingen
         Bucheggberg SO
         Switzerland


OTTO ZIMMERMANN: St. Gallen Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Nov. 9 an order
closing the bankruptcy proceedings of JSC Otto Zimmermann.

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

         Bankruptcy Service of St. Gallen
         9242 Oberuzwil
         Wahlkreis Wil SG
         Switzerland

The Debtor can be reached at:

         JSC Otto Zimmermann
         Bronschhoferstrasse 16a
         9500 Wil
         Wahlkreis Wil SG
         Switzerland


PIONIER PORTFOLIOVERWALTUNG: Zug Court Starts Bankruptcy Process
----------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Pionier Portfolioverwaltung on Nov. 6.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Pionier Portfolioverwaltung
         Blegistrasse 1
         6343 Rotkreuz ZG
         Switzerland


REHABILITATIONSKLINIK: Court Closes Bankruptcy Process
------------------------------------------------------
The Bankruptcy Service of Schaffhausen entered Nov. 2 an order
closing the bankruptcy proceedings of JSC Rehabilitationsklinik
Schaffhausen.

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC Rehabilitationsklinik Schaffhausen
         Fischerhauserstrasse 59
         8200 Schaffhausen
         Switzerland


ROSENHOLZ GROUP: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Rosenholz Group 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:

         JSC Rosenholz Group
         6340 Baar ZG
         Switzerland


SIDELMONT JSC: Creditors' Liquidation Claims Due by December 19
---------------------------------------------------------------
Creditors of JSC Sidelmont have until Dec. 19 to submit their
claims to:

         Michel Vez
         Liquidator
         rue des Perolles 50
         1705 Fribourg
         Switzerland

The Debtor can be reached at:

         JSC Sidelmont
         Fribourg
         Switzerland


SPEFA DRUCK: Creditors' Liquidation Claims Due by December 19
-------------------------------------------------------------
Creditors of JSC Spefa Druck have until Dec. 19 to submit their
claims to:

         Mario Rissi
         JSC Aeberli Treuhand
         Zimmergasse 17
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Spefa Druck
         8038 Zurich
         Switzerland


WELLFIN LLC: Creditors' Liquidation Claims Due by December 19
-------------------------------------------------------------
Creditors of LLC WELLFIN have until Dec. 19 to submit their
claims to:

         Pius Grani
         Liquidator
         Karpfenstrasse 7
         8942 Oberrieden
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC WELLFIN
         Dubendorf
         Uster ZH
         Switzerland


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


* Fitch Upgrades Turkey's Local Currency IDR to BB
--------------------------------------------------
Fitch Ratings has upgraded the Republic of Turkey's Long-term
local currency Issuer Default ratings to 'BB' with a Stable
Outlook from 'BB-'. The Outlook is Stable.

At the same time, the agency has affirmed Turkey's Long-term
foreign currency IDR at 'BB-' with Stable Outlook, Short-term
foreign currency IDR at 'B' and Country Ceiling at 'BB'.

"The local currency upgrade reflects secular improvements in the
public finances, income levels and the structure of the economy,
as well as some easing in political risks since the summer,"
says Edward Parker, Head of Emerging Europe sovereigns at Fitch.

Mr. Parker added "However, the country's sizeable external
financing requirement currently constrains its foreign currency
rating against the backdrop of a more challenging global
financial environment."

Fitch forecasts Turkey's real GDP growth at 4.3% in 2007, and it
has averaged 6.7% since 2002, while GDP per capita is expected
to reach US$6,615 this year, double the 'BB' range median.
Following its re-election in July, the Justice and Development
Party (AKP) government has made a slow start to its structural
reform agenda.  Nonetheless, the agency expects some progress in
areas such as social security, the energy sector and
privatization.

Turkey's strengthening public sector balance sheet underpins its
LCIDR upgrade.  A record of fiscal discipline helped to reduce
the public sector budget deficit to 0.7% of GDP in 2006 from
17.6% in 2001.  The government expects slippage in the public
sector primary surplus to 4.3% of GDP in 2007, below the IMF-
definition of 6.5%, but is targeting a tightening to 5.5% in
2008.  Debt dynamics are favorable, driven by primary surpluses,
privatizations, GDP growth and real exchange rate appreciation.
Fitch expects general government debt to fall to 54% of GDP at
end-2007 (48% net of cash deposits), from 61% at end-2006.

Nevertheless, Turkey's general government debt/GDP ratio remains
above the 'BB' range median of 41% and relatively sensitive to
market risk.  Fitch views political risk as a material factor
weighing on Turkey's ratings.  Tensions between the moderately
Islamic AKP and the secular establishment have eased since the
summer, following conclusive parliamentary and presidential
elections.  But planned changes to the constitution could stir
up tensions and there is a risk that Turkey could become
embroiled in a military conflict in northern Iraq.

Turkey's external finances are a key rating weakness.  Fitch
forecasts gross external debt at 55% of GDP at end-2007
(including non-resident holdings of domestic debt), above the
'BB' range median of 31%. For 2008, it forecasts a widening in
the current account deficit to 7.7% of GDP (US$46 billion),
while medium-term amortization is estimated at US$33 billion.
Foreign direct investment has increased to around US$20bn a year
and foreign reserves have risen to US$75bn, but Turkey's
substantial external financing needs mark it out as exposed to
global sentiment.  This feeds back to wider risks to
macroeconomic stability: even though GDP growth was weak in
third quarter of 2007, the Central Bank's policy stance of
cutting high local interest rates when inflation is double its
4% target runs the risk of a setback to disinflation.


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


ALEXANDROVSKY LLC Creditors Must File Claims by December 19
-----------------------------------------------------------
Creditors of LLC Agricultural Holding Alexandrovsky (code EDRPOU
03795690) have until Dec. 19 to submit written proofs of claim
to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. 4/227b.

The Debtor can be reached at:

         LLC Agricultural Holding Alexandrovsky
         Komsomolskaya Str. 28
         Bobrovitsa
         17401 Chernigov
         Ukraine


BOBROVITSA INTERREGIONAL: Creditors Must File Claims by Dec. 16
---------------------------------------------------------------
Creditors of OJSC Bobrovitsa Interregional Agricultural Delivery
(code EDRPOU 00909087) have until Dec. 19 to submit written
proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 9/96b.

The Debtor can be reached at:

         OJSC Bobrovitsa Interregional Agricultural Delivery
         Independency Square 183-A
         Bobrovitsa
         17400 Chernigov
         Ukraine


GALOL-SM OJSC: Creditors Must File Claims by December 19
--------------------------------------------------------
Creditors of OJSC Galol-SM (code EDRPOU 25234664) have until
Dec. 19 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. 6/77-8/92.

The Debtor can be reached at:

         OJSC Galol-SM
         Turash Str. 15
         Drogobyh
         81200 Lvov
         Ukraine


INTERFOOD UKRAINE: Creditors Must File Claims by December 19
------------------------------------------------------------
Creditors of LLC Interfood Ukraine (code EDRPOU 30614406) 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 proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/268-07.

The Debtor can be reached at:

         LLC Interfood Ukraine
         Oct. Str. 86
         Vysoky
         62459 Kharkov
         Ukraine


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


ADAMS PROPERTY: Appoints Liquidators from Smith & Williamson
------------------------------------------------------------
Joanne Elizabeth Milner and Stephen Robert Cork of Smith &
Williamson Ltd. were appointed joint liquidators of Adams
Property Services (Hanwell) Ltd. on Dec. 6 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         2 Athenaeum Road
         London
         N20 9YU
         England


COUNTRY FOODS: Calls In Liquidators from BDO Stoy Hayward
---------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint liquidators of Country Foods Ltd. on Dec. 1
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


CUMMINS INC: Board Declares Two-for-One Common Stock Split
----------------------------------------------------------
Cummins Inc.'s Board of Directors has declared a two-for-one
split of the company's common stock, payable Jan. 2 to
shareholders of record as of Dec. 21, 2007.  This is the
company's second stock split in 2007, following a two-for-one
split in April.

As a result of the stock split, each Cummins' shareholder will
receive one additional share of stock for each share owned on
the record date.  Since there will be twice as many shares after
the split, each share will be worth half of what it was worth
immediately prior to the split.  The overall value of a
stockholder's investment remains the same.

The total amount of cash dividend payments with respect to the
shares will remain unchanged as a result of the split, but the
dividend will be proportionately adjusted to half the pre-split
amount on a per-share basis.

"2007 has been one of the best years in Cummins' history,
reflecting our diversified portfolio of businesses and our
growing market share around the world," said Tim Solso, Cummins
Chairman and Chief Executive Officer.  "This second stock split
in 2007 is yet another sign of our confidence in the Company's
operating performance and its ability to grow profitably in the
future."

Today, the Board also authorized the Company to repurchase
another US$500 million in shares of Cummins stock.  Over the
last 25 months, the company has repurchased approximately six
million shares at a total cost of US$500 million.

"We are sharing our growing value with shareholders, not just
through our share price appreciation, which has shown a compound
annual growth rate of approximately 50 percent over the last
four years, but also through our stock repurchase plans and
sustainable and growing dividends," Mr. Solso said.

Year-to-date Cummins stock price has more than doubled.  The
company's dividend has increased nearly 67 percent since the
summer of 2006.

Cummins had approximately 102 million shares of common stock
outstanding as of Sept. 30, 2007.  Upon completion of the split,
the Company will have approximately 204 million shares of common
stock outstanding.

                        About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                        *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


DIFFERENT PROCESS: Brings In Liquidators from Mazars
----------------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Different Process Ltd. on Dec. 5
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


DURA AUTOMOTIVE: Resolves Objections to Plan Confirmation
---------------------------------------------------------
In a Dec. 5, 2007 pre-trial memorandum, DURA Automotive Systems,
Inc., said that it has resolved objections filed by Second Lien
Group, an ad hoc committee of holders of a substantial majority
of the Debtors' prepetition second priority indebtedness; Karl
Storrie and David Bovee; the U.S. Internal Revenue Service;
Magna Donnelly Corporation; Robert Bosch LLC; Envision Graphics;
and Toyota Motor Credit Corporation.

According to a Dec. 10, 2007 notice served by the Debtors'
counsel, the U.S. Trustee has been added to the list of parties
who have withdrawn their objections to the confirmation of the
Plan.

The proposed Plan confirmation order filed by the Debtors on
Dec. 7, 2007, contains provisions that address concerns by
parties who previously filed objections to the Plan:

   -- The Second Lien Group has withdrawn its confirmation
      objection pursuant to an agreement, the salient terms of
      which are:

      (1) the Second Lien Facility Claims are allowed in the
          initial amount of US$225 million plus outstanding
          interest, fees and expenses payable pursuant to the
          DIP Order, which amount the Debtors will finally and
          irrevocably pay, in cash in full, on the Effective
          Date;

      (2) unless otherwise resolved by the parties, the dispute
          between the Debtors and the Second Lien Group
          regarding the appropriate post-petition interest rate
          will be presented for oral argument at the Court's
          previously scheduled hearing on Jan. 24, 2008; and

      (3) pending resolution of the Interest Rate Dispute and
          notwithstanding the release and extinguishment of
          liens contemplated by the Plan and the occurrence of
          the Effective Date, the Second Lien Lenders will have
          a first priority security interest upon all of the
          Debtors' assets or Reorganized Debtors' in the amount
          of US$2.1 million, which lien will be released and
          extinguished upon the payment by the Debtors of any
          amount, if any, that the Court determines is owed to
          the Second Lien Lenders regarding the Interest Rate
          Dispute.

   -- Any effective date of the rejection of the Transportation
      Service Agreement dated Feb. 15, 2005, between Hazen
      Transport, Inc., and Atwood Mobile Products, Inc., and the
      effect of any such effective date of rejection on any
      claims asserted by Hazen Transport for amounts due under
      the Transportation Service Agreement will be reserved and
      determined by the Court at the time such a claim, if any,
      is filed against the Debtors and brought before the Court
      for hearing.  The Debtors reserve all rights and defenses
      with respect to the claim.

   -- any effective date of the rejection of the Debtors'
      Supplemental Executive Retirement Plan, effective
      Jan. 1, 2003, as applicable to Karl Storrie and David
      Bovee, and the effect of any such effective date of
      rejection on the claims of Messrs. Storrie and Bovee for
      payments pursuant to the SERP will be reserved and
      determined by the Court at the time of the hearing on the
      motions of Messrs. Storrie and Bovee for allowance and
      payment of administrative expenses.

   -- confirmation of the Plan will not affect any set-off and
      recoupment rights of the Internal Revenue Service.  The
      total value of any Allowed Priority Tax Claims held by the
      IRS will include interest at the rate and method specified
      in 26 U.S.C. 6621 and 6622.

   -- nothing in the Plan or Confirmation Order will ,among
      other things, release discharge, enjoin or impact in any
      way, the claims, counterclaims defenses or affirmative
      defenses of Magna Donnelly Corporation, in connection with
      a patent infringement lawsuit filed by the Debtors.

                        About Dura Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTO: Court Defers Plan Confirmation Hearing to Dec. 17
------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware agreed to postpone Dura Automotive
Systems, Inc., and its debtor-affiliates the confirmation
hearing to Dec. 17, 2007, at 9:30 a.m.

On behalf of the Debtors, Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware,
submitted a notice stating that the Court has continued the
Confirmation Hearing held on Dec. 10, 2007.

The Associated Press notes that without the US$425 million loan,
the company's plan to raise up to US$160 million in equity
financing could unravel.  Pacificor, LLC, has agreed to invest
up to US$160 million in reorganized Dura by buying shares of new
common stock that were not purchased in an equity rights
offering.

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Judge Carey had canceled the confirmation hearing scheduled for
Dec. 6, saying that there was no point moving forward with the
hearing until Dura obtains the necessary exit financing.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTO: Extends Marketing Period for US$425 Mln Exit Loan
------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor-affiliates
disclosed that they have syndicated a majority of its exit
financing facility and has elected to extend the marketing
period to complete the financing.  This extension gives Goldman
Sachs Credit Partners, L.P. and Barclays Capital, the investment
firms engaged by DURA to arrange US$425 million in credit
facilities, additional time and flexibility to complete their
syndication efforts.

The Debtors have commenced discussions with its Debtor-in-
Possession lenders regarding an extension of its DIP financing
agreement to ensure that DURA's working capital financing is not
impacted by an extended exit financing process.

As reported in the Troubled Company Reporter on Nov. 12, 2007,
The Debtors sought and obtained approval from the U.S.
Bankruptcy Court for the District of Delaware of an engagement
letter and a fee letter entered into with Goldman Sachs Credit
Partners, L.P., and Barclays Capital, the investment banking
division of Barclays Bank, PLC, for a US$425 million financing
to emerge from Chapter 11.  DURA expects US$300 million of the
loan to be funded on the effective date of its Plan of
Reorganization.

The Court has approved the Engagement Letter and the Fee Letter
in all respects.  The Court's order did not specify whether the
U.S. Trustee's concerns were addressed.

Pursuant to the Engagement Letter, Goldman Sachs and Barclays,
as arrangers, have offered to syndicate exit financing for Dura
Operating Corp.:

   (a) a senior secured revolving credit facility in an amount
       up to US$125 million;

   (b) a senior secured first-lien tranche B term loan facility
       in amount up to US$225 million; and

   (c) a senior secured second-lien term loan facility in an
       amount up to US$75 million.

DURA's Chapter 11 case is in its final stages.  In another
confirmation-related development, on Friday, Dec. 7, 2007, the
company took another significant step when the Bankruptcy Court
issued an opinion enforcing the subordination provisions of the
9% Subordinated Notes Indenture, thereby effectively ending one
of the few remaining major creditor challenges to confirmation
of the Chapter 11 Plan.  All other major creditor groups support
confirmation.

DURA is advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


EDS FACILITIES: Taps Liquidators from Chantrey Vellacott
--------------------------------------------------------
R. H. Toone and K. A. Murphy of Chantrey Vellacott DFK were
appointed joint liquidators of EDS Facilities Ltd. on Nov. 28
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


FALCON RETREADS: Joint Liquidators Take Over Operations
-------------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint liquidators of Falcon Retreads Ltd. on Nov. 30 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (U.K.) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule
----------------------------------------------------------------
Ford Motor Company temporarily closes two light truck plants in
Dearborn, Michigan and Louisville, Kentucky on Monday, 14 days
earlier than their planned shuttering for the holidays, the
Associated Press reports.

The measure is a ploy to adjust supply of F-150 pickups and
Explorer sport utility vehicles to meet fluctuating demand,
according to AP citing company spokeswoman Anne Marie Gattari.

Sales of Ford's F-series pickups, AP relates, fell 11.7% to
46,568 in November 2007.

As reported in the Troubled Company Reporter on Dec. 7, 2007,
Ford disclosed that due to low November sales, Ford plans a 7%
car production decrease in the first quarter of 2008, expecting
to produce only 685,000 vehicles.

Analysts anticipate low annual sales in 2008, a drop in U.S.
light vehicle sales to 3% to 15.6 million units, a record low
since 1998.

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

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

                          *     *     *

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


FUDGE LEISURE: Claims Filing Period Ends January 8, 2008
--------------------------------------------------------
Creditors of Fudge Leisure Ltd. have until Jan. 8, 2008, to send
in their full Christian and surnames, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their solicitors (if any) to:

         Steven Draine
         Joint Liquidator
         Moore Stephens LLP
         3/5 Rickmansworth Road
         Watford
         Herts
         WD18 0GX
         England

Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of the company on Nov. 29 by
resolutions of members and creditors.


GAS ELECTRICAL: Hires Liquidators from Moore Stephens
-----------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of Gas Electrical Safety Co. Ltd. on
Dec. 3 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


HMV GROUP: Oct. 27 Balance Sheet Upside-Down by GBP8.4 Million
--------------------------------------------------------------
HMV Group plc released financial results for the 26 weeks ended
Oct. 27, 2007, and provided an update on its progress on
strategic initiatives.

Total sales in the Group's continuing operations increased by
9.5% on the same period last year, with like for like sales
growth of 5.0%.  HMV U.K. & Ireland's total sales increased by
12.9%, including a like for like increase of 9.2%.  In
Waterstone's, total sales grew by 8.7%, inclusive of the
annualization effect of the July 2006 acquisition of Ottakar's,
and like for like sales increased by 1.4%.

The Group generated a seasonal operating loss before exceptional
items of GBP21.5 million in the period (2006: GBP24.8 million).
The improvement from the prior period reflects the strong sales
performance and tight control of operating costs.  Partially
offsetting the improved operating loss were increased net
finance costs, up to GBP7.2 million from GBP4.4 million,
reflecting both higher interest rates and the net impact on
borrowings of the acquisition of Ottakar's and the disposal of
HMV Japan.

The loss before tax and exceptional items for continuing
operations was GBP28.7 million, GBP0.5 million better than the
prior period.

Exceptional operating costs of GBP2.7 million were incurred in
connection with the continuing review of the combined
Waterstone's store portfolio, following the acquisition of
Ottakar's.

Discontinued operations, reflecting the trading and disposal of
HMV Japan, generated a profit after tax of GBP49 million.

As a result of the GBP70.6 million gross disposal proceeds from
the sale of HMV Japan and the strong cash generation of the
underlying business of GBP34.9 million, underlying net
borrowings were GBP46.4 million, GBP89.3 million lower than last
year.

At Oct. 27, 2007, the Group's unaudited consolidated balance
sheet showed GBP633.8 million in total assets, GBP642.2 million
in total liabilities, and an GBP8.4 million stockholders'
deficit.

The Board has declared an interim dividend of 1.8 pence per
share (2006: 1.8p per share).

                  Update on Key Initiatives

Over a three-year period, the Group's plan is to:

   -- drive cost efficiency,
   -- protect and revitalize core business, and
   -- grow revenue from new channels.

                     Driving Cost Efficiency


The Group is fundamentally restructuring its cost base, by
streamlining the supply chains of HMV U.K. and Ireland and
Waterstone's, centralizing the procurement of goods and services
and consolidating certain back office functions.  During the
first half, Waterstone's appointed Unipart as its supply chain
partner, which will lead to a new cross-dock consolidation
centre becoming operational in spring 2008.  The finance and IT
functions of HMV U.K. & Ireland and Waterstone's have been
successfully combined into a shared service center, and savings
from centralizing the procurement of goods not for resale are
also being delivered.

In addition, by the end of the period the Group was over half
way to its three-year target to reduce Waterstone's square
footage by approximately 10%.

         Protecting and Revitalizing Core Retail Business

Progress is being made on revitalizing the Group's core retail
business by re-focusing the mix in its stores towards high
growth products.  In HMV U.K. & Ireland, a range of technology
products, including MP3/4 players and related accessories, was
successfully rolled out to 112 stores during the first half and
a concession partnership with 3 Mobile was rolled out to an
initial six stores.  The technology and related category is now
6% of HMV U.K. & Ireland's sales mix, almost halfway to its
three-year target of 13%.  HMV U.K. & Ireland continued to
improve its share of the fast growing games console and software
market, with these products representing 15% of sales in the
first half, up from 9% in the same period last year.  Following
a national roll out at the end of the last financial year, HMV
Canada's games business has already grown to represent almost 5%
of sales in this business.  In Waterstone's, new children's
departments, designed to make the product offer and store
environment more appealing, and a range of high quality gift
stationery have been introduced into 100 stores.

Waterstone's successfully launched its customer loyalty card in
September, enabling customers to accrue points for discounts and
rewards, including author signings and in-store events.  By the
end of the period, the card had attracted 700,000 members,
almost halfway to the three-year target of 1.5 million members.
With the trial of HMV U.K. & Ireland's loyalty card due to
commence in the second half, a strong platform is being
established which will encourage the continued patronage of its
regular and highest spending customers and improve its
understanding of consumer behavior.

The HMV store format is being evolved to become a more inspiring
place to shop and to reflect the changing ways in which
entertainment is being generated and consumed.  In September,
HMV commenced trials of its "next generation" store format in
Merry Hill and Tunbridge Wells, containing a social hub
providing refreshments and online access to entertainment Web
sites, multi-player gaming zones and, via transactional kiosks,
the ability to browse its vast catalog of products and to
download content onto memory devices. Although the trial is at
an early stage, and the stores are yet to trade through the peak
Christmas period, the initial customer response has been
encouraging.

HMV also embarked on trials of new pay-to-play gaming zones to
drive footfall and underscore the brand's specialist credentials
with games customers.  The first of these trials opened at HMV
Edinburgh in October and this was followed in December by the
opening of a multi-player gaming center at HMV Trocadero, London
in a concession partnership with Gamerbase.com.

                Growing Revenue From New Channels

The HMV.com Web site was enhanced during the period by new
branding and customer communication and grew by almost 70% on
the previous year, thereby increasing its share of the online
entertainment market.  During the second half, HMV.com will
complete the integration of music downloads into its offer,
providing customers with a choice of purchasing albums in either
physical or digital format from a single Web site.

Waterstones.com, which launched in September 2006, continued to
make good progress, and by the end of the period had attracted
over 1.7 million site visits.  Registrations were up by 264%
since the beginning of the calendar year, driven by effective
affiliate and online marketing and store-based customer
communication.

"Less than a year into our three year strategic plan, we are
pleased with progress.  The Group's first half was driven in
particular by like for like sales growth in HMV U.K. & Ireland,
where we are successfully exploiting the high growth games and
technology categories and increasing our share of music and DVD,
" Simon Fox, chief executive of HMV, said.  "At this stage, the
most important days and weeks of our financial calendar are
still ahead of us, and our stores and Web sites are very well
prepared for Christmas."

                           About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group plc --
http://www.hmvgroup.com/-- is engaged in the retailing of pre-
recorded music, video and electronic games under the HMV brand,
and the retailing of books under the Waterstone's brand.
Including the acquisition of Ottakar's Plc, the Group operates
over 730 stores in eight countries, with the principal markets
being those of the United Kingdom, Japan and Canada.


HUNTS GLASS: Names Peter Wastell Liquidator
-------------------------------------------
Peter Wastell of Vantis was appointed liquidator of Hunts Glass
LLP on Dec. 5 for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


ISLE OF CAPRI: Names Dale Black Sr. VP & Chief Financial Officer
----------------------------------------------------------------
Isle of Capri Casinos, Inc. officials have appointed Dale Black
to senior vice president and chief financial officer positions,
subject to regulatory approval.  Mr. Black's responsibilities
include overseeing the financial operations of the company's
corporate and casino properties, financial strategy, accounting,
and tax.

Mr. Black joins Isle of Capri Casinos following two years with
Trump Entertainment Resorts as executive vice president and
chief financial officer.  Prior to joining Trump Entertainment
Resorts, Mr. Black spent over 12 years at Argosy gaming company
in Alton, Illinois, serving as corporate controller from 1993 to
1998, and then as senior vice president and chief financial
officer from 1998 until November 2005.  While at Argosy, Mr.
Black is credited as being instrumental in the turnaround of the
regional casino company by building a balance sheet recognized
as one of the strongest in the gaming industry.

"Dale is well known and well respected in the financial
community, and is recognized for his ability to create
shareholder value through the development of a strong balance
sheet, as well as the development of financial strategies
designed to increase free cash flow.  His knowledge and skill
set will be valuable as we complete our strategic review, and
continue the process of identifying targeted growth
opportunities for Isle," said president and chief operating
officer, Virginia McDowell.

A graduate of Southern Illinois University, Mr. Black began his
financial career with Arthur Andersen.

                     About Isle of Capri

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida.  The company also operates and has a 57.0% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Isle of Capri Casinos Inc. to negative from stable.  Ratings on
the company, including the 'BB-' corporate credit rating, were
affirmed.


NEW INN: M. Abdulali Leads Liquidation Procedure
------------------------------------------------
M. Abdulali of Moore Stephens was appointed liquidator of New
Inn Investments Ltd. on Dec. 5 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke-on-Trent
         ST1 5TL
         England


NORTHERN ROCK: Aims to Complete Strategic Review by Feb. 2008
-------------------------------------------------------------
Northern Rock Plc is continuing talks with interested bidders,
including Olivant, as it explores strategic options in the
interests of shareholders, creditors, customers and other
stakeholders of the company.

Northern Rock has held accelerated talks with a consortium led
by Virgin Group Ltd, which includes WL Ross & Co, Toscafund
Asset Management LLP and First Eastern Investment Group.

Under the Virgin Consortium's indicative proposal, GBP11 billion
will be repaid to the Bank of England at completion of the
transaction - and the Bank of England will have a clear path
towards repayment in full.  The Virgin Consortium also proposes
that all interest accruing to the Company's financing sources,
including under the Bank of England facilities, will be paid in
cash rather than rolled-up for payment in due course.

The troubled mortgage lender plans to complete its strategic
review by February 2008.

Northern Rock emphasizes that there can be no certainty as to
the outcome of these discussions.  Any proposal which Northern
Rock wishes to pursue will also have to be evaluated by the
Tripartite Authorities in light of their previously announced
objectives.

                     Treasury Investments Update

Northern Rock disclosed that, the actual impairments, together
with potential impairments on the collateralized debt obligation
(CDO) portfolio, in total amount to GBP281 million.  Taking into
account these impairments, Northern Rock would still have
surplus regulatory capital under Basle II.

The Company's holdings of capital notes in structured investment
vehicles (SIVs) totaled GBP319 million as disclosed on Sept. 14,
2007 (subject to adjustments for foreign exchange revaluations).
The Company's SIV investments are classified as loans and
receivables and are not fair valued but are subject to a test
for
impairment.  The Company's SIV investments have been assessed on
a case by case basis including whether committed funding is in
place.  Following this assessment and taking into account the
net asset value (NAV) of each SIV, the bank calculated that an
impairment charge of GBP118 million must be made in relation to
this investment portfolio, which will be reflected in the
current year income statement.

The Company originally had an exposure of GBP35 million to three
SIV-lite investments, which will require an impairment charge in
the current year income statement of GBP32 million despite one
of these vehicles having being restructured into a cash-flow CDO
in early September.

The Company's portfolio of US$ CDOs amounts to GBP167 million
with a mark to market value of GBP36 million at the end of
November 2007.  As mark to market valuations have been extremely
volatile (the October month end valuation was GBP50 million) and
may not reflect either actual or expected impairments, but are a
consequence of current market illiquidity, any necessary
impairments of these assets will be determined at the year end
in light of prevailing market and credit conditions.  The mark
to market reduction in value of the CDOs is recorded within the
available for sale (AFS) reserve with any subsequent impairment
being recycled through the income statement when recognized.

A review of its other AFS assets has been undertaken, and while
these have seen some market price falls, these falls are
considered to be due to widening credit spreads and severe
liquidity shortages rather than the performance of the
underlying assets.  Consequently, no provision for impairment is
considered
necessary against this portfolio.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1' counterparty credit
ratings on U.K. bank Northern Rock PLC on CreditWatch with
developing implications.  At the same time, the 'BBB'
subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.


NORTHERN ROCK: Andy Kuipers Succeeds Adam Applegarth as CEO
-----------------------------------------------------------
Northern Rock Plc has appointed Andy Kuipers to succeed Adam
Applegarth as its chief executive officer effective upon him
obtaining approval from the Financial Services Authority under
its approved persons regime.  The troubled mortgage lender also
reappointed Mr. Kuipers as a Director at the company.

The Company's strategic review will continue to be progressed
under the supervision of the Board of Directors, with assistance
from the Executive Committee, led by Mr. Kuipers, and the
Company's financial, legal and accounting advisers.

"I am delighted that Andy has rejoined the Board as Chief
Executive," Northern Rock Chairman Bryan Sanderson said.  "I am
confident that he is the right person to help manage the Company
through the strategic review process."

In a statement, the company said it has been agreed that Mr.
Applegarth's tenure will cease effective immediately instead of
January 2008, when the second phase of the bank's strategic
review process is scheduled to be completed.

"On behalf of the Board I would like to thank Adam Applegarth
for his contribution to Northern Rock over a 24 year period,"
Mr. Sanderson said.

"It is time to hand over to management who I'm confident will be
part of the Company's future," Mr. Applegarth said.  "I wish
them and the Board every success."

Mr. Kuipers, 49, was appointed to the Board of Northern Rock as
an Executive Director in January 2005.  Before his appointment
as Chief Executive he was responsible for the co-ordination and
direction of the Company's sales, marketing, products, pricing
and retention activities. Andy joined Northern Rock in 1987,
having previously worked in banking in Holland.  He is married
with two
children.

The Company confirms that under the terms of a settlement
agreement reached with Mr. Applegarth, the Company will pay him
substantially less than the amount which he would otherwise have
been due on termination of his employment by the Company.  In
addition, the Company has secured Mr. Applegarth's agreement to
payment being made to him in monthly installments rather than as
a lump sum with an offset in respect of any replacement
earnings.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1' counterparty credit
ratings on U.K. bank Northern Rock PLC on CreditWatch with
developing implications.  At the same time, the 'BBB'
subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.


OPTYCA PRINTING: Brings In Liquidators from Smith & Williamson
--------------------------------------------------------------
Stephen J. Tancock and Gregory A. Palfrey of Smith & Williamson
Ltd. were appointed joint liquidators of Optyca Printing Ltd. on
Dec. 3 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         First Floor
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England


RANK GROUP: Like-for-Like Revenue Up 1% in 49 Weeks to Dec. 9
-------------------------------------------------------------
The Rank Group plc provides trading update for the 49 weeks to
Dec. 9, 2007.

Rank has achieved a 1% increase in like-for-like revenue and a
2% decline in total revenue for the 49 weeks to Dec. 9, 2007.
It is anticipated that group operating profit for 2007 will be
broadly in line with market expectations.

The effects of the smoking ban, recent restrictive changes to
gaming regulations and a weakening in consumer confidence have
resulted in an uncertain outlook for 2008.  Consequently, the
Board has taken a number of actions which it considers
appropriate in view of these challenging circumstances,
including the decision not to pay a final dividend for 2007.

The trading figures reflect a stabilization in revenue from
Mecca Bingo and Grosvenor Casinos since the time of our last
market update in October 2007.  Over this period the Group has
continued to generate revenue growth from Blue Square and from
Top Rank Espana, although the rate of this growth has slowed in
recent weeks.

            Year-on-year segmental and group revenue
                 for 49 weeks to 9 December 2007

   Like-for-like revenue
   (excludes club openings, closures
   and relocations)                 Total Revenue
   ----------------                 -------------

   Mecca Bingo              (4)%        (7)%
   Top Rank Espana           8%          8%
   Grosvenor Casinos         0%         (4)%
   Blue Square              34%          34%
   Group                     1%          (2)%

As the company has stated previously, the trading performances
of Mecca Bingo and Grosvenor Casinos deteriorated from September
2007, as the loss of Section 21 gaming terminals in both
businesses compounded the earlier effects of the smoking ban and
a weakening in consumer confidence.  For this reason the
performances of these businesses in the discrete 14 week period
between Sept. 1, 2007 and Dec. 9, 2007 are disclosed in this
update.

                           Mecca Bingo

Like-for-like revenue for Mecca Bingo in the year to date was
down 4% on the comparable period in 2006, with admissions down
7% and spend per head up 3%.

In the 14 weeks from Sept. 1, 2007, like-for-like revenue
declined by 18% with admissions down 15% and spend per head down
3%.  In England and Wales, revenue declined by 20% with
admissions down 16% and spend per head down 5%.  In Scotland,
revenue declined by 3% with admissions down 13% and spend per
head up 11%.

This performance represents a stabilization in revenue since the
time of the Group's last trading update, with an improving trend
in spend per head offsetting a further weakening in admissions.
Industry data and comment has continued to support its view that
its experience is shared by the wider bingo market.

The Group has undertaken a thorough review of trading in Mecca
Bingo, to identify and understand the key drivers of our recent
performance.  The scope of this review encompasses market
conditions, customer attitudes, competitor activity and the
effects of its own actions.  This ongoing assessment is
informing the way that it is addressing the challenges that face
the business.

In the immediate term the Group has progressed a number of the
business improvement actions, focused on enhancing the customer
experience, that it identified at the time of its interim
results.

    * The Group is stepping up the rollout of electronic bingo.
      More than 5,000 units have now been deployed across 99
      clubs, generating incremental revenue and profit and
      supporting the value of our prizeboards;

    * The Group has  accelerated the development of licensed
      outdoor gaming areas.  Twenty-five are now operational,
      generating incremental revenue and profit and supporting
      the value of its prizeboards;

    * The Group has gained licensing approval for outdoor gaming
      areas at a further five clubs and we will open these
      before the end of the year.  It has identified up to 32
      additional clubs where it may be able to develop outdoor
      gaming areas during 2008 (subject to gaining the necessary
      approvals and permissions);

    * The Group is improving its gaming machines product through
      better arcade design, improved machines management and
      product marketing and a limited  trial of server based
      gaming machines;

    * The Group is developing bingo variant games (allowed
      under the Gambling Act 2005) and expect to begin
      deployment of these during the first half of 2008.

    * The Group is testing a new range of food and drink for
      Mecca Bingo customers and plan to extend this during 2008.

During the first quarter of 2008, the Group will open a new
Mecca Bingo club at Thanet in Kent.  It keeps under review  its
portfolio of clubs but at present have no plans to make any
closures.

The Group continues to support the efforts of the Bingo
Association in pressing Government for a change in bingo
taxation, to grant the industry parity with other forms of
gambling.  During October, the Chancellor of the Exchequer
visited its Mecca Bingo club in Fountain Park, Edinburgh.  Later
in the month the Prime Minister met with representatives from
the Bingo Association.  The Group is encouraged by Government's
new found desire to engage on this issue, but disappointed that
it has not yet led to a review of taxation policy.  The Group
will maintain its support for the Bingo Association in this
matter.

                         Top Rank Espana

In the year to date, like-for-like revenue for Top Rank Espana
was up 8% on the comparable period in 2006, with admissions down
2% and spend per head up 10%.

During the final quarter of the year, the Group has detected a
gradual weakening in consumer confidence in Spain which has led
to some softening in admissions.

                        Grosvenor Casinos

In the year to date, like-for-like revenue for Grosvenor Casinos
was broadly in line with the comparable period in 2006, with a
2% decline in admissions and a 1% rise in spend per head.

In the 14 weeks from Sept. 1, 2007, like-for-like revenue
declined by 7% with admissions down 5% and spend per head down
2%.  While the decline in admissions is disappointing the Group
has seen continued growth in active membership, with strong
growth in new member sign-ups in those clubs that have received
advertising support since the end of September 2007.  The effect
of the smoking ban in reducing customer dwell times is largely
responsible for the decline in spend per head.  Market data
suggests that this experience has been felt across the U.K.
casino industry.

The Group has progressed a number of the business improvement
actions highlighted at the time of our interim results.

    * The Group is developing a customer loyalty scheme and
      intend to introduce it to a number of our larger casinos
      during 2008;

    * The Group is assessing opportunities to grow active
      membership and admissions through advertising, direct
      marketing and promotions, as permitted under the Gambling
      Act 2005;

    * The Group has now introduced new member sales managers
      into 17 of its clubs;

    * The Group is improving our gaming machines by introducing
      product upgrades and through more efficient machines
     management.

The Group will continue with its strategy of making selective
investments to upgrade the quality of its casinos portfolio and
it intends to open two new G Casinos, at Thanet in Kent (a
relocation of the Grosvenor Casino Ramsgate license) during
the first half of 2008 and at Aberdeen (a new license) in the
second half of the year.

In addition the Group will close the Grosvenor Casino at
Liverpool at the end of this year.  This closure is principally
the result of the Government's sudden and unexpected decision to
increase casino gaming duty from April 2007.  The Group  will
retain the casino license with the intention to develop it on an
alternative site in the medium term.

                          Blue Square

Like-for-like revenue for Blue Square grew by 34% during the
first 49 weeks of the year.  This performance was driven by the
success of interactive gaming products, notably meccabingo.com.
Although there has been some slowing of growth in recent weeks,
this is measured against a strong final quarter in 2006.

Blue Square has made further progress with its strategy of
pursuing growth outside the U.K.  In October, the Group
announced a non-exclusive agreement with 888 Holdings plc to
offer Blue Square's sports betting products to 888 customers,
both within the U.K. and overseas, from 2008.  Separately, it
has also developed an online bingo business for the Spanish
gaming market, which it plans to launch in the first quarter of
2008.

             Capital Expenditure and Cost Control

In the light of the current unfavorable trading and market
conditions, the Board has agreed a number of actions.

The Group has reviewed its capital spending plans for 2008 and
decided to defer a number of major projects.  Its guidance for
next year's capital expenditure has been revised down from GBP50
million to GBP20 million, although it shall keep this under
review.

The development of a new G Casino and Mecca Bingo club at Thanet
and the development of a new G Casino in Aberdeen are not
affected by this change and will open as planned in 2008.

The Group maintains its focus on cost control and have
introduced a series of measures to help protect operating margin
at unit level.  It continues to target cost reductions within
corporate and shared services, although with GBP6 million of
cost savings already realized this year, the scope for further
significant benefit is limited.

                          Pension Plan

The Group operates a defined benefit pension plan.  Together
with the Pension Trustee, it is conducting active discussions
with a number of interested parties with a view to transferring
the plan's assets and liabilities to an insurer.  It will update
the market on the outcome of these discussions at the
appropriate time.

                              Dividend

Given the Group's current trading, the level of uncertainty
facing the gaming industry and the more general market concerns
of a consumer spending slowdown as it moves into 2008, the Board
has decided not to pay a final dividend for 2007.  The Board
intends to resume dividend payments once trading conditions and
the market outlook have improved.

                       Banking covenants

Rank is currently operating within its banking covenants.
Taking into account management actions on capital expenditure,
cost control and the dividend, and assuming that trading
continues broadly in line with current levels, it  would expect
this position to be maintained.

                            Outlook

The short-term trading outlook for Rank remains challenging.
However, the Board remains confident in its long-term strategy
to generate value for shareholders by taking advantage of the
anticipated growth in leisure-based gambling, primarily in the
U.K.  Rank intends to provide an update on this strategy and the
prospects for its businesses at the presentation of its
preliminary results on Feb. 29, 2008.

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

                          *     *     *

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

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

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

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

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


STEELTECH INTERIORS: Claims Filing Period Ends January 11, 2008
---------------------------------------------------------------
Creditors of Steeltech Interiors Ltd. have until Jan. 11, 2008,
to send in their full names, their addresses and descriptions,
full particulars of their debts and claims, and names and
addresses of their solicitors (if any) to:

         Patrick Ellward
         Joint Liquidator
         Tenon Recovery
         Charnwood House
         Gregory Boulevard
         Nottingham
         NG7 6NX
         England

Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint liquidators of the company on Dec. 5 by
resolutions of members and creditors.


WOODLAKE CONSULTANTS: Appoints Philip Michael Lyon as Liquidator
----------------------------------------------------------------
Philip Michael Lyon of Mazars LLP was appointed liquidator of
Woodlake Consultants Ltd. Dec. 4 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


XDRIVE LTD: Claims Filing Period Ends January 31, 2008
------------------------------------------------------
Creditors of Xdrive 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
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Robert Leonard Harry Knight and Mark Newman of Vantis Business
Recovery Services were appointed joint liquidators of the
company on Dec. 4 by the members and creditors.


* Chadbourne & Parke-London Adds 3 Partners to Finance Practice
---------------------------------------------------------------
Jon Nash, Sohail Barkatali and Agnieszka Klich are joining
Chadbourne & Parke LLP's London office as partners and members
of the project finance practice.

The three are coming to Chadbourne from Berwin Leighton Paisner
in London, where they had been partners working together on
transactions in the finance department.

"The addition of Jon, Sohail and Agnieszka is a major
enhancement of Chadbourne's ability to serve our project finance
clients," Chadbourne managing partner Charles K. O'Neill, said.
"They are exceptionally experienced lawyers who have worked on
major projects throughout the Middle East and
Africa, across all sectors of project finance.  They are a most
welcome addition to our practice and the London office."

The three lawyers are joining a practice that has substantially
expanded its resources over the past year.  In March 2007, three
partners and three associates joined Chadbourne's project
finance practice in the Los Angeles office and the group there
has grown to 12 lawyers.  In May, the firm opened an office in
Dubai, the United Arab Emirates, to better serve energy and
other clients in the Middle East.  And in October, the firm
elected three lawyers with project finance and energy experience
to the partnership.  Worldwide, Chadbourne has over 90 lawyers
in its project finance practice.

"We very much enjoyed our years at Berwin Leighton Paisner, but
the opportunity to join a firm with such a deep history of
energy and project finance work was one we could not ignore,"
Mr. Nash said.  "We look forward immensely to contributing our
part to such a prestigious worldwide practice."

"We are delighted to welcome Jon to the firm and look forward to
the arrival of Sohail and Agnieszka in due course," said Claude
Serfilippi, Chadbourne's London office managing partner. "They
have advised on some of the most notable project finance
transactions to close over the last few months."

The team's transactions include the Marafiq independent water
and power project in Saudi Arabia, the Taweelah A10 refinancing
in the Emirates, the Barka 2/Rusail project and Sur desalination
projects in Oman.  The three currently have roles on the Saudi
Landbridge rail project, two Abu Dhabi wastewater projects and a
Portuguese wastewater project.

Mr. Nash has advised clients on projects in the Middle East,
Africa, the United Kingdom, Europe and Asia, with a focus on
energy, water and infrastructure in emerging markets. Mr. Nash
holds an LL.B., honours, and an LL.M. in international law from
Nottingham University, and he passed the Law Society Finals at
the College of Law, York.

Mr. Barkatali is a commercial lawyer with a focus on the energy
and water sectors.  He has worked on projects in the Middle
East, Africa, the United Kingdom, Europe and Asia.  His
transactions have involved independent water and power producer
projects, water and wastewater concessions, unbundling and
restructuring electricity supply industries, production sharing
arrangements, cross-border transportation agreements, sale and
purchase agreements, the disposal of oil and gas interests and
assets, regulatory matters and privatizations.

Mr. Barkatali holds an LL.B., honours, and an LL.M. in
commercial and corporate law from the London School of Economics
and Political Science, and he passed the Law Society
Finals at the College of Law, Lancaster Gate.

Ms. Klich specializes in international project finance, with a
focus on transactions in emerging markets involving oil and gas,
mining, power and water. She has extensive experience with ECAs
and multilateral financings.  Ms. Klich has advised lenders,
developers and equity investors on project financings.

She holds a B.A. in history, summa cum laude, from the
University of Houston, an M.A. in regional studies from Harvard
University and a J.D. from Stanford University Law School.

                 About Chadbourne & Parke LLP

Headquartered in New York City, Chadbourne & Parke LLP --
http://www.chadbourne.com/-- is a law firm that provides a full
range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
energy, communications and technology, commercial and products
liability litigation, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance
and reinsurance, environmental, real estate, bankruptcy and
financial restructuring, employment law and ERISA, trusts and
estates and government contract matters.  Major geographical
areas of concentration include Central and Eastern Europe,
Russia and the CIS, and Latin America.  The firm has offices in
New York, Washington, DC, Los Angeles, Houston, Moscow, St.
Petersburg, Warsaw (through a Polish partnership), Kyiv, Almaty,
Tashkent, Beijing, and a multinational partnership, Chadbourne &
Parke, in London.


* Shearman & Sterling Adds 13 Associates and Counsel
----------------------------------------------------
The international law firm Shearman & Sterling LLP has elected
13 associates and counsel to the partnership across its
worldwide platform.

The new partners practice in nine offices -- Abu Dhabi,
Dsseldorf, Frankfurt, Hong Kong, London, New York, Rome,
Toronto and Washington, D.C. -- and in the asset management,
bank finance, bankruptcy and reorganization, capital markets,
mergers and acquisitions, project development and finance,
property and tax practice areas.

"It is a distinct pleasure to welcome this outstanding group of
lawyers to the partnership," said Rohan Weerasinghe, Shearman &
Sterling's senior partner.  "The depth and breadth across
geography and practice areas represent the increasingly broad
scope of our practice and our clients globally."  These lawyers
were elected partner:

                     Abu Dhabi and London

Benjamin R. F. Shorten, who practices in the firm's project
development and finance group in London and Abu Dhabi, completed
the Legal Practice Course at The College of Law, London, in
1997, the Common Professional Examination (Diploma in Law) at
The College of Law, London, in 1996, and received a B.A. (Hons)
from the University of Cambridge, Downing College, in 1994.

                          Duesseldorf

Marco A. Sustmann, who practices in the firm's mergers and
acquisitions group in Dsseldorf, completed his Second State
Exam in 2000, received a Dr. iur., magna cum laude, from the
University of Trier in 1999, and completed his First State Exam
in 1996.

                           Frankfurt

Marc O. Plepelits, who practices in the firm's capital markets
group in Frankfurt, received an LL.M. from New York University
School of Law in 1997 and a Magister Juris from the University
of Vienna Law School in 1995.

                           Hong Kong

Kyungwon (Won) Lee, who practices in the firm's capital markets
group in Hong Kong, received a J.D. from Northwestern University
School of Law in 1997, an M.B.A. from New York University in
1995, and a B.A., summa cum laude, from Ohio Wesleyan University
in 1988.

                            London

Michael W. Benjamin, who practices in the firm's capital markets
group in London, received a Bachelor of Commerce, with Merit,
and a Bachelor of Laws from the University of New South Wales in
1997.

                            New York

Lisa M. Brill, who practices in the firm's property group in New
York, received a J.D., cum laude, from Georgetown University Law
Center in 1999, and an A.B., magna cum laude, from Bowdoin
College in 1995.

Geoffrey B. Goldman, who practices in the firm's asset
management group in New York, received a J.D. in 1996 from
Columbia Law School, where he was a Kent Scholar and a Stone
Scholar, and an A.B. from Stanford University in 1993.
Monica L. Holland, who practices in the firm's finance group in
New York, received a J.D. from Columbia Law School in 1999 and
an A.B. from Princeton University in 1996.

Michael H. Torkin, who practices in the firm's bankruptcy and
reorganization group in New York, received an LL.B. from Osgoode
Hall Law School of York University (Ontario) in 1997 and a B.A.
from the University of Western Ontario in 1993.

                             Rome

Fabio Fauceglia, who practices in the firm's mergers and
acquisitions and capital markets groups in Rome, received an
LL.M. from Columbia Law School in 2001 and a J.D. from The Luiss
University (Rome) in 1994.

                            Toronto

Adam M. Givertz, who practices in the firm's capital markets and
mergers and acquisitions groups in Toronto, received an LL.B.
from Osgoode Hall Law School of York University (Ontario) in
2000, an M.A. from Queen's University in 1992, and a B.A. from
the University of Toronto in 1990.

                         Washington, DC

Kristen M. Garry, who practices in the firm's tax group in
Washington, D.C., received an LL.M. in Taxation from New York
University School of Law in 2003, a J.D. from New York
University School of Law in 1998, and a B.A., magna cum laude,
from Cornell University in 1993.

Craig J. Gibian, who practices in the firm's tax group in
Washington, D.C., received a J.D., cum laude, from Harvard Law
School in 1996 and an A.B., cum laude, from Princeton University
in 1992.

                   About Shearman & Sterling

Shearman & Sterling LLP is a global law firm with approximately
1,000 lawyers in 20 offices in 12 countries around the world.
The firm is a leader in mergers and acquisitions, capital
markets, project development and finance, complex business
litigation and international arbitration, asset management and
tax.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *