TCREUR_Public/071218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 18, 2007, Vol. 8, No. 250

                            Headlines




A U S T R I A

AMIR PASIC: Claims Registration Period Ends Dec. 25
ANTON SCHWAB: Claims Registration Period Ends Dec. 21
DIAMED DIAGNOSTICA: Administrator Declares Insufficient Assets
DKL DESINFEKTION: Claims Registration Period Ends Dec. 21
ELTNER MUSIKINSTRUMENTE: Claims Registration Period Ends Dec. 25

I.P.T.S. CONSULTING: Claims Registration Period Ends Dec. 27
IMUMED MED. PRODUKTE: Linz Court Orders Business Shutdown


B E L G I U M

POPE & TALBOT: B.C. Supreme Court Approves Sale of Surplus Lands
POPE & TALBOT: Court Okays Bidding Procedures for Pulp Business
POPE & TALBOT: Remaining Wood Products Sale Procedures Approved


F R A N C E

BOSTON SCIENTIFIC: Inks US$425MM Buyout Deal with Avista Capital
DELPHI CORP: Court Approves Modified Disclosure Statement
DELPHI CORP: Court Sets Plan Confirmation Hearing on January 17
DELPHI CORP: Court Approves Equity Purchase & Commitment Pact
GEOPHYSIQUE - VERITAS: S&P Lifts Ratings to BB on Performance

REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook


G E O R G I A

METROMEDIA INT'L: Magticom Unit Earns US$29.98 Mln for Q2 2007


G E R M A N Y

ADVANCED TECHNOLOGY: Claims Registration Ends January 16, 2008
AKTIV BAUTECHNIK: Claims Registration Period Ends Jan. 23, 2008
ALEWELT AUTOMOBILE: Claims Registration Ends January 16, 2008
ALFONS HAUCK: Claims Registration Period Ends Jan. 25, 2008
ALTENBURGER KAROSSERIE: Claims Registration Ends Jan. 4, 2008

ATV - JOCHUM: Creditors' Meeting Slated for January 9, 2008
AUTOHAUS HANS: Claims Registration Ends January 18, 2008
BHB WOHNBAU: Claims Registration Period Ends Jan. 10, 2008
BIO ENERGY: Claims Registration Ends January 18, 2008
COOK & CONCEPT: Claims Registration Period Ends Jan. 3, 2008

EICHHORN UND SOHN: Claims Registration Period Ends Jan. 8, 2008
ENERGIE- UND ANLAGENTECHNIK: Creditors' Mtg Set on Jan. 22, 2008
EVOLUTION 24: Claims Registration Period Ends Jan. 21, 2008
GESELLSCHAFT FUER INNOVATION: Claims Bar Date Ends Jan. 11, 2008
GUSTAV LIEBERMANN: Claims Registration Period Ends Jan. 2, 2008

HATE-MASSIV-BAU GMBH: Claims Period Ends Jan. 17, 2008
HEINZ ENTENMANN: Claims Registration Period Ends Jan. 21, 2008
HILDEBRANDT & FEICHTNER: Claims Registration Ends Jan. 11, 2008
HPI HANSEATISCHE: Claims Registration Period Ends Jan. 3, 2008
IKB DEUTSCHE: WestLB Eyes Partial Merger, Shareholder Says

KANALBAU SEELOW: Claims Registration Ends January 29, 2008
KUAG ELANA: Claims Registration Period Ends Jan. 21, 2008
MEC GERMAN: Claims Registration Period Ends Jan. 5, 2008
METZGEREI FREDL: Claims Registration Period Ends Jan. 25, 2008
MTP METALLTECHNIK: Claims Registration Ends January 30, 2008

RK DATA: Claims Registration Ends January 30, 2008
ROBERT VAN DER FLIER: Claims Registration Ends January 15, 2008
STUCKATEURFACHBETRIEB THORSTEN: Claims Filing Ends Jan. 22, 2008
SW SANIERUNG: Claims Registration Period Ends Jan. 2, 2008
TAMTAI HOLDING: Claims Registration Period Ends Jan. 21, 2008

TONISCO-SYSTEM DEUTSCHLAND: Claims Filing Ends Jan. 31, 2008


G R E E C E

OLYMPIC AIRLINES: Greece Prefers Liquidation Than Insolvency


I R E L A N D

AVOCA CLO VI: Fitch Rates Class F Notes at B on Credit Quality
VALENCE TECH: Sept. 30 Balance Sheet Upside-Down by US$69.5 Mln


I T A L Y

ALITALIA SPA: AirOne's Business Plan Eyes 3,802 Lay-offs
DANA CORP: Wants to Sell Cape Girardeau Property for US$2.8 Mln
DANA CORP: Wants to Sell Stateville Property for US$9.6 Million
ISLAND REFINANCING: Fitch Rates EUR32 Mln Class D Notes at BB-


K A Z A K H S T A N

A-PORT LLP: Proof of Claim Deadline Slated for Jan. 15, 2008
CONTUR STROY: Creditors Must File Claims by Jan. 11, 2008
CRISTALL LLP: Claims Filing Period Ends Jan. 15, 2008
JANA JOL: Creditors' Claims Due on Jan. 9, 2008
LUCKY STAR: Claims Registration Ends Jan. 9, 2008

SB-STROY LLP: Claims Deadline Slated for Jan. 15, 2008
SBEE SERVICES: Creditors Must File Claims by Jan. 9, 2008
TAO LLP: Claims Filing Period Ends Jan. 15, 2008
TAU BUILD: Creditors' Claims Due on Jan. 9, 2008
TRANS CENTRE: Claims Registration Ends Jan. 15, 2008


K Y R G Y Z S T A N

BEIKAM LLC: Creditors Must File Claims by January 23, 2008


N E T H E R L A N D S

JUBILEE CDO VIII: Fitch Rates EUR16 Million Class E Notes at BB
PARK MOUNTAIN: Moody's Puts Low-B Ratings on Classes E & F Notes


N O R W A Y

CLEAR CHANNEL: Extends Merger Termination Date Until June 12


R U S S I A

AIRPORT PETROZAVODSK: Court Hearing Slated for March 13, 2008
CONCRETE MORTAR: Bankruptcy Hearing Slated for Feb. 14, 2008
DERTEVSKIJ OJSC: Creditors Must File Claims by Feb. 8, 2008
IRKUTSKTEPLOELECTROSBYT: Claims Filing Period Ends Jan. 8, 2008
MONTAZHGASSERVICE: Creditors Must File Claims by Jan. 8, 2008

MOSKOVSKIJ WINERY: Creditors Must File Claims by Jan. 8, 2008
NADEZHDENSKIJ STARCH: Court Hearing Slated for March 19, 2008
OB'RYBY LLC: Asset Sale Slated for Jan. 12, 2008
ROSNEFT OIL: May Float Oilfield Units' Shares by 2010
ROSNEFT OIL: In Talks to Refinance US$11.75 Bln Maturing Loans

RUDGORMASH OJSC: Bankruptcy Hearing Slated for March 27, 2008
SVETOZARNOYE OJSC: Creditors Must File Claims by Jan. 8, 2008


S P A I N

COLATERALES GLOBAL: Moody's Rates EUR3.5MM Series D Notes at Ba2
HIPOCAT 12: Moody's Junks EUR28 Million Class D Notes


S W I T Z E R L A N D

AD HELP: Lucerne Court Starts Bankruptcy Proceedings
CLEVER JSC: Aargau Court Starts Bankruptcy Proceedings
EGC ENERGIE: Zurich Court Closes Bankruptcy Proceedings
HEINZ SCHMIDT: Creditors' Liquidation Claims Due by December 20
INSTITUT FUR: Creditors' Liquidation Claims Due by December 24

PANORAMIC PICTURES: Creditors Must File Claims by December 24
PRINCESS: Creditors' Liquidation Claims Due by December 21
T-LENS LLC: Creditors' Liquidation Claims Due by December 27
TC FOHRENHOF: Creditors' Liquidation Claims Due by December 20


T U R K E Y

* Fitch Lifts Istanbul & TOKI's Ratings on Sovereign's Upgrade


U K R A I N E

AMFIDEYA LLC: Proofs of Claim Filing Deadline Set December 20
DOMINI GROUP: Proofs of Claim Filing Deadline Set December 20
ELIPS OJSC: Creditors Must File Claims by December 20
KREMEL OJSC: Creditors Must File Claims by December 20
LUBNY GAS: Proofs of Claim Filing Deadline Set December 20

NIVA LLC: Creditors Must File Claims by December 20
SPECIAL RBU: Proofs of Claim Filing Deadline Set December 20
SVAGUS LLC: Proofs of Claim Filing Deadline Set December 20
TERRA LLC: Proofs of Claim Filing Deadline Set December 20
TODIS LLC: Proofs of Claim Filing Deadline Set December 20

ZIKO LLC: Proofs of Claim Filing Deadline Set December 20


U N I T E D   K I N G D O M

AXON FINANCIAL: Moody's Cuts Long-Term Rating of Sr. Notes at B2
BNP PARIBAS: Moody's Rates EUR50-Mln Class 7B Swaps at Ba1
CONQUEST BUSINESS: Brings In PwC to Administer Assets
ECOMOLD LTD: Taps KPMG as Joint Administrators
ENRON CORP: Commences Civil Action Against Hewitt Association

ENRON CORP: Three Bankers Plead Guilty to Wire Fraud
GAMBLE TRACKLINE: Appoints BDO Stoy as Joint Administrators
GENERAL MOTORS: Refuses to Pay Bonuses to Retirees, IUE-CWA Says
GLOBAL ENGINEERING: Names Joint Administrators from PwC
MOLSON HOLDINGS: Appoints PwC to Administer Assets

MONITOR OIL: U.S. Trustee Appoints Five-Member Creditors
NCO GROUP: Inks US$325MM Buyout Deal with Outsourcing Solutions
NCO GROUP: S&P Places 'B+' Rating Under Developing CreditWatch
NON-LINEAR EDITING: Appoints Administrators from Deloitte
SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel

SECKLOE 243: Taps Joint Administrators from KPMG




                            *********



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


AMIR PASIC: Claims Registration Period Ends Dec. 25
---------------------------------------------------
Creditors owed money by OEG Amir Pasic & Fadil Coralic (FN
274809g) have until Dec. 25 to file written proofs of claim to
court-appointed estate administrator Alexander Schoeller at:

         Dr. Alexander Schoeller
         c/o  Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 5 (Bankr. Case No. 6 S 140/07s).  Stephan Riel
represents Dr. Schoeller in the bankruptcy proceedings.


ANTON SCHWAB: Claims Registration Period Ends Dec. 21
-----------------------------------------------------
Creditors owed money by LLC Anton Schwab Soehne Buchbinderei
Kartonagen (FN 47324w) have until Dec. 21 to file written proofs
of claim to court-appointed estate administrator Christian
Girardi at:

         Dr. Christian Girardi  
         Maximilianstrasse 29/P
         6020 Innsbruck
         Austria
         Tel: 0512/57 99 00
         Fax: 0512/57 99 00-1
         E-mail: office@gss.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 214
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Nov. 5 (Bankr. Case No. 7 S 62/07p).


DIAMED DIAGNOSTICA: Administrator Declares Insufficient Assets
--------------------------------------------------------------
Mag. Christian Ebmer, the court-appointed estate administrator
for LLC DiaMed Diagnostica Med.Produkte (FN 87788a), declared
Nov. 5 that the Debtor's property is insufficient to cover
creditors' claim.

The Land Court of Linz ordered the shutdown of the Debtor's
business on Nov. 2.

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

The estate administrator can be reached at:

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


DKL DESINFEKTION: Claims Registration Period Ends Dec. 21
---------------------------------------------------------
Creditors owed money by LLC DKL Desinfektion Klima Lueftung (FN
244013v) have until Dec. 21 to file written proofs of claim to
court-appointed estate administrator Bernhard Schatz at:

         Dr. Bernhard Schatz
         Enzersdorfer Strasse 4
         2340 Moedling
         Tel: 02236/89 33 77
         Fax: 02236/89 33 77 40
         E-mail: bernhard.schatz@bpv-huegel.com    

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 Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Guntramsdorf, Austria, the Debtor declared
bankruptcy on Nov. 5 (Bankr. Case No. 11 S 110/07y).  


ELTNER MUSIKINSTRUMENTE: Claims Registration Period Ends Dec. 25
----------------------------------------------------------------
Creditors owed money by LLC ELTNER Musikinstrumente Grosshandel
(FN 79615g) have until Dec. 25 to file written proofs of claim
to court-appointed estate administrator Karl Maier at:

         Dr. Karl Maier  
         Hauptplatz 13/I
         8720 Knittelfeld
         Austria
         Tel: 03512/83428
         Fax: 03512-83428-50
         E-mail: office@ra-maier.at  

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

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on Nov. 5 (Bankr. Case No. 17 S 93/07f).  


I.P.T.S. CONSULTING: Claims Registration Period Ends Dec. 27
------------------------------------------------------------
Creditors owed money by LLC I.P.T.S. Consulting (FN 234957a)
have until Dec. 27 to file written proofs of claim to court-
appointed estate administrator Hans Rant at:

         Dr. Hans Rant
         c/o Dr. Kurt Freyler  
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Jan. 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 5 (Bankr. Case No. 2 S 148/07p).  Kurt Freyler  
represents Dr. Rant in the bankruptcy proceedings.


IMUMED MED. PRODUKTE: Linz Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Linz entered Nov. 2 an order shutting down the
business of LLC ImuMed Med. Produkte (FN 265870k).

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

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


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


POPE & TALBOT: B.C. Supreme Court Approves Sale of Surplus Lands
----------------------------------------------------------------
The British Columbia Supreme Court approved four transactions
covering the sale of the surplus lands of Pope & Talbot Inc. and
its debtor-affiliates:

    (a) An agreement between Pope & Talbot Ltd. and Kelowna
        Family Golf Centre Ltd., dated Oct. 19, 2007, for land
        and premises located in Beaverdell, British Columbia,
        for CDN$550,000.

    (b) An agreement between P&T Ltd. and Dan Norn, James Norn
        and Byron Norn dated Oct. 26, 2007, for land and
        premises located in Lower Arrow Lake, for CDN$751,000.

    (c) An agreement between P&T Ltd. and Paterson Pole Ltd.
        dated Oct. 26, 2007, for land and premises located in
        Lower Arrow Lake, for CDN$1,350,000.

    (d) An agreement between P&T Ltd. and RJR Investments Ltd.  
        dated Nov. 16, 2007, for a portfolio of 10 properties.  
        The subject properties are Blanket Creek, Beaton
        Complex, Beaton Schedule A, Galena Bay Thumb, Arrowhead
       (Henry's  Creek), Galena Bay, Taite Creek, Tuzo Junction,
        Kettle River Park North, and Kettle River Park South.

The Canadian Court authorized and directed the Canadian Debtors
to take the necessary steps for the completion of the
Transactions, and the conveyance of the Purchased Surplus Lands
to the Purchasers.

The Canadian Court held, however, that the closing of each of
the Transactions is subject to the approval of the United States
Bankruptcy Court for the District of Delaware, or having a
cross-border protocol approved, whichever occurs first.

The proceeds from each of the Transactions will be paid to Wells
Fargo Financial Corporation Canada, as administrative agent
under the Canadian Debtors' DIP Credit Agreement.

The Surplus Lands Sale Order is without prejudice to the right
of any party bring a motion to compel disgorgement of the
proceeds of sale in the event that the Monitor's legal counsel
concludes that the DIP Lenders and the prepetition lenders do
not have a valid and enforceable mortgage.

                       U.S. Debtors Seek
                  Bankruptcy Court's Approval

The U.S. Debtors have sought separate authority from the
Bankruptcy Court to sell Surplus Lands contemplated by the
Canadian Court's Surplus Lands Order.

According to James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP, in Wilmington, Delaware, the U.S. Debtors' proposed
counsel, the U.S. Debtors believe that it is highly unlikely
that auctions would produce higher or better bids for the
Properties.

As reported in the Troubled Company Reporter on Dec. 5, 2007,
the Canadian Debtors told the Canadian Court that with the
assistance of Colliers International, they have determined that
certain properties are redundant and surplus to their ongoing
and future operations.

                       About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on
Nov. 21, 2007, filed an application for relief under Belgian
bankruptcy laws in the commercial court in Brussels.  If the
Belgian court grants Pope & Talbot Europe's application, it is
expected it will be liquidated through the bankruptcy
proceeding.  (Pope & Talbot Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Court Okays Bidding Procedures for Pulp Business
---------------------------------------------------------------
The Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware approved in all respects Pope
& Talbot Inc. and its debtor-affiliates' bidding and sale
procedures with respect to the sale of their pulp business
assets, including:

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

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

According to the Bankruptcy Court, any objections to the
Procedures Order that have not been withdrawn, waived, resolved
or settled, are overruled.

Judge Sontchi held that at any time, and in no event later than
Jan. 8, 2008, the Debtors may enter into an asset purchase
agreement with a Qualifying Bidder, with respect to all,
substantially all, or a material part of the Pulp Business
Assets, subject to Court-approval.

Should the Debtors decide to enter into a Stalking Horse
Purchase Agreement, they will file a notice of a hearing to
approve the Stalking Horse Agreement, with respect to the Break-
up Fee, the Expense Reimbursement and the Auction Overbid
Protections.

The Court will convene a Stalking Horse Bidder Hearing on
Jan. 15, 2008, at 12:00 p.m. (prevailing Eastern time).  Any
objections to the Stalking Horse Bidder Notice must be filed no
later Jan. 14, 2007, at 10:00 a.m. (prevailing Eastern time).
If an Auction is required, Judge Sontchi states, it will be held
on Feb. 5, 2008, at 10:00 a.m., at the Lexington Avenue, New
York office of Shearman & Sterling LLP, the Debtors' counsel.

The Court will convene a hearing to consider approval of the
sale to the Stalking Horse Bidder or alternatively, the
Successful Bidder, on Feb. 12, 2008, at 12:00 p.m. (prevailing
Eastern time).  Sale objections must be filed no later than
Feb. 8, 2008, at 4:00 p.m. (prevailing Eastern time).

Judge Sontchi authorized and directed the Debtors to serve a
cure cost notice in connection with the assumption and
assignment of the Assigned Contracts, no later than Jan. 31,
2008.  Objections to the Cure Notice must be filed by Feb. 5,
2008, at 4:00 p.m. (prevailing Eastern time).

The Bankruptcy Court permits the Debtors, in consultation with
the Official Committee of Unsecured Creditors, to delete any
Assigned Contract from the Cure Notice, in accordance with the
terms of the Stalking Horse Purchase Agreement, or as otherwise
required pursuant to the transaction contemplated by the
Successful Bid, at any time prior to the Court's Approval Order.
No provisions of the Procedures Order will be deemed to
constitute the consent of the Debtors' secured lenders or the
Creditors Committee to any bid, and will not impair the ability
of the Secured Lenders to act as Qualified Bidders.

                       Monitor's Comments

PricewaterhouseCoopers Inc. -- as monitor of the proceedings
commenced by Pope & Talbot Ltd. and its subsidiaries under the
Companies' Creditors Arrangement Act -- and Rothschild Inc., the

Canadian Debtors' financial advisor and investment banker,
acknowledge that the timeline for the Canadian Debtors' Pulp
Business Assets Sale is tight but achievable.

According to the Monitor, the tight timeline is also necessary,
because:

   (1) working capital constraints have restricted the ability
       to purchase fibre supply at the mills, which has
       increased the risk of operational disruptions caused by
      uncontrollable circumstances like poor weather or supply
       chain failures;

   (2) recently, two key fiber suppliers to the Mackenzie mill
       have announced shutdown or curtailments in their
       operations, thereby restricting the availability of
       fiber.  This has lead the Canadian Debtors to explore the
       addition of an experimental hardwood mix pulp product at
       the mill; and

   (3) the Canadian Debtors' DIP Financing requires the tight
       timeline as additional time will require further funding
       for the Canadian Debtors.

"Working capital constraints over the past few months, and
particularly post CCAA filing, have resulted in the company
undertaking only essential capital expenditures and maintenance
procedures," Greg Watson, president of PricewaterhouseCoopers
Inc., reports.

The Canadian Debtors believe that only discretionary capital
expenditures are being deferred, however, "this is not a
sustainable model," Mr. Watson explains.

"As time passes, the chances for an unexpected essential
major capital expenditure will increase," Mr. Watson tells the
Court.  Neither the Canadian Debtors nor the Monitor will
necessarily have any advance warning of the requirement, Mr.
Watson adds.

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
asked the United States Bankrupty Court to deny Pope & Talbot
Inc. and its debtor-affiliates' proposed sale procedures for the
sale of their pulp business assets to the extent that they seek
conditional approval of the proposed bid protections for a
subsequently-selected stalking horse bidder.

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

                       About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on
Nov. 21, 2007, filed an application for relief under Belgian
bankruptcy laws in the commercial court in Brussels.  If the
Belgian court grants Pope & Talbot Europe's application, it is
expected it will be liquidated through the bankruptcy
proceeding.  (Pope & Talbot Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Remaining Wood Products Sale Procedures Approved
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved in all respects Pope & Talbot Inc. and its debtor-
affiliates' bidding and sale procedures with respect to the sale
of certain wood products assets not contemplated to be sold to
International Forest Products and the assumption of related
liabilities, including:

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

   (2) the Auction; and

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

Any objections to the Procedures Order that have not been
withdrawn, waived, resolved or settled, are overruled, the Hon.
Christopher S. Sontchi stated.

The Bankruptcy Court held that at any time, and in no event
later than Jan. 8, 2008, the Debtors may enter into an asset
purchase agreement with a Qualifying Bidder, with respect to
all, substantially all, or a material part of the Remaining Wood
Products Business, subject to Court-approval.

In the event that the Debtors enter into a Stalking Horse
Purchase Agreement, they will file a notice of a hearing to
approve the Stalking Horse Agreement, with respect to the Break-
up Fee, the Expense Reimbursement and the Auction Overbid
Protections.

The Bankruptcy Court will convene a Stalking Horse Bidder
Hearing on Jan. 15, 2008, at 12:00 p.m. (prevailing Eastern
time).  Any objections to the Stalking Horse Bidder Notice must
be filed no later Jan. 14, 2007, at 10:00 a.m. (prevailing
Eastern time).

The Auction, if required, will be on Feb. 5, 2008, at 10:00 a.m.
at the Lexington Avenue, New York office of Shearman &
Sterling LLP, the Debtors' counsel.

The Court will convene a hearing to consider a sale to the
Stalking Horse Bidder or alternatively, any Successful Bidder,
on Feb. 12, 2008, at 12:00 p.m. (prevailing Eastern time).  Any
objections to the sale must be filed no later than Feb. 8, at
4:00 p.m. (prevailing Eastern time).

The Court authorized and directed the Debtors to serve a cure
cost notice in connection with the assumption and assignment of
the Assigned Contracts, no later than Jan. 31, 2008.  Objections
to the Cure Notice must be filed by Feb. 5, at 4:00 p.m.
(prevailing Eastern time).

The Hon. Christopher S. Sontchi allowed the Debtors, in
consultation with the Official Committee of Unsecured Creditors,
to delete any Assigned Contract from the Cure Notice, in
accordance with the terms of the Stalking Horse Purchase
Agreement, or as otherwise required pursuant to the transaction
contemplated by the Successful Bid, at any time prior to the
Court's approval of the sale.

No provisions of the Procedures Order will be deemed to
constitute the consent of the Debtors' secured lenders or the
Creditors Committee to any bid, and will not impair the ability
of the Secured Lenders to act as Qualified Bidders.

The Debtors are seeking separate approval of the Bidding
Procedures from the British Columbia Supreme Court.

                   Canadian Monitor's Comments

PricewaterhouseCoopers Inc., the Canadian Court-appointed
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 Rothschild Inc.,
the Canadian Debtors' financial advisor and investment banker,
has "reconnected" with certain parties that had expressed
interest in either of the two remaining sawmills as well as all
parties who expressed interest in the broader Wood Products
Business but who were unsuccessful.

According to the Monitor, Rothschild has contacted an additional
nine parties since the CCAA proceedings commenced and three
parties have executed confidentiality agreements, which have
granted them access to the Canadian Debtors' electronic data
room.

As with the pulp assets, the Canadian Debtors and Rothschild
acknowledge that the timeline is very tight, but believe that
they are achievable.  

The Monitor tells the CCAA Court that the decision to
incorporate a tight timeline was influenced by the several
factors, including:

   (1) The operations at the Remaining Wood Products Business
       are cash flow negative in their shut-down state and
       accordingly, an extended timeline will require further
       cash funding;

   (2) The operations of each sawmill are stand-alone and the
       logical buyers appear to be fully aware that the asset is
       for sale and none of these parties have suggested the
       timeline is unreasonable; and

   (3) The Canadian Debtors' DIP Financing Agreement requires
       the timeline be met, because additional time will require
       further funding to the company.

The Monitor has reviewed the sales procedures with regards to
the Remaining Wood Products Division, and accepts that the
timeline is very tight.  However, the Monitor sees no evidence
to suggest that an extended timeline would attract any
additional potential purchasers or produce higher sales values.

The Monitor, therefore, supports the Canadian Debtors' proposed
sale process and timeline.

As reported in the Troubled Company Reporter on Dec. 12, 2007,
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
complained that under the proposed sale procedures, the Debtors
appear to seek tentative authority to provide to any
subsequently-selected stalking horse bidder certain bid
protections.  

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

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

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

                       About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on
Nov. 21, 2007, filed an application for relief under Belgian
bankruptcy laws in the commercial court in Brussels.  If the
Belgian court grants Pope & Talbot Europe's application, it is
expected it will be liquidated through the bankruptcy
proceeding.  (Pope & Talbot Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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


BOSTON SCIENTIFIC: Inks US$425MM Buyout Deal with Avista Capital
----------------------------------------------------------------
Boston Scientific Corporation and Avista Capital Partners have
signed a definitive agreement under which Avista will acquire
from Boston Scientific its fluid management and venous access
businesses for US$425 million in cash.  The transaction is
expected to close in the first quarter of 2008, subject to
regulatory approvals and customary conditions.

Boston Scientific disclosed its intent to sell these businesses
as part of its plan to divest non-strategic assets.

Avista said that upon close of the transaction, the combined
fluid management/venous access business will operate as an
independent company under a new name.  Ron Sparks, an Avista
healthcare industry advisor, will become chairman and chief
executive officer of the new company.  Dave McClellan, president
of Boston Scientific's Oncology business, will become president
of the new company.

The fluid management franchise, formerly North American Medical
Instruments Corporation, produces a range of products used to
manage fluid and measure pressure during angiography and
angioplasty procedures.  The fluid management franchise employs
approximately 750 people in its Glens Falls, New York
manufacturing facility.

The venous access franchise, whose products are also
manufactured in Glens Falls, offers a portfolio of implantable
devices designed to provide access to the blood stream for
patients requiring intravenous antibiotics, nutrition,
chemotherapy and blood sampling.  

The venous access franchise is part of Boston Scientific's
Oncology business, and employs approximately 150 people in
locations around the United States.

The projected revenue for the two businesses in 2007 is
approximately US$170 million.

"We now have under agreement the divestitures of all five non-
strategic businesses we had identified for sale," Jim Tobin,
president and chief executive officer of Boston Scientific,
said.  "In addition, our expense and head count reduction
initiative is well under way, and we continue to make progress
monetizing our investment portfolio and restructuring several
businesses. These measures should help us further our overall
goals of restoring profitable growth, increasing shareholder
value and continuing to strengthen Boston Scientific for the
future."

In addition to the two sales, Boston Scientific has also
disclosed agreements to sell its cardiac surgery, vascular
surgery and auditory businesses.

"Boston Scientific's fluid management and venous access
businesses maintain strong leadership positions in their
respective markets and are recognized for benefiting
interventional cardiologists, radiologists and oncologists, and
their patients," David Burgstahler, a partner at Avista Capital
Partners.  "Furthermore, given his extensive experience in the
medical device field, Ron Sparks is a great fit to drive growth
for the combined business going forward."

"We are very excited about this transaction," Larry Pickering,
Avista Capital Partners' healthcare industry partner, added.
"The fluid management franchise has exceptional brands and a
cutting-edge manufacturing facility at Glens Falls with unique
custom kitting capabilities.  The venous access business has
robust R&D capabilities, a knowledgeable sales force and a
strong new product introduction track record, which should
continue to propel organic growth."

"I am eager and delighted to work with the existing fluid
management and venous access teams to build on their leading
franchises in oncology, radiology and interventional cardiology
to create a world-class, stand-alone medical device company,"
Ron Sparks said.  "We want to recognize the important work these
teams have done in developing these franchises, well as the
valuable role we expect them to play going forward."

"This is an exciting time for fluid management and venous
access, and we are thrilled to be joining the talented Avista
team as we develop a strategy to drive long-term growth and
expand our businesses," Dave McClellan said.

"We greatly appreciate the contributions our Fluid management
and venous access employees have made to Boston Scientific," Mr.
Tobin added.  "We wish them continued success in providing
customers and patients with quality products and innovative
therapies."

Fluid management/venous access will be Avista's fifth investment
in the healthcare industry.  In 2007, Avista made healthcare
investments in BioReliance and VWR International and in 2006
Avista disclosed investments in Nycomed and MedServe. While at
DLJ Merchant Banking Partners, the Avista partners were involved
in numerous healthcare transactions including Accellent, Charles
River Laboratories, Focus Diagnostics, KCI, Prometheus Labs and
Warner Chilcott.

                 About Avista Capital Partners

Avista Capital Partners -- http://www.avistacap.com/-- is a  
private equity firm with offices in New York City and Houston,
Texas.  Founded in 2005, Avista manages US$2 billion in private
equity capital.  Avista's strategy is to make controlling or
influential minority investments in growth-oriented media,
healthcare and energy companies.  Through its team of seasoned
investment professionals and industry experts, Avista seeks to
partner with management teams to invest in and add value to
well-positioned businesses.

                  About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--             
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Boston Scientific Corp., including the 'BB+' corporate credit
rating, and removed them from CreditWatch, where they were
placed with negative implications Aug. 3, 2007.  The rating
outlook is negative.


DELPHI CORP: Court Approves Modified Disclosure Statement
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered an order formally approving Delphi Corp. and its debtor-
affiliates' Disclosure Statement, as modified, on Dec. 10, 2007.

As previously reported, the Court directed the Debtors to make
certain changes to the Disclosure Statement at the hearing to
consider confirmation of the Disclosure Statement, which hearing
concluded on Dec. 7, 2007.

Accordingly, the Debtors amended the Joint Plan of
Reorganization and Disclosure Statement and subsequently filed a
First Amended Plan of Reorganization and accompanying Disclosure
Statement on Dec. 10, 2007.  The Court approved the First
Amended Disclosure Statement on the same date, Dec. 10, 2007.

The modifications reflected in the First Amended Plan and the
First Amended Disclosure Statement do not materially impact the
terms of the Plan.

Delphi Corp. Vice President and Chief Restructuring Officer John
D. Sheehan relates that the First Amended Plan continues to
provide for full recoveries for unsecured creditors at a
negotiated Plan enterprise value and fair consideration for
holders of Existing Common Stock.

In particular, the Plan provides that Holders of Allowed General
Unsecured Claims will receive New Common Stock and Discount
Rights equal to 100% of their Allowed General Unsecured Claim
plus applicable Postpetition Interest through the earlier of
Jan. 31, 2008, and the Plan Confirmation Date.  The distribution
of New Common Stock to holders of General Unsecured Claims will
equal 77.3% of the holders' Allowed General Unsecured Claim, and
the remaining 22.7% of the Claim will be satisfied through the
pro rata distribution of Discount Rights, Mr. Sheehan says.

The Debtors are currently in the process of arranging for exit
financing, comprised of:

   (1) up to US$2,550,000,000 in equity investments through the
       Discount Rights Offering and the transactions
       contemplated by the New Equity Purchase and Commitment
       Agreement among the Debtors, Appaloosa Management L.P.,
       and the other Plan Investors; and

   (2) debt financing consisting of:

       * a US$1,600,000,000 asset-based revolving loan facility;

       * a US$3,700,000,000 of first-lien funded financing; and

       * a US$1,500,000,000 of second-lien funded financing of
         which up to US$750,000,000 will be placed with GM.

The Debt Financing will be arranged by JPMorgan Securities Inc.,
JPMorgan Chase Bank, N.A., and Citigroup Global Markets Inc.

The Debtors believe that the Exit Financing will enable them to
honor their obligations under the Plan, and transition out of
bankruptcy and into successful operation post-emergence.

A full-text copy of the First Amended Plan is available for free
at http://bankrupt.com/misc/Delphi_1stAmendedReorgPlan.pdf

A full-text copy of the First Amended Disclosure Statement is
available for free at

       http://bankrupt.com/misc/Delphi_1stAmendedDS.pdf

The Debtors maintain that the Plan provides for an equitable and
early distribution to creditors and shareholders, preserves the
value of Delphi's business as a going concern, and preserves the
jobs of employees.  The Debtors aver that any alternative to
confirmation of the Plan, such as liquidation or attempts by
another party-in-interest to file a plan, will result in
significant delays, litigation, and costs, as well as the loss
of jobs.  Moreover, the Debtors believe that their creditors and
shareholders will receive greater and earlier recoveries under
the Plan than those that would be achieved in liquidation or
under an alternative plan.

The Plan continues to be supported by General Motors Corp., the
Plan Investors, and both the Official Committee of Unsecured
Creditors and the Official Committee of Equity Security Holders,
according to Mr. Sheehan.

                          Court Decree

The Honorable Robert Drain finds that the Disclosure Statement
complies with the provisions of the Bankruptcy Code and the
Federal Rules of Bankruptcy Procedure.  In particular, the
Disclosure Statement contains adequate information within the
meaning of Section 1125(a) of the Bankruptcy Code.  The
Disclosure Statement also complies with the requirements of
Bankruptcy Rule 3016(c) by sufficiently describing in specific
and conspicuous bold language the provisions of the Joint Plan
of Reorganization that provide for releases and injunctions
against conduct not otherwise enjoined under the Bankruptcy
Code.  Moreover, the Disclosure Statement sufficiently
identifies the persons and entities that are subject to those
releases and injunctions.

To the extent not already withdrawn or reflected in changes to
the Disclosure Statement, all objections filed or otherwise
asserted against the Disclosure Statement are overruled.

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 102;
Bankruptcy Creditors' Service Inc.,  
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Court Sets Plan Confirmation Hearing on January 17
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing to consider confirmation of Delphi Corp.
and its debtor-affiliates' First Amended Joint Plan of
Reorganization, dated Dec. 10, 2007, on Jan. 17, 2008, at 10:00
a.m. prevailing Eastern time.

Objections to confirmation of the Plan must:

   -- be served by Jan. 11, 2008, at 4:00 p.m. prevailing
      Eastern time;

   -- be in writing;

   -- comply with the Bankruptcy Rules and the Local Bankruptcy
      Rules for the Southern District of New York;

   -- set forth the name of the objector and the nature and
      amount of any claim or interest asserted by that objector
      against or in the Debtors or the Debtors' estates and
      property;

   -- state with particularity the legal and factual bases for
      the objection; and

   -- be filed with the Court and served on:

      * the Debtors' counsel:

        Skadden, Arps, Slate, Meagher & Flom LLP
        333 West Wacker Drive, Suite 2100
        Chicago, Illinois 60606
        (800) 718-5305
        Att'n: John Wm. Butler, Jr.
        Att'n: George N. Panagakis
        Att'n: Ron E. Meisler
        Att'n: Nathan L. Stuart

        and

        Skadden, Arps, Slate, Meagher & Flom LLP
        Four Times Square
        New York, New York 10036
        Att'n: Kayalyn A. Marafioti
        Att'n: Thomas J. Matz

      * the U.S. Trustee

        The Office of the U.S. Trustee
        33 Whitehall Street, Suite 2100
        New York, New York 10004
        Att'n: Alicia M. Leonhard

      * Counsel for the Official Committee of Unsecured
        Creditors

        Latham & Watkins LLP
        885 Third Avenue
        New York, New York 10022
        Att'n: Robert J. Rosenberg
        Att'n: Mitchell A. Seider
        Att'n: Mark A. Broude

      * Counsel for the Official Committee of Equity Security
        Holders

        Fried, Frank, Harris, Shriver & Jacobson LLP
        One New York Plaza
        New York, New York 10004
        Att'n: Brad E. Scheler
        Att'n: Bonnie K. Steingart
        Att'n: Vivek Melwani

      * Counsel for JPMorgan Chase Bank, N.A., and the other
        postpetition lenders

        Davis Polk & Wardwell
        450 Lexington Avenue
        New York, New York 10022
        Att'n: Donald S. Bernstein
        Att'n: Brian M. Resnick

      * Counsel for Plan Investor A-D Acquisition Holdings, LLC

        White & Case LLP
        Wachovia Financial Center
        200 South Biscayne Boulevard
        Suite 4900, Miami, Florida 33131
        Att'n: Thomas E. Lauria
        Att'n: Michael C. Shepherd

        and

        White & Case LLP
        1155 Avenue of the Americas
        New York, New York 10036
        Att'n: Gerard H. Uzzi
        Att'n: Glenn M. Kurtz
        Att'n: Douglas P. Baumstein

      * Counsel for General Motors Corp.

        Weil, Gotshal & Manges LLP
        767 Fifth Avenue
        New York, New York 10153
        Att'n: Jeffrey L Tanenbaum
        Att'n: Michael P. Kessler
        Att'n: Robert J. Lemons

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 102;
Bankruptcy Creditors' Service Inc.,  
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Court Approves Equity Purchase & Commitment Pact
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the Amendment to the New Equity Purchase and
Commitment Agreement, as modified, among the Debtors, Appaloosa
Management L.P., Harbinger Capital Partners Master Fund I, Ltd.,
Pardus Capital Management, L.P., Merrill Lynch, Pierce, Fenner &
Smith, Inc., UBS Securities LLC, and Goldman Sachs & Co.  The
Debtors and the Appaloosa Plan Investors subsequently entered
into the EPCA Amendment on Dec. 10, 2007.

A full-text copy of the EPCA Amendment is available for free at:

               http://ResearchArchives.com/t/s?2662

Except as provided in the EPCA Amendment, the Aug. 2, 2007, New
EPCA remains in full force and effect, the Court clarifies.

The Honrable Robert Drain has permitted the Debtors and the Plan
Investors to make non-material modifications to the EPCA
Amendment without further Court order as long as those
modifications are not opposed by either the Official Committee
of Unsecured Creditors or the Official Committee of Equity
Security Holders.

The EPCA Amendment revises a number of provisions in the New
EPCA to reflect events and developments since Aug. 3, 2007,
including those relating to Court approvals in connection with
the EPCA Amendment; Delphi's delivery of a revised disclosure
letter and a revised business plan; updates and revisions to
representations and warranties; the Debtors' agreements with
principal labor unions; the execution and amendment of certain
settlement agreements with General Motors Corp.; the execution
of a best efforts financing letter; and the filing of the First
Amended Plan of Reorganization and Disclosure Statement.  The
EPCA Amendment no longer outlines Delphi's proposed framework
for a plan of reorganization but instead, except for corporate
governance matters, relies upon the First Amended Plan for that
function, David M. Sherbin, Delphi Corp. Vice President, General
Counsel and Chief Compliance Officer, relates.

Furthermore, the EPCA Amendment revises provisions relating to
the Discount Rights Offering, including the replacement of
existing common stockholders with unsecured creditors, under the
Plan.  The EPCA Amendment further reflects certain economic
changes for recoveries provided under the Plan, and a post-
emergence capital structure that includes Series C Preferred
Stock to be issued to GM.

The EPCA Amendment also removes or narrows the scope of certain
conditions to closing in the New EPCA to provide greater
certainty to the consummation of the transaction, including:

   * the no-strike conditions to include only strikes that occur
     after Oct. 29, 2007;

   * the capitalization condition to reduce the net debt
     required for the Debtors on the closing date; and

   * to exclude from the condition relating to the approval of
     material investment documents, numerous documents which
     have already been delivered by the Debtors to the Plan
     Investors like the Plan, the Disclosure Statement, the
     settlement agreements with GM, and the business plan.

Certain conditions to closing, however, were added by the EPCA
Amendment, including those requiring:

   -- the release and exculpation of each Plan Investor as set
      forth in the EPCA Amendment;

   -- that Delphi will have undrawn availability of
      US$1,400,000,000 under the asset backed revolving loan
      facility, subject to certain exclusions;

   -- an interest expense condition that limits the Reorganized
      Debtors' pro forma interest expense on its indebtedness
      during 2008 to US$585,000,000;

   -- that scheduled Pension Benefit Guarantee Corporation liens
      be withdrawn; and

   -- that the aggregate amount of trade and unsecured claims be
      no more than US$1,450,000,000, subject to certain waivers
      and exclusions.

                  Delphi Amends Rights Agreement
                to Accommodate Appaloosa Investors

Pursuant to the Rights Agreement dated as of Feb. 1, 1999, as
amended, between Delphi Corp. formerly known as Delphi
Automotive Systems Corp., and Computershare Trust Company, N.A.,
as successor Rights Agent, one Right is issued and attached to
each outstanding share of Delphi's common stock.

The Rights constitute a separate class of securities registered
under the Securities Act of 1933, as amended, and entitle the
holder of the Right, in certain circumstances, to purchase from
Delphi a unit consisting of one one-hundredth of a share of
Series A Junior Preferred Stock, par value US$0.10 per share, at
an exercise price of US$65 per Right, subject to adjustment in
certain events, Mr. Sherbin relates.

On Dec. 10, 2007, Delphi amended the Rights Agreement to exempt
the Appaloosa Plan Investors, as well as the Investors'
assignees or transferees, from the definition of "Acquiring
Person" as that term is defined in the Rights Agreement, solely
as a result of transactions contemplated by the New EPCA, as
amended by the EPCA Amendment.  As a result, the Plan Investors'
entry into the EPCA Amendment and the consummation of the
transactions contemplated by the New EPCA will not trigger the
Series A Preferred Stock purchase rights under the Rights
Agreement, Mr. Sherbin explains.

A full-text copy of the Rights Agreement, as amended on
Dec. 10, 2007, is available for free at:

              http://ResearchArchives.com/t/s?2661

Based on information supplied by the Plan Investors to the SEC
in
Schedules 13D, reviewed by the Debtors as of Nov. 8, 2007, the
Plan Investors hold an aggregate of 125,644,421 shares of Delphi
common stock:

   Plan Investor                                  Shares Held
   -------------                                  -----------
   Appaloosa Management L.P.                       52,000,000
   Harbinger Capital Partners Master Fund I, Ltd.  26,450,000
   Pardus Special Opportunities Master Fund L.P.   26,400,000
   Goldman, Sachs & Co.                            14,892,921
   UBS Securities LLC                               4,419,294
   Merrill Lynch, Pierce, Fenner & Smith Inc.       1,482,206

                        About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 102;
Bankruptcy Creditors' Service Inc.,  
http://bankrupt.com/newsstand/or 215/945-7000)


GEOPHYSIQUE - VERITAS: S&P Lifts Ratings to BB on Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit ratings to 'BB' from 'BB-' on global oil and gas seismic
company Compagnie Generale de Geophysique - Veritas.  The
outlook is stable.

At the same time, the ratings on the unsecured high yield notes
were raised to 'BB-' from 'B+'. The issue ratings on the
US$1.34 billion of senior secured credit facilities were raised
to 'BB+' from 'BB-', while we revised our recovery rating on
this debt to '2' from '3', indicating the expectation of
substantial recovery (70%-90%) in the event of a payment
default.

"The upgrade reflects CGG-Veritas' strong nine-month operating
performance in 2007 and favorable perspectives, together with
increased confidence that 2008 should allow for significant free
cash flow and debt reduction," said Standard & Poor's credit
analyst Karl Nietvelt.  Credit ratios should strengthen as a
result in 2008.  

S&P forecasts that the ratio of adjusted debt to adjusted EBITDA
will improve to about 1.3x at end 2008 from 2.3x expected for
2007.  They also calculated such adjusted EBITDA as well as
funds from operations after deduction of capitalized multi-
client cash spending, as industry standard reported EBITDA and
operating cash flow (on the basis of capitalization of multi-
client expenditure) is viewed as aggressive.

The ratings reflect CGG-Veritas' leading position, together with
Schlumberger's WesternGeco (not rated), in the global oil and
gas seismic sector. CGG-Veritas benefits from its dual exposure
to seismic services, complemented by seismic-equipment
manufacturing (SERCEL).  Competitive advantages include the
global reach of its 20-vessel seismic data-acquisition fleet,
access to advanced modern equipment and technology, and an
attractive and growing seismic data library, notably for the
Gulf of Mexico.  Offsetting credit weaknesses are the sector's
intense competition, the continued high cyclicality for the
offshore segment--principally because of rapid new-build of
marine vessels rather than because of demand, which is
anticipated to stay strong--together with our expectation that
current record demand for SERCEL equipment will return to more
normalized levels from 2009 onward.

"The stable outlook on CGG-Veritas reflects our expectation of a
continued very strong performance in 2008, together with
expectations of debt reduction by year-end 2008," said Mr.
Nietvelt.  The ratings also factor in management's financial
policy, and commitment toward debt reduction.  The favorable
sector outlook implies some degree of flexibility at this rating
level, although not for major debt-financed acquisitions.  
Acquisition risk has recently increased in the sector, as
highlighted by recent acquisitions by peers, such as PGS and
WesternGeco. CGG-Veritas' current ratings factor in some
flexibility for small debt-financed acquisitions, while large
acquisitions, if any, are assumed to be largely share-based
transactions.

One-notch rating upside exists, should management decide to
bring debt down significantly more than currently anticipated.
Downside pressure, currently limited, could arise should the
company's external growth policies be more aggressive than
anticipated.


REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook
----------------------------------------------------------------
Moody's Investors Service has assigned an SGL-3 speculative
grade liquidity rating to Realogy Corporation and changed the
rating outlook from stable to negative.  At the same time,
Moody's affirmed the B3 corporate family rating and all other
credit ratings.

Although Moody's base case forecast anticipates that residential
home sale volume and pricing will stabilize beginning in late
2008 or early 2009, the negative rating outlook considers the
potential for a more severe and protracted real estate downturn.

The SGL-3 speculative grade liquidity reflects an adequate
liquidity profile with modestly negative free cash flow from
operations and adequate headroom under financial covenants over
the next four quarters.

If the downturn in the real estate market is more severe than
anticipated by Moody's base case forecast over the next four
quarters, then Moody's could lower the SGL rating. In such a
scenario, free cash flow from operations could turn sharply
negative and compliance with the leverage covenant could be
challenging.

Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor  
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.


=============
G E O R G I A
=============


METROMEDIA INT'L: Magticom Unit Earns US$29.98 Mln for Q2 2007
--------------------------------------------------------------
Metromedia International Group Inc. released its preliminary
financial results for the second quarter and six months ended
June 30, 2007, for its principal core business, Magticom
Limited.

Magticom posted US$29.98 million in EBITDA on US$48.11 million
in net revenues for the second quarter 2007, compared with  
US$24.67 million in EBITDA on US$39.96 million in net revenues
for the same period in 2006.

Magticom posted US$57.31 million in EBITDA on US$91.96 million
in net revenues for the first half of 2007, compared with
US$50.07 million in EBITDA on US$76.89 million in net revenues
for the same period in 2006.

Metromedia is a holding company.  Accordingly, MIG does not
generate cash flows from operations and is dependent on the
earnings of its business ventures and the distribution or other
payment of these earnings to meet its corporate cash outlay
requirements.  

As of Nov. 30, 2007, the Company's unrestricted corporate cash
balance was around US$0.3 million.

As of Sept. 30, 2007, Magticom's unrestricted cash balance, in
various currencies, was around US$22.8 million at current
exchange rates.

During the past several fiscal years, the cash flows generated
from Magticom's operations have been sufficient to enable
Magticom to self-finance its capital expenditure requirements
and to fully repay any outstanding financing obligations.

Magticom expended approximately US$28.7 million in the six
months ended June 30, 2007, on capital infrastructure expansion
or rehabilitation programs and maintenance of its radio
frequency licenses.

As of Sept. 30, 2007, Magticom did not have any outstanding debt
obligations.

                  External Sources of Liquidity

As of Sept. 30, 2007, around US$124 million in cumulative unpaid
dividends had accrued for holders of the Company's 7 1/4%
Cumulative Convertible Preferred Stock.  The Company is not
obligated to pay any portion of this accrued dividend, except in
the event of liquidation, or to pay any current dividend on the
Preferred Stock.  The Preferred Stock is currently trading at a
substantial discount to its US$50 face value.

During the past several years, the Company has relied upon cash
receipts from the sale of certain of its non-core business
ventures and, to a lesser extent, the repatriation of cash from
business ventures, in the form of dividend distributions or the
repayment of outstanding loans in order to meet its outstanding
legal liabilities and obligations.  Since the Company has
monetized its interest in all but four of its business ventures,
the Company must now rely on dividends from its business
ventures or financing as the principal sources of funding for
further business development.

             About Metromedia International Group Inc.

Based in Charlotte, North Carolina, Metromedia International
Group Inc. -- http://www.metromedia-group.com/-- through its  
wholly owned subsidiaries, owns interests in several
communications businesses in the country of Georgia.  The
company's core businesses include Magticom Ltd., a mobile
telephony operator located in Tbilisi, Georgia, Telecom Georgia,
a long distance telephony operator, and Telenet, which provides
Internet access, data communications, voice telephony
and international access services.

                         *      *     *

Moody's Investor Services assigned B3 on Metromedia
International Group Inc.' subordinated debt and B2 on its junior
subordinated debt on March 1994.  The ratings hold to date.


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


ADVANCED TECHNOLOGY: Claims Registration Ends January 16, 2008
--------------------------------------------------------------
Creditors of Advanced Technology Luebben GmbH have until
Jan. 16, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Junker.

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

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 313
         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:

         Dr. Christoph Junker
         Karcherallee 25 a
         01277 Dresden
         Germany

The District Court of Cottbus opened bankruptcy proceedings
againstAdvanced Technology Luebben GmbH on Nov. 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Advanced Technology Luebben GmbH
         Attn: Robert Brauer, Manager
         Stieg 17
         15910 Bersteland
         Germany


AKTIV BAUTECHNIK: Claims Registration Period Ends Jan. 23, 2008
--------------------------------------------------------------
Creditors of Aktiv Bautechnik GmbH have until Jan. 23, 2008 to
register their claims with court-appointed insolvency manager
Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Andreas Kienast
         Peterstr. 14
         23701 Eutin
         Tel: 04521/775080
         Fax: 04521/775088

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

The Debtor can be reached at:

         Aktiv Bautechnik GmbH
         Attn: Beyhan Oezdemir, Manager
         Alte Luebecker Chausse 8
         24114 Kiel
         Germany


ALEWELT AUTOMOBILE: Claims Registration Ends January 16, 2008
-------------------------------------------------------------
Creditors of Alewelt Automobile GmbH have until Jan. 16, 2008,
to register their claims with court-appointed insolvency manager
Relef Tantzen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         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:

         Relef Tantzen
         Rhalandstrasse 26
         27404 Zeven
         Germany
         Tel: 04281/93490
         Fax: 04281/4744

The District Court of Stade opened bankruptcy proceedings
against Alewelt Automobile GmbH on Nov. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Alewelt Automobile GmbH
         Stader Strasse 37
         27432 Bremervoerde

         Attn: Andreas Alewelt, Manager
         Fischerklink 12
         27432 Bremervoerde
         Germany


ALFONS HAUCK: Claims Registration Period Ends Jan. 25, 2008
-----------------------------------------------------------
Creditors of Alfons Hauck GmbH & Co. Besitz-KG have until
Jan. 25, 2008, to register their claims with court-appointed
insolvency manager Harry Kressl.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 26, 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 Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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:

         Harry Kressl
         Uhlandstrasse 57-61
         74072 Heilbronn
         Germany
         Tel: 07131/965415

The District Court of Mosbach opened bankruptcy proceedings
against Alfons Hauck GmbH & Co. Besitz-KG on Nov. 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Alfons Hauck GmbH & Co. Besitz-KG
         Attn: Alfons Hauck, Manager
         Deubacher Str. 7
         97922 Lauda-Koenigshofen
         Germany


ALTENBURGER KAROSSERIE: Claims Registration Ends Jan. 4, 2008
-------------------------------------------------------------
Creditors of Altenburger Karosserie- und Fahrzeugbau GmbH have
until Jan. 4, 2008, to register their claims with court-
appointed insolvency manager Bernd Krumbholz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Feb. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Bernd Krumbholz
         Fr.-Engels-Strasse 1 a
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
Altenburger Karosserie- und Fahrzeugbau GmbH on Nov. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Altenburger Karosserie- und Fahrzeugbau GmbH
         Mozartstr. 6
         04600 Altenburg
         Germany


ATV - JOCHUM: Creditors' Meeting Slated for January 9, 2008
-----------------------------------------------------------
The court-appointed insolvency manager for ATV - Jochum GmbH,
Peter Theiss will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 1:45 p.m. on
Jan. 9, 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 2:00 p.m. on Feb. 27, 2008 at the same
venue.

Creditors have until Jan. 30, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:
                  
         Peter Theiss
         Dudweiler Strasse 4
         66111 Saarbruecken
         Germany
         Tel: (0681) 9404 180
         Fax: (0681) 9404 181
         
The District Court of Saarbruecken opened bankruptcy proceedings
against ATV - Jochum GmbH on Dec. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ATV - Jochum GmbH
         Saarwiesenweg 2
         66333 Voelklingen
         Germany

         Attn: Sonja Jochum, Manager
         Linckeweg 1
         66802 Ueberherrn
         Germany


AUTOHAUS HANS: Claims Registration Ends January 18, 2008
--------------------------------------------------------
Creditors of Autohaus Hans und Friedhelm Coenen GmbH & Co. KG
have until Jan. 18, 2008, to register their claims with court-
appointed insolvency manager Volker Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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:

         Volker Quinkert
         Brucknerallee 6
         41236 Moenchengladbach
         Germany
         Tel: 02166/6189898
         Fax: +4921666189888

The District Court of Moenchengladbach opened bankruptcy
proceedings against  Autohaus Hans und Friedhelm Coenen GmbH &
Co. KG on Moenchengladbach.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Autohaus Hans und Friedhelm Coenen GmbH & Co. KG
         Attn: Hans Coenen, Manager
         Hofstrasse 65
         41065 Moenchengladbach
         Germany


BHB WOHNBAU: Claims Registration Period Ends Jan. 10, 2008
----------------------------------------------------------
Creditors of BHB Wohnbau GmbH have until Jan. 10, 2008, to
register their claims with court-appointed insolvency manager
Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 31, 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:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against BHB Wohnbau GmbH on Nov. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         BHB Wohnbau GmbH
         Attn: Viktor Butwilowski, Manager
         Stieghorster Str. 60
         33605 Bielefeld
         Germany


BIO ENERGY: Claims Registration Ends January 18, 2008
-----------------------------------------------------
Creditors of Bio Energy Biogas GmbH have until Jan. 18, 2008, to
register their claims with court-appointed insolvency manager
Bielefeld.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstr. 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:

         Hans-Peter Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Bio Energy Biogas GmbH on Nov. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bio Energy Biogas GmbH
         Attn: Bernhard Horstmann, Manager
         Loher Busch 52
         32545 Bad Oeynhausen
         Germany


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

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

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller)
         Germany
         Tel: 04231/884-45
         Fax: 04231/884-55

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

The Debtor can be reached at:

         Cook & Concept Beteiligungs-GmbH
         Attn: Udo Adamy, Manager
         Dauelsener Dorstrasse 19
         27283 Verden
         Germany


EICHHORN UND SOHN: Claims Registration Period Ends Jan. 8, 2008
---------------------------------------------------------------
Creditors of Eichhorn und Sohn GmbH have until Jan. 8, 2008, to
register their claims with court-appointed insolvency manager
Alfred Ponzer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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:

         Alfred Ponzer
         Radeberger Strasse 37
         01099 Dresden
         Germany
         Web site: http://www.ponzer.de/  

The District Court of Dresden opened bankruptcy proceedings
against Eichhorn und Sohn GmbH on Nov. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Eichhorn und Sohn GmbH
         Attn: Maik Eichorn, Manager
         Waldweg 9
         01326 Dresden
         Germany


ENERGIE- UND ANLAGENTECHNIK: Creditors' Mtg Set on Jan. 22, 2008
----------------------------------------------------------------
The court-appointed insolvency manager for Energie- und
Anlagentechnik Koerner GmbH, Harry Kressl, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 2:30 p.m. on Jan. 22, 2008.

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

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:30 p.m. on Feb. 26, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Harry Kressl
         Uhlandstrasse 57-61
         74072 Heilbronn
         Tel: 07131/965415

The District Court of Mosbach opened bankruptcy proceedings
against Energie- und Anlagentechnik Koerner GmbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Energie- und Anlagentechnik Koerner GmbH
         Attn: Albin Koerner, Manager
         Dorfstr. 10
         97950 Grossrinderfeld-Schoenfeld
         Germany


EVOLUTION 24: Claims Registration Period Ends Jan. 21, 2008
-----------------------------------------------------------
Creditors of evolution 24 Systemhaus GmbH have until Jan. 21,
2008, to register their claims with court-appointed insolvency
manager Ruediger Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ruediger Schmidt
         Muehlesgassle 2
         73054 Eislingen
         Germany
         Tel: 07161/82018
         Fax: 07161/817976

The District Court of Goeppingen opened bankruptcy proceedings
against evolution 24 Systemhaus GmbH on Dec. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         evolution 24 Systemhaus GmbH
         Attn: Markus Mugele und
               Sandra Csulits, Managers
         Daimlerstr. 12
         73054 Eislingen
         Germany


GESELLSCHAFT FUER INNOVATION: Claims Bar Date Ends Jan. 11, 2008
----------------------------------------------------------------
Creditors of Gesellschaft fuer Innovation, Betriebs- und
Anlagenberatung (GIBA) mbH have until Jan. 11, 2008, to register
their claims with court-appointed insolvency manager Klaus
Wrede.

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 Magdeburg
         Hall 13
         Justizzentrum
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973315
         Fax: 0391/5973333
         E-mail: k.wrede@kwp-magdeburg.com  

The District Court of Magdeburg opened bankruptcy proceedings
against Gesellschaft fuer Innovation, Betriebs- und
Anlagenberatung (GIBA) mbH on Nov. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Gesellschaft fuer Innovation, Betriebs- und          
         Anlagenberatung (GIBA) mbH
         Teich 12
         39365 Eggenstedt
         Germany


GUSTAV LIEBERMANN: Claims Registration Period Ends Jan. 2, 2008
---------------------------------------------------------------
Creditors of Gustav Liebermann GmbH & Co.KG Puppen- und
Spielwarenfabrik have until Jan. 2, 2008, to register their
claims with court-appointed insolvency manager Juergen Wittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Coburg
         Meeting Hall K
         First Floor
         Coburg
         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:

         Juergen Wittmann
         Adolf-Kolping-Strasse 1
         96317 Kronach
         Germany
         Tel: 09261/62200
         Fax: 09261/622020

The District Court of Coburg opened bankruptcy proceedings
against Gustav Liebermann GmbH & Co.KG Puppen- und
Spielwarenfabrik on Nov. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gustav Liebermann GmbH & Co.KG Puppen- und
         Spielwarenfabrik
         Ketschenbacher Strasse 165
         96465 Neustadt b. Coburg
         Germany


HATE-MASSIV-BAU GMBH: Claims Period Ends Jan. 17, 2008
------------------------------------------------------
Creditors of Hate-Massiv-Bau GmbH have until Jan. 17, 2008, to
register their claims with court-appointed insolvency manager
Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Hate-Massiv-Bau GmbH on Dec. 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hate-Massiv-Bau GmbH
         Attn: Hans-Juergen Thoelke, Manager
         23843 Bad Oldesloe
         Germany


HEINZ ENTENMANN: Claims Registration Period Ends Jan. 21, 2008
--------------------------------------------------------------
Creditors of Heinz Entenmann Verwaltungs-GmbH have until
Jan. 21, 2008 to register their claims with court-appointed
insolvency manager Dr. Tibor Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Esslingen
         Hall One
         First Floor
         Ritterstr.5 (Eingang Strohstrasse)
         Esslingen
         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. Tibor Braun
         Kriegerstr. 3
         70191 Stuttgart
         Germany
         Tel: 0711/225583-0
         Fax: 0711/225583-20

The District Court of Esslingen opened bankruptcy proceedings
against Heinz Entenmann Verwaltungs-GmbH on Nov. 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heinz Entenmann Verwaltungs-GmbH
         Attn: Heinz Entenmann, Manager
         Esslinger Str. 85
         73207 Plochingen
         Germany


HILDEBRANDT & FEICHTNER: Claims Registration Ends Jan. 11, 2008
---------------------------------------------------------------
Creditors of Hildebrandt & Feichtner GmbH -Fahrbahnmarkierung-
Strassenservice- have until Jan. 11, 2008, to register their
claims with court-appointed insolvency manager Sabine von Stein-
Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 13, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Justizzentrum
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Sabine von Stein-Lausnitz
         Hegelstr. 39
         39104 Magdeburg
         Germany
         Tel: 0391/5982244
         Fax: 0391/5982158

The District Court of Magdeburg opened bankruptcy proceedings
against Hildebrandt & Feichtner GmbH -Fahrbahnmarkierung-
Strassenservice- on Nov. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hildebrandt & Feichtner GmbH -Fahrbahnmarkierung-
         Strassenservice-
         Attn: Torsten Thierfelder, Manager
         Hallesche Str. 25
         06408 Peissen
         Germany


HPI HANSEATISCHE: Claims Registration Period Ends Jan. 3, 2008
--------------------------------------------------------------
Creditors of HPI Hanseatische Projekt- und
Immobiliengesellschaft mbH & Co. KG have until Jan. 3, 2008, to
register their claims with court-appointed insolvency manager
Wilhelm Wessel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         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. Wilhelm Wessel
         Roeckstrasse 1
         23568 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against HPI Hanseatische Projekt- und Immobiliengesellschaft mbH
& Co. KG on Nov. 29.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         HPI Hanseatische Projekt- und Immobiliengesellschaft
         mbH & Co. KG
         Attn: Andreas Adam, Manager
         Viktoriastrasse 3
         23560 Luebeck
         Germany


IKB DEUTSCHE: WestLB Eyes Partial Merger, Shareholder Says
----------------------------------------------------------
WestLB AG will begin talks about a possible partial merger with
IKB Deutsche Industriebank AG, a WestLB shareholder told Edward
Taylor of the Wall Street Journal.

According to the State of North Rhine Westfalia's finance
ministry, which owns 49.2% of WestLB, the bank's owners plan to
acquire the relevant part of IKB or make a comparable
acquisition in order to expand lending to midsize German
companies, under a restructuring agreement, WSJ relates.

IKB declined to comment on the WSJ report.

In a TCR-Europe report on Oct. 23, 2007, state-owned KfW
Bankengruppe said it will be carrying out a comprehensive
analysis of all strategic options for its 37.8% stake in IKB
Deutsche, including the possibility of a sale.

IKB, which fell victim to the global credit squeeze triggered by
the U.S. subprime crisis, was recently rescued by a bailout led
by KfW, the TCR-Europe reported on Dec. 5.

The KfW-led banking pool agreed to cover US$520 million in risks
for IKB, the second time a rescue has been set up for the
troubled lender in under four months.  This brought the cost of
the rescue to EUR6.1 billion.

The Financial Times Deutschland had reported that the bank group
agreed to the credit line on the condition that it will be free
of all further liabilities and that there will be an accelerated
sale for the MDAX-listed bank.

IKB has earlier notified Bundesbank and BaFin that it could face
more liquidity problems if it fails to secure necessary
financing.

                            About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB) --
http://www.westlb.com/-- provides financial advisory, lending,
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

                        About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                           *    *    *

As reported in the TCR-Europe on Oct. 4, 2007, Fitch Ratings
has downgraded IKB Deutsche Industriebank AG's hybrid debt
securities to Long-term 'BB-' from 'A'.  They remain on Rating
Watch Negative.  IKB is rated Long-term Issuer Default 'A+' with
Stable Outlook, Short-term IDR 'F1', Support '1' and Individual
'F'.  Its subordinated debt issues are rated 'A'.

IKB's hybrid capital instruments rated Long-term 'BB-' and on
RWN are:

   -- EUR75 million IKB Funding Trust I's perpetual notes

   -- EUR400 million Funding Trust II's perpetual notes

   -- EUR100 million IKB International SA's capital contribution
      certificates maturing in 2009

   -- EUR200 million Hybrid Raising GmbH's perpetual capital
      notes linked to a silent participation in IKB

   -- EUR200 million Capital Raising GmbH's perpetual notes
      linked to a silent participation in IKB

   -- EUR70 million IKB International SA's capital contribution
      certificates maturing in 2010

   -- EUR150 million Propart Funding Ltd's profit participation
      certificates maturing in 2015.


KANALBAU SEELOW: Claims Registration Ends January 29, 2008
----------------------------------------------------------
Creditors of Kanalbau Seelow GmbH have until Jan. 29, 2008, to
register their claims with court-appointed insolvency manager
Susanne Mueller.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Susanne Mueller
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany
         
The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against KBS Kanalbau Seelow GmbH on Dec. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KBS Kanalbau Seelow GmbH
         Buschmuehlenweg 168 a
         15230 Frankfurt(Oder)
         Germany


KUAG ELANA: Claims Registration Period Ends Jan. 21, 2008
---------------------------------------------------------
Creditors of Kuag Elana GmbH have until Jan. 21, 2008, to
register their claims with court-appointed insolvency manager
Joerg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Feb. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joerg Zumbaum
         Zuelpicher Strasse 117
         52349 Dueren
         Germany
         Tel: 02421/20854-0
         Fax: 02421/20854-26

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

The Debtor can be reached at:

          Kuag Elana GmbH
          Boos-Fremery-Str. 62
          52525 Heinsberg
          Germany

          Attn:  Zbigniew Skowyrski, Manager
          Boos-Fremery-Str. 8
          52525 Heinsberg
          Germany


MEC GERMAN: Claims Registration Period Ends Jan. 5, 2008
--------------------------------------------------------
Creditors of MEC German Holding GmbH have until Jan. 5, 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 10:00 a.m. on Jan. 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Room 237
         Second Floor
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         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 am Main
         Germany
         Tel: (069) 96 23 34-0
         Fax: (069) 96 23 34-22
         E-mail: m.plathner@brinkmann-partner.de  

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against MEC German Holding GmbH on Nov. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MEC German Holding GmbH
         Attn: Claus-Dieter Greilich, Manager
         Lauterbacher Strasse 1
         63683 Ortenberg-Bleichenbach
         Germany


METZGEREI FREDL: Claims Registration Period Ends Jan. 25, 2008
--------------------------------------------------------------
The court-appointed insolvency manager for Metzgerei Fredl
Vertriebs GmbH, Silke Hasenoehrl, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:00 a.m. on Jan. 7, 2008.

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

         The District Court of Passau
         Meeting Hall 214
         Second Floor
         Schustergasse 4
         Passau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 3, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Silke Hasenoehrl
         Dr.-Ernst-Derra-Str. 4
         94032 Passau
         Germany
         Tel: 0851-9885960
         Fax: 0851-98859610

The District Court of Passau opened bankruptcy proceedings
against Metzgerei Fredl Vertriebs GmbH on Dec. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Metzgerei Fredl Vertriebs GmbH
         Dr. Schindler-Str. 9
         94107 Untergriesbach
         Germany


MTP METALLTECHNIK: Claims Registration Ends January 30, 2008
------------------------------------------------------------
Creditors of MTP Metalltechnik GmbH have until Jan. 30, 2008, to
register their claims with court-appointed insolvency manager
Martin Manstein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:
         
         The District Court of Weilheim
         Meeting Hall E 007
         Weilheim
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 10:00 a.m. on March 18, 2008, while
creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Martin Manstein
         Prannerstr. 11
         80333 Munich
         Germany
         Tel: 089/21111500
         Fax: 089/21111555

The District Court of Weilheim opened bankruptcy proceedings
against MTP Metalltechnik GmbH on Nov. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MTP Metalltechnik GmbH
         Hochreuther Str. 4
         82380 Peissenberg
         Germany


RK DATA: Claims Registration Ends January 30, 2008
--------------------------------------------------
Creditors of RK Data Network GmbH have until Jan. 30, 2008, to
register their claims with court-appointed insolvency manager
Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Feb. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Christoph Henningsmeier
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against RK Data Network GmbH on Nov. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RK Data Network GmbH
         Attn: Rainer Kahl, Manager
         Hartje-Rueter-Weg 34
         22399 Hamburg
         Germany


ROBERT VAN DER FLIER: Claims Registration Ends January 15, 2008
---------------------------------------------------------------
Creditors of Robert van der Flier Blumengrosshandel GmbH have
until Jan. 15, 2008, to register their claims with court-
appointed insolvency manager Georg Welslau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting 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 Robert van der Flier Blumengrosshandel GmbH on Nov. 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Robert van der Flier Blumengrosshandel GmbH
         Lange Str. 32
         32369 Rahden
         Germany


STUCKATEURFACHBETRIEB THORSTEN: Claims Filing Ends Jan. 22, 2008
----------------------------------------------------------------
Creditors of Stuckateurfachbetrieb Thorsten Moehrmann GmbH have
until Jan. 22, 2008 to register their claims with court-
appointed insolvency manager Andreas Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Fischer
         Erbprinzenstr. 27
         76133 Karlsruhe
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against Stuckateurfachbetrieb Thorsten Moehrmann GmbH on
Nov. 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Stuckateurfachbetrieb Thorsten Moehrmann GmbH
         Attn: Thorsten Moehrmann
         Igelbachstr. 19
         76597 Loffenau
         Germany


SW SANIERUNG: Claims Registration Period Ends Jan. 2, 2008
----------------------------------------------------------
Creditors of SW Sanierung und Wohnbau GmbH have until Jan. 2,
2008, to register their claims with court-appointed insolvency
manager Klaus Niemeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 302
         Kollegienwall 10
         49074 Osnabrueck
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Klaus Niemeyer
         Schillerstr. 20
         49074 Osnabrueck
         Germany
         Tel: 0541/33 85 00
         Fax: 0541/33 850-50

The District Court of Osnabrueck opened bankruptcy proceedings
against SW Sanierung und Wohnbau GmbH on Nov. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SW Sanierung und Wohnbau GmbH
         Attn: Eugen Heidt, Manager
         Felsener Str. 30
         49179 Ostercappeln
         Germany


TAMTAI HOLDING: Claims Registration Period Ends Jan. 21, 2008
-------------------------------------------------------------
Creditors of Tamtai Holding GmbH have until Jan. 21, 2008, to
register their claims with court-appointed insolvency manager
Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 28, 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:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

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

The Debtor can be reached at:

          Tamtai Holding GmbH
          Heuberg 1
          20354 Hamburg
          Germany


TONISCO-SYSTEM DEUTSCHLAND: Claims Filing Ends Jan. 31, 2008
------------------------------------------------------------
Creditors of TONISCO-System Deutschland GmbH have until
Jan. 31, 2008, to register their claims with court-appointed
insolvency manager Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Feb. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstrasse 5, D
         27283 Verden
         Germany
         Tel: 04231-884-0
         Fax: 04231-884-55


The District Court of Syke opened bankruptcy proceedings against
TONISCO-System Deutschland GmbH on Nov. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TONISCO-System Deutschland GmbH
         Attn: Pekka Keskinen, Manager
         Uferstr. 36
         31595 Steyerberg
         Germany


===========
G R E E C E
===========


OLYMPIC AIRLINES: Greece Prefers Liquidation Than Insolvency
------------------------------------------------------------
The Greek government will opt to liquidate Olympic Airlines S.A.
rather than declare the national carrier insolvent, Kathimerini
reports citing Transport Minister Costis Hatzidakis.

"Declaring insolvency leaves the workers unprotected," the
minister told Kathimerini.  "Insolvency is legally different
from liquidation.  If, of course, we reach this stage."

Mr. Hatzidakis stressed that Greece is still trying to sell
Olympic Airlines.

"We may for some reason have certain developments that will
avoid reaching even "liquidation" and the company may be sold
debt-free," Mr. Hatzidakis was quoted by Kathemerini as saying.

The minister revealed that Greece will replace Olympic Airlines
with a trimmed-down "healthier" airline in the coming months,
Kathemerini says.  Mr. Hatzidakis assured that the government
will protect the carrier's 10,000 employees, including full-
time, part-time and contract workers.

"Some of them will be offered voluntary retirement, while others
will be transferred to other state services," Mr. Hatzidakis
said.  "Others will be absorbed by the new company."

Greece claims that it can't organize a proper reorganization
process for Olympic Airlines until it settles a European
Commission case concerning the company's state aid liabilities.

The Greek government recently told the European Court of Justice
in Luxembourg that it has recovered more than EUR540 million in
state aid given to Olympic Airlines.

Lawyers for the European Commission, meanwhile, asked the
European Court to reject Greece's claim, saying that Greece made
"spurious excuses to get around applying the commission's
decision."

The case is docketed under Case. No. C-419/06 Commission of the
European Communities v. Hellenic Republic.

                     About Olympic Airlines

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the
Olympic Airways group of companies, flies passengers and cargo
to five continents, while offering ground handling, technical
maintenance and information technology services to third
parties.

Between 1994 and 2000, the European Commission allowed Greek
state aids for the restructuring of Olympic Airways.  In
December 2002, the Commission found that further aid had been
granted to the airline, and demanded that EUR160 million be
repaid.

Greece created Olympic Airlines in December 2003 from the
remaining assets of bankrupt and defunct national carrier
Olympic Airways S.A.  Olympic Airlines started operations in
2004 and posted EUR87 million in net losses.  The carrier posted
EUR123.7 million in net losses in 2005.


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


AVOCA CLO VI: Fitch Rates Class F Notes at B on Credit Quality
--------------------------------------------------------------
Fitch Ratings has affirmed AVOCA CLO VI plc''s notes following a
satisfactory performance review.  The ratings are:

   -- Class A1 notes (XS0272579763): affirmed at 'AAA'

   -- Class A2 notes (XS0272580266): affirmed at 'AAA'

   -- Class B notes (XS0272580779): affirmed at 'AA'

   -- Class C notes (XS0272580936): affirmed at 'A'

   -- Class D notes (XS0272582395): affirmed at 'BBB'

   -- Class E notes (XS0272583286): affirmed at 'BB'

   -- Class F notes (XS0272583955): affirmed at 'B'

   -- Class V combination notes (XS0272586891): affirmed at
      'BBB+'

The affirmation reflects the consistent credit quality of the
portfolio, as well as the available credit enhancement in the
structure since close in November 2006.  The transaction is
currently in compliance with all coverage tests and portfolio
quality tests.  The credit quality is stable with a current
weighted average rating factor of 28.5 compared to a maximum
trigger of 31.  There have been no defaults since closing.

The transaction, a European arbitrage collateralised loan
obligation, is a securitization of primarily senior secured
loans.  This transaction is managed by Avoca Capital Holdings.
The ratings of the Class A1 and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest according to the terms of the notes.  For all other
rated Classes of notes (other than the Class V combination
notes), the ratings address ultimate payment of principal and
interest, including any deferred interest, at maturity according
to the terms of the notes.  The ratings assigned to the Class V
combination note addresses the ultimate return of principal and
interest, resulting in a yield of 0.25% by the legal final
maturity date.


VALENCE TECH: Sept. 30 Balance Sheet Upside-Down by US$69.5 Mln
---------------------------------------------------------------
Valence Technology Inc.'s consolidated balance sheet at
Sept. 30, 2007, showed US$19.5 million in total assets, US$8.6
million in redeemable convertible preferred stock, and US$80.4
million in total liabilities, resulting in a US$69.5 million
total stockholders' equity.

The company reported a net loss of US$4.8 million on total
revenues of US$5.6 million for the second quarter ended Sept.
30, 2007, compared with a net loss of US$4.7 million on total
revenues of US$6.4 million in the comparable period ended Sept.
30, 2006.

Battery and system sales decreased to US$5.4 million in the
second quarter of fiscal 2008 from US$6.2 million in the second
quarter of fiscal 2007.  The quarter to quarter decrease was due
to a decrease in N-Charge(R) sales.

Total operating expenses were US$4.1 million and US$4.2 million
for the three months ended Sept. 30, 2007, and 2006,
respectively.  

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2659  

                       Going Concern Doubt

As reported in the Troubled Company Reporter on June 21, 2007,
PMB Helin Donovan LLP, in Austin, Tex., expressed substantial
doubt about Valence Technology, Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended March 31, 2007.  The
auditing firm pointed to the company's recurring losses from
operations, negative cash flows from operations and net
stockholders' capital deficit.  

At Sept. 30, 2007, the company's principal sources of liquidity
were cash and cash equivalents of US$2.5 million.  The company
expects that its sources of liquidity will not be sufficient for
the remaining fiscal year.  

                     About Valence Technology

Headquartered in Austin, Texas, Valence Technology Inc.
(Nasdaq: VLNC) -- http://www.valence.com/-- develops and  
markets Lithium Phosphate Rechargeable Batteries.  The company
has facilities in Austin, Texas; Las Vegas, Nevada; Mallusk,
Northern Ireland and Suzhou, China.


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


ALITALIA SPA: AirOne's Business Plan Eyes 3,802 Lay-offs
--------------------------------------------------------
AirOne S.p.A. plans to lay off 3,802 employees at Alitalia
S.p.A. once it acquires the Italian government's 49.9% stake in
the national carrier, Agenzia Giornalistica Italia reports
citing FIT-CISL national secretary Claudio Genovesi.

According to Mr. Genovesi, AirOne, which acquisition vehicle AP
Holding S.p.A. includes Intesa Sanpaolo S.p.A., plans to lay
off:

    * 2,750 employees at Alitalia Fly:

      -- 1,785 ground personnel,
      -- 334 pilots

         * 25 via retirement,
         * 180 via golden handshake,
         * 35 through turnover offset, and
         * 94 though solidarity compensation.
         
      -- 631 cabin crew.

    * 1,052 employees at Alitalia Services:

      -- 633 from maintenance department, and
      -- 419 from other departments.

As reported in the TCR-Europe on Dec. 17, 2007, Alitalia's Board
of Directors will convene at 4:00 p.m. today, Dec. 18, 2007, to
choose the preferred buyer for Italy's stake.

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

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

                        About Alitalia

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

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

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


DANA CORP: Wants to Sell Cape Girardeau Property for US$2.8 Mln
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask authority from the U.S.
Bankruptcy Court for the to sell a 15-acre parcel of real estate
and a 150,000 square-foot building located at 2075 Corporate
Circle in Cape Girardeau, Missouri, to Schaefer's Power Panels,
Inc., for US$2,841,750.  

The Debtors currently use the property for manufacturing, and
they are in the process of closing the manufacturing operations,
Corinne Ball, Esq., at Jones Day, in New York relates.

In accordance with an Asset Purchase Agreement, Schaefer will
bear the cost of the title commitment, inspection and any survey
and the other half of Dana Corp.'s escrow and closing fees.  At
closing, the Debtors will pay all real estate taxes and
installments of assessments that are due and payable as of the
closing date that are not prepetition taxes.  

The Debtors will have the right to occupy the property until
Jan. 31, 2008 under a rent free leaseback where they will be
responsible for all utility and custodial services and any
repair liabilities up to US$5,000 in aggregate.  

Furthermore, the Debtors propose to pay broker commissions of
US$107,061 to Signature Associates and US$128,475 to Lorimont
Place, Ltd.  The Debtors represent that Signature served as a
primary broker on the proposed sale, and Lorimont worked with
Signature as a cooperating broker.  Thus, the Debtors seek the
Court's authority to pay Lorimont's commission.

                           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 US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

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

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

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


DANA CORP: Wants to Sell Stateville Property for US$9.6 Million
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the to sell a 96-acre parcel of real
estate located at 1293 Glenway Drive in Statesville, North
Carolina, including all personal property, furnishings, fixtures
and equipment, to Doosan Infracore America Corporation for
US$9.6 million.

Corinne Ball, Esq., at Jones Day, in New York relates that the
Debtors have closed the manufacturing operations located in the
property.

At closing, the Debtors will pay all real estate taxes and
installments of assessments that are due and payable as of the
closing that are not prepetition taxes.  Doosan will pay all
prepetition taxes and will be entitled to credit those against
the purchase price.

Pursuant to the Asset Purchase Agreement, the Debtors propose to
pay broker commissions of US$360,000 to Signature Associates and
US$200,000 to Binswanger Corporation and Stiles and Company.  
Binswanger worked with Signature to represent the Debtors on the
proposed sale while Stiles represented Doosan.

The Debtors will assume and assign to Doosan the existing phone
system lease related to the Statesville property with LaSalle
Systems Leasing, Inc. at the closing of the proposed sale.  

                           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 US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

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

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

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


ISLAND REFINANCING: Fitch Rates EUR32 Mln Class D Notes at BB-
--------------------------------------------------------------
Fitch Ratings has assigned ratings to Island Refinancing
S.r.l.'s floating-rate notes due July 2025:

   -- EUR257 million Class A notes: 'AAA'; Outlook Stable
   -- EUR62 million Class B notes: 'A'; Outlook Stable
   -- EUR60 million Class C notes: 'BBB'; Outlook Stable
   -- EUR32 million Class D notes: 'BB-'; Outlook Stable

The ratings reflect the credit enhancement provided by way of
subordination, the recovery proceeds from the underlying
collateral, the expected timing of their receipt, and the
integrity of the legal and financial structures.  The ratings
address repayment of principal by legal final maturity in July
2025 as well as payment of interest on the notes in accordance
with legal documentation, subject to a deferral trigger on
Classes B, C and D.  Should the deferral trigger on Class B, C
or D be hit, interest on the relevant class will be deferred and
might not be received for a time, but will be received by legal
final maturity.  The rated notes equate to an advance rate of
21.6% and 29.3% against gross book value and property market
value, respectively.

This transaction is the refinancing of the Island Finance (ICR4)
and Island Finance 2 (ICR7) deals, two securitisations of non-
performing loans originated in Italy by Banco di Sicilia (rated
'A+'/'F1'/Outlook Positive), part of the Unicredito Italiano
banking group.  The two transactions closed in March 2000 and
March 2002, respectively, and all outstanding notes, apart from
Class E issued by ICR7, were fully redeemed in the first half of
2007 through bridge facilities.

Island Refinancing S.r.l. has purchased from ICR4 and ICR7 their
residual NPL portfolios, which amount to EUR1.9 billion GBV as
at Dec. 31, 2006.  The aggregate portfolio, net of claims fully
resolved in the first half of 2007, consists mainly of secured
NPLs (84.2% of GBV), with the remaining 15.8% made up of
unsecured connected loans to borrowers having a mortgage loan in
the secured pool.  Recoveries from the mortgage pool represent
97.8% of the total expected gross proceeds under the business
plan from second half of 2007 onwards.

Pirelli RE Credit Servicing S.p.A. (rated 'RSS2+IT'/'CSS2+IT')
acts as special servicer for the deal.  The servicer, which is
already acquainted with the claims in the portfolio having
serviced ICR4 and ICR7 since inception, holds an interest in the
transaction through its parent company investing in some of the
unrated notes.

The issuer benefits from a EUR33 million liquidity facility
(representing 8.7% of total investment-grade note issuance),
which can be drawn to make payments of interest on Class A, B
and C notes as well as payment of some senior costs.

Interest and principal on the notes will be paid semi-annually
in arrears on a sequential basis.  However, should some
collection targets not be met on a payment date, interest on
Classes B, C or D may be deferred.


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


A-PORT LLP: Proof of Claim Deadline Slated for Jan. 15, 2008
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP A-Port insolvent.

Creditors have until Jan. 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Internatsionalnaya Str. 11-22
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


CONTUR STROY: Creditors Must File Claims by Jan. 11, 2008
---------------------------------------------------------
LLP Construction Company Contur Stroy 333 has declared
insolvency.  Creditors have until Jan. 11, 2008, to submit
written proofs of claims to:

         LLP Construction Company Contur Stroy 333
         Bekmahanov Str. 96b
         Almaty
         Kazakhstan


CRISTALL LLP: Claims Filing Period Ends Jan. 15, 2008
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Cristall insolvent.

Creditors have until Jan. 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (31622) 25-79-32


JANA JOL: Creditors' Claims Due on Jan. 9, 2008
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Jana Jol insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


LUCKY STAR: Claims Registration Ends Jan. 9, 2008
--------------------------------------------------
LLP Lucky Star has declared insolvency.  Creditors have until
Jan. 9, 2008, to submit written proofs of claims to:

         LLP Lucky Star
         Mechnikov Str. 145-1a
         Almaty
         Kazakhstan


SB-STROY LLP: Claims Deadline Slated for Jan. 15, 2008
------------------------------------------------------
LLP SB-Stroy-Industry-Group has declared insolvency.  Creditors
have until Jan. 15, 2008, to submit written proofs of claims to:

         LLP SB-Stroy-Industry-Group
         Staraya Krepost
         Beskaragaisky District
         East Kazakhstan
         Kazakhstan


SBEE SERVICES: Creditors Must File Claims by Jan. 9, 2008
---------------------------------------------------------
LLP Sbee Services has declared insolvency.  Creditors have until
Jan. 9, 2008, to submit written proofs of claims to:

         LLP Sbee Services
         Kojamkulova Str. 128-18
         Almaty
         Kazakhstan
         Tel: 8 (3272) 53-03-03


TAO LLP: Claims Filing Period Ends Jan. 15, 2008
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Tao insolvent.

Creditors have until Jan. 15 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Internatsionalnaya Str. 11-22
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TAU BUILD: Creditors' Claims Due on Jan. 9, 2008
------------------------------------------------
LLP Tau Build has declared insolvency.  Creditors have until
Jan. 9, 2008, to submit written proofs of claims to:

         LLP Tau Build
         Almalykskaya Str. 24
         Medeusky District
         Almaty
         Kazakhstan
         Tel: 8 (3272) 46-42-60


TRANS CENTRE: Claims Registration Ends Jan. 15, 2008
-----------------------------------------------------
LLP Trans Centre has declared insolvency.  Creditors have until
Jan. 15, 2008, to submit written proofs of claims to:

         LLP Trans Centre
         4 Patiletka Str. 1
         Karaganda
         Kazakhstan


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


BEIKAM LLC: Creditors Must File Claims by January 23, 2008
----------------------------------------------------------
LLC Beikam has declared insolvency.  Creditors have until
Jan. 23, 2008 to submit written proofs of claim to:

         LLC Beikam
         Usenbayev Str. 153
         Bishkek
         Kyrgyzstan


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


JUBILEE CDO VIII: Fitch Rates EUR16 Million Class E Notes at BB
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to Jubilee CDO VIII
B.V.'s upcoming issue of floating-rate notes:

   -- EUR240 million Class A-1 senior secured floating-rate
      notes: 'AAA'

   -- EUR24 million Class A-2 senior secured floating-rate
      notes: 'AAA'

   -- EUR42 Class B senior secured floating-rate notes: 'AA'

   -- EUR20 million Class C senior secured deferrable floating-
      rate notes: 'A'

   -- EUR18 million Class D senior secured deferrable floating-
      rate notes: 'BBB'

   -- EUR16 million Class E senior secured deferrable floating-
      rate notes: 'BB'

The transaction is a securitization of leveraged loans,
including primarily senior secured loans, second lien loans,
mezzanine obligations and high yield bonds.

The final ratings of the Class A-1, A-2 and B notes address the
ultimate repayment of principal at maturity and the timely
payment of interest when due, according to the terms of the
notes.  For the Class C, D and E notes, which can defer
interest, the final ratings address the ultimate payment of
principal and interest, including deferred interest, at
maturity.  The ratings are based on the quality and diversity of
the portfolio of assets, which are selected by the collateral
manager, Alcentra Limited, subject to the guidelines outlined in
the collateral management agreement.

The final ratings are also based on the credit enhancement
provided to the various Classes of notes in the form of
subordination, structural protection and excess spread.  Credit
enhancement, in the form of subordination, for the Class A notes
will total 38.14%, which will be provided by the A-2 notes
(6.19%), B notes (10.82%), C notes (5.15%), D notes (4.64%), E
notes (4.12% ) and the unrated subordinated Class of notes
(7.22%).

Alcentra will actively manage the collateral over the six-year
reinvestment period.  Fitch assigned Alcentra Limited a 'CAM1-'
rating for European leveraged loans on May 11, 2007, primarily
based on its high level of focus on leveraged loans, and
experienced and stable management team.

Jubilee CDO VIII B.V. is a limited liability company
incorporated under the laws of the Netherlands.  At the closing
date, the issuer is expected to have purchased at least 95% of
the target portfolio; the remainder will be purchased over the
following 365 days.


PARK MOUNTAIN: Moody's Puts Low-B Ratings on Classes E & F Notes
----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to notes
to be issued by Park Mountain SME 2007-I B.V.  The ratings
assigned are:

   -- (P)Aaa to the EUR363,250,000 Class A3 Floating Rate Credit
      Linked Notes due 2016

   -- (P)Aa2 to the EUR30,300,000 Class B Floating Rate Credit
      Linked Notes due 2016

   -- (P)A2 to the EUR30,250,000 Class C Floating Rate Credit
      Linked Notes due 2016

   -- (P)Baa2 to the EUR30,250,000 Class D Floating Rate Credit
      Linked Notes due 2016

   -- (P)Ba2 to the EUR21,200,000 Class E Floating Rate Credit
      Linked Notes due 2016

   -- (P)Ba3 to the EUR30,300,000 Class F Floating Rate Credit
      Linked Notes due 2016

The provisional ratings address the expected loss posed to
investors by the legal final maturity date in 2016.

Also issued but unrated are 2 super senior swaps (the class A1
for EUR2,330,828,000 and the class A2 for 151,352,500) and the
class G for EUR16,650,000.

The transaction also benefits from a Loss Threshold amount of
EUR22,700,000.

The provisional ratings of the notes are based upon:

   (1) An assessment of the credit quality and diversity of the
       underlying reference entities in the static portfolio;

   (2) The loss protection provided by the subordination of the
       more junior ranking classes of notes and the loss
       threshold;

   (3) The legal and structural integrity of the transaction.

Park Mountain SME 2007-I B.V. is a partially funded synthetic
transaction arranged by Fortis Bank N.V./S.A., in which
investors are exposed to the credit risk related to a portfolio
of secured and unsecured loans extended by Fortis Bank N.V./S.A.
to Belgian SMEs.  The credit risk transferred by Fortis Bank
N.V./S.A. is related to a total portfolio of approximately
EUR3.02 billion.  This reference pool is made up initially of
10,545 claims to 4,847 separate obligors.

The portfolio is static.  The notes are scheduled to mature in
November 2013 but may mature earlier should the clean up call
option be exercised.  The legal final maturity of the
transaction is in November 2016.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A final rating may
differ from a provisional rating.


===========
N O R W A Y
===========


CLEAR CHANNEL: Extends Merger Termination Date Until June 12
------------------------------------------------------------
Clear Channel Communications Inc. extended until June 12, 2008,
in accordance with the terms of the merger agreement providing
for the acquisition of Clear Channel by CC Media Holdings Inc.,
the date on which a party may terminate the merger agreement if
the merger has not occurred as of that date.

CC Media Holdings Inc. is a corporation formed by private equity
funds sponsored by Bain Capital Partners LLC and Thomas H. Lee
Partners L.P.

               About Thomas H. Lee Partners L.P.

Thomas H. Lee Partners L.P. -- http://www.thl.com/-- is a  
private equity investment firm in the United States. Since its
founding in 1974, THL is a growth buyout firm, raising
approximately US$20 billion of equity capital in more than 100
businesses with an aggregate purchase price of more than US$125
billion and generating superior returns for its investors and
partners.

                About Bain Capital Partners LLC

Headquartered in Boston, Massachussetts, Bain Capital Partners
LLC -- http://www.baincapital.com/--  is a private investment  
firm that manages several pools of capital including private
equity, high-yield assets, mezzanine capital and public equity
with more than US$40 billion in assets under management. Since
its inception in 1984, Bain Capital has made private equity
investments and add-on acquisitions in over 230 companies around
the world, including investments in a broad range of companies
such as Burger King, HCA, Warner Chilcott, Toys "R" Us, AMC
Entertainment, Sensata Technologies, Burlington Coat Factory and
ProSiebenSat1 Media.  Bain Capital has offices in New York,
London, Munich, Tokyo, Hong Kong and Shanghai.

              About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Fitch Ratings said it expects to downgrade Clear Channel
Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'.
The rating outlook is expected to be stable.  Existing ratings
remain on rating watch negative pending the closing of the
merger transaction and review of final documentation.


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


AIRPORT PETROZAVODSK: Court Hearing Slated for March 13, 2008
-------------------------------------------------------------
The Arbitration Court of Karelia will convene on March 13, 2008,
to hear the bankruptcy supervision procedure against CJSC
Airport Petrozavodsk after finding it insolvent on Sept. 13.  
The case is docketed under Case No. A26-5337/2007.

The Interim Manager is:

         I. V. Benyaminov
         P.O. Box 21
         185030 Petrozavodsk
         Russia

The Debtor can be reached at:

         CJSC Airport Petrozavodsk
         Besovets
         Prionezhskij Raion
         Karelia
         Russia


CONCRETE MORTAR: Bankruptcy Hearing Slated for Feb. 14, 2008
------------------------------------------------------------
The Arbitration Court of Stavropol' Krai will convene on
Feb. 14, 2008, to hear the bankruptcy supervision procedure
against Concrete Mortar Plant LLC after finding it insolvent on
Oct. 15.  The case is docketed under Case No. A63-10540/07-C5-7.

The Interim Manager is:

         D. Yu. Sergienko
         Krasnoflotskaya Str. 46
         355000 Stavropol'
         Russia

The Court is located at:

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

The Debtor can be reached at:

         Concrete Mortar Plant LLC
         Nevinnomysk
         Stavropol' Krai
         Russia


DERTEVSKIJ OJSC: Creditors Must File Claims by Feb. 8, 2008
-----------------------------------------------------------
Creditors of OJSC Breeding Farm Dertevskij have until Feb. 8,
2008, to submit proofs of claim to:

         A. V. Martsenyuk
         P.O. Box 6961
         Penza 440066
         Russia

The Arbitration Court of Penza commenced competitive
proceedings against the company after finding it insolvent on
Nov. 21.  The case is docketed under Case No. A49-3213/
2007-52B/10.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         OJSC Breeding Farm Dertevskij
         Staraya Kamenka Settlement
         Penzenskij Raion
         Penza


IRKUTSKTEPLOELECTROSBYT: Claims Filing Period Ends Jan. 8, 2008
---------------------------------------------------------------
Creditors of CJSC IrkutskTeploElectroSbyt have until Jan. 8,
2008, to submit proofs of claim to:

         I. V. Rudnev
         P.O. Box 339
         664025 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced competitive
proceedings against the company after finding it insolvent on
Nov. 1.  The case is docketed under Case No. A19-15122/07-29.

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 IrkutskTeploElectroSbyt
         Kashtakovskaya Str. 52
         664025 Irkutsk
         Russia


MONTAZHGASSERVICE: Creditors Must File Claims by Jan. 8, 2008
-------------------------------------------------------------
Creditors of CJSC MontazhGasService have until Jan. 8, 2008, to
submit proofs of claim to:

         S. N. Kungurov
         Office 455
         Mel'nikaite 106
         Tyumen'
         Russia

The Arbitration Court of Tyumen' will convene at 9:15 a.m. on
March 13, 2008, to hear the company's bankruptcy supervision
procedure after finding it insolvent on Nov. 27.  The case is
docketed under Case No. A70-6634/3-07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC MontazhGasService
         Prichal'naya Str. 3)
         Tyumen'
         Russia


MOSKOVSKIJ WINERY: Creditors Must File Claims by Jan. 8, 2008
-------------------------------------------------------------
Creditors of Moskovskij Winery LLC have until Jan. 8, 2008, to
submit proofs of claim to:

         N. A. Popkova
         Competitive Proceedings Manager
         Office 2
         Mira Str. 460/3
         355029 Stavropol'
         Russia

The Arbitration Court of Stavropol' Krai commenced one-year
competitive proceedings against the company after finding it
insolvent on Nov. 29.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         Moskovskij Winery LLC
         Mira Str. 37
         Moskovskoye Settlement
         Izobil'nenskij Raion
         356135 Stavropol' Krai
         Russia


NADEZHDENSKIJ STARCH: Court Hearing Slated for March 19, 2008
-------------------------------------------------------------
The Arbitration Court of Mordovia will convene on March 19,
2008, to hear the bankruptcy supervision procedure against OJSC
Nadezhdenskij Starch Factory after finding it insolvent on
Nov. 9.  The case is docketed under Case No. A39-4124/
2007-175/6.

Creditors must submit their proofs of claim to:

         M. G. Kaufman
         Interim Manager
         P.O. Box 10-42
         POS-32
         Saransk
         Russia
         Tel: 8 (8342)47-61-8

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya
         Russia

The Debtor can be reached at:

         OJSC Nadezhdenskij Starch Factory
         Nadezhdinskij township
         Bol'sheignatovskij raion
         431684 Mordovia
         Russia


OB'RYBY LLC: Asset Sale Slated for Jan. 12, 2008
------------------------------------------------
The competitive proceedings manager of Ob'ryby LLC, will open a
public auction for the company's properties at 3:00 p.m. on
Jan. 12, 2008, at:

         The Competitive Proceedings Manager
         Gagarina Str. 65
         Khanty-Mansijsk
         Khanty-Mansijskij-Yugra
         628002 Tyumen'
         Russia

The company has set a RUR3.7 million starting price for the
assets on auction.  Deposit required is 10% of the starting
price.

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

         The Competitive Proceedings Manager
         Gagarina Str. 65
         Khanty-Mansijsk
         Khanty-Mansijskij-Yugra
         628002 Tyumen'
         Russia

The Debtor can be reached at:

         Ob'ryby LLC
         Soviet Str. 17-b
         Polnovat Settlement
         Beloyarskij Raion
         628179 Khanty-Mansijskij-Yugra
         Russia

Information related to the auction can be obtained by calling,
Tel: (34671) 2-92-65, 8-922-402-87-21.


ROSNEFT OIL: May Float Oilfield Units' Shares by 2010
-----------------------------------------------------
OAO Rosneft Oil Co. may commence an initial public offering for
the shares of three of its oilfield units in 2010 or 2011,
Reuters reports citing Sergei Kudryashov, the company's vice-
president for production.

Mr. Kudryashov told Reuters that Rosneft mulls floating the
shares of RN-Bureniye, RN-Service and RN-Energo, adding that
that company has yet to determine the volume of shares to be
sold or other details of the proposed offerings.

Reutes notes the units drilled one third of Rosneft's wells.

RN-Burenie operates all of Rosneft's upstream activities and
accounts for 6% of Russia's total drilling services.  
RN-Service, meanwhile, carries out maintenance work at Rosneft's
upstream operations.  RN-Energo holds minority stakes in a range
of Russian power firms including Kubanenergo and Tomskenergo.

                         About Rosneft

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

                         *     *     *

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


ROSNEFT OIL: In Talks to Refinance US$11.75 Bln Maturing Loans
--------------------------------------------------------------
OAO Rosneft Oil Co. is holding talks with banks to secure
refinancing to repay US$11.75 billion in bridge loans used to
acquire bankruptcy assets of OAO Yukos Oil Co., Tessa Walsh at
Reuters reports citing banking sources.

Rosneft has to repay BN AMRO, Barclays, BNP Paribas, Citigroup,
Calyon, Goldman Sachs, JP Morgan and Morgan Stanley:

   -- US$5.25 billion by March 2008; and
   -- US$6.5 billion by September 2008.

Reuters suggests that Rosneft has little time to conclude
negotiations in difficult market conditions.

"There is a discussion on timing -- we are discussing the best
time to go out to the market," a banker privy to the talks told
Reuters.  "If there is a window this year, Rosneft will go this
year."

Rosneft recently dropped plans to issue RUR15 billion in bonds
this year due to time constraints.  Rosneft had planned to issue
RUR45 billion of bonds as part of its US$15 billion refinancing
program.

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

                         About Rosneft

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

                          *     *     *

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


RUDGORMASH OJSC: Bankruptcy Hearing Slated for March 27, 2008
-------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:00 a.m. on
March 27, 2008, to hear the bankruptcy supervision procedure
against OJSC Rudgormash after finding it insolvent on Nov. 27.  
The case is docketed under Case No. A14-12964-2007/51/336.

The Interim Manager is:

         Yu. P. Kutlin
         Office 408
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Rudgormash
         Chebysheva Str. 13
         394084 Voronezh
         Russia


SVETOZARNOYE OJSC: Creditors Must File Claims by Jan. 8, 2008
-------------------------------------------------------------
Creditors of OJSC Svetozarnoye have until Jan. 8, 2008, to
submit proofs of claim to:

         A. V. Glukhov
         Office 4
         Roznina 142/2
         Khanty-Mansijsk
         628011 Khanty-Mansijsk-Yugra
         Germany

The Arbitration Court of Yamalo-Nenetskij will convene on
March 11, 2008, to hear the company's bankruptcy supervision
procedure after finding it insolvent on Nov. 12.  The case is
docketed under Case No. A81-3673/2007.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy
         Russia

The Debtor can be reached at:

         OJSC Svetozarnoye
         Gubkinskij
         Yamalo-Nenetskij
         629830 Tyumen'
         Russia



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


COLATERALES GLOBAL: Moody's Rates EUR3.5MM Series D Notes at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to four
series of "Bonos de Titulizacion de Activos" of Series AyT
Colaterales Global Hipotecario Caja Espana I to be issued by AyT
Colaterales Global Hipotecario FTA, a Spanish asset
securitisation fund that has been created by Titulizacion de
Activos, S.G.F.T, S.A.:

   -- (P)Aaa to the EUR437.5 million Series A notes;
   -- (P)A2 to the EUR45 million Series B notes;
   -- (P)Baa3 to the EUR11 million Series C notes;
   -- (P)Ba2 to the EUR6.5 million Series D notes.

The transaction represents the securitization of Spanish first-
lien mortgage loans granted to individuals originated by Caja
Espana (A2/Prime-1), which will continue to service them.

As of October 2007, the provisional portfolio comprised 3,529
loans for a total amount of EUR534,291,294.  The original
weighted average loan-to-value is 96.47%.  The current WALTV is
92.54%.  The average loan size is EUR151,400.  The loans were
originated between 2003 and 2006, with a weighted average
seasoning of 1.73 years.  The pool is concentrated in the
Castilla Leon (43%) region. The interest rate risk between
assets and liabilities of the Fondo will be fully hedged via a
swap entered between the Fondo and the Caja Espana.

The ratings are based upon the analysis if the characteristics
of the pool, the protections the bonds receive from credit
enhancement (excess spread trapping via a 18-month write off
mechanism, reserve fund and subordination) against defaults and
arrears in the mortgage pool, the legal and structural integrity
of the structure and the credit quality of the parties involved
in the transaction.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  Moody's believes that
the structure of the Series AyT Colaterales Global Hipotecario
Caja Espana I notes allows for timely payment of interest and
ultimate payment of principal at par, on or before the final
legal maturity date and not at any other expected maturity date
on Series A, B, C and D.  The ratings do not address the full
redemption of the notes on the expected maturity date.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on the yield to investors.

According to Moody's, this deal benefits from strong features,
including:

   (1) the swap agreement, which guarantees 120 bp of spread;

   (2) a reserve fund that is fully funded up-front to cover a
       potential shortfall in interest and principal;

   (3) a 18-month artificial write-off mechanism; and

   (4) the fact that 100% of the loans are secured by
       residential mortgages.

However, Moody's notes that the deal also has a number of
weaknesses, including:

   (1) the collateral consists exclusively of loans with a
       current LTV greater than 80%;

   (2) Caja Espana's total mortgage portfolio shows arrears
       levels above the market average;

   (3) the provisional pool has a strong concentration in
       Castilla Leon(43%);

   (4) 3% of the pool corresponds to loans with more than three
       debtors; and

   (5) pro-rata amortisation of the Series B, C and D notes
       leads to reduce credit enhancement of the senior series
       in absolute terms.

These increased risks were reflected in Moody's credit
enhancement calculation.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings represent Moody's preliminary
credit opinions.  Upon a conclusive review of the transaction
and associated documentation, Moody's will endeavor to assign a
definitive rating.  A definitive rating may differ from a
provisional rating.


HIPOCAT 12: Moody's Junks EUR28 Million Class D Notes
-----------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by Hipocat 12, Fondo de
Titulizacion de Activos:

   -- Aaa to the EUR1,446.4 million Class A due 2050;
   -- Aa3 to the EUR70.4 million Class B due 2050;
   -- Baa3 to the EUR83.2 million Class C due 2050;
   -- Ca to the EUR28 million Class D due 2050.

The transaction represents the securitisation of Spanish
residential mortgage loans originated by Caixa Catalunya
(A1/Prime-1).  The assets supporting the Notes are prime
mortgage loans secured on residential properties located in
Spain. The portfolio will be serviced by Caixa Catalunya.

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

The securitized pool is composed of so-called flexible products
within the Spanish market (line of credit + payment holiday
periods) such that borrowers are allowed to make further
drawings (up to a maximum credit limit defined at origination)
and to enjoy payment holidays for up to 12 consecutive months
(subject to certain conditions).  Approximately 70% of the pool
has a current LTV above 80%.  Moody's took all these elements
into account when assessing the credit enhancement.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest (for classes A, B and C) and ultimate
payment of principal at par on or before the legal final
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed but may have a significant effect on the
yield to investors.


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


AD HELP: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy
proceedings against LLC Ad Help on Nov. 8.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Ad Help
         Rosswoschstrasse 1
         6017 Ruswil
         Sursee LU
         Switzerland


CLEVER JSC: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Clever on Oct. 29.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office  Oberentfelden
         5036 Oberentfelden AG
         Switzerland

The Debtor can be reached at:

         JSC Clever
         Oberdorfstrasse 9
         5706 Boniswil
         Lenzburg AG
         Switzerland


EGC ENERGIE: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Affoltern entered Nov. 7 an order
closing the bankruptcy proceedings of JSC EGC Energie General
Contract.

The Bankruptcy Service of Affoltern can be reached at:

         Bankruptcy Service of Affoltern
         8910 Affoltern a.A.
         Affoltern ZH
         Switzerland
         
The Debtor can be reached at:

         JSC EGC Energie General Contract
         Raschstrasse 29
         8912 Obfelden
         Affoltern ZH
         Switzerland


HEINZ SCHMIDT: Creditors' Liquidation Claims Due by December 20
---------------------------------------------------------------
Creditors of LLC Heinz Schmidt have until Dec. 20 to submit
their claims to:

         Heinz Schmidt
         Liquidator
         alte Schulhausstrasse 13
         8605 Gutenswil ZH
         Switzerland

The Debtor can be reached at:

         LLC Heinz Schmidt
         Volketswil
         Uster ZH
         Switzerland


INSTITUT FUR: Creditors' Liquidation Claims Due by December 24
--------------------------------------------------------------
Creditors of LLC Institut fur Psychotraumatologie have until
Dec. 24 to submit their claims to:

         Hans U. Hess & Co.
         Mail box 113
         8126 Zumikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         LLC Institut fur Psychotraumatologie
         Zurich
         Switzerland


PANORAMIC PICTURES: Creditors Must File Claims by December 24
-------------------------------------------------------------
Creditors of JSC Panoramic Pictures have until Dec. 24 to submit
their claims to:

         Viktor Meier-Huser
         Liquidator
         Steuer- und Wirtschaftsberatung
         Lowenstrasse 25
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Panoramic Pictures
         Zug
         Switzerland


PRINCESS: Creditors' Liquidation Claims Due by December 21
----------------------------------------------------------
Creditors of JSC Princess Sayn-Wittgenstein have until Dec. 21
to submit their claims to:

         Bundesstrasse 7
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Princess Sayn-Wittgenstein
         Zug
         Switzerland


T-LENS LLC: Creditors' Liquidation Claims Due by December 27
------------------------------------------------------------
Creditors of LLC T-Lens have until Dec. 27 to submit their
claims to:

         Rolf Peter Timpe
         Liquidator
         JSC BMO Treuhand und Verwaltung
         Rundbuckstrasse 6
         8212 Neuhausen am Rheinfall SH
         Switzerland

The Debtor can be reached at:

         LLC T-Lens
         Neuhausen am Rheinfall SH
         Switzerland


TC FOHRENHOF: Creditors' Liquidation Claims Due by December 20
--------------------------------------------------------------
Creditors of LLC TS Fohrenhof have until Dec. 20 to submit their
claims to:

         JSC Leu Treuhand
         Zentralstrasse 100
         8212 Neuhausen am Rheinfall SH
         Switzerland

The Debtor can be reached at:

         LLC TS Fohrenhof
         Siblingen SH
         Switzerland


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


* Fitch Lifts Istanbul & TOKI's Ratings on Sovereign's Upgrade
--------------------------------------------------------------
Fitch Ratings has upgraded and affirmed the ratings of the
issuers listed below following today's upgrade of the Republic
of Turkey's Long-term local currency Issuer Default rating to
'BB' from 'BB-'.  The Outlook for Turkey's Long-term IDR is
Stable.

The ratings are:

Municipality of Metropolitan Istanbul:

   -- Long-term local currency rating: upgraded to 'BB' from
      'BB-'; Outlook Stable

   -- Long-term foreign currency rating: affirmed at 'BB-';
      Outlook Stable

   -- Short-term foreign currency rating: affirmed at 'B'

Toplu Konut Idaresi Baskanligi's:

   -- Long-term local currency rating: upgraded to 'BB' from
      'BB-'; Outlook Stable

   -- Long-term foreign currency rating: affirmed at 'BB-';
      Outlook Stable


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


AMFIDEYA LLC: Proofs of Claim Filing Deadline Set December 20
-------------------------------------------------------------
Creditors of LLC Amfideya (code EDRPOU 25661240) have until
Dec. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/821-b.

The Debtor can be reached at:

         LLC Amfideya
         Apartment 84
         Obolonskaya Str. 47
         Kiev
         Ukraine


DOMINI GROUP: Proofs of Claim Filing Deadline Set December 20
-------------------------------------------------------------
Creditors of LLC Domini Group (code EDRPOU 33060978) have until
Dec. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/399.

The Debtor can be reached at:

         LLC Domini Group
         Apartment 113
         Frunze Str. 117
         Kiev
         Ukraine


ELIPS OJSC: Creditors Must File Claims by December 20
-----------------------------------------------------
Creditors of OJSC Elips have until Dec. 20 to submit written
proofs of claim to:

         Pavel Duplika
         Temporary Insolvency Manager
         P.O. Box 27
         Rivne-23
         33023 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
19/314.

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         OJSC Elips
         Gagarin Str. 39
         Rivne
         Ukraine


KREMEL OJSC: Creditors Must File Claims by December 20
------------------------------------------------------
Creditors of OJSC Repair-Building District Kremel have until
Dec. 20 to submit written proofs of claim to:

         Pavel Duplika
         Temporary Insolvency Manager
         P.O. Box 27
         Rivne-23
         33023 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
19/315.

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         OJSC Repair-Building District Kremel
         Gagarin Str. 39
         33000 Rivne
         Ukraine


LUBNY GAS: Proofs of Claim Filing Deadline Set December 20
----------------------------------------------------------
Creditors of CJSC Firm Lubny Gas Building have until Dec. 20 to
submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  

The Debtor can be reached at:

         CJSC Firm Lubny Gas Building
         Krilov Str. 2
         Lubny
         37500 Poltava
         Ukraine



NIVA LLC: Creditors Must File Claims by December 20
---------------------------------------------------
Creditors of Agricultural LLC Niva (code EDRPOU 30380232) have
until Dec. 20 to submit written proofs of claim to:

         Ruslan Borovik
         Temporary Insolvency Manager
         Perspective Lane 10
         36007 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on Nov. 8.  The case is docketed under
Case No. 7/127.

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

The Debtor can be reached at:

         Agricultural LLC Niva
         Ostapovka
         Lubensky District
         37543 Poltava
         Ukraine


SPECIAL RBU: Proofs of Claim Filing Deadline Set December 20
-------------------------------------------------------------
Creditors of LLC Special RBU of Fire Prevention Works (code
EDRPOU 25289314) have until Dec. 20 to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/402.

The Debtor can be reached at:

         LLC Special RBU of Fire Prevention Works
         Obolonskaya Str. 4-A
         Kiev
         Ukraine


SVAGUS LLC: Proofs of Claim Filing Deadline Set December 20
-----------------------------------------------------------
Creditors of LLC Science-Production Enterprise Svagus (code
EDRPOU 30725928) have until Dec. 20 to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/401.

The Debtor can be reached at:

         LLC Science-Production Enterprise Svagus
         Apartment 15
         V. Khvoyka Str. 15
         Kiev
         Ukraine


TERRA LLC: Proofs of Claim Filing Deadline Set December 20
----------------------------------------------------------
Creditors of LLC Judicial Company Terra (code EDRPOU 32773673)
have until Dec. 20 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/343.

The Debtor can be reached at:

         LLC Judicial Company Terra
         Novokonstantinovskaya Str. 1-A
         Kiev
         Ukraine


TODIS LLC: Proofs of Claim Filing Deadline Set December 20
----------------------------------------------------------
Creditors of LLC Todis (code EDRPOU 22861694) have until Dec. 20
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/400.

The Debtor can be reached at:

         LLC Todis
         Soviet Ukraine Avenue 3-B
         Kiev
         Ukraine


ZIKO LLC: Proofs of Claim Filing Deadline Set December 20
---------------------------------------------------------
Creditors of LLC ZIKO (code EDRPOU 24262182) have until Dec. 20
to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/403.

The Debtor can be reached at:

         LLC Zikoz
         Igorovskaya Str. 12-A
         Kiev
         Ukraine


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


AXON FINANCIAL: Moody's Cuts Long-Term Rating of Sr. Notes at B2
----------------------------------------------------------------
Moody's Investors Service has taken this rating action on the
Euro and U.S. Medium Term Note Programs of Axon Financial
Funding:

   -- Current Rating: B2/Not Prime.
   -- Prior Rating: Ba3/Not Prime.

This rating action is prompted by the occurrence of an Automatic
Liquidation Event on November 26, coupled with uncertainty on
the course of action that will be pursued by the security
trustee.  Moody's however understands that senior noteholders
have instructed the trustee to suspend all asset sales, thereby
preventing liquidation of assets in a depressed market.

Axon's asset portfolio includes exposure to US RMBS (57%, 22% of
which is wrapped by monoline insurance companies) and CDOs of
ABS (6%). 96.17% of assets are rated Aaa, 2.93% Aa, 0.45% A, and
0.45% Baa.

The B2 rating assigned to the medium term notes reflects the
likelihood of a high recovery were the vehicle to continue to
avoid asset sales.  The book value of the vehicle's asset
portfolio is US$9.1 billion while the notional amount of
outstanding senior debt is US$8.3 billion (US$6.4 billion of
MTNs, US$1.4 billion of CP, and US$476 million of drawn
liquidity).

Moody's has also withdrawn the SIV Management Quality rating
assigned to Axon Asset Management Inc. following its removal as
manager of Axon by the trustee.


BNP PARIBAS: Moody's Rates EUR50-Mln Class 7B Swaps at Ba1
----------------------------------------------------------
Moody's Investors Service places under review for possible
action various classes related to the Bifrost series 11 to 20
credit default swaps entered into by BNP Paribas, London Branch:

   -- Series 11 EUR115,000,000 Class 5B credit default swap due  
      2008 for possible upgrade, currently rated Aa1;

   -- Series 11 EUR60,000,000 Class 5C credit default swap due
      2008 for possible upgrade, currently rated A2;

   -- Series 11 EUR50,000,000 Class 5D credit default swap due
      2008 for possible upgrade, currently rated Baa2;

   -- Series 11 EUR75,000,000 Class 7C credit default swap due
      2010 for possible upgrade, currently rated Baa1;

   -- Series 12 EUR100,000,000 Class 10C credit default swap due
      2013 for possible upgrade, currently rated Baa1;

   -- Series 13 EUR115,000,000 Class 5B credit default Swap due
      2008 for possible upgrade, currently rated Aa1;

   -- Series 13 EUR50,000,000 Class 5D credit default Swap due
      2008 for possible upgrade, currently rated Ba1;

   -- Series 13 EUR130,000,000 Class 7B credit default Swap due
      2010 for possible upgrade, currently rated Aa3;

   -- Series 14 EUR60,000,000 Class 5C credit default swap due
      2008 for possible upgrade, currently rated Aa1;

   -- Series 14 EUR50,000,000 Class 5D credit default swap due
      2008 for possible upgrade, currently rated A1;

   -- Series 16 EUR125,000,000 Class 7B credit default swap due
      2010 for possible downgrade, currently rated Aa1;

   -- Series 16 EUR67,500,000 Class 7C credit default swap due
      2010 for possible downgrade, currently rated A1;

   -- Series 16 EUR55,000,000 Class 7D credit default swap due
      2010 for possible downgrade, currently rated Baa2;

   -- Series 16 EUR80,000,000 Class 10C credit default swap due
      2013 for possible downgrade, currently rated A2;

   -- Series 16 EUR65,000,000 Class 10D credit default swap due
      2013 for possible downgrade, currently rated Baa2;

   -- Series 17 EUR63,000,000 Class 5C credit default swap due
      2008 for possible upgrade, currently rated A1;

   -- Series 17 EUR50,000,000 Class 5D credit default swap due
      2008 for possible upgrade, currently rated Baa1;

   -- Series 17 EUR125,000,000 Class 7B credit default swap due
      2010 for possible upgrade, currently rated Aa2;

   -- Series 17 EUR67,500,000 Class 7C credit default swap due
      2010 for possible upgrade, currently rated A2;

   -- Series 17 EUR50,000,000 Class 7D credit default swap due
      2010 for possible upgrade, currently rated Baa3;

   -- Series 17 EUR150,000,000 Class 10B credit default swap due
      2013 for possible upgrade, currently rated Aa3;

   -- Series 17 EUR80,000,000 Class 10C credit default swap due
      2013 for possible upgrade, currently rated Baa1;

   -- Series 18 EUR65,000,000 Class 7D credit default swap due
      2010 for possible downgrade, currently rated Baa1;

   -- Series 18 EUR135,000,000 Class 10B credit default swap due
      2013 for possible downgrade, currently rated Aa1;

   -- Series 18 EUR80,000,000 Class 10C credit default swap due
      2013 for possible downgrade, currently rated A2;

   -- Series 18 EUR65,000,000 Class 10D credit default swap due
      2013 for possible downgrade, currently rated Baa2;

   -- Series 19 EUR115,000,000 Class 5B credit default swap due
      2008 for possible upgrade, currently rated Aa1;

   -- Series 19 EUR60,000,000 Class 5C credit default swap due
      2008 for possible upgrade, currently rated A2;

   -- Series 19 EUR50,000,000 Class 5D credit default swap due
      2008 for possible upgrade, currently rated Baa2;

   -- Series 19 EUR75,000,000 Class 7C credit default swap due
      2010 for possible upgrade, currently rated A3;

   -- Series 20 EUR60,000,000 Class 5C credit default swap due
      2008 for possible upgrade, currently rated Aa3;

   -- Series 20 EUR50,000,000 Class 5D credit default swap due
      2008 for possible upgrade, currently rated A3;

   -- Series 20 EUR62,500,000 Class 7D credit default swap due
      2010 for possible upgrade, currently rated Baa3.

This review for upgrade or downgrade is the result of a credit
migration in the underlying pool and the reduced time to
maturity.


CONQUEST BUSINESS: Brings In PwC to Administer Assets
-----------------------------------------------------
Stephen Mark Oldfield and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP were appointed joint administrators
of Conquest Business Media Holdings Ltd. (Company Number
3711791) and Conquest Business Media Ltd. (Company Number
3377025) on Nov. 30.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.  

The companies can be reached at:

         Conquest Business Media Ltd.
         19 Upper King street
         Norwich
         Norfolk
         NR3 1RB
         England
         Tel: 01603 621 111
         Fax: 01603 621 119
         Web site: http://www.conquestbm.com/   


ECOMOLD LTD: Taps KPMG as Joint Administrators
----------------------------------------------
James Douglas Ernle Money and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Ecomold Ltd. (Company Number
04335352) on Nov. 29.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

The company can be reached at:

         Ecomold Ltd.
         Prittlebrook Industrial Estate
         Southend-on-Sea
         Essex
         SS2 6PP
         England
         Tel: 01702 349 481
         Fax: 01702 606 556


ENRON CORP: Commences Civil Action Against Hewitt Association
-------------------------------------------------------------
Enron Corp. Savings Plan and its administrative committee has
commenced a civil action against Hewitt Associates, LLC, for
alleged erroneous calculations that caused misallocation of
US$22,000,000 in Savings Plan assets and property.  The
complaint was filed in the United States District Court for the
Southern District of Texas on November 30, 2007.

Hewitt Associates, LLC, is a human resources firm specializing
in consulting services, including benefits calculations, to
benefit plans.  It had acted as fund administrator for
US$89,000,000 in Plan assets that were part of a settlement
fund.  The Settlement Fund intended to compensate Plan
participants for pension losses sustained in Enron's bankruptcy.

Specifically, Hewitt was responsible or accurately calculating
settlement distributions to individual participants.  In return
for its services, it collected US$900,000, which would otherwise
be distributed to the Participants.

According to Tynan Buthod, Esq., at Baker Botts LLP in Houston,
Texas, Hewitt had used the wrong number as the starting point
for certain of its calculations, and miscalculated a large
percentage of the distributions.  The Plan had reasonably relied
on the calculations, and as a result, lost US$22,000,000, he
tells the District Court.

In July 2007, Hewitt had said before the District Court that it
will accept full responsibility for the misallocations, and
promised to correct the errors in its calculations, at no cost
to the Savings Plan.

Mr. Buthod states that although Hewitt's gross negligence have
jeopardized the retirement assets of thousands of current and
former Enron employees, Hewitt has refused to cover the
shortfall it caused.  He points out that Hewitt (i) had not
provided the accurate, revised calculations, and (ii) admitted
that its current calculations still contain errors.

Mr. Buthod further states that Hewitt has flatly refused to fund
any portion of the shortfall or to make the Participants whole.

Accordingly, the Enron Savings Plan seeks to hold Hewitt
responsible for the losses it caused, and asks the District
Court for a judgment against Hewitt, for actual and punitive
damages, among other reliefs.  The plaintiffs demand a trial by
jury on all issues.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.

(Enron Bankruptcy News, Issue No. 200; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORP: Three Bankers Plead Guilty to Wire Fraud
----------------------------------------------------
David Bermingham, Gary Mulgrew, and Giles Darby, former bankers
of Greenwich NatWest Ltd., have changed their pleas to guilty to
a wire fraud charge, a violation of 18 U.S.C. Section 1343.

The three British bankers originally pleaded not guilty to seven
counts of wire fraud.  Prosecutors alleged that the bankers
participated with Enron Corp.'s former chief financial officer,
Andrew Fastow, in a scheme that enabled them to collect
US$7,300,000.  In January 2004, Mr. Fastow pleaded guilty to two
counts of conspiracy for his role in Enron's financial collapse.
The British bankers were arrested three months later.

The defendants were set to go on trial in January, but each
pleaded guilty to one count of wire fraud in a court hearing
before Judge Ewing Werlein Jr. of the U.S. District Court for
the Southern District of Texas, the Associated Press says.

Dan L. Cogdell, Esq., Mr. Bermingham's lawyer, said in a
District Court filing that the Bankers may face up to five years
imprisonment, and will pay US$7,352,626 in restitution to the
Royal Bank of Scotland.  The Bankers have also consented to a
US$6,102,626 judgment in the Courts of the United Kingdom, in
favor of RBS.

The British bankers were extradited to the United States in July
2006 to face the charges of deceiving NatWest about the true
value of the bank's stake in an Enron off-books partnership,
says Laurel Brubaker Calkins of Bloomberg News.

According to Ms. Calkins, the bankers were each charged with
seven counts of wire fraud, and faced up to 35 years in prison
if convicted on all counts.

A key factor in the bankers' decision to plead guilty is the
U.S. government's commitment to support their request to serve
most of their prison time in the United Kingdom, Ms. Calkins
quotes Mr. Cogdell as saying.

Mr. Fastow is serving a six-year sentence in a federal prison in
Louisiana, while each of the bankers has been free on
US$1,000,000 bonds that required them to live in the U.S.
pending trial, AP says.

In an order for pre-sentence investigation and disclosure and
sentencing dates, signed at Houston on November 28, 2007, Judge
Werlein ruled that an initial pre-sentence report must be
disclosed to counsel by January 14, 2008.  The probation officer
must submit the final pre-sentence report with an addendum
addressing contested issues on February 11.  Sentencing is set
for February 22 at 10:00 a.m.

Based in Houston, Texas, Enron Corporation --
http://www.enron.com/-- filed for chapter 11 protection on Dec.  
2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033) following
controversy over accounting procedures, which caused Enron's
stock price and credit rating to drop sharply.  Judge Gonzalez
confirmed the Company's Modified Fifth Amended Plan on July 15,
2004, and numerous appeals followed.  The Debtors' confirmed
chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.

(Enron Bankruptcy News, Issue No. 200; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


GAMBLE TRACKLINE: Appoints BDO Stoy as Joint Administrators
-----------------------------------------------------------
Dermot Justin Power and Matthew Dunham and David Harry Gilbert
of BDO Stoy Hayward LLP were appointed joint administrators of
Gamble Trackline Services Ltd. (Company Number 02870195) on
Nov. 30.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Gamble Trackline Services Ltd.
         Cobbswood Industrial Estate
         Brunswick Road
         Ashford
         Kent
         TN23 1EN
         England
         Tel: 01233 663 810
         Fax: 01233 663 811
         Web site: http://www.gamblegroup.co.uk/   


GENERAL MOTORS: Refuses to Pay Bonuses to Retirees, IUE-CWA Says
----------------------------------------------------------------
The International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers-Communications Workers of America
disclosed in their Website that General Motors Corp. is playing
Scrooge in a big way this holiday season, at least in the eyes
of their 25,000 GM/Delphi Corp. IUE-CWA retirees, by refusing to
provide their "Christmas Bonus."  The bonus actually is a lump
sum payment provided in December and is used by many IUE-CWA
retirees to buy Christmas and holiday gifts for their families.

IUE-CWA has been negotiating with GM since early October for a
new contract covering 2,500 workers at the Moraine, Ohio, SUV
assembly plant. GM has told IUE-CWA that it will not pay the
lump sum payment to retirees until an agreement has been
reached.

IUE-CWA President Jim Clark said GM's decision was shameful,
especially coming in the weeks just before Christmas.  "I am
very disappointed in GM's decision to withhold the Christmas
lump sum payment to thousands of retirees.  These retired
workers, who live on a fixed income, count every dollar,
especially in today's economy with gasoline, oil and food prices
skyrocketing.  To deprive them of the ability to purchase
Christmas and holiday gifts for their families is unconscionable
and GM must answer for this shameful act.

"Unfortunately, our retirees won't be receiving their regular
bonus in time for Christmas this year and we want to be very
clear: The union negotiators are not the Grinch Who Stole
Christmas."

The Moraine workers currently produce the Chevrolet Trailblazer,
Trailblazer SS, Saab 9-7 X, GMC Envoy, Envoy Denali and Isuzu
Ascender.

As a result of the competitive improvements negotiated by IUE-
CWA Local 798 in 2006, GM provided IUE-CWA with a letter of
intent to allocate future product to the Moraine Assembly Plant.  
As of
Dec. 14, 2007, no product has been identified by GM.  Despite
the commitment made by GM in 2006, the company's refusal to so
far indicate a new product for the production plant has resulted
in speculation that GM is looking to close the plant.  This is a
major hurdle in current negotiations and must be addressed by
GM, IUE-CWA said.

                           Job Cut Plans

From January through June, GM will be displacing 340 workers at
the Moraine plant, which employs 2,250, due to low market
demand, the Dayton Business Journal reports citing company
officials.

The paper disclosed that GM and IUE-CWA denied a report by
automotive magazine Wardsauto.com, insisting that the Moraine
plant is shuttering due to shortage in the vehicle production.

Jessica Peck, spokeswoman at the Moraine plant, suggests that
workers are likely to be called back to work, according to the
paper.

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

                         *     *     *

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

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


GLOBAL ENGINEERING: Names Joint Administrators from PwC
-------------------------------------------------------
Matthew Hammond and Colin Haig of PricewaterhouseCoopers LLP
were appointed joint administrators of Global Engineering
Plastic Products Ltd. (Company Number 02854560) on Nov. 30.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.  

Headquartered in  Leicester, England, Global Engineering Plastic
Products Ltd. Manufactures and distributes cast nylon technology
and chemicals.


MOLSON HOLDINGS: Appoints PwC to Administer Assets
--------------------------------------------------
Rob Lewis and Paul Harding of PricewaterhouseCoopers LLP were
appointed joint administrators of Molson Holdings Ltd. (Company
Number 03081752) on Nov. 27.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.  

The company can be reached at:

         Molson Holdings Ltd.
         Smoke Lane
         Bristol
         Avon
         BS11 0YA
         England
         Tel: 0117 982 0123
         Fax: 0117 982 0150
         Web site: http://www.molsonholdings.co.uk/   


MONITOR OIL: U.S. Trustee Appoints Five-Member Creditors
--------------------------------------------------------
The U.S. Trustee for Region 2 appointed five creditors to serve
on an Official Committee of Unsecured Creditors of Monitor Oil
P.L.C. and its debtor-affiliates' Chapter 11 cases.

The Creditors Committee members are:

   a) Credit Suisse
      Attn: Didier Siffer and Kyle Lanphear
      Cayman Islands Branch
      11 Madison Avenue
      New York, New York 10010
      Tel: (917) 326-8363
      http://www.creditsuisse.com

   b) Karl Otto Kalsnes
      Sjohagen Terasse 15E
      1539 Moss, Norway
      Tel: (86) (631) 538-0016
      Fax: (86) (631) 538-0018
      http://www.dyvi.no/

   c) Ante Podrug
      Basini 1
      21210 Solin, Croatia
      Tel: (86) (150) 631-0136
     
   d) Kresimir Madjar
      K. Zvonimira 29
      51260 Crikvenica, Croatia
      Tel: (385) (51) 241-240

   e) Norsk Tillitsmann ASA
      P.O. Box 1470 Viha
      N-0116 Oslo, Norway
      Tel: (47) (22) 87-9406
      Fax: (47) (22) 87 9410
      http://www.trustee.no

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

Monitor Oil, P.L.C. -- htpp://www.monitoroil.com/ -- an oil and
gas service company that provides oil and gas production
solutions, offshore services and engineering services.  The
company and two of its affiliates,  Monitor Single Lift 1, Ltd.,
and Monitor US FinCo, Inc., filed for Chapter 11 Protection on
Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor.  As of June 30, 2007, the company disclosed total assets
of US$130,000,000 and total debts of US$247,800,000.


NCO GROUP: Inks US$325MM Buyout Deal with Outsourcing Solutions
---------------------------------------------------------------
NCO Group Inc. has entered into a definitive agreement to
acquire Outsourcing Solutions Inc. for US$325 million in cash.

The deal, which is expected to close in the first quarter of
2008, is subject to OSI stockholder approval, certain
adjustments and the satisfaction of customary closing conditions
including governmental approvals.

"All of us at NCO are extremely excited about the opportunity to
bring these two great companies together," Michael J. Barrist,
chairman and chief executive officer of NCO, stated. "Over the
past several years both NCO and OSI have had tremendous success
in transforming our business models to better meet the diverse
needs of our respective client bases. While today each of these
two companies is viewed as a best in class provider, the newly
combined entity will be able to offer its clients the widest
array of services currently available in the accounts receivable
and customer relationship management industries."

"The transaction will blend the complementary capabilities and
skills from both organizations resulting in enhanced client
performance through expanded, global delivery options," Kevin T.
Keleghan, president and chief executive officer of OSI, stated.  
"This combination will establish an enriched culture of
creativity, capable of meeting and exceeding the growing needs
of even the most sophisticated client."

NCO is a portfolio company of One Equity Partners, a private
equity investment fund.  OEP will provide NCO with a portion of
the funding for the acquisition of OSI through an additional
investment.  NCO expects to fund the remainder of the purchase
price with borrowings under its senior credit facility.

The acquisition is expected to be accretive to NCO's earnings
in 2008 and beyond.  After the completion of the acquisition,
the combined company will have over 29,000 employees operating
in 10 countries.

                 About Outsourcing Solutions Inc.

Outsourcing Solutions Inc. is a provider of business process
outsourcing services, specializing in accounts receivable
management services.

                      About NCO Group Inc.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process  
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the Philippines, Panama, the Caribbean, India, the
United Kingdom and Australia.


NCO GROUP: S&P Places 'B+' Rating Under Developing CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
counterparty credit rating on NCO Group Inc. on CreditWatch
Developing.
     
On Dec. 12, 2007, NCO entered into a definitive agreement to
acquire Outsourcing Solutions Inc. (OSI; unrated), a leading
provider of business process outsourcing services, for
US$325 million in cash.  Funding will be provided by increased
borrowings under its senior credit facility and an additional
investment from One Equity Partners, NCO's private equity
owners.  S&P expect the deal to close in first-quarter 2008,
subject to OSI shareholder approval.
      
"We will review the strategic and financial implications of the
acquisition to determine if an adjustment to our rating on NCO
is necessary.  This CreditWatch listing will be updated within
60 days," said Standard & Poor's credit analyst Rian M.
Pressman, CFA.


NON-LINEAR EDITING: Appoints Administrators from Deloitte
---------------------------------------------------------
Lee Antony Manning and Nicholas Guy Edwards of Deloitte & Touche
LLP were appointed joint administratos of Non-Linear Editing
Ltd. on Nov. 29.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.  

The company can be reached at:

         Non-Linear Editing Ltd.
         26 Darblay Street
         City of Westminster
         London
         W1F 8EL
         England
         Tel: 020 7437 1336
         Fax: 020 7734 5186


SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel
----------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. obtained authority
from the United States Bankruptcy Court for the District of
Delaware to employ Boies, Schiller & flexner LLP as special
litigation counsel.

As reported in the Troubled Company Reporter on Nov. 1, 2007,
Boies Schiller will assist the Debtors in connection with the
continuation of the SCO Litigation.  The SCO Litigation consists
of these pending matters:

   -- SCO Group v. International Businesses Machines Corp.
      pending in the U.S. District Court for the District of
      Utah;

   -- SCO Group v. Novell Inc. pending in the U.S. District
      Court for the District of Utah;

   -- Red Hat Inc. v. SCO Group pending in the U.S. District
      Court for the District of Delaware;

   -- SCO Group v. Autozone Inc. pending in the U.S. District
      Court for the District of Nevada;

   -- SCO Group v. DaimlerChrysler Corporation pending in the
      State of Michigan, Circuit Court for the County of
      Oakland;

   -- Gray Litigation: Wayne R. Gray v. Novell, SCO Group and
      X/Open Company Ltd. pending in the U.S. District Court for
      the Middle District of Florida; and

   -- SuSE Linux GmbH v. SCO Group pending before the
      International Court of Arbitration.

Specifically, the firm is expected to:

   a. give advice to the Debtors with respect to the SCO
      Litigation;

   b. prepare motions, pleadings, orders, applications,
      adversary proceedings, and other legal documents necessary
      in the  prosecution, defense or appeal of administration
      of the SCO Litigation;

   c. represent the Debtors at all trials, hearings or
      arbitration proceedings with respect to the SCO
      Litigation; and

   d. protect the interests of the Debtors with respect to the
      SCO Litigation.

Subject to the Court's approval, the Debtors will pay the firm
at its standard hourly rate with respect to the Gray Litigation
and 50% of its standard hourly rates with respect to the SuSE
Arbitration and continue the terms of their pre-bankruptcy
engagement on other SCO Litigation.

The Debtors believe that the employment of the firm is necessary
and in the best interest of the Debtors' estates.  To the best
of the Debtors' knowledge, Boies Schiller does not represent or
hold any interest adverse to the Debtors or their estates.

The firm can be reached at:

             Stuart H. Singer, Esq.
             Boies, Schiller & flexner LLP
             333 Main St.
             Armonk, NY 10504-1812
             Tel: (914) 749-8200
             Fax: (914) 749-8300
             http://www.bsfllp.com/

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

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


SECKLOE 243: Taps Joint Administrators from KPMG
------------------------------------------------
James Douglas Ernle Money and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Seckloe 243 Ltd. (Company
Number 05309217) on Nov. 29.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

The company can be reached at:

         Seckloe 243 Ltd.
         Prittlebrook Industrial Estate
         Southend on Sea
         Essex
         SS2 6PP
         England
  
                            *********

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

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

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

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

                            *********


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

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