TCREUR_Public/071220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, December 19, 2007, Vol. 8, No. 251

                            Headlines




A U S T R I A

ADELE LLC: Krems an der Donau Court Orders Business Shutdown
FULL HOUSE: Vienna Court Orders Business Shutdown
JAMI MIJAJLOVIC: Wiener Neustadt Court Orders Business Shutdown
MIRAGE IN SOELDEN: Claims Registration Period Ends Dec. 21
WETRO TROCKENBAU: Creditors' Meeting Slated for Dec. 20


B E L G I U M

ADVANCED MICRO: Goodwill Recorded After ATI Buy Likely Impaired


F I N L A N D

QUEBECOR WORLD: Aborts US$341MM Sale of European Assets to RSDB


F R A N C E

CHESAPEAKE CORP: Board Elects M. J. Hellyar as Board Director


G E R M A N Y

DEVANTIER & LINDER: Claims Registration Period Ends Jan. 2, 2008
FLEISCHWAREN DILLINGER: Creditors' Meeting Set for Jan. 7, 2008
ILMPLAST POLYURETHANSCHAUMSTOFFE: Claims Bar Date Set on Jan. 18
MEDICO-OPTICS: Claims Registration Period Ends Jan. 2, 2008


G R E E C E

ARMSTRONG HOLDINGS: Completes Net Asset Distribution to Holders
EASTMAN KODAK: Board Picks Three Officers as Vice Presidents


H U N G A R Y

AES CORP: Dismisses Deloitte; Hires Ernst & Young as Accountants


I R E L A N D

AVOCA CLO VI: Fitch Rates Class F Notes at B on Credit Quality


I T A L Y

ALITALIA SPA: Air France Offers EUR750 Million Capital Injection
ALITALIA SPA: Outlines Criteria for Selecting Preferred Buyer
DANA CORP: Rhodes Wants Cape Girardeau Property Offer Considered
FIAT SPA: Extends Buy Back Program to April 30, 2008


K A Z A K H S T A N

AKPAR STROY S: Proof of Claim Deadline Slated for Jan. 11, 2008
ALLIANCE BANK: S&P Changes B Rating's Outlook to Negative
ANA INSHAAT: Creditors Must File Claims Jan. 11, 2008
BANK TURANALEM: S&P Changes BB Rating's Outlook to Negative
HALYK BANK: S&P Changes BB+ Rating's Outlook to Negative

JEMCHUG LLP: Claims Filing Period Ends Jan. 15, 2008
MUSTAL KOKSHETAU: Creditors' Claims Due on Jan. 15, 2008
PROMTECHSNAB LLP: Claims Registration Ends Jan. 15, 2008
SEVER CITY: Proof of Claim Deadline Slated for Jan. 11, 2008
SOUZ-2003 LLP: Creditors Must File Claims Jan. 15, 2008

STRAHL LLP: Claims Filing Period Ends Jan. 15, 2008
TABYS-2000 LLP: Creditors' Claims Due on Jan. 15, 2008
UM I AT: Claims Registration Ends Jan. 15, 2008


K Y R G Y Z S T A N

SKY DESIGN: Creditors Must File Claims by January 23, 2008


N E T H E R L A N D S

ASM INTERNATIONAL: S&P Lifts Ratings to BB- on Performance
PARK MOUNTAIN 2007-1: Fitch Rates Classes E and F Notes at BB
X5 RETAIL: Acquiring Strana Gerkulesia for US$65 Million
ZINIFEX LTD: Allegiance Offer Cues Fitch to Affirm BB+ Rating


P O L A N D

EXIDE TECH: Plans Capacity Expansion at Tudor India Location


R U S S I A

AMURSKIJ BREAD: Court Starts Bankruptcy Supervision Procedure
AUTOAGREGAT OJSC: Creditors Must File Claims by Feb. 1, 2008
EKHIRIT-BULAGATSKOYE RTP: Asset Sale Slated for Jan. 15, 2008
GROCER KOPEYKA: S&P Upgrades to Ratings to CCC- on Owner Support
NAZRANOVSKIJ MECHANICAL: Claims Filing Period Ends Jan. 8, 2008

NIZHNEVARTOVSK-LADA: Creditors Must File Claims by Feb. 1, 2008
NOVOMURATOVSKY LUMBER: Claims Filing Period Ends Feb. 8, 2008
OILCHEMPRODUCT LLC: Creditors Must File Claims by Jan. 8, 2008
POLEVSKOY BREAD-BAKING: Claims Filing Period Ends Jan. 8, 2008
TSAREVSCHINSKIJ CHEESEMAKER: Claims Filing Ends Jan. 8, 2008

URAL PLANT: Creditors Must File Claims by Jan. 8, 2008
VERKHOVSKY MILK: Asset Sale Slated for Jan. 10, 2008
X5 RETAIL: Acquiring Strana Gerkulesia for US$65 Million


S P A I N

FTPYME BANCAJA 4: Fitch Downgrades Class E Notes from CCC- to CC
PYME BANCAJA 5: Fitch Assigns Junk Ratings to Class D Notes


S W I T Z E R L A N D

AUKTIONSHAUS ISFAHAN: Creditors Must Claims by December 24
BELGEMA ST. MORITZ: Creditors Must Claims by December 21
BYTS JSC: Creditors' Liquidation Claims Due by December 27
COACHING TEAM: Creditors' Liquidation Claims Due by December 24
PFI PRO: Bern Court Closes Bankruptcy Proceedings

REITHALLE MAIENFELD: Creditors Must Claims by December 21
SCHULER & CIE: Creditors' Liquidation Claims Due by December 21
SV SPENGLEREI: Claims Registration Period Ends December 24
TORON JSC: Zug Court Closes Bankruptcy Proceedings
WILAND JSC: Creditors' Liquidation Claims Due by December 21


T U R K E Y

TURKCELL ILETISIM: S&P Upgrades Ratings to BB on Strong Earnings


U K R A I N E

ALTERNATIVE-D LLC: Proofs of Claim Filing Deadline Set Dec. 21
BANGA-M LLC: Creditors Must File Claims by December 21
BARS LLC: Creditors Must File Claims by December 20
INDUSTRIAL TECHNICAL: Claims Filing Deadline Set December 21
PARTNER-TRANS LLC: Proofs of Claim Filing Deadline Set Dec. 20

RAMITA OJSC: Proofs of Claim Filing Deadline Set December 21
SHELTON-NIKOLAYEV: Proofs of Claim Filing Deadline Set Dec 21
SOYUZ-AUTO LLC: Proofs of Claim Filing Deadline Set December 21
STRIY OIL: Proofs of Claim Filing Deadline Set December 21


U N I T E D   K I N G D O M

BAA LTD: November Passenger Traffic Up 1.5% Year-on-Year
BISHOPSWOOD HOUSE: Joint Liquidators Take Over Operations
CATIVO LTD: Brings In Liquidators from Vantis Business Recovery
DURA AUTO: Wants Plan Confirmation Hearing Deferred to 2008
DURA AUTO: Defers Exit Financing Process Due to Market Riff

DURA AUTO: Subprime Lending Mess Blamed for Lack of Funding
F BOLTON: Calls In Liquidators from Tenon Recovery
FIFTY NINE: Taps Liquidators from Tenon Recovery
MICHAEL HUXLEY: J. M. Titley Leads Liquidation Procedure
MJM LTD: Names Matthew Colin Bowker Liquidator

MOVE LTD: Appoints J. M. Titley as Liquidator
R G S CHROMATONE: Hires Liquidators from Tenon Recovery
REALISATIONS LTD: Claims Filing Period Ends January 15, 2008
SKYEPHARMA PLC: Completes Flutiform Efficacy Trial Enrollment
TITAN EUROPE 2006-1: S&P Keeps Watch on H Notes

TITAN EUROPE 2006-5: S&P Keeps Watch on F Notes
TULLETT PREBON: Fitch Rates GBP150 Million Loan at BB-
UNIVERSAL X: Claims Filing Period Ends June 30, 2008


                            *********


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


ADELE LLC: Krems an der Donau Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of Krems an der Donau entered Nov. 8 an order
shutting down the business of LLC Adele (FN 66326p).

Court-appointed estate administrator Frank Riel 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. Frank Riel
         Gartenaugasse 1
         3500 Krems
         Austria
         Tel: 02732/86565
         Fax: 02732/86566-11
         E-mail: anwalt@riel-grohmann.at

Headquartered in Krems an der Donau, Austria, the Debtor
declared bankruptcy on Oct. 30 (Bankr. Case No 9 S 62/07a).


FULL HOUSE: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Nov. 6 an order shutting down
the business of LLC Full House Verlag (FN 282363s).

Court-appointed estate administrator Brigitte Stampfer
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. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra_stampfer@utanet.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 22 (Bankr. Case No 4 S 121/07g).


JAMI MIJAJLOVIC: Wiener Neustadt Court Orders Business Shutdown
---------------------------------------------------------------
The Land Court of Wiener Neustadt entered Nov. 8 an order
shutting down the business of KEG JAMI Mijajlovic (FN 225249z).

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

The estate administrator can be reached at:

         Mag. Gerhard Rigler
         Hauptplatz 14
         2700 Wiener Neustadt
         Austria
         Tel: 02622/84 141
         Fax: 02622/84 141-24
         E-mail: hain.advocat@utanet.at

Headquartered in Blumau, Austria, the Debtor declared bankruptcy
on Oct. 11 (Bankr. Case No 11 S 108/07d).


MIRAGE IN SOELDEN: Claims Registration Period Ends Dec. 21
----------------------------------------------------------
Creditors owed money by LLC Mirage in Soelden Gastronomie (FN
252746k) have until Dec. 21 to file written proofs of claim to
court-appointed estate administrator Wilfried Leys at:

         Dr. Wilfried Leys
         c/o Dr. Walter Lenfeld
         Malserstrasse 49 a
         6500 Landeck
         Austria
         Tel: 05442/63 0 29
         Fax: 05442/63 0 29 14
         E-mail: ra-ll@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on Jan. 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Solden, Austria, the Debtor declared bankruptcy
on Nov. 5 (Bankr. Case No. 19 S 109/07p).  Walter Lenfeld
represents Dr. Leys in the bankruptcy proceedings.


WETRO TROCKENBAU: Creditors' Meeting Slated for Dec. 20
-------------------------------------------------------
Creditors owed money by LLC WETRO Trockenbau (FN 270611h) are
encouraged to attend the first creditors' meeting at 10:00 a.m.
on Dec. 20.

The creditors' meeting will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Strasse 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Nov. 7 (20 S 134/07t).  Gerhard Eigner serves as the court-
appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Mag. Gerhard Eigner
         Ringstrasse 13
         4600 Wels
         Austria
         Tel: 07242/58120
         Fax: 07242/58120-22
         E-mail: OFFICE@EIGNER-ROYER.AT


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


ADVANCED MICRO: Goodwill Recorded After ATI Buy Likely Impaired
---------------------------------------------------------------
Advanced Micro Devices, Inc., disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission, that the
current carrying value of its goodwill which the company had
recorded as a result of its October 2006 acquisition of ATI
Technologies Inc. was impaired.  The company relates that this
conclusion was reached based on the results of an updated long-
term financial outlook for the businesses of the former ATI as
part of AMD's strategic planning cycle conducted annually during
the company's fourth quarter and based on the preliminary
findings of the company's annual goodwill impairment testing
that commenced in the beginning of October 2007.

Goodwill represents the excess of the purchase price over the
fair value of net tangible and identifiable intangible assets
acquired.  All of AMD's goodwill and acquisition-related
intangible assets outstanding as of Sept. 29, 2007 were related
to its acquisition of ATI.

The company expects that the impairment charge will be material,
but the company has determined that, as of the time of this
filing, it is unable in good faith to make a determination of an
estimate of the amount or range of amounts of the impairment
charge.

Results for the third quarter of 2007 included ATI acquisition-
related charges of US$76 million, an impairment charge on AMD's
investment in Spansion Inc.'s common stock of US$42 million,
stock-based compensation expense of US$27 million and a tax
expense of US$27 million primarily due to the need for a
deferred tax liability related to the large tax deductions AMD
received for the amortization of goodwill from the acquisition
of ATI, which is not amortized through earnings for financial
reporting purposes, and for foreign current taxes.

AMD's cash, cash equivalents and marketable securities as of
Sept. 29, 2007, were US$1.5 billion, a decrease of US$66 million
compared to June 30, 2007 due to the repayment of its October
2006 Term Loan, offset by positive cash flows from operations of
US$223 million, net proceeds from the issuance of its 5.75%
Convertible Senior Notes due 2012 and the inclusion of the fair
market value of AMD's ownership interest in Spansion Inc. of
US$119 million in its marketable securities balance.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/ -- (NYSE: AMD) designs and
manufactures microprocessors and other semiconductor products.
The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.
                          *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.  Fitch also affirmed the
company's Issuer Default Rating at 'B'; and Senior unsecured
debt at 'CCC+/RR6'.


=============
F I N L A N D
=============


QUEBECOR WORLD: Aborts US$341MM Sale of European Assets to RSDB
---------------------------------------------------------------
Quebecor World Inc. will not be proceeding with the sale of its
European business to RSDB NV due to the lack of support of the
transaction from RSDB's shareholders.

In November 2007, Quebecor World and RSDB NV have signed a
definitive share purchase agreement and implementation agreement
to sell/merge Quebecor World's European operations to RSDB
Group.  RSDB will buy Quebecor World's European operations and
Quebecor World will retain a 29.9% interest in the merged entity
that will be named "Roto Smeets Quebecor" and will be listed on
Euronext Amsterdam.

Under the terms of the share purchase agreement and
implementation agreement, RSDB will deliver to Quebecor World,
at closing, cash, a note and shares valued in the aggregate at
approximately EUR240 million or US$341 million, subject to
certain post-closing adjustments.

More specifically, the consideration payable to Quebecor World
will be comprised of approximately EUR150 million or US$213
million in cash, a EUR35 million or US$50 million note, and 1.4
million shares in RSQ representing approximately 29.9% of the
issued and outstanding shares of the combined business post-
closing.

The share purchase and implementation agreement was agreed to by
both RSDB's management and supervisory boards but was
conditional upon the approval of RSDB's shareholders.

Notwithstanding the outcome of the RSDB's shareholders vote,
Quebecor World believes that the overall terms of the
transaction represented fair value for all affected
stakeholders.

The company will explore its strategic options for its European
operations, including consolidation opportunities and other
initiatives to enhance value.

'While we believed this transaction represented an important
consolidation opportunity for the European industry, our
European business remains a leader, with one of the most
extensive and technologically advanced pan-European platforms,"
Wes Lucas, president and CEO Quebecor World, said.  "Our
customers will continue to receive top quality, on-time products
and services each and every day as we are fortunate to have some
of the most skilled and dedicated people in the industry."

The company is evaluating and implementing a variety of options
that should compensate for the sale proceeds that will no longer
be realized as a result of this transaction not proceeding,
including the implementation of new accounts receivable
financing programs in Europe.

Moreover, Quebecor World's management and board of directors,
together with its independent financial advisor, explore and
evaluate financing and other alternatives to further strengthen
the company's balance sheet and liquidity.  While recent
external market conditions have been challenging, the company's
completed retooling and turn-around plan are generating
improvements and have contributed to ensuring the company's
continued positive operating cash flow.

                   About Quebecor World Inc.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company is an
independent commercial printer in Europe with 19 facilities,
operating in Austria, Belgium, Finland, France, Spain, Sweden,
Switzerland and the United Kingdom. In March 2007, it sold its
facility in Lille, France.  Quebecor World (USA) Inc. is its
wholly owned subsidiary.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Standard & Poor's Ratings Services lowered its preferred stock
rating on Quebecor World Inc. two notches to 'C' from 'CCC-'.
The company's other ratings, including the 'B-' long-term
corporate credit rating, remain unchanged.  All ratings are on
CreditWatch with negative implications, where they were
initially placed
Aug. 9, 2007.


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


CHESAPEAKE CORP: Board Elects M. J. Hellyar as Board Director
-------------------------------------------------------------
The board of directors of Chesapeake Corporation has elected
Mary Jane Hellyar, executive vice president of Eastman Kodak
Company and president of Kodak's Film Products Group, a director
of Chesapeake.  She will replace Dr. Frank S. Royal, a
Chesapeake director since 1990, who has retired for health
reasons.

Ms. Hellyar joined Eastman Kodak in 1982 as a research scientist
and has served in a number of positions, including general
manager, Consumer Film Business, and president, Display and
Components Group.

She has a bachelor's degree in chemistry and mathematics from
the College of St. Catherine in St. Paul, Minnesota, master's
and doctoral degrees in chemical engineering from Massachusetts
Institute of Technology and an MBA degree in the management of
technology from the Sloan School at the Massachusetts Institute
of Technology.

"We are pleased to have Dr. Hellyar join our board of directors
and look forward to her contributions, especially in the areas
related to her knowledge of and experience with retail and
industrial marketing," Sir David Fell, chairman of the
Chesapeake board of directors, said.

Dr. Royal, a physician in Richmond, Virginia, served on all the
standing committees on Chesapeake's board during his tenure,
including chairing the corporate governance and nominating
committee.

"Frank Royal has been a sage voice of experience in corporate
governance matters on Chesapeake's board and his fellow
directors have benefited from his broad experience as a
corporate director," Sir Fell said.  "We will miss him in our
board meeting room."

                  About Chesapeake Corporation

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE:CSK) -– http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche
end-use markets.  Chesapeake has 47 locations in France,
Ireland, United Kingdom, North America, China, HongKong, among
others and employs approximately 5,500 people.

                         *     *     *

Moody's Investor Service placed Chesapeake Corporation's
probability of default rating at 'B1' in September 2006.  The
rating still hold to date with a stable outlook.


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


CUBUS GRUNDSTUECKSENTWICKLUNGS: Claims Registration Ends Jan. 10
----------------------------------------------------------------
Creditors of Cubus Grundstuecksentwicklungsgesellschaft mbH i.L.
have until Jan. 10, 2008, to register their claims with court-
appointed insolvency manager Thomas Leicht.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Dr. Thomas Leicht
         Eugenstr. 16
         70182 Stuttgart
         Germany
         Tel: 0711/24 52 52
         Fax: 0711/23 35 86

The District Court of Stuttgart opened bankruptcy proceedings
against Cubus Grundstuecksentwicklungsgesellschaft mbH i.L. on
Nov. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Cubus Grundstuecksentwicklungsgesellschaft mbH i.L.
         Plieninger Str. 100
         70567 Stuttgart
         Germany


DEVANTIER & LINDER: Claims Registration Period Ends Jan. 2, 2008
----------------------------------------------------------------
Creditors of Devantier & Linder Elektroanlagen GmbH have until
Jan. 2, 2008, to register their claims with court-appointed
insolvency manager Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Devantier & Linder Elektroanlagen GmbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Devantier & Linder Elektroanlagen GmbH
         Attn: Benedikt Linder, Manager
         Moerser Strasse 103
         40667 Meerbusch
         Germany


FLEISCHWAREN DILLINGER: Creditors' Meeting Set for Jan. 7, 2008
---------------------------------------------------------------
The court-appointed insolvency manager for Fleischwaren
Dillinger GmbH, Thomas Christmann, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:05 a.m. on Jan. 7, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on Feb. 25, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Thomas Christmann
         Graf-Johann-Strasse 8
         66121 Saarbruecken
         Germany
         Tel: 0681/301 404 69
         Fax: 0681/635 321

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

The Debtor can be reached at:

         Fleischwaren Dillinger GmbH
         Attn: Martin Dillinger, Manager
         Illingerstr. 44
         66265 Heusweiler
         Germany


ILMPLAST POLYURETHANSCHAUMSTOFFE: Claims Bar Date Set on Jan. 18
----------------------------------------------------------------
Creditors of Ilmplast Polyurethanschaumstoffe GmbH have until
Jan. 18, 2008, to register their claims with court-appointed
insolvency manager Hans von Gleichenstein.

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 Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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. Hans von Gleichenstein
         Rottmannstrasse 11 a
         80333 Munich
         Germany
         Tel: 089/5427300
         Fax: 089/54273015

The District Court of Ingolstadt opened bankruptcy proceedings
against Ilmplast Polyurethanschaumstoffe GmbH on Nov. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ilmplast Polyurethanschaumstoffe GmbH
         Attn: Guenther Mueller, Manager
         Indersdorferstrasse 1
         85305 Jetzendorf
         Germany


MEDICO-OPTICS: Claims Registration Period Ends Jan. 2, 2008
-----------------------------------------------------------
Creditors of medico-optics GmbH have until Jan. 2, 2008, to
register their claims with court-appointed insolvency manager
Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Düsseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against medico-optics GmbH on Dec. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         medico-optics GmbH
         Attn: Karin Czech, Manager
         Emanuel-Leutze-Strasse 21
         40547 Duesseldorf
         Germany


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


ARMSTRONG HOLDINGS: Completes Net Asset Distribution to Holders
---------------------------------------------------------------
Armstrong Holdings, Inc., the former parent company of Armstrong
World Industries, Inc., has completed its previously announced
distribution of its entire net assets to shareholders.  Checks
to record holders were mailed on Dec. 12, 2007.  Shareholders
who have ACKH stock in brokerage accounts will receive the
distribution in their accounts in the near future.  The
company's common stock had traded on the Over-the-Counter
Bulletin Board under the symbol "ACKH."

Direct shareholders did not need to return their stock
certificates to receive a distribution.  Those certificates are
void and have no value.  When they receive their distribution
checks through the mail, direct shareholders should follow
instructions enclosed with their payment to cancel or destroy
those Armstrong Holdings stock certificates.

The company will file Articles of Dissolution with the
Commonwealth of Pennsylvania and will cease to exist.

Direct shareholders with questions concerning their accounts
should contact American Stock Transfer & Trust Company at 800-
937-5449.

                  About Armstrong Holdings Inc.

Based in Lancaster, Pennsylvania, Armstrong Holdings Inc. (OTC
Bulletin Board: ACKH) -- http://www.armstrong.com/-- was the
parent holding company of Armstrong World Industries Inc.  On
Oct. 2, 2006, Armstrong World Industries Inc. emerged from
Chapter 11 reorganization under its Fourth Amended Plan of
Reorganization, which provided for the cancellation of the AWI
stock owned by the company.   The company has conducted no
business and had no operations since Oct. 2, 2006.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

                          *     *     *

Standard & Poor's Ratings Service affirmed the 'BB' corporate
credit and senior secured ratings for Armstrong World Industries
Inc. on March 2007.

Moody's Investors Service assigned, in October 2006, a Ba2
rating on Armstrong World Industries, Inc.'s new credit facility
and a Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


EASTMAN KODAK: Board Picks Three Officers as Vice Presidents
------------------------------------------------------------
Eastman Kodak Company's Board of Directors has elected Kevin
Joyce, Antoinette McCorvey, and Gustavo Oviedo as Vice
Presidents of the company, effective immediately.

Mr. Joyce was named Managing Director, United States & Canada
(US&C) region for Kodak's Graphic Communications Group in April
2005, following Kodak's acquisition of Kodak Polychrome Graphics
(KPG).  He previously served as Vice President of Sales for
KPG's US&C region.

Mr. Joyce has more than 18 years of experience in executive
sales, marketing and business management, specializing in high
tech electronic imaging and graphic arts businesses.  From 1993
to 2001, he worked with Creo Products, an international provider
of electronic prepress systems to the graphic arts industry,
where he held various senior management positions before
becoming President of Creo America.

He is a graduate of St. Michael's College with a BA in American
Intellectual Studies and is a graduate of the Executive
Development Program at the Harvard Graduate School of Business.

Ms. McCorvey was appointed Director & Vice President of Investor
Relations in March of 2006.  She joined Kodak in December 1999
as Director, Finance, Imaging Materials Manufacturing and has
held assignments of increasing responsibility including
Director, Finance Global Manufacturing and Logistics; Director,
Finance, Corporate Financial Planning and Analysis, and
Director, Finance and Vice President, Consumer Digital Imaging
Group.

Prior to Kodak, Ms. McCorvey had a 20-year career with
Monsanto/Solutia.  Her last assignment at Solutia, Inc. (the
former Chemical Company of Monsanto) was Vice President/General
Manager of Nylon, Plastics, Polymers and Industrial Fibers.

Ms. McCorvey earned a degree in Finance and Accounting and an
MBA from the University of West Florida in Pensacola.  She is a
Certified Management Accountant.

Mr. Oviedo was appointed Managing Director, Asia Pacific Region,
Eastman Kodak Company in March 2007.  He also serves as Managing
Director, Asia Pacific Region for Kodak's Graphic Communications
Group, a position he assumed in 2006 following Kodak's
acquisition of Kodak Polychrome Graphics.  In this role, Oviedo
is responsible for the entire Kodak business and strategic
product portfolio in the region.

Mr. Oviedo's international career spans more than 25 years
working in Latin America, Asia and Europe, and includes deep
industrial operations management experience.  Before joining
Kodak, he spent over 20 years with Schneider Electric, a leader
in electromechanical and electronic products, where he held
positions of increasing responsibility in country management and
his portfolio included distribution, logistics, sales and
marketing, business development, and strategic mergers &
acquisitions.

Mr. Oviedo earned a business degree from The Universidad del
Salvador, Buenos Aires, Argentina.  His diverse education
includes participating in advanced management programs at Duke
University, Dartmouth University, and the Schneider Professional
Manager program - a six-month program organized by universities
in Paris, Amsterdam, Kuala Lumpur, and Singapore.  He is fluent
in English, Spanish, Portuguese, and French.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China, India among others.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  S&P said the
outlook is negative.


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


AES CORP: Dismisses Deloitte; Hires Ernst & Young as Accountants
----------------------------------------------------------------
AES Corporation said that following the completion of the audit
for the fiscal year ended December 31, 2007, the Company will
dismiss Deloitte & Touche LLP as its independent registered
public accounting firm.  The Company appointed Ernst & Young LLP
as its independent registered public accounting firm for the
fiscal year ending December 31, 2008.  The decision to change
accountants was made by the Company's Board of Directors and its
Financial Audit Committee in a joint meeting held on December 7,
2007.

Deloitte & Touche's audit report dated May 22, 2007, on the
Company's consolidated financial statements as of and for the
years ended December 31, 2006, and December 31, 2005, did not
contain an adverse opinion or a disclaimer of opinion and was
not qualified or modified as to uncertainty, audit scope, or
accounting principles, except that the audit report indicated
that (i) in 2006, the Company adopted Financial Accounting
Standards Board Statement No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans" and in
2005, the Company adopted Financial Accounting Standards Board
Interpretation No. 47, "Accounting for Conditional Asset
Retirement Obligations"; and (ii) the consolidated financial
statements and the financial statement schedules were restated.

During the years ended December 31, 2006, and December 31, 2005,
and the subsequent interim period, there were no disagreements
with Deloitte & Touche on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedures, which disagreements, if not resolved to their
satisfaction, would have caused Deloitte & Touche to make
reference to the subject matter of the disagreement in
connection with its audit report.

During the years ended December 31, 2005, and December 31, 2006,
and the subsequent interim period, there were no reportable
events, except that as of December 31, 2005, December 31, 2006,
and September 30, 2007, the Company's internal control over
financial reporting was not effective due to the existence of
certain material weaknesses.  The Company disclosed in its Form
10-K/A for the year ended December 31, 2006, that as a result of
the material weaknesses, the Company performed additional
analysis and other post-closing procedures in order to prepare
the consolidated financial statements in accordance with
generally accepted accounting principles in the United States of
America.  As of December 8, 2007, the Company's remediation
efforts with regard to the disclosed material weaknesses are not
complete.

The Company has requested that Deloitte & Touche furnish it with
a letter addressed to the Securities and Exchange Commission
stating whether or not it agrees with the disclosures.

                         About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

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

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


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


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 collateralized 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.


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


ALITALIA SPA: Air France Offers EUR750 Million Capital Injection
----------------------------------------------------------------
Air France-KLM confirms its determination to support Alitalia
S.p.A. in its recovery and to relaunch it as a strong national
flag carrier with world coverage.

The enlarged Group will then be able to rely on three strong,
complementary brands providing customers with an unparalleled
network.

Air France confirms that it has made a non binding offer:

   -- to acquire 100% of the shares of Alitalia through an
      exchange offer;

   -- to acquire 100% of Alitalia convertible bonds; and

   -- to immediately inject at least EUR750 million into
      Alitalia through a capital increase, that will be open to
      all shareholders and be fully underwritten by Air France.

A large part of this investment will be used to support a huge
relaunch program with cabin reconfiguration at the top of in
flight products (seats, interior design, entertainment,) and
ground services to restore Alitalia's international image as a
major airline and to convey the Italian flag and values all over
the world.

As the world's leading airline group, with a strong commercial
position in most regions, Air France will support Alitalia in
restoring and recovering its natural position and market share.

In addition, Alitalia's fleet renewal is Air France's top
priority and the Group has assessed that it will proceed with
the full renewal of the MD80 short/medium-haul fleet and the
B767 long-haul fleet.  After the recovery phase, further
investments will ensure the growth of the fleet, and enable
Alitalia to expand its network from a healthy position.

Air France's Recovery and Relaunch Plan will not add any more
redundancies to Alitalia's current plan.

                          About Alitalia

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

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

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


ALITALIA SPA: Outlines Criteria for Selecting Preferred Buyer
-------------------------------------------------------------
Alitalia S.p.A., at the request of the Italian Stock Exchange
Controller CONSOB, regarding the task of examining the non-
binding offers received by the advisor Citi and presented at the
latest Board meeting, the appraisal of the offers will focus
primarily on their industrial content, as well as on the
financial contents of the offers.

In particular, Alitalia's attention will focus on these main
aspects:

   -- the ability to carry out the restructuring of Alitalia
      creating conditions of sustainability for the Company in
      the medium-long term, together with a fast inversion
      of the current loss trend, while enhancing the brand and
      its market coverage;

   -- the answer to key strategic and critical factors which
      have led to the deterioration of the Company's
      profitability, in particular:

       * reducing traffic capture via major European hubs from
         the Italian market;

       * drawing up and implementing a business model and a size
         to enable the Company to compete globally;

       * improving the quality of network organization, also
         developing a hub that will eventually come close to the
         main European ones in terms of size and number of
         connections;

       * realigning the Company's cost structure and overall
         efficiency levels with those of its main competitors;
         and

       * improving the service quality to customers and
         operational performance in terms of punctuality and
         reliability of service.

   -- the ability to create conditions for the Company's long-
      term growth, and consequently the number of destinations
      and flights that the Company will be able to offer its
      customers;

   -- the creation of significant synergies as a result of
      network and operational structures integration;

   -- the amount of the financial resources for the
      implementation of the Company's Business Plan and its
      investments; and

   -- the ability to generate adequate cash flow to sustain a
      debt level in line with rest of the industry.

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: Rhodes Wants Cape Girardeau Property Offer Considered
----------------------------------------------------------------
Rhodes Development Company, LLC. is interested in purchasing the
Cape Girardeau property at a higher purchase price, hence, it
asks Dana Corp. and its debtor-affiliates to consider its offer.
Rhode says that is willing to participate in any reasonable
auction format established for the sale of the Property.

As reported in the Troubled Company Reporter on Dec. 14, 2007,
the Debtors had asked authority from the U.S. Bankruptcy Court
for the Southern District of New York 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 related.

                  Request to Delay Sale Approval

Furthermore, Rhodes asks the Court to delay the approval of the
sale of the Property pending further discussions among the
interested parties.

In a separate filing, the Official Committee of Unsecured
Creditors asks the Debtors to immediately put in place auction
procedures for the sale of the Property to ensure that the
Property is sold at a maximum value.

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 66; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FIAT SPA: Names Luca De Meo as Alfa Romeo's Chief Executive
-----------------------------------------------------------
Fiat S.p.A. disclosed that Luca De Meo took on the role as Alfa
Romeo Automobiles' CEO on Dec. 11, 2007, replacing Antonio
Baravalle, who left the group on his request.

Mr. De Meo will keep his current position as chief marketing
officer of the Fiat Group, with responsibility for all marketing
related activities across all Fiat Group Sectors, as well as his
post of CEO of Abarth.

Mr. De Meo's simultaneous commitment to the development of the
Alfa brand and to the promotion of marketing activities puts him
in an ideal position to follow one of the most important
projects of the brand, its return to the U.S. market.

Fiat Group thanked Antonio Baravalle for his precious
professional cooperation and his valuable contribution
throughout these years.

"The commitment, passion and determination with which Luca De
Meo faces great challenges is the best guarantee for Alfa
Romeo's relaunch plan and the development of marketing
activities across all Fiat Group brands.  I thank Antonio
Baravalle, who always worked with intelligence and dedication,
and wish him all the best for his future activities," Sergio
Marchionne, Fiat Group CEO commented.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FIAT SPA: Extends Buy Back Program to April 30, 2008
----------------------------------------------------
Fiat S.p.A. decided to extend the buy back program from
Dec. 31, 2007, to April 30, 2008.

At a stockholders meeting on April 5, 2007, Fiat authorized the
purchase of treasury shares from the aggregate three classes of
stock, which shall not exceed in the aggregate 10% of the
capital stock and maximum amount of EUR1.4 billion.  The
authorization will last 18 months from April 5, 2007, and will
therefore expire on Oct. 5, 2008.

The stockholders authorization does not compel Fiat to complete
the buy back up to the maximum EUR1.4 billion amount and
therefore the buy back may be executed in the whole or in part.

Additionally, pursuant to the applicable regulations which
require that any buy back program be announced to the market, on
April 5, 2007, after the stockholders' authorization, Fiat
disclosed the details of its buy back program, aimed at
servicing stock option plans and the investment of excess
liquidity, which would expire on Dec. 31, 2007.

As already stated, the company will execute share repurchases in
its total and complete discretion including the choice of
timing, quantum and share price levels.  In so doing, the
company will be guided by the principle that it will only
repurchase its shares if such repurchase is value accretive to
the shareholders of Fiat, and subject to any negative
repercussions a given repurchase may have on its credit ratings.

The buy back will be carried out on the regulated markets as:

   -- it will end on April 30, 2008, or once the maximum amount
      of EUR1.4 billion or a number of shares equal to 10% of
      the capital stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the stock exchange on the day
      before the purchase is made; and

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

Should purchases be carried out, Fiat will maintain its daily
communication program to the market and competent authorities,
detailing the number of shares purchased, the average price, the
total number of purchased shares as of the date of the
communication and the total invested amount as of such date.

As of December 12, 2007 Fiat has repurchased 20.482 billion Fiat
ordinary shares for a total aggregate amount of EUR426 million.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


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


AKPAR STROY S: Proof of Claim Deadline Slated for Jan. 11, 2008
---------------------------------------------------------------
LLP Akpar Stroy S has declared insolvency.  Creditors have until
Jan. 11, 2008, to submit written proofs of claims to:

         LLP Akpar Stroy S
         Komisarov Str. 28-1
         Karaganda
         Kazakhstan


ALLIANCE BANK: S&P Changes B Rating's Outlook to Negative
---------------------------------------------------------
Standard & Poor's Ratings Services had revised its outlook to
negative from stable on Alliance Bank JSC.

The rating actions reflect Standard & Poor's concerns over the
increasing pressure on asset quality and liquidity that Kazakh
banks are subject to as the current market turmoil stretches on,
despite their having overcome the immediate impact of the global
liquidity squeeze through adequate asset-liability management.
The banking sector is likely to undergo a transformation of its
industry profile, business models, and practices, which also
adds uncertainty about individual banks' ability to adjust to
the new situation

Rapid growth of banks in the high-risk economic and banking
environment of the Republic of Kazakhstan (foreign currency BBB-
/Stable/A-3, local currency BBB/Stable/A-3) funded by ever-
increasing international indebtedness has been a long-standing
concern of Standard & Poor's.  The global liquidity squeeze that
began in August only served to heighten these worries.

Banks particularly at risk of a downgrade are those with large
refinancing needs for international syndicated debt; those most
exposed to the vulnerable real estate, construction, and other
problematic sectors; and smaller banks that the government is
not likely to support.

A sharp slowdown in lending growth should reveal the true extent
of asset quality problems.  High growth in recent years has
hidden problem loans, as most credits were unseasoned and loans,
even problematic ones, could easily be refinanced in a buoyant
environment.  A potential for further devaluation of
the tenge, as seen in the past few months, also threatens
borrower debt service ability, with foreign currency loans
representing 43% of total system loans at Oct. 31, 2007.
Government liquidity support, continued financial inflows
related to the favorable prices on natural resources (namely oil
and gas), and household consumption that is expanding at a
healthy rate in Kazakhstan only partly mitigate these concerns.
In the next couple of months Standard & Poor's will publish a
new Bank Industry Risk Analysis report on Kazakhstan presenting
a detailed analysis of the country's banking system.

                         Ratings List
                     To              From

Alliance Bank JSC

  Counterparty credit rating
                     B+/Negative/B   B+/Stable/B

NB: This list does not include all ratings affected.


ANA INSHAAT: Creditors Must File Claims Jan. 11, 2008
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ana Inshaat insolvent on Nov. 2.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


BANK TURANALEM: S&P Changes BB Rating's Outlook to Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services had revised its outlook to
negative from stable on Bank TuranAlem.

The rating actions reflect Standard & Poor's concerns over the
increasing pressure on asset quality and liquidity that Kazakh
banks are subject to as the current market turmoil stretches on,
despite their having overcome the immediate impact of the global
liquidity squeeze through adequate asset-liability management.
The banking sector is likely to undergo a transformation of its
industry profile, business models, and practices, which also
adds uncertainty about individual banks' ability to adjust to
the new situation

Rapid growth of banks in the high-risk economic and banking
environment of the Republic of Kazakhstan (foreign currency BBB-
/Stable/A-3, local currency BBB/Stable/A-3) funded by ever-
increasing international indebtedness has been a long-standing
concern of Standard & Poor's.  The global liquidity squeeze that
began in August only served to heighten these worries.

Banks particularly at risk of a downgrade are those with large
refinancing needs for international syndicated debt; those most
exposed to the vulnerable real estate, construction, and other
problematic sectors; and smaller banks that the government is
not likely to support.

A sharp slowdown in lending growth should reveal the true extent
of asset quality problems.  High growth in recent years has
hidden problem loans, as most credits were unseasoned and loans,
even problematic ones, could easily be refinanced in a buoyant
environment.  A potential for further devaluation of
the tenge, as seen in the past few months, also threatens
borrower debt service ability, with foreign currency loans
representing 43% of total system loans at Oct. 31, 2007.
Government liquidity support, continued financial inflows
related to the favorable prices on natural resources (namely oil
and gas), and household consumption that is expanding at a
healthy rate in Kazakhstan only partly mitigate these concerns.
In the next couple of months Standard & Poor's will publish a
new Bank Industry Risk Analysis report on Kazakhstan presenting
a detailed analysis of the country's banking system.

                         Ratings List
                     To              From

Bank TuranAlem

  Counterparty credit rating
                     BB/Negative/B   BB/Stable/B

NB: This list does not include all ratings affected.


HALYK BANK: S&P Changes BB+ Rating's Outlook to Negative
--------------------------------------------------------
Standard & Poor's Ratings Services had revised its outlook to
negative from stable on Halyk Savings Bank of Kazakhstan.

The rating actions reflect Standard & Poor's concerns over the
increasing pressure on asset quality and liquidity that Kazakh
banks are subject to as the current market turmoil stretches on,
despite their having overcome the immediate impact of the global
liquidity squeeze through adequate asset-liability management.
The banking sector is likely to undergo a transformation of its
industry profile, business models, and practices, which also
adds uncertainty about individual banks' ability to adjust to
the new situation

Rapid growth of banks in the high-risk economic and banking
environment of the Republic of Kazakhstan (foreign currency BBB-
/Stable/A-3, local currency BBB/Stable/A-3) funded by ever-
increasing international indebtedness has been a long-standing
concern of Standard & Poor's.  The global liquidity squeeze that
began in August only served to heighten these worries.

Banks particularly at risk of a downgrade are those with large
refinancing needs for international syndicated debt; those most
exposed to the vulnerable real estate, construction, and other
problematic sectors; and smaller banks that the government is
not likely to support.

A sharp slowdown in lending growth should reveal the true extent
of asset quality problems.  High growth in recent years has
hidden problem loans, as most credits were unseasoned and loans,
even problematic ones, could easily be refinanced in a buoyant
environment.  A potential for further devaluation of
the tenge, as seen in the past few months, also threatens
borrower debt service ability, with foreign currency loans
representing 43% of total system loans at Oct. 31, 2007.
Government liquidity support, continued financial inflows
related to the favorable prices on natural resources (namely oil
and gas), and household consumption that is expanding at a
healthy rate in Kazakhstan only partly mitigate these concerns.
In the next couple of months Standard & Poor's will publish a
new Bank Industry Risk Analysis report on Kazakhstan presenting
a detailed analysis of the country's banking system.

                         Ratings List
                     To              From

Halyk Savings Bank of Kazakhstan

  Counterparty credit rating
                     BB+/Negative/B  BB+/Stable/B

NB: This list does not include all ratings affected.


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


MUSTAL KOKSHETAU: Creditors' Claims Due on Jan. 15, 2008
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Mustal Kokshetau 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


PROMTECHSNAB LLP: Claims Registration Ends Jan. 15, 2008
--------------------------------------------------------
LLP Promtechsnab has declared insolvency.  Creditors have until
Jan. 15, 2008, to submit written proofs of claims to:

         LLP Promtechsnab
         Staraya Krepost
         Beskaragaisky District
         East Kazakhstan
         Kazakhstan


SEVER CITY: Proof of Claim Deadline Slated for Jan. 11, 2008
------------------------------------------------------------
LLP Sever City has declared insolvency.  Creditors have until
Jan. 11, 2008, to submit written proofs of claims to:

         LLP Sever City
         Pushkin Str. 54-72
         110000, Kostanai
         Kazakhstan


SOUZ-2003 LLP: Creditors Must File Claims Jan. 15, 2008
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Firm Souz-2003 insolvent.

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

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


STRAHL LLP: Claims Filing Period Ends Jan. 15, 2008
---------------------------------------------------
LLP Strahl has declared insolvency.  Creditors have until
Jan. 15, 2008, to submit written proofs of claims to:

         LLP Strahl
         Amangeldy Str. 52
         Almaty
         Kazakhstan


TABYS-2000 LLP: Creditors' Claims Due on Jan. 15, 2008
------------------------------------------------------
LLP Tabys-2000 has declared insolvency.  Creditors have until
Jan. 15, 2008, to submit written proofs of claims to:

         LLP Tabys-2000
         Brusov Str. 4
         Almaty
         Kazakhstan
         Tel: 8 (3272) 53-03-04


UM I AT: Claims Registration Ends Jan. 15, 2008
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Um I At insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 67-7
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-00-42
              8 701 537 15-58


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


SKY DESIGN: Creditors Must File Claims by January 23, 2008
----------------------------------------------------------
LLC Sky Design (INN 00106200410248) has declared insolvency.
Creditors have until Jan. 23, 2008, to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 93-09-43.


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


ASM INTERNATIONAL: S&P Lifts Ratings to BB- on Performance
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on The Netherlands-based semiconductor
equipment manufacturer ASM International N.V. to 'BB-' from
'B+'.  This followed the significantly improved profitability of
its front-end division, accompanied by the sustained strong
performance of its 53.4% owned back-end division, resulting
together in a significantly improved financial credit profile.
The outlook is stable.

At the same time, the ratings on ASMI's convertible subordinated
notes, due in 2010 and 2011, were raised to 'B' from 'B-'.

"The rating action primarily reflects our expectation that ASMI
will be able to further improve profitability and free operating
cash flow generation in its front-end segment in 2008," said
Standard & Poor's credit analyst Matthias Raab.  This is mainly
due to its competitive product portfolio, further expected cost
reductions from the relocation of front-end manufacturing
processes to Asia, better working capital management, and its
scrutiny of its R&D and capital expenditure program.

"Furthermore, we expect its Hong Kong-based subsidiary, ASM
Pacific Technology Ltd., which manufactures a broad range of
back-end products such as assembly and packaging equipment, to
continue to post above-average margins and free cash flows due
to its worldwide leading market positions and structural cost
advantage against its main competitors," said Mr. Raab.

In the nine months to Sept. 30, 2007, front-end sales increased
strongly by 16% and the EBIT margin improved to 3.3% year on
year (excluding sales and losses from the discontinued ASM
NuTool operations).  This compares with a negative front-end
EBIT margin of 22% for the fiscal year 2005.

Back-end recorded good sales growth of 5% year on year in the
nine months to Sept. 30, 2007, on top of an already high sales
growth of 28% in fiscal 2006.  Its EBIT margin declined slightly
to 26%, although this is still excellent.

"The stable outlook reflects ASMI's adequate liquidity, which
should be sufficient to finance capital expenditure needs
comfortably over the coming 24 months," said Mr. Raab. Debt
protection measures are in line with the rating category, but
given the cyclicality of ASMI's sales and profitability, the
company does not have significant capacity for additional debt.


PARK MOUNTAIN 2007-1: Fitch Rates Classes E and F Notes at BB
-------------------------------------------------------------
Fitch Ratings has assigned PARK MOUNTAIN SME 2007-1 B.V.
EUR522.20 million issue of floating-rate notes expected ratings:

   -- EUR363.25 million Class A3: 'AAA'
   -- EUR30.30 million Class B: 'AA'
   -- EUR30.25 million Class C: 'A'
   -- EUR30.25 million Class D: 'BBB'
   -- EUR21.20 million Class E: 'BB'
   -- EUR30.30 million Class F: 'BB'
   -- EUR 16.65 million Class G: not rated

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

The transaction is a partially funded synthetic collateralized
debt obligation referencing a Belgian portfolio of senior and
junior secured and unsecured obligations of small- and medium-
sized corporate entities.  The obligations arise from loans and
long- and short-term cash facilities originated and credit
assessed by Fortis Bank (the swap counterparty, rated 'AA-
'/'F1+'/Stable).

The expected ratings of the notes are based on the credit
quality of the reference portfolio, credit enhancement, quality
of the collateral, strength of the swap counterparty and the
transaction's sound financial and legal structure.  The
transaction provides credit protection on an approximately
EUR3.03 billion portfolio that may not be increased after it has
been designated by the swap counterparty (portfolio cut-off date
Oct. 31, 2007).  There is no ongoing requirement that a
reference obligation must comply with the eligibility criteria
after the cut-off date.  The transaction does not feature a
synthetic excess spread mechanism as a first layer of credit
enhancement.  Realized losses will be borne first by the loss
threshold retained by Fortis in the amount of EUR22.7 million.


X5 RETAIL: Acquiring Strana Gerkulesia for US$65 Million
--------------------------------------------------------
X5 Retail Group N.V. has signed an agreement to acquire 100% of
the business and assets of the Strana Gerkulesia retail chain
operating in the City of Moscow and the Moscow and Tver regions,
for a total consideration of US$65 million, including debt.

The Company plans to close the deal by the end of 2007.

                         About X5 Retail

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

                          *     *     *

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

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


ZINIFEX LTD: Allegiance Offer Cues Fitch to Affirm BB+ Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Zinifex Limited's 'BB+' Long-term
foreign currency Issuer Default Rating, following the
announcement of an all-cash offer for Allegiance Mining NL.  The
Outlook is Stable.

Allegiance is a nickel exploration and development company.  Its
major asset is the underground Avebury nickel mine located close
to Zinifex's Rosebery mine in Tasmania.  The Avebury mine is
near-production with first ore scheduled for Q108.  Initial
production is forecast at a rate of 8,500 tonnes of nickel in
concentrate with a mine life of at least nine years.
Concentrate will be shipped off to Jinchuan Nickel Group of
China via an offtake and partnership agreement.

"Fitch regards the acquisition of companies such as Allegiance,
which will grow and diversify the business, as beneficial to
Zinifex's creditors compared with the alternative of returning
cash to shareholders," commented Maurice O'Connell, Director in
Fitch's corporate team based in Sydney.  "The diversification
from Zinifex's historic narrow zinc/lead focus into nickel, the
near-production nature of the Avebury asset, its low cost base
and potential for expansion are all positives," added Mr.
O'Connell.

Zinifex has offered AUD0.90/share, to be increased to
AU$1.00/share if Zinifex acquires more than 30%, or if the
Allegiance Board accepts the Offer.  This prices Allegiance at
about AU$800 million based on AU$1.00/share.

Zinifex has shown very strong cash flow generation in the last
two years as a consequence of buoyant zinc and lead prices.  Net
cash from operating activities totalled AU$1.58 billion in the
financial year ending June 2007.  Zinifex's cash flow was
further enhanced by the divestment of its smelting operations in
October 2007 when it combined its smelting operations with those
of Belgium based Umicore SA to form Nyrstar NV and received over
AU$1.7 billion from the Nyrstar IPO.  Zinifex has over AU$2.0
billion cash available for acquisitions or to return to
shareholders.  As at June 30, 2007 Zinifex had gross debt of
AU$136 million.

Zinifex is one of the world's largest zinc and lead producers.

                      About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies, -- http://www.zinifex.com/-- is headquartered
in Melbourne, Australia.  The company owns and operates two
mines and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.


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


EXIDE TECH: Plans Capacity Expansion at Tudor India Location
------------------------------------------------------------
Exide Technologies is planning for the capacity expansion at its
transportation manufacturing facility in Gujarat, (Ahmedabad)
India.  The Company is investing in equipment upgrades, line
expansions, infrastructure and utilities at its Tudor India Ltd.
location in its efforts to increase operational capacity from
600,000 batteries up to 1,000,000 batteries per year.

Best known for the production of the Prestolite(R) brand of
lead-acid batteries for both automotive and inverter
applications, TIL is the Indian arm of Chloride Motive Power
Batteries, UK, a wholly owned subsidiary of Alpharetta-Georgia
based Exide Technologies.

Most recently, TIL increased its capacity in FY07 resulting in
growth in its financial performance.  For the half year ending
Sept. 30, 2007, TIL registered a 44 percent increase in net
sales to US$15 million as compared to the same period for the
previous year.  The newest planned capacity expansion, expected
to be completed by June 2008, also will allow for the
operation's production of innovative state-of-the-art products
in wet form for original equipment and aftermarket customers in
the region.

"We expect that the planned capacity increase at TIL will allow
Exide to further increase its share and brand image in the
rapidly developing Asia Pacific battery market," said Luke Lu
President - Asia Pacific for Exide Technologies.  "The expansion
is part of our Company's overall strategy that focuses on taking
advantage of profitable growth opportunities - both in
manufacturing and global sourcing - particularly in India and
China."

In 1997, TIL was the first company to introduce maintenance free
lead-acid batteries designed with polyethylene separators, cold
forged terminals and bone dry charged batteries in India, and
offer the products for most types of vehicles manufactured in
India, including cars, light and heavy commercial vehicles,
sport utility vehicles, and tractors.

With 16 branches and a wide dealer network of approximately 230
distributors in India, TIL is well equipped to serve a broad
range of customers in the global marketplace.  The operation
supplies batteries to both original equipment and aftermarket
customers including American Power Conversion; Ashok Leyland;
Atlas Capco; Caterpillar; Indo Farm Equipment, International
Tractors, Mahindra & Mahindra Tractors; Reliance; Sudir Genset;
Supernova; Tatra; Voltas; and Volvo.

                     About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Australia, India, Finland, Poland, New Zealand, among others.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2007, Standard & Poor's Ratings Services has raised its
corporate credit rating on Exide Technologies to 'B-' from
'CCC+' because of the company's improved financial results,
which the company has achieved despite sharply higher lead
prices.  S&P said the outlook is stable.

Moody's Investor Service placed Exide Technologies' senior
secured debt and probability of default ratings at 'Caa1' in
September 2006.  The ratings still hold to date with a stable
outlook.


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


AMURSKIJ BREAD: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Amur commenced bankruptcy supervision
procedure against OJSC Amurskij Bread.  The case is docketed
under Case No. A04-7768/07-8/85B.

Creditors have to submit their proofs of claim to:

         A. S. Dovlatbegov
         Interim Manager
         Room 312
         Per. Svyatitelya Innokentia 13
         675000 Amur
         Russia

The Debtor can be reached at:

         OJSC Amurskij Bread
         Kalinina Str. 1
         Blagoveschensk
         Amur
         Russia


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

         A. K. Samokhin
         Competitive Proceedings Manager
         9th January 36
         2nd Pereulok
         Prokopyevsk
         653003 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced competitive
proceedings against the company after finding it insolvent on
Nov. 7.  The case is docketed under Case No. A27-4063/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Plant Autoagregat
         Prokopyevsk
         Kemerovo
         Russia


EKHIRIT-BULAGATSKOYE RTP: Asset Sale Slated for Jan. 15, 2008
-------------------------------------------------------------
O. G. Fominykh, the competitive proceedings manager of OJSC
Ekhirit-Bulagatskoye RTP, will open a public auction for the
company's properties at 11:00 a.m. on Jan. 15, 2008, at:

         O. G. Fominykh
         Office 46
         Proletarskaya Str. 8
         Irkutsk
         Russia

The company has set a RUR8,968,200 starting price for the assets
on auction.  Deposit required is 5% of the starting price.

Interested participants have until Jan. 10, 2008, to submit
their bidding documents to:

         O. G. Fominykh
         Office 46
         Proletarskaya Str. 8
         Irkutsk
         Russia


GROCER KOPEYKA: S&P Upgrades to Ratings to CCC- on Owner Support
---------------------------------------------------------------
Standard & Poor's Ratings Services upgraded its long-term
corporate credit and Russia national scale ratings on Russian
discount food retailer Open Joint Stock Co.  Trade House Kopeyka
to 'CCC-' and 'ruCCC-' from 'CC' and 'ruCC'.  At the same time,
the ratings were placed on CreditWatch with developing
implications.

"The upgrade and CreditWatch placement follow the company's
public announcement of potential shareholder support, management
plans to obtain financing to repay short-term maturities, and
discussion of these plans with Standard & Poor's," said Standard
& Poor's credit analyst Anton Geyze.

Since our previous rating action on Kopeyka, on Oct. 11, 2007,
Kopeyka's management has announced that it is pursuing two
alternatives for refinancing bonds maturing in June and August
2008 and other loans maturing within the next three months.
This could involve support from Nikolai Tsvetkov -- a Russian
investor the company has identified as its major shareholder and
who has other substantial interests -- or a real estate
securitization involving Kopeyka's real estate portfolio, which
the management values at US$430 million.

"We expect Kopeyka to need new external funding in the months
ahead, and the rating upgrade reflects an increased likelihood
that the shareholder will provide it if other options fail or
cannot be arranged in time," said Mr. Geyze.

S&P will resolve or update the CreditWatch listing depending on
Kopeyka's ability to repay or refinance the loans due in the
very near future and as the means of refinancing the substantial
debt maturities due in 2008 becomes clearer and firms.  Default
is still possible in the very near term if loans are not rolled
over or refinanced with new funding, however.

The company has significant maturity in the coming weeks and
months.  It is also facing the repayment of its RUR1.2 billion
bond in June 2008 and a put option on its RUR4 billion bond in
August 2008.

If the company can find financing in a timely fashion, it has
the potential to build on its sizable share of Moscow's discount
food market and to benefit from the growing consumer demand and
expansion into regional markets.


NAZRANOVSKIJ MECHANICAL: Claims Filing Period Ends Jan. 8, 2008
---------------------------------------------------------------
Creditors of Nazranovskij Mechanical Plant LLC have until
Jan. 8, 2008, to submit proofs of claim to:

         A. Kh. Kasaev
         Interim Manager
         P.O. Box 95
         Cherkessk
         369000 Karachayevo-Circassian
         Russia

The Arbitration Court of Ingushetia commenced bankruptcy
supervision procedure against the company after finding it
insolvent on Nov. 26.  The case is docketed under Case No.
A18-1070/06.


NIZHNEVARTOVSK-LADA: Creditors Must File Claims by Feb. 1, 2008
---------------------------------------------------------------
Creditors of CJSC Nizhnevartovsk-Lada have until Feb. 1, 2008,
to submit proofs of claim to:

         N. S. Donskaya
         Competitive Proceedings Manager
         P.O. Box 756
         620000 Ekaterinburg
         Russia

The Arbitration Court of Khanty-Mansijsk commenced competitive
proceedings against the company after finding it insolvent on
Nov. 16.  The case is docketed under Case No. A75 - 6110/2007.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         CJSC Nizhnevartovsk-Lada
         Mira Str. 5P
         Nizhnevartovsk
         628600 Khanty-Mansijsk
         Russia


NOVOMURATOVSKY LUMBER: Claims Filing Period Ends Feb. 8, 2008
-------------------------------------------------------------
Creditors of OJSC Novomuratovskij Lumber Integrated Plant have
until Feb. 8, 2008, to submit proofs of claim to:

         P. S. Dimitriev
         Interim Manager
         P.O. Box 75
         Kanash
         429333 Chechen
         Russia

The Arbitration Court of Chechen commenced bankruptcy
supervision procedure against the company after finding it
insolvent on Nov. 26.  The case is docketed under Case No.
A79-8595/2007.


OILCHEMPRODUCT LLC: Creditors Must File Claims by Jan. 8, 2008
--------------------------------------------------------------
Creditors of OilChemProduct LLC have until Jan. 8, 2008, to
submit proofs of claim to:

         A. R. Faizov
         Competitive Proceedings Manager
         Office 35
         Khar'kovskaya Str. 129
         Ufa
         450078 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan declared the company
insolvent on Oct. 29.  The case is docketed under Case No.
A07-6848/07-G-GNA.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OilChemProduct LLC
         Abramovoy Str. 6
         Ufa
         Bashkortostan
         Russia


POLEVSKOY BREAD-BAKING: Claims Filing Period Ends Jan. 8, 2008
--------------------------------------------------------------
Creditors of Polevskoy Bread-Baking Integrated Plant LLC have
until Jan. 8, 2008, to submit proofs of claim to:

         V. S. Rozhdestvenskij
         P.O. Box N1
         624000 Aramil'
         Russia

The Arbitration Court of Sverdlovsk will convene at 10:45 a.m.
on March 23, 2008, to hear the company's bankruptcy supervision
procedure after finding it insolvent on Nov. 6.  The case is
docketed under Case No. A60-25902/07-C11.

The Court is located at:

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

The Debtor can be reached at:

         Polevskoy Bread-Baking Integrated Plant LLC
         Block 6
         Eastern Industrial Raion 4
         Polevskoy
         623380 Sverdlovsk
         Russia


TSAREVSCHINSKIJ CHEESEMAKER: Claims Filing Ends Jan. 8, 2008
------------------------------------------------------------
Creditors of Tsarevschinskij Cheesemaker LLC have until
Jan. 8, 2008, to submit proofs of claim to:

         L. S. Nikonov
         Barnaul'skaya Str. 34
         410049 Saratov
         Russia

The Arbitration Court of Saratov will convene at 2:40 p.m. on
May 15, 2008, to hear the company's bankruptcy supervision
procedure after finding it insolvent on Nov. 14.  The case is
docketed under Case No. A57-4151/07-8.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         Tsarevschinskij Cheesemaker LLC
         Zavodskaya Str.
         410049 Saratov
         Russia


URAL PLANT: Creditors Must File Claims by Jan. 8, 2008
------------------------------------------------------
Creditors of Ural Plant of Industrial Products LLC have until
Jan. 8, 2008, to submit proofs of claim to:

         A. B. Barkan
         Interim Manager
         G. Zvezda Str. 13
         614045 Perm'
         Russia

The Arbitration Court of Perm' Krai will convene at 10:45 a.m.
on March 23, 2008, to hear the company's bankruptcy supervision
procedure after finding it insolvent on Nov. 20.  The case is
docketed under Case No. A50-14922/2007-B1.

The Debtor can be reached at:

         Ural Plant of Industrial Products LLC
         Novozvyaginskaya Str. 57
         614014, Perm'
         Russia


VERKHOVSKY MILK: Asset Sale Slated for Jan. 10, 2008
----------------------------------------------------
The competitive proceedings manager of OJSC Verkhovsky Milk
Concentrated Integrated Plant will open a public auction for the
company's properties at 11:00 a.m. on Jan. 10, 2008, at:

         OJSC Verkhovsky Milk Concentrated Integrated Plant
         Lenina Str. 1
         Verkhovye Township
         303720 Orel
         Russia

The starting prices for the assets on auction are:

   -- Lot 1: RUR2,220,672.6;
   -- Lot 2: RUR902,114.18.

Interested participants have until Jan. 8, 2008, to deposit an
amount equivalent to 20% of the starting price and to submit
their bidding documents at:

         OJSC Verkhovsky Milk Concentrated Integrated Plant
         Lenina Str. 1
         Verkhovye Township
         303720 Orel
         Russia


X5 RETAIL: Acquiring Strana Gerkulesia for US$65 Million
--------------------------------------------------------
X5 Retail Group N.V. has signed an agreement to acquire 100% of
the business and assets of the Strana Gerkulesia retail chain
operating in the City of Moscow and the Moscow and Tver regions,
for a total consideration of US$65 million, including debt.

The Company plans to close the deal by the end of 2007.

                         About X5 Retail

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

                          *     *     *

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

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


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


FTPYME BANCAJA 4: Fitch Downgrades Class E Notes from CCC- to CC
---------------------------------------------------------------
Fitch Ratings has downgraded FTPYME BANCAJA 4, FONDO DE
TITULIZACION DE ACTIVOS's Class E notes, due July 2038, to 'CC'
from 'CCC-' and assigned a Distressed Recovery rating of 'DR4'.
Fitch has also affirmed these remaining classes:

   -- Class A1 (ES0339731004 ): Paid In Full

   -- EUR233.1 million Class A2 (ES0339731012): affirmed at
      'AAA'

   -- EUR237.6 million Class A3(G) (ES0339731020): affirmed at
      'AAA'

   -- EUR71.3 million Class B (ES0339731038): affirmed at 'A'

   -- EUR23.3 million Class C (ES0339731046): affirmed at 'BBB+'

   -- EUR25.5 million Class D (ES0339731053): affirmed at 'BB-'

   -- EUR24 million Class E (ES0339731061): downgraded to
      'CC/DR4' from 'CCC-'

The downgrade of the Class E notes to 'CC'/'DR4' from 'CCC-' is
due to the lack of interest payments on the notes at the two
most recent quarterly payment dates (Oct. 24, 2007 and July 24,
2007), indicating a state of default.  The Class E notes were
issued to finance the creation of the reserve fund at closing,
and the reason for the lack of payment were insufficient funds
due to an increase in defaults, combined with high portfolio
delinquency levels.  Fitch assessed a distribution of possible
recovery rates.  The recovery rates were calculated based on the
present value of expected interest and principal payouts on the
Class E notes measured as a proportion of the outstanding notes
balance.  Based on Fitch's calculation, the expected recovery
rates were between 30% and 50%, indicating a DR rating of 'DR4'.
Thus, the expectation is for average to below-average recovery
levels.

The affirmation of Classes A through D reflects the high levels
of credit enhancement available for these tranches.  Credit
enhancement has increased in comparison to levels found at
previous review in November 2006, primarily due to the
amortization of the senior classes of notes.  Delinquencies,
however, remain high.  As of the November 2007 report,
delinquencies of more than 90 days were reported at 2.65%, while
those over 180 days were at 2.47% of the current portfolio
balance.  Defaults were reported at 0.84% of the original
portfolio balance.  A further issue of concern is the
portfolio's high level of obligor concentration, exposure to the
real estate and construction sectors in excess of 70%, as well
as its concentration in the region of Valencia (51%).

FTPYME BANCAJA 4 notes represent a cash flow securitization of
EUR1.5 billion loans to small- and medium-sized Spanish
enterprises granted by Caja de Ahorros de Valencia Castellon y
Alicante (rated 'A+'/'F1').  The Class A3(G) notes are backed by
a guarantee from the Kingdom of Spain (rated 'AAA'/'F1+').

FTPYME Bancaja 4 is a special-purpose vehicle incorporated under
the laws of Spain with limited liability.  The assets of FTPYME
Bancaja 4 were subscribed to by Europea de Titulizacion
S.G.F.T., S.A. (the Sociedad Gestora.  The Sociedad Gestora is a
special-purpose management company with limited liability,
incorporated under the laws of Spain.


PYME BANCAJA 5: Fitch Assigns Junk Ratings to Class D Notes
-----------------------------------------------------------
Fitch Ratings has assigned PYME BANCAJA 5, FONDO DE TITULIZACION
DE ACTIVOS's due February 2039 Class D notes a Distressed
Recovery rating of 'DR1' to its 'CCC' rating, for a combined
rating of 'CCC'/'DR1'.  Fitch has also affirmed these remaining
classes:

   -- Class A1 (ES0372259004 ): Paid In Full

   -- Class A2 (ES0372259012): Paid In Full

   -- EUR616.426 million Class A3 (ES0372259020): affirmed at
      'AAA'

   -- EUR62.7 million Class B (ES0372259038): affirmed at 'A'

   -- EUR24.1 million Class C (ES0372259046): affirmed at 'BBB'

   -- EUR28.8 million Class D (ES0339731053): assigned
      'CCC'/'DR1', previously 'CCC'

The assignment of a 'DR1' rating to the 'CCC'-rated Class D
notes is due to the lack of interest payment on the notes at the
most recent quarterly payment date (Nov. 14, 2007), indicating a
state of default.  The Class D notes were issued to finance the
creation of the reserve fund at closing.  The reason for the
lack of payment was Europea de Titulizacion S.G.F.T., S.A.'s
(the Sociedad Gestora's) classification of a large loan to a
single obligor as defaulted and the subsequent provisioning for
the loan's full balance of EUR3.6 million.  The obligor in
question is a real estate developer.

Fitch assessed a distribution of possible recovery rates for the
Class D notes. The recovery rates were calculated based on the
present value of expected interest and principal payouts on the
Class D notes, measured as a proportion of the original
outstanding notes balance.  Based on Fitch's calculation, the
expected recovery rates were between 90% and 100%, indicating a
Distressed Recovery rating of 'DR1'.

The affirmation of Classes A3 through C reflects the high levels
of credit enhancement available for these tranches and the
stable performance of the portfolio.  Credit enhancement has
increased in comparison to levels found at issuance in October
2006, primarily due to the full amortization of the senior Class
A1 and A2 notes.  Delinquencies remain in line with
expectations.  As of the November 2007 trustee report,
delinquencies of more than 90 days were reported at 0.13%, while
those over 180 days were at 0.06% of the current portfolio
balance.  Defaults were reported at 0.004% of the original
portfolio balance.  These measures do not, however, include the
balance of the EUR3.6 million defaulted loan.

The delinquency levels were calculated using Derivative Fitch
methodology for SME CDO transactions.  This calculation involves
the addition of default levels to delinquencies of more than 90
and 180 days.  A further issue of concern is the portfolio's
high level of exposure to the real estate and construction
sectors, currently in excess of 60%, as well as its
concentration in the region of Valencia (49%).

PYME Bancaja 5 notes represent a cash flow securitization of
EUR1.15 billion loans to small- and medium-sized Spanish
enterprises granted by Caja de Ahorros de Valencia Castellon y
Alicante (rated 'A+'/'F1').  In contrast to previous Bancaja SME
transactions, PYME Bancaja 5 notes are not backed by a guarantee
from the Kingdom of Spain (rated 'AAA'/'F1+').

PYME Bancaja 5 is a special-purpose vehicle incorporated under
the laws of Spain with limited liability.  The assets of PYME
Bancaja 5 were subscribed to by the Sociedad Gestora.  The
Sociedad Gestora is a special-purpose management company with
limited liability, incorporated under the laws of Spain.


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


AUKTIONSHAUS ISFAHAN: Creditors Must Claims by December 24
----------------------------------------------------------
Creditors of LLC Auktionshaus Isfahan have until Dec. 24 to
submit their claims to:

         Ramin Ghassemlou
   Melchrutistr.31
   8304 Wallisellen
   Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Auktionshaus Isfahan
         Kreuzlingen TG
         Switzerland


BELGEMA ST. MORITZ: Creditors Must Claims by December 21
--------------------------------------------------------
Creditors of JSC Belgema St. Moritz have until Dec. 21 to submit
their claims to:

         JSC Riedi Berni Theus
         Mulin 4
         7500 St. Moritz
   Maloja GR
         Switzerland

The Debtor can be reached at:

         JSC Belgema St. Moritz
         St. Moritz
         Maloja GR
         Switzerland


BYTS JSC: Creditors' Liquidation Claims Due by December 27
----------------------------------------------------------
Creditors of JSC BYTS have until Dec. 27 to submit their claims
to:

         Renato Kronig
         Liquidator
         Kapuzinerstrasse 23
         3900 Brig-Glis
         Brig VS
         Switzerland

The Debtor can be reached at:

         JSC BYTS
         Brig-Glis
         Brig VS
         Switzerland


COACHING TEAM: Creditors' Liquidation Claims Due by December 24
---------------------------------------------------------------
Creditors of LLC Coaching Team Horst Kraemer & Partners have
until Dec. 24 to submit their claims to:

         Michael Anderegg
   Santisstrasse 2
   9500 Wil
   Wahlkreis Wil SG
         Switzerland

The Debtor can be reached at:

         LLC Coaching Team Horst Kraemer & Partners
         Wil SG
         Switzerland


PFI PRO: Bern Court Closes Bankruptcy Proceedings
-------------------------------------------------
The Banking Commission of the Swiss Confederation entered Nov.
14 an order closing the bankruptcy proceedings of JSC PFI Pro
Futura Invest (Schweiz).

The Banking Commission of the Swiss Confederation can be reached
at:

         Banking Commission of the Swiss Confederation
         3001 Bern
         Switzerland

The Debtor can be reached at:

         JSC PFI Pro Futura Invest (Schweiz)
         Staldenbachstrasse 30
         8808 Pfaffikon SZ
         Switzerland


REITHALLE MAIENFELD: Creditors Must Claims by December 21
---------------------------------------------------------
Creditors of JSC Reithalle Maienfeld have until Dec. 21 to
submit their claims to:

         JSC Lori Treuhand
         Liquidator
         Hinterm Bach 40
         7000 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC Reithalle Maienfeld
         Maienfeld
         Landquart GR
         Switzerland


SCHULER & CIE: Creditors' Liquidation Claims Due by December 21
---------------------------------------------------------------
Creditors of JSC Schuler & Cie have until Dec. 21 to submit
their claims to:

         Jakob Schuler
         Liquidator
         Rutligasse 1a
         6003 Lucerne
         Switzerland

The Debtor can be reached at:

         JSC Schuler & Cie
         Lucerne
         Switzerland


SV SPENGLEREI: Claims Registration Period Ends December 24
----------------------------------------------------------
The Bankruptcy Service of Dietikon in Zurich commenced
bankruptcy proceedings against LLC SV Spenglerei Vincenz on May
31.

Creditors have until Dec. 24 to file their written proofs of
claim.

The Bankruptcy Service of Dietikon can be reached at:

         Bankruptcy Service of Dietikon
         8953 Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC SV Spenglerei Vincenz
         Bergstrasse 10a
         8953 Dietikon ZH
         Switzerland


TORON JSC: Zug Court Closes Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Zug entered Nov. 14 an order closing
the bankruptcy proceedings of JSC Toron.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Toron
         Baarerstrasse 75
         6300 Zug
         Switzerland


WILAND JSC: Creditors' Liquidation Claims Due by December 21
------------------------------------------------------------
Creditors of JSC Wiland have until Dec. 21 to submit their
claims to:

         JSC Centrapriv Zug
         Alpenstrasse 15
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Wiland
         Zug
         Switzerland


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


TURKCELL ILETISIM: S&P Upgrades Ratings to BB on Strong Earnings
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
long-term corporate credit rating on Turkish mobile telephony
operator Turkcell Iletisim Hizmetleri A.S. to 'BB' from ' BB-'.
The outlook is positive.

"The upgrade reflects Turkcell's continued strong performance in
the dynamic Turkish mobile telephony market, good cash flow
generation, and low financial leverage," said Standard & Poor's
credit analyst Patrice Cochelin.

Rating constraints are the volatile Turkish macroeconomic
environment, potential currency swings, international expansion
in Ukraine, and continuing legal disputes among the group's
major shareholders.

At Sept. 30, 2007, Turkcell had US$740 million in consolidated
on-balance sheet debt.

"We may raise the rating on Turkcell by one notch in the
intermediate term if certain constraints--notably those linked
to shareholder litigations and the risks associated with
Astelit's financial needs -- gradually unwind, subject to
adequate visibility on management's business and strategies,"
added Mr. Cochelin.

Assessing the risks linked to Turkey's macroeconomic environment
will remain critical to future rating developments.  Debt-funded
acquisitions of cash-generative businesses are likely to be
accommodated within a 'BB' rating, provided credit measures
remain adequate. S&P also expects the group to maintain solid
cash balances to be able to face unexpected liquidity calls from
its Ukrainian operation.

Conversely, the rating could come under pressure if shareholder
disagreements result in material negative strategic or financial
influence.


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


ALTERNATIVE-D LLC: Proofs of Claim Filing Deadline Set Dec. 21
--------------------------------------------------------------
Creditors of LLC Alternative-D (code EDRPOU 32241115) have until
Dec. 21 to submit written proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 15/43-07.

The Debtor can be reached at:

         LLC Alternative-D
         Televizionnaya Str. 2/21
         49005 Dnipropetrovsk
         Ukraine


BANGA-M LLC: Creditors Must File Claims by December 21
------------------------------------------------------
Creditors of LLC Banga-M (code EDRPOU 32143288) have until
Dec. 21 to submit written proofs of claim to:

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

The Economic Court of Nikolayev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
14/423/07.

The Debtor can be reached at:

         LLC Banga-M
         Apartment 8
         11th Povzdovzhnaya Str. 115
         Nikolaev
         Ukraine


BARS LLC: Creditors Must File Claims by December 20
---------------------------------------------------
Creditors of LLC Bars have until Dec. 20 to submit written
proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
45/115B.

The Debtor can be reached at:

         LLC Bars
         Sovetskaya Str. 2
         Makeevka
         86157 Donetsk
         Ukraine


INDUSTRIAL TECHNICAL: Claims Filing Deadline Set December 21
------------------------------------------------------------
Creditors of LLC Industrial Technical Reserve Ltd. (code EDRPOU
33304966) have until Dec. 21 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. 28/471-b.

The Debtor can be reached at:

         LLC Industrial Technical Reserve Ltd.
         Konstantinovskaya Str. 37-A
         04071 Kiev
         Ukraine


PARTNER-TRANS LLC: Proofs of Claim Filing Deadline Set Dec. 20
--------------------------------------------------------------
Creditors of LLC Transport Company Partner-Trans (code EDRPOU
32310214) 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. 24/583-23/201-b.

The Debtor can be reached at:

         LLC Transport Company Partner-Trans
         Predslavinskaya Str. 34-b
         03150 Kiev
         Ukraine


RAMITA OJSC: Proofs of Claim Filing Deadline Set December 21
------------------------------------------------------------
Creditors of OJSC Ramita (code EDRPOU 03062384) have until
Dec. 21 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 16/213/07.

The Debtor can be reached at:

         OJSC Ramita
         Central Boulevard 3
         69000 Zaporozhje
         Ukraine


SHELTON-NIKOLAYEV: Proofs of Claim Filing Deadline Set Dec 21
-------------------------------------------------------------
Creditors of LLC Shelton-Nikolayev (code EDRPOU 30324466) have
until Dec. 21 to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Shelton-Nikolayev
         Zavodskaya Str. 2
         Pervomayskoye
         Zhovtneve District
         Nikolaev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/296/06.


SOYUZ-AUTO LLC: Proofs of Claim Filing Deadline Set December 21
---------------------------------------------------------------
Creditors of LLC Soyuz-Auto (code EDRPOU 31230086) have until
Dec. 21 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/283/07.

The Debtor can be reached at:

         LLC Soyuz-Auto
         South Highway Str. 62
         69008 Zaporozhje
         Ukraine


STRIY OIL: Proofs of Claim Filing Deadline Set December 21
----------------------------------------------------------
Creditors of CJSC Striy Oil (code EDRPOU 23953197) have until
Dec. 21 to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/154.

The Debtor can be reached at:

         CJSC Striy Oil
         Skolovskaya Str. 19
         Striy
         Lvov
         Ukraine


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


BAA LTD: November Passenger Traffic Up 1.5% Year-on-Year
--------------------------------------------------------
BAA Ltd. released traffic figures for November 2007.

BAA's U.K. airports handled a total of 10.8 million passengers
in November 2007, an increase of 1.5% on the same month in 2006.

Among the key markets, it was the longer haul routes that
performed the strongest.

North Atlantic traffic was up by 5.9%, helped by a rise in U.K.
and European originating traffic encouraged by the weaker
dollar, while other long haul routes recorded a collective
increase of 7%.

In contrast U.K. Domestic traffic was down 4.3% and European
scheduled activity up by just 0.9%.  European charter traffic
was unchanged on a year ago.

There were mixed results among individual airports.  Heathrow
continued its recent recovery from the events of late 2006 with
a 2.4% increase, while Gatwick was up by 6.2%, taking it to a 12
month total of 35 million passengers for the first time.
Southampton grew by 2%.

As a result of some winter schedule cutbacks by Ryanair and Air
Berlin, Stansted's traffic decreased 6.3% in November.

In Scotland Edinburgh's 4.4% increase, attributable mainly to
additional European scheduled traffic, took it past the 9-
million passenger milestone.  However Glasgow's traffic was down
by 3.2% and Aberdeen by 2.3% lower, although this followed an
exceptionally strong result (+17.4%) in November last year.

In total the number of air transport movements at BAA airports
was down 1.2% in November, within which figure the Scottish
airports were down by 4.1% and the London area by 0.1%.  Cargo
tonnage continued its recent recovery at Heathrow with a 6.4%
rise in November but of the other airports handling significant
amounts of freight only Edinburgh (+9.6%) shared in this growth.
Across the Group as a whole cargo activity was up by 3.1%.

                           About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                             *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services has lowered its long-term corporate
credit rating on U.K.-based airports operator BAA Ltd. to 'BB-'
from 'BBB+', reflecting delays in refinancing, as well as
operating issues.


BISHOPSWOOD HOUSE: Joint Liquidators Take Over Operations
---------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson were appointed joint liquidators of Bishopswood House
Ltd. on Dec. 12 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Smith & Williamson
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


CATIVO LTD: Brings In Liquidators from Vantis Business Recovery
---------------------------------------------------------------
P. Atkinson and D. Wilson of Vantis Business Recovery Services
were appointed joint liquidators of Cativo Ltd. on Dec. 6 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


DURA AUTO: Wants Plan Confirmation Hearing Deferred to 2008
-----------------------------------------------------------
Following its request to postpone by six days to Dec. 17, 2007,
the confirmation hearing on its Joint Plan of Reorganization to
extend its marketing period for its US$425 million exit
financing, DURA Automotive Systems, Inc., and its debtor-
affiliates have again requested another postponement for a
hearing.

As reported in the Troubled Company Reporter on Dec. 13, 2007,
the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware had agreed to postpone the Debtor's
plan confirmation hearing to Dec. 17, 2007, at 9:30 a.m.

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

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

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

On behalf of DURA, Daniel J. DeFranceschi, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, said in a notice
dated Dec. 14, 2007, that the confirmation hearing "has been
continued to a date to be determined."

DURA has released a statement saying that it has elected to
postpone its exit financing process in light of abnormally
challenging credit market conditions and has asked Judge Carey
to schedule the confirmation hearing to 2008.

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

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

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

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


DURA AUTO: Defers Exit Financing Process Due to Market Riff
-----------------------------------------------------------
DURA Automotive Systems, Inc. has elected to postpone its exit
financing process in light of abnormally challenging credit
market conditions.  As a consequence, the company has requested
the U.S. Bankruptcy Court for the District of Delaware continue
its confirmation hearing to early next year.

"The credit markets have continued to move against us these
past few weeks and the financing terms available in this market
are not acceptable to the company," Larry Denton, Chairman
and Chief Executive Officer, said.  "While the delay in exiting
bankruptcy is regrettable, we are intent on achieving the most
favorable financing terms possible so that DURA emerges from
Chapter 11 with a significantly strengthened balance sheet to
support its enhanced competitive position."

DURA will evaluate its financing strategy early in 2008, with a
plan for emergence as soon as practicable.

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

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

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

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


DURA AUTO: Subprime Lending Mess Blamed for Lack of Funding
-----------------------------------------------------------
DURA Automotive Systems Inc.'s failure to obtain its
contemplated US$425 million exit financing is yet another
example of how the subprime mortgage crisis has made it tougher
for companies to attract loans. Banks have become more
conservative in their lending after losing billions in the risky
mortgage market," the Detroit Free Press reports.

"There's just not a lot of confidence right now," Van Conway,
president of Birmingham-based turnaround firm Conway MacKenzie &
Dunleavy, told the Detroit Free Press.  "People are concerned
that there's more to come."

At a hearing on Dec. 13, 2007, on behalf of Dura, Roger J.
Higgins, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
told the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware, it's "too early" to abandon the
effort to find the US$425 million in loans needed to fund the
company's Chapter 11 plan in its current form, the Associated
Press reports.

"This is obviously an adverse development, but no one is pushing
the panic button yet," said Evan Flaschen of Bracewell &
Giuliani, attorney for the Second Lien Group, an informal group
of senior bondholders, according to the AP report.  "It's time
for calm heads to sit at the table and decide what makes sense
going forward."

Troy, Michigan-based auto-parts supplier Delphi Corp. has also
delayed to the first quarter of 2008 its scheduled emergence
from Chapter 11 protection following difficulties in obtaining
financial backing for its US$6.8 billion exit plan.  The loan
has already been reduced by US$2 billion from the original
amount Delphi had sought to borrow.  The financing is being
arranged by JPMorgan Securities Inc.,  JPMorgan Chase Bank,
N.A., and

Toledo, Ohio-based Dana Corporation said that it has obtained
fully underwritten commitments for a US$2 billion exit financing
facility.  Citigroup Global Markets, Lehman Brothers Inc., and
Barclays Capital have agreed to underwrite the financing.  Dana
expects to exit Chapter 11 by January of 2008.

Goldman Sachs Credit Partners, L.P., and Barclays Capital, the
investment banking division of Barclays Bank, PLC, have offered
to arrange and syndicate DURA's exit loan.

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

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

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

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


F BOLTON: Calls In Liquidators from Tenon Recovery
--------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of Bolton (Services) Ltd. on Dec. 5 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


FIFTY NINE: Taps Liquidators from Tenon Recovery
------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint liquidators of Fifty Nine Ltd. on Nov. 30
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         2A Low Ousegate
         York
         YO1 9QU
         England


MICHAEL HUXLEY: J. M. Titley Leads Liquidation Procedure
--------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Michael Huxley Utilities Ltd. on Dec. 7 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury
         BL9 8AT
         England


MJM LTD: Names Matthew Colin Bowker Liquidator
----------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator
of MJM (Kitchens & Bedrooms) Ltd. on Dec. 11 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


MOVE LTD: Appoints J. M. Titley as Liquidator
---------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Move (Newcastle Under Lyme) Ltd. on Dec. 11 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury
         Lancs
         BL9 8AT



R G S CHROMATONE: Hires Liquidators from Tenon Recovery
-------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of R G S Chromatone Ltd. on
Dec. 10 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


REALISATIONS LTD: Claims Filing Period Ends January 15, 2008
------------------------------------------------------------
Creditors of Realisations (WECC) Ltd. have until Jan. 15, 2008,
to send in their full names, their addresses and descriptions,
full particulars of their debts and claims, and names and
addresses of their solicitors (if any) to:

         Ian William Kings and Steven Philip Ross
         Joint Liquidators
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of the company on Dec. 10 by
resolutions of members and creditors.


SKYEPHARMA PLC: Completes Flutiform Efficacy Trial Enrollment
-------------------------------------------------------------
SkyePharma PLC has completed enrollment of patients into the
three double-blind efficacy trials currently underway for
Flutiform(TM), its lead development product for the treatment of
asthma.

The three efficacy trials, involving nearly 1,400 patients, will
provide core clinical data for the New Drug Application to be
filed with the U.S. Food and Drug Administration and will also
support the European Marketing Authorization Application.  It is
anticipated that the trials will be fully completed in April
2008.  The trials are designed to demonstrate the superiority of
Flutiform(TM) over the individual components and, in two of the
studies, also over placebo.

In November, the Company announced the successful completion of
the Phase III, long-term, open label, safety study for
Flutiform(TM), involving 472 patients and further to our
announcement of Sept. 11, 2007, the additional clinical
efficacy study, agreed with the FDA will commence in early 2008.
This study will involve approximately 375 patients.

"We have completed another important milestone in the
development of Flutiform(TM) and remain focused on meeting all
necessary requirements for the NDA filing," Dr Ken Cunningham,
COO of SkyePharma said.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.

The net result for the continuing operations after finance
charges and tax for the six months ended June 30, 2007, was a
loss of GBP14.2 million (H1 2006: GBP16 million).  The Group
balance sheet as at June 30, 2007, shows GBP55.1 million in
total shareholders' deficit.


TITAN EUROPE 2006-1: S&P Keeps Watch on H Notes
-----------------------------------------------
Standard & Poor's Ratings Services said that the ratings on the
class H notes issued by Titan Europe 2006-1 PLC remain on
CreditWatch with negative implications.

The ratings were placed on CreditWatch negative on Sept. 5,
2007.  The ratings on the other classes of notes in these
transactions remain unaffected.

The class H notes in Titan Europe 2006-1 was placed on
CreditWatch negative following technical interest shortfalls and
in the case of Titan Europe 2006-5 initially, the transfer to
special servicing of the Balneario Blancafort loan.  The
shortfalls occurred as a result of liquidity facility drawings
not being available to pay certain transaction costs and accrued
interest.  The situation was further exacerbated because excess
spread in the transactions is monetized and paid to the class X
notes at the top of the priority of payments.

The resulting shortfalls were repaid to affected noteholders at
the October 2007 interest payment dates.

Nevertheless, Standard & Poor's notes that the structural issues
in these particular transactions, which gave rise to the
shortfalls, still remain.  Standard & Poor's thinks that, given
the current credit quality of the respective loan pools, if
loans experience performance issues in the future that would
necessitate drawings under the liquidity facility, interest
shortfalls will reoccur.  Standard & Poor's is reviewing
proposals by Credit Suisse to reduce the potential impact of
these issues.  The affected notes in both transactions will
remain on CreditWatch negative pending implementation of any
resolution.

If Standard & Poor's considers loan performance to have declined
to levels lower than initially assumed and if the structural
issues are not resolved, it will need to reevaluate the ratings
on the affected notes.

                          Ratings List

Titan Europe 2006-1 PLC
   EUR723.3 Million Commercial Mortgage-Backed Floating-Rate
   Notes

         Class                    Rating

         H                        B/Watch Neg

Titan Europe 2006-5 PLC
   EUR660.969 Million Commercial Mortgage-Backed Floating-Rate
   Notes

         F                        BB/Watch Neg


TITAN EUROPE 2006-5: S&P Keeps Watch on F Notes
-----------------------------------------------
Standard & Poor's Ratings Services said that the ratings on the
class F notes issued by Titan Europe 2006-5 PLC remain on
CreditWatch with negative implications.

The ratings were placed on CreditWatch negative on April 4,
2007.  The ratings on the other classes of notes in these
transactions remain unaffected.

The class F notes in Titan Europe 2006-5 was placed on
CreditWatch negative following technical interest shortfalls and
in the case of Titan Europe 2006-5 initially, the transfer to
special servicing of the Balneario Blancafort loan.  The
shortfalls occurred as a result of liquidity facility drawings
not being available to pay certain transaction costs and accrued
interest.  The situation was further exacerbated because excess
spread in the transactions is monetized and paid to the class X
notes at the top of the priority of payments.

The resulting shortfalls were repaid to affected noteholders at
the October 2007 interest payment dates.  At the same time, the
Balneario Blancafort loan was removed from the Titan Europe
2006-5 transaction due to a breach of relevant representations
via a 100% sub-participation of the originator Credit Suisse
International (AA-/Positive/A-1+).

Nevertheless, Standard & Poor's notes that the structural issues
in these particular transactions, which gave rise to the
shortfalls, still remain.  Standard & Poor's thinks that, given
the current credit quality of the respective loan pools, if
loans experience performance issues in the future that would
necessitate drawings under the liquidity facility, interest
shortfalls will reoccur.  Standard & Poor's is reviewing
proposals by Credit Suisse to reduce the potential impact of
these issues.  The affected notes in both transactions will
remain on CreditWatch negative pending implementation of any
resolution.

If Standard & Poor's considers loan performance to have declined
to levels lower than initially assumed and if the structural
issues are not resolved, it will need to reevaluate the ratings
on the affected notes.

                          Ratings List

Titan Europe 2006-5 PLC
   EUR660.969 Million Commercial Mortgage-Backed Floating-Rate
   Notes

         F                        BB/Watch Neg


TULLETT PREBON: Fitch Rates GBP150 Million Loan at BB-
------------------------------------------------------
Fitch Ratings has affirmed Tullett Prebon plc's Long-term Issuer
Default rating at 'BB+' with Stable Outlook.   The group's
GBP150 million subordinated debt is affirmed at 'BB-'.

TP's Long-term IDR reflects the low credit and market risk
profile of its operating subsidiaries, their good operating cash
flow, their low funding requirements and TP's good franchise.
It also takes into account the group's relatively small
shareholders' funds, the cyclicality of certain revenue lines
and the increase in leverage following a debt-financed
GBP301.5 million return of capital to shareholders in March
2007.

TP's operating profits grew by a strong 27% in fiscal year 2006,
which reflected the absence of double running costs for the
first time since the Prebon acquisition in 2004, other
synergistic benefits and the continued management focus on
profit enhancement.  Its operating profit margin improved to
17.6%.  The first half of 2007 operating profits grew by 8% on a
like-for-like basis, with margins broadly stable.  The
integration of Prebon has widened margins, but investment in
TradeBlade will limit further improvement until this e-broking
business is more established.

Fitch believes the medium-term earnings outlook for the inter-
dealer broker industry is favorable and TP is capable of further
improvement in its margin and EBITDA growth.  Absent
acquisitions, inter-dealer brokers have low capital expenditure
requirements. Consequently, there may be upside potential for
TP's Long-term IDR, should its leverage and earnings profile
improve over the medium-term.

In February 2007, the notching between the group's
GBP150 million subordinated debt and TP's Long-term IDR was
widened to two notches from one notch.  This widening reflects
the deterioration in recovery assumptions following the capital
return, which was financed by a GBP300 million senior bank loan.
The group's GBP150 million subordinated bond has a call/step-up
in 2009.

TP is a holding company and owner of numerous subsidiaries; it
is the world's second-largest inter-dealer broker.


UNIVERSAL X: Claims Filing Period Ends June 30, 2008
----------------------------------------------------
Creditors of Universal X Sports Ltd. (formerly Iconic Golf Ltd.)
have until June 30, 2008, to send in their full names, addresses
and descriptions, full particulars of their debts or claims, and
their names and addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

M.H. Abdulali of Moore Stephens was appointed liquidator of the
company on Dec. 6 for the creditors' voluntary winding-up
procedure.


                            *********

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, Kristina
Godinez, Pius Xerxes Tovilla, Marites Claro and Patrick Abing,
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 * * *