TCREUR_Public/071221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, December 21, 2007, Vol. 8, No. 253

                            Headlines


A U S T R I A

DAT DORFMAYR: Claims Registration Period Ends Dec. 27
DOX.AT SOFTWAREMARKETING: Claims Registration Ends Dec. 27
ELTNER MUSIKINSTRUMENTE: Claims Registration Period Ends Dec. 25
J.M.S. LLC: Creditors' Meeting Slated for Jan. 8, 2008
JUWELIER SCHATZL: Claims Registration Period Ends Dec. 28

TEFIX LLC: Creditors' Meeting Slated for Jan. 9, 2008


B E L G I U M

CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan
FLOWSERVE CORP: Gayla Delly Joins Board of Directors


D E N M A R K

NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement


F I N L A N D

QUEBECOR WORLD: Moody's Cuts Corporate Family Rating to Caa2
QUEBECOR WORLD: S&P Junks Sr. Unsec. Debt with Negative Outlook


F R A N C E

CHEMTURA CORP: Forms Special Committee to Review Options
CHEMTURA CORP: Moody's May Cut Ba2 Rating After Review


G E R M A N Y

ALMA-KUECHEN: Creditors' Meeting Slated for Feb. 12, 2008
BAUM WEINMARKETING: Creditors' Meeting Slated for Jan. 8, 2008
BERATUNGS- UND VERMITTLUNGS: Claims Registration Ends Dec. 28
BIOTEAM BERLIN: Creditors' Meeting Slated for Jan. 8, 2008
BROECKER LEITUNGSBAU: Creditors' Meeting Set for Jan. 11, 2008

DJV BERLIN: Creditors' Meeting Slated for Jan. 17, 2008
DOMICIL GEBAUDEDIENSTE: Claims Period Ends Jan. 16, 2008
GIMEX GMBH: Claims Registration Period Ends Jan. 7, 2008
HAMMES-BROT EMIL: Claims Registration Period Ends Jan. 4, 2008
HANS-DIETER KOCH: Claims Registration Period Ends Feb. 1, 2008

HEGU SHOES: Creditors' Meeting Slated for January 14, 2008
HEINRICH & RIECHEL : Claims Registration Period Ends Dec. 28
HERING HAUSTECHNIK: Claims Registration Period Ends Dec. 31
HYPO REAL: S&P Rates EUR10 Million Class F Notes at BB
LEHMANN GMBH: Claims Registration Period Ends Feb. 7, 2008

LINGCOM GMBH: Claims Registration Period Ends Dec. 31
MARION GARTENBAU: Creditors' Meeting Slated for Jan. 9, 2008
MEIDINGER WERKZEUG: Creditors' Meeting Slated for Jan. 15, 2008
RAILTRADER LOGISTIC: Claims Registration Ends Feb. 1, 2008
S-HAUS BETEILIGUNGS: Claims Registration Ends February 21, 2008

SCHAEFER GARNE: Claims Registration Period Ends Jan. 7, 2008
SCHMIDT & SELLE: Creditors' Meeting Slated for Jan. 17, 2008
STEELER MASCHINENFABRIK: Claims Period Ends Jan. 7, 2008
TOP COURIER: Claims Registration Period Ends Dec. 31


I R E L A N D

RITCHIE IRELAND: Wants Insurance Files Ownership Known
SAPHIR FINANCE: Moody's Cuts Rating to B3 on Series 2006-7 Notes


I T A L Y

FIAT SPA: Names Gianni Coda to Head Fiat Group Purchasing


K A Z A K H S T A N

B.A.D. LLP: Creditors Must File Claims by Jan. 18, 2008
ENCHILADA HOLDINGS: Claims Filing Period Ends Jan. 18, 2008
HT TROPLAST AG: Creditors' Claims Due on Jan. 18, 2008
KAZAKHSKAYA ACADEMIYA: Claims Registration Ends Jan. 22, 2008
PRODOVOLSTVENNAYA CONTRACTNAYA: Claims Accepted Until Jan. 18

TEPLOENERGOCOMPLECT LLP: Claims Period Ends Jan. 18, 2008
TIRLIK-ARKALYK LLP: Creditors' Claims Due on Jan. 18, 2008
UNIVERSAL OIL: Claims Registration Ends Jan. 18, 2008


K Y R G Y Z S T A N

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


L U X E M B O U R G

EVRAZ GROUP: Board Gains Power to Name CEO Sans Shareholder Nod


N E T H E R L A N D S

X5 RETAIL: Eyes US$1.1 Billion Three-Year Syndicated Loan


R O M A N I A

URS CORP: Washington Unit Inks Construction Deal with TVA


R U S S I A

ALABUGINSKOYE CJSC: Creditors Must File Claims by Jan. 24, 2008
ANDREEVSKIJ LOGGING: Creditors Must File Claims by Jan. 24, 2008
DALCOMBANK: Potential Shareholder Support Cues Fitch's B- IDR
DOZ ECODREVSTROY: Bankruptcy Hearing Slated for Feb. 28, 2008
EVRAZ GROUP: Board Gains Power to Name CEO Sans Shareholder Nod

KABANSKIJ OJSC: Creditors Must File Claims by Dec. 24
MODERN CONSTRUCTION: Creditors Must File Claims by Dec. 24
SHIRINSKOYE MILK CJSC: Court Starts Competitive Proceedings
X5 RETAIL: Eyes US$1.1 Billion Three-Year Syndicated Loan
ZAVODOUKOVSKIJ DISTILLERY: Asset Sale Slated for Dec. 27

* S&P Rates Krasnodar Krai's RUR1.5 Bln Proposed Bonds at BB-


S P A I N

CAJA ESPANA I: Moody's Rates EUR6.5 Mln Series D Notes at Ba2
VALENCIA HIPOTECARIO 4: Moody's Junks EUR28.5 Mln Series D Notes


S W I T Z E R L A N D

BACKEREI ANDRES: Creditors' Liquidation Claims Due by Dec. 24
BECKER ANTRIEBE: Creditors' Liquidation Claims Due by Dec. 27
BURRI BAUUNTERNEHMUNG: Creditors Must File Claims by December 27
DEWRAN GASTRO: Creditors' Liquidation Claims Due by December 24

FUNCAR RENT: Creditors' Liquidation Claims Due by December 27
GASTRO PRO: Creditors' Liquidation Claims Due by December 27
GSI TRANSPORT: Creditors' Liquidation Claims Due by December 24
KINGFISHER JSC: Creditors' Liquidation Claims Due by December 27
MB NETKEY: Creditors' Liquidation Claims Due by December 27

SAPRO BETEILIGUNG: Creditors Must File Claims by December 27
SILCA MINERALS: Creditors' Liquidation Claims Due by December 27
SMOKERSFRIENDS.COM: Creditors' Liquidation Claims Due by Dec. 24
TELE24 JSC: Creditors' Liquidation Claims Due by December 27
UKREXIMBANK JSC: Fitch Affirms IDR at BB- with Positive Outlook

VITIMUCK JSC: Creditors' Liquidation Claims Due by December 27
WA SERVICES: Creditors' Liquidation Claims Due by December 24


U K R A I N E

ACTIVE-BANK: Moody's Puts B3/NP Global Scale Sr. Debt Ratings
AGRICULTURAL TECHNICS: Claims Filing Deadline Set December 27
ALPHA-VINNICA LLC: Proofs of Claim Filing Deadline Set Dec. 27
BENITA-UNION LLC: Proofs of Claim Filing Deadline Set Dec. 27
BOLSHEVIK LLC: Proofs of Claim Filing Deadline Set December 27

DETAIL OJSC: Creditors Must File Claims by December 27
MEGAPOL LLC: Proofs of Claim Filing Deadline Set December 27
NIKAGRO-SPEKTR: Proofs of Claim Filing Deadline Set December 27
PIVDENNYI BANK: Moody's Rates UAH100 Mln Upcoming Bond at (P)B1
STANDARD LLC: Proofs of Claim Filing Deadline Set December 27

UKRA-POL LLC: Proofs of Claim Filing Deadline Set December 27
VOLODIMIRETSKYAL AGRICULTURAL: Proofs of Claims Due Dec. 27


U N I T E D   K I N G D O M

ARRAN CORPORATE: Moody's Rates US$77 Mln Class E Notes at Ba2
CLEAR CHANNEL: Fitch to Cut IDR to B Upon Transaction Closing
CLEAR CHANNEL: S&P Cuts Rating on US$6.32 Billion Notes to B-
CUMMINS INC: Rick Mills to Quit as Components Group President
DECO 17: S&P Rates EUR13.53 Million Class G Notes at BB

DURA AUTO: Resolves Magna Objections to Reorganization Plan
DURA AUTO: Wants to Pay Lenders US$358K to Ignore Violations
G.H. MARSHALL: Taps Joint Administrators from PwC
GAINSBOROUGH UK: Brings In Liquidators from Grant Thornton
HERITAGE FURNISHINGS: Brings In KPMG as Administrators

IRON HILL: Moody's Rates US$14.84 Mln Class C Notes at (P)Ba3
J P WOOD: Joint Liquidators Take Over Operations
KITCHENHAUS TRADING: Names Martin Dominic Pickard Liquidator
LEVEL 3: Selling Advertising Distribution Unit for US$129 Mln
LUCITE INT'L: Moody's Affirms B1 Rating on Improved Performance

MMP LEISURE: J. M. Titley Leads Liquidation Procedure
MONITOR OFFSHORE: Taps Ernst & Young to Administer Assets
MONITOR OIL: Reacts Against Bondholder's Case Dismissal Plea
MORELLE SUPPLIES: Brings In Administrators from Mazars
P.D.C. INTERNATIONAL: Appoints Menzies as Joint Administrators

R.A.E. WOOD: Calls In Liquidators from Vantis Business Recovery
SCO GROUP: Names Jeff Hunsaker as Pres. & COO of SCO Operations
SOUTH WEST: Taps Liquidator from Bishop Fleming
VENSON GROUP: Appoints Liquidators from Grant Thornton
VENSON PUBLIC: Hires Liquidators from Grant Thornton

VIRGIN MEDIA: Names Charles Gallagher as Senior VP-Finance
VISIOCORP PLC: Moody's May lifts Ca Rating After Review
WATERROSE LTD: Appoints Joint Administrators from BDO Stoy
WATERSIDE MANOR: Appoints M. C. Bowker as Liquidator
WSG REALISATIONS: Brings In Liquidators from Menzies

* BOOK REVIEW: How to Measure Managerial Performance


                            *********


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


DAT DORFMAYR: Claims Registration Period Ends Dec. 27
-----------------------------------------------------
Creditors owed money by LLC DAT Dorfmayr Anlagen Technik (FN
224686x) have until Dec. 27 to file written proofs of claim to
court-appointed estate administrator Michael Pfleger at:

         Mag. Michael Pfleger
         Hauptplatz 1/2
         3300 Amstetten
         Austria
         Tel: 07472/61 303
         Fax: 07472/61303-50
         E-mail: amstetten@lhup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Viehdorf, Austria, the Debtor declared
bankruptcy on Nov. 7 (Bankr. Case No. 14 S 183/07p).


DOX.AT SOFTWAREMARKETING: Claims Registration Ends Dec. 27
----------------------------------------------------------
Creditors owed money by LLC DOX.AT Softwaremarketing und
Vertrieb (FN 200028i)have until Dec. 27 to file written proofs
of claim to court-appointed estate administrator Peter Zens at:

         Dr. Peter Zens
         c/o Dr. Norbert Schopf
         Esteplatz 5/5
         1030 Vienna
         Austria
         Tel: 534 90
         Fax: 534 90-50
         E-mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Jan. 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 6 (Bankr. Case No. 5 S 129/07s).  Norbert Schopf
represents Dr. Zens in the bankruptcy proceedings.


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

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Jan. 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

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


J.M.S. LLC: Creditors' Meeting Slated for Jan. 8, 2008
------------------------------------------------------
Creditors owed money by LLC J.M.S. (FN 287642d) are encouraged
to attend the creditors' meeting at 9:00 a.m. on Jan. 8, 2008.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 6 (38 S 60/07m).  Werner Stanek serves as the court-
appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Werner Stanek
         Wollzeile 33/20
         1010 Vienna
         Austria
         Tel: 512 29 02
         Fax: 512 29 02 30
         E-mail: werner-stanek@chello.at


JUWELIER SCHATZL: Claims Registration Period Ends Dec. 28
---------------------------------------------------------
Creditors owed money by LLC Juwelier Schatzl (FN 261545a) have
until Dec. 28 to file written proofs of claim to court-appointed
estate administrator Friedrich Kuehleitner at:

         Mag. Friedrich Kuehleitner
         Markt 7
         5620 Schwarzach/Pongau
         Austria
         Tel: 06415/58 58
         Fax: 06415/5858-5
         E-mail: kuehleitner@rechtsanwaelte-schwarzach.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 11, 2008, for the
examination of claims.

The meeting of creditors will be held at:

        The Land Court of St. Poelten
         Hall 256
         Second Floor
         St. Poelten
         Austria

Headquartered in St. Johann im Pongau, Austria, the Debtor
declared bankruptcy on Nov. 7 (Bankr. Case No. 44 S 35/07g).


TEFIX LLC: Creditors' Meeting Slated for Jan. 9, 2008
-----------------------------------------------------
Creditors owed money by LLC TEFIX (FN 279311b) are encouraged to
attend the creditors' meeting at 9:30 a.m. on Jan. 9, 2008.

The creditors' meeting will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Bruck an der Leitha, Austria, the Debtor
declared bankruptcy on Nov. 7  (36 S 131/07t).  Nikolaus Vogt
serves as teh court-appointed estate administrator of the
bankrupt's estate.  Eva Riess represents Mag. Vogt in the
bankruptcy proceedings.

The estate administrator can be reached at:

         Mag. Nikolaus Vogt
         c/o  Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 01/402 57 01 33
         Fax: 01/402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at


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


CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan
---------------------------------------------------------
Chiquita Brands International Inc. reported that one of its
executive officers has adopted a prearranged stock-trading plan
in accordance with guidelines specified by Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended.

Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.  A
plan can provide for sales of stock on a particular date or at a
particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.

Manuel Rodriguez, senior vice president, government and
international affairs, and corporate responsibility officer, has
adopted a plan under Rule 10b5-1 which is in accordance with
company's stock ownership guidelines and provides for the sale
of portions of his holdings over time, as part of his financial
planning for the benefit of his family.  Shares sold pursuant to
the plan will be disclosed publicly through Form 144 filings and
Form 4 filings as required by the SEC.

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

                        *     *     *

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

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


FLOWSERVE CORP: Gayla Delly Joins Board of Directors
----------------------------------------------------
Flowserve Corp. has elected Gayla J. Delly as member of its
board of directors effective Jan. 1, 2008.

Ms. Delly is currently the President of Benchmark Electronics
Inc., a contract manufacturing, design, engineering, test and
distribution company serving customers in the computer, medical
device, telecommunications and industrial control and
instrumentation industries.

Prior to her current role, Ms. Delly had served as Executive
Vice President and Chief Financial Officer for Benchmark
Electronics, since 2001.  Ms. Delly joined Benchmark in 1995 as
Corporate Controller and Treasurer.  Before her positions at
Benchmark Electronics, she served as a Senior Manager in the
audit group of KPMG.  Ms. Delly is a Certified Public
Accountant.

"We are very pleased that Gayla will be joining the board of
directors of Flowserve," said Kevin E. Sheehan, Chairman of the
board.

"The experience that Gayla brings from a global manufacturing
perspective, as well as her strong background in accounting,
will serve us well as a board and will have an immediate
impact," said Lewis Kling, President and CEO of Flowserve.

Ms. Delly earned a Bachelor of Science degree in accounting from
Samford University, Birmingham, Alabama.

With the addition of Ms. Delly, the number of Flowserve's board
of directors increases to 13 members.

                       About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


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D E N M A R K
=============


NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement
-------------------------------------------------------------
Nortel Networks Corp. sued Vonage Holdings Corp. alleging that
Vonage is infringing 12 patents covering technology used in
managing telephone data, Jeff St.Onge and Amy Thomson of
Bloomberg News report.

According to Bloomberg, Nortel's lawsuit came after Vonage sued
Nortel's U.S. unit in August 2007 seeking to invalidate three of
the  patents, arguing that the patents shouldn't have been
issued by  the U.S. Patent and Trademark Office.

Nortel denied the allegations and claimed that Vonage is
violating the three patents and nine others, Bloomberg says.

The Delaware case is Vonage Holdings Corp. v. Nortel Networks
Inc., 07CV507, U.S. District Court, Delaware (Wilmington).

                          About Vonage

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 1.4 million subscriber lines as of
February 8, 2006.  Utilizing its voice over Internet protocol
technology platform, the company offers feature-rich, low-cost
communications services with a call quality comparable to
traditional telephone services.  While customers in the United
States represent over 95% of its subscriber lines, Vonage
continues to expand internationally, having launched its service
in Canada in November 2004, and in the United Kingdom in May
2005.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it.  Nortel does business in more than
150 countries around the world including Indonesia, the United
Kingdom, Denmark, Russia, Norway, Australia, Brazil, China,
Singapore, among others.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.
                          *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.


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F I N L A N D
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QUEBECOR WORLD: Moody's Cuts Corporate Family Rating to Caa2
------------------------------------------------------------
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating by two notches to Caa2.

The company's debt instruments and those of related companies,
Quebecor World Capital Corporation and Quebecor World Capital
ULC, were also downgraded and the related ratings outlooks were
changed to negative.  QWI's speculative grade liquidity rating
remains at SGL-4, indicating poor liquidity.  The rating action
concludes a review initiated on November 23, and reflects
increased default risk as the company looks to renegotiate bank
credit facility arrangements in advance of potential financial
covenant defaults that could occur when year-end compliance is
tested.  The company's ability to manage the situation has been
adversely impacted by cancellation of a previously announced
sale of the company's European operations.  This complicates an
already difficult situation, and in light of the tight time
frame, increases execution risks.  In addition, without the
benefit of sales proceeds from the cancelled European
transaction, it is not clear whether the company may require
more than mere financial covenant adjustments.

However, even including the relatively weak European operations,
Moody's expects the company to be modestly cash flow positive
during 2008.  Accordingly, the revised ratings' levels reflect
the impact of liquidity related risks.  Over the recent past,
QWI has depended heavily on third party financing to augment
cash flow from operations.  This has created significant
reliance on the company's bank credit facility and has strained
both the CFR and SGL ratings.  Consequently, until such time as
QWI can validate its restructuring activities by way of
significant cash flow self-sufficiency, the close linkage
between the SGL and CFR ratings will continue to prevail, and
over the near-term, liquidity related milestones will trigger
ratings activity and will determine ratings outcomes. Since
resolution of the current situation depends on events that the
company cannot control, the ratings outlook is negative.

Downgrades:

   * Issuer: Quebecor World, Inc.

   -- Corporate Family Rating, Downgraded to Caa2 from B3;

   -- Probability of Default Rating, Downgraded to Caa2 from B3;

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa3 (LGD4, 67) from Caa1 (LGD4, 66).

   * Issuer: Quebecor World Capital Corporation

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa3 (LGD4, 67) from Caa1 (LGD4, 66).

   * Issuer: Quebecor World Capital ULC

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to
      Caa3 (LGD4, 67) from Caa1 (LGD4, 66).

Outlook Actions:

   * Issuer: Quebecor World, Inc.

   -- Outlook, Changed To Negative From Rating Under Review.

   * Issuer: Quebecor World Capital Corporation

   -- Outlook, Changed To Negative From Rating Under Review.

   * Issuer: Quebecor World Capital ULC

   -- Outlook, Changed To Negative From Rating Under Review.

For additional commentary, please refer to Moodys.com to review
Moody's related Credit Opinion (to be posted within a day of
this press release).

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
is one of the world's largest commercial printers. With an
approximate 36% economic and 85% voting interest, QWI's major
shareholder is Quebecor Inc. ((QI) a publicly traded company
that also owns approximately 54.7% of Quebecor Media Inc. (QMI),
a privately held leading Canadian media holding company).


QUEBECOR WORLD: S&P Junks Sr. Unsec. Debt with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Montreal-based printing company
Quebecor World Inc. by two notches to 'CCC' from 'B-'.

In addition, Standard & Poor's lowered the senior unsecured debt
rating on the company by three notches to 'CCC-' from 'B-',
reflecting the junior position of the notes in relation to
Quebecor World's US$750 million revolving credit facility
(unrated), which is fully guaranteed and partially secured, and
the high likelihood that the company's debt level will increase
in the near term.

The ratings remain on CreditWatch with negative implications,
where they were placed Aug. 9, 2007, due to concerns over the
company's weak operating performance and financial flexibility
in a challenging operating environment and difficult credit
market.

"The downgrade reflects the significant deterioration in
Quebecor World's financial flexibility and liquidity following
the company's withdrawal of its announced recapitalization plan
in November, and last week's cancellation of the company's
announced sale of a significant portion of its European
operation because the deal didn't receive the required
shareholder approval," said Standard & Poor's credit analyst
Lori Harris.  "The company continues to face insufficient near-
term liquidity, potential covenant violations, and an uncertain
financial restructuring," Ms. Harris added.

To address the necessary refinancing of the private notes in
September 2007, the company used its revolving credit facility;
however, Quebecor World agreed at that time to reduce the
authorized facility amount of the revolver to US$750 million
from US$1 billion, which put a premium on completing the
previously mentioned transactions.

In addition to this, Quebecor World's European accounts
receivable securitization program was wound down in October
2007, requiring the company to rely even more heavily on the
reduced revolving credit facility.  As a result, we expect
Quebecor World's bank debt balances at year-end 2007 to be
materially higher than previously planned.  Quebecor World will
likely not meet all of the recently loosened bank loan covenants
for fourth-quarter 2007.

The company also failed to make its declared dividend payments
on the series 3 and series 5 preferred shares, which were due
Dec. 1, 2007, because it might not satisfy the capital adequacy
test under the Canada Business Corporations Act.

At present, Quebecor World doesn't have sufficient confirmed
sources of cash or liquidity to meet its expected near-term
operational requirements.  The firm recently hired independent
financial advisors to help it deal with its liquidity crunch by
evaluating alternatives for raising cash, while also devising a
longer term restructuring solution.  However, as yet a formal
action plan hasn't been announced or approved for either issue.
Standard & Poor's is very concerned that the near-term outlook
for the business' sustainability is unclear at this time.

The ratings will remain on CreditWatch with negative
implications until Standard & Poor's is comfortable that
Quebecor World has addressed its near-term liquidity issues.


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


CHARLES JOURDAN: Romas-sur-Isere Court Orders Liquidation
---------------------------------------------------------
The commercial court in Romans-sur-Isere placed Charles Jourdan
into liquidation on Dec. 17, 2007, after U.S. firm Omniscent
withdrew its offer for the company's assets, Bloomberg News
reports citing Challenges as its source.

According to the report, the company's 197 employees will be
terminated following the court's decision.

In a report by Les Echos on Dec. 4, 2007, the court granted a
15-day adjournment request from Omniscent that aimed to convince
Yannis Bilquez, Charles Jourdan's former owner, to resign as
director of the company and to show proof of the existence of
titles of ownership to the shares and the brand.

Headquartered in Romans Sur Isere, France, Charles Jourdan --
http://www.charles-jourdan.fr/-- manufactures luxury footwear.

As previously reported in the TCR-Europe on Oct. 2, 2007, the
court placed Charles Jourdan in compulsory administration on
Sept. 12, 2007, after it filed for redressment judiciaire, the
French equivalent of Chapter 11 bankruptcy protection, for the
second time.

The company first filed for bankruptcy on Aug. 22, 2005.
Avendis and Finaluxe bought the company on Nov. 2, 2005.


CHEMTURA CORP: Forms Special Committee to Review Options
--------------------------------------------------------
Chemtura Corporation's Board of Directors has authorized
management to consider a wide range of strategic alternatives
available to the company to enhance shareholder value.

In support of this ongoing initiative, a Special Committee of
independent directors of the Board of Directors has been formed
to oversee the process.  To assist in this process, Chemtura has
retained the services of Merrill Lynch & Co., which is acting as
its exclusive financial advisor.

Strategic alternatives to be considered may include, among
others, select business divestitures, value-creating
acquisitions, changes to the company's capital structure, or a
possible sale, merger or other business combination involving
the entire company.

There can be no assurance that this review will result in any
specific transaction.  The company does not expect to disclose
any further developments with respect to the exploration of
strategic alternatives unless and until its Board of Directors
has approved a transaction or other strategic alternative.

                    About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, US$150 million due 2026: Ba2
      from Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, US$400 million due 2009: Ba2
      from Ba1; LGD4 (53%)


CHEMTURA CORP: Moody's May Cut Ba2 Rating After Review
------------------------------------------------------
Moody's Investors Service placed the ratings of Chemtura
Corporation (CFR of Ba2) under review for possible downgrade
following the announcement that its "Board of Directors has
authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

While this process may not be resolved within the next three
months, Moody's review will examine the company's ratings given
the lack of improvement in financial metrics over the past year,
the potential impact of a slowdown in the US economy in 2008,
potential further weakness in the company's Non-Flame Retardant
Polymer Additives businesses, and the likelihood of additional
restructuring charges.

Moody's review will focus on the company's expected financial
metrics in 2008 as well as any indications from management on
the size or scope of the actions they may consider as part of
the strategic review.

Headquartered in Middlebury, Connecticut, Chemtura manufactures
specialty chemicals, crop protection and pool, spa and home care
products.  The combined company had LTM Sept. 30, 2007 revenues,
EBITDA and total debt (as estimated by Moody's and EBITDA
adjusted for one time charges) of US$3.9 billion,
US$432 million, and US$1.6 billion, respectively.


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


ALMA-KUECHEN: Creditors' Meeting Slated for Feb. 12, 2008
---------------------------------------------------------
The court-appointed insolvency manager for alma-Kuechen Aloys
Meyer GmbH & Co. KG,  Heinrich Stellmach, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:30 a.m. on Feb. 12, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Feb. 26, 2008, at the same
venue.

Creditors have until Feb. 5, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Heinrich Stellmach
          Salierstrasse 4
          46395 Bocholt
          Germany
          Tel: 02871/2183-0
          Fax: +4928712183410

The District Court of Muenster opened bankruptcy proceedings
against alma-Kuechen Aloys Meyer GmbH & Co. KG on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          alma-Kuechen Aloys Meyer GmbH & Co. KG
          von-Roentgen-Strasse 9-11
          48683 Ahaus
          Germany


BAUM WEINMARKETING: Creditors' Meeting Slated for Jan. 8, 2008
--------------------------------------------------------------
The court-appointed insolvency manager for Baum Weinmarketing
GmbH, Dr. Rolf-Dieter Monning, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:25 a.m. on Jan. 8, 2008.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:50 a.m. on March 22, 2008, at the same
venue.

Creditors have until Feb. 28, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Rolf-Dieter Monning
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Baum Weinmarketing GmbH on Nov. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baum Weinmarketing GmbH
         Emser Strasse 12-13
         10719 Berlin
         Germany


BERATUNGS- UND VERMITTLUNGS: Claims Registration Ends Dec. 28
-------------------------------------------------------------
Creditors of BHV Beratungs- und Vermittlungs GmbH have until
Dec. 28 to register their claims with court-appointed insolvency
manager Matthias Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         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. Matthias Hofmann
         Rosental 6
         80331 Munich
         Germany
         Tel: 089/548033-0
         Fax: 089/548033-111

The District Court of Munich opened bankruptcy proceedings
against BHV Beratungs- und Vermittlungs GmbH on Nov. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BHV Beratungs- und Vermittlungs GmbH
         Dachauer Str. 15 a
         85764 Oberschleissheim
         Germany


BIOTEAM BERLIN: Creditors' Meeting Slated for Jan. 8, 2008
----------------------------------------------------------
The court-appointed insolvency manager for BioTeam Berlin GmbH,
Christoph Rosenmueller, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on Jan. 8, 2008.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on March 22, 2008, at the same
venue.

Creditors have until Feb. 28, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against BioTeam Berlin GmbH on Nov. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          BioTeam Berlin GmbH
          Am Tegeler Hafen 8 b
          13507 Berlin
          Germany


BROECKER LEITUNGSBAU: Creditors' Meeting Set for Jan. 11, 2008
--------------------------------------------------------------
The court-appointed insolvency manager for Broecker Leitungsbau
GmbH, Dr. Juergen Sander, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:30 a.m. on Jan. 11, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 4, 2008, at the same
venue.

Creditors have until Feb. 28, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Dr. Juergen Sander
          An der Beeke 22
          28844 Weyhe
          Germany
          Tel: 0421/806666
          Fax: 0421/8066611

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

The Debtor can be reached at:

          Broecker Leitungsbau GmbH
          Lange Wand 5
          27211 Bassum
          Germany


DJV BERLIN: Creditors' Meeting Slated for Jan. 17, 2008
-------------------------------------------------------
The court-appointed insolvency manager for DJV Berlin
Sozialfonds GmbH, Michael C. Frege, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:15 a.m. on Jan. 17, 2008.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on April 24, 2008, at the same
venue.

Creditors have until Feb. 28, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against DJV Berlin Sozialfonds GmbH on Nov. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DJV Berlin Sozialfonds GmbH
         Lietzenburger Strasse 77
         10719 Berlin
         Germany


DOMICIL GEBAUDEDIENSTE: Claims Period Ends Jan. 16, 2008
--------------------------------------------------------
Creditors of Domicil Gebaudedienste GmbH have until
Jan. 16, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

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

The Debtor can be reached at:

         Domicil Gebaudedienste GmbH
         Heinrichstr. 51
         44536 Luenen
         Germany

         Attn: Andrea Schneider, Manager
         Ferdinandstr. 8 a
         44536 Luenen
         Germany


GIMEX GMBH: Claims Registration Period Ends Jan. 7, 2008
--------------------------------------------------------
Creditors of GIMEX GmbH Getranke Import Export have until
Jan. 7, 2008, to register their claims with court-appointed
insolvency manager Andreas Schoss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Andreas Schoss
         Alter Markt 9 - 13
         42275 Wuppertal
         Germany

The District Court of Hagen opened bankruptcy proceedings
against GIMEX GmbH Getranke Import Export on Dec. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GIMEX GmbH Getranke Import Export
         Gahlenfeldstr. 50 c
         58313 Herdecke
         Germany

         Attn: Oezden Goekce, Manager
         Wittbraucker Str. 20
         58313 Herdecke
         Germany


HAMMES-BROT EMIL: Claims Registration Period Ends Jan. 4, 2008
--------------------------------------------------------------
Creditors of Hammes-Brot Emil Hammes GmbH & Co. KG have until
Jan. 4, 2008, to register their claims with court-appointed
insolvency manager Hans Peter Runkel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Hans Peter Runkel
         Friedrich-Ebert-Strasse 146
         42117 Wuppertal
         Germany
         Tel: 0202/302071
         Fax: 0202/314708

The District Court of Wuppertal opened bankruptcy proceedings
against Hammes-Brot Emil Hammes GmbH & Co. KG on Dec. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hammes-Brot Emil Hammes GmbH & Co. KG
         Industriehof Trecknase 6
         42897 Remscheid
         Germany


HANS-DIETER KOCH: Claims Registration Period Ends Feb. 1, 2008
--------------------------------------------------------------
Creditors of Hans-Dieter Koch Industriemontagen GmbH have until
Feb. 1, 2008, to register their claims with court-appointed
insolvency manager Matthias Riemer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on Feb. 22, 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 Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Matthias Riemer
         Bayerwaldstr. 57
         84030 Landshut
         Germany
         Tel: 0871/43 0759 3
         Fax: 0871/43 0759 5

The District Court of Landshut opened bankruptcy proceedings
against Hans-Dieter Koch Industriemontagen GmbH on Jan. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hans-Dieter Koch Industriemontagen GmbH
         Etzstr. 43
         84030 Ergolding
         Germany


HEGU SHOES: Creditors' Meeting Slated for January 14, 2008
----------------------------------------------------------
The court-appointed insolvency manager for Hegu Shoes GmbH,
Georg Utzinger will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 2:30 p.m. on
Jan. 14, 2008.

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

         The District Court of Pirmasens
         Hall 235
         Second Floor
         Pirmasens
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on Feb. 25, 2008, at the same
venue.

Creditors have until Feb. 11, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Georg Utzinger
         Bahnhofstrasse 2
         66953 Pirmasens
         Germany
         Tel: 06331-55220
         Fax: 06331-552255

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

The Debtor can be reached at:

         Hegu Shoes GmbH
         Wolfgang Schmohl
         Muehlstr. 23
         66981 Muenchweiler
         Germany


HEINRICH & RIECHEL : Claims Registration Period Ends Dec. 28
------------------------------------------------------------
Creditors of Heinrich & Riechel Baugeschaft GmbH have until
Dec. 28 to register their claims with court-appointed insolvency
manager Christian Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Christian Hellmich
         Koenigstr. 20
         70173 Stuttgart
         Germany
         Tel: 0711/223320

The District Court of Ludwigsburg opened bankruptcy proceedings
against Heinrich & Riechel Baugeschaft GmbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heinrich & Riechel Baugeschaft GmbH
         Attn: Dieter Heinrich, Manager
         Kaffeeberg 3
         71549 Auenwald
         Germany


HERING HAUSTECHNIK: Claims Registration Period Ends Dec. 31
-----------------------------------------------------------
Creditors of Hering Haustechnik GmbH have until Dec. 31 to
register their claims with court-appointed insolvency manager
Undine Haller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Jan. 30, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Undine Haller
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel: 07131/173032
         Fax: 07131/171112

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

The Debtor can be reached at:

         Hering Haustechnik GmbH
         Attn: Mathias Hering, Manager
         Daimlerstrasse 63
         74211 Leingarten
         Germany


HYPO REAL: S&P Rates EUR10 Million Class F Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR286.25 million floating-rate amortizing
credit-linked notes to be issued by Hypo Real Estate Bank AG,
Munich, Germany in its ESTATE Pan-Europe 5 transaction.

ESTATE Pan-Europe 5 is structured as a fully funded synthetic
CMBS transaction, in which loss allocation to the noteholders is
synthetically linked to the performance of a reference pool of
25 commercial mortgage loans.

These loans have been originated by Hypo AG and Hypo Real Estate
Bank International AG, Stuttgart (HI) under their standard
origination procedures.  All loans are secured on properties
located in France, Germany and The Netherlands by a
comprehensive security package.

Realized losses in the pool will be allocated to each class of
notes in reverse sequential order, starting with the class F
notes, until the class balance is reduced to zero.

The notes will be secured against public credit-covered
securities issued by DEPFA ACS (note collateral) and there will
be a direct credit link to the rating on the note collateral
('AAA').  Thus, the rating on the notes will be capped at the
rating on the note collateral, and if the rating on the note
collateral is lowered, the ratings on the notes will also be
lowered.

As a result of principal prepayments, the reference pool may be
replenished until 2012, subject to the satisfaction of certain
conditions.

                             Ratings List

Hypo Real Estate Bank AG
   EUR286.25 Million Floating-Rate Amortizing Credit-Linked
   Notes (ESTATE Pan-Europe 5)

                        Prelim.        Prelim. Amount
        Class           Rating           (Mln. EUR)
        -----           ------            --------
         A1+            AAA                  0.50
         A2             AAA                 70.15
         B              AA                  74.50
         C              A                   74.00
         D              BBB                 42.60
         E              BBB                 14.50
         F              BB                  10.00


LEHMANN GMBH: Claims Registration Period Ends Feb. 7, 2008
----------------------------------------------------------
Creditors of Lehmann GmbH u. Co. Massivholzmoebel KG have until
Feb. 7, 2008, to register their claims with court-appointed
insolvency manager Klaus Haischer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil
         Germany

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

The insolvency manager can be reached at:

         Klaus Haischer
         Hauptstr. 4
         78727 Oberndorf
         Germany
         Tel: 07423-81060
         Fax: 07423-810610

The District Court of Rottweil opened bankruptcy proceedings
against Lehmann GmbH u. Co. Massivholzmoebel KG on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lehmann GmbH u. Co. Massivholzmoebel KG
         Attn:  Horst Lehmann, Manager
         Otto-Hahn-Str. 1
         72280 Dornstetten
         Germany


LINGCOM GMBH: Claims Registration Period Ends Dec. 31
-----------------------------------------------------
Creditors of LingCom GmbH have until Dec. 31 to register their
claims with court-appointed insolvency manager Helmut Hetzelt.

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

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Hall 031
         Synagogenplatz 1
         96047 Bamberg
         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:

         Helmut Hetzelt
         Geisfelder Str. 14
         96050 Bamberg
         Germany

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

The Debtor can be reached at:

         LingCom GmbH
         Attn: Ingolf Franke, Manager
         Daimlerstr. 28
         91301 Forchheim
         Germany


MARION GARTENBAU: Creditors' Meeting Slated for Jan. 9, 2008
------------------------------------------------------------
The court-appointed insolvency manager for Marion Gartenbau-
Handelsgesellschaft mbH, Jochen Eisenbeis, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:00 a.m. on Jan. 9, 2008.

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

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:40 a.m. on Feb. 27, 2008, at the same
venue.

Creditors have until Feb. 6, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jochen Eisenbeis
         Kathe-Kollwitz-Str. 11
         66115 Saarbruecken
         Germany
         Tel: 0681/ 7097 790
         Fax: 0681/ 7097 7910

The District Court of Saarbruecken opened bankruptcy proceedings
against Marion Gartenbau-Handelsgesellschaft mbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Marion Gartenbau-Handelsgesellschaft mbH
          Von-Lettow-Vorbeck-Str. 8
          66740 Saarlouis
          Germany


MEIDINGER WERKZEUG: Creditors' Meeting Slated for Jan. 15, 2008
---------------------------------------------------------------
The court-appointed insolvency manager for Meidinger Werkzeug-
und Formenbau GmbH,  Dr. Hans-Peter Lehner will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 2:00 p.m. on Jan. 15, 2008.

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

         The District Court of Amberg
         Room 115
         Meeting Hall V
         First Floor
         Baustadelgasse 1
         Amberg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on Feb. 25, 2008, at the same
venue.

Creditors have until Feb. 11, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Hans-Peter Lehner
         Ditthornstr. 5
         93055 Regensburg
         Germany
         Tel: 0941/640 820-0
         Fax: 0941/640 820-10

The District Court of Amberg opened bankruptcy proceedings
against Meidinger Werkzeug- und Formenbau GmbH on Nov. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Meidinger Werkzeug- und Formenbau GmbH
         Vilstalstr. 163
         92245 Kuemmersbruck
         Germany


RAILTRADER LOGISTIC: Claims Registration Ends Feb. 1, 2008
----------------------------------------------------------
Creditors of Railtrader Logistic GmbH have until Feb. 1, 2008,
to register their claims with court-appointed insolvency manager
Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael C. Frege
         Barckhausstrasse 12-16
         60325 Frankfurt/Main
         Germany
         Tel: 069/71701-300, Fax: 069/71701-40-410

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Railtrader Logistic GmbH on Nov. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Railtrader Logistic GmbH
          Westhafenplatz 1-2
          60237 Frankfurt am Main
          Germany


S-HAUS BETEILIGUNGS: Claims Registration Ends February 21, 2008
---------------------------------------------------------------
Creditors of S-Haus Beteiligungs GmbH have until Feb. 21, 2008,
to register their claims with court-appointed insolvency manager
Dr. J. Blersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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. J. Blersch
         c/o Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden
         Germany
         Tel: 0611/180 89-100
         Fax: 0611/180 89-189
         E-mail: mail@bgp-insol.de

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

The Debtor can be reached at:

         S-Haus Beteiligungs GmbH
         Attn: Felicitas Conway, Manager
         Ruedesheimer Str. 27
         65197 Wiesbaden
         Germany


SCHAEFER GARNE: Claims Registration Period Ends Jan. 7, 2008
------------------------------------------------------------
Creditors of Schaefer Garne GmbH have until Jan. 7, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Hohenadl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Hohenadl
         Froelichstr. 14
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Schaefer Garne GmbH on Dec. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schaefer Garne GmbH
         Alter Postweg 101
         86159 Augsburg
         Germany

         Attn: Andreas Schaefer, Manager
         Wolframstr. 8
         86150Augsburg
         Germany


SCHMIDT & SELLE: Creditors' Meeting Slated for Jan. 17, 2008
------------------------------------------------------------
The court-appointed insolvency manager for Schmidt & Selle
Verwaltungsgesellschaft mbH, Dr. Christoph Schulte-Kaubruegger,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:05 a.m. on
Jan. 17, 2008.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on April 24, 2008, at the same
venue.

Creditors have until Feb. 28, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Schmidt & Selle Verwaltungsgesellschaft mbH
on Nov. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Schmidt & Selle Verwaltungsgesellschaft mbH
          Adolfstr. 20
          14165 Berlin
          Germany


STEELER MASCHINENFABRIK: Claims Period Ends Jan. 7, 2008
--------------------------------------------------------
Creditors of Steeler Maschinenfabrik Franz Anderle GmbH have
until Jan. 7. 2008, to register their claims with court-
appointed insolvency manager Dr. Guenter Trutnau, III.

Creditors and other interested parties are encouraged to attend
the meeting at 1:25 p.m. on Jan. 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Guenter Trutnau, III
         Hagen 30
         45127 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Steeler Maschinenfabrik Franz Anderle GmbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Steeler Maschinenfabrik Franz Anderle GmbH
         Steeler Strasse 595 - 597
         45276 Essen
         Germany


TOP COURIER: Claims Registration Period Ends Dec. 31
----------------------------------------------------
Creditors of TOP COURIER GmbH have until Dec. 31 to register
their claims with court-appointed insolvency manager Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Jan. 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         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. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

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

The Debtor can be reached at:

         TOP COURIER GmbH
         Attn: Karl-Heinz Borkowski, Manager
         Liefeld 48
         40227 Duesseldorf
         Germany


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


RITCHIE IRELAND: Wants Insurance Files Ownership Known
------------------------------------------------------
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and
Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. are
contesting Coventry First LLC's ownership of the files
containing information about more than 1,000 life insurance
policies the Debtors plan to sell, Bill Rochelle of Bloomberg
News reports.

According to the report, the Debtors asked the U.S. Bankruptcy
Court for the Southern District of New York to determine who
rightfully owns the files arguing that they cannot sell the
policies for an acceptable price without those files.

Coventry, the seller of the policies, contended that it never
sold the files to the Debtors, Bloomberg relates.

As reported in the Troubled Company Reporter on Oct. 8, 2007,
the Court approved the procedures proposed by the Debtors for
the sale of those policies, which constitutes all or
substantially all of the Debtors' assets.

As reported in the Troubled Company Reporter on Dec. 7, 2007,
the Debtors asked the Court to postpone the auction sale to
Jan. 9, 2008, from Dec. 10, 2007.  The Debtor contended that
they want to give buyers more time to have all the information
they need to evaluate how much to bid.

Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading
(Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading
(Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are
Dublin-based funds of hedge fund group Ritchie Capital
Management LLC.  The Debtors were formed as special purpose
vehicles to invest in life insurance policies in the life
settlement market.

The Debtors filed for Chapter 11 protection on June 20, 2007
(Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-11907).  Allison H.
Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom,
Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the
Debtors in their restructuring efforts.  No Official Committee
of Unsecured Creditors has been appointed to date.  When the
Debtors filed for bankruptcy, they listed estimated assets and
debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 plan expires on Jan. 16, 2008.


SAPHIR FINANCE: Moody's Cuts Rating to B3 on Series 2006-7 Notes
----------------------------------------------------------------
Moody's Investors Service downgraded the Series 2006-7
GBP400,000,000 Perpetual Non-Cumulative Notes issued by Saphir
Finance plc to B3.  The Notes are secured by the GBP400,000,000
Series A Fixed/Floating Rate Non-Cumulative Callable Preference
Shares of Northern Rock plc.  The rating on the Series 2006-7
Notes reflects that of the underlying credit which was yesterday
downgraded to B3 from Baa3, under review for downgrade.

Saphir Finance plc is a bankruptcy remote vehicle incorporated
in Ireland under the Irish Companies Acts 1963-2001 (as
amended).


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


FIAT SPA: Names Gianni Coda to Head Fiat Group Purchasing
---------------------------------------------------------
Fiat S.p.A. stated that Gianni Coda assumed responsibility for
Fiat Group Purchasing, the newly-created department to which
purchasing activities of Fiat Group Automobiles, Iveco, CNH,
Fiat Powertrain Technologies and Fast Buyer will report.

Consistent with the objectives of the various Fiat group
sectors, Fiat group purchasing will be in charge of defining,
managing and homogenizing specific purchasing activities.

The new department will organize purchasing strategies and
ensure the highest level of integration among the various Fiat
Group companies as well as the strengthening of partnerships
with suppliers in its specific field.  It will also follow the
development of vendor companies through the definition of common
working methods and processes so as to guarantee an adequate
support to the alliance strategies of the group.

                        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
===================


B.A.D. LLP: Creditors Must File Claims by Jan. 18, 2008
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP B.A.D. insolvent on Oct. 30.

Creditors have until Jan. 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Karbyshev Str. 47-39
         Kostanai
         Kazakhstan


ENCHILADA HOLDINGS: Claims Filing Period Ends Jan. 18, 2008
-----------------------------------------------------------
Representation of Company Enchilada Holdings Ltd Endo-Service
has declared closure.  Creditors have until Jan. 18, 2008, to
submit written proofs of claims to:

         Enchilada Holdings Ltd - Endo-Service
         Micro District Taugul-1, 75-14b
         Almaty
         Kazakhstan


HT TROPLAST AG: Creditors' Claims Due on Jan. 18, 2008
------------------------------------------------------
Representation of Company HT Troplast AG has declared closure.
Creditors have until Jan. 18, 2008, to submit written proofs of
claims to:

         Representation of Company
         HT Troplast AG
         Mynbayev Str. 46
         Almaty
         Kazakhstan


KAZAKHSKAYA ACADEMIYA: Claims Registration Ends Jan. 22, 2008
-------------------------------------------------------------
Branch of JSC Kazakhskaya Academiya Transporta I Comminikatsiy
Imeny Tynyshbayeva in Akmola has declared insolvency.

Creditors have until Jan. 22, 2008, to submit written proofs of
claims to:

         JSC Kazakhskaya Academiya Transporta I
         Comminikatsiy Imeny Tynyshbayeva
         Gete Str. 10a
         Astana
         Kazakhstan
         Tel: 8 (3172) 93-34-87


PRODOVOLSTVENNAYA CONTRACTNAYA: Claims Accepted Until Jan. 18
-------------------------------------------------------------
Branch of OJSC Department on External Economical Activity
Prodovolstvennaya Contractnaya Corporatsiya has declared
insolvency.

Creditors have until Jan. 18, 2008, to submit written proofs of
claims to:

         Prodovolstvennaya Contractnaya Corporatsiya
         Tole bi Str. 73a
         Almaty
         Kazakhstan


TEPLOENERGOCOMPLECT LLP: Claims Period Ends Jan. 18, 2008
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Teploenergocomplect insolvent on Oct. 30.

Creditors have until Jan. 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office One
         Furmanov Str. 103
         Almaty
         Kazakhstan
         Tel: 8 702 108 00-34


TIRLIK-ARKALYK LLP: Creditors' Claims Due on Jan. 18, 2008
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tirlik-Arkalyk insolvent on Oct. 30.


Creditors have until Jan. 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Karbyshev Str. 47-39
         Kostanai
         Kazakhstan


UNIVERSAL OIL: Claims Registration Ends Jan. 18, 2008
-----------------------------------------------------
LLP Universal Oil Drill Company has declared closure.  Creditors
have until Jan. 18, 2008, to submit written proofs of claims to:

         LLP Universal Oil Drill Company
         Polejaev Str. 92a
         050050, Almaty
         Kazakhstan
         Tel: 8 (7272) 33-30-01


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


BEIZAR LLC: Creditors Must File Claims by January 23, 2008
----------------------------------------------------------
LLC Beizar (OKPO 23901734) has declared insolvency.  Creditors
have until Jan. 23, 2008, to submit written proofs of claim.

Inquiries can be addressed to (0-555) 74-00-51.


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


EVRAZ GROUP: Board Gains Power to Name CEO Sans Shareholder Nod
---------------------------------------------------------------
Evraz Group S.A. disclosed that all the resolutions proposed at
Extraordinary General Meeting held on Dec. 19, 2007, were duly
passed.

The shareholders have approved the:

   -- decision to authorize the Board of Directors of the
      Company to appoint the chief executive officer of the
      Company without prior authorization of the shareholders
      and to amend and restate the first paragraph of article 11
      of the Articles of Association;

   -- decision to modify the date of the annual meeting which
      shall take place on May 15, 2008, and amend and restate
      article 15 of the Articles of Association.

                          About Evraz

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

                         *     *     *

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

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

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


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


X5 RETAIL: Eyes US$1.1 Billion Three-Year Syndicated Loan
---------------------------------------------------------
X5 Retail Group N.V. has mandated BNP Paribas, CALYON, HSBC Bank
plc, ING Bank N.V. and Raiffeisen Zentralbank Oesterreich AG,
each an Initial Mandated Lead Arranger and Bookrunner, to
arrange a US$1.1 billion three-year Term Loan Facility.

Societe Generale joined the transaction prior to the launch of
general syndication as a Mandated Lead Arranger.

                         About X5 Retail

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

                          *     *     *

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

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


=============
R O M A N I A
=============


URS CORP: Washington Unit Inks Construction Deal with TVA
---------------------------------------------------------
URS Corporation's Washington Division (formerly Washington Group
International) has entered into an alliance agreement with the
Tennessee Valley Authority to provide engineering, procurement,
construction, startup, and commissioning services for combined-
cycle and simple-cycle gas turbine projects throughout TVA's
system under the long-term agreement.

The first project will
begin this month at TVA's Lagoon Creek Combustion Turbine Plant
and when completed will add 600 megawatts of combined-cycle
capacity to the 1,020 megawatts of existing capacity at the
facility, which is located near Brownsville, Tennessee.  The
value of this project to URS is approximately US$180 million
over 30 months.  TVA currently is evaluating other projects for
future capacity addition.

"We are pleased to be expanding our relationship with TVA
through this important alliance.  This is a significant
initiative that will provide superior value throughout TVA's
system," said Stephen G. Hanks, President of URS' Washington
Division.  "The Washington Division has provided engineering,
construction, and maintenance and operations services on various
fossil fuel, hydroelectric and nuclear power projects for TVA
for more than 15 years."

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, Mexico, Romania, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Moody's Investors Service has downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc.  Moody's said the ratings outlook is stable.


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


ALABUGINSKOYE CJSC: Creditors Must File Claims by Jan. 24, 2008
---------------------------------------------------------------
Creditors of CJSC Alabuginskoye have until Jan. 24, 2008, to
submit proofs of claim to:

         G. I. Taran
         Competitive Proceedings Manager
         Nikitina Str. 114/Bl
         630039 Novosibirsk
         Russia
         Tel/fax: 267-06-41

The Arbitration Court of Novosibirsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 17.  The case is docketed under Case No. A49-6969-29/27.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Alabuginskoye
         Kargatskij Raion
         Novosibirsk
         Russia


ANDREEVSKIJ LOGGING: Creditors Must File Claims by Jan. 24, 2008
----------------------------------------------------------------
Creditors of OJSC Andreevskij Logging Enterprise have until
Jan. 24, 2008, to submit proofs of claim to:

         A. Yu. Povolotskij
         Competitive Proceedings Manager
         Block 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Arbitration Court of Vladimir commenced competitive
proceedings against the company after finding it insolvent on
Nov. 9.  The case is docketed under Case No. A11-14120/
2006-K1-478B/23B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         OJSC Andreevskij Logging Enterprise
         Communisticheskaya Str. 12
         Andreevo Settlement
         601250 Vladimir
         Russia


DALCOMBANK: Potential Shareholder Support Cues Fitch's B- IDR
-------------------------------------------------------------
Fitch Ratings has assigned Russia's Dalcombank ratings of Long-
term Issuer Default 'B-', National Long-term 'BB-(rus)' Short-
term IDR 'B', Individual 'E' and Support '5'.  The Long-term
IDR, National Long-term and Support ratings are on Rating Watch
Positive.

DCB's Long- and Short-term IDRs and National Long-term rating
reflect the potential support from the largest shareholder of
the bank, Sistema JSFC (rated 'BB-'/Stable outlook), which has
acquired a 48% stake in DCB.

The RWP reflects the planned increase of Sistema's stake in DCB
to close to 100% in early 2008. If and when the transaction is
completed, DCB's Long-term IDR, Support and National Long-term
ratings will be revised to reflect the increased probability of
support forthcoming for the bank, in case of need, with the
Long-term IDR probably to be upgraded to 'B+'.

DCB's Individual rating reflects its undercapitalization, high
concentration risk, the poor quality of the loan book, weak
profitability and vulnerable liquidity. Improvement in most of
these areas would be needed to generate upside potential for the
rating, but an improvement in the capital position, asset
quality and liquidity are of particular importance.  Fitch notes
that Sistema plans to provide RUR1 billion of capital in the
form of subordinated loans in December 2007 to January 2008,
which could significantly strengthen DCB's core capital if, as
planned, they are converted into equity in second half of 2008.
Fitch notes that the completion of the acquisition should also
notably improve DCB's funding flexibility.

DCB is a small-sized Russian bank based in Khabarovsk and with a
broad presence in other regions of the far east of Russia.  The
bank is engaged in both corporate and retail lending, with the
latter growing very rapidly.


DOZ ECODREVSTROY: Bankruptcy Hearing Slated for Feb. 28, 2008
-------------------------------------------------------------
The Arbitration Court of Komi will convene at 9:15 a.m. on
Feb. 28, 2008, to hear the bankruptcy supervision procedure on
CJSC DOZ Ecodrevstroy after finding it insolvent on Oct. 29.
The case is docketed under Case No. A29-6197/2007.

The Interim Manager is:

         E. I. Sergeeca
         Apartment 20
         Mikusheva Str. 1
         167011 Syktyvkar
         Russia

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         CJSC DOZ Ecodrevstroy
         Kuratova Str. 83
         Syktyvkar
         Komi
         Russia


EVRAZ GROUP: Board Gains Power to Name CEO Sans Shareholder Nod
---------------------------------------------------------------
Evraz Group S.A. disclosed that announce that, all the
resolutions proposed at Extraordinary General Meeting held on
Dec. 19, 2007, were duly passed.

The shareholders have approved the:

   -- decision to authorize the Board of Directors of the
      Company to appoint the chief executive officer of the
      Company without prior authorization of the shareholders
      and to amend and restate the first paragraph of article 11
      of the Articles of Association;

   -- decision to modify the date of the annual meeting which
      shall take place on May 15, 2008, and amend and restate
      article 15 of the Articles of Association.

                          About Evraz

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

                         *     *     *

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

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

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


KABANSKIJ OJSC: Creditors Must File Claims by Dec. 24
-----------------------------------------------------
Creditors of OJSC Butter Plant Kabanskij have until Dec. 24 to
submit proofs of claim to:

         A. P. Buldynov
         Borovaya Str. 11
         Ulan-Ude
         670045 Buryatia
         Russia

The Arbitration Court of Buryatia commenced bankruptcy
supervision procedure on the company after finding it insolvent
on Aug. 6.  The case is docketed under Case No. A10-2868/07.

The Debtor can be reached at:

         OJSC Butter Plant Kabanskij
         Kuratova Str. 83
         Syktyvkar
         Komi
         Russia


MODERN CONSTRUCTION: Creditors Must File Claims by Dec. 24
----------------------------------------------------------
Creditors of Modern Construction Material Production Integrated
Plant LLC have until Dec. 24 to submit proofs of claim to:

         N. F. Pozdnyakov
         Interim Manager
         P.O. Box 92
         214006 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure on the company after finding it insolvent
on Oct. 4.  The case is docketed under Case No. A-62-3748/
2007 (1392-H).

The Debtor can be reached at:

         Modern Construction Material Production Integrated
         Plant LLC
         F. Engel's Str. 21/5
         214014 Smolensk
         Russia


SHIRINSKOYE MILK CJSC: Court Starts Competitive Proceedings
-----------------------------------------------------------
The Arbitration Court of Khakasia commenced one-year competitive
proceedings against CJSC Shirinskoye Milk after finding it
insolvent on Nov. 13.  The case is docketed under Case No.
A74-2634/2007.

The Competitive Proceedings Manager is:

         A. A. Mal'tsev
         Kolkhoznaya Str. 45-36
         Abakan
         Khakasia
         Russia

The Debtor can be reached at:

         CJSC Shirinskoye Milk
         Shira Settlement
         Khakasia
         Russia


SISTEMA JSFC: To Place RUR6 Billion Unconvertible Bonds
-------------------------------------------------------
Sistema JSFC will offer up to RUR6 billion of unconvertible
interest-bearing bonds with a par value of RUR1,000 and to list
the bonds on the Moscow Interbank Currency Exchange (MICEX).

Coupon payments will be made on a 182-day basis with the coupon
to be determined at the end of the offering.  The offer size
will be determined by the issuer before the placement.  The
proceeds of the placement will be used to refinance Sistema's
existing debt facilities and to finance the company's investment
activities.

VTB Bank and Joint Stock Commercial Bank 'ROSBANK' have been
appointed as the underwriters of the issue.

                          About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.

Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of
US$18.5 billion as at Sept. 30, 2006.  Sistema's shares are
listed under the symbol 'SSA' on the London Stock Exchange,
under the symbol 'AFKS' on the Russian Trading System (RTS), and
under the symbol 'SIST' on the Moscow Stock Exchange (MSE).

                         *     *     *

As reported in the TCR-Europe on Oct. 26, 2007, Moody's
Investors Service upgraded the corporate family ratings of JSFC
Sistema to Ba3 from B1.  Moody's said the outlook on the ratings
is positive.

Simultaneously, Moody's upgraded the existing Sistema Capital
S.A. Notes and MTN program ratings to Ba3 from B3.

The company carries Standard & Poor's BB- issuer credit rating
with positive outlook and Fitch Ratings' BB- issuer default
rating with stable outlook.


X5 RETAIL: Eyes US$1.1 Billion Three-Year Syndicated Loan
---------------------------------------------------------
X5 Retail Group N.V. has mandated BNP Paribas, CALYON, HSBC Bank
plc, ING Bank N.V. and Raiffeisen Zentralbank Oesterreich AG,
each an Initial Mandated Lead Arranger and Bookrunner, to
arrange a US$1.1 billion three-year Term Loan Facility.

Societe Generale joined the transaction prior to the launch of
general syndication as a Mandated Lead Arranger.

                         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.


ZAVODOUKOVSKIJ DISTILLERY: Asset Sale Slated for Dec. 27
--------------------------------------------------------
S. A. Makarov, the competitive proceedings manager of OJSC
Zavodoukovskij Distillery, will open a public auction for the
company's properties at 10:00 a.m. on Dec. 27 at:

         S. A. Makarov
         Zavodskaya Str. 21
         Padun
         Zavodoukovskij Raion
         Tyumen'
         Russia

The company has set a RUR50,000 starting price for the assets on
auction.

Interested participants have until Jan. 23, 2008, to deposit an
amount equivalent to 20% of the starting price.

The Debtor can be reached at:

         OJSC Zavodoukovskij Distillery
         Padun Settlement
         Zavodoukovskij Raion
         Tyumen'
         Russia

Information related to the auction can be obtained by calling,
Tel: 8-909-18-37-618.


* S&P Rates Krasnodar Krai's RUR1.5 Bln Proposed Bonds at BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' global
scale and 'ruAA-' Russia national scale senior unsecured debt
ratings to the proposed RUR1.5 billion domestic bond to be
issued by the Krasnodar Krai (BB-/Positive/--; Russia national
scale 'ruAA-').

The bond is amortizing, with 25% of the principal to be repaid
on Dec. 17, 2010; 25% on Dec. 16, 2011; and the remaining 50% on
Dec. 14, 2012.  The issue will be placed on Dec. 21, 2007, and
will have 10 semiannual, fixed coupon payments, and will mature
in 2012.

The owners of bonds will have a put option at the date of the
third coupon payment on June 19, 2009.

"The bond will be issued to finance engineering infrastructure,
construction, modernization of public sector buildings in the
krai, and other planned projects," said Standard & Poor's credit
analyst Irina Pilman.

The ratings on the bond are equalized with the ratings on the
krai.

The ratings on Krasnodar Krai -- the third-most populous region
in The Russian Federation (foreign currency BBB+/Stable/A-2,
local currency A-/Stable/A-2; Russia national scale 'ruAAA')--
reflect the restricted predictability and flexibility of the
krai's financial profile due to central government controls,
high infrastructure needs, and weak average income levels.

The ratings are supported by the krai's well-diversified and
growing economy -- buoyed by medium-term commitments of large
federal and private investments -- consistently sound financial
performance, and low debt.


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


CAJA ESPANA I: Moody's Rates EUR6.5 Mln Series D Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to
following four series of "Bonos de Titulizacion de Activos" of
Series AyT Colaterales Global Hipotecario Caja Espana I to be
issued by AyT Colaterales Global Hipotecario FTA, a Spanish
asset securitisation fund that has been created by Titulizacion
de Activos, S.G.F.T, S.A.:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   (5) pro-rata amortization of the Series B, C and D notes
       leads to reduce credit enhancement of the senior series
       in absolute terms.  These increased risks were reflected
       in Moody's credit enhancement calculation.

Moody's will publish a New Issue Report upon closing of the
transaction.


VALENCIA HIPOTECARIO 4: Moody's Junks EUR28.5 Mln Series D Notes
----------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
four series of "Bonos de Titulizacion de Activos" issued by
Valencia Hipotecario 4 Fondo de Titulizacion de Activos, a
Spanish Asset Securitization Fund that has been created by
Europea de Titulizacion, S.G.F.T, S.A.  Moody's assigned these
ratings:

   -- (P)Aaa to the EUR883.4 million Series A notes;
   -- (P) Aa3 to the EUR42.8 million Series B notes;
   -- (P)Baa3 to the EUR23.8 million Series C notes;
   -- (P)C to the EUR28.5 million Series D notes.

Valencia Hipotecario 4 represents the securitization of Spanish
Prime residential mortgages, with an average LTV of 68.15%
originated by Banco de Valencia; the portfolio will also be
serviced by Banco de Valencia.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date on Series A/B/C, and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date on Class D.  The ratings do not address full
redemption of the notes on the expected maturity date.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.

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

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

In Moody's opinion, the collateral backing the notes displays
some negative characteristics which have been taken into account
when assessing the credit enhancement: All in all, the mortgages
are fine mortgages but it is worth mentioning a couple of
weaknesses that have been penalized in our methodology:

   (1) some mortgages are granted to non residents,

   (2) some mortgages are granted for the purpose of financing
       secondary residences, and high LTV loans are present in
       the portfolio.

On the other hand, 10.71% of the loans are covered with a
mortgage insurance policy (675 loans with high LTVs are covered
with this policy) which serves to mitigate the severity of
losses within these loans.

Moody's based its rating on:

   (1) a evaluation of the underlying portfolio of mortgage
       loans securing the structure, and on

   (2) the transaction's structural protections which include
       the subordinate position of the Series B and C
       Subordinate notes with respect to the Series A notes, the
       strength of the cash flows, which include the reserve
       fund and any excess spread available to cover losses.

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


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


BACKEREI ANDRES: Creditors' Liquidation Claims Due by Dec. 24
-------------------------------------------------------------
Creditors of LLC Backerei Andres have until Dec. 24 to submit
their claims to:

         Hartmut Andres
         Liquidator
         Sonnhaldenstrasse 6
         9542 Munchwilen TG
         Switzerland

The Debtor can be reached at:

         LLC Backerei Andres
         Bichelsee-Balterswil
         Munchwilen TG
         Switzerland


BECKER ANTRIEBE: Creditors' Liquidation Claims Due by Dec. 27
-------------------------------------------------------------
Creditors of JSC Becker Antriebe (Schweiz) have until Dec. 27 to
submit their claims to:

         Simon Kalt
         Hirtenbundtenweg 21
         4102 Binningen BL
         Switzerland

The Debtor can be reached at:

         JSC Becker Antriebe (Schweiz)
         Magden
         Rheinfelden AG
         Switzerland


BURRI BAUUNTERNEHMUNG: Creditors Must File Claims by December 27
----------------------------------------------------------------
Creditors of JSC Burri Bauunternehmung have until Dec. 27 to
submit their claims to:

         Roland Burri-Buttiker
         Liquidator
         Dorfstrasse 27
         4431 Bennwil
         Waldenburg BL
         Switzerland

The Debtor can be reached at:

         JSC Burri Bauunternehmung
         Oberdorf BL
         Switzerland


DEWRAN GASTRO: Creditors' Liquidation Claims Due by December 24
---------------------------------------------------------------
Creditors of LLC Dewran Gastro have until Dec. 24 to submit
their claims to:

         Wehrli Treuhand
         Wartstrasse 27
         8401 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Dewran Gastro
         Winterthur ZH
         Switzerland


FUNCAR RENT: Creditors' Liquidation Claims Due by December 27
-------------------------------------------------------------
Creditors of LLC Funcar Rent have until Dec. 27 to submit their
claims to:

         Alfred Herzog
         Liquidator
         Schluechtstrasse 15
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         LLC Funcar Rent
         Cham ZG
         Switzerland


GASTRO PRO: Creditors' Liquidation Claims Due by December 27
------------------------------------------------------------
Creditors of LLC Gastro Pro Car have until Dec. 27 to submit
their claims to:

         Bayard Hans
         Liquidator
         Schulhausstrasse 1a
         3904 Naters
         Brig VS
         Switzerland

The Debtor can be reached at:

         LLC Gastro Pro Car
         Naters
         Brig VS
         Switzerland


GSI TRANSPORT: Creditors' Liquidation Claims Due by December 24
---------------------------------------------------------------
Creditors of LLC GSI Transport & Touristik (Schweiz) have until
Dec. 24 to submit their claims to:

         Andreas Gubser
         Liquidator
         Bleicherweg 33
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         LLC GSI Transport & Touristik (Schweiz)
         Dietikon ZH
         Switzerland


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

         Dr. Andreas Renggli
         Baarerstrasse 8
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Kingfisher
         Zug
         Switzerland


MB NETKEY: Creditors' Liquidation Claims Due by December 27
-----------------------------------------------------------
Creditors of LLC MB Netkey have until Dec. 27 to submit their
claims to:

         Distelweg 2
         9030 Abtwil SG
         Switzerland

The Debtor can be reached at:

         LLC MB Netkey
         Gaiserwald SG
         Switzerland


SAPRO BETEILIGUNG: Creditors Must File Claims by December 27
------------------------------------------------------------
Creditors of JSC Sapro Beteiligung have until Dec. 27 to submit
their claims to:

         Dr. Peter Lyssy
         Bernoullistr. 20
         4003 Basel
         Switzerland

The Debtor can be reached at:

         JSC Sapro Beteiligung
         Basel
         Switzerland


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

         Dr. Romano Kunz
         Liquidator
         Ottoplatz 19
         7001 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC SILCA Minerals
         Chur
         Plessur GR
         Switzerland


SMOKERSFRIENDS.COM: Creditors' Liquidation Claims Due by Dec. 24
----------------------------------------------------------------
Creditors of JSC smokersfriends.com have until Dec. 24 to submit
their claims to:

         Thomas P. Zemp
         Beglinger Holenstein Rechtsanwalte
         Utoquai 29/31
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC smokersfriends.com
         Maur ZH
         Switzerland


TELE24 JSC: Creditors' Liquidation Claims Due by December 27
------------------------------------------------------------
Creditors of JSC Tele24 have until Dec. 27 to submit their
claims to:

         Armin Zucker
         Liquidator
         Forchstrasse 452
         Mail box: 1432
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Tele24
         Zurich
         Switzerland


UKREXIMBANK JSC: Fitch Affirms IDR at BB- with Positive Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Ukraine-based JSC The
State Export-Import Bank of Ukraine at Long-term Issuer Default
'BB-', Short-term IDR 'B', Support '3', Individual 'D' and
National Long-term 'AA(ukr)'.  The Support Rating Floor is also
affirmed at 'BB-'.  The Outlook for the Long-term IDR is
Positive; the Outlook for the National Long-term rating is
Stable.

The Long-term and Short-term IDRs, Support rating and National
Long-term rating are underpinned by the potential support from
the Ukrainian authorities, in case of need, based on
Ukreximbank's state ownership and public letters of support
signed by the government (the latest one dated March, 2007).
The ratings also take into consideration the ability of the
Ukrainian authorities to provide support, as indicated by the
sovereign's Long-term foreign currency IDR of 'BB-'.

The Individual rating reflects high credit risks associated with
the rapid asset growth, moderate capitalization, high asset
concentrations and weaknesses in the operating environment.  At
the same time, the rating takes into account the bank's solid
corporate franchise, sound track record of above-sector-average
profitability, adequate liquidity and low loan impairment to
date.

The Long-term IDR Outlook is Positive, reflecting that on the
sovereign's Long-term IDR.  Any movement in Ukraine's sovereign
ratings would likely have an impact on the Long-term IDR of
Ukreximbank.  Upside pressure on the bank's Individual rating
could result from reduced asset concentrations, continued low
loan impairment levels as the portfolio seasons, an extended
track record of sound performance and improvements in the
operating environment.  A slowdown in growth rates, which the
bank plans for 2008 and 2009, would also be positive for
Ukreximbank's stand-alone credit profile.  A substantial
weakening of asset quality is the major potential source of
downward pressure on Ukreximbank's Individual rating.

Ukreximbank ranked the fifth-largest bank by asset size in
Ukraine at end of third quarter of 2007.  Its principal
franchise lies in serving corporate customers (mainly
export/import oriented) and their employees.  The bank has a
notable regional presence through around 130 outlets (various
formats), including 29 branches.


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

         Beat Teutsch
         Obergasse 7
         Schernelz
         2514 Ligerz
         Nidau BE
         Switzerland

The Debtor can be reached at:

         JSC Vitimuck
         Ligerz
         Nidau BE
         Switzerland


WA SERVICES: Creditors' Liquidation Claims Due by December 24
-------------------------------------------------------------
Creditors of LLC WA Services have until Dec. 24 to submit their
claims to:

         Walter Aebi and Sonja Aebi
         Liquidators
         Tellistrasse 114
         5000 Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC WA Services
         Aarau AG
         Switzerland


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


ACTIVE-BANK: Moody's Puts B3/NP Global Scale Sr. Debt Ratings
-------------------------------------------------------------
Moody's Investors Service assigned a prospective B3/NP global
scale local currency long- and short-term senior unsecured debt
rating to Active-Bank, as well as a Baa3.ua long-term National
Scale Rating to the local currency-denominated bonds amounting
to UAH100 million that the banks intend to issue.

The bonds will represent a senior unsecured claim on the bank
and will be issued with a final maturity of five years.  The
outlook for the global rating is stable, while the NSR carries
no specific outlook.

According to Moody's, the B3/NP global scale local currency
ratings reflect global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
Baa3.ua NSR reflects the standing of the bank's credit quality
relative to its domestic peers.

Moody's prospective B3 rating for the bonds is based on Active-
Bank's fundamental credit quality and factors in the bank's
ability to fulfill its long-term obligations.  The obligations
include those associated with the put option that the
bondholders will, according to the terms of the issue, be able
to exercise in order to sell the bonds back to the bank on the
first, second, third and fourth anniversaries of the notes
issue.  Moody's notes that if the bank's credit quality were to
deteriorate at these times, the exercise of the put options
might exert additional pressure on its financial condition.

Moody's notes that, in general, Ukraine is a country with
individual depositor preference, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

Headquartered in Kiev, Ukraine, Active-Bank reported total
assets of UAH1.7 billion (US$333 million) in accordance with
Ukrainian accounting standards as at 30 September 2007 and net
income of UAH16.1 million (US$3.2 million) for the nine months
then ended.


AGRICULTURAL TECHNICS: Claims Filing Deadline Set December 27
------------------------------------------------------------
Creditors of CJSC Agricultural Technics (code EDRPOU 31710671)
have until Dec. 27 to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/137.

The Debtor can be reached at:

         CJSC Agricultural Technics
         Korolenko Str. 29
         Chutovoye
         Poltava
         Ukraine


ALPHA-VINNICA LLC: Proofs of Claim Filing Deadline Set Dec. 27
--------------------------------------------------------------
Creditors of LLC Joint Ukrainian-Russian Enterprise Alpha-
Vinnica (code EDRPOU 24899614) have until Dec. 27 to submit
written proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/269-07.

The Debtor can be reached at:

         LLC Joint Ukrainian-Russian Enterprise Alpha-Vinnica
         Tarnogrodsky Str. 36
         21022 Vinnica
         Ukraine


BENITA-UNION LLC: Proofs of Claim Filing Deadline Set Dec. 27
-------------------------------------------------------------
Creditors of LLC Benita-Union (code EDRPOU 32861746) have until
Dec. 27 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 15/323-07.

The Debtor can be reached at:

         LLC Benita-Union
         Vinokurov Str. 11
         49079 Dnipropetrovsk
         Ukraine


BOLSHEVIK LLC: Proofs of Claim Filing Deadline Set December 27
--------------------------------------------------------------
Creditors of LLC Box Leather Plant Bolshevik (code EDRPOU
33121548) have until Dec. 27 to submit written proofs of claims
to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-24/164-07.

The Debtor can be reached at:

         LLC Box Leather Plant Bolshevik
         Shevchenko Str. 327
         Kharkov
         Ukraine

DETAIL OJSC: Creditors Must File Claims by December 27
------------------------------------------------------
Creditors of OJSC Pavlograd Plant Building Detail (code EDRPOU
00178956) have until Dec. 27 to submit written proofs of claim
to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Nov. 19.  The case is
docketed under Case No. B 24/377-07.

The Debtor can be reached at:

         OJSC Pavlograd Plant Building Detail
         Building Base
         Pavlograd
         51412 Dnipropetrovsk
         Ukraine


MEGAPOL LLC: Proofs of Claim Filing Deadline Set December 27
------------------------------------------------------------
Creditors of LLC Production-Commerce Enterprise Megapol (code
EDRPOU 21090496) have until Dec. 27 to submit written proofs of
claim to:

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

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/18.

The Debtor can be reached at:

         LLC Production-Commerce Enterprise Megapol
         Apartment 405
         Zamkovaya Str. 31
         33000 Rivne
         Ukraine


NIKAGRO-SPEKTR: Proofs of Claim Filing Deadline Set December 27
---------------------------------------------------------------
Creditors of LLC Nikagro-Spektr (code EDRPOU 33437548) have
until Dec. 27 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 proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/697/07.

The Debtor can be reached at:

         LLC Nikagro-Spektr
         54000 Nikolaev Ukraine
         Nikolayev Str. 34-b
         Apartment 32


PIVDENNYI BANK: Moody's Rates UAH100 Mln Upcoming Bond at (P)B1
---------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B1 global
local currency long-term senior unsecured debt rating as well as
a provisional (P)Aa3.ua long-term National Scale Rating to the
local currency- denominated bonds amounting to UAH100 million
planned to be issued by Pivdennyi Bank.

The bonds will represent a senior unsecured claim on the bank
and will be issued with a final maturity of three years.  The
outlook for the global rating is stable, while the NSR carries
no specific outlook.

According to Moody's, the (P)B1 global scale local currency
rating reflects global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
(P)Aa3.ua NSR reflects the standing of the bank's credit quality
relative to its domestic peers.

Moody's provisional (P)B1 rating for the bonds is based on
Pivdennyi Bank's fundamental credit quality and factors in the
bank's ability to fulfill both its long-term obligations.  The
obligations include those associated with the put option that
the bondholders will, according to the terms of the issue, be
able to exercise in order to sell the bonds back to the bank.

Moody's notes that Ukraine is in general a country with
individual depositor preference, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

Headquartered in Odesa, Ukraine, Pivdennyi Bank reported
consolidated total assets of UAH7.5 billion (US$1.5 billion) and
net profit of UAH70.2 million (US$13.9 million) for the nine
months then ended.


STANDARD LLC: Proofs of Claim Filing Deadline Set December 27
-------------------------------------------------------------
Creditors of LLC Consulting Center Standard (code EDRPOU
31714063) have until Dec. 27 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 26/342-07.

The Debtor can be reached at:

         LLC Consulting Center Standard
         Apartment 31
         Titov Str. 21
         Dnipropetrovsk
         Ukraine


UKRA-POL LLC: Proofs of Claim Filing Deadline Set December 27
-------------------------------------------------------------
Creditors of LLC Ukra-Pol (code EDRPOU 24638536) have until
Dec. 27 to submit written proofs of claim to:

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 17/B-920.

The Debtor can be reached at:

         LLC Ukra-Pol
         Krushelnitskaya Str. 1
         Ternopol
         Ukraine


VOLODIMIRETSKYAL AGRICULTURAL: Proofs of Claims Due Dec. 27
-----------------------------------------------------------
Creditors of OJSC Volodimiretskyal Agricultural Delivery (code
EDRPOU 00906611) have until Dec. 27 to submit written proofs of
claim to:

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

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/20.

The Debtor can be reached at:

         OJSC Volodimiretskyal Agricultural Delivery
         Sadovaya Str. 40a
         N. Rafalovka
         Volodomiretsky District
         34371 Rivne
         Ukraine


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


ARRAN CORPORATE: Moody's Rates US$77 Mln Class E Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned the ratings to these
instruments issued by Arran Corporate Loans No.2 Limited:

   -- Aaa to the US$1,106,909,000 Class A Secured Floating Rate
      Notes due 2026

   -- Aa2 to the US$144,380,000 Class B Secured Floating Rate
      Notes due 2026

   -- A1 to the US$67,377,000 Class C Secured Floating Rate
      Notes due 2026

   -- Baa2 to the US$154,005,000 Class D Secured Floating Rate
      Notes due 2026

   -- Ba2 to the US$77,002,000 Class E Secured Floating Rate
      Notes due 2026

US$182,881,000 Class F Secured Floating Rate Notes due 2026 have
also been issued but were not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  These ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.

The ratings of the notes are based upon:

   (1) An assessment of the credit quality of the underlying
       entities;

   (2) The loss protection provided by the subordination of the
       more junior ranking classes of notes issued by Arran
       Corporate Loans No.2 Limited;

   (3) The protection against losses provided by the first loss
       Class F (1.90 per cent), the excess spread (0.30 per cent
       per annum) and the reserve account mechanism; and

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

Arran Corporate Loans No.2 Limited is a partially funded
synthetic transaction arranged by the Royal Bank of Scotland
plc, in which investors are exposed to the credit risk related
to a portfolio of loans extended by RBS to U.S., U.K. and other
European medium and large companies.  The credit risk
transferred by the Royal Bank of Scotland plc through this
transaction is related to a total portfolio of US$9.625 billion.
This reference pool is static and comprises 326 separate
obligors.


CLEAR CHANNEL: Fitch to Cut IDR to B Upon Transaction Closing
-------------------------------------------------------------
Clear Channel Communications gave greater detail on its pro
forma capital structure post-closing of its going-private
transaction.

The filing states that the new secured debt will be granted,
among other things, a first-priority security interests in
certain assets of Clear Channel and the guarantor subsidiaries
that will not require Clear Channel's existing senior notes that
remain outstanding to be equally and ratably secured under the
indenture.  In addition, new secured and unsecured debt are
expected to be guaranteed by each of Clear Channel's existing
and future wholly owned material domestic restricted
subsidiaries, subject to certain exceptions.  Existing notes
will not receive any guarantees from Clear Channel subsidiaries.

These details are in-line with Fitch Ratings' Sept. 25, 2007
press release that stated that the existing Clear Channel
indenture does not appear to limit subsidiary guarantees and
that this could ultimately structurally subordinate existing
bondholders behind any new secured and unsecured financings.
Furthermore, Fitch stated in that press release that the
Limitation on Mortgages language in the company's existing
indenture is only applicable to Principal Property in the United
States.  As defined in the indenture, Fitch believes Principal
Property may exclude FCC licenses and outdoor permits in the
United States, as well as international assets.  While the
language in yesterday's filings was still vague in what assets
will be secured with the new financings, the company could
potentially carve-out these specific assets in its security
packages to the new secured financings.

Upon close of the going-private transaction, Fitch has indicated
they expect to downgrade Clear Channel's IDR to 'B'.  Fitch
expect to rate CCU's bank facility equal to or one notch above
the IDR; new unsecured would be one or two notches below the IDR
and existing senior unsecured could be two to three notches
below the IDR.  The Rating Outlook is expected to be Stable.


CLEAR CHANNEL: S&P Cuts Rating on US$6.32 Billion Notes to B-
-------------------------------------------------------------
Standard & Poor's Rating Services lowered its issue-level
ratings on Clear Channel Communication Inc.'s roughly US$6.32
billion of existing senior unsecured notes to 'B-', two notches
below the corporate credit rating, from 'B+'.  All ratings
remain on CreditWatch with negative implications, where they
were originally placed on Oct. 26, 2007, pending the completion
of Clear Channel's LBO.

"The two-notch downgrade is based on the company's disclosure
that following its pending LBO transaction, it will roll over
existing debt on an unsecured basis into the new capital
structure, and structurally subordinate it to proposed new bank
debt," explained Standard & Poor's credit analyst Michael
Altberg.

The new bank debt will benefit from operating company
guarantees.  Therefore, the downgrade of the existing senior
notes reflects the large amount of priority debt in the capital
structure.  This disclosure accompanied Clear Channel's tender
offer for its outstanding US$750 million of 7.65% senior notes
due 2010 and its outstanding US$644.9 million of 8% senior notes
due 2008 at its AMFM Operating Inc. subsidiary.

The proposed financing for the transaction consists of about
US$18.5 billion of new senior secured credit facilities and
US$2.6 billion of new senior unsecured notes.  The new senior
secured facilities, as proposed, will be guaranteed by Clear
Channel's immediate parent entity and, more importantly, by its
existing and future wholly owned domestic restricted
subsidiaries that hold FCC licenses and radio stations assets.
The company's existing senior notes, which are being downgraded,
will not have any guarantees.  The indentures governing the
borrower's existing debt significantly limit the pledge of
collateral to the proposed US$18.5 billion senior secured debt.
The amount of debt secured by collateral from principal
properties cannot exceed 15% of consolidated stockholder equity.
The permitted collateral amount is not fixed at the closing of
the transaction and will fluctuate in line with changes in
stockholders equity.  The existing bondholders are entitled to
equal and ratable security if this limitation is breached.  S&P
understands that the proposed debt will be structured to avoid
breach of this covenant.

Revenue and EBITDA increased 5.5% and 4.8%, respectively, for
the third quarter of 2007, as 14% growth in outdoor advertising
more than offset a 1% decline in radio revenue.  Gross balance
sheet debt to EBITDA was 3.1x at Sept. 30, 2007, down from 3.6x
at year-end 2006.  Lease-adjusted total debt (which capitalizes
operating leases and minimum franchise payments associated with
outdoor advertising, and includes third-party debt, guaranteed
letters of credit, and acquisition-related earn-out payments) to
EBIDA was 4.4x.  Pro forma for the proposed merger, S&P expects
the debt to EBITDA to be about 10x.

The closing of the merger is still subject to the acquirer's
receipt of FCC approval, which it expects to receive in the
first quarter of 2008.  S&P will continue to monitor
developments surrounding the proposed merger and will review the
business and financial strategies, as well as post-transaction
liquidity, in determining the ultimate corporate credit rating
for Clear Channel.  S&P could further lower issue-level ratings
on the existing debt, depending on how much flexibility is built
into the deal structure.


CUMMINS INC: Rick Mills to Quit as Components Group President
-------------------------------------------------------------
Cummins Inc. disclosed that Rick Mills, President of the
Components Group, will retire effective at the end of March 2008
after more than 36 years with the company.

Rich Freeland, President of the Distribution Business, will
assume Mills' role as leader of the Components Group, while
Pamela Carter, President of Cummins Filtration, a business
within the Components Group, will become head of the
Distribution Business.  Ms. Carter's successor will be named in
the near future.

"Rick has been a mainstay of the Cummins organization for more
than three decades," said Tim Solso, Cummins Chairman and CEO.
"We have counted on him for much, and have particularly valued
his contributions in the area of leadership.  It's tough to say
good-bye to someone like Rick, who has been such an important
member of our management team."

Mr. Mills served in a variety of financial roles before being
named Vice President and General Manager of Atlas Inc., a former
Cummins business that manufactured crankshafts, in 1988.  He
became President of Atlas in 1990 and was in that role for three
years.  He served as Vice President of the Pacific Rim and Latin
America operations for Cummins Filtration (formerly Fleetguard
Inc.) before being named Corporate Controller in 1996.

Mr. Mills was appointed head of the Filtration Business from
2000 to 2005, when he was tapped to lead the Components Group,
which includes Cummins filtration, turbocharger, emission
solutions and fuel systems businesses.

Mr. Freeland joined Cummins in 1979 and served in a number of
plant and parts distribution functions before being named
manager of the Columbus Engine Plant in 1996 -– a role he held
for three years.  He was named an officer in 1999, serving as
Vice President, Heavy Duty Operations and Fuel Systems.  He
became Vice President and General Manager of Cummins
Distribution and parts business in 2004, and assumed the role of
President of the Distribution Business in 2005.

"Rich has brought exceptional business and leadership skills to
Cummins, and we are pleased he will be taking on this new and
very important responsibility for us," said Cummins President
Joe Loughrey.

Mr. Freeland will assume his new role effective Feb. 1.

Ms. Carter had a distinguished legal and political career,
including a term as Attorney General for the State of Indiana,
before joining Cummins in 1997.  She was General Counsel from
1997 to 2000 and has held leadership roles in the Cummins
Filtration business for the last seven years.  She was named
President of Cummins Filtration in 2005.

"We're very excited to have someone as experienced and talented
as Pamela step into the Distribution leadership role," Mr.
Loughrey said.  "Along with the Components Group, Distribution
is a critical part of our strategy going forward, and we are
counting on Pamela and Rich to make these two businesses even
more successful in the future."

Ms. Carter will assume her new role effective Feb. 1.

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

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

                        *     *     *

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

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


DECO 17: S&P Rates EUR13.53 Million Class G Notes at BB
-------------------------------------------------------
Standard & Poor's Ratings Services said assigned its preliminary
credit ratings to the EUR1.25 billion commercial mortgage-backed
floating-rate notes to be issued by DECO 17 - Pan Europe 7 Ltd.,
a special purpose vehicle.

At closing, the issuer will use the note issuance proceeds to
purchase:

   -- five whole loans and six senior loans secured by
      commercial and residential properties in Germany; and

   -- one whole loan secured against a mixed-use portfolio of
      nine properties in Sweden

The transaction incorporates a mechanism that allows the
noteholder of any class who holds 100% of a class of notes to
propose a class restructuring.  This would allow the noteholder
to reduce the margin of that class of notes and create an
additional interest-only sub-class.  Prior to a class
restructuring, the note trustee will first obtain Standard &
Poor's confirmation that the ratings on the notes will be
unaffected by the proposal.

If any loan is still outstanding at July 20, 2018, an event of
default under the servicing agreement will be deemed to have
occurred.  In certain circumstances, this may allow any class of
noteholders (which may not be the controlling class), to replace
the special servicer.  Standard & Poor's considers it most
likely that the class A1 noteholders would exercise this right.

The transaction incorporates a "turbo" feature whereby all
excess spread and prepayment fees attributable to the
securitized portion of the loans, will be applied to repay the
notes reverse sequentially beginning with the class G notes.
This feature may result in overcollateralization whereby the
outstanding balance of the loans is greater than the outstanding
balance of the notes.

All the loans have been originated by the London branch of
Deutsche Bank AG with the intention of being securitized.  This
will be the seventh pan-European CMBS transaction to be
undertaken by the London branch of Deutsche Bank AG and will use
a similar structure to previous transactions in the DECO series.

                          Ratings List

DECO 17 - Pan Europe 17 Ltd.
   EUR1.25 Billion Commercial Mortgage-Backed Floating-Rate
   Notes

                       Prelim.        Prelim. Amount
        Class          Rating          (Mil. EUR)
        -----          ------           --------
         A1             AAA             750.00
         X              AAA               0.05
         A2             AAA             212.00
         B              AA               88.00
         C              A               104.60
         D              BBB+             44.00
         E              BBB              19.00
         F              BBB-             18.00
         G              BB               13.53
         V              NR                0.05

         NR -- Not rated.


DURA AUTO: Resolves Magna Objections to Reorganization Plan
-----------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates and
Magna Donnelly Corporation have decided to resolve a lift
automatic stay issue and certain related issues related to the
Debtors' Plan of Reorganization.

In March 2007, the Debtors commenced a lawsuit against Magna in
the United States Court for the Eastern District of Michigan,
which alleges, among other things, that Magna infringed on
certain of the Debtors' patents and misappropriated trade
secrets.

Magna wanted to lift the automatic stay to ensure that the
Debtors' Plan of Reorganization does not restrict its ability to
pursue its counterclaim against the Debtors.

Thus, in a Court-approved stipulation, the parties agree, among
other things, that:

   (a) the automatic stay will be immediately lifted to allow
       the District Court action to proceed and for Magna to
       assert and pursue its counterclaim and any other claims
       against the Debtors; and

   (b) Magna will be allowed to liquidate and enforce any
       damage claims against the Debtors, whether pre- or post-
       confirmation, and the District Court will have the sole
       and exclusive jurisdiction over the liquidation,
       provided, however, the Bankruptcy Court will have sole
       and exclusive jurisdiction over the enforcement of any
       monetary damage award related to prepetition monetary
       claims that Magna may have against the Debtors.

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 Automotive
Bankruptcy News, Issue No. 41 Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTO: Wants to Pay Lenders US$358K to Ignore Violations
------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to pay postpetition lenders US$358,000 to overlook loan
covenant violations.

As reported in the Troubled Company Reporter on Nov. 22, 2006,
the Debtors entered into a US$300 million of debtor-in-
possession financing facility with Goldman Sachs Capital
Partners L.P., General Electric Capital Corporation, and other
lender parties.  Under the DIP Credit Agreement, the Debtors are
required to comply with certain financial covenants.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that Dura Operating
Corp., as borrower, and its debtor-affiliates, as guarantors,
have agreed to enter into amendments to the Postpetition
Revolving Credit Agreement dated Nov. 30, 2006, and Postpetition
Term Loan Agreement dated Oct. 31, 2006, to avoid violating
certain negative covenants in the DIP Facility as a result of
the Debtors' entry into Court-approved agreements with Johnson
Controls Systems, Inc., its affiliates and subsidiaries, and
Bridgewater Interiors LLC.

Mr. DeFranceschi says the US$358,000 fee is equal to 0.05% of
the aggregate outstanding "Revolving Commitment provided by each
of the consenting Postpetition Lender or 0.25% of the aggregate
outstanding principal amount of "Loans" of each consenting
Postpetition Lender.

Anthony C. Flanagan, managing director of AlixPartners, LLP,
financial advisors to the Debtors, asserts that the aggregate
amount of the Amendment Fees is small and reasonable in
comparison to the benefits of the JCI Agreements to the Debtors'
estates.

The Debtors, in February 2007, negotiated the JCI Agreements to
obtain improvements in the commercial terms of its existing
supply contracts with JCI.  DURA management believes that the
JCI Agreements contain:

   (a) favorable commercial terms adjustments and resourcing
       limitations;

   (b) certain commitments by the Debtors to protect JCI from
       supply disruptions;

   (c) purchase options for JCI in the event of a default by the
       Debtors or of a sale of the Debtors' facility in
       Stockton, Illinois, where the Debtors predominantly
       manufacture automotive components, including seat racks,
       for JCI; and

   (d) a general release of any existing claims of the Debtors
       against JCI.

Over the course of approximately 5 years, the Debtors expect
that the commercial term adjustments contained in the JCI
Agreements will result in an increase in EBITDA.  Mr. Flanagan,
however, redacted the projected EBITDA from the statement he
filed with the Court.

Under the JCI Agreements, JCI commits that it will not resource
parts produced at the Stockton Facility for one year, allowing
the Debtors time to enhance an already strong relationship with
JCI.

The Debtors asked the Court to convene an emergency hearing on
their request on Dec. 27, 2007, at 1:30 p.m. (ET).

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 Automotive
Bankruptcy News, Issue No. 41 Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


G.H. MARSHALL: Taps Joint Administrators from PwC
-------------------------------------------------
David James Bennett and Robert William Birchall of
PricewaterhouseCoopers LLP were appointed joint administrators
of G.H. Marshall Ltd. (Company Number 00490502) on Dec. 6.

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

The company can be reached at:

         G.H. Marshall Ltd.
         10 Carey Street
         Reading
         Berkshire
         RG1 7JT
         England
         Tel: 0118 959 5522
         Fax: 0118 958 5582
         Web site: http://www.ghmarshall.co.uk/


GAINSBOROUGH UK: Brings In Liquidators from Grant Thornton
----------------------------------------------------------
Andrew Hosking and Daniel Smith of Grant Thornton U.K. LLP were
appointed joint liquidators of Gainsborough U.K. Ltd. on Dec. 9
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         London
         NW1 2EP
         England


HERITAGE FURNISHINGS: Brings In KPMG as Administrators
------------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Heritage Furnishings Ltd.
(Company Number 06071980) on Dec. 11.

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

Headquartered in Leeds, England, Heritage Furnishings Ltd.
manufactures furniture.


IRON HILL: Moody's Rates US$14.84 Mln Class C Notes at (P)Ba3
-------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to two
classes of notes to be issued by Iron Hill CLO Limited:

   -- (P)Baa3 to the US$12,720,000 Class B Senior Secured
      Deferrable Floating Rate Notes due 2024; and

   -- (P)Ba3 to the US$14,841,000 Class C Senior Secured
      Deferrable Floating Rate Notes due 2024.

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

The notional amounts of the Class B Notes and the Class C Notes
correspond to EUR9 million and EUR10.5 million respectively;
their notional amount in US$ will depend on the US$ to EUR
exchange rate on the Closing Date and thus might deviate from
the above US$ notional amounts.

This transaction features the EUR166 million Class A-T Loan
which is a term loan, and the Class A-R Loan which is a revolver
loan.  Both Class A Loans will not be rated by Moody's. The
Class A-R Loan can be drawn either in Euro, GBP or US$ (up to
EUR86.463 million equivalent).  Initially, GBP/US$ drawings will
be used to purchase GBP/US$ denominated assets.  Should such
non-Euro assets default, GBP/US$ advances would not be fully
collateralised by GBP/US$ assets and therefore Euro proceeds may
need to be converted into GBP/US$ in order to redeem non-Euro
advances, thus creating a foreign exchange risk exposure.  This
currency risk is partially mitigated with foreign currency
options purchased by the Issuer at closing and has been
considered in Moody's analysis.  The proceeds from the issuance
of the Class B Notes and the Class C Notes will be used to
acquire US$ denominated assets with at least the same principal
amount as these proceeds.

This transaction is a leveraged loan collateralized loan
obligation related to a EUR300.5 million portfolio of mostly
European senior and mezzanine loans (with a predominance of
senior secured loans).  The investments may also include other
CLO tranches.  This portfolio will be partially acquired at
closing and ramped up during the four months ramp-up period in
compliance with portfolio guidelines.  Thereafter, the portfolio
of loans will be actively managed and the investment manager
will be able to buy or sell loans on behalf of the Issuer. Any
addition or removal of loans will be subject to a number of
portfolio criteria.  Guggenheim Partners Europe Limited will act
as investment manager. This is the first European leveraged loan
CLO managed by Guggenheim.

There are several events of default which could result in an
enforcement of the deal, including the Class A
overcollateralization ratio falling below 100%.  The calculation
of this ratio may involve application of several haircuts to the
numerator, including haircuts applied to reference obligations
acquired at a high discount or obligations rated less than B3.
This means that the calculated Class A OC ratio may fall below
100% and trigger an event of default, in cases under which the
actual collateral value of the portfolio exceeds the outstanding
principal balance of the Class A Loans.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction.  Upon a conclusive
review of the final versions of all the documents and legal
opinions, Moody's will endeavor to assign a definitive rating to
the transaction.  A definitive rating may differ from a
provisional rating.


J P WOOD: Joint Liquidators Take Over Operations
------------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
was appointed liquidator of J P Wood Manufacturing Jewellers
Ltd. on Dec. 13 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


KITCHENHAUS TRADING: Names Martin Dominic Pickard Liquidator
------------------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed liquidator of
Kitchenhaus Trading (Bedford) Ltd. on Dec. 11 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Sovereign Court
         Witan Gate
         Milton Keynes
         MK9 2HP
         England


LEVEL 3: Selling Advertising Distribution Unit for US$129 Mln
-------------------------------------------------------------
Level 3 Communications, Inc. has signed a definitive agreement
to sell the advertising distribution business of Vyvx LLC to DG
FastChannel, Inc.  Vyvx, LLC is a wholly owned subsidiary of
Level 3 Communications, LLC.  Under the terms of the agreement,
Level 3 will receive total consideration of US$129 million
payable in cash at closing. The purchase price is subject to
customary working capital and certain other post-closing
adjustments.  Revenue and Adjusted EBITDA for the Vyvx Services
Advertising Distribution Business for 2007 are expected to be
approximately US$36 million and US$11 million, respectively.

Level 3 will retain ownership of Vyvx, LLC and its core
broadcast business including all of the Vyvx Services Broadcast
Business' content distribution capabilities.  Level 3 will also
retain an ongoing network services relationship with DG
FastChannel, enabling DG FastChannel to distribute advertising
content between its regional offices.

"We are pleased that we have reached this agreement with DG
FastChannel," Brady Rafuse, president of Level 3's Content
Markets Group, said.  "The Vyvx Services Advertising
Distribution Business is not core to Level 3's strategy as it
relies primarily on satellite and physical dub and ship methods
for distribution and does not utilize the Level 3 network to
deliver content to end destinations.  We are focused on services
that enable the distribution of large volumes of content over
the Level 3 network.  Additionally, Level 3's core
communications services continue to grow and represent
attractive future growth opportunities.  The proceeds from the
sale of the Vyvx Services Advertising Distribution Business will
be deployed toward opportunities that are more central to Level
3's communications business."

The sale is subject to regulatory approvals as well as certain
other customary closing conditions, and is expected to close in
the first quarter of 2008.

Headquartered in Broomfield, Colorado, Level 3 Communications
Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an
international communications company.  The company provides a
comprehensive suite of services over its broadband fiber optic
network including Internet Protocol services, broadband
transport and infrastructure services, colocation services,
voice services and voice over IP services.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2007,
Fitch has upgraded Level 3 Communications, Inc. and its wholly
owned subsidiary Level 3 Financing, Inc.'s Issuer Default Rating
to 'B-' from 'CCC'.


LUCITE INT'L: Moody's Affirms B1 Rating on Improved Performance
---------------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating
of Lucite International Group Holdings at B1.

The outlook for the ratings of Lucite and its financial
subsidiaries has been changed to negative from stable.

Moody's affirmation of Lucite's corporate family rating reflects
the sound operating performance of the group for the first nine
months to Sept. 30, 2007, underpinned by volume growth and
improved pricing in the upstream business resulting in a 230bps
increase in EBITDA margin for the first nine months 2007
compared to the same period in 2006.  The operating performance,
however, was below expectation of the rating assigned at the
time of the refinancing with regard to EBITDA-margin and cash
flow.  The shortfall, moderate at this stage, was driven by
adverse raw material prices, which have not been entirely passed
on to customers and pressure on the downstream business.
Moody's notes that Lucite has only spent GBP61 million capex in
the first 9 months of 2007, which is less than half of the capex
estimated in the fiscal year 2006 financial statements and still
incurred a negative free cash flow in this period.

In addition, the change in the outlook to negative reflects the
agency's concern that the very recent surge in raw material
prices to unprecedented levels may, contrary to past experience,
have to be partially absorbed by Lucite itself as the end-
consumers have limited capacity to raise prices. Further, the
issuer has strong exposure to the U.S. market (40% of revenues)
and especially to the weak housing and construction markets
which creates challenges for margin improvements in 2008.

Lucite is a world leading producer of methyl methacrylate with a
total annual production capacity of 700,000 tons and a market
share of 25%. Lucite reported revenues of GBP822 million and an
EBITDA of GBP100 million in 2006.


MMP LEISURE: J. M. Titley Leads Liquidation Procedure
-----------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
MMP Leisure Ltd. on Dec. 13 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


MONITOR OFFSHORE: Taps Ernst & Young to Administer Assets
---------------------------------------------------------
A.J. Davison and C.P. Dempster of Ernst & Young LLP were
appointed joint administrators of Monitor Offshore Systems Ltd.
(Company Number 05673081) on Dec. 7.

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.

Headquartered in London, England, Monitor Offshore Systems Ltd.
Provides consultancy services and expertise in the design,
technical innovation, and implementation of subsea engineering
projects.


MONITOR OIL: Reacts Against Bondholder's Case Dismissal Plea
------------------------------------------------------------
Monitor Oil PLC and its debtor-affiliates, together with Credit
Suisse, opposes the request of the Ad Hoc Committee of
Bondholders seeking to dismiss the Debtors' Chapter 11 cases in
the U.S.

As reported in the Troubled Company Reporter on Dec. 6, 2007,
bondholders holding claims aggregating US$50 million asked the
Honorable Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York to dismiss the Chapter 11 cases of
the Debtors, in order for their insolvency cases in Britain and
the Cayman Islands to proceed.

According to the bondholders, the Debtors have no operations in
the United States since their headquarters are located in London
while the oil drilling business is on the North Sea.  The
bondholders explained that by dismissing the U.S. case, it would
be cheaper and more efficient for Ernst & Young, the court-
appointed monitor, to oversee the cases.

                    Bondholders' Benefit Only

Debtors' counsel Michael Foreman, Esq., at Dorsey & Whitney LLC,
says that the bondholders' request summarily asks the Court to
exercise a rarely used, extraordinary remedy and dismiss the
Debtors' U.S. filing, in favor of an involuntary liquidation
proceeding that is either merely at the filing stage (Cayman
Islands') or that has not even begun (proposed U.K. proceeding).

The suggestion by the bondholders that abstention would be in
the best interests of the Debtors and creditors is contrary to
the considered business judmgent of the Debtors and the
interests of all the creditors.

The bondholders' motion and their discovery requests "are yet
another bomb in an inter-creditor fight between the bondholders
and certain other creditors that has more to do with the
bondholders seeking to secure and alternative forum and
insolvency proceeding... to gain an advantage for themselves
without regard for the interests of the Debtors or creditors as
[sic] whole," laments Mr. Foreman.

"Even worse," Mr. Foreman continues, "the Bondholders insist
that this U.S. proceeding that is already underway, be
dismissed... despite the fact that most of the bondholders have
a U.S. presence, and over 60 percent of the bond value
represented by the [bondholder] committee is owned by U.S.
bondholders."

        Bondholders Mislead the Court, Credit Suisse Says

Credit Suisse, on behalf of the Debtors' largest creditor group
-- the second lien lenders -- argues in essence that the
bondholders' request is a self-serving and disingenuous work
whose sole purpose is to avoid the effects of the U.S.
Bankruptcy Codes' claims scheme and avoidance powers.

Credit Suisse counsel Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, contends that the relief the bondholders seek is for
the sole benefit of one subset of creditors, and is contrary to
the Debtors' judgment and the interest of all creditors.  He
says that the bondholders completely mislead the Court about the
facts, law, and their motives for seeking dismissal.

Mr. Waisman confirms the fact that a substantial majority of the
bondholders have a U.S. presence.

"It is not the location of the assets or the place of Monitor
PLC's record office that the bondholders truly care about...
Rather, they are unhappy because they believe that under U.S.
bankruptcy law, their recovery vis-a-vis other creditors of
Monitor PLC would be smaller than it might be in another
jurisdiction," Mr. Waisman argues.

He explains to the Court that the bondholders fail to
acknowledge one motive for the Debtors' bankruptcy filing -- to
preserve valuable contract rights.  The powers available unders
Section 365 of the Bankruptcy Code are simply not available in
the bondholders' preferred jurisdictions.  "The bondholders do
not care about maximizing the value of the estate for all
creditors by preserving valuable assets; they only care about
their absolute recovery," he complains.

According to Mr. Waisman, the bondholders allegedly commenced a
proceeding in a jurisdiction that did not require advanced
notice -- the Cayman Islands -- once they realized that they
would be unable to convince the Debtors to cede to their
pressure.  He relates that the bondholders were not able to
appoint liquidators and serve a petition at Cayman Islands, and
as a result, the Cayman Islands filing was of no effect.  Still,
the bondholders asked the Court to dismiss the U.S. proceeding
in favor of the unsuccessful proceeding.

Mr. Waisman tells the Court that it had been misled to abstain
in favor of a U.K. proceeding when, in fact, there was no U.K.
proceeding for Monitor PLC at all.  He attests that not a single
document has been filed in relation to an insolvency proceeding
for the Debtor in the U.K.

"Knowing that full well," he relates, "the bondholders harp on
the existence of a Scottish administration of a non-debtor-
affiliate of Monitor PLC in an attempt to confuse the issue.
Perhaps they hope that by mentioning it enough times, the Court
will start to believe that Monitor PLC is in a proceeding in the
U.K., but simply saying something often enough does not make it
true."

                        About Monitor Oil

Monitor Oil, P.L.C. -- http://www.monitoroil.com/-- provides
oil and gas production solutions, offshore services and
engineering services.  The company and two of its affiliates,
Monitor Single Lift 1, Ltd., and Monitor U.S. FinCo, Inc., filed
for Chapter 11 Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case
No. 07-13709).  Eric Lopez Schnabel, Esq., at Dorsey & Whitney,
L.L.P., represents the Debtor.  As of June 30, 2007, the company
disclosed total assets of US$130,000,000 and total debts of
US$247,800,000.


MORELLE SUPPLIES: Brings In Administrators from Mazars
------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Morelle Supplies Ltd. (Company Number
04252604) on Dec. 6.

Mazars -- http://www.mazars.com/-- provides in audit,
accounting, tax and advisory services.

The company can be reached at:

         Morelle Supplies Ltd.
         Branxholme Estate
         Bradford Road
         Brighouse
         West Yorkshire
         HD6 4EA
         England
         Tel: 01484 715 003
         Fax: 01484 715 004


P.D.C. INTERNATIONAL: Appoints Menzies as Joint Administrators
--------------------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of P.D.C.
International Ltd. (Company Number 02281290) on Dec. 11.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

         P.D.C. International Ltd.
         1 Church Lane
         East Grinstead
         West Sussex
         RH19 3AZ
         England
         Tel: 01342 315 321
         Fax: 01342 327 117


R.A.E. WOOD: Calls In Liquidators from Vantis Business Recovery
---------------------------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of R.A.E. Wood Ltd. (formerly
Lionel Rogers Ltd.) on Dec. 13 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


SCO GROUP: Names Jeff Hunsaker as Pres. & COO of SCO Operations
---------------------------------------------------------------
The SCO Group, Inc. has appointed Jeff Hunsaker to President and
Chief Operating Officer of SCO Operations, effective
immediately.  Mr. Hunsaker will report directly to Darl McBride,
President and Chief Executive Officer of The SCO Group.

"For the past two years, Jeff has spearheaded the mobile
business unit at SCO bringing a number of exciting mobile
products to market," said SCO Group CEO, Mr. McBride.  "He has
also spent several years running our UNIX operations and
worldwide sales organization, which gives him a unique blend of
expertise with our core UNIX business and our growing mobile
operations.  His results-driven leadership style, combined with
his strong emphasis on customer service, will prove invaluable
in the growth of SCO's next-level business."

Previously, Mr. Hunsaker was the General Manager and Senior
Vice-President of SCO's mobile business.  Before that, Mr.
Hunsaker spent over seven years in SCO's UNIX business, serving
as Senior Vice-President of worldwide sales, Senior Vice-
President of worldwide marketing and Senior Vice-
President/General Manager of the UNIX division.  Prior to
joining the company in 2000, Mr. Hunsaker worked for several
high-tech companies, including Baan Corporation, Corel
Corporation, Novell Inc., and WordPerfect Corporation.

"We are at a crossroads for the company and I am pleased to work
with Darl and the management team to drive our UNIX and mobile
businesses forward," said President and COO of SCO Operations,
Mr. Hunsaker.  "SCO has a strong history of providing
unparalleled stability and reliability with its UNIX platform of
products.  We will continue to provide UNIX upgrades to the
market by listening to the needs and requirements of our
customers; we will also continue to develop innovative mobile
applications for consumers and business professionals alike."

Former president of SCO Operations, Sandy Gupta, has left the
company to pursue other opportunities.  The company thanks Mr.
Gupta for his many contributions and years of service.

                          About SCO

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

                        *     *     *

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.


SOUTH WEST: Taps Liquidator from Bishop Fleming
-----------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
liquidator of South West Mountain Board Centre Ltd. (formerly
South West Boarding Centre Ltd.) on Dec. 12 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Bishop Fleming
         Stratus House
         Emperor Way
         Exeter Business Park
         Exeter
         EX1 3QS
         England


VENSON GROUP: Appoints Liquidators from Grant Thornton
------------------------------------------------------
Nicholas Wood and Martin Ellis of Grant Thornton U.K. LLP were
appointed joint liquidators of Venson Group plc (formerly Venson
Group Ltd. and Crosscatch Enterprises Ltd.) on Dec. 8 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         London
         NW1 2EP
         England


VENSON PUBLIC: Hires Liquidators from Grant Thornton
----------------------------------------------------
Nicholas Wood and Martin Ellis of Grant Thornton U.K. LLP was
appointed liquidator of Venson Public Sector Ltd. (formerly
Avondean Ltd.) on Dec. 8 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         London
         NW1 2EP
         England


VIRGIN MEDIA: Names Charles Gallagher as Senior VP-Finance
----------------------------------------------------------
Charles Gallagher, a director of Virgin Media Inc., has resigned
from the company's board of directors and will join the
executive management team as senior vice president-finance.
George Zoffinger has succeeded Mr. Gallagher as chairman of the
audit committee.  Edwin Banks has also joined the audit
committee as an additional member.

In his new role, Mr. Gallagher will focus on providing senior
finance support on the operational side, in particular at the
division level, with a view to enhancing the effective
implementation of Virgin Media's strategic priorities.  He will
take up his new position in January and report to Jacques
Kerrest, Virgin Media's chief financial officer, who has signed
a new agreement extending his existing contract to Dec. 31,
2008.

                        About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As reported in the TCR-Europe on Nov. 19, 2007, Standard &
Poor's Ratings Services affirmed its 'B+' corporate credit
rating on U.K.-based telecommunications provider Virgin Media
Inc. and related entities.  The ratings were also removed
from CreditWatch with negative implications where they were
placed on July 3, 2007.  The outlook is stable.

In August 2007 Moody's Investors Service changed the outlook on
the ratings of Virgin Media Inc. to negative from stable.

The ratings affected are:

Virgin Media Inc.

   -- Corporate Family Rating at Ba3

Virgin Media Investment Holdings Ltd.

   -- Tranches A / B senior secured facility at Ba2

   -- Trance C second lien facility at B2

Virgin Media Finance plc.

   -- Senior notes at B2

In April 2007, in connection with the implementation of Moody's
Investors Service's new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa, the rating agency confirmed its Ba3 Corporate Family
Rating for Virgin Media Inc.

Moody's also assigned a Ba3 Probability-of-Default Rating to the
company.


VISIOCORP PLC: Moody's May lifts Ca Rating After Review
-------------------------------------------------------
Moody's Investors Service placed under review for possible
upgrade the Ca corporate family rating of Visiocorp plc (fka
Schefenacker plc) as a consequence of the refinancing undergone
in May 2007 and a stabilizing business outlook.

"The successful financial restructuring this year as well as
management's plans to extract increasing margins out of stable
business volumes has clearly improved the credit profile of the
company and resulted in upward pressure on the rating," Rainer
Neidnig, lead analyst at Moody's for Visiocorp, said.  While we
see near-term upgrade potential into the low single-B category,
an upgrade to this rating level during the first half of 2008
would require the receipt of audited financial statements for
2007 documenting (i) a stabilization of business volumes and
operating performance, (ii) a financial leverage below 6x Debt-
to-EBITDA and (iii) improving financial flexibility on the back
of the confirmed support of the company's key stakeholders."

The financial restructuring process undergone earlier this year
resulted in a reduction of financial debt from previously over
EUR400 million to EUR290 million and the separation of the
company's lighting activities.  The remaining group was renamed
Visiocorp and will focus on interior and exterior mirrors. Cash
interest payments under the new financing structure more than
halved to app. EUR17 million.  While the refinancing improved
the financial profile, Moody's notes that the company's
financial arrangements have been finely tailored to its business
plan, leaving limited room for material cash flow shortfalls.

Headquartered in the United Kingdom, Visiocorp plc is a leading
privately owned Tier 1 automotive supplier of interior and
exterior mirrors.  For fiscal 2007, the company targets revenues
of more than EUR800 million.


WATERROSE LTD: Appoints Joint Administrators from BDO Stoy
----------------------------------------------------------
Beverley Jayne Marsh and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Waterrose Ltd. (Company
Number 02083267) on Dec. 6.

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

The company can be reached at:

         Waterrose Ltd.
         31 St. Johns Street
         Leicester
         Leicestershire
         LE1 3WL
         England
         Tel: 0116 251 2838
         Fax: 0116 251 6463


WATERSIDE MANOR: Appoints M. C. Bowker as Liquidator
----------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Waterside Manor Ltd. on for the creditors' voluntary winding-up
procedure proceeding.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


WSG REALISATIONS: Brings In Liquidators from Menzies
-----------------------------------------------------
Andrew John Duncan and Paul Clark of Menzies Corporate
Restructuring were appointed joint liquidators of WSG
Realisations 2007 Ltd. (formerly Ward Security Group Ltd., Ward
Security Ltd., Quick Key Ltd., The Kings Hill Group Ltd.) on
Dec. 12 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


* BOOK REVIEW: How to Measure Managerial Performance
----------------------------------------------------
Author:     Richard S. Sloma
Publisher:  Beard Books
Paperback:  272 pages
List Price: $34.95


Order your personal copy at

http://amazon.com/exec/obidos/ASIN/1893122646/internetbankrupt

How to Measure Managerial Performance by Richard S. Sloma is a
valuable reference tool.  This practical handbook provides new
insights into enterprising management techniques.

This book is a compendium of principles and techniques to
improve and measure managerial performance in a number of areas
important to the successful operation of a business.

Rigorous application of the concepts of this instructive book
will enable an organization to perform at several levels higher
in efficiency and effectiveness.

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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.

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

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

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

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

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

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


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