TCREUR_Public/071226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, December 26, 2007, Vol. 8, No. 254

                            Headlines


A U S T R I A

CONCORDIA TRUST: Claims Registration Period Ends Jan. 2, 2008
DAT DORFMAYR: St. Poelten Court Orders Business Shutdown
F.T.K. OBJEKTBETREUUNG: Claims Registration Ends Jan. 27, 2008
FSF SPENGLEREI: Claims Registration Period Ends Dec. 27
ING. MALEKZADEH: Vienna Court Orders Business Shutdown

TOTAL BAU: Claims Registration Period Ends Dec. 31
WANTED HANDEL: Claims Registration Period Ends Jan. 3, 2008


B E L G I U M

CHEMTURA CORP: S&P Puts BB+ Rating Under Developing CreditWatch
CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan


D E N M A R K
NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement


F I N L A N D

HILTON HOTELS: Unit Names Joseph Palmieri as General Manager


F R A N C E

MTI TECHNOLOGY: Court OKs Winthrop as Panel's Insolvency Counsel
MTI TECHNOLOGY: Sells European Assets to Copper for US$7.2 Mln


G E R M A N Y

AGNI WARME-UND: Claims Registration Period Ends Feb. 18, 2008
ATA BAU GMBH: Claims Registration Period Ends Jan. 17, 2008
CHRISTOPH MASSIVHAUS: Claims Registration Ends Jan. 8, 2008
DELOG DEZENTRAL: Claims Registration Ends January 18, 2008
GOC PARK-KLINIK: Claims Registration Period Ends Jan. 8, 2008

HARTLAGE FRISEURBETRIEBE: Claims Registration Ends Jan. 16, 2008
HSB NORD: Creditors' Meeting Slated for Jan. 25, 2008
INLOC GMBH: Claims Registration Ends December 31
M+S SCHULZ: Claims Registration Period Ends Jan. 8, 2008
MALER WIEKHORST: Claims Registration Ends January 18, 2008

PHOENIX KAPITALDIENST: EdW to Pay EUR30 Million Initial Damages
PHOTOSTUDIO BACHMANN: Claims Period Ends Jan. 1, 2008
PUETZ-CONTEC VERWALTUNGS: Claims Registration Ends December 28
RENTHAUS GRUNDSTUECKS: Claims Registration Ends Jan. 16, 2008
RIMPLER GMBH: Creditors' Meeting Slated for Jan. 14, 2008

TAURUS IMMOBILIEN: Claims Registration Period Ends Feb. 13, 2008
TEXTILKUNST HERBERT: Claims Period Ends Jan. 7, 2008
WIESE GMBH: Claims Registration Ends January 18, 2008
WILLI SCHULTZE: Creditors' Meeting Slated for Jan. 9, 2008

* Corporate Bankruptcy Filing Down 15.8% for September 2007


I R E L A N D

INTERNATIONAL SECURITIES: Court Names John McStay as Examiner
LIGHTPOINT PAN-EUROPEAN: Moody's Rates EUR13 Mln Notes at Ba3
SANMINA-SCI: Weak Performance Cues Moody's to Cut Rating to B1


I T A L Y

BERICA 6: Moody's Lowers Class D Notes Rating to B1
GOODYEAR TIRE: Jean-Claude Kihn Replaces Joseph Gingo as Sr. VP
PARMALAT SPA: Allocated Shares Hikes Capital by EUR301,768


K A Z A K H S T A N

ART PARTNER: Proof of Claim Deadline Slated for Jan. 18, 2008
CYR KAZAKHSTAN: Creditors Must File Claims by Jan. 18, 2008
ENERGOPROMCOMPLECT-PV LLP: Claims Period Ends Jan. 18, 2008
HAEDONG KAZAKHSTAN: Creditors' Claims Due on Jan. 18, 2008
HALVAI-L LLP: Claims Registration Ends Jan. 18, 2008

POKROVSKOYE LLP: Claims Deadline Slated for Jan. 18, 2008
SEVAGROLEASING LLP: Creditors Must File Claims by Jan. 18, 2008
SUNTOUR LLP: Claims Filing Period Ends Jan. 18, 2008
UNIVERSAL-SODEKSO EUROASIA: Claims Due on Jan. 18, 2008


K Y R G Y Z S T A N

MAFKO LTD: Creditors Must File Claims by January 23, 2008


N E T H E R L A N D S

SYNIVERSE TECHNOLOGIES: Completes BSG Wireless Acquisition


R U S S I A

BRYUKHOVETSKOYE AMELIORATORY: Court Hearing Slated for March 24
FRUIT WATER: Court Starts Competitive Proceedings
PETERSBURG SOCIAL: Fitch Revise Ratings to Junk on Scale Change
POLYMERCONSTRUCTIONMATERIALS: Claims Filing Ends Jan. 24, 2008
ROSNEFT OIL: Vankor Site Operations to Start as Planned

SISTEMA-HALS: Sells 50% Stake in 13 Kostyansky to MIRAX
STROYMASHPROKAT OJSC: Court Starts Competitive Proceedings
TNK-BP HOLDING: Wants to Close Kovykta Sale by 1st Quarter 2008

* Moody's Assigns Ba2 Rating to Krai of Krasnoyarsk


S P A I N

RURALPYME 3: Moody's Junks EUR30 Million Series E Notes


S W I T Z E R L A N D

CAREER CENTER: Zurich Court Closes Bankruptcy Proceedings
CHIQUET-ENERGIETECHNIK: Creditors Must File Claims by Dec. 31
BMS MEXICO: Creditors' Liquidation Claims Due by December 31
DOMUSMEA C: Creditors' Liquidation Claims Due by December 31
EDWARD KING: Aargau Court Starts Bankruptcy Proceedings

FOOD-CORNER MITCH: Lucerne Court Starts Bankruptcy Proceedings
I.L. GASTRO: Zurich Court Closes Bankruptcy Proceedings
IKI JSC: Creditors' Liquidation Claims Due by December 31
KULTURIJA LLC: Lucerne Court Starts Bankruptcy Proceedings
WABE LLC: Creditors' Liquidation Claims Due by December 31

U K R A I N E

AGROINVEST LLC: Proofs of Claim Filing Deadline Set December 28
BOLSHEVIK OJSC: Creditors Must File Claims by December 28
BREADPRODUCTS PLANT: Proofs of Claim Filing Deadline Set Dec. 28
KROK: Creditors Must File Claims by December 28
SOSNOVSKOYE LLC: Creditors Must File Claims by December 28

VISHNEVOYE LLC: Creditors Must File Claims by December 28
VOSTOCHNOYE LLC: Proofs of Claim Filing Deadline Set December 28


U N I T E D   K I N G D O M

ACTUANT CORP: Earns US$27.4 Mil. in First Quarter Ended Nov. 30
ALPINE SHEET: Brings In Liquidators from KPMG
BREEZE FINANCE: Tax Law Changes Cues S&P's Watch on BB- Ratings
BRITISH ENERGY: Fitch Affirms BB+ on Plant Life Extension
CASTLE TYRES: Calls In Liquidators from Tenon Recovery

ELLIS KERR: Taps Liquidators from BDO Stoy Hayward
EUROPOWER LTD: Names Joint Administrators from Deloitte
GENERAL MOTORS: Inks Pact with Navistar on Medium Duty Truck Biz
GOYA MUSIC: Claims Filing Period Ends February 8, 2008
LEGEND ENGINEERING: Appoints Liquidator from Deloitte & Touche

LEVEL 3: Selling Advertising Distribution Unit for US$129 Mln
NASDAQ STOCK: Holders Okay Issuance of 60,561,515 Common Stock
NEWGATE FUNDING: Moody's Rates GBP11.5 Mln Class E Notes at Ba3
NUANCE COMM: Prices Public Offering of Seven Mil. Common Shares
PEARL FITTINGS: Brings In Administrators from Deloitte

PIPE HOLDINGS 2: Moody's Confirms B2 Corporate Family Rating
SEA FORT: Fitch Rates EUR15 Million Class E Notes at BB
TRENDY PLUMBING: Names Samuel Jonathan Talby Liquidator
UNI-DOK LTD: Appoints Joint Administrators from Menzies


                            *********

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


CONCORDIA TRUST: Claims Registration Period Ends Jan. 2, 2008
-------------------------------------------------------------
Creditors owed money by LLC Concordia Trust Management (FN
212463x) have until Jan. 2, 2008, to file written proofs of
claim to court-appointed estate administrator Kurt Freyler at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 8 (Bankr. Case No. 2 S 153/07y).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


DAT DORFMAYR: St. Poelten Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of St. Poelten  entered Nov. 8 an order shutting
down the business of LLC DAT Dorfmayr Anlagen Technik (FN
224686x).

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

The estate administrator can be reached at:

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

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


F.T.K. OBJEKTBETREUUNG: Claims Registration Ends Jan. 27, 2008
--------------------------------------------------------------
Creditors owed money by LLC F.T.K. Objektbetreuung (FN 257352i)
have until Jan. 27, 2008, to file written proofs of claim to
court-appointed estate administrator Erwin Senoner at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Jan. 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 8 (Bankr. Case No. 4 S 131/07b).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.


FSF SPENGLEREI: Claims Registration Period Ends Dec. 27
-------------------------------------------------------
Creditors owed money by LLC FSF Spenglerei Dachdeckerei (FN
255193i) have until Dec. 27 to file written proofs of claim to
court-appointed estate administrator Raoul Wagner at:

         Dr. Raoul Wagner
         Rathausstrasse 15/4
         1010 Vienna
         Tel: 405 33 82
         Fax: 408 84 67
         E-mail: office@hopmeier.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 8 (Bankr. Case No. 4 S 130/07f).


ING. MALEKZADEH: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna  entered Nov. 6 an order shutting down
the business of  LLC Ing. Malekzadeh Bau und Planung (FN
233282m).

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

The estate administrator can be reached at:

         Mag. Michael Neuhauser
         Dr. Christof Stapf
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333-55
         E-mail: wien@snwlaw.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 29 (Bankr. Case No 3 S 140/07v).  Christof Stapf
represents Mag. Neuhauser in the bankruptcy proceedings.


TOTAL BAU: Claims Registration Period Ends Dec. 31
--------------------------------------------------
Creditors owed money by LLC TOTAL Bau (FN 207844d) have until
Dec. 31 to file written proofs of claim to court-appointed
estate administrator Wolfgang Gerhard Zorn at:

         Dr. Wolfgang Gerhard Zorn
         Weihburggasse 4/22
         1010 Vienna
         Austria
         Tel: 533 66 61-0
         Fax: 533 66 61 92
         E-mail: office@gnbz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Jan. 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 8 (Bankr. Case No. 28 S 130/07g).


WANTED HANDEL: Claims Registration Period Ends Jan. 3, 2008
-----------------------------------------------------------
Creditors owed money by LLC Wanted Handel (FN 247974v) have
until Jan. 3, 2008, to file written proofs of claim to court-
appointed estate administrator Beate Holper at:

         Mag. Beate Holper
         c/o Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 17, 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. 7 (Bankr. Case No. 5 S 130/07p).  Susi Pariasek
represents Mag. Holper in the bankruptcy proceedings.


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


CHEMTURA CORP: S&P Puts BB+ Rating Under Developing CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and senior unsecured debt ratings of Chemtura Corp. on
CreditWatch with developing implications, following the recent
announcement that management is considering strategic
alternatives, including sale or merger of the company.
Alternatives under consideration also include select business
divestitures, acquisitions, or changes to its capital structure.

The CreditWatch with developing implications means S&P could
raise, lower, or affirm the ratings, depending on management's
actions.  Chemtura's diversified portfolio of specialty and
industrial chemical businesses (generating annual revenues of
roughly US$3.7 billion) presents management with a range of
options.

"We would lower the ratings if a leveraged buyout of the firm
were to occur or if management was unable to find an interested
buyer for the entire business and Chemtura's credit fundamentals
deteriorated during this review process," said Standard & Poor's
credit analyst Mr. Wesley E. Chinn. "Conversely, we would raise
the ratings if a substantially stronger entity acquired
Chemtura, but this does not appear to have a high probability."

Management could continue to sell assets and use proceeds for
debt reduction as well as share repurchases, but the business
profile would suffer.  Currently, S&P views the direction of
credit quality as having a significantly greater bias on the
downside versus upside prospects.

This announcement, which throws into question management's
intermediate-term financial policies, occurs at a time when the
company's credit quality metrics, including the key funds from
operations to adjusted debt ratio, are substandard for the
current ratings.  Recent overall earnings were disappointing and
debt reduction for 2007 will be less-than-expected.

S&P expects the ratio of funds from operations to adjusted debt
to finish 2007 at less than 20%, versus the 25% target.  Cost-
cutting initiatives and the divestiture of noncore operations
are near-term positives for earnings and operating margins.  On
the other hand, challenging conditions in the polymer additives
business, elevated raw material costs, and other factors viewed
against the backdrop of Chemtura's aggressive debt load could
constrain to a meaningful extent the anticipated strengthening
of financial measures during 2008.

S&P will resolve the CreditWatch when information becomes
available regarding the company's plans, including any potential
change in ownership that would result from management's review
of possible transactions.


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.


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


NORTEL NETWORKS: Sues Vonage Holdings for Patent Infringement
-------------------------------------------------------------
Nortel Networks Corp. sued Vonage Holdings Corp. alleging
infringement on 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 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.


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


HILTON HOTELS: Unit Names Joseph Palmieri as General Manager
------------------------------------------------------------
Hilton Americas-Houston, a flagship property of Hilton Hotels
Corporation, has appointed Joseph Palmieri as its General
Manager of the 1200 Room.

In this capacity he will oversee all
aspects of the hotel's operation.  Mr. Palmieri joins the Hilton
Americas-Houston from the Hilton Lincoln Centre in Dallas, Texas
where he has served as General Manager since 1989.  In his new
role he will report to Andrew Slater, Area Vice President of
Hilton Hotels Corporation.

Mr. Palmieri brings 33 years of managerial experience to his new
role.  While serving as General Manager of the Hilton Lincoln
Centre Palmieri concurrently held the position of Area Vice
President of Operations for Hilton Hotels Corporation from 1994
to 2000 and again from 2002-2003.  In this capacity he was
responsible for the operation of 15 hotels in the Southwestern
United States.  Between 2000 and 2002 Palmieri concurrently
served as Regional Vice President of Operations for Hilton
Hotels Corporation, which increased the number of hotels under
his operational direction to 32 properties.  Previously, Mr.
Palmieri also served as General Manager of the Doubletree Park
West hotel in Dallas as well as the Stouffer Concourse Hotel in
Denver, Colorado.

Long active in Dallas industry and community affairs Palmieri
has held several prominent positions including President and
Chairman of the Dallas Hotel/Motel Association as well as a
member of the Board of Directors of the Dallas Convention and
Visitors Bureau and a member of the Board of Directors of the
Texas Hotel/Motel Association.  In 2006, he was named General
Manager of the Year for Dallas by Where Magazine and in 2007 he
was named General Manager of the Year by the Greater Dallas
Hotel/Motel Association.

Mr. Palmieri is a native of Pittsburgh, Pennsylvania. He holds a
degree in Hotel Management from the University of Nevada at Las
Vegas and has also participated in the postgraduate General
Managers program at Cornell University.

Connected to the George R. Brown Convention Center on two floors
by a double-deck skywalk, the Hilton Americas-Houston's prime
location is steps away from downtown Houston's Toyota Center,
The Park Shopping Mall and Minute Maid Park.  Just minutes away
from the hotel are Houston's renowned Theater District, the
Bayou Place entertainment complex, Reliant Stadium and the
cultural museum corridor.  The Hilton Americas-Houston is easily
accessible-just 15 minutes from Hobby Airport and 30 minutes
from Bush Intercontinental Airport.

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


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


MTI TECHNOLOGY: Court OKs Winthrop as Panel's Insolvency Counsel
----------------------------------------------------------------
The United States Bankruptcy Court for the Central District
of California authorized the Official Committee of Unsecured
Creditors appointed for MTI Technology Corporation's bankruptcy
case to retain Winthrop Couchot Professional Corporation as its
general insolvency counsel.

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Winthrop Couchot, as the Committee's general insolvency counsel,
is expected to:

   a) provide the Committee legal advice with respect to its
      duties, responsibilities and powers in the Debtor's
      bankruptcy case;

   b) assist the Committee in investigating the acts, conduct,
      assets, liabilities and financial condition of the Debtor
      and its insiders and affiliates;

   c) provide the Committee legal advice and representation with
      respect to the negotiation, confirmation and
      implementation of a Chapter 11 plan;

   d) provide the Committee legal advice with respect to the
      administration of the Debtor's case, the distribution of
      the Debtor's assets, the prosecution of claims against
      third parties, and any other matters relevant to the
      Debtor's case;

   e) provide the Committee legal advice and representation, if
      appropriate, with respect to the appointment of a trustee
      or examiner; and

   f) provide the Committee legal advice and representation in
      any legal proceeding, whether adversary or otherwise,
      involving the interest represented by the Committee, and
      the performance of other legal services as may be required
      by the Committee in furtherance of the interests of
      general unsecured creditors in the Debtor's case.

The firm's professionals and their compensation rates are:

      Attorney                      Hourly Rate
      --------                      -----------
      Marc J. Winthrop, Esq.           US$565
      Robert E. Opera, Esq.            US$550
      Sean A. Okeefe, Esq.             US$550
      Paul J. Couchot, Esq.            US$525
      Richard H. Golubow, Esq.         US$395
      Peter W. Lianides, Esq.          US$395
      Garrick A. Hollander, Esq.       US$375

      Legal Assistants              Hourly Rate
      ----------------              -----------
      P.J. Marksbury                   US$190
      Legal Assistant Associates     US$80 - US$150

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

Mr. Opera can be reached at:

     Robert E. Opera, Esq.
     Winthrop Couchot Professional Corporation
     660 Newport Center Drive, 4th Floor
     Newprot Beach, CA 92660
     Tel: (949) 720-4100
     Fax: (949) 720-4111
     http://www.winthropcouchot.com/

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

The company filed for Chapter 11 protection on Oct. 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  Omni Management Group LLC serve as the Debtor's claim,
noticing and balloting agent.  The U.S. Trustee for Region 16
have appointed nine creditors to serve on an Official Committee
of Unsecured Creditors in the Debtor's case.

As of July 7, 2007, the Debtor had total assets of US$64,002,000
and total debts of US$58,840,000.

The Debtor's US$5 million postpetition facility from Zinc
Holdings LLC will mature on Friday Dec. 21, 2007, as reported in
the Troubled Company Reporter on Nov. 20, 2007.


MTI TECHNOLOGY: Sells European Assets to Copper for US$7.2 Mln
--------------------------------------------------------------
The Honorable Erithe A. Smith of the United States Bankruptcy
Court for the Central District of California authorized MTI
Technology Corporation to sell its European operating
subsidiaries to Copper Holdings LLC for US$7,275,000, free and
clear of all liens, claims and interests.

As previously reported, the Debtor has reached a definitive
agreement dated Oct. 15, 2007, with Zinc Holdings LLC, as the
stalking horse bidder, to acquire the Debtor's European
operating subsidiaries for approximately US$5.5 million cash at
closing.

The Debtor says that the proceeds from the sale will be paid to
its unsecured creditors.  Its inability to continue its ongoing
operations mandate a sale of its assets, according to the
Debtor.

The Debtor have agreed to pay Zinc Holdings US$175,000 break-up
fee, and expense reimbursement of up to US$150,000.

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

The company filed for Chapter 11 protection on Oct. 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  Omni Management Group LLC serve as the Debtor's claim,
noticing and balloting agent.  The U.S. Trustee for Region 16
have appointed nine creditors to serve on an Official Committee
of Unsecured Creditors in the Debtor's case.

As of July 7, 2007, the Debtor had total assets of US$64,002,000
and total debts of US$58,840,000.

The Debtor's US$5 million postpetition facility from Zinc
Holdings LLC will mature on Dec. 21, 2007, as reported in the
Troubled Company Reporter on Nov. 20, 2007.


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


AGNI WARME-UND: Claims Registration Period Ends Feb. 18, 2008
-------------------------------------------------------------
Creditors of AGNI Warme-und Werkstofftechnik GmbH have until
AGNI Warme-und Werkstofftechnik GmbH to register their claims
with court-appointed insolvency manager Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Frank Wiedemann
         Eupener Str. 181
         52066 Aachen
         Germany
         Tel: 0241/6052800
         Fax: 0241/6052799

The District Court of Aachen opened bankruptcy proceedings
against AGNI Warme-und Werkstofftechnik GmbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          AGNI Warme-und Werkstofftechnik GmbH
          Neuhausstr. 4-10
          52078 Aachen
          Germany


ATA BAU GMBH: Claims Registration Period Ends Jan. 17, 2008
-----------------------------------------------------------
Creditors of ATA Bau GmbH have until Jan. 17, 2008, to register
their claims with court-appointed insolvency manager Rainer U.
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rainer U. Mueller
         Schiesststtenstr. 15
         86159 Augsburg
         Germany

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

The Debtor can be reached at:

         ATA Bau GmbH
         Liebenauer Str. 3a
         86343 Koenigsbrunn
         Germany


CHRISTOPH MASSIVHAUS: Claims Registration Ends Jan. 8, 2008
-----------------------------------------------------------
Creditors of Christoph Massivhaus Beteiligungsgesellschaft mbH
have until Jan. 8, 2008, to register their claims with court-
appointed insolvency manager Berend Boehme.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Jan. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         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:

         Berend Boehme
         Muehlenstrasse 49
         49377 Vechta
         Germany
         Tel: 04441 92645-0
         Fax: 04441 92645-1
         E-Mail: vechta@oelb.de

The District Court of Vechta opened bankruptcy proceedings
against Christoph Massivhaus Beteiligungsgesellschaft mbH on
Dec. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Christoph Massivhaus Beteiligungsgesellschaft mbH
         Trichterbecherweg 3
         49429 Visbek
         Germany

         Attn: Christian Otto, Manager
         Brahmstr. 5 A
         26219 Boesel
         Germany


DELOG DEZENTRAL: Claims Registration Ends January 18, 2008
----------------------------------------------------------
Creditors of DeLoG Dezentrale Logistik Dienstleistungs GmbH have
until Jan. 18, 2008, to register their claims with court-
appointed insolvency manager Dr. Peter Naarmann.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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. Peter Naarmann
         Dresdner Strasse 86
         09130 Chemnitz
         Germany
         Tel: (0371) 444390
         Fax: (0371) 4443911
         E-mail: info-ch@mne-insolvenzbuero.de

The District Court of Chemnitz opened bankruptcy proceedings
against DeLoG Dezentrale Logistik Dienstleistungs GmbH on Dec.
3.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         DeLoG Dezentrale Logistik Dienstleistungs GmbH
         Attn: Ilo Dewes, Manager
         Weststr. 43
         09112 Chemnitz
         Germany


GOC PARK-KLINIK: Claims Registration Period Ends Jan. 8, 2008
-------------------------------------------------------------
Creditors of GOC Park-Klinik GmbH & Co. KG have until
Jan. 8, 2008, to register their claims with court-appointed
insolvency manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Bonn
         Hall S 2.20
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Sternstr. 79
         53111 Bonn
         Germany
         Tel: 0228/9459820
         Fax: 0228/9459829

The District Court of Bonn opened bankruptcy proceedings against
GOC Park-Klinik GmbH & Co. KG on Nov. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GOC Park-Klinik GmbH & Co. KG
         Theaterplatz 28
         53177 Bonn
         Germany

         Attn: Dr. Basim Fleega, Manager
         Bonner Str. 50
         53424 Remagen
         Germany


HARTLAGE FRISEURBETRIEBE: Claims Registration Ends Jan. 16, 2008
----------------------------------------------------------------
Creditors of Hartlage Friseurbetriebe GmbH have until
Jan. 16, 2008, to register their claims with court-appointed
insolvency manager Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Feb. 6, 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 Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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. Gideon Boehm
         Bachstrasse 85a
         22083 Hamburg
         Germany

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

The Debtor can be reached at:

         Hartlage Friseurbetriebe GmbH
         J. P. Lange Strasse 18
         25436 Uetersen
         Germany


HSB NORD: Creditors' Meeting Slated for Jan. 25, 2008
-----------------------------------------------------
The court-appointed insolvency manager for HSB Nord GmbH
Generaluebernehmer fuer Hoch- und Strassenbau, Steffi Radack-
Mueller will present her first report on the Company's
insolvency proceedings at a creditors' meeting at 11:00 a.m. on
Jan. 25, 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 10:35 a.m. on March 14, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Steffi Radack-Mueller
         Franzoesische Str. 9-12
         10117 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against HSB Nord GmbH Generaluebernehmer fuer Hoch-
und Strassenbau on Nov. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HSB Nord GmbH Generaluebernehmer fuer Hoch-
         und Strassenbau
         Ruschestr. 103
         Haus 17
         10365 Berlin
         Germany


INLOC GMBH: Claims Registration Ends December 31
------------------------------------------------
Creditors of INLOC GmbH have until Dec. 31 to register their
claims with court-appointed insolvency manager Juergen Pflug.

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

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

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

The insolvency manager can be reached at:

         Juergen Pflug
         Wilhelmshoeher Allee 169, D
         34121 Kassel
         Germany
         Tel: 0561/2075680
         Fax: 0561/20756820
         E-mail: info@pflug-achenbach.de

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

The Debtor can be reached at:

         INLOC GmbH
         Attn: Michael Wischner, Manager
         Wilhelmshoeher Allee 293
         34131 Kassel
         Germany


M+S SCHULZ: Claims Registration Period Ends Jan. 8, 2008
--------------------------------------------------------
Creditors of M+S Schulz Industrieanlagen GmbH have until
Jan. 8, 2008, to register their claims with court-appointed
insolvency manager Dirk Hammes.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against M+S Schulz Industrieanlagen GmbH on Nov. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         M+S Schulz Industrieanlagen GmbH
         Sympherstr. 97
         47138 Duisburg
         Germany

         Attn: Lucjan Monsior, Manager
         Lippestr. 1
         47051 Duisburg
         Germany


MALER WIEKHORST: Claims Registration Ends January 18, 2008
----------------------------------------------------------
Creditors of Maler Wiekhorst GmbH have until Jan. 18, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         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:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Itzehoe opened bankruptcy proceedings
against Maler Wiekhorst GmbH on Dec. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Maler Wiekhorst GmbH
         Attn: Bernd and Margret Wiekhorst, Manager
         Burger Strasse 4
         25554 Wilster
         Germany


PHOENIX KAPITALDIENST: EdW to Pay EUR30 Million Initial Damages
---------------------------------------------------------------
Entschadigungseinrichtung Der Wertpapierhandelsunternehmen, the
compensatory fund of securities trading companies, will
initially pay EUR30 million in damages to around 30,000
investors of Phoenix Kapitaldienst GmbH, The Financial Times
says citing a Die Welt report.

EdW will raise the amount from special contributions from its
members by the end of the year.

As previously reported in the TCR-Europe on Nov. 8, 2007, the
District Court of Frankfurt (Main) has rejected Phoenix
Kapitaldienst's insolvency plan, acting on a complaint filed by
Irish creditor Citco Global Custody.

Citco contended that EUR162 million of the insolvency assets are
not part of the EUR230 million Phoenix asset pool, and therefore
may not be distributed to investors under the insolvency plan.

The insolvency plan foresees a EUR200 million payment to around
30,000 Phoenix Kapitaldienst investors.

Phoenix Kapitaldienst GmbH is a German security-trading bank,
which owes up to EUR230 million in debts.  The District Court of
Frankfurt (Main) opened insolvency proceedings for the company
on July 1, 2005.


PHOTOSTUDIO BACHMANN: Claims Period Ends Jan. 1, 2008
-----------------------------------------------------
Creditors of Photostudio Bachmann GmbH have until Jan. 1, 2008,
to register their claims with court-appointed insolvency manager
Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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:

         Mechthild Bruche
         Stahlstr. 17
         90411 Nuernberg
         Germany
         Tel: 0911/951285-0
         Fax: 0911/951285-10

The District Court of Nuernberg opened bankruptcy proceedings
against Photostudio Bachmann GmbH on Dec. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Photostudio Bachmann GmbH
         Attn: Aldo Robert Bachmann, Manager
         Daimlerstrasse 69 a
         90441 Nuernberg
         Germany


PUETZ-CONTEC VERWALTUNGS: Claims Registration Ends December 28
--------------------------------------------------------------
Creditors of Puetz-Contec Verwaltungs- und Beteiligungs-GmbH,
have until Dec. 28 to register their claims with court-appointed
insolvency manager Dr. Wilhelm Denzer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier
         Germany

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

The insolvency manager can be reached at:

         Dr. Wilhelm Denzer
         Boehmerstrasse 16
         54290 Trier
         Germany
         Tel: 0651/975900
         Fax: 0651/9759095
         E-mail: info@seibel-partner.de

The District Court of Trier opened bankruptcy proceedings
against Puetz-Contec Verwaltungs- und Beteiligungs-GmbH on Nov.
27.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Puetz-Contec Verwaltungs- und Beteiligungs-GmbH
         Attn: Siegfried Puetz, Manager
         Europa Allee 15
         54343 Foehren
         Germany


RENTHAUS GRUNDSTUECKS: Claims Registration Ends Jan. 16, 2008
-------------------------------------------------------------
Creditors of Renthaus Grundstuecks-und Wohnungsverwaltungs-GmbH
have until Jan. 16, 2008,to register their claims with court-
appointed insolvency manager Ralf Hage.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Ralf Hage
         Heideparkstrasse 4
         01099 Dresden
         Germany
         Web site: http://www.insolnet.de/

The District Court of Dresden opened bankruptcy proceedings
against Renthaus Grundstuecks-und Wohnungsverwaltungs-GmbH on
Dec. 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Renthaus Grundstuecks-und Wohnungsverwaltungs-GmbH
         Schillerstrasse 1
         02763 Zittau
         Germany


RIMPLER GMBH: Creditors' Meeting Slated for Jan. 14, 2008
---------------------------------------------------------
The court-appointed insolvency manager for Rimpler GmbH, Helmut
Holzapfel will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:45 a.m. on
Jan. 14, 2008.

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

         The District Court of Deggendorf
         Meeting Hall 3
         E 29
         Amanstrasse 17
         94469 Deggendorf
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on April 21, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Helmut Holzapfel
         Ringstr. 2 + 4
         94234 Viechtach
         Germany
         Tel: 09942/428
         Fax: 09942/6053

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

The Debtor can be reached at:

         Rimpler GmbH
         Fachschulstr. 4-6
         94227 Zwiesel
         Germany


TAURUS IMMOBILIEN: Claims Registration Period Ends Feb. 13, 2008
----------------------------------------------------------------
Creditors of Taurus Immobilien GmbH have until Feb. 13, 2008, to
register their claims with court-appointed insolvency manager
Peter Haas.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on March 6, 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 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 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. Peter Haas
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany
         Tel: (06894) 3876-311
         Fax: (06894) 3821-85

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

The Debtor can be reached at:

         Taurus Immobilien GmbH
         Attn: Gerd Friedrich Kuhlmann, Manager
         Christ-Koenig-Kirche 10
         66119 Saarbruecken
         Germany


TEXTILKUNST HERBERT: Claims Period Ends Jan. 7, 2008
----------------------------------------------------
Creditors of Textilkunst Herbert Staps GmbH & Co. KG have until
DEADLINE to register their claims with court-appointed
insolvency manager Dr. Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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. Oliver Liersch
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511-554706-0
         Fax: 0511-554706-99
         E-mail: OLiersch@schubra.de

The District Court of Celle Nebenstelle opened bankruptcy
proceedings against Textilkunst Herbert Staps GmbH & Co. KG on
Nov. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Textilkunst Herbert Staps GmbH & Co. KG
         Teichstr. 1-5
         29313 Hambuehren
         Germany


WIESE GMBH: Claims Registration Ends January 18, 2008
-----------------------------------------------------
Creditors of Wiese GmbH have until Jan. 18, 2008, to register
their claims with court-appointed insolvency manager Dr.
Wolfgang Koehler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Ground Floor
         Eichholzstr. 4
         59821 Arnsberg
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Koehler
         Schubertstr. 31
         59581 Warstein
         Germany

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

The Debtor can be reached at:

         Wiese GmbH
         Wameler Berg 17
         59519 Moehnesee
         Germany

         Attn: Reinhard Wiese, Manager
         Hermann-Kathelhoen-Strasse 59
         59519 Moehnesee
         Germany


WILLI SCHULTZE: Creditors' Meeting Slated for Jan. 9, 2008
----------------------------------------------------------
The court-appointed insolvency manager for Willi Schultze
Strassen- und Tiefbau GmbH, Knut Rebholz will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:20 a.m. on Jan. 9, 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 23, 2008, at the same
venue.

Creditors have until Feb. 22, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Willi Schultze Strassen- und Tiefbau GmbH on
Nov. 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Willi Schultze Strassen- und Tiefbau GmbH
         Halker Zeile 89
         12305 Berlin
         Germany


* Corporate Bankruptcy Filing Down 15.8% for September 2007
-----------------------------------------------------------
The number of German businesses filing for bankruptcy in
September 2007 fell 15.8% year-on-year to 2,285 firms, Reuters
relates citing a report from the German Federal Statistics
Office.

The number of consumer bankruptcies meanwhile rose 1.7% year-on-
year to 7,825, Reuters relates.

The Office said that for the nine months of 2007, corporate
bankruptcies fell 13.6 percent, while consumer insolvencies rose
16 percent, compared with the first nine months of 2006.


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


INTERNATIONAL SECURITIES: Court Names John McStay as Examiner
-------------------------------------------------------------
The Hon. Peter Kelly of The High Court of Ireland has appointed
John McStay as examiner to International Securities Trading
Corporation plc, The Irish Times reports.

Justice Kelly noted that Mr. McStay shared the view of an
independent accountant that:

   -- ISTC has a reasonable chance of survival; and

   -- extended court protection would be beneficial to the
      company and its creditors.

Justice Kelly also noted that Mr. McStay has received expression
of interests from potential investors.

Mr. McStay will present his report on ISTC to the High Court on
Jan. 11, 2008.

Headquartered in Dublin, Ireland, International Securities
Trading Corporation Plc -- http://www.istcorporation.com/--
provides investment grade Tier 1 and Tier II hybrid bank capital
via private placement issues and primary market participation.
Acting as principal in private placement transactions, ISTC is
uniquely positioned to offer bespoke solutions and certainty of
execution to issuers.

The company disclosed on Nov. 12, 2007, that given the
uncertainty to ISTC's funding position, the company will enter
into discussions with its providers of finance with the
objective of making appropriate amendments to their respective
financing terms.

Pending the outcome of these negotiations, ISTC has decided to
defer certain payments under financing obligations.


LIGHTPOINT PAN-EUROPEAN: Moody's Rates EUR13 Mln Notes at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned definitive long term ratings
to five classes of notes issued on Nov. 28, 2007, by LightPoint
Pan-European CLO 2007-1 P.L.C., a special purpose company
incorporated in Ireland.

The ratings are:

   -- Aaa to the EUR259,000,000 Class A Senior Secured Floating
      Rate Notes due 2026

   -- Aa2 to the EUR10,000,000 Class B Senior Secured Deferrable
      Floating Rate Notes due 2026

   -- A2 to the EUR19,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 2026

   -- Baa3 to the EUR12,000,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 2026

   -- Ba3 to the EUR13,000,000 Class E Senior Secured Deferrable
      Floating Rate Notes due 2026

The ratings address the expected loss posed to investors by the
legal final maturity in 2026.

These definitive ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The overcollateralization of the notes;

   4. The expertise of Lehman Brothers Asset Management LLC
      as the investment manager; and

   5. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately
EUR341,250,000, comprised primarily of European senior secured
loans. Second lien loans, mezzanine loans and senior unsecured
loans might also be included in the portfolio up to a limit of
10% of the collateral balance.

This portfolio will be partially acquired on the closing date
and partially during the 12 month ramp-up period.  At the end of
the ramp-up period, the portfolio will have to be in compliance
with several portfolio guidelines.  Thereafter, the portfolio of
loans will be actively managed and the investment manager acting
on behalf of the Issuer will have the option to buy or sell
assets in the portfolio.  Any addition or removal of assets will
be subject to a number of reinvestment criteria.


SANMINA-SCI: Weak Performance Cues Moody's to Cut Rating to B1
--------------------------------------------------------------
Moody's Investors Service downgraded Sanmina SCI Corporation's
corporate family rating and senior notes ratings to B1 from Ba3
and the senior subordinated notes to B3 from B2.

This rating action concludes Moody's review for possible
downgrade initiated on Aug. 20, 2007, which was triggered by the
company's continued poor operating results, reflecting weak
demand from original equipment manufacturers for its products
and operational inefficiencies in the components business.  The
ratings outlook is stable.

The downgrade to B1 reflects:

   (i) company's continued weak fundamentals, including
       declining revenues and low operating margins hampered by
       the components business and the personal computing
       segment, which the company had expected to sell by the
       end of 2007;

  (ii) sub-par asset utilization and ongoing business
       restructurings, which have totaled roughly US$264 million
       since the beginning of fiscal year 2005 with another
       US$75 to 85 million expected over the next couple of
       quarters;

(iii) heightened competition arising from industry
       consolidation and the growth of Asian outsourcers; and

  (iv) high leverage of 6.1x as a result of low EBIT levels over
       the past year.

Supporting Sanmina's B1 rating are solid working capital
management and free cash flow generation (US$407 million on a
Moody's adjusted basis during fiscal year 2007), the company's
tier one status in the EMS industry with a focus on non-
consumer, high mix products and services, growing diversity in
Sanmina's end markets served, and the company's strength in some
of the newer industries such as medical and defense.

The stable outlook reflects our expectation of continuing free
cash flow generation and debt reduction in 2008 and improvements
in the business and financial profile arising from the planned
exit of the low margin PC segment and restructuring of the
components business.  With significant restructuring actions
completed during the latter half of 2007 including management
changes and facility closures, we expect gross margins in the
components business to improve with the enclosures group
reaching profitability in 2008.

Sanmina has about US$930 million in cash and equivalents as of
Sept. 30, 2007, with full access to a revolving credit facility
of US$500 million.  The company's total debt is currently
US$1.48 billion, including redemption of US$120.0 million in
aggregate principal amount of its Senior Floating Rate Notes due
2010 which was announced on Dec. 18, 2007.

These ratings were downgraded:

   -- Corporate family rating to B1 from Ba3;

   -- Probability of default rating to B1 from Ba3;

   -- US$180 million senior floating rate notes due 2010 to B1
      from Ba3 (LGD3, 47%);

   -- US$300 million senior floating rate notes due 2014 to B1
      from Ba3 (LGD3, 47%);

   -- US$400 million senior subordinated notes due 2013 to B3
      from B2 (LGD5, 85%); and

   -- US$600 million senior subordinated notes due 2016 to B3
      from B2 (LGD5, 85%).

This rating was confirmed:

   -- Speculative grade liquidity rating of SGL-2

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


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


BERICA 6: Moody's Lowers Class D Notes Rating to B1
---------------------------------------------------
Moody's Investors Service placed on review for downgrade the
Class C Notes and has downgraded the Class D notes issued by
Berica 6 Residential MBS S.r.l.

   -- Class C Notes, Current Rating Baa1, on review for possible
      downgrade;

   -- Class D Notes, Current Rating Ba2, downgraded to B1 and on
      review for further possible downgrade.

Moody's has further affirmed the ratings of the Class A2 Notes
(Current Rating: Aaa) and Class B Notes (Current Rating: A1)
issued by Berica 6 Residential MBS S.r.l.

The rating action reflects:

   (i) the divergence between Moody's original assumptions and
       the actual performance of the transaction;

  (ii) the draw on the reserve fund for the last three periods;
       and

(iii) changes in current market conditions, in particular the
       potential impact of higher interest rates on debtors
       performance.

More specifically, Moody's has increased its credit support
expectations for the ratings levels assigned and revised its
original expected loss assumption by approximately 0.80%,
leading to a new expected loss on the portfolio of 1.9-2.0%.

Berica 6 Residential MBS S.r.l. closed in February 2006.  In
this transaction, the Originators (Banca Popolare di Vecenza,
Banca Nuova, Cariprato) have securitised a combined portfolio of
14,022 Italian residential mortgage loans, extended to 13,986
obligors, for an overall amount of EUR1,427,671,162. All loans
were "in bonis" (performing) at issuance and 100% of the loans
benefited from an economic first lien mortgage.  This is the 6th
RMBS securitization sponsored by the Banca Popolare di Vicenza
Group.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  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.


GOODYEAR TIRE: Jean-Claude Kihn Replaces Joseph Gingo as Sr. VP
---------------------------------------------------------------
The Goodyear Tire & Rubber Company has appointed Jean-Claude
Kihn as its senior vice president and chief technical officer,
effective Jan. 1, 2008.  Mr. Kihn, who currently is general
director of Goodyear's Technical Center in Akron, will replace
Joseph M. Gingo, who is retiring from Goodyear after 41 years to
become chief executive officer of A. Schulman Inc.

The announcement of Mr. Kihn is evidence of the broad and deep
capabilities that have been built on Goodyear's technical
leadership team according to Robert J. Keegan, Goodyear's
chairman and chief executive officer.

"Jean-Claude has demonstrated excellent leadership throughout
the time I have known him and worked with him," said Mr. Keegan.
"He has gained the trust of our business leaders in Europe,
Latin America and North America through his recent assignments
in those businesses.

"I have a tremendous amount of confidence in Jean-Claude, and
the entire organization, to continue the positive trajectory
that we have driven over the course of the past several years,"
Mr. Keegan added.  "Our new product engine is now the best in
the industry."

Mr. Kihn joined Goodyear in 1988 at the Goodyear Technical
Center in Luxembourg as a compounder working in passenger tires.
In subsequent years, he held several positions with Goodyear's
Asian and Latin American business units before being promoted to
general director of GTC*A in 2005.  Mr. Kihn is a chemical
engineer and has a Ph.D. from the University of Louvain in
Belgium.  He is fluent in English, French, German, Spanish and
Luxembourgish.

"I am extremely honored to be thought of as someone who can fill
Joe's shoes.  However, I am also very confident of our future
capabilities - thanks in large part to the tremendous leadership
team that has been developed throughout the organization," said
Mr. Kihn.

Along with the appointment of Mr. Kihn, Goodyear announced other
leadership changes in the technical and research areas of the
company:

   * William M. Hopkins, currently the vice president of
     technology and strategic initiatives, has been named vice
     president of advanced concepts.  In his new role, he will
     establish and lead a team responsible for "break-through"
     concepts that will drive the development of innovative
     product and process technologies.

   * Joseph Zekoski, currently the general director of the
     Goodyear Technical Center in Luxembourg, has been named to
     the newly created position of vice president of global
     product development and technical center operations.  He
     will be responsible for product development designed to
     assure the timely and cost-effective delivery of
     innovative new products.

   * Surendra Chawla, currently the director of corporate tire
     research, has been named to the position of senior
     director of external science and technology programs.
     Mr. Chawla will be responsible for discovering and
     assessing innovative new technologies applicable to its
     product and business needs.

   * Marc Junio, currently director of technology, consumer
     tires in Goodyear's European Union and Eastern Europe,
     Middle East and Africa tire business segments, has been
     named general director of GTC*A, replacing Mr. Kihn.

Goodyear is one of the world's largest tire companies.  The
company employs about 70,000 people and manufactures its
products in more than 60 facilities in 26 countries around the
world.

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  These ratings still apply as
of Dec. 4, 2007.


PARMALAT SPA: Allocated Shares Hikes Capital by EUR301,768
----------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR301,768 to EUR1,652,419,845 from EUR1,652,118,077.

The share capital increase is due to the exercise of 61,626
warrants and to the assignation of 240,142 shares.

The latest status of the share allotment is that 33,811,508
shares representing approximately 2.0% of the share capital are
still in a deposit account c/o Parmalat S.p.A., of which:

    * 13,476,689 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,481,713 shares as at Nov. 27, 2007);

    * 20,454,819 or 1.2% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged); and

      -- 20,334,819 or 1.2% of the share capital that pertain to
         currently undisclosed creditors (compared with
         20,585,048 shares as at Nov. 27, 2007).

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

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

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

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

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

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


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


ART PARTNER: Proof of Claim Deadline Slated for Jan. 18, 2008
-------------------------------------------------------------
LLP Art Partner has declared insolvency.  Creditors have until
Jan. 18, 2008, to submit written proofs of claims to:

         LLP Art Partner
         Kuldjinsky tract Str. 34
         Panfilov
         Talgarsky District
         04 1600, Almaty
         Kazakhstan


CYR KAZAKHSTAN: Creditors Must File Claims by Jan. 18, 2008
-----------------------------------------------------------
LLP Cyr Kazakhstan has declared insolvency.  Creditors have
until Jan. 18, 2008, to submit written proofs of claims to:

         LLP Cyr Kazakhstan
         Auezov Str. 163a
         Almaty
         Kazakhstan


ENERGOPROMCOMPLECT-PV LLP: Claims Period Ends Jan. 18, 2008
-----------------------------------------------------------
LLP Energopromcomplect-PV has declared insolvency.  Creditors
have until Jan. 18, 2008, to submit written proofs of claims to:

         LLP Energopromcomplect-PV
         Ploshad Pobedy Str. 23-2
         Pavlodar
         Kazakhstan


HAEDONG KAZAKHSTAN: Creditors' Claims Due on Jan. 18, 2008
----------------------------------------------------------
LLP Haedong Kazakhstan has declared insolvency.  Creditors have
until Jan. 18, 2008, to submit written proofs of claims to:

         LLP Haedong Kazakhstan
         Satpayev Str. 62-18
         Almaty
         Kazakhstan


HALVAI-L LLP: Claims Registration Ends Jan. 18, 2008
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Halvai-L insolvent on Sept. 3.

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


POKROVSKOYE LLP: Claims Deadline Slated for Jan. 18, 2008
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Pokrovskoye insolvent on Oct. 31.

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


SEVAGROLEASING LLP: Creditors Must File Claims by Jan. 18, 2008
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Sevagroleasing insolvent on Oct. 28.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan
         Kazakhstan
         Tel: 8 (3152) 46-35-83


SUNTOUR LLP: Claims Filing Period Ends Jan. 18, 2008
----------------------------------------------------
LLP International Tour Agency - Suntour (RNN 600700167977) has
declared insolvency.  Creditors have until Jan. 18, 2008, to
submit written proofs of claims to:

         LLP International Tour Agency - Suntour
         Makataev Str. 117
         Almaty
         Kazakhstan
         Tel: 8 (7272) 40-50-10
              8 701 111 77-02


UNIVERSAL-SODEKSO EUROASIA: Claims Due on Jan. 18, 2008
-------------------------------------------------------
Branch of Company Universal-Sodekso Euroasia has declared
insolvency.  Creditors have until Jan. 18, 2008, to submit
written proofs of claims to:

         Branch of Company Universal-
         Sodekso Euroasia
         Tulebaev Str. 32-61
         Almaty
         Kazakhstan
         Tel: 8 (7272) 71-42-59


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


MAFKO LTD: Creditors Must File Claims by January 23, 2008
---------------------------------------------------------
LLC Mafko Ltd. (INN 01909200010125) has declared insolvency.
Creditors have until Jan. 23, 2008, to submit written proofs of
claim to:

         LLC Mafko Ltd.
         Abdrahmanov Str. 201
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-39-21


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


SYNIVERSE TECHNOLOGIES: Completes BSG Wireless Acquisition
----------------------------------------------------------
Syniverse Technologies has closed its acquisition of the
wireless services business of Billing Services Group Limited has
been completed.  The combined company serves more than 500
customers in over 100 countries with the industry's broadest
suite of voice and data roaming, financial clearinghouse,
messaging, and signaling services.

"This acquisition significantly expands Syniverse's global
footprint and adds a world-class financial settlement platform
to our industry-leading suite of services," said Tony Holcombe,
President and Chief Executive Officer, Syniverse.  "The
combination of Syniverse and BSG Wireless also will lead to
increased operating efficiencies, and we expect to realize $12
million of annual cost synergies within two years."

The former BSG Wireless operations will become part of
Syniverse's EMEA organization and will be led by Eugene Bergen
Henegouwen, Executive Vice President, EMEA, Syniverse.

Bergen Henegouwen said the acquisition will enable Syniverse to
provide increasingly superior products and services over the
long term.

"The blend of Syniverse and BSG Wireless know-how will allow us
to deliver mobile operators even higher levels of expertise and
innovative solutions while addressing their needs for a trusted
one-stop shop for both data clearing and financial clearing
services," he said.

The transaction was funded through the draw down of the
company's amended and restated credit facility completed in
August 2007.  Included in the facility were a delayed draw term
loan of US$160 million in aggregate principal and a Euro-
denominated delayed draw term loan facility of the equivalent of
US$130 million intended to finance this acquisition.

                        About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
-- http://www.syniverse.com/-- provides technology services for
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services between
carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services.  Celebrating its
20th anniversary in 2007, Syniverse has offices in major cities
around the globe.  Syniverse is ISO 9001:2000 certified and TL
9000 approved, adhering to the principles of customer focus and
quality improvement practices.  The company has offices in the
Netherlands, Brazil and China.

                         *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating, along with its stable outlook, and its 'B' senior
subordinated debt rating on Tampa, Florida-based Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed US$489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


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


BRYUKHOVETSKOYE AMELIORATORY: Court Hearing Slated for March 24
---------------------------------------------------------------
The Arbitration Court of Krasnodar Krai will convene at
3:00 p.m. on March 24, 2008, to hear the bankruptcy
supervision procedure on OJSC Bryukhovetskoye Amelioratory
Enterprise after finding it insolvent on Oct. 29.  The case is
docketed under Case No. A-32-16868/2007-38/444B.

The Interim Manager is:

         A. N. Semenyak
         Zaporozhskaya Str. N97
         Stariderevyankovskaya St.
         353720 Kanevskij Raion
         Russia

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Bryukhovetskoye Amelioratory Enterprise
         Privokzal'naya, 2
         Bryukhovetskaya St.
         Bryukhovetskij Raion
         352750 Krasnodar Krai
         Russia


FRUIT WATER: Court Starts Competitive Proceedings
-------------------------------------------------
The Arbitration Court of Bashkortostan commenced competitive
proceedings against Fruit Water Plant LLC on Sept. 25 as the
absent debtor.  The case is docketed under Case No. A07-12411/
07-G-CBI.

Creditors have to submit their proofs of claim to:

         A. Kh. Baigil'din
         Competitive Proceedings Managerial
         P.O. Box 44
         Ufa
         450106 Bashkortostan
         Russia

The Court is located at:

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


PETERSBURG SOCIAL: Fitch Revise Ratings to Junk on Scale Change
---------------------------------------------------------------
Fitch Ratings has revised Russia-based Petersburg Social
Commercial Bank's Long-term Issuer Default rating to 'CCC' from
'CCC+', following the changes to its rating scale in 2006, and
in particular the elimination of '+' and '-' suffixes from Long-
term IDRs in the 'CCC' range.

Fitch has affirmed PSCB's other ratings at Short-term IDR 'C',
Individual 'D/E', Support '5' National Long-term 'B(rus)' and
Support Rating Floor 'No Floor'. The Outlooks for the Long-term
IDR and National Long-term rating remain Stable.

PSCB's ratings reflect its small asset size, limited franchise,
undiversified and volatile funding base, weakened profitability
and potentially vulnerable liquidity position, and the
regulatory risks on some of its business operations. These
factors outweigh moderate market risk and low reported loan
impairment to date.

PSCB's revenue has historically been dependent on transaction
volumes and cash balances deposited and flowing through its
accounts, operations which may carry regulatory risks. Since
2006, the bank has started to shift its attention to SME and
retail lending operations in an effort to diversify away from
its settlement and cash management business.  To this end, the
bank has started to invest heavily in new personnel and
expansion of its physical infrastructure.  In September 2007,
the management board was complemented by a number of new members
including its new chairman, who joined from a large Russian
bank, with a view to enhancing PSCB's retail and SME franchise.
The bank also informed Fitch that it is now introducing new
compliance procedures that should help it be more selective in
choosing new clients and vigilant regarding improper or
suspicious client activities.

In August 2007, a 20% stake in the bank was sold to the private
equity fund RenFin. The majority shareholders of PSCB - four
individuals holding an 80% stake - plan to inject the proceeds
from the sale into the bank's equity through participation in
the upcoming share issue at the beginning of 2008.

Notwithstanding the risks outlined above, Fitch now sees more
upside potential for PSCB's ratings than a year ago, although an
upgrade would be contingent on the bank's ability to operate
successfully following its change in business focus.  In
particular, Fitch would look for greater diversification of the
bank's funding base, an improvement in the liquidity position,
better performance and continued low loan impairment and
satisfactory capitalization.  An upgrade would also be
contingent on the bank avoiding operations carrying regulatory
risks.

At the same time, significant loan losses as PSCB expands its
portfolio rapidly, a deposit run or regulatory actions resulting
from the settlement/cash management operations could threaten
the viability of the bank and put downward pressure on the
ratings.


POLYMERCONSTRUCTIONMATERIALS: Claims Filing Ends Jan. 24, 2008
--------------------------------------------------------------
Creditors of CJSC Kanashskij Plant PolymerConstructionMaterials
have until Jan. 24, 2008, to submit proofs of claim to:

         S. I. Miroshnichenko
         Competitive Proceedings Manager
         Ilyicha Str. 1
         Kanash
         Chuvash
         Russia

The Arbitration Court of Chuvash commenced competitive
proceedings against the company after finding it insolvent on
Oct. 25.  The case is docketed under Case No. A79-4542/2006.

The Debtor can be reached at:

         CJSC Kanashskij Plant PolymerConstructionMaterials
         Ilyicha Str. 1
         Kanash
         Chuvash
         Russia


ROSNEFT OIL: Vankor Site Operations to Start as Planned
-------------------------------------------------------
OAO Rosneft Oil Co. plans to commence production at its Vankor
oil field in 2008 despite delays in the completion of the
Eastern Siberian-Pacific Ocean pipeline project, Moscow Times
says.

Rosneft vice president Sergei Kudryashov said the company could
use the western route to transport the field's oil to Asian
markets, Moscow Times relates.

Transneft, ESPO's operator, said in November 2007 that the
project would miss the deadline by around half a year, Moscow
Times reports.  Transneft had planned to commence ESPO's
operation by end of 2008.

Mr. Kudryashov said once the Vakor field is launched, it would
be linked to Transneft's pipeline network, adding that the
field's crude could also go to Rosneft's Angarsk and Achinsk
refineries.

                         About Rosneft

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

                          *     *     *

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


SISTEMA-HALS: Sells 50% Stake in 13 Kostyansky to MIRAX
-------------------------------------------------------
Sistema-Hals JSC announced Dec. 20, 2007, the sale of a 50%
stake in 13 Kostyansky CJSC to partner company MIRAX Group.

"In seeking to establish the most effective possible asset
structure, Sistema-Hals continuously carries out complex
monitoring and score analysis of its profile.  Its current
business model shows that it would be more cost effective to
invest the funds received from the sale of the 13 Kostyansky
project into other projects that the company is currently
implementing," Igor Kashcheev, Sistema-Hals vice president
disclosed.

"MIRAX Group does not engage in typical projects and is only
interested in original and innovative concepts such as 13
Kostyansky.  We decided to acquire a stake in this project from
our partners, Sistema-Hals, so that the concept could be
realized in line with our vision," Alexander Yedinak, senior
vice president of MIRAX Group stated.

"The unique structure of this luxury residential project is
strictly in keeping with the architectural style of Moscow's
historic centre.  This is an interesting and complex development
and we believe that MIRAX Group has both the experience and
strong brand reputation to successfully complete this project,"
Mr. Yedinak added.

13 Kostyansky CJSC is a company working on the project located
at 13 Kostyansky Lane, Moscow. Sistema-Hals and MIRAX Group
previously held equal ownership interests in the company.

Headquartered in Moscow, Russia, Sistema-Hals JSC --
http://www.sistema.com/-- is a 71.1% subsidiary of Sistema
JSFC.  It is one of the leading property developers in Moscow
and the Moscow region, with operations in the six regions in
Russia, as well as Yalta and Kyiv in the Ukraine.  In addition
to its real estate development business activities, the company
is involved in a number of large-scale governmental
infrastructural projects in the capacity of project manager.
During fiscal year of 2006, Sistema-Hals reported revenue of
US$282.9 million and EBITDA of US$94.9 million.

                         *      *      *

As reported in the TCR-Europe on July 5, 2007, Moody's Investors
Service assigned a B1 foreign currency corporate family rating
to Sistema-Hals, a real estate development company based in
Moscow.  Moody's said the outlook on the rating is stable.

Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer
Default Rating 'B+', Short- term IDR 'B' and National Long-term
rating 'A-(rus)'.  The Outlooks for the Long-term IDR and
National Long-term rating are Stable.


STROYMASHPROKAT OJSC: Court Starts Competitive Proceedings
----------------------------------------------------------
The Arbitration Court of Bashkortostan commenced competitive
proceedings against OJSC StroyMashProkat on Sept. 26 as the
absent debtor.  The case is docketed under Case No. A07-12819/
07-G-MPC.

Creditors have to submit their proofs of claim to:

         A. Kh. Baigil'din
         Competitive Proceedings Managerial
         P.O. Box 44
         Ufa
         450106 Bashkortostan
         Russia


The Court is located at:

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


TNK-BP HOLDING: Wants to Close Kovykta Sale by 1st Quarter 2008
---------------------------------------------------------------
TNK-BP Holding Ltd. plans to complete the sale of its 62.9%
stake in its OAO Rusia Petroleum unit, holder of the operating
license for the Kovykta gas field, to OAO Gazprom by first
quarter of 2008, RIA Novosti reports.

Viktor Vekselberg, a major shareholder of TNK-BP, said the
parties decided to extend the deadline from Dec. 1, 2007, to the
first quarter of 2008 due to technical reasons, RIA Novosti
relates.

TNK-BP earlier said it extended the time frame for finalizing
the deal due to "a high volume of work evaluating the assets and
organizing the transactions."

Rusia Petroleum is owned by TNK-BP (63.9%), Interros (25.82%),
and the Irkutsk regional administration (11.24%).

Under the deal signed in June 2007, TNK-BP may reacquire 25%
plus one stake in Rusia Petroleum within a year in exchange for
assets that interests Gazprom.

As previously reported, Gazprom is particularly interested in
TNK-BP's electric stations in Great Britain and Spain.  Gazprom,
the source added, is also interested in gaining contracts for
supplying liquefied natural gas to the U.S.  The fuel firms, RIA
Novosti relates, also agreed to create a US$3 billion joint
venture that would engage in oil and gas projects in Russia and
abroad.

The TCR-Europe reported on June 6, 2007, that TNK-BP was trying
to sell part of its stake in Rusia Petroleum to Gazprom in an
effort to prevent a license revocation.

                          About TNK-BP

Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates
six refineries in Russia and Ukraine, and markets products
through 2,100 retail service stations operating under TNK and BP
brand.  BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                          *     *     *

TNK-BP International Ltd. carries BB long-term foreign and local
currency ratings and B short-term foreign and local currency
ratings from Standard & Poor's.


* Moody's Assigns Ba2 Rating to Krai of Krasnoyarsk
---------------------------------------------------
Moody's Investors Service assigned an issuer rating of Ba2
global scale, local currency to the Krai of Krasnoyarsk, a
central Siberian territory in Russia.  The rating outlook is
stable.

At the same time, Moody's Interfax Rating Agency, which is
majority-owned by Moody's, has assigned a Aa2.ru National Scale
Rating to Krasnoyarsk.

According to Moody's, the ratings are driven by good fiscal
performance, in particular rapid tax revenue growth underpinned
by sustained economic growth, high federal transfers to improve
regional infrastructure and a low debt burden.  The ratings also
reflect the considerable challenges facing Krasnoyarsk,
including the exposure of budget revenues to a possible downturn
in key local taxpayer's financials, the growth of relatively
rigid operating expenditure, the significant infrastructure
requirements and limited revenue flexibility.

Moody's notes that Krasnoyarsk's operating balance increased
substantially in 2006-2007, reflecting the growth in tax revenue
driven both by economic growth and the improving financials of
Krasnoyarsk's key taxpayers.  Since 2007, Krasnoyarsk has
enjoyed significant capital transfers provided by the federal
government to boost economic growth and to increase regional
infrastructure via the program to merge Krasnoyarsk with the
autonomous districts of Taymyr and Evenk.  According to
Krasnoyarsk's three-year financial plan, tax revenues as well as
federal transfers should remain stable.

Moody's also notes that Krasnoyarsk's direct debt has decreased
considerably in recent years, falling from 32% of operating
revenue in 2003 to 4.7% at the start of 2007. Krasnoyarsk's
administration expects its direct debt to fall to less than 2%
of operating revenue by the end of 2007; however, the
administration is going to issue rouble bonds to cover the
expected financial deficit in years to come.

Moody's cautions that the ratings are constrained by the high
concentration of tax revenues from non-ferrous metallurgy,
mainly in Norilsk Nickel and RUSAL, and the potentially
destabilizing impact on revenue of the industry's cyclical
nature.  Moreover, the rapid growth in public sector wages,
social benefits and operating transfers to municipalities is
exerting considerable pressure on operating expenditure.
Moody's also notes that essential infrastructure needs, coupled
with limited tax revenue flexibility, could lead to a
significant increase in the debt burden over the long term,
especially after the expected reduction of the federal transfers
provided under the program of merger support.

Krasnoyarsk's ratings also reflect the application of Moody's
Joint-Default Analysis methodology for regional and local
governments, with a Baseline Credit Assessment of 12 on a scale
of 1 to 21 (in which 1 represents the lowest credit risk) and a
low likelihood that the federal government would act to prevent
an imminent default by the region.  The low likelihood of
extraordinary support reflects past instances of regional and
local government defaults and a federal government policy stance
that does not favor timely interventions to prevent defaults by
lower-tier governments.

Krasnoyarsk is situated in Central and West Siberia in the
Russian Federation, and has around 2.9 million inhabitants (2%
of Russia's population).  Krasnoyarsk is the second-largest
Russian territory, occupying an area of 2,339,000 sq. km.,
equivalent to 13% of the country's total territory. Krasnoyarsk
is among the richest Russian regions in terms of its natural
resources, mainly nickel, gold, copper, oil and gas, and timber.


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


RURALPYME 3: Moody's Junks EUR30 Million Series E Notes
-------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the Spanish enterprise loan-backed securities to be issued by
Ruralpyme 3, FTA:

   -- Aaa to the EUR720.8 million Series A notes;
   -- A1 to the EUR44.8 million Series B notes;
   -- Baa2 to the EUR8 million Series C notes;
   -- Ba3 to the EUR26.4 million Series D notes; and
   -- C to the EUR30 million Series E notes.

Ruralpyme 3, FTA is a securitization of loans granted to Spanish
enterprises and self-employed individuals carried out by 14
Spanish rural savings banks.  This is the third transaction
carried out by the rural saving banks group, but the first one
out of the FTPYME program.

In Moody's view, strong features within this deal include:

   (1) the relatively high seasoning value;
   (2) an 18-month artificial write-off mechanism;
   (3) good industry diversification; and
   (4) low borrower concentration.

The weaknesses of this deal include:

   (1) the fact that few historical information was available
       for the analysis of the deal;

   (2) the fact that a significant portion of the loans are paid
       in semi-annual or annual installments;

   (3) the negative impact of the interest deferral trigger on
       the subordinated series; and

   (4) the pro-rata amortization of the notes.

Moody's has incorporated these increased risks into its credit
enhancement calculation.

The provisional pool of underlying assets comprised, as of
September 2007, a portfolio of 9,514 loans granted to 8,169
borrowers, all of whom are Spanish enterprises or self-employed
individuals.  The loans were originated between 1996 and 2007,
with a weighted average seasoning of 2.1 years and a weighted
average remaining life of 10.0 years.

The interest rate is floating for all the loans, with a weighted
average interest rate of 5.15%. 53% of the outstanding of the
portfolio is secured by a first-lien mortgage guarantee over
different types of properties, with a weighted average loan to
value equal to 41%.  Geographically, the pool is concentrated in
Andalusia (29%), Aragon (22%) and Navarra (16%), and is around
22% concentrated in the "farming and agriculture" sector
according to Moody's industry classification. At closing, none
of the loans will have amounts more than 30 days past due.

Moody's based the ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) the historical performance and other statistical
       information;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the Guaranteed
       Investment Contract account, the excess spread, the
       reserve fund and the subordination of the notes; and

   (v) the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (April 2041).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A, B, C
and D notes, and for ultimate payment of interest and principal
at par with respect to the Series E notes, on or before the
final legal 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.


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


CAREER CENTER: Zurich Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Riesbach-Zurich entered Nov. 13 an
order closing the bankruptcy proceedings of JSC Career Center.

The Bankruptcy Service of Riesbach-Zurich can be reached at:

         Bankruptcy Service of Riesbach-Zurich
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Career Center
         Kreuzstrasse 60
         8008 Zurich
         Switzerland


CHIQUET-ENERGIETECHNIK: Creditors Must File Claims by Dec. 31
-------------------------------------------------------------
Creditors of JSC Chiquet-Energietechnik have until Dec. 31 to
submit their claims to:

         JSC BERO Treuhand
         Allmend 1
         4460 Gelterkinden
         Sissach BL
         Switzerland

The Debtor can be reached at:

         JSC Chiquet-Energietechnik
         Ormalingen
         Sissach BL
         Switzerland


BMS MEXICO: Creditors' Liquidation Claims Due by December 31
------------------------------------------------------------
Creditors of LLC BMS Mexico International Holding have until
Dec. 31 to submit their claims to:

         LLC BMS Mexico International Holding
         Neuhofstrasse 6
         6340 Baar ZG
         Switzerland


DOMUSMEA C: Creditors' Liquidation Claims Due by December 31
------------------------------------------------------------
Creditors of JSC Domusmea C have until Dec. 31 to submit their
claims to:

         LLC Coordinator Control
         Eschikerstrasse 15
         Mail box: 556
         8307 Effretikon
         Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Domusmea C
         Zug
         Switzerland


EDWARD KING: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Edward King on Nov. 14.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden/WS
         Switzerland

The Debtor can be reached at:

         JSC Edward King
         Industriestrasse 15
         5432 Neuenhof AG
         Switzerland


FOOD-CORNER MITCH: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy
proceedings against LLC Food-Corner Mitch & Malz on Nov. 7.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC Food-Corner Mitch & Malz
         Allmendstrasse 10
         6210 Sursee LU
         Switzerland


I.L. GASTRO: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Uster in Zurich entered Nov. 12 an
order closing the bankruptcy proceedings of LLC I.L. Gastro.

The Bankruptcy Service of Uster can be reached at:

         Bankruptcy Service of Uster
         8610 Uster 1 ZH
         Switzerland

The Debtor can be reached at:

         LLC I.L. Gastro
         Zurichstr. 105
         Mail box: 318
         8123 Ebmatingen ZH
         Switzerland


IKI JSC: Creditors' Liquidation Claims Due by December 31
---------------------------------------------------------
Creditors of JSC IKI have until Dec. 31 to submit their claims
to:

         Rene Meuwly
         Rte Cite Bellevue 6
         1700 Freiburg
         Switzerland

The Debtor can be reached at:

         JSC IKI
         Freiburg
         Switzerland


KULTURIJA LLC: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt in Lucerne commenced
bankruptcy proceedings against JSC Kulturija on Nov. 8.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         JSC Kulturija
         St. Karliquai 12
         6000 Luzern 5
         Switzerland


WABE LLC: Creditors' Liquidation Claims Due by December 31
----------------------------------------------------------
Creditors of LLC WaBe have until Dec. 31 to submit their claims
to:

         Judith Iseli
         Steinegg 2
         9042 Speicher AR
         Switzerland

The Debtor can be reached at:

         LLC WaBe
         Berlingen
         Steckborn TG
         Switzerland


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


AGROINVEST LLC: Proofs of Claim Filing Deadline Set December 28
---------------------------------------------------------------
Creditors of Agricultural LLC Agroinvest (code EDRPOU 32881394)
have until Dec. 28 to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/2457.

The Debtor can be reached at:

         Agricultural LLC Agroinvest
         Kanoncha
         Kaniv District
         19034 Cherkassy
         Ukraine


BOLSHEVIK OJSC: Creditors Must File Claims by December 28
---------------------------------------------------------
Creditors of OJSC Tribal Plant Bolshevik (code EDRPOU 00483530)
have until Dec. 28 to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
45/180B.

The Debtor can be reached at:

         OJSC Tribal Plant Bolshevik
         50 Years of USSR Str. 117
         Zhelannoye
         Yasinuvatsky District
         86023 Donetsk
         Ukraine


BREADPRODUCTS PLANT: Proofs of Claim Filing Deadline Set Dec. 28
----------------------------------------------------------------
Creditors of LLC Breadproducts Plant (code EDRPOU 24987948) have
until Dec. 28 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. 40/331-07.

The Debtor can be reached at:

         LLC Breadproducts Plant
         Apartment 1
         Komsomolskaya Str. 68
         49000 Dnipropetrovsk
         Ukraine


KROK: Creditors Must File Claims by December 28
-----------------------------------------------
Creditors of State Engineering Enterprise Krok (code EDRPOU
20194986) have until Dec. 28 to submit written proofs of claim
to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 40/205-07.

The Debtor can be reached at:

         State Engineering Enterprise Krok
         50045 Dnipropetrovsk Ukraine
         Krivoy Rog
         Okruzhnaya Str. 127


SOSNOVSKOYE LLC: Creditors Must File Claims by December 28
----------------------------------------------------------
Creditors of Agricultural LLC Sosnovskoye (code EDRPOU 00385492)
have until Dec. 28 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 supervision
procedure on the company on Nov. 5.  The case is docketed under
Case No. 10/247-07.

The Debtor can be reached at:

         Agricultural LLC Sosnovskoye
         Zhmerinka Highway Str. 42
         Shargorod
         23500 Vinnica
         Ukraine


VISHNEVOYE LLC: Creditors Must File Claims by December 28
---------------------------------------------------------
Creditors of LLC Agrcultural Firm Vishnevoye (code EDRPOU
3012544) have until Dec. 28 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.  case is docketed under
Case No. B 15/313-07.

The Debtor can be reached at:

         LLC Agrcultural Firm Vishnevoye
         Vishnevoye
         Krinichansky District
         52300 Dnipropetrovsk
         Ukraine


VOSTOCHNOYE LLC: Proofs of Claim Filing Deadline Set December 28
----------------------------------------------------------------
Creditors of Agricultural LLC Vostochnoye (code EDRPOU 32196442)
have until Dec. 28 to submit written proofs of claim to:

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

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/96b.

The Debtor can be reached at:

         Agricultural LLC Vostochnoye
         Kirov Str. 17
         Prosianoye
         Markovsky District
         92420 Lugansk
         Ukraine


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


ACTUANT CORP: Earns US$27.4 Mil. in First Quarter Ended Nov. 30
---------------------------------------------------------------
Actuant Corporation reported first quarter fiscal 2008 net
earnings of US$27.4 million compared to prior year net earnings
of US$25.1 million.  Fiscal 2008 first quarter results include a
US$5.5 million (US$0.09 per diluted share) charge covering a
portion of the company's previously announced European
Electrical restructuring, versus US$0.1 million in the first
quarter of fiscal 2007.  Excluding these restructuring charges,
first quarter EPS increased 27% year-over-year from US$0.41 to
US$0.52.

For the first quarter ended Nov. 30, 2007, the company's net
sales increased 21% to US$415 million from US$343 million in the
prior year, reflecting the combination of core growth, business
acquisitions and the weaker U.S. dollar. Excluding the impact of
foreign currency rate changes (5%) and acquisitions (13%), core
sales growth was 3%. Both the Industrial and Engineered Products
segments generated double-digit core sales growth.

Robert Arzbaecher, President and CEO of Actuant commented,
"Actuant is off to a solid start in fiscal 2008 with core sales
growth slightly ahead of expectations and excellent conversion
to earnings.  Robust Industrial segment sales as well as
continued strength in the European truck market had a favorable
impact on our core sales growth in the quarter.  These results
reinforce the benefits of Actuant's end market, geographic and
customer diversification.  Excluding restructuring charges,
first quarter EPS increased 27% from last year, driven by higher
sales, the benefit of acquisitions and margin expansion.  We
were especially pleased with the breadth of the year-over-year
EBITDA margin increase as all of our business segments
contributed to the improvement."

Excluding European Electrical restructuring charges, operating
margins in the first quarter improved 90 basis points, to 13.6%
from 12.7% in the prior year.  Higher gross profit margins as
well as controlled selling, administrative and engineering
spending were the primary drivers.  The gross profit margin
expansion reflects higher volume, favorable sales mix and the
Company's continuous improvement initiatives including Lean
Enterprise Across Discipline.

                      Financial Position

Net debt at Nov. 30, 2007, was US$505 million (total debt of
US$574 million less US$69 million of cash), an increase of US$30
million from the beginning of the quarter.  Strong cash flow in
the quarter was used to fund the US$47 million investment in TK
Simplex as well as US$9 million of capital expenditures.
Actuant's first quarter cash flow was impacted by seasonal
trends including working capital growth and the payment of prior
year employee incentive compensation.

                            Outlook

The company also announced that it has increased its full year
sales and earnings guidance and provided guidance for the second
quarter of fiscal 2008.  Mr. Arzbaecher stated, "We expect
second quarter sales and EPS to be lower than the first quarter
due to normal seasonality, but do anticipate year-over-year
growth.  Excluding future acquisition activity and European
Electrical restructuring charges, we are projecting second
quarter sales and EPS to be in the range of US$385 - 395
million, and US$0.39-0.42 per share, respectively."

Mr. Arzbaecher continued "Our full year fiscal 2008 sales and
earnings outlook, excluding future acquisitions and European
Electrical restructuring charges, is being increased to reflect
actual first quarter results, the weaker U.S. dollar and current
business conditions.  Our increased guidance is for sales and
EPS in the range of US$1.625-1.660 billion and US$1.95-2.05 per
share, respectively.  This translates to 13-18% EPS growth over
the US$1.73 fiscal 2007 EPS, excluding 2007 tax gains and
European Electrical restructuring charges.  We are pleased with
our first quarter performance and remain committed to delivering
outstanding customer and shareholder value."

                      About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's US$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


ALPINE SHEET: Brings In Liquidators from KPMG
---------------------------------------------
David John Crawshaw and Jane Bronwen Moriarty of KPMG LLP were
appointed joint liquidators of Alpine Sheet Metal Ltd.
(Birchearth Ltd.) on  Dec. 10 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         Arlington Business Park
         Theale
         Reading
         RG7 4SD
         England


BREEZE FINANCE: Tax Law Changes Cues S&P's Watch on BB- Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications the underlying 'BBB' and 'BB-' ratings on
the EUR287 million class A senior secured notes and the
EUR84 million class B subordinated notes due in 2027 and issued
by Breeze Finance S.A.

The 'AAA' insured rating on the proposed EUR287 million class A
senior secured notes due in 2027 and guaranteed by MBIA U.K.
Insurance Ltd. (MBIA, AAA/Stable/--) was affirmed.

"The CreditWatch placement reflects uncertainties related to the
upcoming changes in the German corporate tax law, which aim to
limit interest deductibility from 2008 onward," said Standard &
Poor's credit analyst Ralf Etzelmueller. We anticipate that the
changes will have a negative impact on cash available at Breeze
Finance S.A. to service principal and interest.

The arranging bank is planning to amend the structure of the
transaction to shelter Breeze Three from paying higher taxes in
the future and limit the negative cash impact.  The proposed new
structure would merge Breeze Three GmbH, the General Partner to
Breeze Three Energy GmbH & Co. KG together with the German
Borrower into a new legal form of an "Einheits-GmbH & Co. KG" (a
partnership, that is owned by itself), implying among other
things that the shares in Breeze Three GmbH would be completely
held by the German borrower. S&P understands that the new
structure won't impact the security and collateral package.

"We expect to resolve the CreditWatch status in the coming
months once we have gained more clarity and visibility on the
new transaction structure and its tax and cash impact," said Mr.
Etzelmueller.  If cash available for debt service remains
largely unaffected we are likely affirm the ratings; otherwise,
the ratings could be lowered by one notch or more.

Breeze Three is a Luxembourg-based special-purpose vehicle,
which raised funds for the Breeze Three wind power partnership
that consists of 45 wind farms located in Germany and France
with a total installed capacity of 352 megawatts.  The majority
of the farms, representing more than 90% of capacity, is located
in Germany.

By the end of September 2007, 86% of the wind farms had already
been commissioned, thus reducing exposure to construction risk.
Four wind farms are expected to start operations in the last
quarter 2007 and two in the second quarter of 2008.  One French
wind farm representing about 1.2% of scheduled capacity, which
was scheduled to start operations in late 2007, seems to face
a more serious delay owing to ongoing negotiations with the
turbine manufacturer. Revenue and potential tariff reductions
from delays in commissioning are mitigated by respective
agreements with the wind farm developers.


BRITISH ENERGY: Fitch Affirms BB+ on Plant Life Extension
---------------------------------------------------------
Fitch Ratings has affirmed British Energy Group plc's and
British Energy Holdings plc's Long-term Issuer Default ratings
at 'BB+'.  BEH's amortizing bonds are also affirmed at 'BB'.
BEH's bonds are rated below the Long-term IDR because, in the
event of insolvency, the bonds rank behind several other
payments, including amounts owed to the Nuclear Liabilities'
Fund.  The Outlooks for BEG's and BEH's Long-term IDRs remain
Stable.

On Dec. 11, 2007, BEG announced to the London Stock Exchange
that it intends to extend the life of two of its Nuclear Reactor
Power Stations: Hinkley Point B and Hunterston B.  This
extension avoids the loss of 25% of BEG's nuclear generating
capacity, as the plants' lives will be extended by five years
from the original decommissioning date of 2011.  Further studies
will be conducted by 2013 regarding any potential for additional
life extension beyond 2016.

Technical issues have continued to surround the two plants
following the 10-year Periodic Safety Review carried out in
April 2007.  Lengthy outages have occurred at the two plants,
but all four units were returned to service by June 2007 and are
currently operating at around a 60% load factor to avoid
overheating.  BEG is currently working to achieve higher
capacity utilization at both plants in a phased process over the
course of fiscal year 2008/09, but a risk still exists that this
may not be achieved or be possible.  The company has announced
an additional GBP90m of investment, in addition to planned
investments over the three years until 2011, to facilitate the
life extension of the plants.

Fitch believes that while Hinkley and Hunterston's operational
performance remains sub-par, there continues to be a risk that
there might be insufficient output from these plants to justify
lifetime extension costs, potentially leading to financial
losses at these stations and the need for market repurchases of
power, depending on the contracting strategy adopted by BEG.
The economics of the extension have been based on the plants
operating at a 70% load and a breakeven power price of
GBP27/MWh, but this break even level omits fixed central
overhead costs (if these are factored into the equation for the
overall BEG portfolio, then the break even price over coming
years is forecast in the range GBP30/MWh-GBP34/MWh).
First half of 2007 results showed that BEG's average realised
price was GBP38.4/MWh, which, when taking account of these
overhead costs, indicates a narrower margin when compared to the
headline GBP27/MWh.  Fitch expects BEG to be confident in
achieving the 70% load factor before significant life extension
costs are incurred, and will continue to monitor the situation
closely.

The announcement comes at a time when further problems have been
identified (Boiler Closure Units - BCUs) at Heysham 1 and
Hartlepool, which means that these plants are likely to remain
offline for the remainder of fiscal year 2007/08, while an
extensive engineering evaluation takes place.  Fitch understands
that this development is currently costing BEG in excess of
GBP0.5 million per day as it buys back power to honor sales
contracts, in addition to the opportunity cost of lost output.
Life extensions for Heysham 1 and Hartlepool, currently set for
decommissioning in 2014, will be assessed by 2011 and are
subject to separate technical and economic evaluations.  The
U.K. government is set to announce a decision on whether to
allow the private sector to build nuclear power plants in the
U.K. in fist quarter of 2008.  In advance of the decision, BEG
has already signed contracts to allow up to six new nuclear
power plants at four sites to be connected to the grid by 2016.


CASTLE TYRES: Calls In Liquidators from Tenon Recovery
------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Castle Tyres Ltd. on Dec. 13 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


ELLIS KERR: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint liquidators of Ellis Kerr (Ormskirk) Ltd.
on Dec. 12 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


EUROPOWER LTD: Names Joint Administrators from Deloitte
-------------------------------------------------------
Carlton M. Siddle and Neville B. Kahn of Deloitte & Touche LLP
were appointed Dec. 14, 2007, joint administrators for:

   -- Europower Ltd. (Company Number 599512);
   -- Europower Hydraulics Ltd. (Company Number 943925);
   -- Europower Direct Ltd. (Company Number 01962156); and
   -- All Saints (Property) Ltd. (Company Number 2626916).

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in York, England, the companies manufacture and
distribute hydraulic components.


GENERAL MOTORS: Inks Pact with Navistar on Medium Duty Truck Biz
----------------------------------------------------------------
General Motors Corp. and International Truck and Engine
Corporation, the principal operating subsidiary of Navistar
International Corporation, have entered into a non-binding
memorandum of understanding under which Navistar would purchase
certain assets, intellectual property and distribution rights
for GM's medium-duty truck business.

As proposed, Navistar would acquire GM's medium-duty truck
business, which includes assets and intellectual property rights
to manufacture GMC and Chevrolet brand vehicles in the class 4-8
gross vehicle weight range.  It also includes purchase of the
related service parts business.  Navistar would sell a
competitive line of Chevrolet and GMC vehicles and service parts
through GM's proprietary dealer network in the United States and
Canada.

The agreement is another step in GM's plan to focus on
designing, manufacturing and selling cars and light trucks
globally.  The deal would leverage Navistar's strengths in
commercial trucks and engines, and advance its strategy to build
scale and reduce costs.

"Navistar's expertise in building International(R) brand
commercial trucks and its track record in the medium-duty
segment makes them an excellent choice to acquire and continue
growing the business. We intend to work closely with Navistar to
make this transition seamless to our dealers and customers,"
Troy Clarke, president of GM North America, said.

"This is another example of how we're strategically growing our
business for trucks, engines and parts, building scale and
reducing costs," Daniel C. Ustian, chairman, president and CEO,
Navistar International Corporation, said.  "We are proud to
incorporate the GM truck brands into our portfolio, and will
utilize the scale to build on the success of both the
International and GM product lines and their respective
distribution networks."

Navistar would add the GMC(R) TopKick and Chevrole(R) Kodiak
truck brands to its growing portfolio of brands, which currently
includes International(R) brand trucks and tractors, IC(R) brand
buses, Workhorse(R) brand chassis for motor homes and step vans,
and MaxxForce(R) brand engines.

When a deal is definitively concluded, production of the
vehicles would move from GM's plant in Flint, Michigan, to a
Navistar facility to be named.  GM would retain ownership of its
Flint plant and continue to build other products at the
facility.

GM will continue its medium-duty truck relationship with Isuzu
to market W-Series trucks through GM's medium-duty dealer
network.

The deal is expected to close in 2008 subject to completion of
satisfactory due diligence, the negotiation of a definitive
purchase agreement, customary regulatory clearance and board
approval.  Upon closing, transition of the business could take
several months to conclude.

              About International Truck and Engine

International Truck and Engine Corporation, a wholly owned
subsidiary of Navistar International Corporation, produces
medium trucks, heavy trucks, severe service vehicles, MaxxForce
brand diesel engines, parts and service.  International and its
affiliates sell their products, parts and services through a
network of nearly 1,000 dealer outlets in the United States,
Canada, Brazil and Mexico and from more than 60 dealers in 90
countries throughout the world.

                    About Navistar International

Headquartered in Warrenville, Illinois, Navistar International
Corporation (Other OTC: NAVZ) -- http://www.navistar.com/-- is
a holding company whose wholly owned subsidiaries produce
International(R) brand commercial trucks, MaxxForce brand diesel
engines, IC brand school and commercial buses, and Workhorse
brand chassis for motor homes and step vans.  It also is a
private-label designer and manufacturer of diesel engines for
the pickup truck, van and SUV markets.  The company also
provides truck and diesel engine parts and service.  Another
wholly owned subsidiary offers financing services.

                             About GM

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

                          *     *     *

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

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


GOYA MUSIC: Claims Filing Period Ends February 8, 2008
------------------------------------------------------
Creditors of Goya Music Distribution Ltd. have until
Feb. 8, 2008, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their solicitors (if any) to:

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

Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of the company on Dec. 11 by
resolutions of members and creditors.


LEGEND ENGINEERING: Appoints Liquidator from Deloitte & Touche
--------------------------------------------------------------
Christopher James Farrington of Deloitte & Touche LLP was
appointed liquidator of Legend Engineering Ltd. (formerly ALA &
PDA Engineering Ltd.) on for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Deloitte & Touche LLP
         1 Woodborough Road
         Nottingham
         NG1 3FG
         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'.


NASDAQ STOCK: Holders Okay Issuance of 60,561,515 Common Stock
--------------------------------------------------------------
Holders of The Nasdaq Stock Market Inc.'s voting securities have
approved the issuance of 60,561,515 shares of NASDAQ Common
Stock in connection with its transaction with OMX AB and Borse
Dubai Limited.  Additionally, shareholders approved an amendment
to NASDAQ's Restated Certificate of Incorporation to change its
name to "The NASDAQ OMX Group Inc." upon completion of its
acquisition of OMX.

"This vote is another important milestone as we move toward the
completion of a transaction that will be transformational for
NASDAQ," Bob Greifeld, president and chief executive officer of
NASDAQ, said.

Pursuant to the Transactions, Borse Dubai will conduct an offer
for all of the outstanding shares of OMX, and once complete,
will sell the OMX Shares acquired in the Borse Dubai Offer or
otherwise owned by Borse Dubai to NASDAQ in exchange for:

   (i) up to SEK 12,582,952,392 in cash; and
  (ii) 60,561,515 shares of Nasdaq Common Stock.

As required by NASDAQ's certificate of incorporation, Borse
Dubai's voting rights in respect of the Nasdaq Common Stock it
holds will be limited to a maximum of 5% of the company's fully
diluted outstanding share capital.

Headquartered in New York City, The Nasdaq Stock Market Inc.
(Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic
equity securities market in the United States with about 3,200
companies.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Moody's Investors Service placed the Ba3 corporate family rating
of Nasdaq Stock Market Inc. on review for upgrade.

On Sept. 20, 2007, Standard & Poor's Rating Services assigned BB
long-term foreign and local issuer credit ratings to Nasdaq
Stock Market Inc.


NEWGATE FUNDING: Moody's Rates GBP11.5 Mln Class E Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned definitive short term and
long-term credit ratings to the Notes issued by Newgate 2007-3:

   -- Aaa/P-1 to the GBP300,000,000 Class A1 Mortgage Backed
      Floating Rate Notes due December 2050;

   -- Aaa to the EUR399,000,000 Class A2b Mortgage Backed
      Floating Rate Notes due December 2050;

   -- Aaa to the GBP148,100,000 Class A3 Mortgage Backed
      Floating Rate Notes due December 2050;

   -- Aa2 to the GBP31,200,000 Class Ba Mortgage Backed Floating
      Rate Notes due December 2050;

   -- Aa2 to the EUR42,000,000 Class Bb Mortgage Backed Floating
      Rate Notes due December 2050;

   -- A3 to the EUR44,000,000 Class Cb Mortgage Backed Floating
      Rate Notes due December 2050;

   -- Baa3 to the GBP12,750,000 Class D Mortgage Backed Floating
      Rate Notes due December 2050;

   -- Ba3 to the GBP11,500,000 Class E Mortgage Backed Floating
      Rate Notes due December 2050; and

   -- Aaa to the Mortgage Early Repayment Certificates due
      December 2050.

Moody's assigned provisional ratings for the above classes of
Notes on Nov. 21, 2007.

The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust.  The Issuer is a multi-issuance vehicle and
this transaction represents the sixth series to be issued under
its MTN style Program.  The Issuer will fund the purchase price
of the series mortgage portfolio using the proceeds of the
Notes.

This transaction is the thirteenth securitization of non-
conforming and impaired credit mortgage loans originated by
entities belonging to the Mortgages Group trading under the name
of "Mortgages PLC".  As in the prior Mortgages plc
securitization, the assets supporting the Notes are sub-prime
and non-conforming first residential mortgage loans originated
by entities trading under the name of Mortgages PLC and secured
on residential properties in England, Wales, Northern Ireland
and Scotland.  A part of underlying loan portfolio
(approximately 61%) consists of loans to borrowers classified by
the originator as "near prime" or "near prime plus", with
stricter criteria for adverse credit compared to non-conforming
mortgage loans.  Mortgages PLC will be responsible for the day-
to-day servicing of the loans, handling arrears cases and
approving further advances and product conversions.

The ratings of the Notes are based upon an 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, and the legal and
structural integrity of the issue.

The Prime-1 short-term rating assigned to the Class A1 Notes
addresses the promise to investors of receiving the principal
amount and all the accrued interests at the next occurring
transfer date falling on Dec. 15, 2008.  Such short-term rating
is primarily based on the credit rating of the conditional note
purchaser The Royal Bank of Scotland plc (Aaa/ Prime-1).  The
Royal Bank of Scotland will have the obligation to purchase all
the then outstanding Notes if the Remarketing Agent is unable to
remarket them to third party purchasers at or below an agreed
margin prior to the next occurring transfer date.

The credit enhancement available in the deal is provided in the
form of excess spread, reserve fund fully funded at 2.80% of the
original note balance, subordination of the Class B Notes (which
represent 7.20% of total Notes issued), Class C (3.70%), Class D
(1.50%), and Class E (1.35%).  The Class A1 Notes represent
35.3%, the Class A2b Notes 33.55% and the Class A3 Notes 17.42%.
Subject to certain conditions being met, the reserve fund may
amortize up to a floor of 1.40% of the original note balance.

The 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
with respect to the Notes by the final legal 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 Mortgage Early Repayment Certificates are backed solely by
mortgage early redemption charges that may become payable by
borrowers in the pool on early redemption of their loans within
a certain period.  The Aaa rating on the MERC's addresses the
likelihood of receipt by MERC holders of such amounts if they
are received by the Issuer.  It assumes, without any independent
investigation, (i) that payment of the mortgage early redemption
charges under the mortgage loans is legally valid, binding and
enforceable, and (ii) that such amounts are actually collected
from borrowers and received by the Issuer.  The amount
receivable by MERC holders also depends on prepayment rates
within the pool.  The rating does not address such prepayment
rates.


NUANCE COMM: Prices Public Offering of Seven Mil. Common Shares
---------------------------------------------------------------
Nuance Communications Inc. has priced a public offering of
7 million shares of its common stock at US$17.50 per share.
Nuance is selling 6,773,000 shares in the offering and certain
members of Nuance management are selling an additional 227,000
shares in the offering.

The public offering price of US$17.50 per share will result in
gross proceeds of US$118.5 million and net proceeds, after
underwriting commissions and other offering expenses, of
approximately US$112.8 million to Nuance.  The company also
granted the underwriters a 30-day option to purchase up to an
additional 1,050,000 shares of its common stock to cover over-
allotments, if any.  The offering is expected to close on or
about Dec. 21, 2007.

Citi and Goldman, Sachs and Co. are acting as the joint book-
running managers of the offering.  Lehman Brothers and Thomas
Weisel Partners will act as the lead managers of the offering
and Craig-Hallum Capital Group, Needham & Company and Raymond
James Financial will act as co-managers of the offering.
Printed copies of the prospectus may be obtained from:

       Citi
       Brooklyn Army Terminal
       140 58th Street, 8th Floor
       Brooklyn, NY 11220
       Tel: (718) 765-6732
       Fax: (718) 765-6734

              -- or --

       Goldman, Sachs & Co.
       Attn: Prospectus Department
       85 Broad Street
       NY, New York 10004
       Fax: (212) 902-9316

The offering is being made pursuant to an effective registration
statement filed by Nuance with the U.S. Securities and Exchange
Commission on Nov. 29, 2007.

                   About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/--
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed US$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


PEARL FITTINGS: Brings In Administrators from Deloitte
------------------------------------------------------
Carlton Malcolm Siddle and Neville Barry Kahn of Deloitte &
Touche LLP were appointed joint administrators of Pearl Fittings
Ltd. (Company Number 05697591) on Dec. 14.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in Tipton, England, Pearl Fittings Ltd.
manufacture and distributes hydraulic components.


PIPE HOLDINGS 2: Moody's Confirms B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service confirmed the B2 Corporate Family
Rating of Pipe Holdings 2 Limited, a holding company of Polypipe
Building Products Ltd, the B1 rating of the GBP122 million
Senior Secured Notes issued by Pipe Holdings Plc as well as the
Caa1 rating of the GBP66 million Senior Unsecured Notes issued
by Pipe Holdings Plc.  The rating outlook is negative.

The confirmation of all ratings reflects the fact that the
capital structure of the restricted group remains virtually
unchanged following the end of the change of control period.
About GBP64 million notes have been offered to the company and
purchased by a new holding company outside the restricted group,
funded with a GBP245 million backstop bond repurchase facility
outside the restricted group.

The negative outlook reflects primarily the weak positioning
within the B2 rating category of Polypipe's current credit
metrics.  Further, Moody's notes challenges to the operating
performance of the company from its focus on the U.K.
construction market which faces a softening of activity, and to
the cash conversion of the company's solid profitability levels
into adequate positive free cash flows on a sustained basis.

Polypipe's B2 CFR reflects:

   (i) its strong brand recognition in the U.K. building
       materials market;

  (ii) the company's good position as the leading supplier of
       plastic pipe systems to U.K. independent builders'
       merchants, with an estimated market share of 50%;

(iii) its reduced vulnerability to the cyclicality of the
       building and construction industry via a solid coverage
       of the Repair, Maintenance and Improvement segment; and

  (iv) the current industry approach of adjusting prices to
       reflect increases in raw material prices.

However, the ratings also reflect these challenges:

   (i) the company's limited absolute scale, as evidenced by its
       revenue base of GBP330 million and its exposure to the
       U.K. construction industry, which has started to
       experience a softening with respect to new housing
       builds;

  (ii) the volatility in raw material prices -- principally
       plastic polymers, such as polyvinylchloride, polyethylene
       and polypropylene -- which Polypipe may not be able to
       pass on to its customers;

(iii) the competitive, concentrated mature markets in which the
       company operates, particularly in its core segments; and

  (iv) the challenge to reduce the financial leverage, as
       reflected in Total Debt (excluding Cash)/EBITDA of over
       5.3x for 2006, which is more in line with the
       requirements for the lower end of the single-B rating
       category.

At this stage, the company's liquidity position is adequate,
with GBP11.1 million on-balance sheet cash and GBP3.4 million
drawings under its GBP35 million credit facility as at end-
September 2007.

The ratings would come under downward pressure in the next 12 to
18 months in case of:

   (1) a material decline in the absolute revenue base;
   (2) EBITA to Interest Expense falling below 1.0x; or
   (3) Debt to EBITDA approaching 6.0x.

In addition, Moody's expects that the company preserves its
financial flexibility without increasing debt levels at the
restricted group level.

The outlook could be stabilized once the company shows evidence
of a sustainable turnaround of free cash flows and starts
beginning to reduce leverage within the restricted group.

The rating action concludes the review for possible downgrade of
the group's B2 Corporate Family Rating initiated on Aug. 21,
2007, following the announcement of a partially debt financed
management buyout of the group from the previous owner Castle
Harlan, Inc. and uncertainties about the company's long-term
capital structure.  The action also concludes the review with
direction uncertain of the B1 rating on the senior secured notes
and the Caa1 rating on the senior unsecured notes, which was
prompted by uncertainties of the use of the change control
option of bondholders, the period of which has now expired.

Outlook Actions:

   * Issuer: Pipe Holdings 2 Ltd

   -- Outlook, Changed To Negative From Rating Under Review

   * Issuer: Pipe Holdings plc

   -- Outlook, Changed To Negative From Rating Under Review

Confirmations:

   * Issuer: Pipe Holdings 2 Ltd

   -- Probability of Default Rating, Confirmed at B2;
   -- Corporate Family Rating, Confirmed at B2.

   * Issuer: Pipe Holdings plc

   -- Senior Secured Regular Bond/Debenture, Confirmed at
      34-LGD3;

   -- Senior Unsecured Regular Bond/Debenture, Confirmed at
      79-LGD5.

Based in Doncaster, South Yorkshire, United Kingdom, Polypipe
Building Products Ltd manufactures a wide range of plastic pipe
systems, predominantly for the U.K. construction market.
Revenues for 2006 were GBP331 million.


SEA FORT: Fitch Rates EUR15 Million Class E Notes at BB
-------------------------------------------------------
Fitch Ratings has affirmed SEA FORT Securities plc floating-rate
credit-linked notes:

   -- EUR35 million MCDS: affirmed at 'AAA'
   -- EUR41.5 million Class A notes: affirmed at 'AAA'
   -- EUR22 million Class B notes: affirmed at 'AA'
   -- EUR14.5 million Class C notes: affirmed at 'A'
   -- EUR14.5 million Class D notes: affirmed at 'BBB'
   -- EUR15 million Class E notes: affirmed at 'BB'

This transaction is a securitization of EUR-denominated bank
loans and drawn credit facilities to small-and medium-sized
entities, as well as large corporate entities and financial
institutions incorporated in Finland and originated by Sampo
Bank Plc.  The affirmation reflects the transaction's relatively
low loss rate and a reduced risk horizon to maturity.  Default
volume to date is EUR200,000 (0.02% of the maximum portfolio
balance).  The current portfolio notional balance is EUR1
billion.  The healthy credit enhancement, high recovery rates
and seasoning effect also contribute to the rating affirmation.

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


TRENDY PLUMBING: Names Samuel Jonathan Talby Liquidator
-------------------------------------------------------
Samuel Jonathan Talby of Bishop Fleming was appointed liquidator
of Trendy Plumbing Ltd. on Dec. 14 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Bishop Fleming
         16 Queen Square
         Bristol
         BS1 4NT
         England


UNI-DOK LTD: Appoints Joint Administrators from Menzies
-------------------------------------------------------
Paul David Williams and Andrew John Duncan of Menzies Corporate
Restructuring were appointed joint administrators of Uni-Dok
Ltd. (Company Number 02252097) on Dec. 14.

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:

         Uni-Dok Ltd.
         Aintree Road
         Keytec 7 Business Park
         Pershore
         Worcestershire
         WR10 2JN
         England
         Tel: 01386 555 804
         Fax: 01386 555 803


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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