TCREUR_Public/071227.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

           Thursday, December 27, 2007, Vol. 8, No. 255

                            Headlines


A U S T R I A

123 VERTRIEB: Krems an der Donau Court Orders Business Shutdown
DOWA OBERFLACHENBEARBEITUNG: Administrator Rules Lack of Assets
ERB PLAN: Creditors' Meeting Slated for Jan. 8, 2008
HBZ BAU: Creditors' Meeting Slated for Jan. 4, 2008
J.M.S. LLC: Vienna Court Orders Business Shutdown

MOHIL KEG: Claims Registration Period Ends Dec. 31
MUSTAFIC OEG: Creditors' Meeting Slated for Jan. 8, 2008
NAVIDAT SOFTWARE: Creditors' Meeting Slated for Jan. 8, 2008
ROMAN WIRTH: Claims Registration Period Ends Jan. 3, 2008
SPS FASSADENTECHNIK: Klagenfurt Court Orders Business Shutdown

STIEBELLEHNER BAUSERVICE: Meeting Slated for Jan. 8, 2008


B E L G I U M

AVNET INC: Completes US$200 Mln Acal IT Solution Takeover
MILACRON INC: Weak Credit Metric Cues Moody's to Cut Ratings


F R A N C E

RHODIA SA: Restructures Acetow Business in Germany
RHODIA SA: Names Gerard Collette as President of Acetow Arm


G E R M A N Y

BAUBUB GLAS-UND: Claims Registration Period Ends Jan. 11, 2008
BECHER-ESKA: Creditors' Meeting Slated for Jan. 8, 2008
BECHER UND WINTER: Creditors' Meeting Slated for Jan. 8, 2008
COOL CARGO: Claims Registration Period Ends Jan. 7, 2008
CONCETTO CORRETTO: Claims Registration Ends January 15, 2008

DVD DASSOW: Claims Registration Period Ends Jan. 11, 2008
ERICH SIEVERS: Claims Registration Period Ends Jan. 4, 2008
GOOD SPIRITS: Claims Registration Period Ends Jan. 10, 2008
HEIMBAU-BAUTRAGER: Claims Registration Period Ends Jan. 10, 2008
INDUSTRIEWARTUNG STANGL: Claims Registration Ends Jan. 10, 2008

JENOPTIK AG: Moody's Withdraws B1 Ratings at Company's Request
MAX BECHER: Creditors' Meeting Slated for Jan. 8, 2008
MEDA INSTITUT: Claims Registration Period Ends Jan. 8, 2008
NIMM-MIT WOHNMARKT: Claims Period Ends Jan. 14, 2008
PARSCH NATURSTEIN: Claims Registration Period Ends Jan. 11, 2008

REALCONTENT TECHNOLOGIES: Claims Registration Ends Jan. 15, 2008
S & B GMBH: Claims Registration Period Ends Jan. 14, 2008
SAFA-GASTRO GMBH: Claims Registration Period Ends Jan. 14, 2008
SIGMA SPANNSTAHL: Claims Registration Ends January 14, 2008


H U N G A R Y

INVITEL HOLDINGS: Memorex Deal Cues Moody's to Review B1 Rating


I R E L A N D

MCENANEY CONSTRUCTION: Goes Into Examinership with EUR65Mln Debt
SANMINA-SCI: Calls for Redemption of US$120 Million Senior Notes
PREPS 2005-2: Moody's Cuts Ratings to Ba1 on Two Note Classes


I T A L Y

ALITALIA SPA: Board Selects Air France-KLM as Preferred Buyer
PARMALAT SPA: Receives EUR396 Mln in Settlement with Banks
SIENA MORTGAGE: Moody's Rates EUR239 Mln Class C Notes at Ba3


K A Z A K H S T A N

ARAI STROY: Proof of Claim Deadline Slated for Jan. 22, 2008
DIAMOND-SERVICE M: Creditors Must File Claims by  Jan. 18, 2008
KAZAKHMYS PROJECT: Claims Filing Period Ends  Jan. 22, 2008
KAZMONTAGETECHNOSERVICE LLP: Claims Due on  Jan. 22, 2008
MAR-MAR TAS: Claims Registration Ends  Jan. 18, 2008

OLIVER STONE: Proof of Claim Deadline Slated for Jan. 18, 2008
TECHNOBUSINESS & K: Creditors Must File Claims by  Jan. 22, 2008
TRANSPORT SERVICE: Claims Filing Period Ends Jan. 22, 2008
XANADU CASINO: Creditors' Claims Due on January 18, 2008


K Y R G Y Z S T A N

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


L U X E M B O U R G

ROSBANK FINANCE: Moody's May Lift Ba2 Debt Ratings After Review


N E T H E R L A N D S

GLOBAL POWER: To Emerge from Chapter 11 by End of January 2008
INTERMEC TECH: Names David Jones as Global Services VP
NUMONYX BV: S&P Assigns B Dredit Ratings with Stable Outlook
PDM CLO I: Moody's Rates EUR13.5 Mln Class E Notes at Ba3
SABIC INNOVATIVE: Moody's May Cut Low-B Ratings After Review


P O L A N D

NETIA SA: Unit Acquires Shares in Four Telecom Firms


P O R T U G A L

INTERTAPE POLYMER: Debt Cut Cut S&P to Upgrade Ratings to B


R U S S I A

BIJSKAYA CHEMICAL: Creditors Must File Claims by Jan. 8, 2008
DIMITROVGRADSKIJ MEAT: Claims Filing Period Ends Jan. 8, 2008
IRANDYKSKIJ: Asset Sale Slated for January 10, 2008
JUPITER-TRUST CJSC: Creditors Must File Claims by Jan. 8, 2008
NATURAL FOOD: Court Starts Competitive Proceedings

PUSHKINSKIJ OJSC: Creditors Must File Claims by Jan. 8, 2008
RITZIO ENTERTAINMENT: Moody's Withdraws B2 Corp. Family Rating
ROSBANK JSC: Moody's May Lift Ba2 Deposit Ratings After Review
ROSPROMBANK: Moody's Assigns B3/Not-Prime/E+ Ratings
SOCIAL SPHERE: Creditors Must File Claims by Feb. 8, 2008

SURGUTSKAYA NEFTEPROMYSHLENNAYA: Claims Filing Ends Jan. 8, 2008
UFIMSKY CRANE-BUILDING: Asset Sale Slated for Jan. 9, 2008


S P A I N

FTPYME TDA 7: Moody's Junks EUR10.4 Million Series D Notes


S W E D E N

NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31


S W I T Z E R L A N D

ALFRED KITTLER: Creditors' Liquidation Claims Due by December 31
ARTES EVENT: Creditors' Liquidation Claims Due by December 31
BBB LLC: Creditors' Liquidation Claims Due by December 31
ETHYL SERVICES: Creditors' Liquidation Claims Due by December 31
HAFI HANDEL: Zurich Court Closes Bankruptcy Proceedings

HOLDING LIEBEGG: Creditors' Liquidation Claims Due by Dec. 31
M & J GASTRO: Creditors' Liquidation Claims Due by December 31
SCHLUSSEL PUB: Claims Registration Period Ends December 31
SEDUZIONE BETRIEB: Claims Registration Period Ends December 30
WK BAU: Zurich Court Closes Bankruptcy Proceedings

T U R K E Y

SEKERBANK TAS: Fitch Upgrades Default Ratings to B
TURKLAND BANK: Better Capitalization Cues Fitch's D Ratings
VESTEL ELEKTRONIK: S&P Cuts Ratings to B on Tight Liquidity


U N I T E D   K I N G D O M

ACCOLADE BUSINESS: J. M. Titley Leads Liquidation Procedure
ACXIOM CORP: Elects Three Board Members at 2007 Annual Meeting
ACXIOM CORP: Buyout Termination Prompts S&P to Affirm BB Rating
BRADSHAWS DIRECT: Brings In Administrators from KPMG
CB MEZZCAP: Moody's Junks EUR7.7 Mln Class E Fixed Rate Notes

CHRYSLER LLC: "Operationally" Bankrupt, CEO Nardelli Says
COMPUTERPROOF LTD: Claims Filing Period Ends March 14, 2008
COVENTRY TUBES: Appoints J. M. Titley as Liquidator
DANOR ELECTRONICS: Brings In Liquidators from Mazars
DRAINLINE UK: Taps Tenon Recovery to Administer Assets

ERINACEOUS GROUP: James Caan In Talks with Advisers Over Bid
FELIX CORPORATION: Brings In KPMG as Joint Administrators
HARDLINES LTD: Taps Liquidators from Tenon Recovery
HARTLAND SUB-CONTRACT: Calls In Liquidators from PwC
INVERNESS MEDICAL: Launches Takeover Offer for BBI Holdings Plc

KEMP COMMERCIAL: Appoints Tenon Recovery as Joint Administrators
KOMPASS PLASTICS: Hires Liquidators from Tenon Recovery
NOVA FINANCE 4: Moody's Rates EUR17.5 Mln Class E Notes at Ba2
OVERALL INTERNATIONAL: Joint Liquidators Take Over Operations
OVERALL TRANSPORT: Appoints Liquidators from Grant Thornton

R T STEWARD: Hires Liquidators from Grant Thornton
R.S. FOODS: M. H. Abdulali Leads Liquidation Procedure
RMAC SECURITIES: Moody's Cuts Ratings to Low-B on Three Notes
RMS 16 PLC: Moody's May Cut Low-B Ratings After Review
RTM HOLDINGS: Names Administrators from Ernst & Young

RTM SERVICES: Appoints Administrators from Ernst & Young
SECURITY & TRAINING: Names Stephen John Tancock as Liquidator
SENATE QA: Taps M. C. Bowker to Liquidate Assets
SSANG YONG: Brings In Ernst & Young to Administer Assets
STERLING LTD: Brings In Liquidators from Moore Stephens

* Upcoming Meetings, Conferences and Seminars


                            *********


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


123 VERTRIEB: Krems an der Donau Court Orders Business Shutdown
---------------------------------------------------------------
The Land Court of Krems an der Donau entered Nov. 9 an order
shutting down the business of  LLC 123 Vertrieb (FN 125487s).

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

The estate administrator can be reached at:

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

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


DOWA OBERFLACHENBEARBEITUNG: Administrator Rules Lack of Assets
---------------------------------------------------------------
Mag. Ernst Lehenbauer, the court-appointed estate administrator
for LLC DOWA Oberflachenbearbeitung und Transporte (FN 221027s),
declared Nov. 6 that the Debtor's property is insufficient to
cover creditors' claim.

The Land Court of Steyr ordered the closure of the Debtor's
business on the same day.

Headquartered in Enns, Austria, the Debtor declared bankruptcy
on Oct. 31 (Bankr. Case No. 14 S 40/07s).

The estate administrator can be reached at:

         Mag. Ernst Lehenbauer
         Hauptplatz 21
         4470 Enns
         Austria
         Tel: 07223/810 10
         E-mail: ra.lehenbauer@attglobal.net


ERB PLAN: Creditors' Meeting Slated for Jan. 8, 2008
----------------------------------------------------
Creditors owed money by LLC ERB Plan- u. Bau (FN 283977p) are
encouraged to attend the creditors' meeting at 10:10 a.m. on
Jan. 8, 2008.

The creditors' meeting will be held at:

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

Headquartered in Oberndorf an der Melk, Austria, the Debtor
declared bankruptcy on Nov. 13 (14 S 187/07a).  Gerhard Taufner
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Gerhard Taufner
         Bahnhofstrasse 5
         3390 Melk
         Austria
         Tel: 02752/5 24 66
         Fax: 02752/5 25 74
         E-mail: rechtsanwalt.taufner@taufner.at


HBZ BAU: Creditors' Meeting Slated for Jan. 4, 2008
---------------------------------------------------
Creditors owed money by LLC HBZ Bau (FN 200839b) are encouraged
to attend the creditors' meeting at 11:00 a.m. on Jan. 4, 2008.

The creditors' meeting will be held at:

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

Headquartered in Matrei in Osttiro, Austria, the Debtor declared
bankruptcy on Nov. 15 (7 S 65/07d).  Reinhold Unterweger serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Reinhold Unterweger
         Rosengasse 8
         9900 Lienz
         Austria
         Tel: 04852/65644, 65645
         Fax: 04852/656444
         E-mail: ra-untbeim@tirol.com


J.M.S. LLC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Nov. 12 an order shutting down
the business of LLC J.M.S. (FN 287642d).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 6 (Bankr. Case No 38 S 60/07m).


MOHIL KEG: Claims Registration Period Ends Dec. 31
--------------------------------------------------
Creditors owed money by KEG MOHIL (FN 156791a) have until
Dec. 31 to file written proofs of claim to court-appointed
estate administrator Wolfgang Herzer at:

         Mag. Wolfgang Herzer
         Maria Theresienstrasse 9
         1090 Vienna
         Austria
         Tel: 319 32 60
         Fax: 319 32 609
         E-mail: herzer@brandlang.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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. 18 (Bankr. Case No. 28 S 128/07p).


MUSTAFIC OEG: Creditors' Meeting Slated for Jan. 8, 2008
--------------------------------------------------------
Creditors owed money by OEG Mustafic (FN 262498b) are encouraged
to attend the creditors' meeting at 10:30 a.m. on Jan. 8, 2008.

The creditors' meeting will be held at:

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

Headquartered in St. Poelten - Radlberg, Austria, the Debtor
declared bankruptcy on Nov. 12 (14 S 186/07d).  Christian Lind
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Christian Lind
         Kremser Gasse 4
         3100 St. Poelten
         Austria
         Tel: 02742/35 15 50
         Fax: 02742/35 15 50-5
         E-mail: office.st.poelten@ulsr.at


NAVIDAT SOFTWARE: Creditors' Meeting Slated for Jan. 8, 2008
------------------------------------------------------------
Creditors owed money by LLC NaviDat Software Produktion und
Handel (FN 99060b) are encouraged to attend the creditors'
meeting at 10:20 a.m. on Jan. 8, 2008.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 14 (38 S 61/07h).  Klemens Dallinger serves as the
court-appointed estate administrator of the bankrupt's estate.
Guenther Hoedl represents Dr. Dallinger in the bankruptcy
proceedings.

The estate administrator can be reached at:

         Dr. Klemens Dallinger
         c/o  Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dalinger@anwaltsteam.at


ROMAN WIRTH: Claims Registration Period Ends Jan. 3, 2008
---------------------------------------------------------
Creditors owed money by  LLC Roman Wirth (FN 101560d) have until
Jan. 3, 2008, to file written proofs of claim to court-appointed
estate administrator Walter Engler at:

         Dr. Walter Engler
         Wollzeile 18/14
         1010 Vienna
         Austria
         Tel: 512 56 96
         Fax: 513 99 15
         E-mail: dr.engler@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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. 8 (Bankr. Case No. 5 S 132/07g).


SPS FASSADENTECHNIK: Klagenfurt Court Orders Business Shutdown
--------------------------------------------------------------
The Land Court of Klagenfurt entered Nov. 14 an order shutting
down the business of LLC S.P.S. Fassadentechnik (FN 207066i).

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

The estate administrator can be reached at:

         Dr. Kurt Hirn
         Dr. Arthur Lemisch Platz 2
         9020 Klagenfurt
         Austria
         Tel: 0463/504770
         Fax: 0463/50477
         E-mail: dr.kurt.hirn@chello.at

Headquartered in St. Veit an der Glan, Austria, the Debtor
declared bankruptcy on Nov. 8 (Bankr. Case No 41 S 108/07s).


STIEBELLEHNER BAUSERVICE: Meeting Slated for Jan. 8, 2008
---------------------------------------------------------
Creditors owed money by LLC Stiebellehner Bauservice (FN
141992m) are encouraged to attend the creditors' meeting at
10:50 a.m. on Jan. 8, 2008.

The creditors' meeting will be held at:

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

Headquartered in St. Peter , Austria, the Debtor declared
bankruptcy on Nov. 12 (14 S 185/07g). Dr. Wolfgang Strasser
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/52 4 37-21
         E-mail: st-valentin@advocat24.at


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


AVNET INC: Completes US$200 Mln Acal IT Solution Takeover
---------------------------------------------------------
Avnet Inc. has completed its acquisition of the IT Solutions
Division of Acal plc.  The acquired business, which has annual
revenues of approximately US$200 million, is a leading European
value-added distributor for Storage Networking, Networking,
Security, Electronic Document Management, as well as managed and
professional services.

The division, which has operations in the U.K., the Netherlands,
Belgium, Germany, France and Sweden, will be integrated into
Avnet Technology Solutions' EMEA business.

Dick Borsboom, President of Avnet Technology Solutions EMEA,
commented, "This acquisition extends our depth of expertise in
the IT solutions and services arena by adding new competencies
in high growth areas and expanding our ability to deliver multi-
vendor solutions.  The addition of 200 skilled employees and
2000 Acal resellers broadens our solutions-selling portfolio and
creates additional opportunities for cross selling."

Following on the recently completed acquisition of the Magirus
Enterprise Division, Avnet Technology Solutions is substantially
building its market presence in the areas of managed and
professional services, SAN, Networking and Security solutions.
The acquisition also opens new markets to Avnet Technology
Solutions, such as Electronic Document Management today
operating under the name Headway Technologies.

"We are executing well on our goal to be the premier, value-add
distributor in Europe," added Mr. Borsboom.  "The acquisition of
Acal is another clear affirmation of our vision to be the leader
in delivering solutions that can accelerate the growth of our
trading partners."

                     About Avnet Electronics

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers and electronic
manufacturing services providers in more than 70 countries,
distributing electronic components from leading manufacturers
and providing associated design-chain and supply-chain services.

                         About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                           *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


MILACRON INC: Weak Credit Metric Cues Moody's to Cut Ratings
------------------------------------------------------------
Moody's Investors Service lowered the ratings of Milacron Inc.
Corporate Family, to Caa2 from Caa1; Probability of Default, to
Caa2 from Caa1; and senior secured notes, to Caa2 from Caa1.

The lowered ratings reflect the company's weak credit metrics
and ongoing cash flow pressures.  Milacron continues to face
cyclical pressures in its plastics machinery markets and ongoing
required pension payments.

Without additional actions by the company's management, Moody's
views the company's liquidity over the next twelve months to be
at risk of deterioration resulting from stagnant free cash flow
prospects over the intermediate term, and required pension
payments and interest costs.  Milacron will continue to have
required pension payments after 2008. The company's ongoing cash
requirements combined with a continued liquidity pressures could
limit the company's operating flexibility over the intermediate
term.

The negative outlook reflects the company's weak operating
metrics and the expectation that absent new cash sources the
company's liquidity profile will narrow following the scheduled
pension payments due in 2008.  Milacron's current liquidity is
sufficient to make the required pension payments in 2008.  In
addition, the company has frozen its current U.S. defined
pension plan.  However, operating flexibility could be impaired
if the company's liquidity profile deteriorates.  As of Sept.
30, 2007, Debt/EBITDA was 10.6x, and EBIT/Interest Coverage of
0.7x.

As of Sept. 30, 2007, Milacron maintained US$37.5 million of
cash on its balance sheet and approximately US$42 million
available under its asset based revolving credit facility.  The
asset based facility requires the company to maintain US$10
million of excess availability, limits capital expenditures, and
contains a springing minimum fixed charge coverage ratio in the
event that excess availability is less than US$5 million.  There
is moderate availability under the company's senior secured
notes' debt incurrence test for Milacron to obtain additional
financing.

* The ratings lowered are:

  -- Corporate Family rating, to Caa2 from Caa1

  -- Probability of Default, to Caa2 from Caa1

  -- US$225 million of 11.5% guaranteed senior secured notes due
     2011, to Caa2 (LGD3 45%) from Caa1 (LD3 44%)

  -- Milacron maintains a US$105 million asset based revolving
     credit facility which is not rated by Moody's.

The prior press release was on Jan. 10, 2006, confirming
Milacron's ratings and changing the outlook to negative.

Factors that could contribute to a stabilization of the rating
outlook include: substantial growth in new business priced at
profitable margins; stabilized raw material costs resulting in
improved margins; additional equity contributions; or actions
taken to improve liquidity.  Consideration for a stabilized
rating outlook or upward rating migration would arise if any
combination of these factors were to result in leverage
approaching 6.0x, or result in EBIT/interest coverage
approaching 1x.

Factors that could result in ratings downgrades include:
liquidity not being adequately maintained over the next twelve
months; increases in raw material prices which are not passed on
to customers; deterioration in the company's plastic machinery
end markets; or the inability to security additional liquidity
and or financing to mitigate the minimum pension funding
requirements in 2008.  Consideration for downward rating
migration would arise if any combination of these factors were
to result in deteriorating liquidity.

Milacron, headquartered in Cincinnati, Ohio, is a leading global
manufacturer and supplier of plastics-processing equipment and
related supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in North America, Europe and Asia.  Milacron's annual
revenues approximated US$789 million over the last twelve
months.

The company has an office in South Korea, and joint ventures in
China and India.  In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.


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F R A N C E
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RHODIA SA: Restructures Acetow Business in Germany
--------------------------------------------------
Rhodia S.A. launched an extensive program to improve the
competitiveness of its Acetow cellulose acetate business.  This
activity, with production site mostly situated in Europe, is
particularly impacted by the weakness in the U.S. dollar.

As a first step, an action plan was announced at the Freiburg
site in Germany.  Following an in-depth study, this plan targets
cost savings in all processes through productivity gains in
production, more efficient administration, support services, and
a new orientation to Research & Development activities.  As part
of the restructuring program, 129 jobs will be cut, mostly
through early retirement.

"The action plan we are launching aims to improve our margins to
compensate for the unfavorable foreign exchange environment.  It
will help ensure the long-term competitiveness of Acetow as part
of Rhodia's core businesses and the sustainability of the
Freiburg site," Gerard Collette, the new president of the Acetow
Enterprise, commented.

Headquartered in Freiburg, Germany, Rhodia Acetow is a
subsidiary of Rhodia S.A. and ranks among the three leaders in
the market of cellulose acetate fibers for cigarette filters.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                         *     *     *

As reported in the TCR-Europe on Nov. 28, 2007, Moody's
Investors Service affirmed Rhodia S.A. Corporate Family
Rating at Ba3.  Moody's said the outlook has been changed to
Positive from Stable.

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia
S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable.  Fitch has assigned Rhodia SA's proposed
issue of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
rating.

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


RHODIA SA: Names Gerard Collette as President of Acetow Arm
-----------------------------------------------------------
Rhodia S.A. has appointed Gerard Collette as president of
Rhodia's Acetow Enterprise and member of the group's executive
committee.

Mr. Collette holds a degree in engineering from the Ecole
Natinale d'Ingénieurs de Metz and a PhD from the Institut
Polytechnique de Lorraine.  He began his career with Pechiney in
1980.  In 2005, he joined the Novelis Group as global rolling
process technology leader and director technology Europe.

Headquartered in Freiburg, Germany, Rhodia Acetow is a
subsidiary of Rhodia S.A. and ranks among the three leaders in
the market of cellulose acetate fibers for cigarette filters.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                         *     *     *

As reported in the TCR-Europe on Nov. 28, 2007, Moody's
Investors Service affirmed Rhodia S.A. Corporate Family
Rating at Ba3.  Moody's said the outlook has been changed to
Positive from Stable.

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia
S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable.  Fitch has assigned Rhodia SA's proposed
issue of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
rating.

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


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


BAUBUB GLAS-UND: Claims Registration Period Ends Jan. 11, 2008
--------------------------------------------------------------
Creditors of Baubub Glas-und Gebaudereinigungs GmbH & Co KG have
until Jan. 11, 2008, to register their claims with court-
appointed insolvency manager Thomas Kehe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Thomas Kehe
          Braunschweiger Strasse 15a
          38723 Seesen
          Germany
          Tel: 05381/93560
          Fax: 05381/935644

The District Court of Goettingen opened bankruptcy proceedings
against Baubub Glas-und Gebaudereinigungs GmbH & Co KG on
Jan. 12, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Baubub Glas-und Gebaudereinigungs GmbH & Co KG
          Bleichstrasse 43
          37170 Uslar
          Germany


BECHER-ESKA: Creditors' Meeting Slated for Jan. 8, 2008
-------------------------------------------------------
The court-appointed insolvency manager for Becher-ESKA GmbH &
Co. KG, Martin Prager will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:20 a.m. on Jan. 8, 2008.

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

         The District Court of Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on Feb. 12, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Martin Prager
         Barthstr. 16
         80339 Munich
         Germany
         Tel: 089-8589633
         Fax: 089-85896350

The District Court of Weilheim opened bankruptcy proceedings
against Becher-ESKA GmbH & Co. KG on Dec. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Becher-ESKA GmbH & Co. KG
         Gablonzer Ring 58-60
         87600 Kaufbeuren
         Germany


BECHER UND WINTER: Creditors' Meeting Slated for Jan. 8, 2008
-------------------------------------------------------------
The court-appointed insolvency manager for Becher und Winter
Verwaltung GmbH, Martin Prager will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:10 a.m. on Jan. 8, 2008.

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

         The District Court of Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Feb. 12, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Martin Prager
         Barthstr. 16
         80339 Munich
         Germany
         Tel: 089-8589633
         Fax: 089-85896350

The District Court of Weilheim opened bankruptcy proceedings
against Becher und Winter Verwaltung GmbH on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Becher und Winter Verwaltung GmbH
         Augsburgerstr. 2-4
         86956 Schongau
         Germany


COOL CARGO: Claims Registration Period Ends Jan. 7, 2008
--------------------------------------------------------
Creditors of Cool Cargo International GmbH have until
Jan. 7, 2008, to register their claims with court-appointed
insolvency manager Dr. Paul Fink.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

          Dr. Paul Fink
          Koenigsallee 33
          40212 Duesseldorf
          Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Cool Cargo International GmbH on Dec. 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Cool Cargo International GmbH
          Einbecker Strasse 19
          40599 Duesseldorf
          Germany


CONCETTO CORRETTO: Claims Registration Ends January 15, 2008
------------------------------------------------------------
Creditors of Concetto Corretto Produkt- & Vertriebsgesellschaft
mbH have until Jan. 15, 2008, to register their claims with
court-appointed insolvency manager Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Feb. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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:

         Udo Mueller
         Georgstr. 50
         30159 Hannover
         Germany
         Tel: 0511 36698-0
         Fax: 0511 36698-33

The District Court of Concetto Corretto Produkt- &
Vertriebsgesellschaft mbH opened bankruptcy proceedings against
Concetto Corretto Produkt- & Vertriebsgesellschaft mbH on
Dec. 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Concetto Corretto Produkt- & Vertriebsgesellschaft mbH
         Attn: Boris Stoedter, Manager
         Tischlerstr. 5
         30916 Isernhagen
         Germany


DVD DASSOW: Claims Registration Period Ends Jan. 11, 2008
---------------------------------------------------------
Creditors of Vermoegensverwaltungsgesellschaft DVD Dassow GmbH
have until Jan. 11, 2008, to register their claims with court-
appointed insolvency manager Marc Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 3
         Demmlerplatz 14
         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:

         Marc Odebrecht
         A.-Bebel-Strasse 4
         19055 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Vermoegensverwaltungsgesellschaft DVD Dassow GmbH on
Dec. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Vermoegensverwaltungsgesellschaft DVD Dassow GmbH
         Attn: Kai Nitsche, Manager
         Bad Schwartau Werkstrasse 2-22
         23942 Dassow
         Germany


ERICH SIEVERS: Claims Registration Period Ends Jan. 4, 2008
-----------------------------------------------------------
Creditors of Erich Sievers und Sohn GmbH & Co. KG have until
Jan. 4, 2008, to register their claims with court-appointed
insolvency manager Ruediger Berkhan.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goslar
         II/F
         Third Floor
         Haus II
         Kaiserbleek 8
         38640 Goslar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Feb. 22, 2008, at the same
venue.

The insolvency manager can be reached at:

         Ruediger Berkhan
         Braunschweiger Str. 15A
         D 38723 Seesen
         Germany
         Tel: 05381/93 56-0
         Fax: 05381/93 56 44

The District Court of Goslar opened bankruptcy proceedings
against Erich Sievers und Sohn GmbH & Co. KG on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Erich Sievers und Sohn GmbH & Co. KG
         Attn: Dr. A. Robrade u. B. Robrade, Manager
         Landstr. 51
         38667 Bad Harzburg
         Germany


GOOD SPIRITS: Claims Registration Period Ends Jan. 10, 2008
-----------------------------------------------------------
Creditors of Good Spirits GmbH have until Jan. 10, 2008, to
register their claims with court-appointed insolvency manager
Sven Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         Germany

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

The insolvency manager can be reached at:

         Sven Krueger
         Roeckstrasse 40
         23568 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Good Spirits GmbH on Nov. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Good Spirits GmbH
         Attn: Magnus Grenthe, Manager
         Spenglerstr. 29
         23556 Luebeck
         Germany


HEIMBAU-BAUTRAGER: Claims Registration Period Ends Jan. 10, 2008
----------------------------------------------------------------
Creditors of Heimbau-Bautrager GmbH have until Jan. 10, 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 9:00 a.m. on Feb. 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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
          Marktstrasse 22
          59555 Lippstadt
          Germany
          Tel: 02941/979850
          Fax: 02941/979870

The District Court of Paderborn opened bankruptcy proceedings
against Heimbau-Bautrager GmbH on Dec. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Heimbau-Bautrager GmbH
          Muehlenstrasse 2
          59590 Geseke
          Germany


INDUSTRIEWARTUNG STANGL: Claims Registration Ends Jan. 10, 2008
---------------------------------------------------------------
Creditors of Industriewartung Stangl GmbH have until
Jan. 10, 2008, to register their claims with court-appointed
insolvency manager Thomas Kloeckner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wolfratshausen
         Meeting Halll 3/I
         Bahnhofstrasse 18
         Wolfratshausen
         Germany

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

The insolvency manager can be reached at:

         Thomas Kloeckner
         Hans-Urmiller-Ring 11
         82515 Wolfratshausen
         Germany
         Tel: 08171/38730-100
         Fax: 08171/38730-222

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

The Debtor can be reached at:

         Industriewartung Stangl GmbH
         Marktplatz 15
         83607 Holzkirchen
         Germany


JENOPTIK AG: Moody's Withdraws B1 Ratings at Company's Request
--------------------------------------------------------------
Moody's Investors Service withdrew the corporate family rating
of Jenoptik AG for business reasons, at the request of the
issuer.

Outlook Actions:

   * Issuer: Jenoptik AG

   -- Outlook, Changed To Rating Withdrawn From Stable

Withdrawals:

   * Issuer: Jenoptik AG

   -- Probability of Default Rating, Withdrawn, previously
      rated B1

   -- Corporate Family Rating, Withdrawn, previously rated B1

The Jenoptik Group is one of Europe's leading providers of
optical technologies.  Jenoptik specializes in photonics and
mechatronics technologies, and numbers among the technological
and market leaders in selected sectors.  The Group reported
sales of EUR480 million in 2006.


MAX BECHER: Creditors' Meeting Slated for Jan. 8, 2008
------------------------------------------------------
The court-appointed insolvency manager for Max Becher GmbH & Co.
KG, Martin Prager will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:00 a.m. on
Jan. 8, 2008.

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

         The District Court of Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:55 a.m. on Feb. 12, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Martin Prager
         Barthstr. 16
         80339 Munich
         Germany
         Tel: 089-8589633
         Fax: 089-85896350

The District Court of Weilheim opened bankruptcy proceedings
against Max Becher GmbH & Co. KG on Dec. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Max Becher GmbH & Co. KG
         Augsburgerstr. 2-4
         86956 Schongau
         Germany


MEDA INSTITUT: Claims Registration Period Ends Jan. 8, 2008
-----------------------------------------------------------
Creditors of MeDa Institut GmbH have until Jan. 8, 2008, to
register their claims with court-appointed insolvency manager
Dr. Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Feb.19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Hans-Peter Lehner
         Ditthornstr. 5
         93055 Regensburg
         Germany
         Tel: 0941/640820-0
         Fax: 0941/640820-10

The District Court of Regensburg opened bankruptcy proceedings
against MeDa Institut GmbH on Dec. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MeDa Institut GmbH
         Lappersdorferstr. 27
         93059 Regensburg
         Germany


NIMM-MIT WOHNMARKT: Claims Period Ends Jan. 14, 2008
----------------------------------------------------
Creditors of NIMM-MIT WOHNMARKT Beteiligungs-GmbH have until
Jan. 14, 2008, to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.

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

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 405
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         C/o Rae Brinkmann und Kollegen
         Lyoner Strasse 14
         60528 Frankfurt/Main
         Germany
         Tel: 069/9623340
         Fax: 069/96233422

The District Court of Giessen opened bankruptcy proceedings
against NIMM-MIT WOHNMARKT Beteiligungs-GmbH on Dec. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NIMM-MIT WOHNMARKT Beteiligungs-GmbH
         Ludwig-Rinn-Strasse 49
         35452 Heuchelheim
         Germany

         Attn: Rolf Bruno Thilo, Manager
         Berliner Ring 49
         35576 Wetzlar
         Germany


PARSCH NATURSTEIN: Claims Registration Period Ends Jan. 11, 2008
---------------------------------------------------------------
Creditors of Parsch Naturstein GmbH have until Jan. 11, 2008, to
register their claims with court-appointed insolvency manager
Wolfram Feuerhake.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Wolfram Feuerhake
         Rother Weingartenweg 26
         65812 Bad Soden
         Germany
         Tel: 06196/902898
         Fax: 06196/902897

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Parsch Naturstein GmbH on Dec. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Parsch Naturstein GmbH
         Forsthausstrasse 4
         35619 Braunfels
         Germany


REALCONTENT TECHNOLOGIES: Claims Registration Ends Jan. 15, 2008
----------------------------------------------------------------
Creditors of realcontent technologies GmbH have until
Jan. 15, 2008, to register their claims with court-appointed
insolvency manager Dr. Horst Gill.

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

The meeting of creditors will be held at:

         The District Court of Freiburg
         Room No 202
         Second Floor

         Aussenstelle Bismarckallee 2
         79098 Freiburg
         Germany

The Court will verify the claims set out in the insolvency
manager's report on Feb. 7, 2008, while creditors may constitute
a creditors' committee or opt to appoint a new insolvency
manager.

The insolvency manager can be reached at:

         Dr. Horst Gill
         Kartauserstr. 120
         79104 Freiburg
         Germany
         Tel: 0761/7077010
         Fax: 0761/7077033

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

The Debtor can be reached at:

         realcontent technologies GmbH
         Gerberau 5
         79098 Freiburg
         Germany

         Attn: Matthias Wankel, Manager
         Neuoed 18
         92278 Illschwang
         Germany


S & B GMBH: Claims Registration Period Ends Jan. 14, 2008
---------------------------------------------------------
Creditors of S & B GmbH have until Jan. 14, 2008, to register
their claims with court-appointed insolvency manager Dr. Martin
Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall T 112/112 (D 4.109)
         Adalbertsteinweg 90 (ab 2008 Eingang Haus-Nr. 92)
         52070 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:

         Dr. Martin Dreschers
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

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

The Debtor can be reached at:

         S & B GmbH
         Juelicher Strasse 37
         52531 Uebach-Palenberg
         Germany

         Attn: Suleyman Boerek, Manager
         Krummer Weg 25
         41849 Wassenberg
         Germany


SAFA-GASTRO GMBH: Claims Registration Period Ends Jan. 14, 2008
---------------------------------------------------------------
Creditors of SaFa-Gastro GmbH & Co. KG have until Jan. 14, 2008,
to register their claims with court-appointed insolvency manager
Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Feb. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         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:

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

The District Court of Duisburg opened bankruptcy proceedings
against SaFa-Gastro GmbH & Co. KG on Nov. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SaFa-Gastro GmbH & Co. KG
         Hans-Boeckler-Platz 8
         45468 Muelheim
         Germany


SIGMA SPANNSTAHL: Claims Registration Ends January 14, 2008
-----------------------------------------------------------
Creditors of Sigma Spannstahl GmbH have until Jan. 14, 2008, to
register their claims with court-appointed insolvency manager
Dr. Helmut Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Meeting Hall C315
         Third Floor
         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:

         Dr. Helmut Schmitz
         Flohbusch 1
         47802 Krefeld
         Germany

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

The Debtor can be reached at:

         Sigma Spannstahl GmbH
         Lissaboner Str. 31
         47229 Duisburg
         Germany

         Attn: Dr. Guenter Schuler, Manager
         Mozartweg 7
         58313 Herdecke
         Germany


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


INVITEL HOLDINGS: Memorex Deal Cues Moody's to Review B1 Rating
---------------------------------------------------------------
Moody's Investors Service placed a B1 corporate family rating of
Magyar Telecom B.V., a holding company of Invitel Tavkozlesi
Szolgaltato Rt. on review following the company's announcement
to acquire Memorex for the total consideration of
US$130 million.  Concurrently, Moody's placed all existing
instrument ratings on review.

Moody's says that during the review process it will focus:

   (i) on the strategic rationale of the transaction;
  (ii) the target company; and
(iii) the proposed capital structure.

Additionally, Moody's will assess potential refinancing risks
associated with this transaction.  At this stage, based on a
preliminary review, Moody's thinks that the ratings could be
affirmed whilst the outlook is subject to review.

Headquartered in Budaors, Hungary, Invitel is the second largest
fixed-line telecommunications provider in Hungary.


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


MCENANEY CONSTRUCTION: Goes Into Examinership with EUR65Mln Debt
----------------------------------------------------------------
The High Court of Ireland placed McEnaney Construction into
examinership and appointed Michael McAteer as interim examiner,
the Sunday Business Post reports.

According to the report, McEnaney Construction, burdened with
more than EUR65 million in debt, failed to meet its repayment
schedule and sought High Court protection from creditors.

The Post says the company, which creditors include Ulster Bank,
Irish Nationwide, and IIB, suffered financial difficulties
following the recent decline in the construction sector.

Mr. McAteer, a partner with accountancy firm Foster McAteer, is
currently drawing up a rescue package for the company.  He is
also in talks with potential investors, The Post relates.

The High Court will appoint an examiner early 2008.

Based in Dundalk, Ireland, McEnaney Construction is a property
and development company.  It has land banks in Dublin, Louth and
Monaghan.  It is owned by Co Louth businessman Sean McEnaney.


SANMINA-SCI: Calls for Redemption of US$120 Million Senior Notes
----------------------------------------------------------------
Sanmina-SCI Corporation called for redemption US$120 million in
aggregate principal amount of its Senior Floating Rate Notes due
2010.

The aggregate principal amount of the Notes outstanding is
US$300 million. The CUSIP numbers for the Notes being called for
redemption are 800907 AL1and U80024 AC3.  Upon redemption,
holders of the Notes being redeemed will receive the principal
amount of the Notes being redeemed, plus accrued and unpaid
interest to but excluding the redemption date.

Copies of the notice of redemption may be obtained from U.S.
Bank National Association, the paying agent, by calling (800)
934-6802.

                      About Sanmina-SCI

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.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2007
Standard & Poor's Ratings Services revised its outlook on San
Jose, California-based Sanmina-SCI Corp. to negative from
stable, as a result of continued operating weakness and
increasing leverage.  The corporate credit and senior unsecured
ratings are affirmed at 'B+', and the subordinated debt rating
is affirmed at 'B-'.


PREPS 2005-2: Moody's Cuts Ratings to Ba1 on Two Note Classes
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two classes
of notes issued by PREPS 2005-2 plc:

   (1) EUR41,500,000 Class B1 Floating Rate Notes due 2012

   -- Previously rated: A2, on review for downgrade
   -- Currently rated: Ba1

   (2) EUR12,500,000 Class B2 Fixed Rate Notes due 2012

   -- Previously rated: A2, on review for downgrade
   -- Currently rated: Ba1

The transaction has suffered four defaults since inception,
totaling EUR42 million of losses (or 11.7% of the original
portfolio).  Only a small fraction of these losses have been
recovered by means of excess spread payments, which have been
used to credit the principal deficiency ledger.  Hence, the
credit enhancement of the notes has been compromised.


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


ALITALIA SPA: Board Selects Air France-KLM as Preferred Buyer
-------------------------------------------------------------
The Board of Directors of Alitalia S.p.A. met to identify the
party with whom to start exclusive negotiations.

In this context, on the basis of the assessment of the non
binding proposals received on the Dec. 6, 2007, and having
considered the advisors' final recommendations -- Citi as
financial advisor, Roland Berger as industrial advisor and
Grimaldi & Associati as legal advisor -- duly integrated with
the additional information and clarifications subsequently
received by the bidders, the Board of Directors has unanimously
resolved:

    * to select the Air France-KLM non binding proposal as the
      one that offers to the Company, given its current critical
      financial conditions, and having also considered the
      implementation of the Transition / Survival Plan, the
      appropriate solution to preserve the Company's assets and
      to promote its quick and permanent restructuring, thanks
      to the benefit of synergies arising from the integration
      in a major international group of the airline industry.

      Such proposal, in fact:

      -- provides adequate and reliable financial and industrial
         assurances to successfully carry out the restructuring,
         development and re-launching of Alitalia, while
         stating, within this context, the interest and
         willingness to acquire control of the Company;

      -- is more convenient from an economic point of view for
         the shareholders; and

      -- is perceived to be adequately aligned with the
         expectations stated by the shareholder Ministry of
         Economy and Finance through the press release
         issued on July 31, 2007, as it envisages to
         satisfactorily safeguard the general interests
         considered to be essential by the Government in terms
         of continuity and adequateness of aviation services in
         Italy.

    * to submit a communication to the Ministry of Economy and
      Finance, asking it to express its position in relation to
      the Air France-KLM proposal within a timetable not
      significantly different from the one proposed by the
      Government in its press release of Dec. 20, 2007, also in
      light of the critical financial conditions of the Company
      and of a macro scenario increasingly challenging; and

    * to mandate, within this framework, its Chairman to define
      the terms of the exclusive negotiation to be started with
      Air France-KLM.

On Sept. 7, 2007, the Board of Directors approved a
"Survival/Transition Plan," which highlights that:
    * it is economically and industrially unsustainable to
      attempt to develop a network based on two hubs;

    * the productivity objectives and increased efficiency of
      the cost structure are indispensable pre-requisites,
      which, however, do not improve the structural weakness
      of the Company's competitive positioning; and

    * being part of an international alliance is an essential
      element to serve the market and to compete for the high
      yield traffic segments, but it is not sufficient to
      generate the amount of synergies required to avoid a
      progressive imbalance of the financial structure.

The Company also recognized and noted that:

    * the scenario and the competitive environment of the
      aviation sector favor the acceleration of consolidation
      trends towards a very limited number of hub carriers,
      which enable economies of scale and the creation of
      significant synergies;

    * it is extremely difficult to close the existing gap
      through a new attempt to position the Company as a
      standalone player at the same level of a European hub
      carrier;

    * there is the need to inject new financial resources by
      means of a substantial capital increase, to be carried out
      in the coming months, ideally in connection with the
      project to dispose of the controlling stake of the
      Company, unless critical issues arise in the
      implementation of the Survival/Transition Plan.

The proposals received have been assessed in light of the
mentioned issues and have been subject to further assessment
with the parties involved to understand all the aspects, in
order to finalize and evaluation based on these criteria:

    * the industrial and financial quality of the bidder;

    * the strategic sustainability and the industrial and
      financial solidity of the proposal submitted;

    * its adequateness to answer to the needs of the Company and
      to the issues identified in the Company's Plan, bearing in
      mind the aim to maintain Italy's access to an advanced
      aviation system;

    * the ability of the partnership proposal to generate
      appropriate synergies in favor of Alitalia, sustaining the
      possible re-launch in the medium-long term.

The Board of Directors decision towards the non binding proposal
submitted by Air France-KLM has matured as a result of several
elements contained in the proposal and summarized as:

    * Air France-KLM has considerable experience and offers a
      high degree of industrial credibility

      -- Air France-KLM is the largest airline in the world and
         one of the most financially and industrially sound
         (with a turnover of EUR23 billion, a market
         capitalization of around EUR7.2 billion, a fleet of
         601 aircraft, 240 destinations served, more than
         73 million passengers carried, EUR4.1 billion of cash
         and cash equivalents as of Sept. 30, 2007, a net result
         of EUR891 million for the fiscal year 2006/2007,
         further improving in the current year);

      -- it has an excellent track record of integrations on
         medium and large scales, successfully completed, also
         through industrial restructuring;

      -- it operates a multi-hub network with the best market
         performance in the world; and

      -- it is the leader of the SkyTeam alliance, created in
         2000 and gradually expanded to include 11 members.

    * The business plan put forward by AirFrance-KLM has been
      considered highly credible and adequate to address the
      strategic, industrial and financial issues of Alitalia,
      having also considered the competitive environment in
      which the Company operates.

      Briefly, the plan:

      -- creates an advantageous situation for all the parties
         involved:

         * for Alitalia, which will regain the ability to grow
           and achieve economic soundness;

         * for Italy, which will have access to an advanced and
           highly competitive aviation system for passengers and
           goods on a global scale;

         * for AirFrance-KLM, who will reinforce its multi-hub
           system by acquiring an additional platform, with a
           role generating value within the whole system, also
           through clear growth upsides.

      -- moderates the "vacuum cleane"” effect from Northern
         Italy, especially in Milan, to the large European hubs,
         being Air France-KLM currently one of the carriers that
         applies the model most effectively. In this respect,
         through competitive transport solution provided by
         Alitalia network and by its Fiumicino hub, together
         with the improvement of the ability to attract high
         yield traffic, the current issues will transform in
         opportunities through which create value;

      -- consistently with the repositioning indicated in
         Alitalia's Survival/Transition Plan, speeds up the
         removal of the causes which create the Company's
         current losses, creating the prospect of new and more
         solid growth by realigning the cost structure and
         levels of overall efficiency, including an initial
         reduction of the fleet and of certain destinations and
         flight frequencies;

      -- highlights the ability to generate sufficient cash
         flows to sustain the Company's debt levels which,
         through the envisaged capital increase, are aligned
         with those typical of the industry;

      -- foresees the renewal of the fleet (in particular, the
         complete replacement of the MD80s by 2017 and of B767)
         and the progressive, constant growth over time starting
         from 2011 (with overall investments of EUR6.5 billion);

      -- envisages improving the quality of customer services
         and of the operational performance in terms of on-time
         performance and reliability, through considerable
         investment in on-board services and cabin layouts, as
         well as services for passengers, in order to re-launch
         and strengthen Alitalia's competitive position,
         enhancing the value of its brand name o offers the
         chance to take part in the North Atlantic joint venture
         with certain SkyTeam members including Delta;

      -- positions Rome as a valuable hub, expanding its offer
         to the passengers, in particular those traveling
         from/to Italy, while providing access to the multi-hub
         network of AirFrance-KLM. It defines for Fiumicino a
         clear and unique role in the overall network design in
         the new group for Central-South, South-Eastern Europe,
         as well as for North Africa; the new group thanks to
         the presence in a hub located in the southern part of
         Europe, will gain a competitive edge compared to the
         other main European network which already operates hubs
         to the south of Paris and Amsterdam;

      -- envisages an important role for the airport system of
         Milan: Linate will see its role as a city airport
         confirmed and strengthened, focusing on business
         traffic, within the limits set by the existing
         regulations.  Malpensa will maintain the three main
         intercontinental routes for North and South America and
         Asia and will update the scheduling of the
         international routes so as to improve the service for
         Italian business travelers, as envisaged by the
         Alitalia's Plan;

      -- complementing the strategy adopted to serve the
         Northern Italy market, the proposal confirms the
         willigness to support the development of Volareweb,
         taking advantage of the skills acquired in the
         successful experiences of Transavia and Transavia
         France;

      -- envisages the integration of Alitalia cargo activities
         with Air France-KLM cargo, maintaining the brand name
         and the operational base; this will reinforce the
         position as the leading global operator, which will
         also become the market leader in Italy, thereby
         benefiting from significant economies of scale (cost as
         well as the portfolio of products and services)

      -- regarding Alitalia Servizi, the guidelines of
         Alitalia's Survival/Transition Plan are confirmed.

    * the Air France-KLM proposal is expected to generate
      significant synergies in favor of Alitalia, allowing for a
      sustainable re-launch in the long term.

      In particular, it acknowledges that the most important
      business instrument for generating significant and
      sustainable synergies over a period of time is the
      "network overlap."  In fact, the integration of two
      overlapping networks and the consequent creation of an
      extended network based on several hubs multiplies
      exponentially the ability to attract traffic and generate
      increased revenues: a system of integrated networks offers
      to its customers several travel solutions, both as
      possible itineraries and as fare combinations.

    * from the economic point of view, the Air France-KLM
      non-binding proposal offers the best terms for the
      Ministry of Economy and Finance and for minority
      shareholders, and is sustained by the high degree of
      certainty on the availability of the financial resources
      for Alitalia:

      On Sept. 30,  2007, Air France-KLM had cash and cash
      equivalents of EUR4.1 billion.  Furthermore, Air
      France-KLM undertakes to guarantee the whole amount
      indicated for the capital increase (EUR750 million).

    * the Air France-KLM non binding proposal clearly states the
      willingness to undertake a number of commitments towards
      the Italian State on these topics:

      -- the safeguarding and valorization of the Alitalia
         brand, logo and livery, with an equal standing to the
         two other group companies;

      -- the preservation of an adequate coverage of the Italian
         market as well as an adequate level of services
         offered; with regards to the national network, it has
         been specifically stated that it will remain
         substantially unchanged from the one envisaged by the
         Alitalia's Survival/Transition Plan, that it will
         provide an offer capable to satisfy a high percentage
         of the demand from/to Rome and Milan;

      -- international and intercontinental destinations will be
         covered through the airports of Rome and Milan; with
         regards to this topic, Air France-KLM has indicated
         that it does not intend to use Alitalia as a feeder to
         the hubs of Paris and Amsterdam, but rather to
         strengthen Alitalia as a key European carrier.

    * the Air France-KLM proposal includes labor
      considerations on the levels of employment in line with
      Alitalia's Survival/Transition Plan. Air France-KLM
      indicates the intention to consider measures to involve
      employees with profit sharing schemes based on economic
      results.

                       About Alitalia

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

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

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


PARMALAT SPA: Receives EUR396 Mln in Settlement with Banks
----------------------------------------------------------
Parmalat S.p.A. and Intesa Sanpaolo S.p.A. communicate that
agreement has been reached which settles all reciprocal claims
that led to litigation arising from operations in the period
preceding the insolvency declaration of the Parmalat Group in
December 2003.

The settlement brings all pending revocatory and damages actions
and all reciprocal claims eventually to be filed to an end.
Intesa Sanpaolo Group will pay EUR310 million.]

Furthermore, Parmalat S.p.A. communicates that an agreement has
been reached with Cassa di Risparmio di Parma e Piacenza S.p.A.
which settles all reciprocal claims with the companies under
extraordinary administration procedures and Parmalat on one
hand, and Cariparma on the other hand, with withdrawal of all
pending or possible revocatory and damages actions with payment
by Cariparma of a total amount of EUR83 million.

Within the same framework an agreement has been reached for the
settlement of the revocatory actions against Biverbanca S.p.A.,
with withdrawal of all actions and payment of a total amount of
EUR3 million.

Similar settlements have been reached between the Intesa
Sanpaolo Group and Cariparma on one side and the Commissioner of
the Extraordinary Administration of the Parmatour Group and of
Parma Associazione Calcio and of the other companies of the
former Parmalat Group still in Extraordinary Administration on
the other side.

These agreements establish the withdrawal of all the pending and
potential actions by the Extraordinary Commissioner and:

   -- the payment by the Intesa Sanpaolo Group of an amount of
      EUR12.5 million to the Parmatour Group under Extraordinary
      Administration and the payment of EUR2.5 million to Parma
      Associazione Calcio under Extraordinary Administration and
      the payment of a total amount of EUR2 million to the other
      companies under Extraordinary Administration;

   -- the payment by Cariparma of an amount of EUR2.5 million to
      the Parmatour Group under Extraordinary Administration and
      the payment of EUR2.5 million to Parma Associazione Calcio
      under Extraordinary Administration and the payment of
      EUR2 million to the other companies under Extraordinary
      Administration;

Parmalat and Intesa Sanpaolo and the Extraordinary Commissioner
express their satisfaction on the settlement.

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 US$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.


SIENA MORTGAGE: Moody's Rates EUR239 Mln Class C Notes at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
three classes of Notes issued by Siena Mortgages 07-5 S.p.A:

   -- Aaa to EUR4,765,900,000 Class A Residential Mortgage
      Backed Floating Rate Notes due 2074;

   -- A2 to EUR157,450,000 Class B Residential Mortgage Backed
      Floating Rate Notes due 2074; and

   -- Ba3 to EUR239,000,000 Class C Residential Mortgage Backed
      Floating Rate Notes due 2074.

Siena Mortgages 07-5 S.p.A. is the seventh RMBS deal arranged on
behalf of BMPS group.  The EUR5,162 million portfolio is
represented by 57,968 Italian prime residential mortgage loans
originated by Banca Monte dei Paschi di Siena S.p.A. (Aa3/Prime-
1).  All loans are in bonis, have been granted to individuals
and are guaranteed by an economic first lien on the actual
residential property.

The collateral portfolio has a WA current LTV of 58.95% and a WA
seasoning of approximately 2.83 years. The portfolio also
benefits from a good granularity, with the highest ticket
representing only 0.04% of the initial portfolio balance.  75.9%
of the loans pay on a monthly basis, the balance paying either
on a semi-annual (22.63%) or quarterly basis (1.47%).  100% of
the debtors pay through direct debit. The portfolio discounts
some geographical concentrations, namely Tuscany (23%) and Lazio
(14.81%).

The structure also benefits from a cash reserve, fully funded at
closing, representing 2.4% of the initial portfolio amount. It
may amortize, provided definitive conditions are met, down to a
floor of 0.75% of such value.

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


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


ARAI STROY: Proof of Claim Deadline Slated for Jan. 22, 2008
------------------------------------------------------------
LLP Arai Stroy Project has declared insolvency.  Creditors have
until Jan. 22, 2008, to submit written proofs of claims to:

         LLP Arai Stroy Project
         Abai ave. 9-56
         Astana
         Kazakhstan


DIAMOND-SERVICE M: Creditors Must File Claims by  Jan. 18, 2008
---------------------------------------------------------------
LLP Diamond-Service M Ltd has declared insolvency.  Creditors
have until Jan. 18, 2008, to submit written proofs of claims to:

         LLP Diamond-Service M Ltd
         Tohtarov Str. 47-7
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


KAZAKHMYS PROJECT: Claims Filing Period Ends  Jan. 22, 2008
-----------------------------------------------------------
LLP Kazakhmys Project has declared insolvency.  Creditors have
until Jan. 22, 2008, to submit written proofs of claims to:

         LLP Kazakhmys Project
         Metallurgov Square 1
         Jezkazgan
         Karaganda
         Kazakhstan


KAZMONTAGETECHNOSERVICE LLP: Claims Due on  Jan. 22, 2008
---------------------------------------------------------
LLP Kazmontagetechnoservice has declared insolvency.  Creditors
have until Jan. 22, 2008, to submit written proofs of claims to:

         LLP Kazmontagetechnoservice
         Bekmahanov Str. 92
         Almaty
         Kazakhstan


MAR-MAR TAS: Claims Registration Ends  Jan. 18, 2008
----------------------------------------------------
The Tax Committee of Almaty region has ordered the compulsory
liquidation of LLP Mar-Mar Tas (RNN 091600210133).

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

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


OLIVER STONE: Proof of Claim Deadline Slated for Jan. 18, 2008
--------------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Oliver Stone (RNN 090400216924).

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

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


TECHNOBUSINESS & K: Creditors Must File Claims by  Jan. 22, 2008
----------------------------------------------------------------
LLP Technobusiness & K has declared insolvency.  Creditors have
until Jan. 22, 2008, to submit written proofs of claims to:

         LLP Technobusiness & K
         Koshevoi Str. 105
         Aktobe
         Aktube
         Kazakhstan


TRANSPORT SERVICE: Claims Filing Period Ends Jan. 22, 2008
----------------------------------------------------------
LLP Transport Service has declared insolvency.  Creditors have
until Jan. 22, 2008, to submit written proofs of claims to:

         LLP Transport Service
         Micro District 4, 2-45
         Aksai
         West Kazakhstan
         Kazakhstan


XANADU CASINO: Creditors' Claims Due on January 18, 2008
--------------------------------------------------------
LLP Xanadu Casino Atyrau has declared insolvency.  Creditors
have until Jan. 18, 2008, to submit written proofs of claims to:

         LLP Xanadu Casino Atyrau
         Azattyk Ave. 48
         Atyrau
         Kazakhstan
         Tel: 8 (3122) 97-01-02


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


GULDER LLC: Creditors Must File Claims by January 23, 2008
----------------------------------------------------------
LLC Gulder (OKPO 20081590) has declared insolvency.  Creditors
have until Jan. 23, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 3133) 3-15-04.


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


ROSBANK FINANCE: Moody's May Lift Ba2 Debt Ratings After Review
--------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 and Not-Prime long- and short-term local and foreign
currency deposit ratings, and Aa2.ru National Scale Rating of
JSC Rosbank.

The review also covers the Ba2 and Not-Prime foreign currency
debt ratings assigned to the debt issuance program of Rosbank
Finance S.A. Moody's also affirmed Rosbank's Bank Financial
Strength Rating of D with a stable outlook.

Moody's noted that the review for possible upgrade was prompted
by the recent announcement that Societe Generale -- a leading
Western-European banking group rated Aa1/Prime-1/B (stable
outlook), which currently owns a stake of 20% minus 1 share in
Rosbank -- will exercise a call option on 30% plus 2 shares of
Rosbank, which will enable it to acquire a controlling stake in
the Russian institution.

The transaction is expected to be finalized and the ownership is
expected to be transferred by mid-February 2008 as all necessary
regulatory approvals have already been received by Societe
Generale.  Following the completion of the transaction, Societe
Generale and Interros will launch a mandatory offer to minority
shareholders, which will result in Societe Generale owning up to
57.8% of Rosbank by the end of first half 2008.

Moody's said that the review for possible upgrade will focus on
the implicit commitment and support from Societe Generale.
Moody's added that it is possible that Rosbank's debt and
deposit ratings may be upgraded by more than one notch if the
agency's assessment of potential parental support is
significant.  In Moody's opinion, the entry of the new
sophisticated strategic shareholder with a majority stake is
expected to help Rosbank to improve its corporate governance
standards and financial fundamentals. As positive results take
place in these areas, upward pressure on the ratings may ensue.

These ratings were placed on review for possible upgrade:

   -- Ba2 long-term debt rating and Not Prime short-term rating
      of the US$750 million Guaranteed Debt Issuance Programme
      of Rosbank Finance S.A. (Luxembourg) unconditionally and
      irrevocably guaranteed by Rosbank;

   -- Ba2 and Not-Prime long-term and short-term local and
      foreign currency deposit ratings of Rosbank

   -- Aa2.ru National Scale Rating

These ratings were affirmed:

   -- D Bank Financial Strength Rating (stable outlook)

Headquartered in Moscow, Russia, Rosbank reported total IFRS
consolidated assets of US$11.2 billion, and total capital funds
of US$1.184 billion as of Dec. 31, 2006.


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


GLOBAL POWER: To Emerge from Chapter 11 by End of January 2008
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
confirmed Global Power Equipment Group Inc.'s plan of
reorganization.  Based on the Court's ruling, Global Power
expects to emerge from chapter 11 by the end of January 2008.

Following a confirmation hearing held on Thursday, Dec. 20,
2007, the Hon. Brendan L. Shannon said the company had met all
of the necessary requirements to confirm its plan.  The
confirmation hearing followed a creditor vote in which all
impaired classes under the plan overwhelmingly voted in favor of
the plan.  The plan will become effective and the company will
emerge from chapter 11 once certain conditions are satisfied,
including the closing of the company's exit financing.

As previously said, Global Power's Plan includes a rights
offering available to existing equity holders for the issuance
of new common stock of the reorganized company backstopped in an
amount up to US$90 million by a group of existing equity
holders.  It also provides payment in full, in cash, of all
allowed claims of creditors of the company and the company's
Williams and Braden subsidiaries.  Allowed unsecured claims
against the company's Deltak subsidiary will be satisfied by the
establishment of a cash reserve of US$34 million which will be
used to fund payments (of up to 100%) to holders of allowed
unsecured claims against Deltak.

John Matheson, President and Chief Executive Officer of Global
Power, said, "Confirmation of our plan marks a significant
achievement and is the result of the tireless efforts of the
company and representatives of its major constituencies in
gaining consensus with literally thousands of stakeholders.  We
want to thank our customers, employees and stakeholders for
their continued support throughout our successful
reorganization.  The company looks forward to emerging as a
stronger enterprise that will continue to provide our customers
with the highest quality products and service."

                        About Global Power

Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets:GEGQQ) -- http://www.globalpower.com/-- is a design,
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.


INTERMEC TECH: Names David Jones as Global Services VP
------------------------------------------------------
Intermec Technologies Inc. has appointed David Jones as its Vice
President and General Manager, Global Services.

Mr. Jones is an accomplished executive with 21 years of
critical business leadership and experience in the areas of
global service, network management services and systems
integration.

Mr. Jones was most recently at Motorola, Inc. where he was Vice
President of Global Service Delivery.  During his twenty-one
year tenure, he was responsible for Motorola's global service
and support network providing critical repair and optimization
service delivery to thousands of global customers.

"Our Global Service offerings are strategically significant to
accelerating profitable growth and margin expansion," said
Michael A. Wills, SVP of Global Sales and Service.  "I'm
confident that Dave will be an outstanding addition to our
management team based on his considerable experience and
tangible proven results."

                        About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                       *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


NUMONYX BV: S&P Assigns B Dredit Ratings with Stable Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Dutch semiconductor manufacturer
Numonyx B.V.  The outlook is stable.

S&P also assigned Numonyx's US$750 million senior secured bank
loan a 'BB-' rating and a recovery rating of '1', indicating our
expectation of very high (90%-100%) recovery in the event of a
payment default.

"The ratings reflect Numonyx's exposure to fierce competition in
the NOR flash semiconductor industry, large capital investment
requirements, a history of falling revenues and operating
losses, and integration risks," said Standard & Poor's credit
analyst Patrice Cochelin.  "Partially offsetting factors are
Numonyx's No. 1 market position worldwide, providing some scale
advantages; access to competitively priced NAND and DRAM
memories, complementary to NOR products in some markets; and
potential for significant streamlining in manufacturing.

Numonyx is the result of the merger, announced in May 2007,
between the NOR flash memory businesses of Intel Corp.
(A+/Stable/A-1+) and STMicroelectronics N.V. (A-/Stable/A-2).
The US$8.5 billion NOR flash memory market is commodity-like,
resembling the dynamic random access memory segment.  NOR flash
memories are used in mobile phones -- where Numonyx derived
73% of revenues in the 12 months ended June 30, 2007, -- as well
as in consumer electronics, auto electronics, and other devices.

Expected growth rates in the NOR flash market are relatively
low, however, because NAND flash memories, where Numonyx's
position is weaker, are set to account for the bulk of growth in
flash memory demand in the wireless segment.  Numonyx's pro
forma revenues fell 13% to US$3.2 billion in the 12 months ended
Sept. 30, 2007, versus the same period ended Sept. 30, 2006.
S&P believes that the steep drop includes some revenue losses
stemming from Motorola Inc. (A-/Watch Neg/A-2), a major client
that has recently lost volume share in mobile handsets, and the
moderate impact of some customers' decisions to diversify post
merger.

"We expect that Numonyx will, in the coming quarters, reverse
its revenue downtrend and rapidly improve profits through a
leaner cost base and more efficient, dedicated manufacturing,"
said Mr. Cochelin.

Any weakening in Numonyx's liquidity or continued negative
revenue and profit trends could pressure the ratings, especially
as the company modernizes production facilities.  In the
intermediate term, ratings upside could come from significantly
improved margins and nominal debt reduction, provided liquidity
remains comfortable.


PDM CLO I: Moody's Rates EUR13.5 Mln Class E Notes at Ba3
---------------------------------------------------------
Moody's Investors Service assigned definitive ratings to five
classes of notes issued by PDM CLO I B.V.:

   -- Aaa to the EUR208,500,000 Class A Senior Secured Floating
      Rate Notes due 2023

   -- Aa2 to the EUR11,250,000 Class B Deferrable Secured
      Floating Rate Notes due 2023

   -- A2 to the EUR17,250,000 Class C Deferrable Secured
      Floating Rate Notes due 2023

   -- Baa3 to the EUR16,500,000 Class D Deferrable Secured
      Floating Rate Notes due 2023

   -- Ba3 to the EUR13,500,000 Class E Deferrable Secured
      Floating Rate Notes due 2023

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

These ratings are based upon:

   1. an assessment of the eligibility criteria, collateral
      quality tests and portfolio profile tests applicable 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 proposed currency swap transactions, which insulate
      the Issuer from the volatility of the foreign currency
      exchange rates in respect of non-Euro denominated
      obligations;

   5. the expertise of Permira Debt Managers Group Holdings
      Limited as investment manager and Permira Debt Managers
      Limited as investment sub-manager; and

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
backed by a collateral portfolio of approximately
EUR295 million, comprised primarily of European senior secured ,
second lien and mezzanine loans and high yield bonds.  The
portfolio will be actively managed by Permira Debt Managers
Group Holdings Limited who will sub-delegate its management role
to Permira Debt Managers Limited, and will be approximately 100%
ramped at closing.  The manager must maintain compliance with a
range of portfolio tests which include, amongst others, a
diversity score test, a weighted average rating factor test, a
weighted average recovery rate test and a weighted average
spread test.

Thereafter, the portfolio of loans will be actively managed and
the portfolio manager 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 portfolio criteria.  This will be the
first leverage loan CLO managed by Permira Debt Managers Group
Holdings Limited and Permira Debt Managers Limited


SABIC INNOVATIVE: Moody's May Cut Low-B Ratings After Review
------------------------------------------------------------
Moody's Investors Services placed all ratings of SABIC
Innovative Plastics Holding B.V. and its subsidiaries under
review for possible downgrade following the announcement of its
results for the third quarter ended Sept. 30, 2007.

Moody's notes that in the third quarter of fiscal 2007, SIPH's
operating performance was significantly impacted by raw
materials and energy cost inflation, declining sales volumes
reflecting persistent weakness in some of its end-markets and
some price erosion despite the price increases implemented in
the early summer.  As a result, and given the expectation that
trading conditions in SIPH's markets are likely to remain
challenging in the near-term despite the correction in benzene
prices witnessed during the second half of 2007, Moody's
anticipates that the group's full year EBITDA will materially
fall short of its initial expectations.

In the context of the highly leveraged funding structure put in
place by Saudi Basic Industries Corporation (A1, positive),
SIPH's ultimate 100% parent, to acquire the business from GE in
August 2007, this financial underperformance is expected to
leave SIPH's credit metrics weakly positioned at the 2007 year-
end.

Against this backdrop, Moody's review will focus on:

   (1) the trading outlook for SIPH in 2008-09 and its
       implications for the future underlying operating
       performance and cash flow generation of the group
       compared to initial forecasts;

   (2) the potential beneficial impact of the restructuring and
       other strategic measures initiated by management to lower
       SIPH's cost structure and improve its long-term
       competitive position;

   (3) management's efforts to preserve cash through the
       rationalization of inventory levels and lower planned
       capital expenditure for 2008; and last but not least;

   (4) the potential measures that may be considered by SABIC to
       shore up SIPH's financial profile in line with its policy
       to strongly support the financial position of all its
       affiliates.

These ratings were affected:

   * SABIC Innovative Plastics Holding B.V.

   -- Corporate Family Rating -- Ba2/PD rating -- Ba2;
   -- US$1,500 m senior unsecured notes - B1/LGD at 6 (92%);

   * SABIC Innovative Plastics Holding B.V. and its subsidiaries

   -- Senior secured bank facilities - Ba2/LGD at 3 (41%).

Moody's last rating action on SABIC Innovative Plastics Holding
B.V. was on Aug. 15, 2007.

Incorporated in The Netherlands, SABIC Innovative Plastics
Holding B.V. is a global leading manufacturer of engineering
thermoplastics.  Based on the combined financial statements of
GE Plastics, the group had total revenues of US$6.6 billion in
the 12 months ended Dec. 31, 2006.


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


NETIA SA: Unit Acquires Shares in Four Telecom Firms
----------------------------------------------------
Lanet Sp. z o.o., a subsidiary of Netia SA, has acquired shares
in four telecommunication companies.

Acquisition I:

    * 3,000 shares in the share capital of a company operating
      under the business name Inet Sp. z o.o. with its seat in
      Wroclaw with the nominal value of PLN50 each and the total
      nominal value of PLN150,000 for all these shares, which
      represent 100% of the share capital and confer the right
      to 100% of the votes at the general meeting of
      shareholders;

    * the total price of all the shares has been set at
      PLN950,970 i.e., PLN 316.99 per one share;

    * the acquisition of shares was effected based on the share
      purchase agreement concluded by Lanet and the sellers on
      Dec. 18, 2007;

    * As of Dec. 18, 2007, the company's network provided
      broadband access to 1,257 clients in the town of Brzeg,
      with approximately 3,460 households passed.

Acquisition II:

    * 42 shares in the share capital of a company operating
      under the business name Verizone Sp. z o.o. with its seat
      in Wroclaw with the nominal value of PLN1,200 each and
      the total nominal value of PLN50,400 for all these
      shares, which represent 100% of the share capital and
      confer the right to 100% of the votes at the general
      meeting of shareholders;

    * the total price of all the shares has been set at
      PLN685,677.42 i.e., PLN16,325.653 per one share;

    * the acquisition of shares was effected based on the share
      purchase agreement concluded by Lanet and the sellers on
      Dec. 18, 2007;

    * As of Dec. 18, 2007, the company's network provided
      broadband access to 1,040 clients in the city of Wroclaw,
      with approximately 5,470 households passed.

Acquisition III:

    * 60 shares in the share capital of a company operating
      under the business name Zielona Burza Sp. z o.o. with its
      seat in Wroclaw with the nominal value of PLN1,000 each
      and the total nominal value of PLN60,000 for all these
      shares, which represent 100% of the share capital and
      confer the right to 100% of the votes at the general
      meeting of shareholders;

    * the total price of all the shares has been set at
      PLN455,040 i.e., PLN 7,585.00 per one share;

    * the acquisition of shares was effected based on the share
      purchase agreement concluded by Lanet and the sellers on
      Dec. 18, 2007;

    * As of Dec. 18, 2007, the company's network provided
      broadband access to 598 clients in the town of Trzebnica,
      with approximately 2,430 households passed.

Acquisition IV:

    * 1,000 shares in the share capital of a company operating
      under the business name 3VNet Sp. z o.o. with its seat in
      Wroclaw with the nominal value of PLN50 each and the total
      nominal value of PLN50,000 for all these shares, which
      represent 100% of the share capital and confer the right
      to 100% of the votes at the general meeting of
      shareholders;

    * the total price of all the shares has been set at
      PLN394,450i.e., PLN 394.45 per one share;

    * the acquisition of shares was effected based on the share
      purchase agreement concluded by Lanet and the sellers on
      Dec. 18, 2007;

    * As of Dec. 18, 2007, the company's network provided
      broadband access to 665 clients in the town of Brzeg, with
      approximately 2,800 households passed.

The acquired companies are service providers offering broadband
Internet access to residential clients in the towns of Wroc?aw,
Brzeg and Trzebnica in the Southern Poland.  The companies is
using FastEthernet technology, which allows for transmission
speed of up to 100 Mb/s.  As of Dec. 18, 2007, the companies
provided broadband access to a total of 3,560 clients, with
approximately 14,000 households passed.

In the case of Acquisition I, the sellers were Tomasz
Chrzanowski, Tomasz Wojcik and Wojciech D?browski.  In the case
of Acquisition II: Jaroslaw Kaciuba.  In the case of Acquisition
III: Agata Sala.  In the case of Acquisition IV:  Krzysztof
Kleczy?ski and Artur Urbanowicz.

The shares acquired constitute assets of substantial value, as
they represent 100% of the share capital of the entities.  The
assets described were acquired from Lanet's own resources and
constitute an investment of a long-term nature.  Apart from the
contractual relations described in this report, there exist no
other ties between Netia and the persons managing or supervising
Netia and the sellers of the aforementioned assets.

The acquisitions represent yet another step of execution of
Netia's strategy aimed at acquiring 1 million broadband
customers over the next three years, including consolidation of
local Ethernet networks.  For the current year, Netia plans to
acquire over 210,000 broadband clients, thus becoming the
largest alternative telecommunications provider of broadband
services in Poland.

                           About Netia

Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/
-- is an alternative fixed-line telecommunications operator in
Poland.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.

                          *     *    *

As of Aug. 15, 2007, Standard & Poor's Ratings Services had
assigned a B rating to Netia's Long-Term Foreign and Local
Issuer Credit.


===============
P O R T U G A L
===============


INTERTAPE POLYMER: Debt Cut Cut S&P to Upgrade Ratings to B
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Intertape Polymer Group Inc. including its corporate credit
rating to 'B' from 'B-'.  The outlook is stable.

S&P also raised its rating on Intertape's senior secured first-
lien credit facilities, consisting of a US$117 million term loan
due 2011 and a US$60 million revolving credit facility due 2009,
to 'BB-' from 'B-', and revised the recovery rating to '1' from
'3'.  This indicates S&P's expectation of very high recovery
(90%-100%) in the event of a payment default.  In addition, S&P
raised its issue rating on Intertape's senior subordinated notes
to 'CCC+' from 'CCC'.

S&P removed all ratings from CreditWatch with positive
implications where they were placed on Sept. 10, 2007, following
an improvement in second-quarter earnings, and the company's
plan for a rights equity issue and a paydown of
debt.

As of Sept. 30, 2007, total debt (adjusted for capitalized
operating leases and underfunded retiree benefits) was
US$288 million.

"The upgrade reflects a meaningful reduction in debt and the
continuation of a recent trend of improvement in operating
earnings," said Standard & Poor's credit analyst Paul Kurias.

Debt declined during the third quarter of 2007 after the paydown
of debt, utilizing approximately US$60 million from proceeds of
the equity rights issue.  Earnings for the quarter improved on a
sequential basis, partly reflecting the continuing impact of
recent management actions to reduce fixed costs.  As a result,
credit metrics including the ratio of funds from operations to
total debt improved to about 12% as of Sept. 30, 2007, from
about 2% in the previous quarter.

Standard and Poor's expectations is that the earnings
improvement is sustainable, and that there will be no meaningful
increase in debt.  S&P also expects the company to maintain
adequate liquidity levels and maintain sufficient cushion under
its covenants.  The improvement in earnings and lower debt
addressed S&P's concerns on liquidity and leverage, following a
decline in earnings in the third quarter of 2006, and subsequent
issues with covenant compliance.

The ratings reflect the company's vulnerable business position,
including its limited scope of operations in the tapes niche of
the North American packaging sector, a small presence in films,
low margins with some volatility in earnings, vulnerability to
cyclical end markets including to some extent the currently weak
housing market, and a highly leveraged financial profile.
The company's fair position in its market niches, breadth of
customer base, and positive long-term growth prospects for
industrial tape demand in North America are mitigating factors.

With annual sales of around US$800 million, the company is a
manufacturer of tapes, engineered coated products, and films.


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


BIJSKAYA CHEMICAL: Creditors Must File Claims by Jan. 8, 2008
------------------------------------------------------------
Creditors of OJSC Bijskaya Chemical Company have until Jan. 8,
2008, to submit proofs of claim to:

         V. E. Lyutov
         Interim Manager
         P.O. Box 3503
         Barnaul
         656049 Altai Krai
         Russia

The Arbitration Court of Altai Krai will convene on
March 12, 2008, to hear the company's 5-months bankruptcy
supervision procedure after finding it insolvent on Oct. 12.
The case is docketed under Case No. A03-22132/05-B.

The Debtor can be reached at:

         OJSC Bijskaya Chemical Company
         Industrial Zone
         Bijsk
         659315 Altai Krai
         Russia


DIMITROVGRADSKIJ MEAT: Claims Filing Period Ends Jan. 8, 2008
-------------------------------------------------------------
Creditors of OJSC Dimitrovgradskij Meat Product Integrated Plant
have until Jan. 8, 2008, to submit proofs of claim to:

         A. V. Avilov
         Interim Manager
         Office 313
         Suvorova Str. 111a
         440604 Penza
         Russia

The Arbitration Court of the Ulyanovsk will convene at
10:15 a.m. on Jan. 16, 2008, to hear the company's bankruptcy
supervision procedure after finding it insolvent on Nov. 20.
The case is docketed under Case No. A72-6728/07-29/45-B.

The Debtor can be reached at:

         OJSC Dimitrovgradskij Meat Product Integrated Plant
         Zagorodnoye Shosse 1
         Dimitrovgrad
         Ulyanovsk
         Russia


IRANDYKSKIJ: Asset Sale Slated for January 10, 2008
---------------------------------------------------
The competitive proceedings manager of Agricultural & Production
Cooperative Stud Farm Irandykskij, will open a public auction
for the company's properties at 11:00 a.m. on Jan. 10, 2008, at:

         The Competitive Proceedings Manager
         Office 4
         Yubileynaya Str. 2
         Baimak
         453630 Bashkortostan
         Russia

The company has set a RUR1,000 starting price of each stock.
Deposit required is 20% of the starting price.

Interested participants have until Jan. 8, 2008, to submit their
bidding documents.

The Debtor can be reached at:

         Agricultural & Production Cooperative Stud Farm
         Irandykskij
         Turkmenevo 1
         Baimaksky Raion
         Bashkortostan
         Russia

Information related to the auction can be obtained at:

         The Competitive Proceedings Manager
         Office 4
         Yubileynaya Str. 2
         Baimak
         453630 Bashkortostan
         Russia
         Tel:  8 (34751) 3-16-23


JUPITER-TRUST CJSC: Creditors Must File Claims by Jan. 8, 2008
--------------------------------------------------------------
Creditors of CJSC AgriIndustrial Group Jupiter-Trust have until
Jan. 8, 2008, to submit proofs of claim to:

         E. V. Paksyutova
         Competitive Proceedings Manager
         Apartment 156
         B. Kazachya Str. 87/91
         410600 Saratov
         Russia

The Arbitration Court of Saratov commenced one-year
competitive proceedings against the company after finding it
insolvent on Oct. 1.  The case is docketed under Case No.
A57-2243/07-8.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC AgriIndustrial Group Jupiter-Trust
         Monastyrskoe Settlement
         Kalininsky Raion
         412479 Saratov
         Russia


NATURAL FOOD: Court Starts Competitive Proceedings
--------------------------------------------------
The Arbitration Court of Krasnodar Krai commenced competitive
proceedings against CJSC Natural Food Concentrates after finding
it insolvent on Nov. 21.  The case is docketed under Case No.
A-32-6868/2007-1/222B.

The Competitive Proceedings Manager is:

         P. N. Jurin
         Office 34
         Ordzhonikidze Str. 27
         350000 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar Krai
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Natural Food Concentrates
         Vokzal'naya Str. 4
         Agronom Settlement
         Dinskoy Raion
         353207 Krasnodar Krai
         Russia


PUSHKINSKIJ OJSC: Creditors Must File Claims by Jan. 8, 2008
------------------------------------------------------------
Creditors of OJSC Stud Farm Pushkinskij have until Jan. 8, 2008,
to submit proofs of claim to:

         S. N. Karandeeva
         P.O. Box 281
         107078 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:15 a.m. on
Jan. 16, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A41-K2-9600/06.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia


RITZIO ENTERTAINMENT: Moody's Withdraws B2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service withdrew the B2 Corporate Family
Rating of Ritzio Entertainment Group.

Concurrently, Moody's Interfax Rating Agency has also withdrawn
the company's national scale ratings.  Moscow-based Moody's
Interfax is majority-owned by Moody's, a leading global rating
agency.  The ratings are withdrawn for business reasons and at
the company's request.

Following recent enactment of new gaming legislation in Russia,
the company is pursuing a controlled redeployment of REG's
activities from gaming to other businesses and does not expect
to issue publicly-rated debt from this entity going forward.
Moody's continues to rate Ritzio International (rated B3,
stable), a 100% subsidiary of Ritzio Entertainment Group, which
holds Ritzio's international gaming operations.

Headquartered in Cyprus, Ritzio Entertainment Group is a leading
gaming company with operations predominantly in Russia.


ROSBANK JSC: Moody's May Lift Ba2 Deposit Ratings After Review
--------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 and Not-Prime long- and short-term local and foreign
currency deposit ratings, and Aa2.ru National Scale Rating of
JSC Rosbank.

The review also covers the Ba2 and Not-Prime foreign currency
debt ratings assigned to the debt issuance program of Rosbank
Finance S.A. Moody's also affirmed Rosbank's Bank Financial
Strength Rating of D with a stable outlook.

Moody's noted that the review for possible upgrade was prompted
by the recent announcement that Societe Generale -- a leading
Western-European banking group rated Aa1/Prime-1/B (stable
outlook), which currently owns a stake of 20% minus 1 share in
Rosbank -- will exercise a call option on 30% plus 2 shares of
Rosbank, which will enable it to acquire a controlling stake in
the Russian institution.

The transaction is expected to be finalized and the ownership is
expected to be transferred by mid-February 2008 as all necessary
regulatory approvals have already been received by Societe
Generale.  Following the completion of the transaction, Societe
Generale and Interros will launch a mandatory offer to minority
shareholders, which will result in Societe Generale owning up to
57.8% of Rosbank by the end of first half 2008.

Moody's said that the review for possible upgrade will focus on
the implicit commitment and support from Societe Generale.
Moody's added that it is possible that Rosbank's debt and
deposit ratings may be upgraded by more than one notch if the
agency's assessment of potential parental support is
significant.  In Moody's opinion, the entry of the new
sophisticated strategic shareholder with a majority stake is
expected to help Rosbank to improve its corporate governance
standards and financial fundamentals. As positive results take
place in these areas, upward pressure on the ratings may ensue.

These ratings were placed on review for possible upgrade:

   -- Ba2 long-term debt rating and Not Prime short-term rating
      of the US$750 million Guaranteed Debt Issuance Programme
      of Rosbank Finance S.A. (Luxembourg) unconditionally and
      irrevocably guaranteed by Rosbank;

   -- Ba2 and Not-Prime long-term and short-term local and
      foreign currency deposit ratings of Rosbank

   -- Aa2.ru National Scale Rating

These ratings were affirmed:

   -- D Bank Financial Strength Rating (stable outlook)

Headquartered in Moscow, Russia, Rosbank reported total IFRS
consolidated assets of US$11.2 billion, and total capital funds
of US$1.184 billion as of Dec. 31, 2006.


ROSPROMBANK: Moody's Assigns B3/Not-Prime/E+ Ratings
----------------------------------------------------
Moody's Investors Service assigned first-time B3/Not-Prime local
currency deposit ratings, B3/Not-Prime foreign currency deposit
ratings and an E+ Bank Financial Strength Rating to Russia's
Rosprombank.  The outlook on all the ratings is stable.

At the same time, Moody's Interfax Rating Agency has affirmed
the bank's Baa2.ru long-term national scale credit rating.
Moscow-based Moody's Interfax is majority-owned by Moody's.

According to Moody's, the E+ BFSR, which translates into a
Baseline Credit Assessment of B3, is supported by Rosprombank's
satisfactory financial indicators.  The bank's insignificant
level of credit losses and good profitability are key factors
underpinning its BFSR.  At the same time, the BFSR is
constrained by the bank's limited franchise value and
significant concentrations in its loan portfolio.  The rating
also incorporates the risks associated with the operating and
regulatory environment in Russia.

The rating agency notes that Rosprombank's BCA of B3 could be
upgraded in the event of a notable strengthening of the bank's
franchise.  The attraction of a reputable strategic investor
could also have positive implications for the bank's ratings.
At the same time, further increase in loan concentrations or
material deterioration of asset quality would be negative rating
drivers.

The local currency deposit rating assigned to Rosprombank is
supported by the bank's BCA of B3 and does not factor in any
support from its shareholders.  In Moody's view, although such
support cannot be ruled out, its scope and timeliness are rather
uncertain, while systemic support in the event of need is
unlikely.  The foreign currency deposit rating is assigned at
the same level as the bank's local currency deposit rating and
is not constrained by the foreign currency deposit ceiling for
Russia.

Rosprombank is headquartered in Moscow and reported total assets
of US$438 million under IFRS as of Dec. 31, 2006.


SOCIAL SPHERE: Creditors Must File Claims by Feb. 8, 2008
---------------------------------------------------------
Creditors of CJSC Investment Company Social Sphere have until
Feb. 8, 2008, to submit proofs of claim to:

         P. A. Osipov
         Competitive Proceedings Manager
         Apartment 95
         Mar'inskij Park Str. 35
         109559 Moscow
         Russia

The Arbitration Court of Kaluga commenced competitive
proceedings against the company after finding it insolvent on
Nov. 19.  The case is docketed under Case No. A23-2637/
07B-17-169.

The Debtor can be reached at:

         CJSC Investment Company Social Sphere
         Sel'khoxtekhnika Str.
         Zhukov
         Zhukovskij Raion
         249030 Kaluga
         Russia


SURGUTSKAYA NEFTEPROMYSHLENNAYA: Claims Filing Ends Jan. 8, 2008
----------------------------------------------------------------
Creditors of CJSC Surgutskaya Neftepromyshlennaya Company LSK
have until Jan. 8, 2008, to submit proofs of claim to:

         E. V. Semenov
         Interim Manager
         Soviet Pr. 6-215
         Vologda
         Russia

The Arbitration Court of Khanty-Mansijsk will convene on
Feb. 11, 2008, to hear the company's bankruptcy supervision
procedure after finding it insolvent on Nov. 19.  The case is
docketed under Case No. A75-6058/2007.

The Debtor can be reached at:

         CJSC Surgutskaya Neftepromyshlennaya Company LSK
         Artema Str. 2-10
         Surgut
         Russia


UFIMSKY CRANE-BUILDING: Asset Sale Slated for Jan. 9, 2008
----------------------------------------------------------
I. A. Shaikhetdinov, the competitive proceedings manager
of OJSC Ufimsky Crane-Building Plant, will open a public auction
for the company's properties at 9:00 a.m. on Jan. 9, 2008, at:

         I. A. Shaikhetdinov
         Frontovykh Brigad Str. 48/5
         Ufa
         Bashkortostan
         Russia

The starting prices for the assets on auction are:

   -- Lot1: RUR245,100;
   -- Lot2: RUR60,600;
   -- Lot3: RUR96,800;
   -- Lot4: RUR19,100; and
   -- Lot5: RUR205,875.


Interested participants have until Jan. 4, 2008, to deposit an
amount equivalent to 20% of the starting price.

Bidding documents must be submitted to:

         I. A. Shaikhetdinov
         Frontovykh Brigad Str. 48/5
         Ufa
         Bashkortostan
         Russia
         Tel: (3472) 38-57-52

Headquartered in Ufa, Republic of Bashkortostan, OJSC Ufimsky
Crane-Building Plant -- http://www.ufakran.ru-- founded in
1969, is one of the largest enterprises in the Ural-Siberian
region of Russia engaged in the construction, engineering and
assemblage of the lifting equipment and machinery of great
variety.


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


FTPYME TDA 7: Moody's Junks EUR10.4 Million Series D Notes
----------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt issued by FTPYME TDA 7, FTA:

   -- Aaa to the EUR230.3 million Series A1 notes;
   -- Aaa to the EUR18.3 million Series A2(CA) notes;
   -- A2 to the EUR20.2 million Series B notes;
   -- Ba1 to the EUR11.2 million Series C notes; and
   -- C to the EUR10.4 million Series D notes.

FTPYME TDA 7, FTA, a securitization of loans to small and
medium-sized enterprises carried out by Banco Guipuzcoano, S.A.
under the FTPYME program, follows the Spanish Ministry of
Economy's allocation of a new guarantee budget for such
transactions for the current year.  The 2007 budget remains
constant with respect to 2006, although it is accompanied by an
increase in the limit imposed by the Spanish Budget Stability
Law on the outstanding amount of guaranteed tranches.

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

   (1) a 12-month artificial write-off mechanism;

   (2) the guarantee of the Government of Spain (Aaa/P-1) as
       regards the Series A2(CA) notes;

   (3) a strong swap agreement guaranteeing an excess spread of
       0.60% and covering the servicing fee in case of
       substitution of Banco Guipuzcoano as servicer of the
       pool; and

   (4) the fact that none of the securitized loans will
       correspond to the restructuring or refinancing of debts.

The weaknesses of this deal include:

   (1) relatively long weighted average life of the pool
       compared with other Spanish SME loan pools;

   (2) the pro-rata amortization of the notes (subject to
       certain triggers);

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

   (4) the fact that Banco Guipuzcoano will hold the money paid
       by the borrowers for five working days even if the
       servicer credit quality deteriorates.  These increased
       risks were reflected in the credit enhancement
       calculation.

The provisional pool of underlying assets comprised, as of
November 2007, a portfolio of 1,445 loans granted to 1,248
borrowers, all of which are Spanish SMEs.  The loans were
originated between 2004 and 2007, with a weighted average
seasoning of 1.1 years and a weighted average remaining life of
11.5 years.  The interest rate is floating for all the loans,
with a weighted average interest rate of 5.11%.  Around 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 58%.  Geographically,
the pool is concentrated in the Basque Country (33%), Madrid
(21%) and Valencia (14%), and is around 34% concentrated in the
"buildings and real estate" 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) historical performance information;

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

  (iv) the credit enhancement provided through the GIC 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 (September 2040).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A1,
A2(CA), B and C notes, and for ultimate payment of interest and
principal at par with respect to the Series D 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 E D E N
===========


NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31
---------------------------------------------------------------
Novell Inc. disclosed financial results for its fourth fiscal
quarter and full fiscal year ended Oct. 31, 2007.

The company reported net loss of US$17.9 million for the quarter
ended Oct. 31, 2007, compared to a net income of US$19.8 million
for the same quarter last year.

For the quarter, Novell reported net revenue of US$245 million,
which excludes US$6 million of revenue from its Swiss-based
business consulting unit, which Novell agreed to sell during the
quarter. This compares to net revenue of US$234 million for the
fourth fiscal quarter 2006.  The loss from operations for the
fourth fiscal quarter 2007 was US$13 million, compared to income
from operations of US$4 million for the fourth fiscal quarter
2006.  The loss available to common stockholders from continuing
operations in the fourth fiscal quarter 2007 was US$9 million.
This compares to income available to common stockholders from
continuing operations of US$21 million for the fourth fiscal
quarter 2006.  Foreign currency exchange rates favorably
impacted total revenue by approximately US$6 million and did not
materially impact the loss from operations year-over-year.

In the fourth fiscal quarter 2007, Novell entered into an
agreement to sell its Swiss-based business consulting unit.
Accordingly, all financial results for this unit were excluded
from Novell's continuing operations for income statement
reporting purposes and are reported as discontinued operations.

For the full fiscal year 2007, Novell reported net revenue of
US$932 million and a loss available to common stockholders from
continuing operations of US$26 million.  Comparatively, net
revenue for the full fiscal year 2006 was US$919 million and
income available to common stockholders from continuing
operations was US$4 million.  Foreign currency exchange rates
favorably impacted total revenue by approximately US$15 million
and negatively impacted the loss from operations by US$5 million
year-over-year.

"We are pleased with our overall results for 2007," Ron
Hovsepian, president and CEO of Novell said.  "While undergoing
transformational change, we grew revenue and exceeded our
operating targets.  We are on the right path to long-term,
sustainable profitability."

Cash, cash equivalents and short-term investments were
approximately US$1.9 billion at Oct. 31, 2007, up from US$1.5
billion last year.  Days sales outstanding in accounts
receivable was 77 days at the end of the fourth fiscal quarter
2007, down from 86 days at the end of the year-ago quarter.
Total deferred revenue was US$768 million at the end of the
fourth fiscal quarter 2007, up US$341 million, or 80%, from Oct.
31, 2006.  Cash flow from operations was US$77 million for the
fourth fiscal quarter 2007, compared to US$62 million in the
fourth fiscal quarter 2006.

At Oct. 31, 2007, the company's balance sheet total assets of
US$2.8 billion and total liabilities of US$1.6 billion,
resulting in total stockholders' equity of US$1.1 billion.

                       Financial Outlook

Novell management issued this financial guidance for the full
fiscal year 2008:

   * Net revenue is expected to be between US$920 million and
     US$945 million.

                       About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise.  Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.


                         *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


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


ALFRED KITTLER: Creditors' Liquidation Claims Due by December 31
----------------------------------------------------------------
Creditors of LLC Alfred Kittler have until Dec. 31 to submit
their claims to:

         Alfred Kittler
         Liquidator
         Wilerstrasse 46a
         8370 Sirnach
         Munchwilen TG
         Switzerland

The Debtor can be reached at:

         LLC Alfred Kittler
         Sirnach
         Munchwilen TG
         Switzerland


ARTES EVENT: Creditors' Liquidation Claims Due by December 31
-------------------------------------------------------------
Creditors of LLC Artes Event have until Dec. 31 to submit their
claims to:

         LLC Artes Event
         Weststrasse 128
         8408 Winterthur ZH
         Switzerland


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

         Werner Deiss
         Liquidator
         Wiesenstrasse 15
         5400 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC BBB
         Baden AG
         Switzerland


ETHYL SERVICES: Creditors' Liquidation Claims Due by December 31
----------------------------------------------------------------
Creditors of LLC Ethyl Services have until Dec. 31 to submit
their claims to:

         David Kanzig
         Liquidator
         Advocacy Thouvenin Rechtsanwalte & Partner
         Klausstrasse 33
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Ethyl Services
         Zug
         Switzerland


HAFI HANDEL: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Wiedikon-Zurich entered Nov. 13 an
order closing the bankruptcy proceedings of JSC HAFI Handel.

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

         Bankruptcy Service of Wiedikon-Zurich
         8036 Zurich
         Switzerland

The Debtor can be reached at:

         JSC  HAFI Handel
         Parkring 57
         8002 Zurich
         Switzerland


HOLDING LIEBEGG: Creditors' Liquidation Claims Due by Dec. 31
-------------------------------------------------------------
Creditors of JSC Holding Liebegg have until Dec. 31 to submit
their claims to:

         Dr. Michael Werder
         Liquidator
         Advocacy Werder Rechtsanwalte
         Genferstrasse 2
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Holding Liebegg
         Zurich
         Switzerland


M & J GASTRO: Creditors' Liquidation Claims Due by December 31
--------------------------------------------------------------
Creditors of LLC M & J Gastro have until Dec. 31 to submit their
claims to:

         Mehmet Kaya
         Liquidator
         Hauptstr. 26
         4450 Sissache BL
         Switzerland

The Debtor can be reached at:

         LLC M & J Gastro
         Obersiggenthal
         Baden AG
         Switzerland


SCHLUSSEL PUB: Claims Registration Period Ends December 31
----------------------------------------------------------
The Bankruptcy Service of Pfaffikon in Zurich commenced
bankruptcy proceedings against LLC Schlussel Pub Billard on Oct.
23.

Creditors have until Dec. 31 to file their written proofs of
claim.

The Bankruptcy Service of Pfaffikon can be reached at:

         Bankruptcy Service of Pfaffikon
         8330 Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Schlussel Pub Billard
         Bahnhofstrasse 31
         8320 Fehraltorf
         Pfaffikon ZH
         Switzerland


SEDUZIONE BETRIEB: Claims Registration Period Ends December 30
--------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Seduzione Betrieb on Oct. 31.

Creditors have until Dec. 30 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Seduzione Betrieb
         Bahnhofstrasse 10
         4310 Rheinfelden AG
         Switzerland


WK BAU: Zurich Court Closes Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Oerlikon-Zurich entered Nov. 13 an
order closing the bankruptcy proceedings of LLC WK Bau.

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

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         LLC WK Bau
         Luegislandstrasse 84
         8051 Zurich
         Switzerland


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


SEKERBANK TAS: Fitch Upgrades Default Ratings to B
--------------------------------------------------
Fitch Ratings has upgraded Turkey-based Sekerbank TAS's Long-
term foreign and local currency Issuer Default ratings to 'B'
from 'B-'.  At the same time, the agency has upgraded
Sekerbank's Individual rating to 'D' from 'D/E' and its National
Long-term rating to 'BBB+(tur)' from 'BBB(tur).  Fitch has
affirmed the bank's Short-term foreign and local currency IDRs
at 'B', Support rating at '5' and Support Rating Floor at 'No
Floor'.  The Outlooks for the Long-term IDRs and National Long-
term rating are Stable.

The upgrades reflect the improvements in Sekerbank's risk
management controls and credit monitoring systems, with the help
of advancements in IT systems.  Further, shareholders have
injected cash capital to support future growth.  Sekerbank's
well diversified retail deposit base remains a major strength.
The Individual rating also reflects potential risks from rapid
loan growth in a volatile operating environment, a weak track
record in asset quality and the bank's high cost base, which
constrains profitability.

In third quarter of 2007, the bank recorded net income of
TRY109 million, which reflected increased lending activity and
non-recurring income of TRY48 million; the bank's operating
profitability remained moderate.  The bank's cost base, albeit
improved, is greater than that of its peers' due to its large
branch network and relatively low assets per branch compared
with the sector.

The bank needs to make more efficient use of the branch network
to generate sustainable profitability in the future.  It has
written off a substantial amount of fully reserved impaired
loans and the NPL ratio improved to 4.10% of gross loans at end
on third quarter of 2007 based on unconsolidated financial
statements (with a strong reserve coverage of 122%) from 12.12%
at end-2006, aided by collections and loan growth in Q307.
Following a cash capital increase, Sekerbank's Tier 1 ratio
reached 17.46% at end third quarter of 2007, despite a new
operational risk charge since end of first half of 2007 and
strong growth in risk-weighted assets.

In Fitch's opinion, adequate capitalisation needs to be
maintained to provide a buffer against potential risks from
rapid loan growth and the volatile operating environment

The bank's pension fund and TuranAlem Securities JSC of
Kazakhstan each hold 33.98% of the bank's shares since March
2007.  The remaining shares are publicly held.  Sekerbank is a
medium-sized bank with 232 branches providing a full range of
banking services.  It has traditionally lent to corporates and
commercial customers.  Under to the new strategic business plan,
in place since third quarter of 2006, there has been an
increased focus on SMEs, including micro-businesses comprised of
self-employed professionals, small-scale producers, family
ventures and rural manufacturing and agriculture, as well as
retail customers with a focus on housing loans.


TURKLAND BANK: Better Capitalization Cues Fitch's D Ratings
-----------------------------------------------------------
Fitch Ratings has upgraded Turkey-based Turkland Bank AS's
Individual rating to 'D' from 'D/E'.  The bank's other ratings
are affirmed at Long-term foreign currency Issuer Default 'BB',
Long-term local currency IDR 'BBB-', Short-term foreign currency
IDR 'B', Short-term local currency IDR 'F3', National Long-term
'AAA(tur)' and Support '3'.  The Outlooks for the Long-term IDRs
and National Long-term rating are Stable.

The upgrade reflects Turkland Bank's new market positioning,
strengthened management and better capitalization.  It also
reflects the bank's progress in devising a focused growth
strategy in the mid-cap SME sector, building a franchise and
establishing improved risk management systems.  These positive
developments are balanced by the risks inherent in the bank's
rapid growth plans, weak core banking profitability (although
this is being addressed with the new growth strategy) and a
volatile operating environment.

The bank prioritized its internal reorganization following its
change of ownership in the beginning of 2007 and a full senior
management change was completed as of first half of 2007.
Turkland Bank's good asset quality to date will be put to test
as it embarks on a new growth strategy.  From the onset of the
reorganization process, the bank made progress in improving risk
management systems reflecting a desired strong emphasis on this
area by its shareholders.

In view of its planned growth, Turkland Bank's capitalization
will be backed by cash injections, the first of which (TRY35
million) was made in fourth quarter of 2007.  This will be
followed by future cash capital contributions from the
shareholders.  Bank-only Tier 1 ratio before capital injection
at end of third quarter of 2007 stood at 16.1%; projected year-
end capital adequacy ratio is around 21%.

Turkland Bank is one of Turkey's smaller-sized banks and
operated with 15 branches as of December 2007. The  bank is
owned by Arab Bank plc (rated 'A-'/Stable) and BankMed Sal,
holding 50% and 41% of the bank's shares, respectively; Mr.
Mehmet Nazif Gunal maintains the remainder.  The bank will
enhance the branch network in major cities of Turkey, targeting
45-50 branches by end-2009 from 15 as of December 2007.
Turkland Bank plans to focus on SME segmentation, supporting the
trade flow between the Middle East and Turkey.


VESTEL ELEKTRONIK: S&P Cuts Ratings to B on Tight Liquidity
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Turkey-based consumer electronics and
white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret
A.S. to 'B' from 'B+'. The outlook is negative.

At the same time, we lowered our senior unsecured debt rating on
Vestel subsidiary Vestel Electronics Finance Ltd.'s US$225
million bond to 'B' from 'B+'.

At Sept. 30, 2007, Vestel had gross unadjusted debt of US$775
million.

"The downgrade reflects Vestel's the squeeze on revenues and
margins, particularly in critical TV exports to the EU, and the
company's tight liquidity position," said Standard & Poor's
credit analyst Patrice Cochelin.

The rapid shift in demand to flat-screen (liquid crystal
display, or LCD, and plasma) TVs away from cathode ray tube
based models has curtailed Vestel's volume growth, while the
Turkish lira's current strength against the dollar and the euro
is partly undermining Vestel's cost competitiveness.

TV volumes declined by 19% year on year in the nine months ended
Sept. 30, 2007, while a 58% jump in flat TVs (where Vestel has
about 11% market share in the EU) failed to offset a 36% drop,
from a larger base, in CRT TVs (Vestel's market share is about
20% in the EU).  TV sales were down by 12% year on year in
dollar terms in the same period, despite the weaker dollar.

Growth in white goods remained satisfactory, with revenues and
volumes up 26% and 13% year on year, respectively.  White goods
consequently contributed 33% of consolidated revenues, up from
26% in the nine months ended Sept. 30, 2006.  Year-on-year
domestic revenue growth swung back to 37% in third-quarter
2007, from minus 14% in second-quarter 2007, yielding overall
good 12% year-on-year growth in the nine months ended Sept. 30,
2007.  The company posted a US$22 million consolidated EBITDA
loss in the nine months ended Sept. 30, 2007, however, with
gross margin shrinking to 11%, down from 20% in the nine months
ended Sept. 30, 2006.

The ratings continue to reflect Vestel's cost-efficient
manufacturing, while remaining constrained mainly by the
volatile Turkish macroeconomic environment and resulting
currency swings; the company's significant, and largely short-
term, debt burden; and the highly competitive nature of its
end-markets. Vestel derived 74% of revenues from exports in the
12 months ended Sept. 30, 2007.

"We are concerned about the company's weak margins and tight
liquidity," added Mr. Cochelin.

S&P might lower the ratings if the company's liquidity position
does not rapidly improve or its operating performance remains
weak.

On the upside, the ratings could benefit from improvement in the
company's operating performance, notably if margins widen and
cash flow generation strengthens.

The rating impact of the possible white goods joint venture is
difficult to assess at this point, given white goods'
contribution to Vestel's profits, the uncertainties surrounding
the transaction, and questions on Vestel's use of proceeds.


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


ACCOLADE BUSINESS: J. M. Titley Leads Liquidation Procedure
-----------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Accolade Business Solutions Ltd. on Dec. 18 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


ACXIOM CORP: Elects Three Board Members at 2007 Annual Meeting
--------------------------------------------------------------
Acxiom Corporation re-elected Dr. Mary L. Good and Stephen M.
Patterson to its board of directors at its 2007 annual
shareholders meeting held on December 21.

In addition, Kevin M. Twomey was elected to his first term as a
director, filling the board seat previously occupied by Rodger
S. Kline.

Additionally, shareholders approved a change to the company's
2005 Equity Compensation Plan to increase the pool of shares
available for grant from 13.3 million to 20.3 million shares.

The company also said it has purchased about 3.6 million shares
of its stock pursuant to the repurchase program announced on
Oct. 29, 2007.

Headquartered in Little Rock, Arkansas, Acxiom Corporation,
(Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data,
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
technology, data, database services, IT outsourcing, risk
mitigation, consulting and analytics, and privacy leadership.
Founded in 1969, Acxiom has locations throughout the United
States and United Kingdom, and in Australia, China and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 17, 2007,
Moody's Investors Service has confirmed Acxiom's Ba2 corporate
family rating and assigned a negative rating outlook, concluding
a review for possible downgrade initiated on May 17, 2007,
following the company's announcement that it had entered into a
definitive agreement to be acquired by Silver Lake and ValueAct
Capital for US$3 billion.  On Oct. 1, 2007, Acxiom reached a
settlement agreement with Silver Lake and ValueAct Capital to
terminate the previously announced acquisition pursuant to which
Acxiom received US$65 million in cash.


ACXIOM CORP: Buyout Termination Prompts S&P to Affirm BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirms its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp. and
removes it from CreditWatch where it was placed with negative
implications on May 17, 2007.  The outlook is negative.  At the
same time, S&P raised its senior secured debt ratings to 'BB+'
from 'BB', with a recovery rating of '2', indicating a
substantial (70%-90%) expectation of recovery, and also removed
it from CreditWatch.

"The affirmation follows the termination of the US$3 billion
buyout by private-equity firm Silver Lake and hedge fund
ValueAct Capital Partners L.P.," said Standard & Poor's credit
analyst Philip Schrank.  The company received US$65 million
related to the termination of the merger agreement, which is
expected to be substantially more than one-time expenses related
to the merger agreement.

Acxiom's rating reflects the company's good niche market
position and adequate cash flow generation.  Business risk is
tempered by Acxiom's expertise in managing its comprehensive
consumer databases.  More than half of its direct-marketing
assignments are performed for long-term clients, and outsourcing
contracts generally cover multiple years, offsetting a
concentrated customer base and providing some revenue
predictability.  However, the company is still a relatively
small participant in a growing and fragmented industry that may
see the entrance of several much larger competitors.

S&P believes channel partnerships and moderate acquisitions
could continue, primarily to expand the company's participation
in selected vertical markets, enhance its distribution
capability, and provide additional operational diversity.
Acxiom has implemented cost reduction actions to bolster
profitability and to help offset sluggish revenue growth,
primarily driven by the downturn in the financial services
segment, which represents about one-fourth of its total
business.

Although Acxiom's current debt levels are moderate for the
rating, in the 2x area, the company has exhibited a much more
aggressive financial policy by its willingness to pursue an LBO,
and could continue to pursue ongoing acquisitions and share
repurchases. While S&P expects a near-term focus on improving
operations, Acxiom's dissident shareholder, ValueAct Capital
Partners L.P., retains its seat on Acxiom's board, and could
continue to pursue a more aggressive shareholder oriented
agenda.  At the 'BB' rating level, S&P expects Acxiom to
continue generating good free cash flow and manage its debt
under 4x over the intermediate term.  S&P will continue to
monitor management's succession plans following the retirement
of its CEO, and how it might affect the company's business
strategy and financial policy.


BRADSHAWS DIRECT: Brings In Administrators from KPMG
----------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Bradshaws Direct Ltd. (Company
Number 03541142) on Dec. 14.

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

The company can be reached at:

         Bradshaws Direct Ltd.
         James Nicolson Link
         York
         North Yorkshire
         YO3 04XX
         England
         Tel: 01904 691 169


CB MEZZCAP: Moody's Junks EUR7.7 Mln Class E Fixed Rate Notes
-------------------------------------------------------------
Moody's Investors Service confirmed the rating of one class and
downgraded the ratings of four classes of notes issued by CB
MezzCap Limited Partnership:

  (1) EUR137,800,000 Class A Floating Rate Notes due 2013

   -- Previously rated: Aaa, on review for downgrade;
   -- Currently rated: Aaa.

  (2) EUR20,000,000 Class B Fixed Rate Notes due 2013

   -- Previously rated: Aa2, on review for downgrade;
   -- Currently rated: A2.

  (3) EUR10,500,000 Class C Floating Rate Notes due 2013

   -- Previously rated: A2, on review for downgrade;
   -- Currently rated: Ba1.

  (4) EUR14,500,000 Class D Fixed Rate Notes due 2013

   -- Previously rated: Baa2, on review for downgrade;
   -- Currently rated: B2.

  (5) EUR7,700,000 Class E Fixed Rate Notes due 2013

   -- Previously rated: Ba1, on review for downgrade;
   -- Currently rated: Caa2.

The transaction has suffered three defaults since inception,
totaling EUR31 million of losses (or 15.5% of the original
portfolio).  Only a small fraction of these losses have been
recovered by means of excess spread payments, which have been
used to credit the principal deficiency ledger.  Hence, the
credit enhancement of the notes has been compromised.


CHRYSLER LLC: "Operationally" Bankrupt, CEO Nardelli Says
---------------------------------------------------------
Chrysler LLC is "operationally" bankrupt, was how chief
executive officer Robert Nardelli described the company's
status at a meeting held earlier this month, The Wall Street
Journal reports, citing an account by two people present
that meeting.

"The only thing that keeps us from going into bankruptcy
is the US$10 billion investors entrusted us with," Mr. Nardelli
said at the meeting, WSJ's sources relate.

As reported in the Troubled Company Reporter on Dec. 7, 2007,
various papers cited Mr. Nardelli as saying that Chrysler is in
for a wider financial loss of US$1.6 billion.

It would be the Chrysler's second consecutive year of losses if
Mr. Nardelli's forecast is right, according to the Associated
Press citing an unnamed source.  The company reported a loss of
US$618 million in 2006 but disclosed earnings of US$1.8 billion
in
2005.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  The
outlook is negative.


COMPUTERPROOF LTD: Claims Filing Period Ends March 14, 2008
-----------------------------------------------------------
Creditors of Computerproof Ltd. have until March 14, 2008, to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and their names and
addresses of their solicitors (if any) to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Dec. 5 for the creditors' voluntary winding-up
procedure.


COVENTRY TUBES: Appoints J. M. Titley as Liquidator
---------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Coventry Tubes Permatube Ltd. on Dec. 18 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


DANOR ELECTRONICS: Brings In Liquidators from Mazars
----------------------------------------------------
Alistair Steven Wood and Simon David Chandler of Mazars LLP were
appointed joint liquidators of Danor Electronics Ltd. on Dec. 17
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


DRAINLINE UK: Taps Tenon Recovery to Administer Assets
------------------------------------------------------
Dilip K. Dattani and  Patrick Ellward of Tenon Recovery were
appointed joint administrators of Drainline U.K. Ltd. (Company
Number 3627011) on Dec. 13.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Drainline U.K. Ltd.
         Unit 1
         4D Commercial Square
         Freemans Common Industrial Estate
         Leicester
         LE2 7SR
         England
         Tel: 0116 254 7542
         Fax: 0116 254 7543
         Web site: http://www.drainlineuk.co.uk/


ERINACEOUS GROUP: James Caan In Talks with Advisers Over Bid
------------------------------------------------------------
James Caan plans to acquire part or all of Erinaceous Group Plc,
the Daily Telegraph reports.

According to the report, Mr. Caan, who holds a 5.7% stake in
Erinaceous, has met with the group's financial advisers to
discuss a possible offer.

Mr. Caan also has had talks with some other shareholders over a
joint bid, although he may have to compete with other rival
approaches for the group, the Daily Telegraph suggests.

The entrepreneur, however, declined to comment on the matter.

Erinaceous, which is believed to have more than GBP200 million
in net debt, is expected to present a plan -- which may include
disposals to pay off obligations -- to its banks by year-end,
the Daily Telegraph relates.

Headquartered in Croydon, England, Erinaceous Group PLC --
http://www.erinaceous.com/-- is a holding company that provides
accommodation, management and technical services to its
subsidiary companies.  The company provides services to a range
of private and public sector property clients through its
residential property services, commercial property services and
property insurance services divisions.

As previously reported in the TCR-Europe, Erinaceous confirmed
that it was in discussions with its lenders regarding the terms
of its credit facilities and certain breaches of the covenants
in its credit agreement.  The banks indicated their ongoing
support for the group by providing waivers of covenant breaches.

In its interim results for the six months ended June 30, 2007,
Erinaceous revealed that there remains a material uncertainty
which may cast significant doubt as to the group's ability to
continue as a going concern and therefore it may be unable to
realize its assets and discharge its liabilities in the normal
course of business.


FELIX CORPORATION: Brings In KPMG as Joint Administrators
---------------------------------------------------------
Brian Green and David James Costley-Wood of KPMG LLP were
appointed joint administrators of Felix Corporation Ltd.(Company
Number 4240729) on Dec. 11.

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

The company can be reached at:

         Felix Corporation Ltd.
         Cherry Tree House
         Cherry Tree Lane
         Rostherne
         Altrincham
         Cheshire
         WA14 3RZ
         England
         Tel: 01565 831 100
         Fax: 01565 831 101
         Web site: http://www.felixgroupplc.com/


HARDLINES LTD: Taps Liquidators from Tenon Recovery
---------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of Hardlines Ltd. on Dec. 8 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Dukesbridge House
         23 Duke Street
         Reading
         Berks
         RG1 4SA
         England


HARTLAND SUB-CONTRACT: Calls In Liquidators from PwC
----------------------------------------------------
Mark David Charles Hopkins and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Hartland Sub-Contract Services Ltd. on Dec. 12 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham
         B3 2DT
         England


INVERNESS MEDICAL: Launches Takeover Offer for BBI Holdings Plc
---------------------------------------------------------------
Inverness Medical Innovations and BBI Holdings Plc have
reached agreement on a proposal for Inverness to acquire all of
BBI's outstanding share capital.

The acquisition is expected to be implemented by way of a Court
approved scheme of arrangement under Section 425 of the U.K.
Companies Act, whereby BBI would become a wholly owned
subsidiary of IMI.

Under the scheme of arrangement, Inverness would offer BBI
shareholders 195 pence or approximately US$3.95 per ordinary
share, payable in IMI stock, with an option to select a cash
alternative at 185 pence or approximately US$3.75 per share.
The acquisition is conditioned on court approval of the scheme
and a favorable vote by BBI shareholders.

Of the total 42,917,735 issued and outstanding BBI shares,
5,208,333 shares are already held by a subsidiary of Inverness.
In addition, BBI employees also have options to purchase
5,303,349 shares.  Inverness intends to offer each option holder
the opportunity to exchange his or her existing BBI options for
a new IMI option with the equivalent market value.

"We are pleased to propose that BBI join the Inverness family of
companies,' Ron Zwanziger, CEO of Inverness, said.  "We have had
a long and positive relationship with BBI, and Inverness
strongly believes that their capabilities in developing novel
lateral flow based rapid diagnostic products and in developing
and manufacturing high performance reagents and biological
materials for use in those products would greatly complement our
existing business."

"Teaming up with Inverness represents a great opportunity for
BBI to expand its activities much more rapidly than it could as
an independent company, and we are delighted that our past close
working relationships have now culminated in the proposal for
BBI to become part of Inverness," David Evans, Chairman of
BBI, added.

Inverness is represented by Wragge&Co in London and Foley Hoag
in Boston.  Inverness also retained IDJ International as
financial advisor.

BBI is represented by Berry Smith located in Cardiff and has
retained Cenkos Securities as its financial advisor.

                     About BBI Holdings Plc

Located in the United Kingdom, BBI Holdings Plc (LON:BBI) --
http://www.bbigold.com/-- specializes in the development and
manufacture of non-invasive lateral flow tests, or in IVD, and
has achieved a reputation for manufacturing superior quality
gold reagents.

                    About Inverness Medical

Based in Waltham, Massachusetts, Inverness Medical Innovations
Inc. (AMEX: IMA) -- http://www.invernessmedical.com/--
develops, manufactures and markets in vitro diagnostic products
for the over-the-counter pregnancy and fertility/ovulation test
market and the professional rapid diagnostic test markets.

                          *     *     *

Moody's placed Inverness Medical's subordinated debt rating at
'Caa1' as well as the company's long term corporate family and
probability of default ratings at 'B2' in June 2007.  The
ratings still hold to date with a stable outlook.


KEMP COMMERCIAL: Appoints Tenon Recovery as Joint Administrators
----------------------------------------------------------------
T.J. Binyon and S.J. Parker of Tenon Recovery were appointed
joint administrators of Kemp Commercial Body Builders Ltd.
(Company Number 03487523) on Dec. 12.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Kemp Commercial Body Builders Ltd.
         Brunel Road
         Manor Trading Estate
         Benfleet
         Essex
         SS7 4PS
         England
         Tel: 01268 792 491
         Fax: 01268 795 121


KOMPASS PLASTICS: Hires Liquidators from Tenon Recovery
-------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Kompass Plastics Ltd. on Dec. 13
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


NOVA FINANCE 4: Moody's Rates EUR17.5 Mln Class E Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
five classes of Notes issued by Nova Finance No. 4 Limited:

   -- Aaa to the EUR644,000,000 Class A Secured Floating Rate
      Notes due 2019;

   -- Aa2 to the EUR14,000,000 Class B Secured Floating Rate
      Notes due 2019;

   -- A2 to the EUR17,500,000 Class C Secured Floating Rate
      Notes due 2019;

   -- Baa3 to the EUR24,500,000 Class D Secured Floating Rate
      Notes due 2019; and,

   -- Ba2 to the EUR17,500,000 Class E Floating Rate Notes due
      2019.

Moody's has not assigned ratings to the Class F Floating Rate
Notes due 2019 and Class G Junior Notes due 2019.

NOVA Finance No.4 Limited is the fourth consumer loan
securitization involving assets originated by Banco Comercial
Portugues, S.A. (Aa3/Prime-1).

According to Moody's, the ratings take account of these factors,
among others.  BCP's unsecured consumer loan portfolio has
recently shown improvement on several key measures, such as
delinquency and default.  However, the growing competition in
the Portuguese market is resulting in downward pressure on loan
interest rates across the sector.  This yield compression risk
is mitigated by the inclusion of minimum yield eligibility
criteria for loan pool replenishments.  In addition, the
transaction benefits from a cash reserve that is funded at close
and traps additional excess spread upon the occurrence of an
early amortization event.

A three-year revolving period may result in a drift in portfolio
credit quality.  This is mitigated by eligibility criteria that
place limits on potential quality migration including a
prohibition on the addition of delinquent receivables with two
or more monthly installments unpaid and early amortization
triggers which end the revolving period on the occurrence of
certain performance deterioration events.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A, Class B, Class
C and Class D Notes and ultimate payment of interest and
ultimate payment of principal for Class E Notes by the legal
final maturity.  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.


OVERALL INTERNATIONAL: Joint Liquidators Take Over Operations
-------------------------------------------------------------
Trevor Patrick O'Sullivan and  Nigel Morrison of Grant Thornton
U.K. LLP were appointed joint liquidators of Overall
International Air Cargo Ltd. (formerly Lanely No14 Ltd.) on Dec.
8 for the creditors' voluntary winding-up proceeding.

Mr. O'Sullivan can be reached at:

         Grant Thornton U.K. LLP
         No.1 Dorset Street
         Southampton
         SO15 2DP
         England

Mr. Morrison can be reached at:

         Grant Thornton U.K. LLP
         43 Queen Square
         Bristol
         BS1 4QR
         England


OVERALL TRANSPORT: Appoints Liquidators from Grant Thornton
-----------------------------------------------------------
Trevor Patrick O'Sullivan and  Nigel Morrison of Grant Thornton
U.K. LLP were appointed joint liquidators of Overall Transport
(U.K.) Ltd. on Dec. 8 for the creditors' voluntary winding-up
proceeding.

Mr. O'Sullivan can be reached at:

         Grant Thornton U.K. LLP
         No.1 Dorset Street
         Southampton
         SO15 2DP
         England

Mr. Morrison can be reached at:

         Grant Thornton U.K. LLP
         43 Queen Square
         Bristol
         BS1 4QR
         England


R T STEWARD: Hires Liquidators from Grant Thornton
--------------------------------------------------
Ian S. Carr and Andrew D. Conquest of Grant Thornton U.K. LLP
were appointed joint liquidators of R T Steward Transport Ltd.
on Dec. 12 for the creditors' voluntary winding-up proceeding.

Mr. Carr can be reached at:

         Grant Thornton U.K. LLP
         Byron House
         Cambridge Business Park
         Cowley Road
         Cambridge
         CB4 0WZ

Mr. Conquest can be reached at:

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


R.S. FOODS: M. H. Abdulali Leads Liquidation Procedure
------------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of
R.S. Foods U.K. Ltd. on Dec. 7 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


RMAC SECURITIES: Moody's Cuts Ratings to Low-B on Three Notes
-------------------------------------------------------------
Moody's Investors Service downgraded or placed on review for
possible downgrade these series of notes issued by RMAC
Securities No. 1 PLC:

   * Series 2006-NS2, Class M2c

   -- Current Rating: A2, on review for possible downgrade

   * Series 2006-NS2, Class B1a

   -- Current Rating: Baa3, on review for possible downgrade

   * Series 2006-NS2, Class B1c

   -- Current Rating: Baa3, on review for possible downgrade

   * Series 2006-NS3, Class M2c

   -- Current Rating: A3
   -- Prior Rating: A2

   * Series 2006-NS3, Class B1c

   -- Current Rating: Ba2
   -- Prior Rating: Baa3

   * Series 2006-NS4, Class M2a

   -- Current Rating: A3
   -- Prior Rating: A2

   * Series 2006-NS4, Class M2c

   -- Current Rating: A3
   -- Prior Rating: A2

   * Series 2006-NS4, Class B1a

   -- Current Rating: Ba2
   -- Prior Rating: Baa3

   * Series 2006-NS4, Class B1c

   -- Current Rating: Ba2
   -- Prior Rating: Baa3

The classes of notes that have been downgraded today were
previously placed on review for possible downgrade on the 3
October 2007. At that time, Moody's noted that interest rate
volatility was adversely affecting these transactions because
they had no protection from interest rate risk or basis risk.

The reduced excess spread available in these transactions has
necessitated new or further drawings in the reserve funds,
notwithstanding the relatively good performance of the
collateral backing the outstanding notes. As of the latest
interest payment date in December 2007, the reserve fund of the
Series 2006-NS3 was drawn for the second consecutive time
leaving in the transaction a reserve fund equal to 73% of the
required amount. The reserve funds of Series 2006-NS2 and 2006-
NS4 were also drawn for the first time and their current
balances are now equal, respectively, to 86% and 87% of the
corresponding required amounts.

Considering the level at which the note Libor for the RMAC
Series has reset in December 2007 (6.63%), and the recently
reduced Bank of England Base Rate (5.50%), Moody's expects these
transactions to continue to be exposed for at least another
quarter to spread compression above the levels Moody's assumed
when these transactions closed.  These rating actions reflect
the negative effects of this interest rate volatility, taking
into account the different seasoning of the collateral, the
performance exhibited so far and the available credit
enhancement in these structures.


RMS 16 PLC: Moody's May Cut Low-B Ratings After Review
------------------------------------------------------
Moody's Investors Service placed on review for downgrade 13
classes of notes issued by Residential Mortgage Securities 20
plc, Residential Mortgage Securities 21 plc and Residential
Mortgage Securities 22 plc and has downgraded 2 classes of notes
issued by Residential Mortgage Securities 21 plc and Residential
Mortgage Securities 22 plc.

The classes of notes affected are:

   * Issuer: Residential Mortgage Securities 20 PLC (RMS 20)

   -- Class M2a, Current Rating A2, on review for possible
      downgrade;

   -- Class M2c, Current Rating A2, on review for possible
      downgrade;

   -- Class B1a, Current Rating Baa2, on review for possible
      downgrade;

   -- Class B1c, Current Rating Baa2, on review for possible
      downgrade;

   -- Class B2a, Current Rating Ba3, on review for possible
      downgrade.

   * Issuer: Residential Mortgage Securities 21 PLC (RMS 21)

   -- Class M2a, Current Rating A3, on review for possible
      downgrade;

   -- Class M2c, Current Rating A3, on review for possible
      downgrade;

   -- Class B1a, Current Rating Baa3, on review for possible
      downgrade;

   -- Class B1c, Current Rating Baa3, on review for possible
      downgrade;

   -- Class B2a, Current Rating Ba3, downgraded to B2 and on
      review for possible downgrade.

   * Issuer: Residential Mortgage Securities 22 PLC (RMS 22)

   -- Class M2a, Current Rating A3, on review for possible
      downgrade;

   -- Class M2c, Current Rating A3, on review for possible
      downgrade;

   -- Class B1a, Current Rating Baa3, on review for possible
      downgrade;

   -- Class B1c, Current Rating Baa3, on review for possible
      downgrade;

   -- Class B2, Current Rating Ba3, downgraded to B2 and on
      review for possible downgrade.

The rating actions have been prompted by worse-than-expected
collateral performance leading to above market average
delinquency, repossession and loss levels.  More specifically,
Moody's has as a result of the review increased its credit
support expectations for the assigned rating levels, derived
from updated loan-by-loan data . Moody's has also increased its
cumulative median expected loss assumption for the portfolios.

Moody's has considered that the RMS Series, in addition to set-
up swaps, benefit from a fixed-discount collateral agreement
whereby these loan types are cash-collateralized and the current
deposit amounts have been assessed for coverage of fixed rate
shortfalls.  The incorporated detachable coupons entitled to
receive interest on the relevant Class A notes have been
reviewed based on applicable outstanding Class A tranche amount,
interest rate and payment date.

The loans included in the pools are amortizing or interest-only
loans implying a linear or bullet repayment.  These loan types
are representative for the U.K Non-Conforming RMBS market and
the debtors are geographically diversified throughout the U.K.
Any future rating action will take into account the collateral
performance and interest rate volatility in particular.

Moody's has also reviewed the long-term credit ratings of the
below Issuers and classes of notes and today has affirmed these
ratings:

   -- Issuer: Residential Mortgage Securities 16 PLC (RMS 16);
   -- Issuer: Residential Mortgage Securities 17 PLC (RMS 17);
   -- Issuer: Residential Mortgage Securities 18 PLC (RMS 18);
   -- Issuer: Residential Mortgage Securities 19 PLC (RMS 19).

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.


RTM HOLDINGS: Names Administrators from Ernst & Young
-----------------------------------------------------
C.G.J. King and R.H. Kelly of Ernst & Young LLP were appointed
joint administrators of RTM Holdings Ltd. (Company Number
05340675) on Dec. 13.

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

The company can be reached at:

         RTM Holdings Ltd.
         19 Station Terrace
         Brent
         London
         NW10 5RX
         England
         Tel: 020 8968 1322


RTM SERVICES: Appoints Administrators from Ernst & Young
--------------------------------------------------------
C.G.J. King and R.H. Kelly of Ernst & Young LLP were appointed
joint administrators of RTM (Group) Services Plc (Company Number
01927451) on Dec. 13.

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

The company can be reached at:

         RTM (Group) Services Plc
         Front Street
         Blyth
         NE24 4HN
         England
         Tel: 0845 0706711
         Fax: 01670 530083
         Web site: http://www.rtmplc.co.uk/


SECURITY & TRAINING: Names Stephen John Tancock as Liquidator
-------------------------------------------------------------
Stephen John Tancock of Smith & Williamson Ltd. was appointed
liquidator of Security & Training Services Ltd. on Dec. 18 for
the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

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


SENATE QA: Taps M. C. Bowker to Liquidate Assets
------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Senate QA Ltd. on Dec. 17 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


SSANG YONG: Brings In Ernst & Young to Administer Assets
--------------------------------------------------------
Patrick Joseph Brazzill and Thomas Merchant Burton of Ernst &
Young LLP were appointed joint administrators of Ssang Yong U.K.
Ltd. (Company Number 4653158) on Dec. 18.

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

The company can be reached at:

         Ssang Yong U.K. Ltd.
         22-24 Broad Street
         Wokingham
         Berkshire
         RG40 1BA
         England
         Tel: 04653158


STERLING LTD: Brings In Liquidators from Moore Stephens
-------------------------------------------------------
Nigel Price and Mark Bowen of Moore Stephens LLP were appointed
joint liquidators of Sterling (EDM) Ltd. on Dec. 12 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

        Moore Stephens LLP
        Beaufort House
        94-96 Newhall Street
        Birmingham
        B3 1PB
        England


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Jan. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Views from the Bench
         Omni Hotel, New Haven, Connecticut
            Contact: http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Debt Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      NJTMA Holiday Party
         Iberia Tavern & Restaurant, Newwark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org

Jan. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lenders Panel
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org

Jan. 14-15, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      VALCON: Liquidity, LBOs, Risk and Restructurings
         Marriott Harbor Beach Resort & Spa, Fort Lauderdale,
            Florida
               Contact: http://www.airacira.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Dave & Busters, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org

Jan. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Current Outlook: Workouts, Lending and Turnarounds
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org

Jan. 17, 2008
   BEARD AUDIO CONFERENCES
      Corporate Bankruptcy Bootcamp: Fundamentals of BAPCPA
Proceedings
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

Jan. 17-18, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Diplomat, Hollywood, Florida
            Contact: http://www.abiworld.org/

Jan. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Winter Warm-up
         Belgo Brasserie, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org

Jan. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Finding Money: Int'l Asset Search and
         Recovery Methods for Collecting Judgments
            Centre Club, Tampa, Florida
               Contact: http://www.turnaround.org

Jan. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         The Lime, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org

Jan. 29, 2008
   WEST LEGALWORKS
      Southeastern Distressed M&A Summit
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.westlegalworks.com

Jan. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Year 2008 Kick-Off Party
         Oak Hill Country Club, Rochester, New York
            Contact: 716-440-6615 or http://www.turnaround.org

Jan. 31, 2008
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy: Unwinding the Deal
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
http://www.turnaround.org

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org

Feb. 14-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow
         Courtyard Marriott, Dania Beach, Florida
            Contact: http://www.turnaround.org

Feb. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Islamorada Fish Company, Dania, Florida
            Contact: 561-882-1331 or http://www.turnaround.org

Feb. 22, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Fairmont Miramar, Santa Monica, California
            Contact: http://www.abiworld.org/

Feb. 23-26, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar I
         Park City, Utah
            Contact: http://www.nortoninstitutes.org/

Feb. 25, 2008
   FINANCIAL RESEARCH ASSOCIATES LLC
      Financial Services Mergers & Acquisitions Deals Forum
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         One Eyed Jacks, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Feb. 27-28, 2008
   EUROMONEY INSTITUTIONAL INVESTOR
      6th Annual Distressed Investing Forum
         Union League Club, New York, New York
            Contact: http://www.euromoneyplc.com/

Feb. 27 - Mar. 1, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      CTP Courses
         Holland & Knight, Atlanta, Georgia
            Contact: http://www.turnaround.org/

Mar. 6-8, 2008
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Mandalay Bay Resort, Las Vegas, Nevada
            Contact: http://www.ali-aba.org/

Mar. 8-10, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Conrad Duberstein Moot Court Competition
         St. John's University School of Law, New York
            Contact: http://www.abiworld.org/

Mar. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Rick Cieri of Kirkland & Ellis
         Jamie Sprayregan of Goldman Sachs
            Bankers Club of Miami, Florida
               Contact: 561-882-1331 or
http://www.turnaround.org

Mar. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dearfoam Slipper Turnaround
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org

Mar. 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Mar. 27-30, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar II
         Las Vegas, Nevada
            Contact: http://www.nortoninstitutes.org/

Apr. 3, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Annual Spring Luncheon
            Renaissance Hotel, Washington, District of Columbia
               Contact: 703-449-1316 or http://www.iwirc.org

Apr. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 7-8, 2008
   PRACTISING LAW INSTITUTE
      30th Annual Current Developments in
         Bankruptcy & Reorganization
            PLI Center New York, New York
               Contact: http://www.pli.edu/

Apr. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Assignment for Benefit of Creditors
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org

Apr. 25-27, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Spring Seminar
         Eldorado Hotel & Spa, Santa Fe, New Mexico
            Contact: http://www.nabt.com/

Apr. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Why Prospects Become Clients
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 1-2, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual Credit & Bankruptcy Symposium
         Foxwoods Resort Casino, Ledyard, Connecticut
            Contact: http://www.turnaround.org/

May 1-2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Debt Symposium
         Hilton Garden Inn, Champagne/Urbana, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 9, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 12-13, 2008
   PRACTISING LAW INSTITUTE
      30th Annual Current Developments in
         Bankruptcy & Reorganization
            PLI Center San Francisco, California
               Contact: http://www.pli.edu/

May 13-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Litigation Skills Symposium
         Tulane University, New Orleans, Louisiana
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 18-20, 2008
   INTERNATIONAL BAR ASSOCIATION
      14th Annual Global Insolvency & Restructuring Conference
         Stockholm, Sweden
            Contact: http://www.ibanet.org/

May 21, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      What Happened to My Money - The Restructuring of a Loan
Servicer
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         J.W. Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

June 19-21, 2008
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Omni Hotel, San Francisco, California
               Contact: http://www.ali-aba.org/

June 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

June 26-29, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Seminar
         Jackson Hole, Wyoming
            Contact: http://www.nortoninstitutes.org/

July 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cynthia Jackson of Smith Hulsey & Busey
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 10-13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.abiworld.org/events

July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Employment Issues Following Hurricanes & Disasters
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/


July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/


Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         IWIRC 15th Annual Fall Conference
            Scottsdale, Arizona
               Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com;
               http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China\u2019s New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency \u2013 Widening Controversy: Current
Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers\u2014the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today\u2019s Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
      Proceedings
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.


                            *********

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 A. 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

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

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


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