TCREUR_Public/071228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, December 28, 2007, Vol. 8, No. 256

                            Headlines




A U S T R I A

ELTNER MUSIKINSTRUMENTE: Leoben Court Orders Business Shutdown
FIDAN FOOD: Creditors' Meeting Slated for Jan. 9, 2008
HODEX HANDEL: Creditors' Meeting Slated for Jan. 9, 2008
OEB BAU: Vienna Court Orders Business Shutdown
POINT BAU: Creditors' Meeting Slated for Jan. 8, 2008

S & M LLC: Creditors' Meeting Slated for Jan. 9, 2008


B E L G I U M

POPE & TALBOT: U.S. Trustee Sets Creditors' Meeting for Jan. 8
POPE & TALBOT: Court Gives Until Jan. 4 to File Schedules
POPE & TALBOT: Courts Approve Cross-Border Insolvency Protocol
TENNECO INC: Completes Realignment of Some Foreign Subsidiaries


C Z E C H   R E P U B L I C

ANDREW CORP: CommScope Finalizes Acquisition Details


D E N M A R K

BLOCKBUSTER INC: Fitch Affirms CCC Issuer Default Rating


F R A N C E

CINRAM INT'L: Weak Operation Prompts Moody's to Hold B1 Ratings
HARMAN INT'L: Promotes Blake Augsburger as Country Manager
LE MONDE: Executive Board Resigns Over Finances Dispute
QUEBECOR MEDIA: Earns CDN$84.8 Million in Third Quarter


G E R M A N Y

089 TEAM: Claims Registration Period Ends Jan. 23, 2008
CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan
I N T E R S A F E GMBH: Claims Registration Ends Jan. 23, 2008
MULTI-SPED GMBH: Claims Registration Period Ends Jan. 20, 2008
ON SEMICONDUCTOR: Moody's Affirms Ba3 Credit Facility Rating

PIN GROUP: Seven Companies File for Insolvency at Cologne Court
RED HAT: Earns US$20.3 Million in Third Quarter Ended Nov. 30
SANYO ELECTRIC: Amends Non-Consolidated Results from FY2000-2005
SANYO ELECTRIC: Admits Paying JPY28-Bil. Dividends Illegally
SANYO ELECTRIC: May Face Fines Over Accounting Errors

THIELEN ALUMINIUM: Claims Registration Period Ends Jan. 15, 2008
VALASSIS COMMS: Wallace Snyder Joins Board of Directors


I R E L A N D

BANTRY BAY: Moody's May Cut Low-B Ratings After Review
EDELWEISS CAPITAL: Moody's Cuts Rating to Ba2 on Class D Notes
CEDO I PLC: Moody's Cuts Rating to Ba3 on Tranche F Notes
CEDO PLC-4: Moody's Cuts Rating to Low-B on Two-Note Classes
CEDO PLC-II: Moody's Cuts Rating to Ba1 on Tranche J Notes

CEDO PLC-III: Moody's Cuts Rating to Ba3 on Tranche K Notes
COMMSCOPE INC: Finalizes Acquisition Details for Andrew Corp.

* Experian Sees Increase in Irish Liquidations in Final Quarter


I T A L Y

ALITALIA SPA: Group Posts EUR1.19 Billion Net Debt for November
ALITALIA SPA: Sells Heathrow Slots for EUR92 Million
ALITALIA SPA: November 2007 Passenger Traffic Up by 0.7%
DANA CORP: Bankruptcy Court Confirms Plan of Reorganization
MICRON TECH: Posts US$262-Mil. Net Loss in Quarter Ended Nov. 29


K A Z A K H S T A N

BAIKALLES LLP: Proof of Claim Deadline Slated for Jan. 26, 2008
EXPRESS WELDING: Creditors Must File Claims by Jan. 23, 2008
GORBYTCOMBINATE LLP: Claims Filing Period Ends Jan. 26, 2008
INJERNIJ PROJECT: Creditors' Claims Due on Jan. 23, 2008
KAR PROGRESS-2006: Claims Registration Ends Jan. 26, 2008

KARAGANDA STROY: Proof of Claim Deadline Slated for Jan. 26
KAZ TRANS: Creditors Must File Claims by Jan. 23, 2008
KAZKOMMERTSBANK JSC: Repays First Tranche of US$1 Billion Loan
REM GAS: Claims Filing Period Ends Jan. 26, 2008
SK STROY: Creditors' Claims Due on Jan. 26, 2008

TAMYZ-K LLP: Claims Registration Ends Jan. 26, 2008


K Y R G Y Z S T A N

SHERIKTESHTIK-FINANSY LLC: Creditors Must File Claims by Jan. 23


N E T H E R L A N D S

X5 RETAIL: Completes Korzinka and Strana Gerkulesia Takeovers


N O R W A Y

BRIGHTPOINT INC: Units Ink Distribution Agreement with Neo


P O R T U G A L

COMPANHIA SIDERURGICA: S&P Revises Outlook to Positive


R U S S I A

ASHINSKIJ LIGHTING: Asset Sale Slated for Jan. 10, 2008
CRYSTAL GLASS PLANT OJSC: Asset Sale Slated for Jan. 10, 2008
GAZPROM NEFT: Receives State Clearance to Bid for Tomskneft
MANILOVSK CJSC: Creditors Must File Claims by Jan. 8, 2008
MORTGAGE CORP: Strong Operating Performance Cues S&P's B- Rating

MOSTRANSAVTO: Weak Liquidity Position Cues S&P to Junk Ratings
ROSBANK OJSC: S&P Lifts Long-Term Credit Rating to BB+
ROSNEFT OIL: 2007 Crude Oil Output Surpasses 100 Million Tons
ROSNEFT OIL: FAS Clears Gazprom Neft to Bid for Tomskneft
SIBIRIT-1 CJSC: Creditors Must File Claims by Jan. 8, 2008

STERLITAMAKENERGOSTROY: Claims Filing Period Ends Feb. 8, 2008
TYUMENSKIJ MACHINE: Asset Sale Slated for Jan. 17, 2008
VOLGOGRAD OBLAST: S&P Lifts Rating to BB- on Good Performance
VOLGOGRAD TOOLS: Asset Sale Slated for Jan. 8, 2008
X5 RETAIL: Completes Korzinka and Strana Gerkulesia Takeovers

YUKOS OIL: Unit Wants Receiver to Comply with Dutch Court Ruling


S P A I N

GENERAL CABLE: Executives Cede Employment Contracts


S W I T Z E R L A N D

AAREGG JSC: Creditors' Liquidation Claims Due by December 31
BETE CONSULTING: Creditors' Liquidation Claims Due by Dec. 31
CONNECCCT LLC: Creditors' Liquidation Claims Due by December 31
COWI-FOODART JSC: St. Gallen Court Closes Bankruptcy Proceedings
DUOPLAN LLC: Creditors' Liquidation Claims Due by Feb. 11, 2008

EDELWEISS FINANCE: Creditors' Liquidation Claims Due by Dec. 31
EITENBERG IMMOBILIEN: Creditors Must File Claims by December 31
FRITZ STREBEL: Creditors' Liquidation Claims Due by December 31
GERBER HOLZBAU: Creditors' Liquidation Claims Due by December 31
GONERI BETON: Creditors' Liquidation Claims Due by December 31

KEN-CASA HOLDING: St. Gallen Court Closes Bankruptcy Proceedings
PARFUMS ELLE: Glarus Court Closes Bankruptcy Proceedings
ROTOLABEL JSC: Creditors' Liquidation Claims Due by December 31
SATI JSC: Creditors' Liquidation Claims Due by December 31
SCHNEIDER: Creditors' Liquidation Claims Due by December 31

SWISS FLEXPACKAGING: Creditors Must File Claims by December 31
VOCE GROUP: Creditors' Liquidation Claims Due by December 31
W4B.CH WEBSERVICE: Creditors' Liquidation Claims Due by Dec. 30


U K R A I N E

ALMAR LLC: Proofs of Claim Filing Ends Jan. 2, 2008
DVORECHYEAL ENTERPRISE: Proofs of Claim Filing Ends Jan. 2, 2008
KHARKOVAL RADIOTELEVISION: Creditors Must File Claims by Dec. 31
KORZHI OJSC: Creditors Must File Claims by January 2, 2008
KRAFT LLC: Creditors Must File Claims by Dec. 31

MOVABLE MECHANIZED 560: Creditors Must File Claims by Dec. 31
REAL METAL: Proofs of Claim Filing Ends December 31
TANAIS-PLUS LLC: Proofs of Claim Filing Ends December 31
TRADEIMPEKS LTD: Creditors Must File Claims by Dec. 31


U N I T E D   K I N G D O M

BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to B
BLUE LAGOON: Brings In Liquidators from Mazars
CC BIKES: Joint Liquidators Take Over Operations
CHRYSLER LLC: CEO Confides Confidence in Operations and Finances
FORD MOTOR: Resumes Pay Hikes for White-Collared Workers in 2008

GENERAL MOTORS: Resumes Pay Hikes for Salaried Employees in 2008
GENERAL MOTORS: Sells 1 Million Vehicles in China in One Year
INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
MAMA PRODUCTIONS: Taps Liquidators from Vantis
RMAC SECURITIES: Moody's Cuts Ratings to Ba2 on Three Notes

TATA MOTORS: Launches New Medium & Heavy Commercial Vehicles
TATA MOTORS: To Participate in 9th Auto Expo Beginning Jan. 9
VONAGE HOLDINGS: Settles AT&T Patent Feud; Agrees to Pay US$39MM
WATCHBELL LTD: Calls In Liquidators from KPMG
WOTADOO LTD: Appoints M. C. Bowker as Liquidator



                            *********


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


ELTNER MUSIKINSTRUMENTE: Leoben Court Orders Business Shutdown
--------------------------------------------------------------
The Land Court of Leoben entered Nov. 13 an order shutting down
the business of LLC ELTNER Musikinstrumente Grosshandel (FN
79615g).

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

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


FIDAN FOOD: Creditors' Meeting Slated for Jan. 9, 2008
------------------------------------------------------
Creditors owed money by LLC Fidan Food (FN 264504b) are
encouraged to attend the creditors' meeting at 9:15 a.m. on
Jan. 9, 2008.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 9  (4 S 132/07z).  Daniel Lampersberger serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Mag. Daniel Lampersberger
         c/o  Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at


HODEX HANDEL: Creditors' Meeting Slated for Jan. 9, 2008
--------------------------------------------------------
Creditors owed money by LLC HODEX Handel (FN 286018s) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Jan. 9, 2008.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 9, 2007 (4 S 133/07x).

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: dallinger@anwaltsteam.at


OEB BAU: Vienna Court Orders Business Shutdown
----------------------------------------------
The Trade Court of Vienna entered Nov. 12 an order shutting down
the business of LLC OEB Bau (fka  LLC Gueven Bau and LLC
Guenther Pelzeder) (FN 284893k).

Court-appointed estate administrator Thomas Engelhart
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. Thomas Engelhart
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30 30
         E-mail: kanzlei@engelhart.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 31 (Bankr. Case No 6 S 139/07v).  Clemens Richter
represents Dr. Engelhart in the bankruptcy proceedings.


POINT BAU: Creditors' Meeting Slated for Jan. 8, 2008
-----------------------------------------------------
Creditors owed money by  LLC Point Bau (FN 276247x) are
encouraged to attend the creditors' meeting at 1:45 p.m. on
Jan. 8, 2008.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 12 (6 S 143/07g).

Gerhard Schilcher serves as the court-appointed estate
administrator of the bankrupt's estate.  Rainer Radlinger
represents Dr. Schilcher in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Gerhard Schilcher
         c/o  Mag. Rainer Radlinger
         Backerstrasse 1/3/13
         1010 Vienna
         Austria
         Tel: 513 23 44
         Fax: 513 23 44 15
         E-mail: wien@kosch-partner.at


S & M LLC: Creditors' Meeting Slated for Jan. 9, 2008
-----------------------------------------------------
Creditors owed money by LLC S & M (FN 286382a) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Jan. 9, 2008.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben
         Austria

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on Nov. 12 (17 S 95/07z).  Scherbaum Norbert serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Scherbaum Norbert
         Einspinnergasse 3
         8010 Graz
         Austria


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


POPE & TALBOT: U.S. Trustee Sets Creditors' Meeting for Jan. 8
--------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
will convene a meeting of creditors of Pope & Talbot Inc. and
its debtor affiliates at 11:00 a.m., on Jan. 8, 2008, at Room
5209, 5th Floor, J. Caleb Boggs Federal Building, in Wilmington,
Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in the Debtors' bankruptcy cases.

Attendance by the Debtors' creditors at the meeting is welcome,
but not required.  The Sec. 341(a) meeting offers the creditors
a one-time opportunity to examine the Debtors' representative
under oath about the Debtors' financial affairs and operations
that would be of interest to the general body of creditors.

                       About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Court Gives Until Jan. 4 to File Schedules
---------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has approved Pope & Talbot Inc. and its debtor-affiliates'
request to extend the deadline by which they must file their
Schedules and Statements.

The Hon. Christopher S. Sontchi directed Pope & Talbot Inc.,
Pope & Talbot Ltd., Pope & Talbot Spearfish Limited Partnership,
and Pope & Talbot Lumber Sales Inc. to file their Schedules and
Statements on or before Jan. 4, 2008.

The Court grants the remaining Debtors an extension of 30 days
within which to file their Schedules and Statements -- a total
of 60 days after the bankruptcy filing date -- through and
including Jan. 18, 2008.

According to Judge Sontchi, the Debtors may seek further
extensions of the filing deadlines.

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Pope & Talbot Inc. and its debtor-affiliates asked the
Bankruptcy Court for authority to extend the deadline by which
they must file their Schedules and Statements through and
including Jan. 18, 2008.

                       About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


POPE & TALBOT: Courts Approve Cross-Border Insolvency Protocol
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
and the British Columbia Supreme Court approved in all respects
Pope & Talbot Inc.'s and its debtor-affiliates' proposed cross-
border insolvency protocol, to govern the administration of the
Debtors' dual proceedings between the Bankruptcy Court and the
Canadian Court.

                      Monitor's Comments

PricewaterhouseCoopers Inc., the monitor of the proceedings
commenced by Pope & Talbot Ltd. and its subsidiaries under the
Companies' Creditors Arrangement Act, notes that the Cross-
Border Insolvency Protocol has been amended to provide for a
joint approval of the sale of the Debtors' mill assets located
in Canada.

The Monitor agrees that the Protocol is appropriate for sales
that involve assets in both the United States and Canada.
However, the Monitor is concerned that requiring joint approval
of the Courts for the mill assets located solely in British
Columbia may increase expense and lead to delays and ultimately
the possibility of duplicative decisions.

The Monitor has been advised that the Official Committee of
Unsecured Creditors has representation before the Canadian
Court, and any concerns of the Creditors Committee could be
aired before the Canadian Court, which, the Monitor believes,
has considerable experience in dealing with "sales of these
sorts of assets".

As reported in the Troubled Company Reporter on Dec. 5, 2007,
the protocol will become effective only upon approval of both
the Bankruptcy Court and the Canadian Court.

                       About Pope & Talbot

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

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

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

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

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.  (Pope &
Talbot Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TENNECO INC: Completes Realignment of Some Foreign Subsidiaries
---------------------------------------------------------------
Tenneco Inc. has completed the realignment of some of the
company's foreign subsidiaries, a move designed to align
the company's U.S. and European assets and revenues with
liabilities and expenses in the appropriate local currencies.

The company has formed a Luxembourg holding corporation, which
has become the owner of certain key European entities.  The
realignment will also provide opportunities to reduce the
company's cash taxes by about US$4 million annually and allow
Tenneco to accelerate the use of its U.S. net operating losses.

The realignment of the European ownership structure is another
step in Tenneco's financial strategy toward earning an
investment grade debt rating.  On Nov. 30, 2007, the company
completed the refinancing of a portion of its 10-1/4% senior
secured notes, due in 2013, with 8-1/8% senior unsecured notes
due in 2015.

This refinancing reduces interest expense by approximately
US$3 million annually.  The subsequent European ownership
structure realignment will allow Tenneco to shift a portion of
its debt to Europe, which will better match the company's
liabilities and expenses with its European assets and revenue.

The company's European operations have improved since the
original debt structure was established when the company became
independent in 1999.  The European revenue growth and improved
profitability give the company flexibility to align its debt
with its operations.

"We are very pleased to complete these transactions, which
represent strategic steps in our transition from a highly
leveraged company to achieving an investment grade rating,"
Gregg Sherrill, Tenneco chairman and CEO, said.  "This European
structure change allows us to more appropriately apportion our
debt."

"Completing the refinancing in such a tough financing
environment reflects investor confidence in Tenneco's financial
position and long-term growth potential," Mr. Sherrill added.
"Tenneco is well-positioned to generate significant growth in
our emissions control business over the next five years, and
beyond, as vehicle emissions standards tighten worldwide."

Tenneco expects to record non-cash income tax charges of US$66
million in fourth quarter 2007 related to the realignment, which
will generate U.S. taxable income and utilize a portion of the
U.S. net operating losses.

                        About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings
and securities ratings on Rating Watch Negative.  Fitch
confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank
facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv)
Subordinated 'B'.


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C Z E C H   R E P U B L I C
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ANDREW CORP: CommScope Finalizes Acquisition Details
----------------------------------------------------
CommScope Inc. has finalized the agreement for the acquisition
of Andrew Corporation.  The consideration to be paid for each
outstanding share of Andrew common stock in the merger has been
determined to be US$13.50 in cash and US$1.50 in CommScope
common stock.

Andrew stockholders will receive, for each Andrew share,
US$13.50 in cash and 0.031543 shares of CommScope common stock.
This fractional share of CommScope common stock was calculated
according to the terms of the merger agreement by dividing
US$1.50 by US$47.554, which was the volume weighted average of
the closing sale prices for a share of CommScope common stock
over the ten consecutive trading days ended on Dec. 24, 2007.
The merger is expected to close today.

                      About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is a world leader in
infrastructure   solutions for communication networks.  Through
its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands,
CommScope is the global leader in structured cabling systems for
business enterprise applications.  It is also the world's
largest manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                     About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America
Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Andrew Corp. and removed them from CreditWatch, where
they were placed on June 27, 2007, with negative implications.
S&P also affirmed the 'BB-' corporate credit and 'B'
subordinated debt ratings for the company.


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D E N M A R K
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BLOCKBUSTER INC: Fitch Affirms CCC Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Blockbuster Inc.'s long-term Issuer
Default Rating at 'CCC' and the senior subordinated notes at
'CC/RR6'.

In addition, Fitch upgrades these ratings:

    -- US$450 million bank credit facility to 'CCC+/RR3' from
       'CCC/RR4';

    -- US$100 million term loan A to 'CCC+/RR3' from 'CCC/RR4';

    -- US$550 million term loan B to 'CCC+/RR3' from 'CCC/RR4'.

The Rating Outlook is Stable.  The company had approximately
US$991 million of debt outstanding as of Sept. 30, 2007.

The affirmation of the IDR reflects the company's leading market
position, strong brand recognition and increased financial
flexibility following amendments made to the bank covenants in
July 2007.  In addition, the affirmation considers the weak
financial performance, which has pressured credit metrics as
well as the highly competitive operating environment.
Nonetheless, BBI should have adequate liquidity available to
meet its near-term capital and debt service requirements.  The
upgrades of the bank credit facility, term loan A and term loan
B reflect a revised recovery analysis.

Blockbuster is the leading player in the home video rental
industry with US$5.4 billion in revenues in the last twelve
months ended Sept. 30, 2007.  The company's strong brand
recognition and broad geographical coverage have resulted in BBI
capturing approximately 40% market share in the rental market.
In addition, Blockbuster amended its bank covenants in
July 2007, which postpones its obligations to satisfy leverage
and interest coverage ratios until January 2009.  This provides
the company with greater financial flexibility as management
begins to implement its recent announced turnaround plan of
focusing on profitable growth through a three-prong strategy of
1) restoring the rental business, 2) transitioning from rental
focus to retail focus and 3) transforming from DVD focus to
digital.

Nevertheless, Blockbuster's operating performance continues to
be weak driven by store closures and investments in the online
business.  As a result, operating LTM EBITDA margin decreased
260bps to 3.1%.  Therefore, the company recently implemented
cost-containment efforts related to corporate overhead,
decreased store-level compensation and reduced advertising
expenses. Furthermore, Blockbuster modified prices on its Total
Access, Unlimited Total Access and mail-order-only plans to help
improve operating margins.

Given the weak operating results, credit metrics have
deteriorated with LTM adjusted debt/EBITDAR and EBITDAR coverage
of interest and rents at 7.6x and 1.1x, respectively.  However,
BBI has adequate near-term liquidity, mainly from its cash
balance of US$129 million and availability of US$174 million
under its credit facility as of Sept. 30, 2007, to meet its
capital and debt service requirements.

Of ongoing concern is the intense competition in the industry.
In its store-based business, BBI competes with other video-
rental chains, discounters and specialty retailers.  In its
online business, the company competes with other online video
rental providers as well as competing technologies such as
video-on-demand, pay-per-view and digital video records.

The Recovery Ratings and notching in the debt structure reflect
Fitch's recovery expectations in a distressed scenario.  The
bank credit facility, term loan A and term loan B are secured by
land, buildings, improvements, equipment, furniture, permits,
licenses, subleases, and real estate tax refunds owned by BBI as
well as collateralized by pledges of stock of all of the
company's domestic subsidiaries and 65% of the stock of certain
international subsidiaries.  They have been upgraded to
'CCC+/RR3' from 'CCC/RR4', reflecting expected recovery of 51%-
70% following the US$145 million reduction to outstanding
borrowings and a US$50 million decrease in the bank credit
facility commitment.  The senior subordinated notes are rated
'CC/RR6', reflecting poor recovery prospects (0%-10%) in a
distressed case.

Fitch's Recovery Ratings are a relative indicator of creditor
recovery prospects on a given obligation within an issuers'
capital structure in the event of a default.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.Blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.


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


CINRAM INT'L: Weak Operation Prompts Moody's to Hold B1 Ratings
---------------------------------------------------------------
Moody's affirmed the B1 Corporate Family rating and B1 Senior
Secured debt rating of Cinram International Inc.  The rating
action follows the company's recent weaker than expected
operating results, which has caused Moody's to significantly
reduce expectations for Cinram's future profitability.

The rating has nonetheless been affirmed as Moody's believes
Cinram's decision to eliminate all distribution payments to unit
holders should enable the company to generate meaningful levels
of free cash flow and maintain key credit metrics appropriate
for its current rating.  The long term ratings reflect a B2
probability of default and loss given default assessment of LGD
3, 30% for the senior secured credit facility.  The outlook
remains stable.

Ratings affirmed:

  -- Corporate family rating at B1;
  -- Probability of default rating at B2;
  -- Senior Secured Bank Credit Facility at B1 (LGD3, 30%);

The B1 corporate family rating primarily reflects Cinram's
significant business risks as an independent manufacturer and
distributor of DVD's to a few major movie studios, with which
Moody's believes its negotiating scope to be limited.  The
rating considers that Cinram has considerable exposure to
pricing pressures and declines in DVD/CD unit volumes with only
a finite ability to reduce costs.  The combination of these
factors has recently led to a significant deterioration in
operating performance.  Moody's believes a continuation of this
trend is likely through the next year as recent price reductions
are fully absorbed and growth in high definition DVD's remains
modest.  The rating however also recognizes that the company's
market position is strong, its relationships with the major
movie studios are established and contractual, and management is
taking important measures to diversify its risk exposure into
new areas such as logistics.  Furthermore, the rating considers
Moody's expectation that the company will be able to generate
significant free cash flow following the elimination of its
distributions to unit holders.  This is likely to provide Cinram
with the ability to reduce its leverage beginning in the latter
part of 2008 even as modest operating income pressures persist.
Finally, the rating reflects the company's lack of a defined
target capital structure and corresponding uncertainty to what
extent Cinram may apply its meaningful levels of free cash flow
towards permanent debt reduction.

The outlook continues to be stable, as Moody's believes margin
pressures may remain ongoing through the next year, offset by
the company's ability to generate significant amounts of free
cash flow.

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world including Canada, France, Germany, Mexico, the United
Kingdom, and the United States.


HARMAN INT'L: Promotes Blake Augsburger as Country Manager
----------------------------------------------------------
Harman International Industries Incorporated has promoted Blake
Augsburger, President & Chief Executive Officer of the Harman
Pro Group, to Country Manager of Harman USA, expanding his
responsibilities on Jan. 1, 2008.  In his new assignment, Mr.
Augsburger will report directly to Harman International Chief
Executive Officer Dinesh Paliwal.

As Country Manager of Harman USA, Augsburger will be responsible
for the management of support functions that cross divisional
and business lines.  He will serve as the country champion for
functional best practices and will directly participate in such
business activities as project risk review, large supply
contracts or investment proposals, significant operational
changes or restructurings, organizational and legal issues, and
key human resource decisions.  Furthermore, he will serve as the
chief spokesperson for Harman in the United States to build
brand equity.  He will also serve as liaison to the chief
executive officer for implementation of group directives.

"I look forward to my new responsibilities," Mr. Augsburger said
today.  "This new position represents the first step in the
evolution of Harman's organizational structure which will
include the appointment of a Country Manager in a few strategic
countries.  We believe this approach will help to leverage
synergies across multiple Harman businesses while improving
consistency among business processes in the company's major
markets."

Mr. Augsburger first joined Harman International Industries,
Incorporated in July 2001, when he was appointed President of
Crown International, a Harman company based in Elkhart, Indiana.
He served as President of Crown until June 2006 when he was
promoted to the position of President & Chief Executive Officer
of the Harman Pro Group.

Prior to joining Crown, Mr. Augsburger was Vice President and
General Manager for two high voltage test and measurement
equipment manufacturers owned and operated by Hubbell
Incorporated: Hipotronics of Brewster, New York and Haefely Test
AG of Basel, Switzerland.  His seven-year tenure with Hubbell
also included Vice President positions in engineering,
operations, and worldwide sales and marketing.  Blake Augsburger
was awarded Bachelor and Master of Science degrees in Electrical
Engineering from Texas Tech University in Lubbock, Texas.

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


LE MONDE: Executive Board Resigns Over Finances Dispute
-------------------------------------------------------
The executive board of French daily newspaper Le Monde,
comprised of chairman Pierre Jeantet, vice-chairman Bruno Patio
and executive director, resigned after a dispute with the
largest shareholder, Society of Monde Readers, related to the
accounts for 2007 and the budget for 2008 for digital branch Le
Monde Interactif, Bloomberg News reports, citing Le Figaro.

"Stating its inability to have the power to exercise its
responsibilities in the face of the public position taken and
reiterated by the Society of Monde Readers, the board has
forwarded its resignation," a statement said.

The resignation will take effect at midnight on Jan. 4, 2007.

Jean-Michel Dumay, the society's president, revealed in an e-
mail message that Le Monde is facing debts of EUR150 million
(US$215 million), Bloomberg relates, citing Liberation.

Le Monde, which employs 1,600 people, may also implement
additional job cuts in 2008.  In 2005, the newspaper eliminated
200 jobs.

The Guardian says the downturn in advertising contributed to Le
Monde's financial woes.  The newspaper is expected to draw up a
cost-cutting plan aimed at saving at least EUR10 million (GBP7.2
million) over the next year.


QUEBECOR MEDIA: Earns CDN$84.8 Million in Third Quarter
-------------------------------------------------------
Quebecor Media generated net income of CDN$84.8 million in the
third quarter of 2007, compared with CDN$46.6 million in the
same quarter of 2006.  The CDN$38.2 million increase was mainly
due to the CDN$58.4 million increase in operating income.

Quebecor Media Inc. reported third quarter 2007 revenues of
CDN$834.6 million, a CDN$116.0 million increase.  All of
Quebecor Media's business segments posted higher revenues.
Quebecor Media's operating income increased by CDN$58.4 million
to CDN$253.6 million in the third quarter of 2007, mainly
because of higher operating income in the Cable segment, as well
as increases in Newspapers and Broadcasting.

"Quebecor Media continued growing its revenues, operating income
and net income in the third quarter of 2007," said Pierre Karl
Peladeau, president and chief executive officer of Quebecor Inc.
"The strong performance was spearheaded by the Cable segment,
which once again posted substantial increases in the customer
base for its cable telephone, Internet access and digital cable
television services.  The Newspapers and Broadcasting segments
also improved their operating results."

                       Year to Date Results

Quebecor Media's year to date revenues increased by
CDN$246.6 million to CDN$2.40 billion.  All of Quebecor Media's
business segments without exception reported higher revenues.
Operating income rose by CDN$115.4 million to CDN$676.7 million,
mainly because of higher operating income in the Cable segment,
as well as increases in Broadcasting, Leisure and Entertainment
and Newspapers.  Excluding the impact of the consolidated stock
option expense, the increase in year to date operating income
was 24.4%, compared with 8.0% in the same period of 2006.

Year to date net income was CDN$214.7 million, compared with a
CDN$72.6 million net loss in the same period of 2006.  The
company attributed the CDN$287.3 million improvement primarily
to the favourable impact on the analysis of the 2007 numbers of
the recognition in the first nine months of 2006 of a
CDN$342.1 million loss on debt refinancing.  The CDN$115.4
million increase in operating income was also a factor in the
improvement.

At Sept. 30, 2007, the company's consolidated balance sheet
showed CDN$7.36 billion in total assets, CDN$4.99 billion in
total liabilities, and CDN$2.37 billion in total stockholders'
equity.

                       About Quebecor Media

Headquartered in Montreal, Canada, Quebecor Media Inc., a
subsidiary of Mortsel, Belgium-based, Quebecor Inc. --
http://www.quebecor.com/-- owns operating companies in numerous
media-related businesses: Videotron Ltd., a cable operator in
Quebec and a major Internet Service Provider and provider of
telephone and business telecommunications services; Sun Media
Corporation, Canada's chain of tabloids and community
newspapers; TVA Group Inc., operator of French-language general-
interest television network in Quebec, a number of specialty
channels, and the English-language general-interest station Sun
TV; Canoe Inc., operator of a network of English-and French-
language Internet properties in Canada; Nurun Inc., a major
interactive technologies and communications agency with offices
in Canada, the United States, Europe and Asia; companies engaged
in book publishing and magazine publishing; and companies
engaged in the production, distribution and retailing of
cultural products, namely Archambault Group Inc., a chain of
music stores in eastern Canada, TVA Films, and Le SuperClub
Videotron ltee, a chain of video and video game rental and
retail stores.  The company has global facilities in India,
France and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 1, 2007,
Moody's Investors Service rated Quebecor Media Inc.'s
CDN$700 million add-on senior unsecured note issue B2.  Ratings
on the underlying 7.75% senior unsecured notes due in March of
2016 were affirmed at the same B2 level.  At the same time,
QMI's Ba3 corporate family rating and stable ratings outlook
were affirmed.


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


089 TEAM: Claims Registration Period Ends Jan. 23, 2008
-------------------------------------------------------
Creditors of 089 Team Bau GmbH have until Jan. 23, 2008, to
register their claims with court-appointed insolvency manager
Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Rolf G. Pohlmann
         Rosental 6
         80331 Munich
         Germany
         Tel: 089/548033-0
         Fax: 089/548033-111

The District Court of Munich opened bankruptcy proceedings
against 089 Team Bau GmbH on Dec. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         089 Team Bau GmbH
         Im Klosterfeld 2A
         85716 Unterschleissheim
         Germany


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

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

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

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

                          *     *     *

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


I N T E R S A F E GMBH: Claims Registration Ends Jan. 23, 2008
--------------------------------------------------------------
Creditors of I N T E R S A F E GmbH Vertriebs und
Dienstleistungsgesellschaft fuer Warensicherungen have until
Jan. 23, 2008, to register their claims with court-appointed
insolvency manager Arnd Sebelefsky.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Arnd Sebelefsky
         Arcostr. 3
         80333 Munich
         Germany
         Tel: 089/5490250
         Fax: 089/558674

The District Court of Munich opened bankruptcy proceedings
against I N T E R S A F E GmbH Vertriebs und
Dienstleistungsgesellschaft fuer Warensicherungen on Dec. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         I N T E R S A F E GmbH Vertriebs und
         Dienstleistungsgesellschaft fuer Warensicherungen
         Martin-Fest-Ring 1b
         85609 Munich-Dornach
         Germany


MULTI-SPED GMBH: Claims Registration Period Ends Jan. 20, 2008
--------------------------------------------------------------
Creditors of Multi-Sped GmbH have until Jan. 20, 2008, to
register their claims with court-appointed insolvency manager
Frank Hanselmann.

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

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         Germany

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

The insolvency manager can be reached at:

          Frank Hanselmann
          Berliner Platz 6
          97080 Wuerzburg
          Germany
          Tel: 0931/359 800

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

The Debtor can be reached at:

          Multi-Sped GmbH
          Ketteler Str. 3-11
          97222 Rimpar
          Germany


ON SEMICONDUCTOR: Moody's Affirms Ba3 Credit Facility Rating
------------------------------------------------------------
Moody's Investors Service has placed the ratings of ON
Semiconductor (B1 CFR) on review for possible upgrade and
affirmed the Ba3 corporate family and credit facility ratings
for AMI Semiconductor, following the companies' Dec. 13, 2007
announcement that they have entered into a definitive agreement
for ON Semi to acquire AMI Semi for approximately US$915 million
in an all-stock transaction.

ON Semi's review for possible upgrade reflects the potential for
enhanced scale, an expanded product portfolio (i.e., standard
and custom), broader and deeper client relationships, end market
diversification and expansion opportunities into untapped market
segments, as well as improved margins, higher EBITDA and
increased free cash generation provided by the merger.  It also
reflects the potential for ON Semi to realize manufacturing
efficiency improvements and lower unit production costs for AMI
Semi's growing standard products portfolio via the transfer of
ON Semi's advanced manufacturing capabilities and process
technologies.  AMI Semi's affirmation reflects the relative
stability of its business model due to the sole source status
for over 88% of its product base, relatively long product life
cycles, high entry barriers and moderate ASP volatility
associated with its integrated mixed-signal operations.

The review will focus on the combined company's prospects for
client retention, asset rationalization, improved capacity
utilization (particularly at the Gresham facility) and capex
savings on a combined basis, the timing for restructuring
actions and cost synergies, as well as its definitive capital
structure and refinancing plan.  The review will also examine
the extent of integration risk associated with the combination
given the size of the transaction, which would represent ON
Semi's largest acquisition to date.

To the extent the transaction closes as planned, AMI Semi's
corporate family and probability of default ratings would be
withdrawn.  Moody's notes that AMI Semi's secured bank credit
facility is subject to a change of control covenant, which
enables lenders to put the bank loan back to the acquirer upon
the transaction's close.  As such, the bank debt ratings would
also be withdrawn upon repayment.

Pro forma for the transaction, leverage is approximately 2.8x
combined EBITDA (Moody's adjusted) for the LTM period ended
Sept. 30, 2007, which is comparable to Ba3 rated industry peers.

Under terms of the agreement, AMI Semi's shareholders will
receive 1.15 shares of ON Semi common shares for each share of
AMI Semi common stock owned.  The stock consideration represents
a premium of roughly 38% over AMI Semi's Dec. 12, 2007 closing
price.  ON Semi expects to issue approximately 104 million
shares of common stock on a fully diluted basis to complete the
transaction.  Upon closing, ON Semi and AMI Semi shareholders
will own roughly 74% and 26%, respectively of the combined
company.

These ratings for ON Semi were placed on review for possible
upgrade:

  -- Corporate Family Rating - B1

  -- Probability of Default Rating -- B1

  -- US$ 25.0 Million Guaranteed Senior Secured Revolving Credit
     Facility due 2013 - Ba1 (LGD-1, 4%)

  -- US$174.1 Million Guaranteed Senior Secured Term Loan
     maturing through 2013 -- Ba1 (LGD-1, 4%)

These ratings for AMI Semi were affirmed:

  -- Corporate Family Rating -- Ba3

  -- Probability of Default Rating -- B1

  -- US$ 90.0 Million Senior Secured Revolver due 2010 - Ba3
     (LGD-3, 35%)

  -- US$277.5 Million Senior Secured Term Loan B due 2012 - Ba3
     (LGD-3, 35%)

AMI Semi's rating outlook is stable.

Headquartered in Phoenix, Arizona ON Semiconductor --
http://www.onsemi.com/-- supplies power solutions to engineers,
purchasing professionals, distributors and contract
manufacturers in the computer, cell phone, portable devices,
automotive and industrial markets.  The company has operations
in Japan, Czech Republic, and Germany.  Revenues and EBITDA for
the twelve months ended Sept. 30, 2007 were US$1.56 billion and
US$402 million, respectively.

Headquartered in Pocatello, Idaho, AMI Semiconductor, Inc. is a
leading designer and manufacturer of mixed-signal application-
specific integrated circuits and structured digital products.
Revenues and EBITDA for the twelve months ended Sept. 30, 2007
were US$619 million and US$141 million, respectively.


PIN GROUP: Seven Companies File for Insolvency at Cologne Court
---------------------------------------------------------------
Seven PIN Group AG companies have filed for insolvency at a
Cologne court, saying they lack funds to pay social insurance
contributions, AFX News reports, citing Thomson Financial.

According to the report, the move came after publishing group
Axel Springer AG, which owns a 63.7% stake in PIN, resolved to
stop funding the company following the German government's
decision to introduce minimum wages of EUR8-EUR9.80 for the
postal industry.

Springer argued the minimum wage curbs competition and gives
market leader Deutsche Post AG a monopoly, Simon Thiel writes
for Bloomberg News.

PIN says the insolvency affected around 850 of its 9,000
employees, although group operations continue.  Andreas
Ringstmeier has been appointed preliminary insolvency
administrator.

Guenter Thiel, chief executive officer of PIN, earlier resumed
talks to acquire Springer's stake in the company.  Mr. Thiel
previously withdrew its offer to buy the stake and quit his post
with immediate effect, AFX relates.

Mr. Thiel told Bloomberg talks over a buyout failed because of
Springer's "unrealistic demands".

                        About PIN Group AG

PIN Group AG -- http://www.pin-group.net/-- is the second-
largest provider in the German mail services market.  The group
has more than 60 regional subsidiaries, and in 2006 became a
national integrated provider by setting up an efficient
nationwide distribution network.  PIN currently covers around
96 %of Germany primarily through its own distributional networks
complemented by regional co-operations.

PIN was founded in September 2005 by Axel Springer AG, WAZ Media
Group, Georg von Holtzbrinck Publishing Group and Luxembourg-
based Rosalia AG, when the stakeholders bundled their respective
mail service activities.

PIN reported consolidated revenues of EUR168.3 million for the
2006 financial year.  The group generated 68% of its earnings
through regional mail service activities with the remaining 32%
coming from national mail services.  In the first quarter of
2007 the company's revenues rose to EUR71.3 million versus
EUR30 million in the first quarter of 2006.  The company expects
revenues to more than double in the current year.  On the basis
of market share growth PIN Group aims at achieving revenues of
EUR1.5 to EUR2 billion by 2015.


RED HAT: Earns US$20.3 Million in Third Quarter Ended Nov. 30
-------------------------------------------------------------
Red Hat Inc. has reported US$20.3 million of net income for the
third fiscal quarter ended Nov. 30, 2007, compared with US$18.2
million for the prior quarter and US$14.6 million for the same
period in 2006.  Red Hat's current fiscal year will end
Feb. 29, 2008.

The company's Total revenue for the quarter was US$135.4
million, an increase of 28% from the year ago quarter and 6%
from the prior quarter.  Subscription revenue was US$115.7
million, up 30% year-over-year and 6% sequentially.

Non-GAAP adjusted net income for the quarter was US$39.7 million
after adjusting for stock compensation and tax expense.  This
compares to non-GAAP adjusted net income of US$36.9 million in
the prior quarter and US$30.1 million, in the year ago period.

Non-GAAP operating cash flow has totaled US$76.7 million for the
quarter, up 24% from the year ago quarter and 20% sequentially.
Total cash, cash equivalents and investments as of Nov. 30, 2007
were US$1.3 billion.  At quarter end, Red Hat's total deferred
revenue balance was US$422.6 million, an increase of 36% year-
over-year and 12% sequentially.

"We are very pleased to be recognized by CIO's for the fourth
consecutive year as the most valued Enterprise Software Vendor
and best overall IT Vendor for the third time in four years,"
stated Charlie Peters, Executive Vice President and Chief
Financial Officer of Red Hat.  "There is a direct correlation
between our ability to deliver real business value and the
loyalty of our large and growing customer base.  As a result of
strong market demand and solid execution from our worldwide
organization, we were able to deliver another strong financial
performance in the third quarter and we are optimistic about our
outlook."

                       About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has revised
its outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.


SANYO ELECTRIC: Amends Non-Consolidated Results from FY2000-2005
----------------------------------------------------------------
Sanyo Electric Co., Ltd., has finished its internal
investigation and review of company financial statements for
previous fiscal years.  Having reached a decision, Sanyo
disclosed a written report on its investigation and intention to
amend results of marketable securities.

Sanyo, regarding the six fiscal terms from fiscal year 2000
(ending March 2001) to FY2005 (ending March 2006), has amended
its previous fiscal year non-consolidated financial statements
in conformance to practical business guidelines related to
accounting standards and financial commodities accounting.  The
amendments were based on and include:

   1. Judging the importance of the selection regarding which
      subsidiaries and affiliates would be the subject of
      investigation for impairment losses; and

   2. In addition to conducting a comprehensive review, ensuring
      compliance to accounting standards and practical
      guidelines in order to decide which subsidiaries and
      affiliates will be subject for review for impairment
      losses and which companies have the potential of
      recoverable performance, particularly in the semiconductor
      business which has been subject to market fluctuations.

Sanyo also received an accounting audit for the periods starting
from FY2000 from Grant Thornton Taiyo ASG.  The audit also
included the recalculation of impairment losses for
subsidiaries/affiliates and deferred tax assets for each fiscal
year.

The amendments apply to the account processing for the six terms
for losses in investments in subsidiaries and affiliates, and
the total amount amended for the six terms are:

   Amendment of losses in investments in subsidiaries and
   affiliates:

      Before amendment JPY372.6 billion
      After amendment JPY378.6 billion (Change: -6 billion yen)

   Amendment of deferred tax assets:
      Before amendment JPY100.2 billion
      After amendment JPY100.2 billion (No change)

The amendments are restricted to the non-consolidated results
for previous fiscal years up to FY2005, which ended on March 31,
2006.  The amendments do not significantly affect the
consolidated results for the mentioned period.

           Measures Taken to Prevent Future Problems

Sanyo established an internal "Investigation Committee for
Previous Financial Results" in May of this year, which included
third party members, such as lawyers and accountants from
outside the company.  Following its establishment, the Committee
was entrusted to conduct an investigation to determine the cause
of and how to prevent such problems from recurring and Sanyo
received the report and proposed preventative measures from the
investigation Committee.

The primary causes of the problem:

   1. Inadequacy and vulnerability in financial division
      accounting system;

   2. Lack of independence for the auditors and insufficient
      auditing organization;

   3. Inadequate governance system and incomplete management
      supervisory function and inspection; and

   4. Corporate culture and the effects of the company system.

Additionally, as for Sanyo's handling of impairment losses for
subsidiaries and affiliates, while the Committee found the
company's accounting to not be in accordance with accounting
standards and practical guidelines relating to financial
commodities, the Committee reported that these actions were not
done with ill-intent by those in authority during the applicable
terms, and that there was no intentional foul play involved for
the financial results of the applicable terms.

Sanyo has realized the seriousness of the situation requiring
amendments to the previous fiscal years' financial results, and
along with sincerely reflecting the situation, Sanyo will
strengthen its internal control through implementing various
measures thoroughly to prevent further similar instances, based
on the recommendations and report from the third-party
Committee.  Sanyo will further focus efforts on strengthening
the company-system by adding to the drastic reforms for
governance that started in March 2006.  These efforts include:

   1. Have management personnel recognize the important of
      suitable financial statements, and develop risk-minded
      financial affairs

      * Implement training for executive personnel and managers;

      * Hold regular meetings between management and auditors;
        and

      * Share ethics of financial reporting company-wide.

   2. Strengthen governance system

     * Reform deliberation process used by the board of
       directors for measures (implemented);

     * Decentralized authority (implemented);

     * Strengthen internal control systems (implemented).

       - Establish personnel/nominating committee, compensation
         committee, and governance committee
       - Strengthen and establish accounting employee system
       - Create a 'compliance hotline'

   3. Strengthen financial affairs and accounting systems/Remove
      the barriers of the company-system

      * Adopt system for accepting management personnel
        (implemented);

      * Strengthen management of affiliated companies;

      * Adopt standards for management of affiliated companies
       (implemented);

      * Increase financial affairs personnel from the current
        number of 12 (as of April 2007) to 24, or approximately
        double the current amount, increasing both quality and
        quantity;

      * Separate managerial accounting and system accounting;

      * Introduce complete structure for thorough compliance to
        accounting standards; and

      * Establish business planning inspection system.

   4. Enable close cooperation and sharing of information
      between auditors, standing corporate auditors and
      financial affairs headquarters personnel through regularly
      held meetings

           Management Responsibility and Punishment

The responsibility for the amendments made to the six applicable
terms will be shared by management.  Sanyo recognizes the
importance of educating management to be in compliance with
guidelines, and, as such, will not award JPY1.2 billion in
bonuses or retirement to both former and current management, and
pay to seven persons, including the Executive Director &
President, as well as standing corporate auditors.

The Executive Director & President of Sanyo Electric Co., Ltd.,
Seiichiro Sano commented, "SANYO deeply and sincerely regrets
having to go back and amend previous fiscal year financial
results for the past six terms.  Hereafter, in order to never
again cause this type of problem, drastic preventative measures
such as maintaining internal structures, reinforcing account
management and checking functions, will be implemented and
thoroughly executed."

He added, "The amendments will be limited to the non-
consolidated financial results of previous terms, and will not
have any significant or noteworthy impact on consolidated
results for the same periods.  Also, new measures have already
been applied to previous and current results regarding standards
for losses, and along with receiving approval from the new
auditing firm, there will be absolutely no effects on the
situation of current financial affairs.  Sanyo will hereafter
work to regain trust and reputation with its new three-year
'Mid-term Management Plan' set to be put in effect from FY2008
through FY2010, and will guide SANYO to fulfilling its
revitalization."

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: Admits Paying JPY28-Bil. Dividends Illegally
------------------------------------------------------------
Sanyo Electric Co., Ltd., acknowledged that it made illegal
dividend payments worth about JPY28 billion in five six-month
terms in the past amid a lack of resources, Jiji Press reports.

It was learned by Jiji Press that Sanyo paid JPY3 per share for
the April-September period of fiscal 2002, 2003, and 2004 and
the October-March period of fiscal 2002 and 2003.

Jiji Press relates that according to its sources, Sanyo should
have seen profits in those terms decline sharply and should have
been unable to pay the dividends if it did not defer necessary
accounting steps like the booking of losses on subsidiaries.

In a separate report, Jiji Press said Sanyo will forgo
retirement payments totaling about JPY1.2 billion to executives
and auditors who served during the years in question.  "It has
planned to make the payments to 60 such officials including
former Chairman Satoshi Iue after its business recovery," the
report added.

Sanyo President Seiichiro Sano and six other executives will
take additional pay cuts of 10% for six months, the report cited
the company as saying.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SANYO ELECTRIC: May Face Fines Over Accounting Errors
-----------------------------------------------------
Sanyo Electric Co., Ltd., after it adjusted its earnings reports
for the FY2000-FY2005, may face fines from regulators for its
accounting irregularities, The Associated Press reports.

Japan's Securities and Exchange Surveillance Commission accused
Sanyo of faking the earnings report for the fiscal half that
ended in September 2005, urging the Financial Services Agency to
fine the company, the AP relates.

The AP states that the SESC demanded that FSA fine Sanyo JPY8.3
billion for the irregularity.

The Tokyo Stock Exchange has given Sanyo shares a special
monitoring status while the bourse reviews the company's
earnings to see if it violated listing rules, says the AP.

Masaki Kondo and Hiroshi Suzuki of Bloomberg News report that
the Tokyo bourse said that Sanyo's shares may be delisted over
the misstated results from April 2000 to March 2006, leading to
erroneous dividend payments.

Hideyuki Ookoshi, who oversees US$35 million at Chiba-Gin Asset
Management Co. expressed to Bloomberg, "Investors who held the
stock on expectations of a business recovery don't like this
news.  Still, being placed on the watch list doesn't necessarily
mean the stock is going to be delisted right away."

Bloomberg relates that Sanyo, through a statement filed with the
Tokyo bourse, apologized to shareholders and business partners
and said it will strengthen management.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


THIELEN ALUMINIUM: Claims Registration Period Ends Jan. 15, 2008
----------------------------------------------------------------
Creditors of Thielen Aluminium-Druckguss Vertriebs-GmbH have
until Jan. 15, 2008, to register their claims with court-
appointed insolvency manager Dr. Peter Neu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

          Dr. Peter Neu
          Elberfelder Strasse 39
          42853 Remscheid
          Germany
          Tel: 02191/499 18-0
          Fax: 02191/499 18-50

The District Court of Wuppertal opened bankruptcy proceedings
against Thielen Aluminium-Druckguss Vertriebs-GmbH on Dec. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Thielen Aluminium-Druckguss Vertriebs-GmbH
          Lotharstrasse 6
          42655 Solingen
          Germany

          Attn: Dr. Claus-Michael Friedrich Honsel, Manager
          Twersweg 14
          59519 Moehnesee
          Germany


VALASSIS COMMS: Wallace Snyder Joins Board of Directors
-------------------------------------------------------
Valassis Communications Inc. has elected Wallace Snyder,
American Advertising Federation President & Chief Executive
Officer, to the Valassis Board of Directors, effective
Jan. 2, 2008.

Based in Washington, Mr. Snyder serves as the AAF's chief
spokesman and keeps well informed on advertising industry
issues.  Representing nearly 50,000 members -- including 130
corporate members, 210 local ad federations and 210 college
chapters -- Mr. Snyder often testifies before federal and state
lawmakers on issues of importance to the advertising industry.
He also serves the industry as a board member of several
national organizations, including The Ad Council, the
Advertising Educational Foundation and the National Advertising
Review Council, which oversees advertising self-regulation.

"A multi-cultural advertising and diversity champion, Wally
brings a wealth of business and leadership experience to our
board," said Alan F. Schultz, Valassis Chairman, President and
CEO.  "His close network of clients, government officials,
advertising agencies and media leaders, as well as his expertise
regarding legal and Federal Trade Commission issues will be a
tremendous asset to our shareholders and associates."

Prior to joining the AAF, Mr. Snyder was associate director for
advertising practices at the Federal Trade Commission's Bureau
of Consumer Protection, where he served as principal adviser to
the FTC on advertising issues.  Mr. Snyder also served as the
FTC's liaison officer to the Food and Drug Administration and
worked on a number of congressional proceedings involving the
FTC.  A 16-year veteran of the FTC, Mr. Snyder joined the
Commission as a trial attorney and was involved in litigation
for a variety of cases.  Before signing on at the FTC,
Mr. Snyder spent two years as an officer in the US Army.

Mr. Snyder is a graduate of the University of Iowa, where he was
elected student body president, and received his Juris Doctor
degree from the University of Iowa College of Law.  He is a
member of the bar of the District of Columbia.

                      About Valassis

Headquartered in Livonia, Michigan, Valassis Communications Inc.
-- http://www.valassis.com/-- offers a wide range of marketing
services to consumer packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, France, Germany, Italy, Mexico and Canada.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Standard & Poor's Ratings Services assigned its
'B-' rating to Valassis Communications Inc.'s proposed USUS$590
million senior unsecured notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2007, Moody's Investors Service assigned a B3 rating to
Valassis Communications, Inc.'s proposed USUS$590 million of
fixed and floating rate senior unsecured notes due 2015.
Moody's Feb. 12, 2007, rating action on Valassis contemplated
the issuance of USUS$590 million of junior debt in conjunction
with the acquisition of ADVO and the company's existing ratings
are not affected by the issuance of the new senior unsecured
notes.  Valassis' Corporate Family rating is B1 and the rating
outlook remains stable.


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


BANTRY BAY: Moody's May Cut Low-B Ratings After Review
------------------------------------------------------
Moody's Investors Service downgraded and left on watch for
further downgrade three classes of notes issued by Bantry Bay
CDO I P.L.C.

Moody's also placed on watch for downgrade three additional
classes of notes issued by Bantry Bay CDO I P.L.C.

These rating actions are a response to credit deterioration in
the underlying portfolio.  The transaction contains a portfolio
comprised of high yield CDOs and US ABS CDOs primarily of the
2005 and 2006 vintages, which in turn are exposed to US RMBS.
There has been significant rating deterioration recently in many
of the ABS CDOs underlying this transaction, including a number
of defaults.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to 2005 US RMBS and ABS CDO vintages
becomes known.

These rating actions are:

   * Bantry Bay CDO I P.L.C.:

   (1) US$127,000,000 Class A-1 Floating Rate Notes, due 2052

   -- Current Rating: Aaa, on review for downgrade
   -- Prior Rating: Aaa

   (2) US$29,000,000 Class A-2 Floating Rate Notes, due 2052

   -- Current Rating: Aaa, on review for downgrade
   -- Prior Rating: Aaa

   (3) US$28,000,000 Class A-3 Floating Rate Notes, due 2052

   -- Current Rating: Aaa, on review for downgrade
   -- Prior Rating: Aaa

   (4) US$31,500,000 Class B Floating Rate Notes, due 2052

   -- Current Rating: Ba1, on review for downgrade
   -- Prior Rating: Aa2

   (5) US$11,500,000 Class C Deferrable Floating Rate Notes, due
       2052

   -- Current Rating: Ba3, on review for downgrade
   -- Prior Rating: A2

   (6) US$9,000,000 Class D Deferrable Floating Rate Notes, due
       2052

   -- Current Rating: B3, on review for downgrade
   -- Prior Rating: Baa2


EDELWEISS CAPITAL: Moody's Cuts Rating to Ba2 on Class D Notes
--------------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by Edelweiss Capital Plc-Series 2007-2:

   -- Downgraded to Aa1 from Aaa, the EUR50,000,000 Class A EUR
      Series 2007-2 Asset-Backed Floating Rate Notes due 2013;

   -- Downgraded to Ba2 from Baa2, the US$19,700,000 Class D US$
      Series 2007-2 Asset-Backed Floating Rate Notes due 2013.

These downgrades are a result of credit migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps particularly in the financial and real estate
sectors, which have shown relatively weaker performance than the
global equity market.

Whilst Edelweiss Series 2007-2 is composed of an equal number of
Equity Default Swaps in the risk portfolio (long EDS exposures)
and in the insurance portfolio (short EDS exposures), the
presence of a higher proportion of financial and real-estate
exposures in the risk portfolio has significantly contributed to
the downgrades.

As of Dec. 18, 2007, the risk portfolio has one reference entity
(Countrywide Financial Corporation) that has seen its share
price fall below its EDS trigger level and an additional two
reference entities whose share price is only 20% above their
respective EDS trigger levels.

The distressed equity events observation period will start on
May 6, 2010 and last three years, such that no equity event
related losses have occurred at this stage and all tranches
still benefit from their initial subordination levels.


CEDO I PLC: Moody's Cuts Rating to Ba3 on Tranche F Notes
---------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by CEDO I PLC:

   -- Downgraded to Aa2 from Aa1, the Series 1 Tranche B
      EUR40,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011;

   -- Downgraded to A3 from A1, the Series 1 Tranche C
      EUR30,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011;

   -- Downgraded to A3 from A1, the Series 1 Tranche E
      EUR2,500,000 Asset-Backed Deferrable Fixed Rate Notes due
      2011;

   -- Downgraded to Ba3 from Baa3 Series 1 Tranche F
      EUR2,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011;

   -- Downgraded to A3 from A1, the Series 1 Tranche H
      EUR5,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011;

   -- Downgraded to Aa2 from Aa1 to the Series 1 Tranche G
      EUR15,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011.

These downgrades are a result of credit migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps, particularly in the financial and real estate
sectors which have observed relatively weaker performance than
the global equity market.

Whilst the transaction is composed of an equal number of Equity
Default Swaps in the risk portfolio (long EDS exposures) and in
the insurance portfolio (short EDS exposures), the presence of a
higher proportion of financial and real-estate exposures in the
risk portfolio has significantly contributed to the downgrades.

As of the Dec. 18, 2007, the risk portfolio had two reference
entities (Countrywide Financial Corporation and Boston
Scientific Corp) which have seen their share price fall below
their EDS trigger level and an additional two reference entities
whose share price is only 20% above their respective EDS trigger
levels.

The distressed equity events observation period will start on
May 21, 2008 and last three years, such that no equity event
related losses have occurred at this stage and all tranches
still benefit from their initial subordination levels.


CEDO PLC-4: Moody's Cuts Rating to Low-B on Two-Note Classes
------------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by CEDO PLC-Series 4 CSAM:

   -- Downgrades to Aa1 from Aaa, the Tranche D EUR 73,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to Aa1 from Aaa, the EUR15,000,000 Floating
      Rate Loan Facility due 2012 in relation to Tranche D
      EUR73,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2012;

    -- Downgrades to A1 from Aa2, the Tranche E EUR47,000,000
       Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to A1 from Aa2, the EUR45,000,000 Floating Rate
      Loan Facility due 2012 in relation to Tranche E
      EUR47,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2012;

   -- Downgrades to Baa3 from A2, the Tranche F EUR17,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to Baa3 from A2, the EUR6,000,000 Floating Rate
      Loan Facility due 2012 in relation to Tranche F
      EUR17,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2012;

   -- Downgrades to Aa1 from Aaa, the Tranche G US$2,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to A1 from Aa2, the Tranche H US$10,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to Baa3 from A2, the Tranche I US$12,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to Baa3 from A2, the Tranche J US$5,000,000
      Asset-Backed Deferrable Fixed Rate Notes due 2012;

   -- Downgrades to Aa1 from Aaa, the Tranche K CHF132,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to Ba1 from A3, the Tranche L US$15,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to A1 from Aa2, the Tranche M US$15,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

  -- Downgrades to Aa1 from Aaa, the Tranche N US$40,000,000
     Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to A1 from Aa2, the Tranche O US$10,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012;

   -- Downgrades to Ba3 from Baa2, the Tranche P US$2,000,000
      Asset-Backed Deferrable Floating Rate Notes due 2012.

These downgrades are a result of credit migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps particularly in the financial and real estate
sectors, which have shown relatively weaker performance than the
global equity market.

Whilst the transaction is composed of an equal number of Equity
Default Swaps in the risk portfolio (long EDS exposures) and in
the insurance portfolio (short EDS exposures), the presence of a
higher proportion of financial and real-estate exposures in the
risk portfolio has significantly contributed to the downgrades.

As of Dec. 18, 2007, the risk portfolio has two reference
entities (Countrywide Financial Corporation and Mitsubishi UFJ
Nicos Company Ltd) which have seen their share price fall below
their EDS trigger level and an additional two reference entities
whose share price is only 20% above their respective EDS trigger
levels.

The distressed equity events observation period will start on
July 1, 2009 and last three years, such that no equity event
related losses have occurred at this stage and all tranches
still benefit from their initial subordination levels.


CEDO PLC-II: Moody's Cuts Rating to Ba1 on Tranche J Notes
----------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of notes issued by CEDO PLC-Series CEDO II:

   -- Downgraded to Aa1 from Aaa, the Series 2 Tranche A
      EUR75,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011;

   -- Downgraded to A2 from Aa2, the Series 2 Tranche B
      EUR42,500,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011;

   -- Downgraded to Baa2 from A2, the EUR 10,000,000 Floating
      Rate Loan Facility due 2011 in relation to Series 2
      Tranche B EUR42,500,000 Asset-Backed Deferrable Floating
      Rate Notes due 2011;

   -- Downgraded to Baa2 from A2, the Series 2 Tranche C
      EUR16,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011;

   -- Downgraded to Baa2 from A2, the EUR 10,000,000 Floating
      Rate Loan Facility due 2011 in relation to Series 2
      Tranche C EUR10,000,000 Asset-Backed Deferrable Floating
      Rate Notes due 2011;

   -- Downgraded to Baa2 from A2, the Series 2 Tranche G
      US$1,000,000 Asset-Backed Deferrable Floating Rate Notes
      due 2011;

   -- Downgraded to Baa3 from A3, the Series 2 Tranche H
      US$600,000 Asset-Backed Floating Rate Notes due 2011;

   -- Downgraded to Baa2 from A2, the Series 2 Tranche I
      JPY200,000,000 Asset-Backed Fixed Rate Notes due 2011;

   -- Downgraded to Ba1 from Baa2, the Series 2 Tranche J
      JPY100,000,000 Asset-Backed Fixed Rate Notes due 2011;

   -- Downgraded to Baa3 from A3, the Series 2 Tranche K
      Non-Principal Protected Asset-Backed Fixed Rate Notes due
      2011.

These downgrades are a result of credit migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps particularly in the financial and real estate
sectors, which have shown relatively weaker performance than the
global equity market.

Whilst CEDO PLC-Series CEDO II is composed of an equal number of
Equity Default Swaps in the risk portfolio and in the insurance
portfolio, the presence of a higher proportion of financial and
real-estate exposures in the risk portfolio has significantly
contributed to the downgrades.

As of the Dec. 18, 2007, the risk portfolio has four reference
entities (Pulte Holmes Inc, Compass Group Plc, Macy's Inc and Dr
Horton Inc) which have seen their share price fall below their
respective EDS trigger levels and an additional one reference
entity who's share price is only 20% above its EDS trigger
level.

The distressed equity events observation period will start on
Dec. 2, 2008 (Nov. 13, 2008 for Tranche K only) and last for
three years, such that no equity event related losses have
occured at this stage and all tranches still benefit from their
initial subordination levels.


CEDO PLC-III: Moody's Cuts Rating to Ba3 on Tranche K Notes
-----------------------------------------------------------
Moody's Investors Service downgrades to Ba3 from A3, the
Series 3 Tranche K Non-Principal Protected Asset-Backed Fixed
Rate Notes due 2012 issued by CEDO PLC-Series CEDO III.

This downgrade is the result of credit migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps particularly in the financial and real estate
sectors, which have shown relatively weaker performance than the
global equity market.

Whilst the transaction is composed of an equal number of Equity
Default Swaps in the risk portfolio (long EDS exposures) and in
the insurance portfolio (short EDS exposures), the presence of a
higher proportion of financial and real-estate exposures in the
risk portfolio has significantly contributed to the downgrades.

As of the Dec. 18, 2007, the risk portfolio has five reference
entities (Countrywide Financial Corporation, KB Home, Centex
Corporation, Pulte Holmes Inc and Mitsubishi UFJ Nicos Company
Ltd) which have seen their share price fall below their EDS
trigger level and an additional two reference entities whose
share price is only 20% above their respective EDS trigger
levels.

The distressed equity events observation period will start on
Dec. 29, 2008 and last three years, such that no equity event
related losses have occured at this stage and all tranches still
benefit from their initial subordination levels.


COMMSCOPE INC: Finalizes Acquisition Details for Andrew Corp.
-------------------------------------------------------------
CommScope Inc. has finalized the agreement for the acquisition
of Andrew Corporation.  The consideration to be paid for each
outstanding share of Andrew common stock in the merger has been
determined to be US$13.50 in cash and US$1.50 in CommScope
common stock.

Andrew stockholders will receive, for each Andrew share,
US$13.50 in cash and 0.031543 shares of CommScope common stock.
This fractional share of CommScope common stock was calculated
according to the terms of the merger agreement by dividing
US$1.50 by US$47.554, which was the volume weighted average of
the closing sale prices for a share of CommScope common stock
over the ten consecutive trading days ended Dec. 24, 2007.  The
merger is expected to close today.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                       About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is a world leader in
infrastructure   solutions for communication networks.  Through
its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands,
CommScope is the global leader in structured cabling systems for
business enterprise applications.  It is also the world's
largest manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                       *     *     *

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
CommScope Inc. and Westchester, Illinois-based Andrew Corp. and
removed them from CreditWatch, where they were placed on
June 27, 2007, with negative implications.  S&P also affirmed
the 'BB-' corporate credit and 'B' subordinated debt ratings for
both companies.  The ratings on Andrew will be withdrawn
following its acquisition and debt refinancing.  S&P said the
outlook is stable.


* Experian Sees Increase in Irish Liquidations in Final Quarter
---------------------------------------------------------------
The number of Irish firms going into liquidation increased in
the final quarter of 2007, although the number of overall
liquidations in the year to date is slightly below last year,
according to figures released by credit checking firm Experian
on Dec. 20, 2007.

The figures showed that the construction sector accounts for
four out of every ten liquidations in 2007, while the catering,
restaurant and hotel sector accounts for 20% of liquidations, up
from the 2006 figures, which stood at 13%.

The figures also revealed that number of companies seeking
protection from creditors through examinership reached their
highest level in a decade.  The number of examiners appointed in
2007 rose to 25 from eight in the prior year.

However, the number of companies entering receivership is down
from 16 in 2006 to 15 in 2007.

According to Liam Reddy, director of Experian Ireland's business
information division, "this final quarter increase is a direct
reflection of the changing and challenging business environment
experienced in the latter part of 2007."

"The latter part of 2007 was a particularly difficult time for
the construction and allied trades sector," Mr. Reddy was quoted
by BizWorld as saying.  "As with 2006 most of these insolvencies
were companies registered within the last 7 to 10 years.  It is
likely that these fledgling companies have been hit hardest by
the slowdown in the market.  All sectors are facing a tough year
ahead and we found that businesses are finding it more difficult
to manage cashflow, with all industries reporting slower
payments and greater difficulty in collecting outstanding
payments.  Lawyers have reported an increase in the number of
directors seeking advice as to their obligations should their
company get into difficulty and financial institutions and banks
have been reviewing their credit policies and tightening up on
their overdraft facilities.  This all points to tougher times
ahead."


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


ALITALIA SPA: Group Posts EUR1.19 Billion Net Debt for November
---------------------------------------------------------------
The Alitalia Group's net debt as of Nov. 30, 2007, amounted to
EUR1.191 billion, showing a slight increase in net indebtedness
of EUR9 million (+0.8%) compared to the situation on Oct. 31,
2007.

The net debt of the parent company Alitalia S.p.A. including
short-term financial credits for subsidiaries on Nov. 30, 2007,
(including short-term financial credits of subsidiaries)
amounted to EUR1.183 billion showing a slight increase of
EUR4 million (+0.3%) compared to net debt as of Oct. 31, 2007.

The Group's cash-to-hand and short-term financial credits as of
Nov. 30, 2007, at the Group level and for Alitalia, amounted to
EUR395 million and EUR403 million respectively.

It should be noted that as of Nov. 30, 2007, there were several
leasing contracts at the Group level whose capital share,
including lease closure value, amounted to EUR96 million.  By
comparison, the same figure as of Oct. 31, 2007, amounted to
EUR97 million; the corresponding figures for the parent company
on Oct. 31, 2007, amounted to EUR84 and EUR10 million
respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During November 2007, repayments were made of medium/long-term
financing amounting to about EUR23 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Nov. 30, 2007, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Nov. 30, 2007,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, decisions are still pending for the
petitions filed by Alitalia regarding:

   -- an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million (two
      decrees);

   -- another injunction issued by a supplier of on-board movies
      for EUR1.2 million (two decrees);

   -- an injunction has been issued by an IT services supplier
      for EUR812,000;

   -- an injunction has been issued by an Italian subsidiary of
      an air carrier bankruptcy for EUR288,000;

   -- another injunction has been issued by a maintenance
      services supplier for EUR492,000;

   -- an injunction has been issued by the special manager of a
      firm for presumed debts relating to air ticket sales, for
      EUR3.2 million;

   -- one injunction issued by a fuel supplier for about
      EUR1 million.

There are no other injunction orders or executive actions
undertaken by creditors notified as of Nov. 30, 2007, nor are
there any threats by suppliers to suspend operations.

                          About Alitalia

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

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

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


ALITALIA SPA: Sells Heathrow Slots for EUR92 Million
----------------------------------------------------
Alitalia S.p.A. disclosed that agreement has been reached for
the exchange of three pairs of slots at London's Heathrow
airport.

These slots are considered non strategic in the Company's 2008-
2010 business plan since the Company holds a further ten pairs
of slots at Heathrow.

The completion of the exchange will take place in two stages,
corresponding to the IATA 2008-09 operative seasons.

The first stage has provided a fee of EUR54 million at the
current exchange rate at the time of the operation, to be
included on the 2007 balance sheet.

The fee for completion of the second stage will be included on
the 2008 balance sheet, using the same exchange rate parameters,
the figure is estimated at EUR38 million.


                          About Alitalia

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

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

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


ALITALIA SPA: November 2007 Passenger Traffic Up by 0.7%
--------------------------------------------------------
Alitalia S.p.A.'s November 2007 traffic data compared to the
same period in 2006 showed an increase in passenger business and
a decrease in cargo business.

Passenger business showed an increase in terms of traffic
(+0.7%) with a decrease of capacity offered by 0.7% compared
with the same period of 2006. November 2007 Cargo statistics,
compared to November 2006, showed a decrease in terms of goods
flown (-5.3%) with capacity offered down 7.2%.

                        Passengers Operations

Traffic, measured in Revenue Passenger Kilometers, increased by
0.7% and the capacity, measured in Available Seat Kilometers,
decreased by 0.7%.

Therefore load factor increased by 1.0 percentage points
reaching 70.3%. Alitalia carried 1.8 million passengers, up 1.1%
compared to the previous year.

Detailed comparisons with November 2006:

   -- Domestic Passenger Network: traffic increased by 4.4% with
      offered capacity up 3.9%.  Load factor was 59.0%;

   -- International Passenger Network: traffic decreased by 1.0%
      and offered capacity decreased by 3.6%.  Load factor was
      63.8%;

   -- Intercontinental Passenger Network: traffic increased by
      0.7% and capacity was in line with November 2006.  Load
      factor was 80.0%.

                        Cargo Operations

November 2007 Cargo performance showed, compared to November
2006, a traffic decrease by 5.3% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 7.2%.  Overall
Load factor was 72.2% with an increase by 1.4 percentage points.

Regarding the All-Cargo sector, Load factor was 80.3% with an
increase by 7.3 percentage points compared with the same period
of 2006.

                          About Alitalia

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

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

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


DANA CORP: Bankruptcy Court Confirms Plan of Reorganization
-----------------------------------------------------------
The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for
the Southern District of New York has signed an order confirming
Dana Corporation's Plan of Reorganization.  The action paves the
way for Dana's emergence from Chapter 11 reorganization, which
it expects to occur in January 2008, after the closing of the
company's US$2 billion exit financing facility and satisfaction
of other customary closing conditions.

"This is a significant milestone for Dana and all of its
constituents," Dana Chairman and CEO Mike Burns said.  "The
approved plan provides a solid foundation for the new Dana.  We
now look forward to emerging as a focused, solvent company that
is positioned to take advantage of its considerable strengths
and compete successfully in its global markets."

Dana entered Chapter 11 reorganization on March 3, 2006.  During
the ensuing 21 months, the company and its constituents
identified, agreed upon, and won court approval for
approximately US$440 million to US$475 million in annual cost
savings and revenue improvement.  These annual savings were
derived primarily from enhancing its product profitability,
optimizing its manufacturing footprint, reducing labor costs and
benefit changes, eliminating ongoing obligations for retiree
health and welfare costs, and achieving further reductions in
administrative expenses.

"From the outset of this process, we said that fundamental --
not incremental -- change was critical to Dana's future
success," Mr. Burns said.  "I am pleased to say that we have
achieved this goal due in large part to the enormous efforts of
our resilient employees around the world and the talented team
of advisers who have helped bring us to this point.  Similarly,
we are grateful for the support and partnership demonstrated by
many other constituents involved in this very complex process,
including our customers, suppliers, and members of the
communities in which Dana people live and work."

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MICRON TECH: Posts US$262-Mil. Net Loss in Quarter Ended Nov. 29
----------------------------------------------------------------
Micron Technology Inc. has incurred a net loss of US$262 million
on net sales of US$1.5 billion for the first quarter ended
Nov. 29, 2007, compared to a net loss of US$158 million on net
sales of US$1.4 billion for the fourth quarter of fiscal 2007.

The company's growth in revenue in the first quarter compared to
the previous quarter was primarily driven by significant sales
volume increases in memory products (for both DRAM and NAND
Flash).  Sales of CMOS image sensors products in the first
quarter of fiscal 2008 also increased approximately 15 percent
compared to the previous quarter as a result of a higher level
of unit sales.  Megabit sales volume for DRAM and NAND Flash
memory products increased approximately 25 percent and 60
percent, respectively, comparing the first quarter to the
previous quarter, primarily as a result of higher levels of
production and strong demand. However, the company's first
quarter results continued to be significantly affected by
industry supply/demand dynamics.  Average selling prices
decreased approximately 20 percent for DRAM and 30 percent for
NAND Flash memory products compared to the already low prices
realized in the fourth quarter of fiscal 2007.  Primarily due to
prevailing market conditions, the company recorded a US$62
million write-down of its finished goods and work in process
inventories for memory products to reduce their carrying values
to their estimated market values.  This write-down is included
in the company's reported cost of goods sold for the first
quarter of fiscal 2008.

Despite the write-down, the company achieved a decrease in cost
of goods sold per megabit in the first quarter of fiscal 2008 of
approximately 10 percent and 15 percent for DRAM and NAND Flash
memory products, respectively.  Higher levels of production and
lower manufacturing costs in the first quarter of fiscal 2008
compared to the fourth quarter of fiscal 2007 were a result of
the company's acceleration of industry-leading process
technology, transitions to higher density memory products and
significant improvements and growth in the company's 300mm
operations.  The company continues to ramp production of 300mm
NAND wafers at its IM Flash joint venture fab in Lehi, Utah and
300mm DRAM wafers at its TECH Semiconductor operation in
Singapore.

The company ended the first quarter with more than US$2 billion
in cash and investments.  The company had capital expenditures
of approximately US$885 million during the first quarter and
received US$150 million in cash contributions from Intel
Corporation, a partner in the IM Flash joint ventures.  The
company estimates capital expenditures aggregating between
US$2.5 billion and US$3 billion for the 2008 fiscal year, of
which approximately US$500 million is estimated to be funded by
contributions from joint venture partners.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's USUS$1.1 billion convertible senior notes due
2014.


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


BAIKALLES LLP: Proof of Claim Deadline Slated for Jan. 26, 2008
---------------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Baikalles (RNN 091300024085).

Creditors have until Jan. 26, 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


EXPRESS WELDING: Creditors Must File Claims by Jan. 23, 2008
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Express Welding insolvent.

Creditors have until Jan. 23, 2008 to submit written proofs of
claims to:

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



GORBYTCOMBINATE LLP: Claims Filing Period Ends Jan. 26, 2008
------------------------------------------------------------
LLP Gorbytcombinate has declared insolvency.  Creditors have
until Jan. 26, 2008 to submit written proofs of claims to:

         LLP Gorbytcombinate
         Lenin Str. 131
         Rudny
         Kostanai
         Kazakhstan


INJERNIJ PROJECT: Creditors' Claims Due on Jan. 23, 2008
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Injernij Project Stroy insolvent.

Creditors have until Jan. 23, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


KAR PROGRESS-2006: Claims Registration Ends Jan. 26, 2008
---------------------------------------------------------
LLP Kar Progress-2006 has declared insolvency.  Creditors have
until Jan. 26, 2008 to submit written proofs of claims to:

         LLP Kar Progress-2006
         Loboda Str. 24-4
         Karaganda
         Kazakhstan


KARAGANDA STROY: Proof of Claim Deadline Slated for Jan. 26
-----------------------------------------------------------
LLP Construction Company Karaganda Stroy Service-7 has declared
insolvency.  Creditors have until Jan. 26, 2008 to submit
written proofs of claims to:

         LLP Construction Company
         Karaganda Stroy Service-7
         Buhar-Jyrau ave. 33-53
         Karaganda
         Kazakhstan


KAZ TRANS: Creditors Must File Claims by Jan. 23, 2008
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kaz Trans Montage Stroy insolvent.

Creditors have until Jan. 23, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


KAZKOMMERTSBANK JSC: Repays First Tranche of US$1 Billion Loan
--------------------------------------------------------------
JSC Kazkommertsbank has repaid the first tranche of its US$1
billion syndicated loan for the amount of US$700 million on
Dec. 24, 2007.

This loan was signed in December 2006 and consisted of two
tranches:

    * Tranche A for the amount of US$ 700 million for one year,
      and

    * Tranche B for the amount of US$300 million for 3 years.

Lead arrangers of the deal were The Bank of Tokyo-Mitsubishi
UFJ, Ltd, ING Bank N. V., Standard Chartered Bank and
UniCreditGroup.  The purpose of the loan was funding of the
import-export contracts of the customers.

                     About Kazkommertsbank

Kazkommertsbank -- http://www.kazkommertsbank.com/-- accepts
deposits and provides loans and credit facilities in Tenge and
foreign currencies.  The Bank is also a major participant in the
securities market and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As reported in the TCR-Europe on Dec. 20, 2007, Standard &
Poor's Ratings Services had revised its outlook to negative from
stable on Kazkommertsbank JSC.

At the same time, Standard & Poor's lowered its long-term
counterparty credit rating on KKB to 'BB' from 'BB+' and its
Kazakhstan national scale rating on Temirbank to 'kzBBB' from
'kzBBB+' and on Eurasian Bank to 'kzBB' from 'kzBBB-'.  All
other ratings were affirmed.

In November 2007, Fitch Ratings has affirmed the ratings of
Kazakhstan-based bank Kazkommertsbank.  KKB has been rated Long-
term foreign currency Issuer Default 'BB+', Short-term foreign
currency IDR 'B', Long-term local currency IDR 'BBB-', Short-
term local currency IDR 'F3', Individual 'C/D', Support '3' and
Support Rating Floor 'BB+'.  The Outlook for the Long-term IDR
remain Stable.

In June 2007, Moody's Investors Service downgraded these ratings
of Kazkommertsbank of Kazakhstan:

   -- senior unsecured debt in foreign currency to Baa2/P-2 from
      Baa1/P-2;

   -- foreign currency backed subordinated debt to Baa3 from
      Baa2; and

   -- foreign currency backed junior subordinated debt to Ba1
      from Baa3.

KKB's bank financial strength rating is affirmed at D, while the
outlook on the BFSR and on all debt ratings is changed to
negative.  Moody's has also affirmed KKB's foreign currency
deposit ratings at Ba1/NP with a stable outlook.


REM GAS: Claims Filing Period Ends Jan. 26, 2008
------------------------------------------------
LLP Rem Gas Munai has declared insolvency.  Creditors have until
Jan. 26, 2008 to submit written proofs of claims to:

         LLP Rem Gas Munai
         Patsayev Str. 6-18
         Aktobe
         Aktube
         Kazakhstan


SK STROY: Creditors' Claims Due on Jan. 26, 2008
------------------------------------------------
LLP SK Stroy Snab has declared insolvency.  Creditors have until
Jan. 26, 2008 to submit written proofs of claims to:

         LLP SK Stroy Snab
         Micro District Shkolny-2, 58
         Almaty
         Kazakhstan
         Tel: 8 (7272) 93-18-87


TAMYZ-K LLP: Claims Registration Ends Jan. 26, 2008
---------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Tamyz-K (RNN 091300024228).

Creditors have until Jan. 26, 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


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


SHERIKTESHTIK-FINANSY LLC: Creditors Must File Claims by Jan. 23
----------------------------------------------------------------
LLC Sherikteshtik-Finansy has declared insolvency.  Creditors
have until Jan. 23, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 23-70-45.


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


X5 RETAIL: Completes Korzinka and Strana Gerkulesia Takeovers
-------------------------------------------------------------
X5 Retail Group N.V. has received all the necessary regulatory
approvals, including approval by the Federal Antimonopoly
Service, and completed its acquisition of Korzinka and Strana
Gerkulesia retail chains.

As previously report in the TCR-Europe, X5 Retail Group signed
an agreement to acquire 100% of the business and assets of the
Korzinka retail chain, for around US$115 million, including
debt.

X5 Retail also signed an agreement to acquire 100% of the
business and assets of the Strana Gerkulesia retail chain
operating in the City of Moscow and the Moscow and Tver regions,
for a total consideration of US$65 million, including debt.

                         About X5 Retail

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

                          *     *     *

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

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


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


BRIGHTPOINT INC: Units Ink Distribution Agreement with Neo
----------------------------------------------------------
Brightpoint Inc.'s subsidiaries, Brightpoint Middle East FZE and
Brightpoint North America L.P., have been appointed as
distributors by Fahad & Patson Gen Trading LCC, the UAE Agent of
Neo products Limited.  Pursuant to this agreement, Brightpoint
will provide Neo with distribution services for Neo products to
be distributed in the Middle East and North America markets.

                     About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                       *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


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


COMPANHIA SIDERURGICA: S&P Revises Outlook to Positive
------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Brazil-based steel maker Companhia Siderurgica Nacional and
related entity National Steel S.A. to positive from stable.  At
the same time, Standard & Poor's affirmed its 'BB' corporate
credit rating on CSN and its 'B+' rating on NatSteel.

The rating action reflects CSN's improved credit measures and
expectations that incremental cash flows from the development of
its proprietary iron ore mine, Casa de Pedra, will allow the
company to finance a portion of its capital expenditures program
with internal cash generation and result in a positive trend for
its leverage ratios.  Standard & Poor's expects CdP's production
to increase in 2008, adding to CSN's cash flow diversity and
resilience, considering the favorable pricing of iron ore.  In
addition, favorable market conditions for steel in Brazil also
bode well for strong cash generation in the future, further
enhancing the company's ability to internally finance capital
expenditures.  Standard & Poor's believes that, while total
gross indebtedness won't be significantly reduced, CSN will
sustain stronger credit measures than historic ones, while
continually improving its business profile with more diversity
and profitability.

"The ratings on CSN reflect the company's sizable gross debt
leverage; aggressive capital expenditures in steel, iron ore,
cement and transportation; exposure to volatile demand and price
cycles; and increasing competition in its home and primary
market of Brazil," said Standard & Poor's credit analyst
Reginaldo Takara.  These risks are offset by CSN's strong cash
reserves, a privileged cost position, sound operating profiles
in the steel and iron ore markets, favorable steel market shares
in Brazil, strong export capabilities to offset occasional
domestic steel demand fluctuations, and increasing business
diversification.  The rating on NatSteel reflects CSN's ability
to upstream dividends to NatSteel through the layers of its
corporate structure.

The positive outlook reflects Standard & Poor's expectation that
CSN will be successful in growing iron ore capacity at CdP in
2008 and in the future.  Standard & Poor's expect this to
improve cash flows to finance part of its considerable capital
expenditure plans and result in stronger credit measures.  The
ratings could be raised if CSN delivers strong iron ore
production in 2008, resulting in significant incremental cash
flows from this operation.  Permanent financial profile
improvement would be reflected in the company's ability to
consistently sustain its comfortable liquidity and stronger
credit measures, such as total debt-to-EBITDA lower than 2.0x
and FFO-to-total debt of more than 40%.  Standard & Poor's also
expects CSN to adequately manage its large maturities, which are
due next year.

The positive outlook assumes that CSN will not be involved in
relevant M&A transactions that could curtail the improving trend
of its financial profile.  On the other hand, negative pressure
on the ratings or outlook could come from a continuous increase
in gross debt, causing financial metrics to deteriorate
permanently, or from large acquisitions or further capital
commitments that could hurt the company's current liquidity or
add significtability ratios because of its important market
share and the increasing focus on growing its consumer loan
portfolio under prudent underwriting standards.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.


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


ASHINSKIJ LIGHTING: Asset Sale Slated for Jan. 10, 2008
-------------------------------------------------------
The competitive proceedings manager of OJSC Ashinskij Lighting
Facilities Plant, will open a public auction for the company's
properties at 2:00 p.m. on Jan. 10, 2008, at:

         The Competitive Proceedings Manager
         Rossijskaya Str. 26
         Chelyabinsk
         Russia

The company has set a RUR184,011,000 starting price for the
assets on auction.

Interested participants have until Jan. 2, 2008, to deposit an
amount equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         The Competitive Proceedings Manager
         Rossijskaya Str. 26
         Chelyabinsk
         Russia

The Debtor can be reached at:

         OJSC Ashinskij Lighting Facilities Plant
         Lenina Str. 2
         Asha
         Chelyabinsk
         Russia
         Website: http://www.ashasvet.ru/

Information related to the auction can be obtained by calling,
Tel: (351) 266-95-39.


CRYSTAL GLASS PLANT OJSC: Asset Sale Slated for Jan. 10, 2008
-------------------------------------------------------------
The competitive proceedings manager of OJSC Crystal Glass Plant,
will open a public auction for the company's properties at
9:00 a.m. on Jan. 10, 2008, at:

         OJSC Crystal Glass Plant
         Kalinina Str. 28
         Goose-Crystal
         Vladimir
         Russia

The company has set a RUR1,350,000 starting price for the assets
on auction.  Deposit required is RUR270,000.

Interested participants have until 3:00 p.m. on Jan. 9, 2008, to
submit bidding documents to:

         OJSC Crystal Glass Plant
         Kalinina Str. 28
         Goose-Crystal
         Vladimir
         Russia


GAZPROM NEFT: Receives State Clearance to Bid for Tomskneft
-----------------------------------------------------------
The Federal Antimonopoly Service has cleared OAO Gazprom Neft to
acquire a 50% stake in OAO Tomskneft, a unit of OAO Rosneft Oil
Co., Reuters reports.

Gazprom Neft plans to acquire half of Tomskneft for US$3.66
million via its Gazprom Neft Finance unit, a source privy to the
matter told Reuters.

Meanwhile, Anatoly Golomolzin, FAS deputy chairman, told RIA
Novosti that the competition agency received two requests on
Tomskneft acquisition.

"I do not remember exactly who is the other bidder," Mr.
Golomolzin said.  "It probably was sent by Rosneft in an attempt
to retain control of the company."

OAO Tomskneft accounts for 98% of commercial oil reserves
extracted in Tomsk region, owning four large fields: Igolsko-
Talovskoye, Pervomaiskoye, Luginetskoye, and Krapivinskoye.
Tomskneft also owns all medium fields with oil reserves of more
than 5 million tons in Tomsk region.

                         About Rosneft

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

                       About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in theOmsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.  Gazprom Neft
is one of Russia's largest oil companies handling downstream and
upstream operations.  It was known as Sibneft before April 2007.

                         *     *     *

As of Aug. 24, 2007, Gazprom Neft carries a Ba1 Corporate Family
and Ba2 Senior Unsecured Debt ratings from Moody's.  Moody's
said the outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit
and Local Issuer Credit ratings from Standard & Poor's.  S&P
said the outlook is positive.


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

         V. I. Leskov
         Interim Manager
         P.O. Box 9
         Cheremkhovo
         665415 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure against the company after finding it
insolvent on Nov. 28.  The case is docketed under Case No.
A19-16532/07-8.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         CJSC Manilovsk
         Manilovsk
         Alarskij Raion
         Russia


MORTGAGE CORP: Strong Operating Performance Cues S&P's B- Rating
----------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B-' long-term
ratings and 'ruBBB' national scale rating to the financial and
construction company OJSC Mortgage Corporation of Moscow Region.
The outlook is stable.

"The ratings on MCMR, which is majority controlled by the Moscow
Oblast (BB/Positive/--; Russia national scale ruAA) directly and
via Moscow Regional Investment Trust Co. (OJSC) (MRITC;
B/Positive; ruA-), reflect the company's aggressive financial
and debt policies, strong exposure to construction, real-estate-
market, and geographical concentration risks, and uncertainty
about the strength of the oblast's control over the company's
operations," said Standard & Poor's credit analyst Felix Ejgel.
"These risks are somewhat mitigated by the support that the
company receives from its owners, its good cash management, and
adequate liquidity."

"The stable outlook reflects Standard & Poor's expectations that
MCMR will continue to keep strong control over its cash position
and receive expected financial support from its owners in 2008
to mitigate its high debt leverage and exposure to real estate
market risks," said Mr. Ejgel.

If the oblast enhanced its support to the company through
stronger oversight and timely implementation of its budget
programs, thereby providing a stable revenue stream for the
company, it could have a positive effect on the ratings on MCMR.
Conversely, if the oblast diminishes its support to the company
or the company's debt increases significantly, the ratings could
come under pressure.


MOSTRANSAVTO: Weak Liquidity Position Cues S&P to Junk Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' long-term
credit and 'ruBB+' Russia national scale ratings to Russian
public transport company Mostransavto, which is wholly owned by
the Moscow Oblast (BB/Positive/--; Russia national scale
'ruAA'), located in the Russian Federation (foreign currency
BBB+/Stable/A-2;  local currency A-/Stable/A-2; Russia national
scale 'ruAAA').  The outlook is stable.

At the same time, the 'CCC+' and 'ruBB+' senior unsecured debt
ratings were assigned to the proposed Russian RUR7.5 billion
debut bond issue to be placed by 100% subsidiary OOO
Mostransavto-Finance on Dec. 25, 2007.  The five-year bond will
have 10 coupon payments and a six-month put option guaranteed by
Moscow Regional Investment Trust Co. (OJSC) (B/Positive/--;
Russia national scale 'ruA-').  The bond will also have an
amortizing schedule, with 13% of the principal redeemed in one
year, 11% in two years, 20% in three years, 13% in four years,
and the remaining 43% at the maturity date.  The repayment of
the first three installments is covered by an allocation in the
oblast's budget, as the company does not have sufficient funds
on its own to repay these maturities.  This bond will be used to
refinance some outstanding obligations from the company (mostly
budget loans and financial leases).

"The ratings on Mostransavto reflect its weak liquidity
position, the low predictability of its financial indicators, an
aggressive financial profile, and rising competition with other
forms of transport," said Standard & Poor's credit analyst Felix
Ejgel.

Moscow Oblast's ownership of the company somewhat mitigates
these factors, as do ongoing, but insufficient and random,
support from the owner in the form of capital and operating
subsidies, and Mostransavto's near-monopoly position in the
regional public transport market, which could be further
enhanced through ongoing investments.

Since 2005, the company's debt has doubled, exceeding RUR14
billion (about 100% of expected 2007 revenues from operating
activity).  The company's debt might stabilize at similar
levels, however, if the oblast accelerates capital transfers to
the company.

"We expect Mostransavto's currently weak cash management and
worsening economic and financial fundamentals with likely
strong, although not timely, support from the Moscow oblast to
the company given its strategic importance for the provision of
public transport services across the densely populated
Russia region," said Mr. Ejgel.

If the Moscow Oblast strengthens its supervision over the
company to ensure timely servicing of its financial obligations
and improves the timeliness of transfers from its budget to
Mostransavto, the rating could be raised.

Conversely, if the company continues to experience liquidity
shortages or the oblast reduces its support and delay payments
linked to repayment of the company's debt, the rating could come
under pressure.


ROSBANK OJSC: S&P Lifts Long-Term Credit Rating to BB+
------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based Rosbank OJSC to 'BB+'
from 'BB-'.  The outlook is positive.

At the same time, the 'B' short-term counterparty credit was
affirmed, and the Russian national scale ratings raised to
'ruAA+' from 'ruAA-'.

The upgrade is based on the French group Societe Generale's
(SocGen; AA/Stable/A-1+) decision to execute its call option for
the acquisition of an additional 30% stake in Rosbank, giving
SocGen majority ownership (50% plus one share).  The transaction
is expected to be closed mid-February 2008.  The total
acquisition price (for an expected 57.8% stake by the end of
June 30, 2008) should amount to US$2.77 billion, representing
one of the largest acquisitions Socgen has made in recent years.

"We consider Rosbank as a strategically important subsidiary of
SocGen," said Standard & Poor's credit analyst Eugene
Tarzimanov.  "Therefore, the long-term rating on the bank is now
three notches higher than its stand-alone credit quality
(compared with one notch previously), reflecting SocGen's
expected strong parental support in terms of management,
governance, and funding and liquidity if needed."

The ratings are constrained by Rosbank's sizable concentration
in funding, challenges in managing an extensive distribution
network, and the high level of competition pressuring interest
margins.

"The positive outlook reflects our expectation that Rosbank has
the potential to improve its stand-alone credit profile by
withstanding competitive pressure on profitability and
maintaining good asset quality," said Mr. Tarzimanov. In
addition, SocGen's operational and managerial support
is expected to increase significantly, positively affecting
Rosbank in areas such as risk management, corporate governance,
and IT.  At the same time, S&P expects Rosbank to continue its
rapid expansion in line with strategic goals, bringing the
challenges of controlling new risks. Ratings downside might
follow a significant reduction in SocGen's support, the bank's
inability to control the quality of its rapidly growing loan
portfolio, or its failure to reap financial benefits from its
network.


ROSNEFT OIL: 2007 Crude Oil Output Surpasses 100 Million Tons
-------------------------------------------------------------
OAO Rosneft Oil Co. has produced more than 100 million tons of
crude oil in 2007, the company said in a statement.

"We can speak with confidence now that the outgoing year will be
a milestone year for the company," Rosneft said.  "We've crossed
the line which is a significant event for every corporation we
are the first oil company in Russia that can produce more than
100 million tons of oil per year."

Rosneft produced around 80.6 million tons of oil in 2006 and had
forecasted 2007 output to reach 90 million in 2007.

                         About Rosneft

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

                         *     *     *

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


ROSNEFT OIL: FAS Clears Gazprom Neft to Bid for Tomskneft
---------------------------------------------------------
The Federal Antimonopoly Service has cleared OAO Gazprom Neft to
acquire a 50% stake in OAO Tomskneft, a unit of OAO Rosneft Oil
Co., Reuters reports.

Gazprom Neft, via its Gazprom Neft Finance unit, plans to
acquire half of Tomskneft for US$3.66 million, a source privy to
the matter told Reuters.

Meanwhile, Anatoly Golomolzin, FAS deputy chairman, told RIA
Novosti that the competition agency received two requests on
Tomskneft acquisition.

"I do not remember exactly who is the other bidder, Mr.
Golomolzin said.  "It probably was sent by Rosneft in an attempt
to retain control of the company."

OAO Tomskneft accounts for 98% of commercial oil reserves
extracted in Tomsk region, owning four large fields: Igolsko-
Talovskoye, Pervomaiskoye, Luginetskoye, and Krapivinskoye.
Tomskneft also owns all medium fields with oil reserves of more
than 5 million tons in Tomsk region.

                       About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in theOmsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.  Gazprom Neft
is one of Russia's largest oil companies handling downstream and
upstream operations.  It was known as Sibneft before April 2007.

                         About Rosneft

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

                         *     *     *

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


SIBIRIT-1 CJSC: Creditors Must File Claims by Jan. 8, 2008
----------------------------------------------------------
Creditors of CJSC Sibirit-1 have until Jan. 8, 2008, to submit
proofs of claim to:

         V. Z. Zakirov
         Lenina Pr. 90/4
         650036 Kemerovo
         Russia

The Arbitration Court of Kemerovo will convene at 11:00 a.m. on
April 30, 2008, to hear the bankruptcy supervision procedure
against CJSC Sibirit-1 after finding it insolvent on Nov. 15.
The case is docketed under Case No. A 27-10711/2007-.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Sibirit-1
         Mira Str. 11
         Mezhdurechensk
         652870 Kemerovo
         Russia


STERLITAMAKENERGOSTROY: Claims Filing Period Ends Feb. 8, 2008
--------------------------------------------------------------
Creditors of OJSC SterlitamakEnergoStroy have until Feb. 8,
2008, to submit proofs of claim to:

         I. A. Ikhsanov
         Competitive Proceedings Manager
         P.O. Box 7503
         Ufa
         450076 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced competitive
proceedings against the company after finding it insolvent on
May 29.  The case is docketed under Case No. A07-27556/
06-G-SHAB.

The Court is located at:

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


TYUMENSKIJ MACHINE: Asset Sale Slated for Jan. 17, 2008
-------------------------------------------------------
D. Yu. Bylinkin, the competitive proceedings manager of OJSC
Tyumenskij Machine-Building Plant, will open a public auction
for the company's properties at 10:00 a.m. on
Jan. 17, 2008, at:

         D. Yu. Bylinkin
         Kopeyskoe Shosse 38
         Chelyabinsk
         Russia

The starting prices for the assets on auction are:

   -- Lot 1: RUR6,529,128.74;
   -- Lot 2: RUR7,739,173.95;
   -- Lot 3: RUR1,591,200.00;
   -- Lot 4: RUR3,320,797.05.

Interested participants have until Jan. 15, 2008, to deposit an
amount equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         D. Yu. Bylinkin
         Kopeyskoe Shosse 38
         Chelyabinsk
         Russia

The Debtor can be reached at:

         OJSC Tyumenskij Machine-Building Plant
         Gilevskaya Roscha 4
         Tyumen'
         Russia
         Website: http://www.stankozavod.ru/

Information related to the auction can be obtained by calling,
Tel: (351) 259-91-63.


VOLGOGRAD OBLAST: S&P Lifts Rating to BB- on Good Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Russian Volgograd Oblast to 'BB-' from 'B+'.
The outlook is stable.  At the same time, the Russia national
scale rating was raised to 'ruAA-' from 'ruA+'.

"The upgrade reflects the oblast's continued sound budgetary
performance and improvements in medium-term financial and debt
planning," said Standard & Poor's credit analyst Irina Pilman.

The ratings are constrained by restricted flexibility and
predictability of revenues and expenditures, revenue volatility,
pressure on liquidity due to taxpayer concentration, and low
wealth levels compared with those of Russian peers.

The ratings are supported by good budgetary performance,
commitment to maintain a moderate debt burden in the medium term
and improve debt structure, and the administration's efforts to
attract investment.  S&P expects revenue growth to outpace
inflation in the medium term.  The administration plans to
increase debt to address highly underfinanced infrastructure
needs in the region, but the debt-to-operating revenues ratio
is expected to remain below 20% and debt service should not
exceed 5% of total revenues in the next three years.

"We believe that the oblast will keep its operating balances
strong and that planned debt financing of capital expenditures
will not deteriorate overall balances," said Ms. Pilman.

Stronger-than-planned economic and revenue growth, along with
institutionalization of the reserve policy, could strengthen the
ratings.  Deterioration of budgetary performance, and increased
debt service above anticipated levels--which we consider
unlikely--could pressure the ratings.


VOLGOGRAD TOOLS: Asset Sale Slated for Jan. 8, 2008
---------------------------------------------------
The auction center F Contact LLC, acting on behalf of the
competitive proceedings manager of CJSC Volgograd Tools Plant,
will open a public auction for the company's properties at
1:00 p.m. on Jan. 8, 2008 at:

         CJSC Volgograd Tools Plant
         Yasnomorskaya Str. 2
         400006 Volgograd
         Russia
         Tel: (8442)705666
         Website: http://www.viz-v.narod.ru/

The starting prices for the assets on auction are:

   -- Lot 2H: RUR7.6 Million;
   -- Lot 5H: RUR5.28 Million.

Interested participants have until Jan. 3 to deposit an amount
of RUR1.52 Million.

Bidding documents must be submitted to:

         CJSC Volgograd Tools Plant
         Yasnomorskaya Str. 2
         400006 Volgograd
         Russia
         Tel: (8442)705666
         Website: http://www.viz-v.narod.ru/


X5 RETAIL: Completes Korzinka and Strana Gerkulesia Takeovers
-------------------------------------------------------------
X5 Retail Group N.V. has received all the necessary regulatory
approvals, including approval by the Federal Antimonopoly
Service, and completed its acquisition of Korzinka and Strana
Gerkulesia retail chains.

As previously report in the TCR-Europe, X5 Retail Group signed
an agreement to acquire 100% of the business and assets of the
Korzinka retail chain, for around US$115 million, including
debt.

X5 Retail also signed an agreement to acquire 100% of the
business and assets of the Strana Gerkulesia retail chain
operating in the City of Moscow and the Moscow and Tver regions,
for a total consideration of US$65 million, including debt.

                         About X5 Retail

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

                          *     *     *

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

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


YUKOS OIL: Unit Wants Receiver to Comply with Dutch Court Ruling
----------------------------------------------------------------
Yukos Finance B.V. has asked a court in Amsterdam, Netherlands,
to compel OAO Yukos Oil Co. bankruptcy receiver Eduard Rebgun to
adhere to its Oct. 31, 2007 ruling, Bloomberg News reports.

As reported in the TCR-Europe on Nov. 5, 2007, the court ruled
that the sale of Yukos Finance was illegal under Dutch law.

Mr. Rebgun had sold Yukos Finance via a competitive auction to
OOO Promneftstroy for RUR7.838 billion.

Yukos Finance's main assets include:

  -- a 49% stake in Transpetrol, worth between US$100 million
     and US$200 million; and

  -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu
     Nafta AB, worth almost US$1.5 billion.

The Amsterdam court noted that since Dutch courts do not
recognize Russian bankruptcy decisions, Mr. Rebgun --  who was
appointed by a Russian court -- has no power to decide over the
matters of Yukos Finance.

The court hence ruled to recognize Bruce Misamore and David
Godfrey as Yukos Finance's lawful executives, who Mr. Rebgun
dismissed early 2007.

The Dutch court obliged Mr. Rebgun to immediately comply in
annulling all his decisions on Yukos Finance and their
consequences.  The court warned that it would fine Mr. Rebgun
EUR10,000 for every violation and EUR1,000 for each day of non-
compliance if he fails to adhere with the ruling.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for
$9.35 billion, as payment for $27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a $1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a $1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

On Nov. 23, 2007, the Russian Trading System and Moscow
Interbank Currency Exchange stopped trading Yukos shares after
the company formally ceased to exist.  Mr. Rebgun completed the
company's liquidation process afte Russia's Federal Tax Service
has entered Yukos' liquidation on the Uniform State Register of
Legal Entities.

As reported in the TCR-Europe on Nov. 14, 2007, the Moscow
Arbitration Court has entered an order closing the liquidation
proceedings of OAO Yukos Oil Co., 15 months after it was
declared bankrupt on Aug. 1, 2006.


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


GENERAL CABLE: Executives Cede Employment Contracts
---------------------------------------------------
General Cable Corporation's executive officers, Gregory B.
Kenny, President and Chief Executive Officer, and Robert J.
Siverd, Executive Vice President and General Counsel, have
voluntarily relinquished their employment and change-in-control
agreements with General Cable effective at the end of this year.
They and Brian Robinson, Chief Financial Officer, remain with
the company and will have their compensation and benefits
determined in the discretion of the Compensation Committee of
the Board of Directors.  At the same time, the Board of
Directors has adopted a new severance plan, which will cover US-
based executive officers of the Company which will take effect
on Jan. 1, 2008.  This new and more simplified severance plan
will provide benefits for these and other US-based executives of
General Cable.

"Mr. Siverd and I have voluntarily terminated our employment
related agreements in order to be fully aligned with the terms
and conditions of the North American senior management team,"
said Mr. Kenny.  "We look forward to continuing to build the
Company domestically and internationally for the benefit of our
shareholders and employees in the years ahead," Mr. Kenny
concluded.

Additional information is set forth in the Company's 8-K Report
dated Dec. 21, 2007, filed with the Securities and Exchange
Commission.

                    About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed USUS$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.


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


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

         JSC KPB Treuhand
         Konizstrasse 230
         3097 Liebefeld BE
         Switzerland

The Debtor can be reached at:

         JSC Aaregg
         Bern
         Switzerland


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

         JSC Caminada Treuhand
         Baarerstrasse 112
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC BETE CONSULTING
         Zug
         Switzerland


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

         JSC Allied Finance Trust
         Bahnhofstrasse 14
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         LLC conneccct
         Zurich
         Switzerland


COWI-FOODART JSC: St. Gallen Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Nov. 19 an order
closing the bankruptcy proceedings of JSC COWI-foodart.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Addolorata Tazza
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC COWI-foodart
         Industriestrasse 135
         9200 Gossau SG
         Switzerland


DUOPLAN LLC: Creditors' Liquidation Claims Due by Feb. 11, 2008
---------------------------------------------------------------
Creditors of LLC Duoplan have until Feb. 11, 2008, to submit
their claims to:

         Josef Wider
         Freiburgstrasse 101
         3174 Thorishaus AG
         Switzerland

The Debtor can be reached at:

         LLC Duoplan
         Neuenegg
         Laupen BE
         Switzerland


EDELWEISS FINANCE: Creditors' Liquidation Claims Due by Dec. 31
---------------------------------------------------------------
Creditors of JSC Edelweiss Finance have until Dec. 31 to submit
their claims to:

         TREUCO Treuhand-Gesellschaft
         Mail box 2172
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Edelweiss Finance
         Geneva
         Switzerland


EITENBERG IMMOBILIEN: Creditors Must File Claims by December 31
---------------------------------------------------------------
Creditors of JSC Eitenberg Immobilien have until Dec. 31 to
submit their claims to:

         Rudolf Graf
         Liquidator
         Liseliweg 2
         5212 Hausen b. Brugg
         Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Eitenberg Immobilien
         Hausen AG
         Switzerland


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

         Thomas Diethelm
         Liquidator
         Russikerstr. 71
         8320 Fehraltorf
         Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Fritz Strebel
         Greifensee ZH
         Switzerland


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

         Robert Gerber
         Liquidator
         Bruschweidstrasse 59
         8626 Ottikon
         Gossau ZH
         Switzerland

The Debtor can be reached at:

         JSC Gerber Holzbau
         Gossau ZH
         Switzerland


GONERI BETON: Creditors' Liquidation Claims Due by December 31
--------------------------------------------------------------
Creditors of JSC Goneri Beton und Kies have until Dec. 31 to
submit their claims to:

         Hans-Ulrich Weger
         3985 Geschinen
         Goms VS
         Switzerland

The Debtor can be reached at:

         JSC Goneri Beton und Kies
         Oberwald VS
         Switzerland


KEN-CASA HOLDING: St. Gallen Court Closes Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Nov. 16 an order
closing the bankruptcy proceedings of JSC Ken-Casa Holding.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Branch Kaltbrunn
         8722 Kaltbrunn
         See-Gaster SG
         Switzerland

The Debtor can be reached at:

         JSC Ken-Casa Holding
         Bleichestrasse 3
         8640 Rapperswil
         See-Gaster SG
         Switzerland


PARFUMS ELLE: Glarus Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Glarus entered Nov. 13 an order
closing the bankruptcy proceedings of JSC Parfums Elle.

The Bankruptcy Service of Glarus can be reached at:

         Bankruptcy Service of Glarus
         8750 Glarus
         Switzerland

The Debtor can be reached at:

         JSC Parfums Elle
         Fabrikstrasse 4
         8750 Riedern GL
         Switzerland


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

         Josef Steinegger
         Liquidator
         Hauptstrasse 31
         7451 Alvaschein
         Albula GR
         Switzerland

The Debtor can be reached at:

         JSC ROTOLABEL
         Alvaschein
         Albula GR
         Switzerland


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

         JSC Risk-Consult
         Poststrasse 22
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Sati
         Zug
         Switzerland


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

         Wilhelm Schneider
         Liquidator
         Maienweg 4
         5102 Rupperswil
         Lenzburg AG
         Switzerland

The Debtor can be reached at:

         LLC SCHNEIDER Sicherheits-Management
         Zug
         Switzerland


SWISS FLEXPACKAGING: Creditors Must File Claims by December 31
--------------------------------------------------------------
Creditors of JSC Swiss FlexPackaging have until Dec. 31 to
submit their claims to:

         JSC Swiss FlexPackaging
         Industriestrasse 31
         6300 Zug
         Switzerland


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

         Bruno Schelbert
         Baarerstrasse 53/55
         Mail box: 4559
         6304 Zug
         Switzerland

The Debtor can be reached at:

         LLC Voce Group
         Zug
         Switzerland


W4B.CH WEBSERVICE: Creditors' Liquidation Claims Due by Dec. 30
--------------------------------------------------------------
Creditors of JSC w4b.ch webservice for business ag have until
Dec. 30 to submit their claims to:

         Roger Nachbur
         Liquidator
         Grammetstrasse 14
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC w4b.ch webservice for business ag
         Liestal BL
         Switzerland


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


ALMAR LLC: Proofs of Claim Filing Ends Jan. 2, 2008
---------------------------------------------------
Creditors of LLC Almar have until Jan. 2, 2008, to submit
written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 21/141/07.

The Debtor can be reached at:

         LLC Almar
         Apartment 5
         Lenskaya Str. 19
         69096 Zaporozhje
         Ukraine


DVORECHYEAL ENTERPRISE: Proofs of Claim Filing Ends Jan. 2, 2008
----------------------------------------------------------------
Creditors of OJSC Dvorechyeal Enterprise of Material-Technical
Supply (code EDRPOU 00907467) have until Jan. 2, 2008, to submit
written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B-39/200-07.

The Debtor can be reached at:

         OJSC Dvorechyeal Enterprise of
         Material-Technical Supply
         Pobeda Str. 43
         Tavilzhanka
         Dvorechye District
         Kharkov
         Ukraine


KHARKOVAL RADIOTELEVISION: Creditors Must File Claims by Dec. 31
----------------------------------------------------------------
Creditors of State Enterprise Kharkoval Radiotelevision
Intermediary Center (code EDRPOU 01188827) have until Dec. 31 to
submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Oct. 16.  The case is docketed as B-
39/186-07.

The Debtor can be reached at:

         State Enterprise Kharkoval Radiotelevision
         Intermediary Center
         Derevianko Str. 1-A
         61103 Kharkov
         Ukraine


KORZHI OJSC: Creditors Must File Claims by January 2, 2008
----------------------------------------------------------
Creditors of Korzhi OJSC (code EDRPOU 00857309) have until
Jan. 2, 2008, to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced the bankruptcy supervision
procedure on the company.  The case is docketed as B14/448-07.

The Debtor can be reached at:

         Korzhi OJSC
         Korzhi
         Barishovsky District
         07500 Kiev
         Ukraine


KRAFT LLC: Creditors Must File Claims by Dec. 31
------------------------------------------------
Creditors of LLC Kraft (code EDRPOU 30465064) have until Dec. 31
to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Oct. 17.  The case is
docketed as B 15/288-07.

The Debtor can be reached at:

         LLC Kraft
         Trubniki Avenue 25
         Nikopol
         53210 Dnipropetrovsk
         Ukraine


MOVABLE MECHANIZED 560: Creditors Must File Claims by Dec. 31
-------------------------------------------------------------
Creditors of State Enterprise Specialized Movable Mechanized
Column 560 have until Dec. 31 to submit written proofs of claim
to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company on Sept. 26.  The case is docketed as
5/189-B-07.

The Debtor can be reached at:

         State Enterprise Specialized
         Movable Mechanized Column 560
         Dnieprovsky Lane 6
         Novaya Kakhovka
         74900 Herson
         Ukraine


REAL METAL: Proofs of Claim Filing Ends December 31
---------------------------------------------------
Creditors of LLC Real Metal Kiev (code EDRPOU 33595271) have
until Dec. 31 to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as B11/376-07.

The Debtor can be reached at:

         LLC Real Metal Kiev
         Lenin Str. 24
         Ozernaya
         Belaya Tserkov District
         09129 Kiev
         Ukraine


TANAIS-PLUS LLC: Proofs of Claim Filing Ends December 31
--------------------------------------------------------
Creditors of LLC Tanais-Plus (code EDRPOU 31686288) have until
Dec. 31 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as 21/134/07.

The Debtor can be reached at:

         LLC Tanais-Plus
         Lenin Avenue 44/33
         Zaporozhje
         Ukraine


TRADEIMPEKS LTD: Creditors Must File Claims by Dec. 31
------------------------------------------------------
Creditors of LLC Tradeimpeks Ltd (code EDRPOU 34598797) have
until Dec. 31 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company.  The case is docketed as 7/300-07-
7844.

The Debtor can be reached at:

         LLC Tradeimpeks Ltd.
         Tchapayev Lane 5A
         Odessa
         Ukraine


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


BALLY TECHNOLOGIES: Fitch Lifts Issuer Default Rating to B
----------------------------------------------------------
Fitch Ratings has upgraded Bally Technologies' (NYSE: BYI)
Issuer Default Rating and senior secured bank debt ratings as:

    -- IDR to 'B' from 'B-';
    -- Secured bank credit facilities to 'BB/RR1' from 'B/RR3'.

The secured credit facilities comprise a term loan with US$292
million outstanding as of Sept. 30, 2007, and a US$75 million
revolver.

The Rating Outlook was revised to Positive from Stable, which
reflects the company's significant progress in terms of its
operating performance and its financial restatements as well as
expectations of continued improvements in cash flow generation.

The rating actions are based on Bally's significantly improved
product pipeline and solid acceptance of the Alpha operating
system platform over the past couple of years, which is
generating meaningful improvement in its financial performance.
On Dec. 20, 2007, Bally announced its F1Q'08 (period end
Sept. 30, 2007) results and revised its expectations for FY08.
Driven by its improved product platform, Bally generated 23%
revenue growth to US$189 million in F1Q'08 and expects 27%
growth in FY08 to more than US$865 million (up from previous
expectations of US$830 million).  Reported Adjusted EBITDA more
than doubled to US$58.5 million in F1Q'08 compared to US$26.4
million in F1Q'07, so LTM Adjusted EBITDA through Sept. 30, 2007
is roughly US$171 million.  Bally's leverage ratio according to
its credit facility as of Sept. 30, 2007, was 1.82x versus a
maximum allowable of 3.50x.  Bally's credit profile has improved
dramatically with substantial operating momentum, roughly US$37
million in debt maturities in FY08 and FY09, unrestricted cash
balances of US$51.6 mil as of Sept. 30, 2007 (up from US$40.8
million as of June 30, 2007), US$48.7 million available on its
credit revolver, and a somewhat flexible capex budget.

Tempering the financial improvement is the fact that the company
has been under investigation by the SEC since 2005.  In its most
recent audited 10K dated June 30, 2007, the company continues to
note material weaknesses in internal controls over financial
reporting, with revenue recognition and inventory valuation
among the most significant items.  Delinquent SEC filings had
been weighing on Bally's credit rating and it appears that Bally
has resolved many of its reporting issues with Friday's filing
of the F1Q'08 10Q.  The company has become up-to-date with its
SEC filings, having filed three 10Ks and seven 10Qs since
November 2006.

Additional concerns include litigation risk and how Bally will
fare when the industry enters a new technology-driven upcycle in
the next 12 months to 24 months with the onset of server-based
gaming, which could benefit Bally as well as the other major
players including IGT, WMS, and Aristocrat.  While competition
has increased since the peak of the last cycle, IGT is likely to
remain the dominant player, in Fitch's view, because it has the
most financial resources, the broadest product pipeline, and the
largest sales/marketing team.  Fitch believes Bally's improved
financial position and operational turnaround should help it to
compete in the next cycle, but maintenance of Bally's recent
market share gains could become more challenging.  An upgrade
from current ratings may be influenced by how Bally performs as
server-based gaming becomes commercialized in 2008-2009.

The recovery ratings and notching reflect Fitch's recovery
expectations under a distressed scenario.  Bally's recovery
ratings reflect Fitch's expectation that the enterprise value of
the company, and hence recovery rates for its creditors, will be
maximized in a restructuring scenario (going concern), rather
than a liquidation given the company's limited tangible asset
base.  An 'RR1' recovery rating reflects Fitch's belief that
100% recovery, including the assumption of a fully drawn
revolver, is likely under a default scenario.  Given the
continued strong operating momentum that has generated US$171
million in LTM Adjusted EBITDA, Fitch has updated its default
EBITDA assumption for its recovery ratings to US$105 million, or
a 38% discount.  That is based on the outstanding term loan
balance, a fully drawn revolver assumption, and the credit
facility's 3.5 times leverage covenant.  Fitch believes the
credit facility is more than 100% covered with a modest market
multiple assumption of 6x, which is below recent industry
transactions since the current credit market environment is
likely to pressure transaction multiples.  Therefore, Fitch's
credit facility rating is notched up three to 'BB' from Bally's
IDR of 'B'.

Fitch's Recovery Ratings are a relative indicator of creditor
recovery prospects on a given obligation within an issuers'
capital structure in the event of a default.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.


BLUE LAGOON: Brings In Liquidators from Mazars
----------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Blue Lagoon (U.K.) Ltd. on Dec. 12 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


CC BIKES: Joint Liquidators Take Over Operations
------------------------------------------------
Nicholas Hugh O'Reilly and Simon Elliott Glyn of Vantis were
appointed joint liquidators of CC Bikes Realisations Ltd.
(formerly Colin Collins Ltd.) on Dec. 6 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


CHRYSLER LLC: CEO Confides Confidence in Operations and Finances
----------------------------------------------------------------
"There have been several recent media reports that have painted
an inaccurate picture of Chrysler LLC's current financial
position," Robert Nardelli, Chrysler LLC's Chairman and CEO,
said.  "Therefore, the management of Chrysler and our parent
company, Cerberus Capital Management, L.P., felt it imperative
to correct the record since such misinterpretations and
misperceptions are misleading and could leave the wrong
impression in the minds of investors and other interested
parties.

"First and foremost, it is important to note that Chrysler is
not only meeting, but, in many cases, exceeding its financial
targets heading into 2008.

"Importantly, Chrysler has ample liquidity.  We are fully funded
with working capital to meet our present and future needs and
objectives.  We are doing what any other prudent company is
doing during this challenging economic environment.  We are
trying to instill a sense of urgency throughout the workforce,
putting our capital to work effectively and efficiently,
streamlining inventory, improving current products and
developing new and innovative vehicles.  Our dealer body is
quite pleased that our inventory of vehicles was down another 4%
in November.

"In a 13-hour meeting this week with the Cerberus board of
directors, Cerberus praised and was highly complimentary of
Chrysler's progress to date and unanimously approved our 2008
plan.  We have a solid strategic direction to return the company
to long-term profitability.  We are on target and have the
unwavering support of Cerberus, as well as our other key
partner, Daimler AG.

"Cerberus met with its investors on Dec. 20, 2007, to share the
progress that has been made and to convey to these investors
that the company was meeting -- and in many cases -- exceeding
its targets.  The report was well received.

"Like many companies in today's uncertain economic environment,
Chrysler is moving aggressively to improve its business.  We
recognized in advance the increasingly competitive vehicle
market heading into 2008.  With that, we have been moving
aggressively to make our company leaner.  The steps we are
taking include previously announced volume-related reductions at
several North American assembly and powertrain plants and the
elimination of four products from our lineup, which is very
customary in the auto industry.

"However, we are very excited about the new products coming in
2008.  These include the legendary Dodge Ram pickup truck, the
Dodge Journey crossover, the relaunch of the historic Dodge
Challenger -- which has already generated 8,851 customer orders
-- and two, all-new, large hybrid SUVs, the Chrysler Aspen and
the Dodge Durango, demonstrating our support for the environment
and more fuel-efficient vehicles.

"For our current vehicle line-up we have already approved more
than 260 line item improvements to enhance our products -- most
for the 2008 calendar year.

"The recently completed national labor agreement with the United
Auto Workers -- which includes the establishment of an
independent retiree health care trust -- provides a framework to
improve the long-term competitiveness of the company.

"Since August and the first day of the new company, the
management team has been working to improve Chrysler's working
capital, disposing of non-core (or non-earning) assets and
reinvesting this cash into product development, new technology
and new innovations for our customers."

Mr. Nardelli's statement can be attributed to Mark Neporent,
Chief Operating Officer and General Counsel of Cerberus Capital
Management L.P.:

"We remain extremely enthusiastic about our investment in
Chrysler.  Our underwriting assumed, and fully planned, that
Chrysler would incur losses in the near term. Under the
leadership of Bob Nardelli, Tom LaSorda and Jim Press, Chrysler
is already on track to exceed its multi-year restructuring and
recovery plan on virtually all key metrics.  We met with the
management team this week and fully endorse their strategic
direction and their plan to meet the challenges of the current
environment.  We are confident that Bob, Jim and Tom are taking
the right steps to bring Chrysler to profitability.  Our mutual
resolve to restore Chrysler to its leadership position as an
iconic brand is unwavering."

                        About Chrysler LLC

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.


FORD MOTOR: Resumes Pay Hikes for White-Collared Workers in 2008
----------------------------------------------------------------
Ford Motor Co. and General Motors Corp. will resume salary
increases of white-collared employees in 2008, various reports
say.

The Detroit News relates that after discontinuing pay hikes in
2007, Ford announced that its white-collared workers will get
2.7% wage increases based on business conditions and employee
performance in April.

GM spokeswoman Brenda Rios confirmed that GM has consented to
dipping into the merit fund to give out to workers as salary
raises in the first half of 2008, Sharon Terlep of The Detroit
News reports.  However, the automaker hasn't disclosed how much
it will release to each worker.

Ford is also mulling shelling out annual bonuses to 54,000
United Auto Workers union workers in 2008 as promised, Staff
writer Sarah A. Webster of the Free Press relates.

In 2006, GM and Ford, the Detroit News says, offered wage hikes
while Chrysler LLC didn't.  Although, this year, Chrysler did,
while GM and Ford didn't.  Chrysler spokesman Kevin McCormick
says he is not sure if the carmaker will have pay increases next
year.

                             About GM

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

                           About Ford

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.


GENERAL MOTORS: Resumes Pay Hikes for Salaried Employees in 2008
----------------------------------------------------------------
General Motors Corp. and Ford Motor Co. will resume salary
increases of white-collared employees in 2008, various reports
say.

As reported in the Troubled Company Reporter on Feb. 13, 2006,
GM unveiled new actions to support its ongoing North American
turnaround plan.  The new actions are expected to generate
savings, stem losses, reduce costs and business risks, and
further enhance GM's financial flexibility.  A major part of the
turnaround plan is for GM Chairman and CEO Rick Wagoner and
other senior officers and directors to take pay cuts and for the
company to slash its cash dividends.

GM spokeswoman Brenda Rios confirmed that GM has consented to
dipping into the merit fund to give out to workers as salary
raises in the first half of 2008, Sharon Terlep of The Detroit
News reports.  Although, the automaker hasn't disclosed how much
it will release to each worker.

The Detroit News relates that after discontinuing pay hikes in
2007, Ford announced that its white-collared workers will get
2.7% wage increases based on business conditions and employee
performance in April.

Ford is also mulling shelling out annual bonuses to 54,000
United Auto Workers union workers in 2008 as promised, Staff
writer Sarah A. Webster of the Free Press relates.

In 2006, GM and Ford, the Detroit News says, offered wage hikes
while Chrysler LLC didn't.  Although, this year, Chrysler did,
while GM and Ford didn't.  Chrysler spokesman Kevin McCormick
says he is not sure if the carmaker will have pay increases next
year.

                           About Ford

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                             About GM

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

                         *     *     *

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

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


GENERAL MOTORS: Sells 1 Million Vehicles in China in One Year
-------------------------------------------------------------
General Motors Corp. became the first global automaker to sell 1
million vehicles in China in a single year today when GM China
Group President and Managing Director Kevin Wale handed the keys
to a Buick Park Avenue to Mr. Zhang Jianping at Shanghai GM's
corporate showroom in Shanghai.

"Becoming the first global manufacturer to sell 1 million
vehicles in China is a demonstration of the strength of our
product, our people and our partnerships," GM Chairman and CEO
Rick Wagoner said.  "China is a very important market, and we're
extremely proud of the contribution we have been able to make to
the growth and development of its automotive industry.  It's
been an extremely beneficial relationship for both sides."

GM sales in China first surpassed 100,000 units annually back in
2002.  Since then, GM sales have enjoyed steady growth, topping
500,000 annual sales in 2005, thanks to its growing lineup of
brands and vehicles.  The milestone million mark featured GM's
best-known and strongest brand in China, Buick.

"I'm extremely honored to be the one millionth customer in 2007
for General Motors," Mr. Zhang said.  "This is my second Buick
and I appreciate the performance, safety and durability of
Buick.  In addition, I was very satisfied with the fuel economy
of my first car.  After comparing other products in the premium
segment for my next car, it made perfect sense to choose the
Park Avenue."

"From day one, GM and our partners have been committed to
continually rolling out new and upgraded models, with specific
engineering done in China for China to satisfy the needs of
Chinese vehicle buyers across the country," Mr. Wagoner added.

This year, GM and its joint venture partners have begun offering
several new products, including the Cadillac SLS luxury business
sedan, Buick Park Avenue premium sedan, Chevrolet Captiva SUV,
all-new Chevrolet Epica intermediate sedan and Wuling Hong Tu
minivan.

According to Wagoner, reaching the new sales mark in 2007 is
especially significant as it is taking place in a year in which
GM has celebrated several milestones in China.  Both Shanghai
GM, the automaker's flagship manufacturing joint venture, and
the Pan Asia Technical Automotive Center (PATAC), GM's
engineering and design joint venture with Shanghai Automotive
Industry Corporation (SAIC), marked their 10th anniversaries
earlier this year.  SAIC-GM-Wuling, GM's mini-vehicle joint
venture, also celebrated its fifth anniversary.


                             About GM

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

                         *     *     *

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

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


INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
--------------------------------------------------------------
Intermec Technologies Inc. has appointed David Yung as its Vice
President and General Manager, Asia Pacific Region.

Mr. Yung is a technology veteran with over twenty years of
general management experience in the Asia Pacific region.  Mr.
Yung was most recently at RS Components LTD, where he served as
Asia Pacific, General Manager.  He was responsible for building
out a partner and distribution network for a B-to-B
electronic and automation instrumentation business line.

Previous to his role at RS Components, Mr. Yung was the Managing
Director at Lenovo, Inc., leading an enterprise sales capture
team focusing on large project awards and deployments to top
tier clients throughout Northern and Southern Asia.

"David is a results oriented general manager who demonstrates
effective team building, communications and planning skills,"
said Michael A. Wills, SVP of Global Sales and Service.  "These
leadership skills are a vital component to our growth prospects
in the Asia Pacific region."

                   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.


MAMA PRODUCTIONS: Taps Liquidators from Vantis
----------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis were
appointed joint liquidators of Mama Productions Ltd. on Dec. 14
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

The company can be reached at:

         Mama Productions Ltd.
         21 Market Square
         Bicester
         Oxfordshire
         OX26 6AD
         England


RMAC SECURITIES: Moody's Cuts Ratings to Ba2 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 were previously
placed on review for possible downgrade on the Oct. 3, 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.


TATA MOTORS: Launches New Medium & Heavy Commercial Vehicles
------------------------------------------------------------
Tata Motors Ltd last week unveiled its new and exciting range of
Medium and Heavy Commercial vehicles in Pune.

This year, Tata Motors will redefine motoring solutions in the
country with its all-new range in Medium and Heavy Commercial
Vehicles.  These trucks and value-added applications clearly
signal Tata Motors commitment to bringing customised solutions
with the latest technologies.  It will be the first time that
these many new models are being launched in a single year.

Commenting on the launches, the Executive Director of Tata
Motors Commercial Vehicle Business Unit, P.M. Telang said, "It
gives me immense pleasure to showcase our new range of medium
and heavy commercial vehicles.  With the introduction of this
new range, Tata Motors reiterates its leadership position in
providing the best commercial vehicle solutions for its
customers and business partners.  The new product range further
enhances the company's image as a value-added M&HCV
manufacturer".

The Medium and Heavy Commercial Vehicles range on display
includes:

1. The Tata LPS 4930 Novus-6x4 BSII Tractor is a 49 ton 6X4
   Novus tractor.  The vehicle has a contemporary and a
   luxurious AC cabin, which is customised for optimum
   performance in Indian conditions. It is fitted with ATOS 80
   frame to withstand toughest operating condition. It has 11 R
   20 radial tyres along with ABS technology to provide maximum
   safety.  The maximum power capacity of the vehicle is 295.8HP
   at 2200 rpm and torque of 1127 Nm@1400 rpm and 25%
   gradeability.  It is also factory fitted with GPS/ Data
   logger solution.  It has been fitted with a maximum gear
   speed of 82 kmph.  Ideal vehicle for container, steel, cement
   and petroleum.

2. TheTata LPS 4923 TC 6x4 BS II Tractor is a 49ton GCW
   Tractor-Trailer.  The vehicle has been fitted with a proven
   world class Cummins engine with matching Eaton gearbox. It
   offers 25% gradeability for use in tough terrains.  The
   vehicle has inverted bogie suspension, which has long life
   and good axle alignment retention property, used for the
   first time by Tata Motors in this class of vehicle.  It is a
   durable and world-class vehicle, with easy maintenance, less
   down time and offers enhanced safety and comfort features.
   The engine delivers a superior power of 230HP.  Its torque is
   814 Nm resulting in less fatigue and more mileage.  The
   vehicle has been fitted with an Anti Lock Brake System.  The
   Tata LPS 4923 offers some more additional product features
   such as inter-axle differential lock, serrated coupling,
   small silencer size, propeller shaft, water-cooled
   compressor, air-assisted clutch booster. It has 3 variants -
   cowl, cabin chassis and fully built with 3-axle trailer.
   Ideal vehicle for steel coil, cement, containers and ODC
   (over dimensional cargo).

3. The Tata LPT 3118 TC 8x2 BS II Truck is India's first 8 X
   2 Multi Axle truck with 'Lift Axle'.  It is fitted with
   Automatic Load Sensing Value for optimum Lift Axle function.
   The Gross Vehicle Weight (GVW) is 31,000 kgs, thus offering
   more payload, minimum operating cost and in turn more
   earnings for the customer. It delivers a maximum power of
   177HP at 2500 rpm and torque of 650 Nm@1500 rpm and
   gradeability of 21%.  It has a max gear speed of 79.1kmph, an
   overall length of 9290 mm (for cab) and a ground clearance of
   248 mm.  It has three variants -- cowl, cab chassis and cab
   load body.  Ideal vehicle for cement, containers, tankers,
   petrochemicals, fertilizers, food grain, timber and general
   cargo.

4. The Tata LPT 2516 Super Turbo Multi Axle Truck provides the
   best fuel efficiency in its class coupled with superior
   power pick-up and speed.  It is powered by 160 PS, 697
   turbocharged intercooled diesel engine. This is the first
   time that radial tyres have been offered as a standard
   fitment.  The new engine comes with a Waste Gate Turbo
   Charger, Special Cylinder Head and Combustion Chamber,
   Pistons and High Pressure Injectors. The vehicle has booster
   assisted clutch, making clutch operation as smooth as a car.
   The vehicle provides the owner superior fuel efficiency,
   faster turnaround time, improved tyre life and better
   drivability.  Ideal vehicle for the use of cement, tankers,
   fertilisers, foodgrains and general cargo.

5. The Tata LPK 2518 TC 6x4 BS II Tipper has high power and
   torque with a higher gradeability of 24%. It has contemporary
   ribless body design with a meritor MT 28 1495 heavy duty
   axle, G750 6-speed gearbox.  The Cummins engine delivers a
   maximum power 176HP at 2250rpm.  The torque is 654 Nm at 1500
   rpm and has a FC tipping to provide more stability during
   tipping at uneven surfaces. Its wheelbase is 3880 mm and has
   a maximum gear speed of 70 kmph.  It overall length is 6830
   mm (for 38 W.B for chassis with N.S cab).  It has an option
   of 20 cubic metres body on 48WV. Ideal vehicle for light
   mining, construction and road work.

6. The Tata LPK 1618 BS II Tipper is India's first 4 X 2
   front end tipper with 176HP Cummins engine, which delivers a
   maximum power of 176.9HP at 2500 rpm and a high torque of 650
   Nm at 1500 rpm.  Further it comes with a clutch booster for
   driving comfort.  The Tipper has the highest gradebality in
   its class of vehicle range of 35%, and offers contemporary
   ribless body design.  This offers the best driving comfort to
   the customers.  The LPK 1618 TC is available in three
   variants -- 10 cum box, 8 cum box and 7 cum scoop load
   bodies.  It has a 3600mm wheelbase and is also available in
   3200mm wheelbase.  Ideal vehicle for mining (iron ore, O&B
   removal), tough construction sites like dam, irrigation, etc.

                     Multiple Applications

Applications such Trailer Transit Mixers, Tip Trailers, Side
Walled-Trailers, Garbage Compactors, Reefer Trucks, Dumper
Placers, Hi-Decks and Half Decks have been introduced on these
and other M&HCV's, making the range robust.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: To Participate in 9th Auto Expo Beginning Jan. 9
-------------------------------------------------------------
Tata Motors and Fiat India Automobile Private Limited are
participating jointly in the 9th Auto Expo in New Delhi,
beginning on Jan. 9, 2008, with a pavilion spread over 5,200
square metres.

Tata Motors will display a range of new passenger vehicles,
while Fiat will display passenger cars from its international
range.  From its commercial vehicles business, Tata Motors'
displays will include buses from the joint venture with
Marcopolo of Brazil, newly developed multi-axle heavy trucks,
pickup vehicles, applications of panel vans, and new mini-
trucks.

In keeping with the company's tradition of unveiling its new
cars at the Auto Expo, the company will present its People's
Car, which will be unveiled at a special ceremony on Jan. 10.
Although the People's Car will be unveiled at the Expo, the
commercial launch will take place later in 2008.

The New Delhi Auto Expo, which is a biennial event, has been the
glittering showcase of the Indian automobile and auto-component
industry for the last 18 years.  A complete automotive show, it
is a platform for the world to display state-of-the-art and
latest developments in the automotive industry.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


VONAGE HOLDINGS: Settles AT&T Patent Feud; Agrees to Pay US$39MM
----------------------------------------------------------------
Vonage Holdings Corp. and AT&T have entered into a definitive
agreement to settle their patent dispute.  The companies had
agreed in principle to a settlement on Nov. 7, 2007.  The
company reached an agreement in principle with AT&T to settle
the IP litigation suit which was filed on Oct. 17, 2007.
Specifically, AT&T filed suit against Vonage in the District
Court, Western District of Wisconsin, concerning Patent No.
6,487,200, entitled "Packet Telephone System".

The parties will work diligently to finalize the specific terms
of the settlement agreement.  The general terms being discussed
by the parties would require Vonage to pay US$39 million over
five years.  AT&T would agree to dismiss the lawsuit against
Vonage, and Vonage would agree to dismiss a case against AT&T
which is also outstanding.  If negotiations of a definitive
settlement agreement fail, then Vonage intends to vigorously
defend itself in this matter.

                          About Vonage

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

                          *     *     *

At Sept. 30, 2007, Vonage Holdings Corp.'s consolidated balance
sheet showed US$665.8 million in total assets and US$728.7
million in total liabilities, resulting in a US$62.9 million
total shareholders' deficit.


WATCHBELL LTD: Calls In Liquidators from KPMG
---------------------------------------------
Richard J. Hill and Paul Andrew Flint of KPMG LLP were appointed
joint liquidators of Watchbell Ltd. on Dec. 17 for the
creditors' voluntary winding-up proceeding.

Mr. Hill can be reached at:

         KPMG LLP, Restructuring
         100 Temple Street
         Bristol
         BS1 6AG

Mr. Flint can be reached at:

         KPMG LLP, Restructuring
         St. James Square
         Manchester
         M2 6DS
         England


WOTADOO LTD: Appoints M. C. Bowker as Liquidator
------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Wotadoo 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


                            *********

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

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

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

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

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

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