TCREUR_Public/080102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, January 2, 2008, Vol. 9, No. 1

                            Headlines




A U S T R I A

DOX.AT SOFTWAREMARKETING: Vienna Court Orders Business Shutdown
FRIEDRICH ZAJIC: Creditors' Meeting Slated for Jan. 15
KANURIC KEG: Creditors' Meeting Slated for Jan. 14
MUSTAFIC OEG: Court Approves Administrator's Dismissal
RUDOLF TOSNAR: Creditors' Meeting Slated for Jan. 10

S & M LLC: Leoben Court Orders Business Shutdown
TRELLIS AUTOMATISIERUNGS: Creditors' Meeting Slated for Jan. 10


B E L G I U M

FEDERAL-MOGUL: Emerges From Bankruptcy Protection in Delaware
POPE & TALBOT: May Tap Pachulski Stang as Bankruptcy Co-Counsel
POPE & TALBOT: May Tap Shearman Sterling as Bankruptcy Counsel
POPE & TALBOT: Seeks Court Okay to Assign Contracts to InterFor


D E N M A R K

BIO-RAD LABS: Earns US$28 Mil. in Third Quarter Ended Sept. 30


F R A N C E

CINRAM INT'L: Implements Changes to Internal Debt Structure
CINRAM INT'L: Paying December 2007 Distributions on January 15
GENERAL CABLE: Gregory Kenny Steps Down as President and CEO
PRIDE INTERNATIONAL: Provides Update on Fleet Contract Status


G E R M A N Y

111PROZENT WERBEAGENTUR: Claims Registration Period Ends Jan. 11
BALTIC SOUL: Claims Registration Ends January 25, 2008
BFM-GMBH: Claims Registration Period Ends Jan. 7
ECOMARES GMBH: Creditors' Meeting Slated for Jan. 21
ECOMARES VERWALTUNGS: Creditors' Meeting Slated for Jan. 21

ECOMARES MARIFARM: Creditors' Meeting Slated for Jan. 21
EGO RANCH: Claims Registration Ends January 25, 2008
EURONEON LICHTWERBE: Claims Registration Period Ends Jan. 29
IBO METALLTECHNIK: Claims Registration Period Ends Jan. 28, 2008
PREISS & CO: Claims Registration Period Ends Jan. 31

PROVIDE-VR 2003-1: S&P Puts Class E Notes on Watch
REALGRUND GRUNDSTUECKS: Claims Registration Ends Jan. 28, 2008
SCHREINEREI BUCHINGER: Claims Registration Ends Jan. 25, 2008
SOUNDWIND GMBH: Claims Registration Period Ends Jan. 25, 2008
TONGHS-HOF BAUTRAGERGESELLSCHAFT: Claims Period Ends Jan. 21

WEBER GMBH: Claims Registration Period Ends Jan. 20


G R E E C E

FAGE DAIRY: S&P Cuts Ratings to B- on Operating Pressure


H U N G A R Y

HUNGARIAN TELEPHONE: Buys Memorex Telex for EUR90.5 Million
HUNGARIAN TELEPHONE: Memorex Deal Cues S&P's Watch on B+ Ratings


I T A L Y

FIAT SPA: Withdraws From Nanjing Automobile Joint Venture
IMAX CORP: Limited Liquidity Cues S&P to Affirm CCC+ Rating


K A Z A K H S T A N

AGROFIRM TURKSIB: Proof of Claim Deadline Slated for Jan. 29
BUILD COMPLECT: Creditors Must File Claims by Jan. 25
ILI-AGRO LLP: Claims Filing Period Ends Jan. 26
KAZANDYK LLP: Creditors' Claims Due on Jan. 23
NOTIS XXI: Claims Registration Ends Jan. 25

RAUAN LLP: Proof of Claim Deadline Slated for Jan. 25
SALYAN LLP: Creditors Must File Claims by Jan. 23
SB STROY: Claims Filing Period Ends Jan. 29
SHAGALA LLP: Creditors' Claims Due on Jan. 25
TRANS EXPRESS: Claims Registration Ends Jan. 29


K Y R G Y Z S T A N

AK-ASHUU: Creditors Must File Claims by Jan. 23


N E T H E R L A N D S

PARK MOUNTAIN: Moody's Puts Low-B Ratings on Two Note Classes


N O R W A Y

PETROLEUM GEO-SERVICES: S&P Rates US$400 Million Loan at B


P O L A N D

NETIA SA: Acquires 37.8% Stake in Uni-Net for PLN7.1 Million


R U S S I A

MOSPROMBANK LLC: Creditors Must File Claims by Feb. 15, 2008
MURMASKAYA DOCK: Creditors Must File Claims by Jan. 15, 2008
RODINSKY BUTTERPLANT: Asset Sale Slated for Jan. 14, 2008
SHATKOVSKY BUTTER: Creditors Must File Claims by Feb. 15, 2008
STRELETS LLC: Creditors Must File Claims by Feb. 15, 2008

TRANSCREDITBANK: Moody's Lifts Currency Deposit Rating to Ba1


S P A I N

SANTANDER EMPRESAS 4: Fitch Junks EUR46 Mln Series F Notes
SANTANDER HIPOTECARIO 4: Fitch Junks EUR14.8 Mln Class F Notes
VALENCIA HIPOTECARIO 4: Moody's Junks EUR28.5 Mln Series D Notes


S W I T Z E R L A N D

BOSOMA JSC: Bern Court Starts Bankruptcy Proceedings
DALBOTEX JSC: Bern Court Starts Bankruptcy Proceedings
DATA DESIGN: Creditors' Liquidation Claims Due by January 3
EIGER ASSET: Creditors' Liquidation Claims Due by January 3
FREI + PARTNER: Creditors' Liquidation Claims Due by January 4

ST. LAURENT: Creditors' Liquidation Claims Due by January 3
KOCHERT CONSULTING: Creditors' Liquidation Claims Due by Jan. 3
LLC LOVIPAR: Creditors' Liquidation Claims Due by January 3
TRANS-WORLD SERVICE: Creditors' Liquidation Claims Due by Jan. 3
VANTRADE LTD: Creditors' Liquidation Claims Due by January 3


U K R A I N E

BANK FINANCE: Moody's May Lift B2 Deposit Rating After Review
OSCHADBANK: Fitch Assigns BB- Ratings with Positive Outlook


U N I T E D   K I N G D O M

ABRAE TECHNOLOGY: M. C. Bowker Leads Liquidation Procedure
ARENA LEARNING: Brings In Liquidators from Tenon Recovery
AUSTIN DIVALL: Joint Liquidators Take Over Operations
BERKELEY BERRY: Calls In Liquidators from KPMG
BLUEWAYS COACHES: Appoints S. J. Parker as Liquidator

BRITISH AIRWAYS: Finalizes US$4.4 Bln Boeing Aircraft Order
FOCUS COACHES: Names M. C. Bowker Liquidator
FORD MOTOR: Works With Chinese Suppliers to Improve Conditions
HOLLY CONSTRUCTION: Taps Ian William Kings to Liquidate Assets
JOHN ACRES: Hires Liquidators from Vantis

KRB THOROUGHBREDS: Appoints Liquidators from KPMG
LANDMARK SECURITIES: Fitch Affirms Class D Notes at BB
MANSARD MORTGAGES 2007-2: Fitch Rates Class B2a Notes at BB
ONE RED: Brings In Liquidators from Tenon Recovery
OXFORD PRINT: Calls In Liquidators from Tenon Recovery

P P TRAINING: Taps Liquidators from Tenon Recovery
PROFITABLE PLOT: C. K. Rayment Leads Liquidation Procedure
ZIPADEEDOODAH LTD: Joint Liquidators Take Over Operations




                            *********

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


DOX.AT SOFTWAREMARKETING: Vienna Court Orders Business Shutdown
---------------------------------------------------------------
The Trade Court of Vienna entered Nov. 12, 2007, an order
shutting down the business of LLC Dox.at Softwaremarketing und
Vertrieb (FN 200028i).

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 6, 2007 (Bankr. Case No 5 S 129/07s).  Norbert Schopf
represents Dr. Zens in the bankruptcy proceedings.


FRIEDRICH ZAJIC: Creditors' Meeting Slated for Jan. 15
------------------------------------------------------
Creditors owed money by LLC Friedrich Zajic Bau (FN 249103d) are
encouraged to attend the creditors' meeting at 11:50 a.m. on
Jan. 15.

The creditors' meeting will be held at:

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

Headquartered in Blindenmarkt, Austria, the Debtor declared
bankruptcy on Nov. 14, 2007 (14 S 190/07t).  Gerhard Taufner
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

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


KANURIC KEG: Creditors' Meeting Slated for Jan. 14
--------------------------------------------------
Creditors owed money by Kanuric KEG Cafe Ramada (FN 228827k) are
encouraged to attend the creditors' meeting at 9:30 a.m. On
Jan. 14.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 14, 2007 (3 S 146/07a).  Ilse Korenjak serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 512 21 02
         Fax: 512 21 02-20
         E-Mail: office@buresch-korenjak.at


MUSTAFIC OEG: Court Approves Administrator's Dismissal
------------------------------------------------------
The Land Court of St. Poelten approved Dr. Christian Lind's
request to dismiss him as estate administrator of OEG Mustafic
(FN 262498b).

Mag. Oliver Simonic replaced Dr. Lind from his position on
Nov. 13, 2007.

The new estate administrator can be reached at:

         Mag. Oliver Simoncic
         Rathausplatz 3-4
         3100 St. Poelten
         Austria
         Tel: 02742/47 082
         Fax: 02742/47 082-19
         E-mail: rechtsanwalt@simoncic.at

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Nov. 12, 2007 (14 S 186/07d).


RUDOLF TOSNAR: Creditors' Meeting Slated for Jan. 10
----------------------------------------------------
Creditors owed money by LLC Rudolf Tosnar (FN 174771t) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Jan. 10.

The creditors' meeting will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Guntramsdorf, Austria, the Debtor declared
bankruptcy on Nov. 13, 2007 (10 S 110/07s).

Valentin Piskernik serves as the court-appointed estate
administrator of the bankrupt's estate.  Thomas Wanek represents
Mag. Piskernik in the bankruptcy proceedings.

The estate administrator can be reached at:

         Mag. Valentin Piskernik
         c/o  Dr. Thomas Wanek
         Hochstrasse 31
         2380 Perchtoldsdorf
         Austria
         Tel: 01/8693888
         Fax: 01/869166033
         E-mail: anwalt@aon.at


S & M LLC: Leoben Court Orders Business Shutdown
------------------------------------------------
The Land Court of Leoben entered Nov. 13, 2007, an order
shutting down the business of LLC S & M (FN 286382a).

Court-appointed estate administrator Scherbaum Norbert
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. Scherbaum Norbert
         Einspinnergasse 3
         8010 Graz
         Austria

Headquartered in Judenburg, Austria, the Debtor declared
bankruptcy on Nov. 12, 2007 (Bankr. Case No 17 S 95/07z).


TRELLIS AUTOMATISIERUNGS: Creditors' Meeting Slated for Jan. 10
---------------------------------------------------------------
Creditors owed money by LLC TRELLIS Automatisierungs- & Event-
Technik (FN 272780y) are encouraged to attend the creditors'
meeting at 10:00 a.m. on Jan. 10.

The creditors' meeting will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on Nov. 14, 2007 (10 S 111/07p).  Petra Klingenschmid
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

         Mag. Petra Klingenschmid
         Wassergasse 20
         2500 Baden bei Wien
         Austria
         Tel: 02252/252991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at


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


FEDERAL-MOGUL: Emerges From Bankruptcy Protection in Delaware
-------------------------------------------------------------
Federal-Mogul Corporation and its debtor affiliates relate that
their Plan of Reorganization became effective on Dec. 27, 2007.

The Plan has been substantially consummated pursuant to Section
1101(2) of the Bankruptcy Code, according to Laura Davis Jones,
Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington
Delaware.  All conditions contained in the Plan have been
satisfied or waived.

As reported in the Troubled Company Reporter on Nov. 12, 2007,
the Plan was confirmed by the U.S. Bankruptcy Court for the
District of Delaware on November 8 and affirmed by the U.S.
District Court for the District of Delaware on November 14.  The
Confirmation Order relating to the Plan is final and non-
appealable.  The record date for holders of allowed claims and
equity interests under the Plan was November 8.

Under the confirmed Plan, all entities are permanently stayed,
restrained and enjoined from taking any action for the purpose
of collecting, recovering or receiving payments or recovery with
respect to any asbestos personal injury claim or demand.
Moreover, all entities -- excluding the Asbestos Trust, the
Asbestos Insurance Companies and Reorganized Federal-Mogul to
the extent permitted or required to pursue claims relating to
the Hercules Policy, any EL Policy, and Asbestos Insurance
Actions and Asbestos Insurance Action Recoveries -- that have
asserted, assert, or may assert any claim or cause of action
against any Asbestos Insurance Company based on any Asbestos
Personal Injury Claim or Demand, are stayed.

"We are delighted to have reached this significant milestone in
Federal-Mogul's 108-year history of serving the global
automotive industry," Federal-Mogul Chairman, President and
Chief Executive Officer Jose Maria Alapont said.  "We are
confident about our future and wish to acknowledge the support
and loyalty of our customers, suppliers and employees
worldwide."

"The company's performance reflects the dedication of the
Federal-Mogul team, paving the way toward emergence from Chapter
11," Mr. Alapont added.  "We are committed to our global
strategy for sustainable profitable growth, as we remain focused
on creating value for our customers through innovative
technologies, leading products, operational and service
excellence, and best cost optimization in all areas of our
business."

All final requests for compensation or reimbursement of the fees
of any professional employed in the cases of Reorganized
Federal-Mogul, pursuant to Sections 327 or 1103 of the
Bankruptcy Code, must be filed and served on Reorganized
Federal-Mogul and its counsel no later than Feb. 25, 2008.

All requests for payment of an Administrative Claim against any
of the U.S. Debtors must be filed with the Bankruptcy Court and
served on the U.S. Trustee and counsel for Reorganized Federal-
Mogul no later than April 25, 2008.

                       About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, Mexico, Malaysia, Australia, Belgium,
China, India, Japan, Korea, Poland, Thailand, United Kingdom,
among others.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Bankruptcy Court confirmed the
Fourth Amended Plan on Nov. 8, 2007.


POPE & TALBOT: May Tap Pachulski Stang as Bankruptcy Co-Counsel
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has granted Pope & Talbot Inc. and its debtor-affiliates
authority to employ Pachulski Stang Ziehl & Jones LLP, as their
bankruptcy co-counsel, nunc pro tunc to the Nov. 19, 2007.

Pachulski will file applications and be compensated in
accordance with Sections 330 and 331 of the Bankruptcy Code, the
Bankruptcy Rules, the Local Rules and other procedures as may be
fixed by Court order.

As reported in the Troubled Company Reporter on Nov. 30, 2007,
Harold N. Stanton, president and chief executive officer of Pope
& Talbot Inc., said that the Debtors selected Pachulski Stang
because of the firm's extensive experience and knowledge in
business reorganizations under Chapter 11.  He added that in
preparing for its representation, Pachulski Stang has
familiarized with the Debtors' businesses and affairs, and many
of the  potential legal issues, which may arise in the
Chapter 11 cases.

As the Debtors' co-counsel, Pachulski Stang will:

   -- provide legal advice with respect to the Debtors' powers
      and duties as debtors-in-possession in the continued
      operation of their businesses and management of their
      property;

   -- prepare necessary applications, motions, answers, orders,
      reports, and other legal papers;

   -- appear in Court to protect the interests of the Debtors;

   -- prepare and pursue approval of a disclosure statement and
      confirmation of a plan of reorganization; and

   -- perform all other legal services for the Debtors.

In accordance with Section 330(a) of the Bankruptcy Code,
Pachulski Stang will be paid according to its customary hourly
rate and will be reimbursed of its actual and necessary
expenses.  Pachulski Stang's standard hourly rates are:

             Professional           Hourly Rate
             ------------           -----------
             Laura Davis Jones         US$750
             James E. O'Neill          US$475
             Timothy P. Cairns         US$350
             Karina Yee                US$180

Pachulski Stang related that it has received payments,
aggregating US$135,000, from the Debtors during the year prior
to the bankruptcy filing in connection with its representation
of the Debtors.

Laura Davis Jones, Esq., a managing partner at Pachulski Stang,
assured the Court that her firm does not hold or represent any
interest adverse to the Debtors' bankruptcy estates.  She added
that Pachulski Stang is a "disinterested person" as defined in
Section 101(14) of Bankruptcy Code.

                       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: May Tap Shearman Sterling as Bankruptcy Counsel
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has granted Pope & Talbot Inc. and its debtor-affiliates
permission to employ Shearman & Sterling LLP, as their
bankruptcy counsel, effective as of the date of bankruptcy
filing.

The Hon. Christopher S. Sontchi also authorized Shearman &
Sterling to apply its remaining credit balance in favor of the
Debtors, to pay any fees, charges and disbursements relating to
prepetition services rendered to the Debtors that remain unpaid
as of Nov. 19, 2007.

The remaining portion of the Retainer will be applied to fees,
charges and disbursements relating to postpetition services
rendered to the Debtors.

As reported in the Troubled Company Reporter on Nov. 30, 2007,
Harold N. Stanton, president and chief executive officer of Pope
& Talbot Inc., related that the Debtors selected Shearman &
Sterling because of the firm's extensive experience in
reorganization and bankruptcy proceedings, and familiarity with
the Debtors' business and legal affairs, and other issues
relevant to the reorganization.

As the Debtors' bankruptcy counsel, Shearman & Sterling will:

    -- provide legal advice with respect to the Debtors' powers
       and duties as debtors-in-possession in the continued
       operation of their business and management of their
       properties;

    -- prepare legal papers on behalf of the Debtors;

    -- pursue confirmation of a plan of reorganization and
       approval of the corresponding solicitation procedures and
       disclosure statement;

    -- attend meetings and negotiate with the creditors'
       representatives, equity holders and other parties-in-
       interest;

    -- provide general corporate, capital markets, mergers and
       acquisitions, employment, tax and litigation advice and
       other general non-bankruptcy legal services to the
       Debtors;

    -- appear before the Court, any appellate courts and the
       Office of the United States Trustee to protect the
       Debtors' interests; and

    -- provide other legal services necessary and proper in the
       Chapter 11 proceedings.

Shearman & Sterling intends to work closely with other
professionals retained by the Debtors to avoid unnecessary
duplication of services performed for or charged to the Debtors'
estates.

In exchange for the contemplated legal services, the Debtors
will pay Shearman & Sterling based on the firm's applicable
hourly rates:

         Professional             Hourly Rate
         ------------             -----------
         Partners                 US$695 to US$940
         Counsel/Specialists      US$500 to US$750
         Associates               US$325 to US$595
         Legal Assistants         US$100 to US$235

The Debtors will also reimburse the firm for expenses it may
incur, including travel costs and temporary employment of
additional staff, relating to any work undertaken.

Shearman & Sterling relates that it received an advance retainer
of US$800,000 from the Debtors.

Fredrick Sosnick, Esq., a Shearman & Sterling professional,
assured the Court that his firm is a "disinterested person," as
the term is defined in Section 101(14) of the Bankruptcy Code.

                       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: Seeks Court Okay to Assign Contracts to InterFor
---------------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates asks the United
States Bankruptcy Court for the District of Delaware for
authority to:

  (i) assume and assign to International Forest Products
      Limited, effective on the closing date, certain business
      contracts, and

(ii) execute and deliver to Interfor the documents
      or other instruments as may be necessary to cure, transfer
      and assign the Business Contracts to Interfor.

                   No Other Qualifying Bidders

Pursuant to the Court's bidding procedures order for the
Debtors' Wood Products Business, any Qualifying Bidder, other
than Interfor, must have delivered its bid by Dec. 14, 2007.

Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP,
in Wilmington, Delaware, tells the Court that since no other bid
was received by the Bid Deadline, "Interfor is deemed the
successful bidder pursuant to the Bidding Procedures and the
Purchase Price, as set forth in the Asset Purchase Agreement."

The Debtors believe that Interfor does not have any interest
that is materially adverse to the Debtors, their estates or
creditors, Ms. Jones notes.

Moreover, the Debtors believe that the terms and conditions of
the Asset Purchase Agreement are fair and reasonable and
comparable to terms of similar agreements in sales of comparable
assets, Ms. Jones states.

                        Cure of Defaults

To the extent that any monetary defaults exist under any
Business Contracts, pursuant to the terms of the Asset Purchase
Agreement, the Debtors will cure any default prior to the
assumption and assignment of the Business Contracts unless
provided otherwise in the Asset Purchase Agreement, Ms. Jones
explains.

Furthermore, to the extent that any nonmonetary defaults exist
under a nonresidential real property lease that is a Business
Contract, the default will be cured by Interfor by performance
at and after the assumption and assignment of the lease pursuant
to the terms of the Asset Purchase Agreement, Ms. Jones
clarifies.

The Debtors represent that upon information and belief, that
Interfor has sufficient financial resources and experience to
assure the non-debtor parties to the Business Contracts of
adequate future performance, Ms. Jones says.

A schedule of the Debtors' proposed cure amounts is available
for free at http://researcharchives.com/t/s?269c

                Debtors Want Exhibits Sealed

Ms. Jones tell the Hon. Christopher S. Sontchi that the InterFor
APA contains numerous schedules and exhibits, which the Debtors
have determined to be confidential in nature.

Accordingly, the Debtors seek the Court's authority to file
certain exhibits under seal.  These are:

   a. Exhibits:

      Exhibit 1.01(f) -- Principles and Procedures for Inventory
                         Valuation
      Exhibit 1.01(g) -- Formula for Determining Target
                         Inventory Adjustment
      Exhibit 1.01(i) -- Formula for Determining STI Adjustment
      Exhibit 2.10    -- Principles and Procedures for
                         Determining Forestry Services
      Exhibit 3.12    -- Timber Tenures
      Exhibit 5.05    -- Mill Log Inventories
      Exhibit 6.01    -- Salaried Employees

   b. Disclosure schedule:

      Section 3.13    -- Employee Benefit Matters

The Canadian Debtors likewise sought the Canadian Court's
authority to file the exhibits under seal.

                    Objections to Cure Amounts

Four parties filed individual objections to the Debtors'
proposed cure amounts.  Three of the four Objecting Parties
assert additional amounts that may fall due and accrue prior to
the Closing Date.

The Objecting Parties and the Cure Amounts asserted are:

                                               Amount
   Entity                                     Asserted
   ------                                     --------
   ARI Financial Services, Inc.                US$19,232
   Automotive Rentals, Inc.                      6,899
   Caterpillar Financial Services Corp.         51,164
   IGI Resources, Inc.                           3,976

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Judge Sontchi approved approved in all respects the stalking
horse purchase agreement the Debtors entered into with InterFor
for the sale of certain of their Wood Products Business Assets
and the assumption of certain related liabilities.

                       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).


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


BIO-RAD LABS: Earns US$28 Mil. in Third Quarter Ended Sept. 30
--------------------------------------------------------------
Bio-Rad Laboratories Inc. reported net income of US$28.0 million
for the third quarter ended Sept. 30, 2007, compared to net
income of US$23.2 million reported for the same period in 2006.
Third-quarter net income in 2006 benefited from a pre-tax
investment gain of US$4.7 million.  Third-quarter gross margin
was 55.4% compared to 54.7% in the third quarter last year.

Third-quarter revenues were US$339.7 million in 2007, up 11.5%
compared to US$304.8 million reported for the same period in
2006.  These results were driven by continued growth across
product areas in both the Life Science and Clinical Diagnostics
segments.  On a currency-neutral basis, revenues increased 8.0%
compared to the same period last year.

Year-to-date revenues grew by 7.6% to US$1.0 billion compared to
the first three quarters in 2006.  Normalizing for the impact of
currency effects, growth was 3.8%.  Year-to-date net income for
2007 was US$80.6 million compared to US$86.6 million in the same
period last year.  Year-to-date results for the first three
quarters in 2006 was favorably impacted by one-time additional
revenue of US$11.7 million resulting from a licensing settlement
agreement reached with bioMerieux as well as the aforementioned
pre-tax investment gain of US$4.7 million.  Year-to-date gross
margin was 55.7% compared to 56.6% in the same period in 2006.

"We are pleased with the company's performance during the
quarter and encouraged by the success of new products," said
Norman Schwartz, Bio-Rad president and chief executive officer.
"As we wrap up the year, we will continue to focus on our
ongoing businesses and work to integrate the recently acquired
DiaMed into Bio-Rad's organization."

In the beginning of the fourth quarter of 2007, Bio-Rad
completed the purchase of 77.7% of Switzerland-based DiaMed
Holding AG for approximately US$409 million in cash.  DiaMed
develops, manufactures, and markets a complete line of reagents
and instruments used in blood typing and screening and has
annual sales of approximately US$200 million.  DiaMed's results
will be included in the company's consolidated financial
statements beginning in the fourth quarter of 2007.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$1.71 billion in total assets, US$766.1 million in
total liabilities, and US$946.3 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2693

                        About Bio-Rad

Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly USUS$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.

                        *     *     *

To date, Bio-Rad Laboratories Inc. still carries Moody's
Investors Service 'Ba2' long term corporate family rating and
'Ba3' senior subordinated debt rating.  Moody's said the outlook
is stable.


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


CINRAM INT'L: Implements Changes to Internal Debt Structure
-----------------------------------------------------------
Cinram International Income Fund is implementing changes to its
internal debt structure to address the tax consequences to
taxable U.S. unitholders, which would have otherwise resulted
from the Fund's suspension of distributions.

                            Background

On Nov. 5, 2007, Cinram disclosed the Fund's intention to
suspend all distribution payments following the distribution for
the month of December 2007.  A distribution of CDN$0.1625
(previously CDN$0.2708) per unit was declared for November and
December 2007 to help address the potentially adverse tax
consequences to U.S. unitholders of the suspension of
distributions.

The Fund's distributions to unitholders are funded in part
through interest payments made on an inter-company note.  For
U.S. federal income tax purposes, the Fund's unitholders are
treated as the beneficial owners of this inter-company debt.  To
the extent that the Fund does not distribute cash equal to the
amount of the interest income, any shortfall is treated as
imputed income to unitholders for U.S. federal income tax
purposes.  By maintaining a reduced distribution of CDN$0.1625
for November and December, management estimates that sufficient
cash will be distributed to avoid any imputation of income to
U.S. unitholders under U.S. federal income tax principles for
which there is no corresponding distribution of cash.

                       Internal Reorganization

To eliminate imputed income, on a going forward basis, for
unitholders subject to U.S. federal income tax, the Fund is
executing an internal reorganization by way of a series of
inter-company transfers.  The initial inter-company transfer was
completed as of Dec. 14, 2007, and the balance of the transfers
will occur by year end.  The reorganization will result in
minimal cash tax leakage and a loss of tax basis which may
result in future capital gains; however, it should not have a
material impact on the Fund's 2007 and 2008 free cash flow
projections.

                  Information for U.S. Unitholders

The Fund recommends that unitholders subject to U.S. federal
income tax consult with their tax advisors to determine if they
are required to file an information return on Internal Revenue
Service Form 926 reporting the transfer of Cinram International
LLC to Cinram International Inc., one of the inter-company
transfers.

                           About Cinram

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.

                           *    *    *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service 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.


CINRAM INT'L: Paying December 2007 Distributions on January 15
--------------------------------------------------------------
Cinram International Income Fund has declared a cash
distribution of CDN$0.1625 per unit for the month of December
2007, payable on Jan. 15, 2008, to unitholders of record at the
close of business on Dec. 31, 2007.

Cinram International Limited Partnership has also declared a
cash distribution of CDN$0.1625 per Class B limited partnership
unit for the month of December 2007, payable on Jan. 15, 2008,
to unitholders of record at the close of business on Dec. 31,
2007.

On Nov. 5, 2007, the Fund disclosed a change in its distribution
policy based on a revised outlook for the Fund.  It is the
Fund's intention to suspend all distribution payments following
the distribution for the month of December 2007.

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.

                          *    *    *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service 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.


GENERAL CABLE: Gregory Kenny Steps Down as President and CEO
------------------------------------------------------------
General Cable Corp. disclosed in a regulatory 8-K filing with
the Securities and Exchange Commission dated Dec. 21, 2007, that
Gregory B. Kenny, president and chief executive officer and a
Director, of the company has terminated his existing employment
agreement and change-in-control agreement with General Cable
effective Dec. 31, 2007.

Mr. Kenny's employment agreement was entered into on Oct. 18,
1999, with a three-year term subject to one-year extensions and
has been amended since that date principally to reflect changes
in his officer positions and responsibilities.  Mr. Kenny's
change-in-control agreement was entered into on Oct. 18, 1999,
and was amended and restated on April 28, 2000.

In addition to terminating Mr. Kenny's employment and change-in-
control agreements, the Termination Agreement provides that
Mr. Kenny will receive a salary and incentive compensation as
determined by the Board's Compensation Committee as well as
employee benefits which similarly situated General Cable
employees are eligible to receive.  Mr. Kenny also agreed in the
Termination Agreement to certain noncompetition and
nonsolicitation provisions.

The company further disclosed to the SEC that Robert J. Siverd,
executive vice president, general counsel and secretary,
likewise  terminated his existing employment agreement and
change-in-control agreement with General Cable effective Dec.
31, 2007.  In addition to terminating his employment and change-
in-control agreements, the Siverd Termination Agreement provides
that Mr. Siverd will receive a salary and incentive compensation
as determined by the Board's Compensation Committee as well as
employee benefits which similarly situated General Cable
employees are eligible to receive.  Mr. Siverd also agreed in
his Termination Agreement to certain noncompetition and
nonsolicitation provisions.

In addition Brian J. Robinson, senior vice president and chief
financial officer, entered into a Novation Agreement with
General Cable effective Dec. 31, 2007, under which Mr. Robinson
releases his right to receive severance payments under his
Letter Agreement of Sept. 14, 2003, in exchange for
participation under the Severance Plan.  Mr. Robinson also
agreed in his Novation Agreement to certain noncompetition and
nonsolicitation terms set forth in that Novation Agreement.

                       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 on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  The outlook is stable.


PRIDE INTERNATIONAL: Provides Update on Fleet Contract Status
-------------------------------------------------------------
Pride International Inc. has disclosed that its report of
drilling rig status and contract information covering the
company's fleet of offshore drilling rigs, its five drilling
management projects, along with a summary status of its Eastern
Hemisphere-based land fleet, has been updated as of
Dec. 19, 2007.  The report also provides an estimate of 2008 rig
out-of-service time resulting from planned shipyard programs and
time required for rig mobilizations.  The updated report, titled
"Monthly Fleet Update," is available through the company's web
site.

The company also announced that 2008 estimated capital
expenditures are expected to total approximately US$780 million
compared to US$835 million in estimated capital expenditures for
2007.  The 2008 expected expenditures include sustaining or
fleet maintenance capital investment of approximately US$180
million, expenditures associated with the construction of two
ultra-deepwater drillships of approximately US$395 million, rig
enhancements, including contractually required upgrades, of
approximately US$185 million and an estimated US$20 million for
critical spare components.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Service raised its
corporate credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.


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


111PROZENT WERBEAGENTUR: Claims Registration Period Ends Jan. 11
----------------------------------------------------------------
Creditors of 111Prozent Werbeagentur GmbH have until Jan. 11 to
register their claims with court-appointed insolvency manager
Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Feb. 1, 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 Room 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 Muenchen
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

The District Court of Munich opened bankruptcy proceedings
against 111Prozent Werbeagentur GmbH on Dec. 10, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         111Prozent Werbeagentur GmbH
         Stefan-George-Ring 23
         81929 Muenchen
         Germany


BALTIC SOUL: Claims Registration Ends January 25, 2008
------------------------------------------------------
Creditors of Baltic Soul GmbH have until Jan. 25, 2008 to
register their claims with court-appointed insolvency manager
Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Feb. 22, 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 Hamburg
         Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         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:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Baltic Soul GmbH on Dec. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Baltic Soul GmbH
         Attn: Daniel Dombrowe and Mirko Luetkemeyer, Managers
         Theodorstrasse 42
         22761 Hamburg
         Germany


BFM-GMBH: Claims Registration Period Ends Jan. 7
------------------------------------------------
Creditors of BFM-GmbH Beschichtungs- & Fugentechnik Meissen have
until Jan. 7 to register their claims with court-appointed
insolvency manager Nils Freudenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Dr. Nils Freudenberg
         Caspar-David-Friedrich-Str. 6
         01219 Dresden
         Germany
         Web site: http://www.tiefenbacher.de/

The District Court of Dresden opened bankruptcy proceedings
against BFM-GmbH Beschichtungs- & Fugentechnik Meissen on
Dec. 3, 2007.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BFM-GmbH Beschichtungs- & Fugentechnik Meissen
         Attn: Lars Schindler, Manager
         Vorbruecker Strasse 1
         01662 Meissen
         Germany


ECOMARES GMBH: Creditors' Meeting Slated for Jan. 21
----------------------------------------------------
The court-appointed insolvency manager for ECOMARES GmbH & Co
KG, Jens-Soeren Schroeder will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:30 a.m. on Jan. 21.

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

         The District Court of Kiel
         Hall 17
         Deliusstr. 22
         Hinterlegungsstelle
         Kiel
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:10 a.m. on Feb. 25 at the same venue.

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: 040/334460
         Fax: 040/33446111

The District Court of Kiel opened bankruptcy proceedings against
ECOMARES GmbH & Co KG on Dec. 1, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ECOMARES GmbH & Co KG
         Attn: Dieter Kloth and Gerrit H. Quantz, Managers
         Wall 55
         24103 Kiel
         Germany


ECOMARES VERWALTUNGS: Creditors' Meeting Slated for Jan. 21
-----------------------------------------------------------
The court-appointed insolvency manager for ECOMARES Verwaltungs
GmbH, Jens-Soeren Schroeder will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
12:30 p.m. on Jan. 21.

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

         The District Court of Kiel
         Hall 17
         Deliusstr. 22
         Hinterlegungsstelle
         Kiel
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:40 a.m. on Feb. 25 at the same venue.

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: 040/334460
         Fax: 040/33446-111

The District Court of Kiel opened bankruptcy proceedings against
ECOMARES Verwaltungs GmbH on Dec. 1, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ECOMARES Verwaltungs GmbH
         Attn: Dieter Kloth and Gerrit H. Quantz, Manager
         Wall 55
         24103 Kiel
         Germany


ECOMARES MARIFARM: Creditors' Meeting Slated for Jan. 21
--------------------------------------------------------
The court-appointed insolvency manager for Ecomares MariFarm
GmbH, Jens-Soeren Schroeder will present his first report on the
Company's insolvency proceedings at a creditors' meeting at noon
on Jan. 21.

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

         The District Court of Kiel
         Hall 17
         Deliusstr. 22
         Hinterlegungsstelle
         Kiel
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:20 a.m. on Feb. 25 at the same venue.

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: 040/334460
         Fax: 040/33446111

The District Court of Kiel opened bankruptcy proceedings against
Ecomares MariFarm GmbH on Dec. 1, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ecomares MariFarm GmbH
         Attn: Dieter Kloth und Gerrit H. Quantz, Manager
         Wall 55
         24103 Kiel
         Germany


EGO RANCH: Claims Registration Ends January 25, 2008
----------------------------------------------------
Creditors of EGO Ranch GmbH have until Jan. 25, 2008 to register
their claims with court-appointed insolvency manager Torben
Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Feb. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Torben Ottmar Herbold
         Haeckelstrasse 10
         39104 Magdeburg
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against EGO Ranch GmbH on Dec. 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         EGO Ranch GmbH
         Attn: Torsten Haier, Manager
         Muehlenfichten 1
         14532 Gueterfelde
         Germany


EURONEON LICHTWERBE: Claims Registration Period Ends Jan. 29
------------------------------------------------------------
Creditors of Euroneon Lichtwerbe GmbH have until Jan. 29 to
register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 11, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Weidemann
         Wendenstr. 4
         20097 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Euroneon Lichtwerbe GmbH on Dec. 12, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Euroneon Lichtwerbe GmbH
         Attn: Bob Ouverkerk, Manager
         Reinbeker Str. 3
         22145 Stapelfeld
         Germany


IBO METALLTECHNIK: Claims Registration Period Ends Jan. 28, 2008
----------------------------------------------------------------
Creditors of IBO Metalltechnik GmbH have until Jan. 28, 2008, to
register their claims with court-appointed insolvency manager
Dr. Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Feb. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Florian Stapper
          Karl-Heine-Strasse 16
          04229 Leipzig
          Germany
          Tel: 0341/984110
          Fax: 0341/9841111

The District Court of Leipzig opened bankruptcy proceedings
against IBO Metalltechnik GmbH on Dec. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          IBO Metalltechnik GmbH
          Frankenheimer Strasse 26
          04435 Doelzig
          Germany


PREISS & CO: Claims Registration Period Ends Jan. 31
----------------------------------------------------
Creditors of Preiss & Co. (GmbH & Co. KG) have until Jan. 31 to
register their claims with court-appointed insolvency manager
Juergen Holst.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Feb. 15, 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 Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         Germany

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

The insolvency manager can be reached at:

         Juergen Holst
         Flughafenstrasse 52b
         22335 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Preiss & Co. (GmbH & Co. KG) on Dec. 5, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Preiss & Co. (GmbH & Co. KG)
         Attn: Sandro Preiss, Manager
         Dorfstrasse 54
         23826 Bark
         Germany


PROVIDE-VR 2003-1: S&P Puts Class E Notes on Watch
--------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit ratings on the class B, C,
D, and E notes in the German RMBS transaction PROVIDE-VR 2003-1
PLC.  The ratings on the other classes of notes in this
transaction are unaffected at this time.

PROVIDE-VR 2003-1 is structured as a partially funded synthetic
transaction comprising mortgage loans mainly originated by
Deutsche Genossenschafts-Hypothekenbank AG as well as other
German cooperative banks.  The CreditWatch placement follows the
further exhaustion of the first-loss piece in this transaction.
Total realized losses have increased to 0.35% of the initial
principal balance, absorbing 26.00% of the available first-loss
protection.

PROVIDE-VR 2003-1 has underperformed the German RMBS index in
terms of total delinquencies and credit events. Currently, over
4% of the total outstanding principal balance is in arrears or
in credit event.

"Similar to the PROVIDE-VR 2002-1 transaction, loss allocation
in the transaction has picked up during the past 18 months,"
said credit analyst Viktor Milev.

"Initially, the periodic loss allocation was rather low,
resulting in a slow exhaustion of the unrated class F notes.
During the recent reporting periods, however, realized losses
have demonstrated a notable growth and led to a more rapid pace
of first-loss piece exhaustion.  The class F notes have now
absorbed a total loss of EUR1.572 million, which reduced their
outstanding balance to EUR4.528 million.  At the same time,
there are aggregate defaults and credit events outstanding in
the amount of EUR9.950 million," Mr. Milev continued.

Recovery rates in the transaction have been low, with a current
weighted-average recovery rate of 45% (expressed as percentage
of the total principal affected).

Based on these factors, the likelihood of loss allocation to a
rated class of notes has significantly increased.  Standard &
Poor's will now carry out a full analysis of the underlying
portfolio, focusing on the expected loss for loans which are
already experiencing a credit event.  To obtain the most
accurate and recent data, Standard & Poor's will be in close
communication with the originator.  Standard & Poor's expects to
resolve these CreditWatch placements within 90 days of this
media release.

                         Ratings List

PROVIDE-VR 2003-1 PLC
   EUR75.75 Million Floating-Rate Credit-Linked Notes

                                Rating
        Class        To                        From
        -----        --                        ----
         B           AA/Watch Neg               AA
         C           A/Watch Neg                A
         D           BBB/Watch Neg              BBB
         E           BB/Watch Neg               BB


REALGRUND GRUNDSTUECKS: Claims Registration Ends Jan. 28, 2008
--------------------------------------------------------------
Creditors of Realgrund Grundstuecks-und Bautragergesellschaft
mbH have until Jan. 28, 2008, to register their claims with
court-appointed insolvency manager Dr. Detlef Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on Feb. 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report 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. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Realgrund Grundstuecks-und
Bautragergesellschaft mbH on Dec. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Realgrund Grundstuecks-und Bautragergesellschaft mbH
          Alexanderplatz 5
          10178 Berlin
          Germany


SCHREINEREI BUCHINGER: Claims Registration Ends Jan. 25, 2008
-------------------------------------------------------------
Creditors of Schreinerei Buchinger GmbH i.L. have until Jan. 25,
2008 to register their claims with court-appointed insolvency
manager Rosemarie Lankes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 26, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rosemarie Lankes
         Dr.-Valentin-Koch-Str. 12
         93413 Cham
         Germany
         Tel: 09971/994045
         Fax: 09971/994046

The District Court of Regensburg opened bankruptcy proceedings
against Schreinerei Buchinger GmbH i.L. on Dec. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schreinerei Buchinger GmbH i.L.
         Kalkofen 2a
         93473 Arnschwang
         Germany


SOUNDWIND GMBH: Claims Registration Period Ends Jan. 25, 2008
-------------------------------------------------------------
Creditors of Soundwind GmbH have until Jan. 25, 2008, to
register their claims with court-appointed insolvency manager
Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Feb. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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. Achim Ahrendt
          Albert-Einstein-Ring 11/15
          22761 Hamburg
          Germany

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

The Debtor can be reached at:

          Soundwind GmbH
          EKZ-Hamburger Strasse 33
          22083 Hamburg
          Germany


TONGHS-HOF BAUTRAGERGESELLSCHAFT: Claims Period Ends Jan. 21
------------------------------------------------------------
Creditors of Tonghs-Hof Bautragergesellschaft mbH have until
Jan. 21 to register their claims with court-appointed insolvency
manager Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on Feb. 11, 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 Kleve
         Meeting Hall D 117
         Schlossberg 1
         47533 Kleve
         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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151/80580
         Fax: 02151/805858

The District Court of Kleve opened bankruptcy proceedings
against Tonghs-Hof Bautragergesellschaft mbH on Dec. 11, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tonghs-Hof Bautragergesellschaft mbH
         Dorfstrasse 61
         47661 Issum
         Germany

         Attn: Wilhelm Kuytz, Manager
         Dorfstrasse 67
         47661 Issum
         Germany


WEBER GMBH: Claims Registration Period Ends Jan. 20
---------------------------------------------------
Creditors of Weber GmbH have until Jan. 20 to register their
claims with court-appointed insolvency manager Bruno Fraas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 26, 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:

         Bruno Fraas
         Berliner Platz 6
         97080 Wuerzburg
         Germany

The District Court of Wuerzburg opened bankruptcy proceedings
against Weber GmbH on Dec. 12, 2007.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Weber GmbH
         Attn: Edmund Weber, Manager
         Ochsenfurter Str. 66
         97340 Marktbreit
         Germany


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


FAGE DAIRY: S&P Cuts Ratings to B- on Operating Pressure
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Greece-based dairy company Fage Dairy
Industry S.A. to 'B-' from 'B'.  The outlook is stable. At the
same time, the rating on the company's senior unsecured notes
was lowered to 'B-' from 'B'.

"The downgrade reflects that the company's credit measures are
meaningfully outside our ratio guidelines as a result of
disappointing trading for the 12 months to Sept. 30, 2007," said
Standard & Poor's credit analyst Diego Festa.  "We expect that
difficult market conditions in the Greek dairy market will
continue to challenge a sustained recovery in Fage's earnings in
the medium term."

At Sept. 30, 2007, the company had total debt of
EUR191.1 million (EUR155.3 million one year earlier), adjusted
for operating leases, the post-tax unfunded pension deficit,
equipment purchase commitments, and accrued interest.

Fage is confronted with rising price-led competition in Greece,
and increasing concentration in the retail market, which
represents about 75% of its sales.  These factors, together with
the adverse impact of the yogurt product recall for quality
issues in November 2006, the third since April 2005, are eroding
the company's leading share of the Greek branded-yogurt
market, which was 32% at Sept. 30, 2007, down from 35% one year
earlier.  Increased competitiveness since the entry in mid-2004
of Friesland Foods (which gained 9.5% share in just two years)
will translate into a much less benign pricing environment than
previously.  Consequently, S&P does not expect Fage to regain
its previous position.

The company is also exposed to cost inflation (including milk,
packaging, and energy) and the strengthening of the euro against
the U.S. dollar, as its cost base is still primarily euro based.
As a result, Fage saw a 32% year-on-year drop in EBITDA, before
a EUR4.9 million shareholders' payment, in the 12 months to
September 2007, with the margin on sales down to 7.7%, from
10.9% one year earlier.

Despite the promotional initiatives undertaken by the company to
defend its market share and the increased proportion of U.S. and
U.K. operations, adjusted debt to EBITDA increased to 8.8x in
the year to September 2007 (from 4.4x in the same period of
2006), which is above our ratio guideline of 6.0x at the
previous rating level.  Adjusted EBITDA interest coverage
decreased to 1.6x from 3.0x.

Positively, the company's new yogurt plant in the U.S. is likely
to start operations in April 2008.  This will result in
operating profits benefiting from reduced costs--such as
transportation and milk -- and the avoidance of
import tariffs.

The stable outlook reflects the company's manageable maturity
profile, with the bulk of debt due in January 2015.  It also
reflects our expectation that new production capacity in the
U.S. will benefit profitability, partly offsetting pressures in
Fage's domestic market.

The ratings could experience downward pressure if Fage suffers
further significant market share losses in its domestic market
or if further negative free cash flow reduces headroom under
Fage's covenants.

Although unlikely in the near term, a positive rating action
could result from sustained recovery to historical earnings
levels, resulting in discretionary cash flow generation leading
to gradual deleveraging and a restoration of the net debt-to-
EBITDA ratio to less than 6x.


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


HUNGARIAN TELEPHONE: Buys Memorex Telex for EUR90.5 Million
-----------------------------------------------------------
Hungarian Telephone and Cable Corp. announced Dec. 20, 2006,
that it has reached an agreement to purchase 95.7% of the
outstanding equity in Austrian-based Memorex Telex
Communications AG.

The purchase price for Memorex is EUR90.5 million.  It includes
the assumption of EUR60.2 million in debt and a cash payment of
EUR30.3 million to the selling shareholders of Memorex for their
95.7% equity interest.  HTCC will refinance a substantial
portion of Memorex's EUR60.2 million debt at closing.

HTCC will fund the Memorex acquisition and the refinancing of
the assumed Memorex debt with a subordinated bridge loan
facility arranged by Merril Lynch and BNP Paribas, where the
facility will rank pari passu with HTCC's existing EUR142
million 10.75% senior notes due 2012 and HTCC's existing EUR200
million floating rate senior notes due 2013.  HTCC intends to
subsequently replace the bridge loan facility with longer term
financing.

The purchase price is based on a multiple of around 5.5 of
Memorex's estimated 2007 EBITDA.  HTCC expects to close the
Memorex acquisition in February 2008 following the satisfaction
of customary closing conditions, including obtaining the
necessary competition authority approvals.

Following closing, HTCC intends to buy out the minority
shareholders in Memorex in accordance with Austrian law,
resulting in HTCC's ownership of 100% of the equity.

"We are very pleased to announce this agreement which will
further develop our position in the wholesale market in the
region.  Following the acquisition of Memorex, HTCC will be the
number one provider of wholesale data and capacity services in
the Central and Eastern European market," Martin Lea, HTCC's
president and CEO commented.

"We feel that, with the increased demand for data capacity in
the region, this acquisition will help fuel HTCC's growth and
create significant value for HTCC's shareholders.  In addition,
with HTCC's existing presence in the wholesale business in the
region, we expect to benefit from significant operating and cost
synergies following the closing of the acquisition.  I look
forward to discussing the transaction in greater detail with our
shareholders," Mr. Lea added.

Headquartered in Austria, Memorex is one of the leading
alternative telecommunications providers in the Central and
Eastern European region providing wholesale data and capacity
services to leading global telecommunications providers and
Internet companies.  Memorex provides services between 14
countries in the region including Austria, Bulgaria, the Czech
Republic, Italy, Romania, Slovakia, Turkey, and Ukraine.
Memorex operates over 12,500 km of fiber optic cable in the
region which enables it to provide high quality wholesale
services to large international carriers.  Memorex has exhibited
strong revenue and EBITDA growth in its business over the last
few years with revenue growth largely due to expansion in
developing markets, most recently in Memorex's successfully
entering the market in Turkey as the only non-Turkish
alternative to the incumbent telecommunications provider.

Headquartered in Budapest, Hungary, Hungarian Telephone and
Cable Corp. -- http://www.htcc.hu/-- is the number one
alternative and the second largest fixed line telecommunications
and broadband Internet Services Provider in the Republic of
Hungary with more than one million customers.  In addition to
delivering voice, data and Internet services in Hungary, it is
also a major player in the Central and Eastern European
wholesale telecommunications market.  It operates under the
Invitel brand name.


HUNGARIAN TELEPHONE: Memorex Deal Cues S&P's Watch on B+ Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Hungary-based fixed-line telecoms
operator Hungarian Telephone and Cable Corp. and all related
entities on CreditWatch with negative implications.

"This follows HTCC's announcement to purchase 95.7% of Austria-
based Memorex Telex Communications AG (not rated), one of the
leading alternative infrastructure providers in Central and
Eastern Europe for a price of EUR90.5 million (approximately
US$130.3 million)," said Standard & Poor's credit analyst
Matthias Raab.

HTCC will fully fund the acquisition through a EUR100 million
subordinated bridge loan facility, which will be pari passu with
the existing subordinated bonds due 2012 and the senior
unsecured notes due 2013. It will also roll over EUR26.2 million
debt obligations at Memorex.

At the same time we placed all ratings of the group's debt
instruments on CreditWatch with negative implications. "The
CreditWatch placement reflects our need to determine the effects
of the acquisition on HTCC's business and financial risk profile
and to see whether the expected increase in debt resulting from
this transaction is compatible with the current rating on the
group.  We also need to better understand the implications of
the bridge facility and its expected refinancing for the group's
current capital structure," added Mr. Raab. At this stage, we
see reasonable chances that the corporate credit rating could be
affirmed. A more unlikely potential downgrade would be limited
to one notch.

S&P expects to resolve the CreditWatch status before the
expected closing of the acquisition in February 2008.


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


FIAT SPA: Withdraws From Nanjing Automobile Joint Venture
---------------------------------------------------------
Fiat Group Automobiles and Nanjing Automobile Corporation have
signed the equity transfer agreement for withdrawal of Fiat from
the Nanjing-Fiat joint venture on Dec. 26, 2007, so that they
can concentrate on their major but independent plans to
restructure the Chinese automotive business.

To assure that the needs of over 160,000 customers in China are
covered, the company will continue to provide technical support
to the network for as long as necessary.

As in the past, the network will provide spare parts and after-
sale support at the highest standards.  Fiat will always
guarantee continuous, quality assistance in China for all of its
existing and future products.

Although their collaboration in the passenger cars sector has
come to an end, the long-standing cooperation between the two
groups will continue in the commercial vehicle and components
sectors, to the great satisfaction of both partners, and will be
sustained by the ongoing structural evolution of the Chinese
automotive industry.

"This decision gives us total freedom of action to concentrate
on the restructuring of our automotive business in China,"
Sergio Marchionne, CEO of the Fiat Group disclosed in a separate
statement.

Mr. Marchionne added, "NAC remains a very important partner of
ours in the commercial vehicle sector, through the joint-venture
with Iveco, which has generated mutual satisfaction over the
years.  Furthermore, following the merger that has been
announced today between Nac and Saic, which is in turn an
important partner of the Fiat Group in heavy commercial
vehicles, agricultural machinery and components, our businesses
in China will further be strengthened."

"The Chinese market is a key element of the Fiat Group project
for worldwide expansion of its automotive activities.  In 2008
we will initiate large-scale importation of new models to be
sold by our commercial network, which we continue to support and
with which we are working tirelessly to offer customers top-
quality products and services.  This will further improve our
familiarity with the Chinese market in view of finalizing our
partnership with Chery Automobiles, one of the biggest car
makers in China.  This will permit the opening of a new and
important phase in development of our industrial and commercial
activities in China," Mr. Marchionne concluded.

                        About Fiat S.p.A.

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

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

                          *     *     *

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

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


IMAX CORP: Limited Liquidity Cues S&P to Affirm CCC+ Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on IMAX
Corp. to stable from positive.  S&P also affirmed the ratings on
the company, including the 'CCC+' corporate credit rating.

"The outlook revision reflects our expectation that crucial
elements of an upgrade scenario may take longer to materialize,"
explained Standard & Poor's credit analyst Tulip Lim.  "Although
we believe there have been positive developments at the company
recently and that the revenue-sharing arrangements it has struck
with AMC Entertainment Inc. could improve recurring revenue and
visibility, the deployment of these systems will use up the
company's very limited liquid resources."

S&P also expects that the revenue-sharing business model will
require additional external funding for at least the next two
years.

S&P also lowered the rating on the US$160 million unsecured
notes due 2010 to 'CCC' from 'CCC+' based on its expectation of
increased borrowings under the senior secured facility, which
would diminish recovery prospects of unsecured debt holders.

The rating reflects the modest size of the company's niche
market relative to its debt burden, weak discretionary cash
flow, uncertain implications of revenue-sharing arrangements,
and limited liquidity.  These concerns overshadow IMAX's
position as a specialized provider of giant-screen projection,
camera, and sound systems; the recurring revenue provided by the
installed base of 296 IMAX theater systems; and a measure of
near-term revenue visibility provided by the company's backlog
of pending system installations.

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment
technology company, with emphasis on film and digital imaging
technologies including 3D, post-production and digital
projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.


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


AGROFIRM TURKSIB: Proof of Claim Deadline Slated for Jan. 29
------------------------------------------------------------
LLP Agrofirm Turksib has declared insolvency.  Creditors have
until Jan. 29 to submit written proofs of claims to:

         LLP Agrofirm Turksib
         Seifullin Str. 16a
         Kapshagai
         Almaty
         Kazakhstan


BUILD COMPLECT: Creditors Must File Claims by Jan. 25
-----------------------------------------------------
LLP Build Complect Service has declared insolvency.  Creditors
have until Jan. 25 to submit written proofs of claims to:

         LLP Build Complect Service
         Mendeleyev Str. 10
         Boroldai
         Ilyisky District
         Almaty
         Kazakhstan


ILI-AGRO LLP: Claims Filing Period Ends Jan. 26
-----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Ili-Agro (RNN 091300023516).

Creditors have until Jan. 26 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


KAZANDYK LLP: Creditors' Claims Due on Jan. 23
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kazandyk insolvent.

Creditors have until Jan. 23 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


NOTIS XXI: Claims Registration Ends Jan. 25
-------------------------------------------
LLP Notis XXI JSC has declared insolvency.  Creditors have until
Jan. 25 to submit written proofs of claims to:

         LLP Notis XXI JSC
         Zavodskaya Str. 30
         Maksimovka
         Tselinogradsky District
         Akmola
         Kazakhstan


RAUAN LLP: Proof of Claim Deadline Slated for Jan. 25
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Rauan insolvent.

Creditors have until Jan. 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Golovkov Str. 38, 40
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-37-89


SALYAN LLP: Creditors Must File Claims by Jan. 23
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Salyan insolvent.

Creditors have until Jan. 23 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


SB STROY: Claims Filing Period Ends Jan. 29
-------------------------------------------
LLP SB Stroy Invest has declared insolvency.  Creditors have
until Jan. 29 to submit written proofs of claims to:

         LLP SB Stroy Invest
         Seifullin Str. 18-4
         Astana
         Kazakhstan


SHAGALA LLP: Creditors' Claims Due on Jan. 25
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Shagala insolvent.

Creditors have until Jan. 25 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Golovkov Str. 38, 40
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-37-89


TRANS EXPRESS: Claims Registration Ends Jan. 29
-----------------------------------------------
LLP Trans Express Aktobe has declared insolvency.  Creditors
have until Jan. 29 to submit written proofs of claims to:

         LLP Trans Express Aktobe
         Patsayev Str. 38
         Aktobe
         Aktube
         Kazakhstan


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


AK-ASHUU: Creditors Must File Claims by Jan. 23
-----------------------------------------------
Credit Union Ak-Ashuu has declared insolvency.  Creditors have
until Jan. 23 to submit written proofs of claim to:

         Credit Union Ak-Ashuu
         Ostashkovsky Str. 58
         Bishkek
         Kyrgyzstan


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


PARK MOUNTAIN: Moody's Puts Low-B Ratings on Two Note Classes
-------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to notes
issued by Park Mountain SME 2007-I B.V.  The ratings assigned
are:

   -- Aaa to the EUR363,250,000 Class A3 Floating Rate Credit
      Linked Notes due 2016;

   -- Aa2 to the EUR30,300,000 Class B Floating Rate Credit
      Linked Notes due 2016;

   -- A2 to the EUR30,250,000 Class C Floating Rate Credit
      Linked Notes due 2016;

   -- Baa2 to the EUR30,250,000 Class D Floating Rate Credit
      Linked Notes due 2016;

   -- Ba2 to the EUR21,200,000 Class E Floating Rate Credit
      Linked Notes due 2016;

   -- Ba3 to the EUR30,300,000 Class F Floating Rate Credit
      Linked Notes due 2016.

Provisional ratings were assigned on Dec. 14, 2007.

The ratings address the expected loss posed to investors by the
legal final maturity date in 2016.

The transaction also benefits from a Loss Threshold amount of
EUR22,700,000.

The ratings of the notes are based upon:

   (1) An assessment of the credit quality and diversity of the
       underlying reference entities in the static portfolio;

   (2) The loss protection provided by the subordination of the
       more junior ranking classes of notes and the loss
       threshold;

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

Park Mountain SME 2007-I B.V. is a partially funded synthetic
transaction arranged by Fortis Bank N.V./S.A., in which
investors are exposed to the credit risk related to a portfolio
of secured and unsecured loans extended by Fortis Bank N.V./S.A.
to Belgian SMEs.  The credit risk transferred by Fortis Bank
N.V./S.A. is related to a total portfolio of approximately
EUR3.02 billion. This reference pool is made up initially of
10,545 claims to 4,847 separate obligors.

The portfolio is static.  The notes are scheduled to mature in
November 2013 but may mature earlier should the clean up call
option be exercised.  The legal final maturity of the
transaction is in November 2016.


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


PETROLEUM GEO-SERVICES: S&P Rates US$400 Million Loan at B
----------------------------------------------------------
Standard & Poor's Ratings Services had assigned its 'B' senior
unsecured rating to a US$400 million convertible bond issue by
Norway-based Petroleum Geo-Services ASA.

The bond proceeds have been used to repay a bridge facility used
to finance PGS's acquisition of Arrow Seismic ASA earlier in
2007.

The rating is notched down twice from the 'BB-' corporate
rating, as PGS's prioritized debt (chiefly a US$600 million
secured term maturing 2015 and a US$350 million revolving credit
facility maturing 2012) to assets exceeds 30%, our threshold for
a two-notch differential.


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


NETIA SA: Acquires 37.8% Stake in Uni-Net for PLN7.1 Million
------------------------------------------------------------
Netia S.A. has acquired from Motorola Inc. 164,661 shares in
Uni-Net Sp. z o.o with the total nominal value of PLN8,233,050
that represent 37.8% of the share capital of Uni-Net and empower
to 37.8% votes at the general meeting of shareholders of Uni-
Net.

The shares were acquired on the base of share purchase agreement
concluded between Motorola and Netia on Dec. 21, 2007.  The
purchase price is PLN7,100,000.

The shares constitute assets of substantial value, as they
represent 37.8% of the share capital of Uni-Net.  The assets
were acquired from Netia's own resources and constitute an
investment of a long-term nature.

As at Sept. 30, 2007, Netia's most recent reporting date,
Netia's consolidated cash and cash equivalents included
PLN16.4 million in the accounts of its Uni-Net subsidiary and
the majority of the purchase price is represented by the value
of these cash balances.

On the day of the purchase, Netia was a shareholder of Uni-Net
with the 62.2% stake in share capital and with the right to
62.2% votes at the general meeting of shareholders of Uni-Net.
As a result of the purchase of Shares, Netia will hold 100% of
Uni-Net's share capital and 100% votes at the general meeting of
shareholders of Uni-Net.

                         About Netia

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

                          *     *    *

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


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


MOSPROMBANK LLC: Creditors Must File Claims by Feb. 15, 2008
------------------------------------------------------------
Creditors of Mosprombank LLC have until Feb. 15, 2008, to submit
proofs of claim to:

         State Corporation Agency for Deposit Insurance
         Competitive Proceedings Manager
         Verkhny Tagansky Tupik Str. D4
         109240 Moscow
         Russia

The Arbitration Court of Moscow commenced competitive
proceedings against the company after finding it insolvent on
Dec. 6.  The case is docketed under Case No. A41-K2-20960/07.

The Court is located at:

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

The Debtor can be reached at:

         Mosprombank LLC
         Lenina Str. 23
         Sheremetyevsky Settlement
         141720 Moscow
         Russia


MURMASKAYA DOCK: Creditors Must File Claims by Jan. 15, 2008
------------------------------------------------------------
Creditors of OJSC Murmaskaya Dock Yard-Ship-Repair and Dock
Manufacturing have until Jan. 15, 2008, to submit proofs of
claim to:

         S. A. Ryzhkov
         Interim Manager
         Office 719
         Knipovicha Str. 23
         183039 Murmansk
         Russia

The Arbitration Court of Murmansk will convene at 10:00 a.m. on
April 7, 2008, to hear the bankruptcy supervision procedure
against the company after finding it insolvent on Oct. 29.  The
case is docketed under Case No. A42-5624/2007.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC Murmaskaya Dock Yard-Ship-Repair and Dock
         Manufacturing
         Tralovaya Str. 2
         Murmansk
         Russia


RODINSKY BUTTERPLANT: Asset Sale Slated for Jan. 14, 2008
---------------------------------------------------------
The competitive proceedings manager of Rodinsky ButterPlant LLC
will open a public auction for the company's properties at
11:00 a.m. on Jan. 14, 2008.

The starting prices for the assets on auction are:

   -- Lot1: RUR1,513,558;
   -- Lot2: RUR375,101;
   -- Lot3: RUR75,082;
   -- Lot4: RUR99,195;
   -- Lot5: RUR40,118;
   -- Lot6: RUR257,020; and
   -- Lot7: RUR1,234,574.

Interested participants have to submit their bidding documents
to:

         The Competitive Proceedings Manager
         Office 334
         Kulagina Str. 28
         Barnaul
         Russia
         Tel: (3852) 777-389

The Debtor can be reached at:

         Rodinsky ButterPlant LLC
         Rodino Settlement
         Rodinsky Krai
         Altai Krai
         Russia


SHATKOVSKY BUTTER: Creditors Must File Claims by Feb. 15, 2008
--------------------------------------------------------------
Creditors of OJSC Shatkovsky Butter-Making Plant have until
Feb. 15, 2008, to submit proofs of claim to:

         S. T. Alakhkuliev
         Competitive Proceedings Manager
         Soviet Str. 16
         603002 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhny Novgorod commenced competitive
proceedings against the company after finding it insolvent on
Dec. 4.  The case is docketed under Case No. A43-8828/
2007 18-91.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Shatkovsky Butter-Making Plant
         Stantsionnaya Str. 76
         Shatki Township
         607700 Nizhny Novgorod
         Russia


STRELETS LLC: Creditors Must File Claims by Feb. 15, 2008
---------------------------------------------------------
Creditors of Fishing Company Strelets LLC have until Feb. 15,
2008, to submit proofs of claim to:

         D. V. Vasilenko
         Competitive Proceedings Manager
         Tel'mana Str. 38
         Petropavlovsk-Kamchatskij
         683024 Kamchatskaya
         Russia

The Arbitration Court of Kamchatka commenced one-year
competitive proceedings against the company after finding it
insolvent on Nov. 9.  The case is docketed under Case No.
A24-1239/07-16.

The Debtor can be reached at:

         Fishing Company Strelets LLC
         Naberezhnaya Str. 20-3
         Petropavlovsk-Kamchtskij
         Russia


TRANSCREDITBANK: Moody's Lifts Currency Deposit Rating to Ba1
-------------------------------------------------------------
Moody's Investors Service upgraded TransCreditBank's long-term
foreign currency deposit rating from Ba3 to Ba1 and National
Scale Rating from Aa3.ru to Aa1.ru.  The bank's D- bank
financial strength rating and Not-Prime short-term foreign
currency deposit rating remain unchanged.  The outlook on all
the ratings is stable.

At the same time the long-term foreign currency debt rating of
the senior unsecured notes has been upgraded from Ba3 to Ba1
with a stable outlook.  The National scale rating of the
domestic bonds was also upgraded from Aa3.ru to Aa1.ru.

According to Moody's and Moody's Interfax, the Ba1 long-term
foreign currency rating reflects global default and loss
expectation, while the Aa1.ru national scale rating reflects the
standing of the bank's credit quality relative to its domestic
peers.

Moody's rating actions have been prompted by the finalization of
the transfer of a 75% stake of TCB from the government to
Russian Railways (RR, rated A3).  As a result of the transfer,
the shareholder structure has become more in line with the
business nature of the TCB as being the bank closely aligned
with the RR and provides greater confidence about the
probability of support in the event of need.  On the other hand
the rating is constrained by some uncertainty about the time
horizon the RR will keep the controlling ownership and those of
the extension of support in the future.

As a result, the rating incorporates three elements:

   (a) the high probability of support from the parent;

   (b) medium dependence; and

   (c) the Baseline Credit Assessment of Ba3, which is based on
       the intrinsic strength of the bank.

Moody's also notes that any event which lead to decrease in
support assumptions including from decline in the ownership of
RR below 50% the rating is likely to be downgraded.

TCB's main focus is servicing the needs of Russian Railways and
transportation industry and it has a wide branch network in
locations that enable it to better provide services for RR's
regional entities and their employees.

Headquartered in Moscow, TCB had total assets of US$4.6 billion
and equity of US$303.63 million at end-first half 2007.


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


SANTANDER EMPRESAS 4: Fitch Junks EUR46 Mln Series F Notes
----------------------------------------------------------
Fitch has assigned Fondo de Titulizacion de Activos Santander
Empresas 4's CDO notes totaling EUR3.586 billion due in July
2050, final ratings:

   -- EUR830.2 million Series A1: 'AAA'
   -- EUR1.764 billion Series A2: 'AAA'
   -- EUR622.3 million Series A3: 'AAA'
   -- EUR90.2 million Series B: 'AA-'
   -- EUR97.4 million Series C: 'A'
   -- EUR79.7 million Series D: 'BBB'
   -- EUR56.6 million Series E: 'BB-'
   -- EUR46 million Series F: 'CC'

The ratings on the Series A to F notes address the payment of
interest on the notes according to the terms and conditions of
the documentation, subject to a deferral trigger on the Series
B, C, D and E notes, as well as the repayment of principal by
legal final maturity for each note.

This transaction is a cash-flow securitization of a EUR3.54
billion static pool of secured and unsecured loans granted by
Banco Santander Central Hispano (rated 'AA' /'F1+'/Outlook
Stable) to small- and medium-sized enterprises, self-employed
borrowers and larger companies in Spain.  The ratings are based
on the quality of the collateral, available credit enhancement,
the financial structure of the deal and the underwriting and
servicing of the collateral and Sociedad Gestora's (Santander de
Titulizacion SGFT, SA) administrative capabilities.
Additionally, the first layer of protection is provided by SAN
under an interest rate swap agreement that guarantees an excess
spread of 60 basis points.


SANTANDER HIPOTECARIO 4: Fitch Junks EUR14.8 Mln Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Fondo de Titulizacion de Activos,
Santander Hipotecario 4's notes totaling EUR1.245 billion due in
October 2050, final ratings:

   -- EUR184.3 million Class A1: 'AAA'; Outlook Stable
   -- EUR661.9 million Class A2: 'AAA'; Outlook Stable
   -- EUR278 million Class A3: 'AAA'; Outlook Stable
   -- EUR20.9 million Class B: 'AA'; Outlook Stable
   -- EUR30.7 million Class C: 'A'; Outlook Stable
   -- EUR27.1 million Class D: 'BBB'; Outlook Stable
   -- EUR27.1 million Class E: 'BB'; Outlook Stable
   -- EUR14.8 million Class F: 'CCC'; Outlook Stable

This transaction is a cash-flow securitisation of a
EUR1.23 billion static pool of residential mortgage loans
granted by Banco Santander ('AA' /'F1+'/Outlook Stable) to
individuals in Spain.

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Santander de Titulizacion S.G.F.T, S.A's
administrative capabilities

Initial CE for the Class A to E notes is provided by
subordination and a reserve fund, which will be funded at
closing using the proceeds of the Class F notes.  The Class F
notes are uncollateralized by mortgages, but will benefit from
excess spread.

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B, C, D and E notes,
as well as the repayment of principal at legal final maturity.
Should the deferral trigger on the Class B, C, D and E notes be
hit, interest on these notes will be deferred in the priority of
payments.  In this instance, interest payments might not be
received for a period of time, but will be received by legal
final maturity.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to convert
mortgage transmission certificates (certificados de transmision
de hipotecas) from the seller into fixed-income securities.  The
fund will be legally represented and managed by Santander de
Titulizacion S.G.F.T, S.A, a limited liability company
incorporated under Spanish law, whose activities are limited to
the management of securitization funds.


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

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

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

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

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

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

   (1) some mortgages are granted to non residents;

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

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

Moody's based its rating on a evaluation of the underlying
portfolio of mortgage loans securing the structure, and on the
transaction's structural protections which include the
subordinate position of the Series B and C Subordinate notes
with respect to the Series A notes, the strength of the cash
flows, which include the reserve fund and any excess spread
available to cover losses.


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


BOSOMA JSC: Bern Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Berner Jura-Seeland in Bern commenced
bankruptcy proceedings against JSC Bosoma on Oct. 23.

The Bankruptcy Service of Berner Jura-Seeland can be reached at:

         Bankruptcy Service of Berner Jura-Seeland
         Office Seeland
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         JSC Bosoma
         Lindenhofstr. 42
         2504 Biel BE
         Switzerland


DALBOTEX JSC: Bern Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Jura-Seeland in Bern commenced
bankruptcy proceedings against JSC Dalbotex on Nov. 14.

The Bankruptcy Service of Jura-Seeland can be reached at:

         Bankruptcy Service of Jura-Seeland
         Office Seeland
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         JSC Dalbotex
         Moosweg 1
         2555 Brugg BE
         Switzerland


DATA DESIGN: Creditors' Liquidation Claims Due by January 3
-----------------------------------------------------------
Creditors of LLC Data Design System Schweiz have until Jan. 3 to
submit their claims to:

         Heinz Jaggi-Faller
         Liquidator
         Zelgliweg 12
         4452 Itingen
         Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC Data Design System Schweiz
         Itingen
         Sissach BL
         Switzerland


EIGER ASSET: Creditors' Liquidation Claims Due by January 3
-----------------------------------------------------------
Creditors of JSC Eiger Asset Management have until Jan. 3 to
submit their claims to:

         JSC Eiger Asset Management
         Claridenstrasse 36
         8002 Zurich
         Switzerland


FREI + PARTNER: Creditors' Liquidation Claims Due by January 4
--------------------------------------------------------------
Creditors of LLC Frei + Partner have until Jan. 4 to submit
their claims to:

         Urs Luscher
         Liquidator
         Hirtenweg 6
         5102 Rupperswil
         Lenzburg AG
         Switzerland

The Debtor can be reached at:

         LLC Frei + Partner
         Rupperswil
         Lenzburg AG
         Switzerland


ST. LAURENT: Creditors' Liquidation Claims Due by January 3
-----------------------------------------------------------
Creditors of JSC St. Laurent Immobilien und Treuhand have until
Jan. 3 to submit their claims to:

         JSC Zurbriggen Treuhand
         Liquidator
         Martmattenstrasse 3
         3930 Visp VS
         Switzerland

The Debtor can be reached at:

         JSC St. Laurent Immobilien und Treuhand
         Leukerbad
         Leuk VS
         Switzerland


KOCHERT CONSULTING: Creditors' Liquidation Claims Due by Jan. 3
---------------------------------------------------------------
Creditors of LLC Kochert Consulting have until Jan. 3 to submit
their claims to:

         Martin Kochert
         Liquidator
         Kirchstrasse 42
         8807 Freienbach
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         LLC Kochert Consulting
         Freienbach
         Hofe SZ
         Switzerland


LLC LOVIPAR: Creditors' Liquidation Claims Due by January 3
-----------------------------------------------------------
Creditors of LLC Lovipar have until Jan. 3 to submit their
claims to:

         LLC Lovipar
         Buchenweg 4
         5113 Holderbank AG
         Switzerland


TRANS-WORLD SERVICE: Creditors' Liquidation Claims Due by Jan. 3
----------------------------------------------------------------
Creditors of LLC Crystal have until Jan. 3 to submit their
claims to:

         KMPG Business Services Sagl
         Via Brione 98
         6648 Minusio
         Locarno TI
         Switzerland

The Debtor can be reached at:

         TRANS-WORLD SERVICE SP Corp.
         Cham ZG
         Switzerland


VANTRADE LTD: Creditors' Liquidation Claims Due by January 3
------------------------------------------------------------
Creditors of Vantrade Ltd have until Jan. 3 to submit their
claims to:

         Walter Giger
         Liquidator
         Oberallmendstrasse 16
         6302 Zug
         Switzerland

The Debtor can be reached at:

         Vantrade Ltd
         Zug
         Switzerland


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


BANK FINANCE: Moody's May Lift B2 Deposit Rating After Review
-------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ukrainian bank's B2 local currency deposit and foreign
currency debt ratings and assigned positive outlook to foreign
currency deposit rating of B2.

At the same time, Moody's has upgraded the long-term national
scale rating of Bank Finance and Credit to A1.ua from A2.ua.

Moreover, Moody's has affirmed the bank's E+ bank financial
strength rating (BFSR) and the Not-Prime short-term deposit
rating. The outlook on the BFSR is stable.

According to Moody's, these rating actions reflect Bank Finance
and Credit's:

   (i) strong position in the dynamically developing Ukrainian
       market, in which the bank is ranked as one of the top 10
       leading banks;

  (ii) the bank's rapidly growing franchise and wide branch
       network against a backdrop of fierce competition;

(iii) its loyal customer base;

  (iv) its historically robust asset quality and quite
       conservative credit underwriting procedures so far; and

   (v) the commitment from its shareholder who regularly
       supports the bank's capitalization.

However, Moody's cautions that the bank's ratings are also
constrained by:

   (i) Ukraine's volatile economic and political environment;

  (ii) the mounting competitive pressures;

(iii) the bank's ambitious growth plans which could pressure
       the bank's nascent risk management, with the temptation
       to liberalize loan underwriting standards, especially in
       rapidly growing retail;

  (iv) the concerns about corporate governance stemming from the
       presence of a dominant shareholder with equity interests
       in a number of Ukrainian industrial companies, as well as
       the somewhat blurred boundaries (through financial
       transactions) between the bank and the companies under
       the same beneficial control.  Other constraining factors
       are


   (v) the bank's highly concentrated loan book and potentially
       understated level of related-party exposure;

  (vi) the historically very weak profitability in an
       environment of squeezing interest margins, especially
       given the bank's reliance on expensive domestic funding
       sources;

(vii) tightening liquidity; and

(viii) the dependence on external capital injections to sustain
       future growth.

Relatively small by international standards, Bank Finance and
Credit was, as of June 30, 2007 the 10th largest bank in Ukraine
by total assets and loan book, and operates a commercial network
of 318 branches and outlets throughout the country.  It is
beneficially controlled by a local businessman and politician,
whose other interests cover a broad spectrum, including mining,
manufacturing, chemical, pharmaceutical and other businesses.
In the past, the bank played the role of purely captive finance
entity to a wider group of companies, but, over the past several
years, it has managed to diversify to acquire more third-party
business.

Moody's rating review will focus on the bank's 2007 financial
results that are expected to display improved recurring
profitability and healthy asset quality.  As part of the review,
Moody's will also closely monitor the level of Bank Finance and
Credit's related-party exposure and single-name borrower
concentration.  Any upgrade of the banks' ratings will likely be
limited to one notch.

Bank Finance and Credit is headquartered in Kyiv, Ukraine and
reported total assets of US$1,445 million under IFRS at
Dec. 31, 2006.


OSCHADBANK: Fitch Assigns BB- Ratings with Positive Outlook
-----------------------------------------------------------
Fitch Ratings has assigned JSC State Savings Bank of Ukraine's
(Oschadbank) ratings of Long-term foreign currency Issuer
Default 'BB-', Long-term local currency IDR 'BB-', Short-term
IDR 'B', National Long-term 'AA(ukr)', Support '3', Support
floor 'BB-', and Individual 'D'.  The Outlooks for the LT FC and
LT LC IDRs are Positive and the Outlook for the National Long-
term rating is Stable.

Fitch also assigned Oschadbank's upcoming issues of Series A and
Series B bonds with three- and five-year maturities, nominal
amounts of UAH300 million and UAH200 million, and one-and-a-half
and two-and-a-half year put options, respectively, expected
National Long-term 'AA(ukr)' ratings.  The final ratings of the
bonds are contingent on the receipt of final documentation
conforming materially to information already received.

The bank's obligations under the issues will rank at least
equally with all its other unsecured and unsubordinated
creditors, save those preferred by relevant Ukrainian
legislation.  Under Ukrainian law, the claims of retail
depositors rank above those of other senior unsecured creditors.
At end of third quarter of 2007, retail depositors accounted for
67% of the bank's non-equity funding, according to the bank's
unaudited local accounts.  The high proportion of retail
accounts would be likely to significantly limit recoveries for
bondholders and other senior unsecured creditors in case of a
default.

The Long-term IDRs, National and Support ratings and Support
Rating Floor are driven by the likelihood of support from the
Ukrainian government (rated 'BB-'/Outlook Positive), which
directly owns a 100%-stake in the bank.  Fitch's view of
potential support also takes into account the bank's large
retail deposit base, the full state guarantee of retail
deposits, the largest branch network in the country and the
bank's strong share in distributing pension and other social
payments.

The Individual rating reflects risks stemming from rapid lending
expansion, concentrated corporate business and the low quality
and flexibility of capital.  However, the bank's strong local
franchise brings it a stable funding and customer base, and
strengthened revenue generation and moderate market risk are
also acknowledged.

"The operating results of Oschadbank are sound and revenue
generation is improving as a result of a rising loans/assets
ratio and higher-yielding retail loans," says Vladimir Markelov,
Associate Director at Fitch's Financial Institutions group in
Moscow.  "However, underutilization of the vast branch network
restricts efficiency."

The loan book is growing fast, albeit from a low base. Risk in
retail lending is mitigated by a high proportion of
collateralized or personal guarantee-backed loans.  The
corporate portfolio is concentrated, with significant lending to
state-controlled energy and other entities.  Reserves currently
fully cover impairment.

Retail accounts are the main funding source.  These have proven
to be relatively stable due to individuals' confidence in the
bank, supported by the state deposit guarantee.  Although the
on-demand gap is sizeable, the liquidity position is
significantly underpinned by the historical stability of
individuals' accounts, sizeable holdings of government
securities and, in a worst case scenario, probable liquidity
support from the authorities.  Refinancing risks on the foreign
market are currently negligible.

Capital is a constraint for Oschadbank.  Tier 1 capital is
dependent on the state for further capital injections, and a
recent injection of UAH200 million was made in November 2007.
The large share of revaluation reserves and low proportion of
free capital undermine capital quality.  In light of the rapid
rise of risk-weighted assets, additional sources of capital are
likely to be required in the medium-term to sustain growth.

Movements in Oschadbank's LT IDRs are likely to be driven by an
upgrade or downgrade of Ukraine's Long-term IDR.  An improved
capital position and further profitable franchise expansion
would be positive for the bank's stand-alone credit profile.
Downgrade of the Individual rating could result from significant
credit losses or heightened pressure on capitalization.

Oschadbank was the eighth-largest Ukrainian bank by assets at
end third quarter of 2007.  It is the successor of the Ukrainian
branch of the former Soviet Union savings bank and has the
largest branch network in the country with over 6,000 outlets.
The Cabinet of Ministers of Ukraine holds 100% of the bank's
shares.


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


ABRAE TECHNOLOGY: M. C. Bowker Leads Liquidation Procedure
----------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of Abrae
Technology Ltd. on Dec. 19 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


ARENA LEARNING: Brings In Liquidators from Tenon Recovery
---------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Arena Learning Ltd. on Dec. 19
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


AUSTIN DIVALL: Joint Liquidators Take Over Operations
-----------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis were
appointed joint liquidators of Austin Divall Shotblasting &
Painting Ltd. on Dec. 14 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis
         Southfield House
         11 Liverpool Gardens
         Worthing
         BN11 1RY
         England


BERKELEY BERRY: Calls In Liquidators from KPMG
----------------------------------------------
Finbarr O'Connell and Allan Watson Graham of KPMG LLP were
appointed joint liquidators of Berkeley Berry Birch plc
(formerly Berry Birch & Noble plc, Berry, Birch and Noble plc,
Berry, Birch and Hawksford Group Ltd., Dingwall Avenue Holdings
Ltd.) on Sept. 26 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB
         England


BLUEWAYS COACHES: Appoints S. J. Parker as Liquidator
-----------------------------------------------------
S. J. Parker of Tenon Recovery was appointed liquidator of
Blueways Coaches Dorset Ltd. on Dec. 12 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


BRITISH AIRWAYS: Finalizes US$4.4 Bln Boeing Aircraft Order
-----------------------------------------------------------
The Boeing Company and British Airways plc have finalized an
order for eight Boeing 787-8s and 16 787-9s, raising the total
number of 787s ordered worldwide from 766 to 790 and taking the
787 order book past the 787th mark.  The order is valued at
US$4.4 billion at list prices.  BA also placed options for 18
787s and purchase rights for an additional 10.

"The 787 is a fantastic aircraft and will be a welcome addition
to our fleet.  It will provide major environmental improvements
in terms of global emissions, local air quality and noise,"
Willie Walsh, BA's chief executive, said.  "With lower operating
costs and the range to fly to all our destinations, it will give
us more flexibility when planning our route network and we are
confident that our customers will enjoy flying on the aircraft."

BA first announced its selection of the 787 Dreamliner as a key
element of its long-haul fleet renewal last September.  The
carrier also announced in September that it will power its 787s
with the Rolls-Royce Trent 1000.

"This order is a vote of confidence from one of the world's
leading global network carriers in the 787's unprecedented
performance," Marlin Dailey, vice president of Sales for Europe,
Russia and Central Asia, Boeing Commercial Airplanes, said.  "No
other airplane in its category offers British Airways the
superior efficiency, economics and passenger comfort while also
fitting so easily into its medium- and long-haul twin-aisle
fleet."

"Reaching the 787th order is significant for the program, and
it's great that we get to celebrate it with British Airways.
Their leadership in the industry validates our momentum in the
marketplace," Patrick Shanahan, vice president and general
manager, 787 Program, said.

The 787 will help BA meet aggressive environmental performance
targets.  It will reduce CO2 emissions and has a noise footprint
that is more than 60% smaller than those of today's similarly
sized airplanes.

Common elements between the 787 and BA's 777 flight deck will
allow for 777 pilots to train for 787 certification in only five
days.

The 787 also offers more cargo-revenue capacity than the 767 and
similarly sized airplanes.

With 790 orders in three years, the 787 remains the most
successful airplane launch in aviation history.

Boeing developed the 787 for the mid-sized jetliner market,
estimated at 3,500 aircraft over the next 20 years.  The 787
will be more than 50% advanced carbon composites which allow the
largest windows in the industry, higher cabin humidity and a
lower cabin altitude that reduces the fatigue often experienced
by passengers.

High-efficiency engines combined with a lighter airframe and
improved aerodynamics mean the 787 will produce seat-mile costs
normally associated with much larger aircraft.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' senior unsecured debt carries Moody's
Investors' Service's Ba1 rating since Aug. 14, 2007, with a
stable outlook.  The rating still applies to date.


FOCUS COACHES: Names M. C. Bowker Liquidator
--------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of Focus
Coaches Ltd. (formerly ALB (Seven) Ltd.) on Dec. 18 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


FORD MOTOR: Works With Chinese Suppliers to Improve Conditions
--------------------------------------------------------------
Ford Motor Company has delivered another record year in China,
not only in terms of sales, but also with the ongoing
introduction of a pioneering program that helps improve the
standards and working conditions of companies in its supply
network.

Roughly 300 suppliers to Ford's joint-ventures in China have
implemented its advanced supplier management program. This
includes a series of tough review and inspection systems, backed
by comprehensive training focused on raising awareness of
working conditions issues throughout the supply chain, provide
best practice examples and practical exercise that would support
labor law compliance. The aim is to help suppliers meet Ford's
comprehensive global supply chain requirements and adhere to
local laws and regulations that cover work environment, health
and legal employment.

Ford operates worldwide under the belief that as globalization
increases, companies need to effectively and actively manage the
relationships between their operations, employees and the
broader communities on which they depend. The Company's concern
and responsibility for employee welfare goes well beyond those
it directly employs.

Ford is also among a number of global automotive companies
working with the Automotive Industry Action Group (AIAG) and
China Association of Automobile Manufacturers (CAAM) to
collaborate in the joint delivery of training for their
respective suppliers. AIAG is a nonprofit organization of car
manufacturers and part suppliers that promotes cooperation and
effective communication between customers and suppliers to
improve the business process.

In 2003, China became the first market in Asia to implement
Ford's new global program for training, monitoring and managing
the working conditions and labor laws of its supply chain. The
program was later rolled out across other markets within the
company's Asia Pacific & Africa region, including India and
Thailand.

This year in China, the AIAG/CAAM training program has been
delivered to nearly 300 suppliers of Changan Ford Mazda
Automobile Co. across China.

"Our goal is to have all of our suppliers in China participate
in this management program," said Mei-Wei Cheng, chairman and
CEO of Ford China. "Ford sees it as our direct responsibility to
ensure that each of our partners are providing their staff with
a legal and decent work environment and working conditions. It's
a part of doing good business and we're willing to make an
investment to help achieve this."

Ford's labor law training in China has received strong support
from the China Association of Automobile Manufacturers. The
training mainly aims to convey relevant regulations of the Labor
Law of China and encourage all suppliers to meet safety
standards in their production processes and working environment.

In addition to suppliers, Ford has global programs that provide
relevant training to in-house staff guidance to purchasing and
engineering staff every year, providing timely updates on labor
laws and regulations.

Darrell Doren, Ford's Regional Manager for Supply Chain
Sustainability, Asia Pacific & Africa, explained: "We strive to
maintain long-term relationships with our suppliers, which
provides a real advantage for a mutual understanding of our
supplier management program. It also provides additional
benefits, as adherence to the policies helps deliver increased
quality and has a positive impact on their employee retention."

In addition to the supply chain program, Ford continues to
invest in various corporate responsibility programs in China
that include environmental protection, road transportation
safety, health and education.

                     About Ford Motor in China

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.

Ford Motor Company's history in China can be traced to 1913,
when its first Model T was imported and sold in Shanghai.
Currently, Ford's wholly owned subsidiaries and JVs in China
include Ford Motor (China) Limited, Ford Motor Research &
Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China)
Ltd., Changan Ford Mazda Automotive Co., Ltd., Changan Ford
Mazda Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda
Engine Co., Ltd., and Jiangling Motors Co., Ltd. Ford Motor has
introduced a number of exciting models to the Chinese market,
including Ford Mondeo, Ford Focus, Ford S-MAX, Ford Transit,
Volvo S40, Mazda3, as well as several imported models from
Jaguar, Land Rover, Lincoln and Volvo, and service brand, Ford
Service.

Ford Motor China is actively involved in various programs to
support the environment, road safety, health and education.
Since 2000, it has organized the Ford Motor Conservation and
Environmental Grants (CEGC), which to date has sponsored more
than 130 groups/individuals with more than 25 million yuan to
assist environmental protection efforts in the country.

The company also has operations in Japan.  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-Latin America 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.


HOLLY CONSTRUCTION: Taps Ian William Kings to Liquidate Assets
--------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Holly Construction Ltd. on Dec. 19 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


JOHN ACRES: Hires Liquidators from Vantis
-----------------------------------------
Robert Leonard Harry Knight and Mark Newman of Vantis Business
Recovery Services were appointed joint liquidators of John Acres
Builders Ltd. on Dec. 18 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


KRB THOROUGHBREDS: Appoints Liquidators from KPMG
-------------------------------------------------
Kevin Roy Mawer and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of KRB Thoroughreds Ltd. (formerly
Solitude Ltd.) on Dec. 17 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


LANDMARK SECURITIES: Fitch Affirms Class D Notes at BB
------------------------------------------------------
Fitch Ratings has affirmed eight tranches of Landmark Mortgage
Securities No.1 plc.  The pool is comprised of loans originated
by Amber Home Loans, Unity Home Loans and Infinity Mortgages.
The rating actions are:

Landmark Mortgage Securities No.1 plc:

   -- Class Aa (ISIN XS0258051191): affirmed at 'AAA'; Outlook
      Stable

   -- Class Aa DAC 2011 (ISIN XS0258051357): affirmed at 'AAA';
      Outlook Stable

   -- Class Ac (ISIN XS0260674725): affirmed at 'AAA'; Outlook
      Stable

   -- Class Ac DAC 2011 (ISIN XS0260674998): affirmed at 'AAA';
      Outlook Stable

   -- Class B (ISIN XS0260675888): affirmed at 'A'; Outlook
      Stable

   -- Class Ca (ISIN XS0258052165): affirmed at 'BBB'; Outlook
      Stable

   -- Class Cc (ISIN XS0261199284): affirmed at 'BBB'; Outlook
      Stable

   -- Class D (ISIN XS0258052751): affirmed at 'BB'; Outlook
      revised to Negative from Stable

The performance of Landmark Mortgage Securities No.1 plc to date
has been in line with expectations.  Arrears greater than three
months, including possessions, as of the September 2007 investor
report comprised 7.83% of the outstanding collateral balance.
There have been six sold repossessions to date, accounting for
0.34% of the original pool, which have generated losses of
0.04%.

The Outlook for the class D notes has been revised to Negative
from Stable due to a combination of factors that, given the
continued market uncertainty, could potentially affect the
rating of the most junior notes.  This includes the high
original WA LTV of the initial pool (79.4%), the high amount of
heavy (13.6%) and unlimited (8.7%) adverse loans in the pool at
closing (as per Fitch's adverse credit labels), and concerns
over the future of both Infinity and Unity and the impact this
may have on the special servicing of the Infinity and Unity
loans in the pool.


MANSARD MORTGAGES 2007-2: Fitch Rates Class B2a Notes at BB
-----------------------------------------------------------
Fitch Ratings has assigned final ratings to Mansard Mortgages
2007-2 Plc's GBP550 million mortgage-backed floating-rate notes
due in 2049:

   -- GBP413.04 million Class A1a notes: 'AAA'
   -- GBP29.10 million Class A2a notes: 'AAA'
   -- GBP42.62 million Class M1a notes: 'AA'
   -- GBP31.35 million Class M2a notes: 'A'
   -- GBP23.10 million Class B1a notes: 'BBB'
   -- GBP18.97 million Class B2a notes: 'BB'

Each rated class in this transaction has a Stable Outlook.

The collateral underlying the notes in this transaction consists
solely of Rooftop Mortgage Limited originations.  RML is owned
by The Bear Stearns Companies Inc (rated 'A+'/'F1'/Outlook
Negative).

The final ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of RML
and the sound legal structure of the transaction.  The 23.10%
credit enhancement for the Class A notes is provided by the
subordination of the Class M1 (7.75%), Class M2 (5.70%), Class
B1 (4.20%), Class B2 (3.45%) notes, excess spread and a reserve
fund of 2% of the initial note balance.  There is also a
liquidity facility available to meet income deficiencies,
including interest shortfalls on the Class A notes.  However, it
will not be available to fund any periodic principal
deficiencies.


ONE RED: Brings In Liquidators from Tenon Recovery
--------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of One Red Sky Ltd. on Dec. 14 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


OXFORD PRINT: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of Oxford Print Finishing Ltd. on
Dec. 8 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


P P TRAINING: Taps Liquidators from Tenon Recovery
--------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of P P Training Ltd. on Dec. 19 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


PROFITABLE PLOT: C. K. Rayment Leads Liquidation Procedure
----------------------------------------------------------
C. K. Rayment of BDO Stoy Hayward LLP was appointed liquidator
of The Profitable Plot Co. Ltd. on Dec. 14 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


ZIPADEEDOODAH LTD: Joint Liquidators Take Over Operations
---------------------------------------------------------
Colin Ian Vickers and Jonathan Mark Birch of Vantis were
appointed joint liquidators of Zipadeedoodah Ltd., Art 21 Ltd.,
Contemporary Magazine Ltd. on Dec. 17 for the creditors'
voluntary winding-up proceeding.

Mr. Vickers can be reached at:

         Vantis
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England

Mr. Birch can be reached at:

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *