TCREUR_Public/080103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, January 3, 2008, Vol. 9, No. 2

                            Headlines




A U S T R I A

BESSER SAUBER: Claims Registration Period Ends Jan. 8
CMC - KACHELOFENBAU: Creditors' Meeting Slated for Jan. 16
DSH INTERNATIONAL: Creditors' Meeting Slated for Jan. 9
ESEROVA & KINDERMANN: Administrator Declares Insufficient Assets
HUESEYIN YILMAZ: Creditors' Meeting Slated for Jan. 17

MARIUS VELAN: Creditors' Meeting Slated for Jan. 15
MARTINOVIC-JELICA: Creditors' Meeting Slated for Jan. 10
RAI-BAU TROCKENBAU: Creditors' Meeting Slated for Jan. 15


B E L G I U M

POPE & TALBOT: Hires Rothschild as Financial Advisor
POPE & TALBOT: May Hire FTI to Do Financial Advisory Services
POPE & TALBOT: Court OKs Stoel Rives as Special Outside Counsel


F R A N C E

ALCATEL-LUCENT SA: Names Vivek Mohan as Indian Biz Chief
CHEMTURA CORP: Names Robert Wedinger as Chief Business Officer
HARMAN INT'L: Gary Steel to Serve on Board of Directors
SR TELECOM: Sells Airstar and SR500 Product Lines to Duons Group


G E R M A N Y

R-ESTATE GERMANY: Moody's Puts Low-B Ratings on Two Note Classes


I R E L A N D

COMMSCOPE INC: Completes US$2.65BB Buyout Deal with Andrew Corp.


I T A L Y

ALITALIA SPA: Italy Starts Exclusive Sale Talks with Air France
ANDREW CORP: Completes US$2.7 Billion Merger Deal with CommScope


K A Z A K H S T A N

ALKOM-KOKSHETAU LLP: Proof of Claim Deadline Slated for Jan. 25
ALSU-FOOD LLP: Creditors Must File Claims by Jan. 29
ATYRAU NEFTEPRODUCT: Claims Filing Period Ends Jan. 25
IMANALI DISTRIBUTION: Creditors' Claims Due on Jan. 29
KAZAKHMYS-STROY LLP: Claims Registration Ends Jan. 25

KEREI LLP: Proof of Claim Deadline Slated for Jan. 25
RUDENOK LLP: Creditors Must File Claims by Jan. 25
SERVICE-ASTANA-1 LLP: Claims Filing Period Ends Jan. 25
SPETSSVYAZSTROY ASTANA: Creditors' Claims Due on Jan. 25
TECHCOM SERVICE: Claims Registration Ends Jan. 25


K Y R G Y Z S T A N

PSK TRADE: Creditors Must File Claims by January 23, 2008
TULPAR OJSC: Proof of Claim Deadline Slated for January 26, 2008


N O R W A Y

NORTEL NETWORKS: Settles Patent Dispute With Vonage Holdings
NORTEL NETWORKS: Unit Commences Exchange Offer for 3 Sr. Notes


P O L A N D

SCO GROUP: Bankruptcy Filing Prompts Nasdaq Delisting Notice


R U S S I A

BALTFURNITURA OJSC: Creditors Must File Claims by Feb. 15
DANILOVSKY FLAX-TREATING: Creditors Must File Claims by Feb. 15
HYNIX: To Spend KRW147.1 Bil. for Expansion & Upgrade of Plants
HYNIX SEMICON: S&P Assigns 'BB-' Rating on US$583.4MM Notes
IBRESINSKY LUMBER: Creditors Must File Claims by Feb. 15

KHAKASSKIJ HEAT: Creditors Must File Claims by Feb. 15
KRASNOARMEYSKY MEAT-PACKING: Claims Filing Period Ends Feb. 15
KRASNOBORSKAYA LLC: Creditors Must File Claims by Feb. 15
KRASNOTUR'INSKOE FUELLING: Creditors Must File Claims by Feb. 15
MITSUBISHI MOTORS: Inks Incentives Grant Pact with Russia

NORDOILSERVICE LLC: Creditors Must File Claims by Jan. 15
SHUISKAYA FURNITURE: Creditors Must File Claims by Feb. 15
SISTEMA JSFC: Launches Incentive Program for its Employees
SPETSZHELEZOBETON CJSC: Court Starts Competitive Proceedings
TVER BANK: Moody's Assigns Caa1/NP/E/Ba1.ru Global Scale Ratings

TZAR-KNIGA LLC: Court Starts Bankruptcy Supervision Procedure
VIMPEL-COMMUNICATIONS: CEO Izosimov to Stay Until Jan. 1, 2010


S W E D E N

AVNET INC: Operating Unit Signs Distribution Deal with Zarlink
QUEBECOR WORLD: Banks and Sponsors Grant Waivers Until March 31


S W I T Z E R L A N D

ASG BAUMANAGEMENT: Lucerne Court Closes Bankruptcy Proceedings
BRUCH-BAR LLC: Lucerne Court Starts Bankruptcy Proceedings
DRIVE'IN: Creditors' Liquidation Claims Due by January 7
EMERSON COMMUNICATIONS: Creditors Must File Claims by January 7
FINNHAUS LLC: Creditors' Liquidation Claims Due by January 4

GRASSI INFORMATIK: Creditors Must File Claims by January 7
HAGGENMACHER DRUCK: Zurich Court Closes Bankruptcy Proceedings
LLC RENOVISTA: Creditors' Liquidation Claims Due by January 7
MIKE'S AKKOTEAM: Basel-Country Court Starts Bankruptcy Process
NEW GATE: Zurich Court Closes Bankruptcy Proceedings

SIGMA ALPHA: Creditors' Liquidation Claims Due by January 7
SR INVEST: Creditors' Liquidation Claims Due by January 4
WB-CONSULT LLC: Creditors' Liquidation Claims Due by January 7
ZELLER WIL: St. Gallen Court Closes Bankruptcy Proceedings


U K R A I N E

AGRICULTURAL INVESTMNTS: Creditors Must File Claims by January 5
CABLE MANAGEMENT: Proofs of Claim Filing Ends January 5
CLASSIC-LINE LLC: Proofs of Claim Filing Ends January 5
CREATIN TRADE: Proofs of Claim Filing Ends January 5
KIEV BUILDING: Proofs of Claim Filing Ends January 5

MAXIMUM-FININVEST TRADE: Proofs of Claim Filing Ends January 5
NEW DAY: Proofs of Claim Filing Ends January 5
TIMESHEET LLC: Proofs of Claim Filing Ends January 5


U N I T E D   K I N G D O M

AQUARIUS LEASING: Taps KPMG to Administer Assets
BAA LTD: Unions Call Off Planned Jan. 7 Strike Action
BRITISH AIRWAYS: Faces Air Cargo Cartel Charges from EU
GADE VALLEY: Brings In Liquidators from Vantis
INDEPENDENT QUALITY: Calls In Liquidators from Tenon Recovery

MARSTON MILLS: Appoints Ernst & Young as Administrators
NEW ANGEL: Brings In Administrators from Begbies Traynor
NORTHERN ROCK: RAB Capital Hikes Stake Ahead of Shareholder Mtg.
RANK GROUP: Harrah's Entertainment May Launch Comeback Bid
SEAMLESS RECORDINGS: Claims Filing Period Ends January 21, 2008

VONAGE HOLDINGS: Settles Patent Dispute With Nortel Networks

* Upcoming Meetings, Conferences and Seminars



                            *********


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


BESSER SAUBER: Claims Registration Period Ends Jan. 8
-----------------------------------------------------
Creditors owed money by LLC besser sauber.at Vertrieb (FN
284037b) have until Jan. 8 to file written proofs of claim to
court-appointed estate administrator Tobias Mitterauer at:

         Dr. Tobias Mitterauer
         Kasernenstrasse 4
         5073 Wals
         Austria
         Tel: 0662/85 42 27
         Fax: 0662/854227-40
         E-mail: kanzlei@steger-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Wals bei Salzburg, Austria, the Debtor declared
bankruptcy on Nov. 13, 2007 (Bankr. Case No. 23 S 78/07a).


CMC - KACHELOFENBAU: Creditors' Meeting Slated for Jan. 16
----------------------------------------------------------
Creditors owed money by LLC CMC - Kachelofenbau (FN 67461h) are
encouraged to attend the creditors' meeting at 10:10 a.m. on
Jan. 16.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 14, 2007 (2 S 152/07a).  Eva-Maria Bachmann-Lang serves
as the court-appointed estate administrator of the bankrupt's
estate.  Christian Bachmann represents Dr. Bachmann-Lang in the
bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Eva-Maria Bachmann-Lang
         c/o  Dr. Christian Bachmann
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at


DSH INTERNATIONAL: Creditors' Meeting Slated for Jan. 9
-------------------------------------------------------
Creditors owed money by DSH International Limited (FN 276449v)
are encouraged to attend the creditors' meeting at 11:10 a.m.on
Jan. 9.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben
         Austria

Headquartered in Zeltweg, Austria, the Debtor declared
bankruptcy on Nov. 15, 2007 (17 S 97/07v).  Erwin Bajc serves as
the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Erwin Bajc
         Mittergasse 28
         8600 Bruck an der Mur
         Austria
         Tel: 03862-51462
         Fax: 03862-51462-10
         E-mail: rechtsanwaelte@bzt.at


ESEROVA & KINDERMANN: Administrator Declares Insufficient Assets
----------------------------------------------------------------
Mag. Petra Diwok, the court-appointed estate administrator for
LLC Eserova & Kindermann (FN 255721k), declared Nov. 15 that the
Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 23, 2007 (Bankr. Case No. 2 S 146/07v).

The estate administrator can be reached at:

         Mag. Petra Diwok
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 80 57
         Fax: 713 07 76
         E-mail: diwok@aon.at


HUESEYIN YILMAZ: Creditors' Meeting Slated for Jan. 17
------------------------------------------------------
Creditors owed money by KEG Hueseyin Yilmaz (FN 234672g) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Jan. 17.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 13, 2007 (5 S 133/07d).  Hans Gerhard Schreiber serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

         Dr. Hans Gerhard Schreiber
         Canovagasse 5
         1010 Vienna
         Austria
         Tel: 505 31 71
         Fax: 505 49 16
         E-mail: h.schreiber@aon.at


MARIUS VELAN: Creditors' Meeting Slated for Jan. 15
---------------------------------------------------
Creditors owed money by LLC Marius Velan (FN 36354m) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Jan. 15.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 12, 2007 (28 S 131/07d).  Norbert Abel serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at


MARTINOVIC-JELICA: Creditors' Meeting Slated for Jan. 10
--------------------------------------------------------
Creditors owed money by Martinovic-Jelica KEG Fertighaus
Vertrieb (FN 262682y) 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 Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Nov. 13 (26 S 100/07m). Candidus Cortolezis serves as the
court-appointed estate administrator of the bankrupt's estate.

The estate administrator can be reached at:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel: 0316/813973
         Fax: 0316/847797
         E-mail: office@cortolezis.com


RAI-BAU TROCKENBAU: Creditors' Meeting Slated for Jan. 15
---------------------------------------------------------
Creditors owed money by Rai-Bau Trockenbau (FN 220840s) are
encouraged to attend the creditors' meeting at 12:15 p.m. on
Jan. 15.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 13, 2007  (6 S 146/07y).  Hannelore Pitzal serves as the
court-appointed estate administrator of the bankrupt's estate.
Wolfgang Pitzal represents Dr. Pitzal in the bankruptcy
proceedings.

The estate administrator can be reached at:

         Dr. Hannelore Pitzal
         c/o  Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@pitzal-partner.at


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


POPE & TALBOT: Hires Rothschild as Financial Advisor
----------------------------------------------------
The Hon. Christopher S. Sontchi of the Unites States Bankruptcy
Court for the District of Delaware has approved Pope & Talbot
and its debtor-affilates' employment of Rothschild Inc. as their
financial advisor and investment banker effective as of Nov. 19,
2007.

The Court held that the U.S. Trustee will retain all rights to
object to the Initial Sale Fee, the Completion Fee and any
Financing Fee based on the reasonablenesss standard under
Section 330 of the Bankruptcy Code.

The Debtors will indemnify and hold Rothschild, its officers,
employees and agents, harmless except in circumstances of
Rothschild's gross negligence or willful misconduct.

If, before the earlier of (i) the Court's confirmation of a plan
of reorganization, or (ii) the Court's closing of the Debtors'
Chapter 11 proceedings, Rothschild believes that it is entitled
to the payment of any amounts by the Debtors on account of the
Debtors' indemnification, contribution or reimbursement
obligations under the terms of the Rothschild engagement letter,
the Debtors will not pay any amounts to Rothschild unless
approved by the Court.

According to Judge Sontchi, Rothschild will not be entitled to
receive a Financing Fee with respect to:

   -- any financing raised and provided without Rothschild's
      assistance; or

   -- any debt or equity provided by the Debtors' general
      unsecured creditors pursuant to an offering available to
      all or substantially all of the Debtors' impaired general
      unsecured creditors under a plan of reorganization.

As reported in the Troubled Company Reporter on Dec. 3, 2007,
the Debtors selected Rothschild because of its expertise in
investment banking services, including domestic and cross-border
restructuring, and because of the firm's extensive experience
working with companies from various industries in complex
financial restructuring, both out of court and in Chapter
11 cases, and familiarity with the Debtors' business, capital
structure, financial affairs, and related matters.

As their financial advisors, the Debtors expect Rothschild to:

   (a) undertake, in consultation with members of management, a
       comprehensive study and analysis of the Debtors'
       business, operations, liquidity, financial condition and
       prospects;

   (b) analyze industry trends and the Debtors' strategic
       position with each of its operating segments;

   (c) assist management in the preparation and review of the
       Debtors' financial or business plans, and analyze their
       strategic alternatives;

   (d) analyze liquidity and debt capacity under various
       strategic scenarios;

   (e) analyze and provide a recommendation to management with
       respect to incremental liquidity requirements under
       various strategic scenarios including the sale of certain
       assets;

   (f) assist in the development and execution of a strategy to
       improve the Debtors' short-term liquidity;

   (g) review comparable company and transaction information
       with respect to valuation, capital structure, operating
       efficiency and competitive strategies;

   (h) assist in valuing the Debtors and, as appropriate,
       valuing the Debtors' assets or operations, provided that
       any real estate or fixed asset appraisals will be
       undertaken by outside appraisers, separately retained
       and compensated by the Debtors;

   (i) advise the Debtors as to the availability of new debt or
       equity financing, mergers or acquisitions, and the sale
       or disposition of the Debtors' assets or businesses;

   (j) attend and present material at Board of Directors'
       meetings as requested by the Debtors;

   (k) attend meetings and interact with creditors as requested;

   (l) assist the Debtors and their other professionals in
       preparing for any potential litigation or depositions
       that may arise in connection with the services and
       provide relevant deposition or expert testimony with
       respect to the matters;

   (m) if the Debtors determine to commence Chapter 11 cases in
       order to pursue a transaction, and if requested by the
       Debtors, participate in hearings before the Court in
       which the cases are commenced, and provide testimony on
       matters and issues arising in connection with any
       proposed Plan; and

   (n) render other financial advisory and investment banking
       services as may be agreed upon by the Debtors and
       Rothschild.

Stephen S. Ledoux, a professional at Rothschild, assured the
Court that it is a "disinterested person," as 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).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-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 Hire FTI to Do Financial Advisory Services
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has authorized Pope & Talbot Inc. and its debtor-affiliates to
employ FTI Consulting Inc. to perform financial advisory
services for them, effective as of Nov. 19, 2007.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
attempted to block approval of the Debtors' request, arguing
that:

   -- FTI Consulting's evergreen retainer is neither appropriate
      nor reasonable;

   -- the Debtors seek to enforce the Application's arbitration
      clause while it is still pending before the Court; and

   -- the indemnification provisions provide FTI Consulting with
      a liability cap if indemnification does not apply.

William K. Harrington, Esq., trial attorney for the U.S.
Trustee, argued that the use of funds from operations to
compensate FTI Consulting, even though a retainer is held by the
firm, provides a significant drain on the cash flow of the
Debtors.

By applying the retainer as an evergreen retainer, FTI
Consulting is taking the unfortunate action of competing for
cash flow where a deficit exists, Mr. Harrington asserted.

The Hon. Christopher S. Sontchi held that FTI Consulting will be
compensated, including with respect to any value-added fee,
pursuant to the standards and procedures set forth in Sections
330 and 331 of the Bankruptcy Code, all applicable Bankruptcy
Rules and Local Bankruptcy Rules for the United States
Bankruptcy Court for the District of Delaware, guidelines
established by the Office of the United States Trustee, and
further Court order.

Judge Sontchi permitted the Debtors to indemnify and hold FTI
Consulting, its officers, employees and agents, harmless except
in circumstances of FTI Consulting's gross negligence or willful
misconduct.

If, before the earlier of (i) the Court's confirmation of a plan
of reorganization, or (ii) the Court's closing of the Debtors'
Chapter 11 proceedings, FTI Consulting believes that it is
entitled to the payment of any amounts by the Debtors on account
of the Debtors' indemnification, contribution or reimbursement
obligations under the terms of the FTI Consulting engagement
letter, the Debtors will not pay any amounts to FTI Consulting
unless approved by the Court, Judge Sontchi said.

FTI Consulting reserves the right to file an administrative
claim for any liability not covered by the FTI Consulting
Employment Order, without prejudice to the right of the Debtors
and any other party-in-interest to object to the claim.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
the Debtors engaged FTI Consulting on Sept. 5, 2007, to provide
them with financial advisory and consulting services.

Pursuant to the terms of an engagement letter between the
Debtors and FTI Consulting, dated September 5, FTI Consulting is
expected to, among other things:

   (1) assist the Debtors with information and analyses required
       pursuant to the Debtors' prepetition financing;

   (2) assist with the identification and implementation of
       short-term cash management reporting procedures;

   (3) assist in the preparation of financial information for
       distribution to creditors, including cash receipts and
       disbursement analysis, analysis of various asset and
       liability accounts, and analysis of proposed transaction;

   (4) assist the Debtors in developing and implementing
       strategies to address critical trade suppliers;

   (5) provide assistance with tax planning and compliance
       issues with respect to any proposed restructuring, as
       well as any and all other tax assistance as may be
       requested from time to time;

   (6) assist the Debtors in the valuation of businesses and in
       the preparation of a liquidation valuation for a
       reorganization plan and disclosure purposes;

   (7) advise and assist the Debtors in reviewing executory
       contracts and providing recommendations to assume or
       reject;

   (8) advise and assist the Debtors in their assessment of the
       bonus, incentive and severance plans; and

   (9) advise and assist the Debtors in the process of
       identifying and reviewing DIP financing.

Mr. Stanton related that Scott Rinaldi, a managing director of
FTI Consulting, has been helping to oversee and coordinate the
Debtors' treasury functions due to the vacancy that exists in
the Debtors' treasurer position.

FTI Consulting will be paid on an hourly basis:

   Professional                           Hourly Rate
   ------------                           -----------
   Senior Managing Director               US$615 to US$675
   Directors I Managing Directors         US$450 to US$590
   Associates I Consultants               US$225 to US$420
   Administration I Paraprofessionals      US$95 to US$180

Dewey Inhoff, senior managing director with FTI Consulting,
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).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  When the Debtors filed for bankruptcy, they listed
total assets of US$681,960,000 and total debts of
US$601,090,000.

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

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


POPE & TALBOT: Court OKs Stoel Rives as Special Outside Counsel
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has given permission to Pope & Talbot Inc. and its debtor-
affiliates to employ Stoel Rives LLP as their special outside
counsel on certain non-bankruptcy, corporate advisory matters,
effective as of Nov. 19, 2007.

According to the Hon. Christopher S. Sontchi, the corporate
advisory matters for which Stoel Rives is being retained does
not include representing the Debtors with respect to the
negotiation of the terms of the proposed asset purchase
agreement with International Forest Products Limited for the
sale of the Debtors' wood products business.

As reported in the Troubled Company Reporter Dec. 4, 2007, the
Debtors told the Court that Stoel Rives LLP will advise the
Debtors on a wide variety of corporate advisory matters,
including:

   * general corporate;

   * securities compliance;

   * assisting the Debtors' counsel with non-bankruptcy aspects
     of mergers and acquisitions and financing;

   * employee benefits;

   * labor and employment law issues;

   * certain litigation matters currently pending, including two
     employment matters, two workers' compensation matters, and
     one commercial matter; and

   * environmental matters.

The Debtors will pay for Stoel Rives' services at the firm's
customary hourly rates of US$160 to US$525 for attorneys, and
from US$110 to US$220 for para-professionals.   The firm's
hourly rates are subject to adjustment on a periodic basis.

Mr. Stanton also told the Court that the Debtors have provided
Stoel Rives a US$75,000 prepetition retainer.  In addition,
Stoel Rives has received approximately US$1,268,278 from the
Debtors since Oct. 1, 2006, on account of legal services
rendered.

Although Stoel Rives has been paid for all outstanding balances
existing as of the bankruptcy filing, Mr. Stanton clarifies, it
is possible that a modest amount of fees and costs remain
outstanding.  In this event, the firm will file a claim for all
prepetition fees and costs, much of which are likely to relate
to either corporate advisory matters or the preparation of Stoel
Rives' employment application, and all of which would be secured
by and to the extent of the amount of the retainer.

Ruth A. Beyer, Esq., a partner at Stoel Rives, assured the Court
that her 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).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-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).


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


ALCATEL-LUCENT SA: Names Vivek Mohan as Indian Biz Chief
--------------------------------------------------------
Alcatel-Lucent SA has appointed Vivek Mohan as President of the
company's business in India.

Mr. Mohan has been part of Lucent Technologies since 2001 and
after the merger he has been heading Services business for
Alcatel-Lucent in South Asia.  Mr. Mohan has finished his
Bachelors in Computer Science from California State University
and holds an MBA degree from Harvard Business School.

"Alcatel-Lucent is committed to help its Indian customers grow
their business and offer innovative services," Mr. Mohan said.
"We have in India a talented team of recognized professionals to
support them."

Ravi Sharma, presently the President of South Asia business, has
been appointed as Advisor to Frederic Rose, President of Europe,
Africa and Asia (EAA) business, on Asian Regional Operators.  In
this role, Mr. Sharma will support the business in South & South
East Asia and India, in developing and implementing a sound and
profitable strategy to accompany Asian operators in these
markets.

Alcatel-Lucent will continue to leverage its positions in the
fixed and mobile segment, applications and professional
services, whilst also entering Industry and Public Sector
markets outside the company's traditional customer base, in
particular in Energy, Transport, Public Sector, Defense and
Security.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
of Alcatel-Lucent.   The ratings for senior debt of the group
were equally lowered to Ba3 from Ba2 and the trust preferred
notes of Lucent Technologies Capital Trust I have been
downgraded to B2 from B1.  At the same time, Moody's affirmed
its Not-Prime rating for short-term debt of Alcatel-Lucent.
Moody's said the outlook for the ratings is stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


CHEMTURA CORP: Names Robert Wedinger as Chief Business Officer
--------------------------------------------------------------
Chemtura Corporation has appointed Robert S. Wedinger, PhD, as
chief business officer, reporting directly to Chairman and Chief
Executive Officer Robert Wood.  Dr. Wedinger is now responsible
for Chemtura's commercial organization and its four businesses:
Polymer Additives, Performance Specialties, Crop and Consumer
Products.  Dr. Wedinger, who was serving as group president of
Performance Specialties, will retain his Performance Specialties
role in addition to his new responsibilities.  He joined
Chemtura in 2006 as vice president and general manager of
Process Chemicals and Polymers.

Dr. Wedinger came to Chemtura from J.M. Huber Corporation in
Maryland, a private diversified manufacturer, where he served as
vice president and general manager of the performance materials
business and the consumer products business. His previous
positions include vice president and general manager of
pharmaceutical fine chemicals for Honeywell International
(AlliedSignal) in New Jersey; and global technical director for
the food ingredients division of FMC Corporation in
Pennsylvania.

Dr. Wedinger holds 10 U.S. patents and has three patents
pending. He earned a Bachelor of Science in chemistry and
biology from Wagner College and a Ph.D. in physical organic
chemistry from the State University of New York at Stony Brook.
He was a post-doctoral research fellow in synthetic organic
chemistry at Harvard University.  Dr. Wedinger is also a member
of the SOCMA Board of Directors.

                     About Chemtura Corp.

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

                       *     *     *

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

  -- Corporate Family Rating: Ba2 from Ba1

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

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

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


HARMAN INT'L: Gary Steel to Serve on Board of Directors
-------------------------------------------------------
Harman International Industries Incorporated has appointed Gary
Steel to serve as a member of the Company's Board of Directors.
In connection with this appointment, the Board was expanded from
seven to eight members.  Mr. Steel will serve under this
appointment until November 2009, at which time he will stand for
reelection to the Board through the company's normal processes.

Mr. Steel, a Scottish citizen, currently serves as Executive
Committee member responsible for Human Resources at ABB Ltd., a
leading global supplier of power and automation technologies.
Previously, he served in a series of senior management positions
for the Shell group of energy and petrochemical companies.  His
professional background includes extensive experience in human
resource development, restructuring, and corporate governance.

"We are delighted to welcome a global executive of Gary Steel's
competence to our Board of Directors," said Dr. Sidney Harman,
Chairman and Dinesh Paliwal, Chief Executive Officer.  "Gary's
deep expertise in human resource development, strategic
initiatives and governance will serve as a valuable asset as we
carefully match our company's strategy to evolving global
markets and resources."

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

                       *     *     *

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


SR TELECOM: Sells Airstar and SR500 Product Lines to Duons Group
----------------------------------------------------------------
SR Telecom Inc. sold its legacy product lines to Duons Group, a
member company of the Vallee Group, based in Paris, France.  The
deal substantially reduces SR Telecom's expenses and protects
the positions of some 28 employees in Montreal (Quebec), Canada
and Mexico City, Mexico, effective immediately.

The two-fold agreement, which ensures the safeguarding of
current customer needs, allows for Duons to:

  1. purchase the Airstar and SR 500 product lines, as well as
     all collateral assets, including the repair centers located
     in Montreal and Mexico City.  Airstar-related patents
     remain the property of SR Telecom; Duons has been granted a
     royalty-free license for Airstar.

  2. assume the repair function of angel and symmetryONE
     products.

"I am pleased to be able to make this announcement," states SR
Telecom President and CEO Serge Fortin, "as Duon's international
presence mirrors our own and enables them to provide timely
maintenance and repair of Airstar and SR500 products for
customers all over the world.  The added bonus is they are also
capable of developing the products, should customers require it.

"Where symmetryONE is concerned, SR Telecom will be able to
benefit from economies of scale associated with the outsourcing
and, most importantly, reduce waiting times for customers
needing repair services."

Earlier this year, SR Telecom announced it would be disposing of
its legacy product lines, SR 500 and Airstar, to focus on its
WiMAX Forum-certified symmetryMX product line.  During Q2 2007,
the Company issued a call for tenders for the products and
associated business of its legacy line.  That process, which
concluded in September, resulted in the selection of Duons
Group.

                            About SR500

SR500 is a point-to-multipoint fixed wireless access system that
enabled users to deliver high-quality voice and data to remote
locations. Developed by SR Telecom and first introduced to the
market in 1987, it was the Company's flagship product for many
years. Traditionally, SR500 was used by two types of customers:
telephone companies who wanted to provide the highest quality
telephone lines to subscribers in primarily rural regions, and;
industrial companies who used the product to provide reliable
voice communications between offices as well as providing a
means to transfer data and provide Supervision Control and Data
Acquisition (SCADA) connections. In either case, SR500 was
capable of carrying voice and data services hundreds of
kilometres from the central exchange to the furthest subscriber.
SR500 contributed a major portion of SR Telecom's revenues until
recent years.

                           About Airstar

Airstar is a very high-capacity point-to-multipoint, line-of-
sight system for carrying data traffic.  A Local Multipoint
Distribution Services (LMDS) product, Airstar is primarily used
by carriers to offer data connections (up to several megabits
per second) to a number of customers, generally businesses in an
urban area.  In typical applications, Airstar would transport
these services to subscribers located three to ten kilometres
from the data node.  Launched in 1998, Airstar became part of SR
Telecom's product offering in 2003, when the company acquired
Netro Corporation.

                         About Duons Group

Duons Group specializes in Engineering, Support and Maintenance,
providing industrial businesses with the services they need for
the design, deployment, maintenance and future-proofing of their
systems.  Duons has been providing everyday systems management
support to small and medium-sized businesses and large
manufacturing groups alike for over a decade.  It is a member of
the Vallee Group since 2003.  Duons serves customers in more
than 70 countries from locations in France, Australia and the
Americas.  The Duons group currently has more than two hundred
employees, 90% of whom are highly qualified engineers and
technicians.

                         About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.

SR Telecom obtained an order from the Quebec Superior Court to
extend to Feb. 29, 2008, the period of the Court-ordered stay of
proceedings against the company under the Companies' Creditors
Arrangement Act (Canada).  SR Telecom filed for creditor
protection under CCAA on Nov. 19, 2007.


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


R-ESTATE GERMANY: Moody's Puts Low-B Ratings on Two Note Classes
----------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the notes issued by R-Estate Germany-6 GmbH:

   -- Aaa to the EUR500,000 Class A+ Floating Rate Credit Linked
      Notes;

   -- Aaa to the EUR687,600,000 Class A Floating Rate Credit
      Linked Notes;

   -- Aa1 to the EUR180,000,000 Class B Floating Rate Credit
      Linked Notes;

   -- Aa3 to the EUR147,700,000 Class C Floating Rate Credit
      Linked Notes;

   -- Baa1 to the EUR152,300,000 Class D Floating Rate Credit
      Linked Notes;

   -- Ba1 to the EUR90,000,000 Class E Floating Rate Credit
      Linked Notes; and

   -- B1 to the EUR64,600,000 Class F Floating Rate Credit
      Linked Notes.

Moody's has not assigned a rating to the Class G Notes.

In addition, Moody's Investors Service has assigned the
definitive rating to a Senior Credit Default Swap between
Kreditanstalt fuer Wiederaufbau and a third party in connection
with the notes issued by R-Estate Germany-6 GmbH:

   -- Aaa to the EUR3,230,122,319 Senior Credit Default Swap.

In this transaction, Hypo Real Estate Bank AG transfers the
credit risk of 5,727 mostly commercial mortgage loans granted to
approximately 867 borrowers and 546 borrower groups.  The
reference portfolio has a total balance of EUR4.615 billion.
The largest borrower group accounts for 1.2% of the reference
portfolio. Based on borrower groups, the Herfindahl Index is
389.  The dominating property type is multi-family (60.0%),
followed by office (10.4%).  The dominating loan type is fully
amortizing annuity loans (88.3% of the reference portfolio).
The property regional distribution within Germany is dominated
by the federal states of North Rhine Westfalia (20.4%) and
Bavaria (14.3%).

The structure is sponsored by KfW, which provides credit
protection for the reference portfolio.  KfW in turn hedges its
exposure through a senior credit default swap and the issuance
of certificates of indebtedness to R-Estate Germany-6 GmbH .
R-Estate Germany-6 GmbH in return finances the acquisition of
the certificates through the issuance of credit-linked Notes to
investors.

The loans were originated by HRE and its predecessors Bayerische
Handelsbank AG, Nuernberger Hypothekenbank AG, Sueddeutsche
Bodencreditbank AG and Westfaelische Hypothekenbank AG as well
as Wuerttembergische Hypothekenbank AG.  The loans are serviced
by HRE.  Based on the originator's data, the portfolio has a
weighted average loan-to-value of 60.6% and an average seasoning
of 9.7 years.  Further favorable portfolio characteristics
include the high granularity of the portfolio, the relatively
small amount of third party prior ranking claims and a high
portion of fixed rate loans as well as the small portion of
bullet loans.  Less favorable aspects include, compared to other
CMBS transactions, the limited information available on borrower
default drivers and historical performance of the different
borrower segments.

Further, the Reference Pool is subdivided into subpool 1 and
subpool 2.  The outstanding nominal amount of subpool 1 equals
EUR677.2 million, the outstanding nominal amount of subpool 2
equals EUR3,937.9 million as of the cut-off date.  In case of
insolvency of HRE, subpool 1 might remain outstanding unless KfW
exercises its option to terminate the certificates with respect
to subpool 1.  In case of serious cause, both pools might remain
outstanding unless KfW exercises its options to terminate the
certificates with respect to the 2 subpools.  If the Bank
Guarantee is terminated automatically or at the KfW option
following the termination of the certificates with respect to
subpool 2 only, the Notes in an amount equal to subpool 2 will
be redeemed fully sequentially.  A Reference loan might
contribute to both pools, the amount in subpool 2 ranks prior to
the amount in subpool 1 after termination of the Bank Guarantee
with respect to subpool 2.

In this transaction, the credit definition includes bankruptcy
and failure to pay.  The loss definition includes principal,
accrued interest and external enforcement costs. Losses will be
allocated in a reverse sequential order: first to the Class G
Notes, second to the Class F Notes and last pro rata and pari
passu to the Class A+ Notes and the senior credit default swap.
The Notes will amortize sequentially, starting with the Class A+
Notes and the senior credit default swap on a pro-rata basis.

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.  Moody's ratings address
only the credit risks associated with the transaction, other
non-credit risks have not been addressed, but may have
significant effect on yield to investors.


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


COMMSCOPE INC: Completes US$2.65BB Buyout Deal with Andrew Corp.
----------------------------------------------------------------
CommScope Inc. has completed its acquisition of Andrew
Corporation for a total purchase price of approximately US$2.65
billion.  Andrew will become a wholly owned subsidiary of
CommScope.

"We are delighted with the closing of the Andrew transaction,
which marks a new chapter in the history of our company," said
Frank M. Drendel, chairman and chief executive officer of
CommScope.  "We believe this combination will further enhance
CommScope's position as a worldwide leader in 'last mile'
solutions."

"Combining our innovative technologies, premier brands and a
top- tier customer base, we expect to expand our global service
model and create an enhanced offering of communications
infrastructure solutions that addresses a broader spectrum of
customer needs," Mr. Drendel added.  "With this acquisition, we
are advancing CommScope's stated global 'last mile' strategy
while creating important cost reduction and growth opportunities
that we believe will drive increased shareholder value."

"We look forward to working with Andrew's talented team to
quickly and smoothly integrate their operations into CommScope,"
Mr. Drendel continued.  "As we continue to invest in the
combined business for profitable growth, the talented and
dedicated employees of both Andrew and CommScope will continue
to play a critical role in the success of the combined company.
CommScope is a proven and successful integrator of strategic
transactions and we expect to begin realizing the benefits of
this combination immediately and enjoy them fully over the next
few years."

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

                Financing and Interest Rate Swap

CommScope funded the transaction through a combination of senior
secured credit facilities and available cash on hand. The
US$2.5 billion senior secured credit facilities consist of:

   -- a US$1.35 billion seven-year senior secured term loan
      facility with an interest rate of London Interbank
      Offered Rate plus 250 basis points;

   -- a US$750 million six-year senior secured term loan
      facility with an initial interest rate of LIBOR plus 225
      basis points; and

   -- a US$400 million six-year senior secured revolving credit
      facility with an initial interest rate of LIBOR plus 225
      basis points.

These debt commitments provide for a weighted average initial,
variable interest rate of LIBOR plus approximately 241 basis
points on the senior secured term loans.  At closing, no funds
had been borrowed from the revolving credit facility.

CommScope also has entered into an interest rate swap in order
to fix the LIBOR interest rate for an initial US$1.5 billion of
the overall credit facility.  Through this swap CommScope fixed
these amounts at a LIBOR rate of 4.07750%:

   -- US$1.5 billion from Dec. 27, 2007 through Dec. 31, 2008;

   -- US$1.3 billion from Jan. 1, 2009 through Dec. 31, 2009;

   -- US$1.0 billion from Jan. 2, 2010 through Dec. 31, 2010;
      and

   -- US$400 million from Jan. 1, 2011 through Dec. 31, 2011.

Banc of America Securities LLC acted as financial advisor to
CommScope in connection with this acquisition and Duff & Phelps
LLC provided a fairness opinion to CommScope.

Fried, Frank, Harris, Shriver & Jacobson LLP, Baker & McKenzie
LLP and Robinson, Bradshaw & Hinson, P.A. acted as CommScope's
outside legal counsel.

Citi acted as the primary financial advisor to Andrew, and
Merrill Lynch provided a fairness opinion.  Mayer Brown LLP
acted as Andrew's primary outside legal counsel.

Banc of America Securities LLC and Wachovia Capital Markets, LLC
acted as Joint Lead Arrangers and Joint Bookrunners in
connection with the credit facilities.

                   About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures
and delivers innovative and essential equipment and solutions
for the communications infrastructure market.  Founded in 1937,
the company serves operators and original equipment
manufacturers from facilities in 35 countries.

                     About CommScope Inc.

Based in Hickory, North Carolina, CommScope Inc. (NYSE:CTV) --
http://www.commscope.com/-- is into infrastructure solutions
for communication networks.  CommScope's structured cabling
systems for business enterprise applications includes
SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands.
It is also the manufacturer of coaxial cable for hybrid fiber
coaxial applications.   CommScope has facilities in Brazil,
Australia, China and Ireland.

                        *     *     *

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


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


ALITALIA SPA: Italy Starts Exclusive Sale Talks with Air France
---------------------------------------------------------------
The Italian government will commence exclusive talks with Air
France-KLM Group on the sale of its 49.9% stake in national
carrier Alitalia S.p.A., Bloomberg News reports.

"We are very satisfied with this decision," Air France CEO Jean-
Cyril Spinetta said in a statement.  "We are committed to
rapidly reaching a solid agreement that paves the way to the
profitable growth of Alitalia."

As reported in the TCR-Europe on Dec. 27, 2007, Alitalia's Board
of Directors, advised by Citi, Roland Berger and Grimaldi &
Associati, accepted and recommended Air-France's non-binding
offer to acquire Italy's stake.

Alitalia noted that Air-France's proposal:

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

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

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

The Board said its decision was based on several elements
summarized as:

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

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

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

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

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

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

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

                       About Alitalia

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

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

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


ANDREW CORP: Completes US$2.7 Billion Merger Deal with CommScope
----------------------------------------------------------------
Andrew Corporation has completed its acquisition agreement with
CommScope Inc.  The transaction was valued for approximately
US$2.65 billion.  Andrew will become a wholly owned subsidiary
of CommScope.

"We are delighted with the closing of the Andrew transaction,
which marks a new chapter in the history of our company," said
Frank M. Drendel, chairman and chief executive officer of
CommScope.  "We believe this combination will further enhance
CommScope's position as a worldwide leader in 'last mile'
solutions."

"Combining our innovative technologies, premier brands and a
top- tier customer base, we expect to expand our global service
model and create an enhanced offering of communications
infrastructure solutions that addresses a broader spectrum of
customer needs," Mr. Drendel added.  "With this acquisition, we
are advancing CommScope's stated global 'last mile' strategy
while creating important cost reduction and growth opportunities
that we believe will drive increased shareholder value."

"We look forward to working with Andrew's talented team to
quickly and smoothly integrate their operations into CommScope,"
Mr. Drendel continued.  "As we continue to invest in the
combined business for profitable growth, the talented and
dedicated employees of both Andrew and CommScope will continue
to play a critical role in the success of the combined company.
CommScope is a proven and successful integrator of strategic
transactions and we expect to begin realizing the benefits of
this combination immediately and enjoy them fully
over the next few years."

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

                Financing and Interest Rate Swap

CommScope funded the transaction through a combination of senior
secured credit facilities and available cash on hand. The
US$2.5 billion senior secured credit facilities consist of:

   -- a US$1.35 billion seven-year senior secured term loan
      facility with an interest rate of London Interbank
      Offered Rate plus 250 basis points;

   -- a US$750 million six-year senior secured term loan
      facility with an initial interest rate of LIBOR plus 225
      basis  points; and

   -- a US$400 million six-year senior secured revolving credit
      facility with an initial interest rate of LIBOR plus 225
      basis points.

These debt commitments provide for a weighted average initial,
variable interest rate of LIBOR plus approximately 241 basis
points on the senior secured term loans.  At closing, no funds
had been borrowed from the revolving credit facility.

CommScope also has entered into an interest rate swap in order
to fix the LIBOR interest rate for an initial US$1.5 billion of
the overall credit facility.  Through this swap CommScope fixed
these amounts at a LIBOR rate of 4.07750%:

   -- US$1.5 billion from Dec. 27, 2007 through Dec. 31, 2008;

   -- US$1.3 billion from Jan. 1, 2009 through Dec. 31, 2009;

   -- US$1.0 billion from Jan. 2, 2010 through Dec. 31, 2010;
      and

   -- US$400 million from Jan. 1, 2011 through Dec. 31, 2011.

Banc of America Securities LLC acted as financial advisor to
CommScope in connection with this acquisition and Duff & Phelps
LLC provided a fairness opinion to CommScope.

Fried, Frank, Harris, Shriver & Jacobson LLP, Baker & McKenzie
LLP and Robinson, Bradshaw & Hinson, P.A. acted as CommScope's
outside legal counsel.

Citi acted as the primary financial advisor to Andrew, and
Merrill Lynch provided a fairness opinion.  Mayer Brown LLP
acted as Andrew's primary outside legal counsel.

Banc of America Securities LLC and Wachovia Capital Markets, LLC
acted as Joint Lead Arrangers and Joint Bookrunners in
connection with the credit facilities.

                       About CommScope Inc.

Based in Hickory, North Carolina, CommScope Inc. (NYSE:CTV) --
http://www.commscope.com/-- is into infrastructure solutions
for communication networks.  CommScope's structured cabling
systems for business enterprise applications includes
SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands.
It is also the manufacturer of coaxial cable for hybrid fiber
coaxial applications.

                    About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures
and delivers innovative and essential equipment and solutions
for the communications infrastructure market.  Founded in 1937,
the company serves operators and original equipment
manufacturers from facilities in 35 countries including China,
India, Italy, Czech Republic, Argentina, Bahamas, Belize,
Barbados, Bermuda and Brazil.

                          *     *     *

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


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


ALKOM-KOKSHETAU LLP: Proof of Claim Deadline Slated for Jan. 25
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Alkom-Kokshetau insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan


ALSU-FOOD LLP: Creditors Must File Claims by Jan. 29
----------------------------------------------------
LLP Alsu-Food has declared insolvency.  Creditors have until
Jan. 29 to submit written proofs of claims to:

         LLP Alsu-Food
         Mailykoja Str.
         Saryagash
         South Kazakhstan
         Kazakhstan


ATYRAU NEFTEPRODUCT: Claims Filing Period Ends Jan. 25
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Atyrau Nefteproduct insolvent.

Creditors have until Jan. 25 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


IMANALI DISTRIBUTION: Creditors' Claims Due on Jan. 29
------------------------------------------------------
LLP Imanali Distribution has declared insolvency.  Creditors
have until Jan. 29 to submit written proofs of claims to:

         LLP Imanali Distribution
         Dunayevsky Str. 15
         Talgar District
         041600, Almaty
         Kazakhstan


KAZAKHMYS-STROY LLP: Claims Registration Ends Jan. 25
-----------------------------------------------------
LLP Kazakhmys-Stroy has declared insolvency.  Creditors have
until Jan. 25 to submit written proofs of claims to:

         LLP Kazakhmys-Stroy
         Micro District Samal-2, 69a
         Almaty
         Kazakhstan


KEREI LLP: Proof of Claim Deadline Slated for Jan. 25
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Kerei insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


RUDENOK LLP: Creditors Must File Claims by Jan. 25
--------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Rudenok insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


SERVICE-ASTANA-1 LLP: Claims Filing Period Ends Jan. 25
-------------------------------------------------------
LLP Service-Astana-1 has declared insolvency.  Creditors have
until Jan. 25 to submit written proofs of claims to:

         LLP Service-Astana-1
         Manas Str. 4
         Astana
         Kazakhstan
         Tel: 8 (3172) 37-07-25


SPETSSVYAZSTROY ASTANA: Creditors' Claims Due on Jan. 25
--------------------------------------------------------
LLP Spetssvyazstroy Astana has declared insolvency.  Creditors
have until Jan. 25 to submit written proofs of claims to:

         LLP Spetssvyazstroy Astana
         Sofiyevskoye high way, 6
         Astana
         Kazakhstan
         Tel: 8 (3172) 32-49-56


TECHCOM SERVICE: Claims Registration Ends Jan. 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Techcom Service insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan


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


PSK TRADE: Creditors Must File Claims by January 23, 2008
---------------------------------------------------------
LLC PSK Trade Company has declared insolvency.  Creditors have
until Jan. 23, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-772) 50-16-48.


TULPAR OJSC: Proof of Claim Deadline Slated for January 26, 2008
----------------------------------------------------------------
OJSC Tulpar has declared insolvency.  Creditors have until
Jan. 26, 2008 to submit written proofs of claim to:

         OJSC Tulpar
         Amrayev Street
         Sulukta
         Batken
         Kyrgyzstan


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


NORTEL NETWORKS: Settles Patent Dispute With Vonage Holdings
------------------------------------------------------------
Nortel Networks Corp. and Vonage Holdings Corp. have agreed in
principle to end the litigation pending between them.  The
contemplated settlement involves a limited cross license to
three Nortel and three Vonage patents and will not call for any
monetary payments by any party.

Claims relating to past damages and the remaining patents will
be dismissed without prejudice.  The settlement is subject to
final documentation.

"We are pleased to resolve this issue and enter into a
productive relationship with Nortel," said Vonage Chief Legal
Officer Sharon O'Leary.

According to a Bloomberg report cited by the Troubled Company
Reporter on Dec. 21, 2007, Nortel sued Vonage alleging
infringement on 12 patents covering technology used in managing
telephone data.

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

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

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

                          About Vonage

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

                      About Nortel Networks

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

                          *     *     *

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


NORTEL NETWORKS: Unit Commences Exchange Offer for 3 Sr. Notes
--------------------------------------------------------------
Nortel Networks Corporation's principal direct operating
subsidiary, Nortel Networks Limited, has commenced offers to
exchange:

   (1) any and all of the US$450,000,000 outstanding principal
       amount of 10.75% Senior Notes due 2016 for an equal
       amount of new 10.75% Senior Notes due 2016;

   (2) any and all of the US$550,000,000 outstanding principal
       amount of 10.125% Senior Notes due 2013 for an equal
       amount of new 10.125% Senior Notes due 2013; and

   (3) any and all of the US$1,000,000,000 outstanding principal
       amount of Floating Rate Senior Notes due 2011 for an
       equal amount of new Floating Rate Senior Notes due 2011.

The outstanding notes are, and the new notes will be, fully and
unconditionally guaranteed by Nortel Networks Corporation and
initially guaranteed by Nortel Networks Inc.

The terms of the new notes are substantially the same as the
original notes, except that the new notes will be registered
under the U.S. Securities Act of 1933, as amended, and the new
notes have no transfer restrictions, rights to additional
interest or registration rights, except for certain restrictions
on transfers of new notes in Canada under applicable Canadian
securities laws.  The new notes have not been, and will not be,
qualified for distribution under the securities laws of any
province or territory of Canada except pursuant to available
exemptions therefrom.

A written prospectus providing the terms of each exchange offer
may be obtained through the information agent, which can be
contacted at:

   D.F. King & Co., Inc.
   48 Wall Street
   New York, NY 10005
   Banks and brokers call: (212) 269-5550
   All others call: (800) 659-6590

The exchange offers commenced on Dec. 21 2007, and are scheduled
to expire at 5:00 p.m., New York City time, on Jan. 25, 2008,
unless extended.

                      About Nortel Networks

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

                          *     *     *

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


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


SCO GROUP: Bankruptcy Filing Prompts Nasdaq Delisting Notice
------------------------------------------------------------
The SCO Group, Inc. received a Nasdaq Staff Determination letter
on Dec. 21, 2007, indicating that as a result of having filed
for protection under Chapter 11 of the U.S. Bankruptcy Code, the
Nasdaq Listing Qualifications Panel has determined to delist the
company's securities from the Nasdaq Stock Market and has
suspended trading of the securities effective at the open of
business on Dec. 27, 2007.

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

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


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


BALTFURNITURA OJSC: Creditors Must File Claims by Feb. 15
----------------------------------------------------------
Creditors of OJSC Baltfurnitura have until Feb. 15 to submit
proofs of claim to:

         OJSC Baltfurnitura
         Ozerki Settlement
         Gvardeisky Raion
         238224 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad will convene at 10:00 a.m.
on April 7 to hear the company's bankruptcy supervision
procedure.  The Court appointed S. Ya. Birkle as interim manager
for the company.  The case is docketed under Case No. A21-358/
2007.

The Court is located at:

         The Arbitration Court of Kaliningrad
         Room 406
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         OJSC Baltfurnitura
         Ozerki Settlement
         Gvardeisky Raion
         238224 Kaliningrad
         Russia


DANILOVSKY FLAX-TREATING: Creditors Must File Claims by Feb. 15
---------------------------------------------------------------
Creditors of Danilovsky Flax-Treating Plant Municipal Unitary
Enterprise have until Feb. 15 to submit proofs of claim to:

         V. V. Anchukov
         Competitive Proceedings Manager
         Office 44
         Lunacharskogo Prospekt 43
         Cherepovets
         162614 Vologda
         Russia

The Arbitration Court of Yaroslavl' commenced competitive
proceedings against the company after finding it insolvent on
Nov. 12, 2007.  The case is docketed under Case No. A82-2690/
2007-30-B/23.

The Debtor can be reached at:

         Danilovsky Flax-Treating Plant Municipal Unitary
         Enterprise
         Roschina Settlement
         Danilovsky Raion
         Yaroslavl'
         Russia


HYNIX: To Spend KRW147.1 Bil. for Expansion & Upgrade of Plants
---------------------------------------------------------------
Hynix Semiconductor Inc. would invest KRW147.1 billion to expand
and upgrade its existing plants.

According to the report, the company said the investment would
increase its production capacity and enhance price
competitiveness.

Rhee So-eui of Reuters writes that some of the funds will be
spent on research and development.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.


HYNIX SEMICON: S&P Assigns 'BB-' Rating on US$583.4MM Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Hynix Semiconductor Inc.'s US$583.4 million unsubordinated and
unsecured convertible notes maturing in 2012.

The ratings on Korea-based Hynix reflect the severe pricing
pressures and the cyclical, capital-intensive nature of the
commodity DRAM industry, from which the company derives the bulk
of its revenues.  However, these industry risks are mitigated by
the company's strong market share and good cost
position in the DRAM industry, as well as its improving market
position in the NAND flash industry.

Hynix has improved its market position in DRAM to second
globally, and NAND flash to third globally, over the past few
years, backed by its strong design capabilities and proven
process technologies.  The company posted strong operating
performance through 2006, and its cash position has improved,
indicating a recovery in its ability to make needed capital
expenditures to maintain its cost-leadership position and
service debt through business cycles.

At 23%, Hynix had the second-largest market share in the global
DRAM industry as of September 2007, following industry leader
Samsung Electronics Co. Ltd. (A/Stable/A-1) at 28%.  Micron
Technology Inc. (BB-/Stable/--), another competitor, has
considerably reduced its position in the commodity DRAM market.

In China, Hynix had a leading position with about 58% market
share as of September 2007, benefiting from the country's
booming PC and consumer electronics market.

Rising leverage remains a concern, with debt-to-EBITDA reaching
0.9x in 2006 from 0.7x in 2005.  Given the company's heavy
capital expenditures in 2007 and 2008, free cash flow is likely
to be negative over the medium term.  However, mitigating
factors include Hynix's commitment toward maintaining positive
free operating cash flow after 2008 and its efforts to diversify
debt maturities through refinancing with longer maturity notes.

                About Hynix Semiconductor Inc.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc --
http://www.hynix.com/ -- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.


IBRESINSKY LUMBER: Creditors Must File Claims by Feb. 15
--------------------------------------------------------
Creditors of OJSC Ibresinsky Lumber Integrated Plant have until
Feb. 15 to submit proofs of claim to:

         V. I. Emelyanov
         Competitive Proceedings Manager
         Office 12
         Pristroy
         P. Lumumby Str. 8
         428022 Chuvash
         Russia

The Arbitration Court of Chuvash commenced competitive
proceedings against the company after finding it insolvent on
Nov. 8, 2007.  The case is docketed under Case No. A79-5152/
2005.

The Debtor can be reached at:

         OJSC Ibresinsky Lumber Integrated Plant
         Ibresi Settlement
         Chuvash
         Russia


KHAKASSKIJ HEAT: Creditors Must File Claims by Feb. 15
------------------------------------------------------
Creditors of Khakasskij Heat Engineering Plant LLC have until
Feb. 15 to submit proofs of claim to:

         A. V. Savinsky
         Competitive Proceedings Manager
         Office 301
         Aerovokzal'naya Str. 19
         660022 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk Krai commenced competitive
proceedings against the company after finding it insolvent on
Oct. 31, 2007.  The case is docketed under Case No. A33-8384/
2007.

The Court is located at:

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

The Debtor can be reached at:

         Khakasskij Heat Engineering Plant LLC
         Zheleznodorozhnikov Str. 18B
         660075 Krasnoyarsk
         Russia


KRASNOARMEYSKY MEAT-PACKING: Claims Filing Period Ends Feb. 15
--------------------------------------------------------------
Creditors of CJSC Krasnoarmeysky Meat-Packing Factory have until
Feb. 15 to submit proofs of claim to:

         A. V. Shlyakhov
         Competitive Proceedings Manager
         Pr. Lenina 72
         400005 Volgograd
         Russia

The Arbitration Court of Volgograd commenced one-year
competitive proceedings against the company after finding it
insolvent on Nov. 23, 2007.  The case is docketed under Case No.
A12-4920/07-c50.

The Debtor can be reached at:

         CJSC Krasnoarmeysky Meat-Packing Factory
         Malaya Zemlya Heroes Str. 27
         Volgograd
         Russia


KRASNOBORSKAYA LLC: Creditors Must File Claims by Feb. 15
----------------------------------------------------------
Creditors of Cheese-Making Company Krasnoborskaya LLC have until
Feb. 15 to submit proofs of claim to:

         A. A. Borunov
         Competitive Proceedings Manager
         Building 1
         Mira Pr. 68
         129110 Moscow
         Russia
         Tel: (495) 680-11-93

The Arbitration Court of Smolensk commenced competitive
proceedings against the company after finding it insolvent on
Nov. 7, 2007.  The case is docketed under Case No. A62-628/
2007 1306-H.

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         Cheese-Making Company Krasnoborskaya LLC
         Vokzal'naya Str. 1
         214012 Smolensk
         Russia


KRASNOTUR'INSKOE FUELLING: Creditors Must File Claims by Feb. 15
----------------------------------------------------------------
Creditors of OJSC Krasnotur'inskoe Fuelling Enterprise have
until Feb. 15 to submit proofs of claim to:

         S. V. Semenov
         Competitive Proceedings Manager
         P.O. Box 439
         620000 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced competitive
proceedings against the company after finding it insolvent on
Oct. 31, 2007.  The case is docketed under Case No. A60-2263/
2007-C11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Krasnotur'inskoe Fuelling Enterprise
         Klyuchik Str. 1a
         Krasnotur'insk
         Sverdlovsk
         Russia


MITSUBISHI MOTORS: Inks Incentives Grant Pact with Russia
---------------------------------------------------------
Mitsubishi Motors Corporation that it signed an agreement for
the granting of incentives (decree 166) for industrial assembly
with the Ministry of Economic Development & Trade of the Russian
Federation.

This agreement is endowed with the right to incentives, but MMC
is still in the process of studying the feasibility of local
production in Russia.  MMC will make an announcement once all of
its plans are set.

Decree 166 covers the granting of incentives for automakers
relating to establishment of local production facilities.  Such
incentives include customs duties relief or privileges for
importation of automobile components.

Chang-Ran Kim of Reuters cites a source as saying that MMC would
agree on the deal with the intention of assembling cars locally
by mid-2010.

CSM Worlwide analyst Hirofumi Yokoi is quoted by Makiko Kitamura
and Kiyori Ueno of Bloomberg News as saying, "Mitsubishi has
carved out a niche as the third-largest Japanese carmaker in the
fast-growing Russia market."

MMC's Lancer sedan was the 11th most popular car in Russia by
sales from January to November, relates Bloomberg.  The report
added that the automaker may increase vehicle sales in the
country by 40% next year to 140,000 units.

                      About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization.  The company has operations worldwide, covering
the United States, Germany, the United Kingdom, Italy, the
Netherlands, Russia, the Philippines, Indonesia, Malaysia, China
and Australia.  Its products are sold in over 170 countries.

                       *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


NORDOILSERVICE LLC: Creditors Must File Claims by Jan. 15
---------------------------------------------------------
Creditors of Nordoilservice LLC have until Jan. 15 to submit
proofs of claim to:

         A. P. Shalygo
         Interim Manager
         P.O. Box 107
         115054 Moscow
         Russia

The Arbitration Court of Moscow will convene at 2:00 p.m. on
April 8 to hear the company's bankruptcy supervision procedure
after finding it insolvent on Dec. 10, 2007.  The case is
docketed under Case No. A40-54724/07-36-130B.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 728
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         Nordoilservice LLC
         Pereulok Nikoloyamskoy 4/6, 3
         109004 Moscow
         Russia


SHUISKAYA FURNITURE: Creditors Must File Claims by Feb. 15
----------------------------------------------------------
Creditors of CJSC Shuiskaya Furniture Factory have until
Feb. 15 to submit proofs of claim to:

         V. I. Churyumov
         Competitive Proceedings Manager
         P.O. Box 115
         603000 Nizhny Novgorod
         Russia

The Arbitration Court of Ivanovo commenced one-year competitive
proceedings against the company after finding it insolvent on
Nov. 19, 2007.  The case is docketed under Case No. A17-1934/
07-14B.

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         CJSC Shuiskaya Furniture Factory
         1st Nagornaya Str. 1/3
         Shuya
         155902 Ivanovo
         Russia


SISTEMA JSFC: Launches Incentive Program for its Employees
----------------------------------------------------------
Sistema JSFC launched a long-term incentive program for its
employees on Dec. 28, 2007.

The program will encompass up to 110 top and middle managers of
Sistema.  Participants will be entitled to exercise their rights
granted under all of the below-mentioned plans during one year
following the expiration of a three-year period from the
execution date of the respective agreement.

Under the plans for the phantom stock of Sistema and phantom
stock of its public subsidiaries there will be distributed
20,000 phantom shares of Sistema, 996,000 phantom shares of MTS,
1,190,500 phantom shares of Comstar, 37,600 phantom shares of
Sistema Hals, and 45,455,000 phantom shares of Sitronics.

The total amount of the remuneration linked to the phantom
shares of Sistema and its public subsidiaries will be based on
the market value of the companies' shares at the time of
exercise of any rights by the program's participants.

Under the stock option plan for ordinary shares of Sistema's
non-public subsidiaries the corporation allocates certain parts
of its stakes in the charter capital of the subsidiaries.  The
following table set out the total number of the issued ordinary
shares of the non-public subsidiaries of Sistema allocated for
the purposes of the stock option plan:

   Company                    The aggregate part of the issued
                              charter capital allocated for the
                              stock option purposes

   JSCB "MBRD"                      2.2%

   OJSC "Detskiy Mir-Center"        2.5%

   OJSC "Sistema Mass-media"        2.5%

   OJSC "VAO Intourist"             4.0%

   Concern "Radiotechnical
   and Informational
   Systems", JSC                    5.0%

   CJSC Medsi
   Group of companies               5.0%

   CJSC "Binnopharm"                5.0%

Under the Sistema's stock Bonus plan the total amount of
Sistema's treasury stock currently being allocated for the plan
purposes is expected to be 0.1% of the issued share capital of
Sistema.

Besides that the Sistema's Board of Directors may grant
additional Sistema's stock bonuses for top and middle managers
of Sistema as an individual annual incentive.

"One of Sistema's priorities is the attraction and retention of
the best managers and professional in the market.  This program
will enable us to enhance monetary motivation of our current and
new employees.  Sistema has always been one of the most
attractive employers in Russia and thanks to this program, is
going to strengthen its position in the labor market,"
Alexander Goncharuk Sistema president commented.

                          About Sistema

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

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

                         *     *     *

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

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

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


SPETSZHELEZOBETON CJSC: Court Starts Competitive Proceedings
------------------------------------------------------------
The Arbitration Court of Moscow commenced competitive
proceedings against CJSC Spetszhelezobeton after finding it
insolvent on Nov. 29, 2007.  The case is docketed under Case No.
A41-K2-4061/07.

The Competitive Proceedings Manager is:

         Yu. V. Chernikova
         129110 Orlovsly Per. 5
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Spetszhelezobeton
         Soviet Str. 1a
         Shatura
         Russia


TVER BANK: Moody's Assigns Caa1/NP/E/Ba1.ru Global Scale Ratings
----------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Joint-Stock Business Bank TVER JSC:

   -- bank financial strength rating of E; and

   -- long-term and short-term local and foreign currency
      deposit ratings of Caa1/Not Prime.

Concurrently, Moody's Interfax Rating Agency assigned a long-
term national scale rating of Ba1.ru to Bank TVER.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.  The outlook on the global scale ratings is
stable, while the national scale rating carries no specific
outlook.

According to Moody's and Moody's Interfax, the Caa1/Not Prime/E
global scale ratings reflect global default and loss
expectation, while the Ba1.ru national scale rating reflects the
standing of Bank TVER's credit quality relative to that of its
domestic peers.

According to Moody's, Bank TVER's ratings reflect the bank's
sound economic capitalization and its currently good asset
quality.  However, the ratings are constrained by the bank's
small market franchise, very high concentration of its funding
base, relatively decreasing level of liquidity due to the
growing share of the loan portfolio in the structure of its
total assets and a high market risk appetite resulting in a
potentially highly volatile nature of its operating income.

Moody's notes that Bank TVER is unlikely to receive support from
the Russian government in case of distress.  The scope and
timeliness of the support from the bank's shareholders also
remains uncertain.  Therefore, bank TVER's deposit ratings are
based solely on its Baseline Credit Assessment of Caa1/Not
Prime. Hence, the Caa1 long-term foreign currency deposit rating
assigned to the bank does not incorporate any probability of
external support.

Moody's notes that an upgrade of Bank TVER's deposit ratings
might be possible in the event of significant growth of its
market franchise together with decreasing concentration of the
funding base, improvement of profitability and decreasing market
risk appetite while maintaining good assets quality.

In Moody's opinion, there is a remote likelihood of a downgrade
of Bank TVER's current ratings.  However, any deterioration of
its assets resulting from realization of market or credit risks,
and decreasing liquidity together with a decrease of economic
capitalization could potentially have negative rating
implications.

Domiciled in Tver, the major business activity of the bank
relates to the companies of the Group Guta.  At the same time,
Bank TVER is one of the largest privately owned local banks in
the Tver region by total assets and shareholders' equity, with
branches in Moscow, St. Petersburg, Tula, Voronezh, St.
Petersburg, Chelyabinsk, Tambov and Nizhny Novgorod.

At year end 2006, Bank TVER reported: total consolidated assets
of US$159 million (US$38 million at year end 2005);
shareholders' equity of US$52.5 million (US$3.3 million at year
end 2005); and net profit of US$1.5 million (US$0.6 million in
2005).


TZAR-KNIGA LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced 6-months
bankruptcy supervision procedure against Chain of Book
Supermarkets Tzar-Kniga after finding it insolvent.  The Court
appointed V. Andreev as Interim Manager.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         Chain of Book Supermarkets Tzar-Kniga
         Roschina Settlement
         Danilovsky Raion
         Yaroslavl'
         Russia


VIMPEL-COMMUNICATIONS: CEO Izosimov to Stay Until Jan. 1, 2010
--------------------------------------------------------------
Alexander Izosimov has accepted OJSC Vimpel-Communications'
Board of Directors' unanimous decision to extend his contract
term as its Chief Executive Officer until Jan. 1, 2010.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use
'K-mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

As of Oct. 8, 2007, OJSC Vimpel-Communication carries Ba2
Corporate Family, Probability-of-Default and Senior Unsecured
Debt Ratings from Moody's Investors Service.

The company also carries BB+ long-term corporate credit rating
from Standard & Poor's Ratings Services.


===========
S W E D E N
===========


AVNET INC: Operating Unit Signs Distribution Deal with Zarlink
--------------------------------------------------------------
Avnet Inc.'s operating group, Avnet Electronics Marketing, has
entered into a global distribution agreement with Zarlink
Semiconductor Inc.

Under the agreement, Avnet will distribute globally Zarlink's
optical and telecommunications products - including timing and
synchronization and voice processing devices, as well as the
recently acquired Legerity voice enhancement products.

"Avnet has a deep understanding of Zarlink's telecom and optical
product portfolios, backed by a strong technical team and solid
logistical capabilities," said Jeff Crocker, senior vice
president of worldwide sales for Zarlink Semiconductor.  "This
translates into design expertise and support that will help
Zarlink's customers successfully develop compelling solutions."

"Avnet is honored to continue growing our relationship with
Zarlink and expanding our semiconductor and supply chain
offerings for both companies on a global basis.  Zarlink's
recent acquisition of Legerity voice products further expands
their technical product portfolio, offering designers a
comprehensive line of products for a broad line of access,
residential and enterprise applications," said Ravi Kichloo,
senior vice president of global semiconductor business
development for Avnet Electronics Marketing.

               About Avnet Electronics Marketing

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers (EOEMs) and
electronic manufacturing services (EMS) providers in 73
countries, distributing electronic components from leading
manufacturers and providing associated design-chain and supply-
chain services.

                      About Avnet Inc.

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

                       *     *     *

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


QUEBECOR WORLD: Banks and Sponsors Grant Waivers Until March 31
---------------------------------------------------------------
Quebecor World Inc. has obtained from its banking syndicate and
the sponsors of its North American securitization program
waivers until March 31, 2008, from compliance with certain
financial tests under the relevant agreements in respect of the
quarter ended Dec. 31, 2007, in particular, the maximum Debt-to-
EBITDA ratio of 4.50:1.00.

The waivers are subject to a number of conditions including:

   (1) the company having obtained, on or before Jan. 15, 2008,
       US$125 million of new financing; and

   (2) the company delivering, on or before Jan. 31, 2008, a
       "Refinancing Transaction", being comprised of
       commitments or other arrangements satisfactory to the
       company's lenders which would reduce the company's
       current credit facility to US$500 million by Feb. 29,
       2008, and further allow the repayment in full of the
       company's current credit facility and the concurrent
       termination of the company's North American
       securitization program on or before June 30, 2008.

In addition, Quebecor World, with the assistance of its
independent financial advisor, continues to actively pursue
financing options and solutions to its liquidity and balance
sheet challenges and to explore various strategic alternatives.

The company is in active discussions with major financial
institutions in respect of financing alternatives that could
satisfy the conditions under the aforementioned waivers,
although no firm commitments have been obtained, and there can
be no assurance that such financing commitments will be
obtained.

                    About Quebecor World Inc.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company is an
independent commercial printer in Europe with 19 facilities,
operating in Austria, Belgium, Finland, France, Spain, Sweden,
Switzerland and the United Kingdom. In March 2007, it sold its
facility in Lille, France.  Quebecor World (USA) Inc. is its
wholly owned subsidiary.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Standard & Poor's Ratings Services lowered its preferred stock
rating on Quebecor World Inc. two notches to 'C' from 'CCC-'.
The company's other ratings, including the 'B-' long-term
corporate credit rating, remain unchanged.  All ratings are on
CreditWatch with negative implications, where they were
initially placed Aug. 9, 2007.


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


ASG BAUMANAGEMENT: Lucerne Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Luzern-Land in Lucerne entered
Nov. 23, 2007, an order closing the bankruptcy proceedings of
LLC ASG Baumanagement.

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

         Bankruptcy Service of Luzern-Land
         6011 Kriens LU
         Switzerland

The Debtor can be reached at:

         LLC ASG Baumanagement
         Buhlstrasse 1
         6038 Gisikon LU
         Switzerland


BRUCH-BAR LLC: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt in Lucerne commenced
bankruptcy proceedings against LLC Bruch-Bar on Nov. 15, 2007.

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

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         LLC Bruch-Bar
         Bruchstrasse 1
         6003 Lucerne
         Switzerland


DRIVE'IN: Creditors' Liquidation Claims Due by January 7
--------------------------------------------------------
Creditors of LLC Drive'In Wulflingen have until Jan. 7 to submit
their claims to:

         Prohaska Treuhand
         Bollstrasse 28
         8405 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Drive'In Wulflingen
         Winterthur ZH
         Switzerland


EMERSON COMMUNICATIONS: Creditors Must File Claims by January 7
---------------------------------------------------------------
Creditors of JSC Emerson Communications have until Jan. 7 to
submit their claims to:

         Dr. Balthasar Settelen
         Advocacy Durr + Partner Rechtsanwalte
         Centralbahnstrasse 7
         Mail box: 206
         4010 Basel
         Switzerland

The Debtor can be reached at:

         JSC Emerson Communications
         Zurich
         Switzerland


FINNHAUS LLC: Creditors' Liquidation Claims Due by January 4
------------------------------------------------------------
Creditors of LLC Finnhaus have until Jan. 4 to submit their
claims to:

         Rebweg 1
         3658 Merligen BE
         Switzerland

The Debtor can be reached at:

         LLC Finnhaus
         Sigriswil
         Thun BE
         Switzerland


GRASSI INFORMATIK: Creditors Must File Claims by January 7
----------------------------------------------------------
Creditors of LLC Grassi Informatik have until Jan. 7 to submit
their claims to:

         Hannes Tanner
         Mail box: 529
         3550 Langnau i.E.
         Signau BE
         Switzerland

The Debtor can be reached at:

         LLC Grassi Informatik
         Langnau i.E.
         Signau BE
         Switzerland


HAGGENMACHER DRUCK: Zurich Court Closes Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Wiedikon in Zurich entered Nov. 19,
2007, an order closing the bankruptcy proceedings of JSC
Haggenmacher Druck.

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

         Bankruptcy Service of Wiedikon-Zurich
         8036 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Haggenmacher Druck
         Eichstrasse 29
         8045 Zurich
         Switzerland


LLC RENOVISTA: Creditors' Liquidation Claims Due by January 7
-------------------------------------------------------------
Creditors of LLC RENOVISTA have until Jan. 7 to submit their
claims to:

         Markus Wey
         Liquidator
         Reutlingerstasse 10
         8472 Seuzach
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC RENOVISTA
         Seuzach
         Winterthur ZH
         Switzerland


MIKE'S AKKOTEAM: Basel-Country Court Starts Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Service of Liestal in Basel-Country commenced
bankruptcy proceedings against LLC Mike's Akkoteam on Oct. 31,
2007.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Bruch-Bar
         Weiermattstr. 4
         4410 Liestal BL
         Switzerland


NEW GATE: Zurich Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Altstetten in Zurich entered Nov. 22,
2007, an order closing the bankruptcy proceedings of JSC New
Gate.

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

         Bankruptcy Service of Altstetten-Zurich
         8048 Zurich
         Switzerland

The Debtor can be reached at:

         JSC New Gate
         Segnesstrasse 1
         8048 Zurich
         Switzerland


SIGMA ALPHA: Creditors' Liquidation Claims Due by January 7
-----------------------------------------------------------
Creditors of LLC Sigma Alpha have until Jan. 7 to submit their
claims to:

         Spyridon Anastasopoulos
         Eggbergstrasse 4b
         8193 Eglisau
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Sigma Alpha
         Oetwil an der Limmat
         Dietikon ZH
         Switzerland


SR INVEST: Creditors' Liquidation Claims Due by January 4
---------------------------------------------------------
Creditors of LLC sr invest have until Jan. 4 to submit their
claims to:

         Jurg Brand
         Bahnhofstrasse 23
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC sr invest
         Zug
         Switzerland


WB-CONSULT LLC: Creditors' Liquidation Claims Due by January 7
--------------------------------------------------------------
Creditors of LLC WB-Consult have until Jan. 7 to submit their
claims to:

         W. Beck
         Liquidator
         Hohenstr. 10
         8115 Huttikon
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC WB-Consult
         Huttikon
         Dielsdorf ZH
         Switzerland


ZELLER WIL: St. Gallen Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Nov. 19, 2007, an
order closing the bankruptcy proceedings of JSC Zeller Wil.

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

         Bankruptcy Service of St. Gallen
         Zweigstelle Oberuzwil
         Schlapfer
         9242 Oberuzwil
         Wahlkreis Wil SG
         Switzerland

The Debtor can be reached at:

         JSC Zeller Wil
         Obere Bahnhofstrasse 28
         9500 Wil
         Wahlkreis Wil SG
         Switzerland


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


AGRICULTURAL INVESTMNTS: Creditors Must File Claims by January 5
----------------------------------------------------------------
Creditors of LLC Agricultural Investmnts (code EDRPOU 33676140)
have until Jan. 5 to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company.  The case is docketed as B-31/175-07.

The Debtor can be reached at:

         LLC Agricultural Investmnts
         Grazhdanskaya Str. 7
         61057 Kharkov
         Ukraine


CABLE MANAGEMENT: Proofs of Claim Filing Ends January 5
-------------------------------------------------------
Creditors of LLC Cable Management Systems (code EDRPOU 31107521)
have until Jan. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/621-b.

The Debtor can be reached at:

         LLC Cable Management Systems
         Vossoyedineniya Avenue 19
         02160 Kiev
         Ukraine


CLASSIC-LINE LLC: Proofs of Claim Filing Ends January 5
-------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/866-b.

Creditors of LLC Classic-Line (code EDRPOU 33546821) have until
Jan. 5 to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Classic-Line
         Bastionnaya Str. 1/36
         Kiev
         Ukraine


CREATIN TRADE: Proofs of Claim Filing Ends January 5
----------------------------------------------------
Creditors of LLC Creatin Trade Invest (code EDRPOU 34047979)
have until Jan. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/477-b.

The Debtor can be reached at:

         LLC Creatin Trade Invest
         Schors Str. 31
         Kiev
         Ukraine


KIEV BUILDING: Proofs of Claim Filing Ends January 5
----------------------------------------------------
Creditors of LLC Kiev Building Group of People (code EDRPOU
33061788) have until Jan. 5 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/854-b.

The Debtor can be reached at:

         LLC Kiev Building Group of People
         Malinskaya Str. 2-A
         03164 Kiev
         Ukraine


MAXIMUM-FININVEST TRADE: Proofs of Claim Filing Ends January 5
--------------------------------------------------------------
Creditors of LLC Maximum-Fininvest Trade have until Jan. 5 to
submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/473-b.

The Debtor can be reached at:

         LLC Maximum-Fininvest Trade
         Schors Str. 31
         Kiev
         Ukraine


NEW DAY: Proofs of Claim Filing Ends January 5
----------------------------------------------
Creditors of LLC New Day (code EDRPOU 31087956) have until
Jan. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/867-b.

The Debtor can be reached at:

         LLC New Day
         O. Vishnia Str. 7
         Kiev
         Ukraine


TIMESHEET LLC: Proofs of Claim Filing Ends January 5
----------------------------------------------------
Creditors of LLC Timesheet (code EDRPOU 34045492) have until
Jan. 5 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/472-b.

The Debtor can be reached at:

         LLC Timesheet
         Mechnikov/L.Pervomaysky Str. 10/2
         Kiev
         Ukraine


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


AQUARIUS LEASING: Taps KPMG to Administer Assets
------------------------------------------------
Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Aquarius Leasing Ltd. (Company
Number 03236023) on Dec. 20, 2007.

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

The company can be reached at:

         Aquarius Leasing Ltd.
         420 Tong Street
         Bradford
         West Yorkshire
         BD4 6LP
         England
         Tel: 0870 855 4055
         Fax: 0127 468 9524
         Web site: http://www.aquarius-leasing.com/


BAA LTD: Unions Call Off Planned Jan. 7 Strike Action
-----------------------------------------------------
Leaders of Unite and the Public and Commercial Services Union
have decided to call off an industrial action set for Jan. 7
after last-minute talks with BAA Ltd. (fka BAA plc) over
workers' final salary pension scheme reached an agreement, BBC
News reports.

According to the report, the planned strike actions on Jan. 14
and Jan. 17, will also be canceled if the pension scheme deal is
approved by union members.

"Following a productive discussion, BAA and the trade unions
have reached an agreement in principle," a BAA spokesman was
quoted by BBC as saying.  "The trade unions will now consult
their members on the proposed agreement and, to allow sufficient
time for that, have agreed to call off the industrial action
planned for Jan. 7."

BAA and the trade unions is scheduled to meet again on Jan. 4,
the spokesman told BBC.

                           Strike Vote

On Dec. 21, 2007, Unite national aviation secretary Brendan Gold
announced that workers at BAA's seven airports across the U.K.
have voted for strike action to defend their final salary
pension scheme.

BAA airport firefighters, security, maintenance, administrative
and clerical staff belonging to Unite: the union and PCS are
covered by the strike vote.  A total of 1946 Unite members voted
for strike action with 1108 voting against.

"BAA has just posted profits of over five hundred million pounds
and the Spanish owners Ferrovial have seen their profits rise by
nearly sixty per cent.  It is clear that our members' pension
scheme is financially sound, and should be left alone," Mr. Gold
said.  "Our quarrel is with BAA and Ferrovial, not with airline
passengers.  So we have avoided taking industrial action during
the holiday period.  But our members are determined that the
campaign on which we are now embarking will succeed in
protecting the future of the pension scheme."

                           About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                             *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services has lowered its long-term corporate
credit rating on U.K.-based airports operator BAA Ltd. to 'BB-'
from 'BBB+', reflecting delays in refinancing, as well as
operating issues.


BRITISH AIRWAYS: Faces Air Cargo Cartel Charges from EU
-------------------------------------------------------
British Airways plc confirmed that it received a statement of
objections from the European Commission, concerning its alleged
participation in a cartel in the provision of airfreight
services, in violation of EU rules on restrictive business
practices (Article 81 of the EC Treaty and Article 53 of the
Agreement on the European Economic Area), published reports say.

According to BBC News, Air France-KLM and SAS also received
statements of objections from the commission.

The airlines, however, pledged to fully cooperate with the EU
regulators' investigation, which dates back to early 2006, BBC
relates.

                     Procedural Background

A statement of objections is a formal step in commission
antitrust investigations in which the commission informs the
parties concerned in writing of the objections raised against
them.  The addressee of a statement of objections can reply in
writing to the statement of objections, setting out all facts
known to it which are relevant to its defense against the
objections raised by the commission.  The party may also request
an oral hearing to present its comments on the case.

The commission may then take a decision on whether conduct
addressed in the statement of objections is compatible or not
with the EC Treaty's antitrust rules.  Sending a statement of
objections does not prejudge the final outcome of the procedure.

Bloomberg News reveals under EU rules, companies found guilty of
antitrust violations can be fined as much as 10% of their annual
sales.

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 plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.


GADE VALLEY: Brings In Liquidators from Vantis
----------------------------------------------
Frank Wessely and Peter James Hughes-Holland of Vantis were
appointed joint liquidators of Gade Valley Cleaning Ltd.
(formerly Specialised Mastics Ltd.) on Dec. 20, 2007 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


INDEPENDENT QUALITY: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------------
Ian William Kings and Steven P. Ross of Tenon Recovery were
appointed joint liquidators of Independent Quality Inspection
Services Ltd. on Dec. 18, 2007 for the creditors' voluntary
winding-up  proceeding.

The joint liquidators can be reached at:

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


MARSTON MILLS: Appoints Ernst & Young as Administrators
-------------------------------------------------------
Simon Allport and Alan Michael Hudson of Ernst & Young LLP were
appointed Dec. 14, 2006, joint administrators of:

   -- Marston Mills Group Ltd. (Company Number 5297284);
   -- Marston Mills Ltd. (Company Number 1247701);
   -- Coloroll (1997) Ltd. (Company Number 3143652); and
   -- CW Textiles Ltd. (Company Number 4543739).

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

Headquartered in Lancashire, England the companies retail
household textiles, home furnishings and associated products and
design and distribution of home furnishings.


NEW ANGEL: Brings In Administrators from Begbies Traynor
--------------------------------------------------------
I.E. Walker and James Patrick Nicholas Martin of Begbies Traynor
were appointed joint administrators of The New Angel Ltd.
(Company Number 5043115) on Dec. 13, 2007.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

The company can be reached at:

         The New Angel Ltd.
         2 South Embankment
         Dartmouth
         Devon
         TQ6 9BH
         England
         Tel: 01803 839 425
         Fax: 01803 839 567
         Web site: http://www.thenewangel.co.uk/


NORTHERN ROCK: RAB Capital Hikes Stake Ahead of Shareholder Mtg.
----------------------------------------------------------------
RAB Capital has purchased additional 350,000 shares in Northern
Rock Plc for GBP30,000 on Dec. 31, 2007, bringing its stake in
the troubled mortgage lender to 7.59 percent, published reports
say.

RAB and fellow hedge fund SRM Global, Northern Rock's largest
shareholders, have forced a special shareholder meeting for
Jan. 15 to decide on the bank's future.

Reuters says the two hedge funds have tabled resolutions, which
if passed, would give shareholders the right to block attempts
to:

   -- sell more than 5 percent of the bank's assets;
   -- issue 5 percent of new shares; or
   -- buy any assets.

SRM has increased its stake in the troubled mortgage lender to
10 percent in December 2007.

                       Strategic Options

Northern Rock is currently under strategic review and will
decide over two private sector bidders later this month, Times
Online relates.

Olivant Advisers Ltd., the boutique private equity firm led by
former Abbey National Plc CEO Luqman Arnold, plans to inject up
to GBP900 million of fresh capital into the bank.  The firm's
proposal also includes its own management team to rescue the
bank.

Meanwhile, a consortium composed of Virgin Group Ltd., WL Ross &
Co, Toscafund Asset Management LLP and First Eastern Investment
Group has proposed a full takeover.

Both proposals promise the immediate repayment of about GBP10
billion to the Bank of England.

The British Treasury has instructed parliamentary draftsmen last
month to write a nationalization bill as a fallback option
should attempts to sell Northern Rock fail, the TCR-Europe
reports citing the Telegraph as its source.

Northern Rock became Britain's most public casualty of the
global credit crisis when it was forced to seek emergency
funding from the Bank of England in September 2007 after other
banks in the wholesale markets refused to extend borrowings,
Miles Costello writes for Times Online.  Estimated borrowings by
the bank to date totals not less than GBP26 billion, the paper
adds.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.

                          *     *     *

As reported in the TCR-Europe on Dec. 20, 2007,  Moody's
Investors Service downgraded to E+ from D+ Northern Rock's Bank
Financial Strength Rating.  The E+ maps into a Baseline Credit
Assessment of B1.

The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively.  All of
these ratings have negative outlooks.  Northern Rock's short-
term rating was affirmed at Prime-1.

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1'
counterparty credit ratings on U.K. bank Northern Rock PLC on
CreditWatch with developing implications.  At the same time, the
'BBB' subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.


RANK GROUP: Harrah's Entertainment May Launch Comeback Bid
----------------------------------------------------------
Harrah's Entertainment is preparing to make another attempt for
Rank Group plc, which is currently on a valuation of just over
GBP350 million, Alistair Osborne and Ben Harrington write for
the Daily Telegraph.

According to the report, Harrah's has called in Morgan Stanley
and Rank's former broker, Deutsche Bank, to explore strategic
options in the European gambling market, including a potential
bid for the UK casino and bingo group.

"Whatever happens, this is the beginning of the end for Rank,"
an analyst was quoted by the Daily Telegraph as saying.

In November 2007, Rank turned down an offer from Harrah's, which
proposed injecting the majority of London Clubs' casinos into
Rank in return for a 28% stake in the combined group, the paper
relates.

Rank also rejected an approach from Duke Street Capital for its
bingo business, the paper reveals.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

As reported in the TCR-Europe on Nov. 14, 2007, Standard &
Poor's Ratings Services lowered its long-term corporate credit
rating on U.K. gaming group The Rank Group PLC to 'B+' from
'BB-'.  S&P said the outlook is negative.

At the same time, the debt ratings on Rank's three public bond
issues were lowered to 'B' from 'BB-', one notch lower than the
corporate credit rating to reflect structural subordination, and
the 'B' short-term corporate credit rating was withdrawn at the
company's request.

In October 2007, Moody's Investors Service downgraded to B1
(from Ba3) the corporate family rating of Rank Group Plc.

Moody's concurrently downgraded ratings of the US$100 million
guaranteed notes due 2008 and US$14.3 million guaranteed notes
due 2018 at Rank Group Finance Plc to B3/LGD5/85% from
B2/LGD5/84%.  Ratings have been placed on review for possible
further downgrade.

In April 2007, Standard & Poor's Ratings Services revised its
outlook on the company The Rank Group PLC to negative from
stable.  At the same time, the 'BB-' long-term and 'B' short-
term corporate credit ratings were affirmed.


SEAMLESS RECORDINGS: Claims Filing Period Ends January 21, 2008
---------------------------------------------------------------
Creditors of Seamless Recordings Ltd. have until Jan. 21, 2008
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Robert C. Keyes
         Joint Liquidator
         Tenon Recovery
         Dukesbridge House
         23 Duke Street
         Reading
         Berkshire
         RG1 4SA
         England

Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of the company on Dec. 13, 2007 by
resolutions of members.


VONAGE HOLDINGS: Settles Patent Dispute With Nortel Networks
------------------------------------------------------------
Vonage Holdings Corp. and Nortel Networks Corp. have agreed in
principle to end the litigation pending between them.  The
contemplated settlement involves a limited cross license to
three Nortel and three Vonage patents and will not call for any
monetary payments by any party.

Claims relating to past damages and the remaining patents will
be dismissed without prejudice.  The settlement is subject to
final documentation.

"We are pleased to resolve this issue and enter into a
productive relationship with Nortel," said Vonage Chief Legal
Officer Sharon O'Leary.

According to a Bloomberg report cited by the Troubled Company
Reporter on Dec. 21, 2007, Nortel sued Vonage alleging
infringement on 12 patents covering technology used in managing
telephone data.

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

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

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

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal
direct operating subsidiary of Nortel Networks Corporation.

                          About Vonage

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

                          *     *     *

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

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

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
   Reverse Mergers\u2014the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today\u2019s Legal
      Processes
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
      Proceedings
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via e-
mail to conferences@bankrupt.com are encouraged.


                            *********

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

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

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

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

                            *********


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

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

Copyright 2008.  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 * * *